Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 05, 2019 | Jun. 30, 2018 | |
Document Type | 10-K/A | ||
Document Period End Date | Dec. 31, 2018 | ||
Entity Registrant Name | A. H. Belo Corp | ||
Entity Central Index Key | 0001413898 | ||
Amendment Flag | true | ||
Amendment Description | This Amendment No. 1 on Form 10-K/A (the "Form 10-K/A") is being filed to amend A. H. Belo Corporation's (the "Company") Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2019, for the fiscal year ended December 31, 2018 (the "original Form 10-K"). As previously disclosed on Form 8-K filed on November 20, 2019, the Company will also be filing amended quarterly reports on Form 10-Q/A for the quarterly periods ended March 31, 2019 and June 30, 2019. This Form 10-K/A amends the original Form 10-K to reflect the restatement of the Company's audited financial statements for the year ended December 31, 2018, in order to reflect the appropriate timing of the noncash impairment charge for goodwill and long-lived assets associated with the Company's Marketing Services reporting unit and the appropriate methodology for calculation of the valuation allowance within the tax provision for 2018. See the Notes to the Consolidated Financial Statements, Note 2 – Restatement of Financial Statements, for additional information. In connection with the identification of these issues that led to the restatements described in this Form 10-K/A, management of the Company re-evaluated the effectiveness of the Company's disclosure controls and procedures, and internal control over financial reporting as of December 31, 2018. As a result, management concluded that, as of such date, the Company's disclosure controls and procedures were not effective due to material weaknesses in its internal control over financial reporting described in Part II, Item 9A. Except for the items noted herein, no other changes have been made to the original Form 10-K. This Form 10-K/A has not been updated for events occurring after the filing of the original Form 10-K and no attempt has been made in this Form 10-K/A to modify or update other disclosures as presented in the original filing of the Form 10-K, except as applicable in Note 17 – Subsequent Events. The following sections have been amended as a result of the restatement: • Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations • Part II, Item 8. Financial Statements and Supplementary Data • Part II, Item 9A. Controls and Procedures • Part IV, Item 15. Exhibits, Financial Statement Schedules No other significant changes have been made to the original Form 10-K except: • Conforming the cover page to the Securities and Exchange Commission Form 10-K, updated May 2019 • The updating throughout this report of references to Form 10-K to Form 10-K/A • The re-numbering throughout this report of references to the Notes to the Consolidated Financial Statements to reflect the addition of Note 2 In accordance with applicable SEC rules, this Form 10-K/A includes certifications from our Chief Executive Officer and Principal Financial Officer dated as of the date of this filing. | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Title of 12(b) Security | Series A Common Stock, $.01 par value | ||
Trading Symbol | AHC | ||
Security Exchange Name | NYSE | ||
Entity Filer Category | Accelerated Filer | ||
Entity Interactive Data Current | Yes | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 88,576,679 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Series A [Member] | |||
Entity Common Stock, Shares Outstanding | 19,079,540 | ||
Series B [Member] | |||
Entity Common Stock, Shares Outstanding | 2,469,555 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net Operating Revenue: | ||
Total net operating revenue | $ 202,287 | $ 248,626 |
Operating Costs and Expense: | ||
Employee compensation and benefits | 89,304 | 103,495 |
Other production, distribution and operating costs | 90,167 | 114,594 |
Newsprint, ink and other supplies | 22,026 | 23,561 |
Depreciation | 9,902 | 10,415 |
Amortization | 799 | 799 |
Asset impairments | 16,921 | 3,344 |
Total operating costs and expense | 229,119 | 256,208 |
Operating loss | (26,832) | (7,582) |
Other income, net | 3,891 | 11,483 |
Income (Loss) Before Income Taxes | (22,941) | 3,901 |
Income tax provision (benefit) | 2,280 | (6,260) |
Net Income (Loss) | $ (25,221) | $ 10,161 |
Per Share Basis | ||
Net income (loss), Basic and diluted | $ (1.17) | $ 0.46 |
Number of common shares used in the per share calculation: | ||
Basic | 21,747,633 | 21,721,497 |
Diluted | 21,747,633 | 21,723,002 |
Advertising And Marketing Services [Member] | ||
Net Operating Revenue: | ||
Total net operating revenue | $ 105,428 | $ 143,247 |
Circulation [Member] | ||
Net Operating Revenue: | ||
Total net operating revenue | 71,919 | 76,884 |
Printing, Distribution And Other [Member] | ||
Net Operating Revenue: | ||
Total net operating revenue | $ 24,940 | $ 28,495 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||
Net Income (Loss) | $ (25,221) | $ 10,161 |
Other Comprehensive Income (Loss), Net of Tax: | ||
Amortization of actuarial losses | 630 | 6,225 |
Actuarial gains (losses) | (13,339) | 8,151 |
Total other comprehensive income (loss), net of tax | (12,709) | 14,376 |
Total Comprehensive Income (Loss) | $ (37,930) | $ 24,537 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 55,313 | $ 57,660 |
Accounts receivable (net of allowance of $581 and $1,055 at December 31, 2018 and December 31, 2017, respectively) | 22,057 | 26,740 |
Inventories | 3,912 | 3,171 |
Prepaids and other current assets | 5,023 | 13,734 |
Assets held for sale | 1,089 | 1,089 |
Total current assets | 87,394 | 102,394 |
Property, plant and equipment, at cost | 422,966 | 418,730 |
Less accumulated depreciation | (396,705) | (387,024) |
Property, plant and equipment, net | 26,261 | 31,706 |
Intangible assets, net | 304 | 4,073 |
Goodwill | 13,973 | |
Deferred income taxes, net | 3,572 | 5,355 |
Other assets | 5,029 | 5,347 |
Total assets | 122,560 | 162,848 |
Current liabilities: | ||
Accounts payable | 6,334 | 10,303 |
Accrued compensation and benefits | 8,294 | 8,243 |
Other accrued expense | 5,586 | 4,275 |
Advance subscription payments | 11,449 | 11,670 |
Total current liabilities | 31,663 | 34,491 |
Long-term pension liabilities | 31,889 | 23,038 |
Other post-employment benefits | 1,165 | 2,052 |
Other liabilities | 7,045 | 5,568 |
Total liabilities | 71,762 | 65,149 |
Shareholders' equity: | ||
Preferred stock, $.01 par value; Authorized 2,000,000 shares; none issued | ||
Treasury stock, Series A, at cost; 1,697,370 and 1,430,961 shares held at December 31, 2018 and December 31, 2017, respectively | (12,601) | (11,302) |
Additional paid-in capital | 494,389 | 494,989 |
Accumulated other comprehensive loss | (37,641) | (24,932) |
Accumulated deficit | (393,582) | (361,288) |
Total shareholders’ equity | 50,798 | 97,699 |
Total liabilities and shareholders’ equity | 122,560 | 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 (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for doubtful accounts receivable | $ 581 | $ 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 | 20,854,728 | 20,700,292 |
Series B [Member] | ||
Common stock, shares, issued | 2,469,555 | 2,469,755 |
Treasury Stock [Member] | Series A [Member] | ||
Treasury stock Series A, shares held | 1,697,370 | 1,430,961 |
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, 2016 | $ 231,000 | $ 499,552,000 | $ (11,233,000) | $ (39,308,000) | $ (361,324,000) | $ 1,234,000 | $ 89,152,000 | |||
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 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) | |||||||||
Net income (loss) | (25,221,000) | (25,221,000) | ||||||||
Other comprehensive income (loss) | (12,709,000) | (12,709,000) | ||||||||
Treasury stock purchases, shares | (266,409) | |||||||||
Treasury stock purchases | (1,299,000) | (1,299,000) | ||||||||
Issuance of shares for restricted stock units, shares | 151,236 | |||||||||
Issuance of shares for restricted stock units | 1,000 | (1,000) | ||||||||
Issuance of shares for stock option exercises | $ 3,000 | 6,000 | 6,000 | |||||||
Share-based compensation | (605,000) | (605,000) | ||||||||
Conversion of Series B to Series A, shares | 200 | (200) | ||||||||
Dividends | (7,073,000) | (7,073,000) | ||||||||
Ending Balance at Dec. 31, 2018 | $ 233,000 | $ 494,389,000 | $ (12,601,000) | $ (37,641,000) | $ (393,582,000) | $ 50,798,000 | ||||
Ending Balance, Shares Common Stock at Dec. 31, 2018 | 20,854,728 | 2,469,555 | ||||||||
Ending Balance, Shares Treasury Stock at Dec. 31, 2018 | (1,697,370) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | ||
Net income (loss) | $ (25,221) | $ 10,161 |
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 10,701 | 11,214 |
Net periodic (benefit) expense and contributions related to employee benefit plans | (3,818) | (17,519) |
Share-based compensation | (605) | 944 |
Bad debt expense | 888 | 2,109 |
Deferred income taxes | 1,783 | (5,355) |
Loss on investment related activity | 250 | |
(Gain) loss on disposal of fixed assets | 212 | (14,477) |
Asset impairments | 16,921 | 3,344 |
Changes in working capital and other operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 3,795 | 265 |
Inventories, prepaids and other current assets | 7,970 | (3,966) |
Other assets | 318 | 2,196 |
Accounts payable | (3,969) | 1,267 |
Compensation and benefit obligations | 818 | (155) |
Other accrued expenses | 3,074 | (614) |
Advance subscription payments | (221) | (1,573) |
Other post-employment benefits | (928) | (186) |
Net cash provided by (used for) operating activities | 11,718 | (12,095) |
Investing Activities | ||
Purchases of assets | (5,656) | (12,005) |
Sales of assets | 21,300 | |
Purchases of investments | (18) | |
Net cash provided by (used for) investing activities | (5,656) | 9,277 |
Financing Activities | ||
Purchases of noncontrolling interests | (9,231) | |
Dividends paid | (7,116) | (10,114) |
Distributions to noncontrolling interests | (179) | |
Purchases of treasury stock | (1,299) | (69) |
Proceeds from exercise of stock options | 6 | |
Net cash used for financing activities | (8,409) | (19,593) |
Net decrease in cash and cash equivalents | (2,347) | (22,411) |
Cash and cash equivalents, beginning of period | 57,660 | 80,071 |
Cash and cash equivalents, end of period | 55,313 | 57,660 |
Supplemental Disclosures | ||
Income tax paid, net (refund) | (6,404) | 583 |
Noncash investing and financing activities: | ||
Investments in property, plant and equipment payable | 131 | 1,140 |
Dividends payable | $ 1,730 | $ 1,774 |
Significant Accounting Policies
Significant Accounting Policies and Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2018 | |
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 the leading local news and information publishing company in Texas with commercial printing, distribution and direct mail capabilities, as well as a presence in emerging media and digital marketing. While focusing on extending the Company’s media platforms, A. H. Belo delivers news and information in innovative ways to a broad range 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. A. H. Belo also offers digital marketing solutions through DMV Digital Holdings Company (“DMV Holdings”). 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 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 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. The Company places its cash and cash equivalents with high credit quality institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. Accounts Receivable. Accounts receivable are reported net of a valuation reserve that represents an estimate of amounts considered uncollectible. The Company estimates the allowance for doubtful accounts based on historical write-off experience and the Company’s knowledge of the customers’ ability to pay amounts due. Accounts are written-off after all collection efforts fail; generally, after one year has expired. Expense for such uncollectible amounts is included in other production, distribution and operating costs. Bad debt expense for 2018 and 2017 was $888 and $2,109 , respectively. Write-offs, net of recoveries and other adjustments for 2018 and 2017 were $1,362 and $2,169 , 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 net realizable value. Cost is determined by the weighted average purchase price 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 2018 2017 Useful Lives Land $ 2,220 $ 2,220 Buildings and improvements 111,411 110,409 5 - 30 years Publishing equipment 216,891 216,199 3 - 20 years Other 92,293 88,177 3 - 10 years Construction in process 151 1,725 Total 422,966 418,730 Less accumulated depreciation (396,705) (387,024) Property, plant and equipment, net $ 26,261 $ 31,706 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 its annual goodwill impairment test as of December 31, 2018, using a discounted cash flow methodology with a peer-based, risk-adjusted weighted average cost of capital. The Company believes the use of a discounted cash flow 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 carrying value exceeded its estimated fair value. Accordingly, the Company recorded a noncash goodwill impairment charge of $13,973 in the fourth quarter of 2018, fully impairing the Marketing Services reporting unit’s goodwill. 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. In connection with the goodwill impairment, the Company conducted a long-lived assets impairment test as of December 31, 2018 , for Marketing Services . Upon completion of the test, it was determined the Marketing Services reporting unit’s customer relationships were no longer recoverable. Accordingly, the Company recorded a noncash impairment charge of $2,970 in the fourth quarter of 2018, fully impairing the Marketing Services reporting unit’s intangible assets related to customer relationships. The remaining intangible assets consist of $1,520 of developed technology with an estimated useful life of five years and the net carrying value of $304 will be fully expensed in 2019. Investments. The Company owns certain equity securities in companies in which it does not exercise control. These investments are recorded under the cost method with a balance of $1,432 at December 31, 2018 and 2017, 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 loss as a component of earnings. 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). Re-measurement of plan assets and liabilities upon a significant settlement or curtailment event is performed based on the values of the month-end closest to the event. Long-Term Incentive Plan. The Company sponsors a long-term incentive plan (the “Plan”) under which it may issue restricted stock units (“RSUs”) and cash awards to directors and certain employees of the Company. 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. On December 6, 2018, the board of directors approved the accelerated vesting and payout, and conversion to cash of all outstanding RSUs previously granted to the Company’s officers and directors under the Plan and the 2017 Plan. Prior to the accelerated vesting and payout approved in the fourth quarter of 2018, the fair value of awards issued under the long-term incentive plans was recognized to expense over the vesting period of the award. The fair value of RSUs was established at the closing price of the Company’s common stock on the date of grant. Vested RSUs were previously 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 December 31, 2018, there were no options or RSUs outstanding and all compensation expense has been fully recognized. See Note 7 – Long-term Incentive Plan . 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 10 - 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 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 and marketing services revenue is primarily recognized at a point in time when the ad or service is complete and delivered, based on the customers’ contract price. Barter advertising transactions are recognized at estimated fair value based on the negotiated contract price and the range of prices for similar advertising from customers unrelated to the barter transaction. The Company expenses barter costs as incurred, which is independent from the timing of revenue recognition. 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 revenue 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. Revenue is directly reduced for any non-payment for the grace period of home delivery subscriptions where the Company recorded revenue for newspapers delivered after a subscription expired. Digital subscriptions are recognized over time, based on the customers’ monthly rate. Printing, distribution and other revenue 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. 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 assets 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, related websites and apps, and all corporate expenses . The Marketing Services segment includes the operations of DMV Holdings 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 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 15, 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 4 – 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 other income, net. As a result of adopting this guidance retrospectively, total operating costs and expense decreased $2,471 for 2017, with the offsetting change recorded to other income, net. There was no impact to net income (loss), retained earnings and earnings per share. 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. Since February 2016, the FASB issued clarifying updates to the new standard that did not change the core principle of ASU 2016-02. The new guidance will supersede virtually all existing lease guidance under GAAP and is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company currently anticipates adopting ASU 2016-02 on January 1, 2019, using the modified retrospective approach and expects to elect certain available transitional practical expedients. The Company reviewed its various lease agreements and in the third quarter of 2018, implemented new lease management software. In the fourth quarter of 2018, the Company substantially completed its assessment and the most significant impact is related to how it accounts for real estate operating leases. Upon adoption, the Company will record additional assets and liabilities related to leases of approximately $ 22,500 and $26,000 , respectively. Additionally, the Company does not anticipate any adjustment to opening retained earnings. In August 2018, the FASB issued ASU 2018-14 – Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans. This update modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing disclosures that are no longer considered cost beneficial, clarifying the specific requirements of disclosures and adding disclosure requirements identified as relevant. The guidance will be effective for fiscal years ending after December 15, 2020. 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 financial statement disclosures. In August 2018, the FASB issued ASU 2018-15 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . This update clarifies the accounting for implementation costs incurred in a cloud computing arrangement, or hosting arrangement, that is a service contract. Costs for implementation activities incurred during the application development stage will be capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post implementation stages will be expensed as the activities are performed. The capitalized implementation costs will be expensed over the term of the hosting arrangement. The guidance will be effective for fiscal years beginning after December 15, 2019, and 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. |
Restatement of Financial Statem
Restatement of Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Financial Statements | Note 2: Restatement of Financial Statements The Company restated its financial statements to include a noncash impairment charge of $13,973 for goodwill and $2,970 for intangible assets impairment; see Note 6 – Goodwill and Intangible Assets . In addition, the Company recorded additional income tax expense of $2,845 due to an increase in the valuation allowance as an additional amount of deferred tax assets have been deemed unrealizable ; see Note 8 – Income Taxes . The table below sets forth the impact of the restatement on the Consolidated Statement of Operations. Year Ended December 31, 2018 As Previously Reported Adjustment As Restated Operating Costs and Expense: Asset impairments $ (22) $ 16,943 $ 16,921 Total operating costs and expense 212,176 16,943 229,119 Operating loss (9,889) (16,943) (26,832) Loss Before Income Taxes (5,998) (16,943) (22,941) Income tax provision (benefit) (565) 2,845 2,280 Net Loss (5,433) (19,788) (25,221) Per Share Basis Net loss Basic and diluted $ (0.26) $ (0.91) $ (1.17) The table below sets forth the impact of the restatement on the Consolidated Statement of Comprehensive Income (Loss). Year Ended December 31, 2018 As Previously Reported Adjustment As Restated Net Loss $ (5,433) $ (19,788) $ (25,221) Total Comprehensive Loss (18,142) (19,788) (37,930) The table below sets forth the impact of the restatement on the Consolidated Balance Sheet. December 31, 2018 As Previously Reported Adjustment As Restated Assets Intangible assets, net $ 3,274 $ (2,970) $ 304 Goodwill 13,973 (13,973) — Deferred income taxes, net 6,417 (2,845) 3,572 Total assets 142,348 (19,788) 122,560 Accumulated deficit (373,794) (19,788) (393,582) Total shareholders’ equity 70,586 (19,788) 50,798 Total liabilities and shareholders’ equity 142,348 (19,788) 122,560 The table below sets forth the impact of the restatement on the Consolidated Statement of Cash Flows. Year Ended December 31, 2018 As Previously Reported Adjustment As Restated Operating Activities Net loss $ (5,433) $ (19,788) $ (25,221) Adjustments to reconcile net loss to net cash provided by (used for) operating activities: Deferred income taxes $ (1,062) $ 2,845 $ 1,783 Asset impairments (22) 16,943 16,921 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 3: 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 advertising. Businesses within the Publishing segment leverage its production facilities, subscriber and advertiser base, and digital news platforms to provide additional contribution margin . The Publishing segment’s operating results includes $20,156 of corporate expense at December 31, 2018. 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 and digital advertising through Connect (programmatic advertising). The Company operates this 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, the Company’s chief operating decision maker (the “CODM”) is its Chief Executive Officer. As of May 17, 2018, Robert W. Decherd became the CODM upon Jim Moroney’s retirement. The CODM allocates 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. Years Ended December 31, 2018 2017 (Restated) Revenue Publishing $ 180,327 $ 217,347 Marketing Services 21,960 31,279 Total $ 202,287 $ 248,626 Operating Income (Loss) Publishing $ (11,146) $ (10,675) Marketing Services (15,686) 3,093 Total $ (26,832) $ (7,582) Noncash Expenses Publishing Depreciation $ 9,699 $ 10,300 Asset impairments (22) 3,344 Pension settlement — 5,911 Total $ 9,677 $ 19,555 Marketing Services Depreciation $ 203 $ 115 Amortization 799 799 Asset impairments 16,943 — Total $ 17,945 $ 914 December 31, December 31, 2018 2017 (Restated) Total Assets Publishing $ 117,289 $ 137,409 Marketing Services 5,271 25,439 Total $ 122,560 $ 162,848 Net periodic pension and other post-employment expense (benefit) is now included in other income, net in the Consolidated Statements of Operations; see Note 1 – Significant Accounting Policies and Recently Issued Accounting Standards . As a result of adopting this guidance retrospectively, Publishing operating costs and operating loss decreased $2, 471 for 2017. In 2017, the Company completed a de-risking transaction to reduce the Company’s pension liability, which resulted in a charge to pension expense of $5,911 ; see Note 9 – Pension and Other Retirement Plans . |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [Abstract] | |
Revenue | Note 4: 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 Statements of Operations for the year ended December 31, 2018, due to the adoption of the new revenue guidance. There was no impact to opening retained earnings. Year Ended December 31, 2018 As Reported Balances Without Adoption Effect of Change (Decrease) Revenue Advertising and marketing services $ 105,428 $ 117,148 $ (11,720) Circulation 71,919 72,925 (1,006) Expenses Other production, distribution and operating costs $ 90,167 $ 102,893 $ (12,726) The impact to advertising and marketing services revenue was related to digital advertising placed on third-party websites where the Company acted as an agent. Prior to adoption, such revenue was generally recorded gross, but under the new standard this revenue is recorded net. The impact to circulation revenue was 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 directly reduced for the non-payment. As a result, other production, distribution and operating costs, as well as the receivable allowance, were reduced, but there was no impact to accounts receivable. Revenue Recognition Revenue is recognized when obligations under the terms of a contract with the customers are satisfied. This occurs when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects 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. Years Ended December 31, 2018 2017 Advertising revenue $ 83,468 $ 111,968 Digital services 16,982 26,489 Other services 4,978 4,790 Advertising and marketing services 105,428 143,247 Circulation 71,919 76,884 Printing, distribution and other 24,940 28,495 Total Revenue $ 202,287 $ 248,626 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, based on the customers’ contract price. Barter advertising transactions are recognized at estimated fair value based on the negotiated contract price and the range of prices for similar advertising from customers unrelated to the barter transaction. The Company expenses barter costs as incurred, which is independent from the timing of revenue recognition. 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 at 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 December 31, 2018, the remaining performance obligation was $2, 974 . The Company expects to recognize revenue of $ 1,669 in 2019, $799 in 2020, and $ 506 in 2021. 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 balance as of December 31, 2018, was $12, 151 , included in advance subscription payments, other accrued expense and other liabilities in the Consolidated Balance Sheets. In the year ended December 31, 2018, the balance increased $ 808 , primarily driven by cash payments received by the Company in advance of satisfying its performance obligations, offset by $ 10,291 of revenue recognized that was included in the deferred revenue balance as of December 31, 2017. 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 | 12 Months Ended |
Dec. 31, 2018 | |
Acquisitions [Abstract] | |
Acquisitions | Note 5: Acquisitions 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 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, 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 | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | Note 6: Goodwill and Intangible Assets The table below sets forth goodwill and other intangible assets by reportable segment as of December 31, 2018 and 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 with all corporate expenses included in Publishing. December 31, December 31, 2018 2017 (Restated) Goodwill Marketing Services $ — $ 13,973 Intangible Assets Marketing Services Cost $ 6,470 $ 6,470 Accumulated Amortization (3,196) (2,397) Asset Impairments (2,970) — Net Carrying Value $ 304 $ 4,073 The Company tested the Marketing Services segment’s goodwill for impairment as of December 31, 2018, using a discounted cash flow methodology with a peer-based, risk-adjusted weighted average cost of capital. The Company believes the use of a discounted cash flow 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 carrying value exceeded its estimated fair value. Accordingly, the Company recorded a noncash goodwill impairment charge of $13,973 in the fourth quarter of 2018, fully impairing the Marketing Services reporting unit’s goodwill. In connection with the goodwill impairment, the Company conducted a long-lived assets impairment test as of December 31, 2018 , for Marketing Services . Upon completion of the test, it was determined the Marketing Services reporting unit’s customer relationships were no longer recoverable. Accordingly, the Company recorded a noncash impairment charge of $2,970 in the fourth quarter of 2018, fully impairing the Marketing Services reporting unit’s intangible assets related to customer relationships. The remaining intangible assets consist of $1,520 of developed technology with an estimated useful life of five years and the net carrying value of $304 will be fully expensed in 2019 . Aggregate amortization expense was $799 for 2018 and 2017 . In 2017, the Publishing segment’s fully amortized intangible assets were written-off and had no remaining useful life. 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, the Company recorded a noncash goodwill impairment charge of $228 in the first quarter of 2017. |
Long-term Incentive Plan
Long-term Incentive Plan | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Incentive Plan [Abstract] | |
Long-term Incentive Plan | Note 7: 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. No options have been granted since 2009. As of December 31, 2018, there were no outstanding options and all compensation expense associated with stock options has been fully recognized. 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, 2017 100,344 $ 6.46 Canceled (97,344) 6.60 Exercised (3,000) 2.05 Outstanding at December 31, 2018 — — The aggregate intrinsic value of options exercised in 2018 was $7 . No options were exercised in 2017. Restricted Stock Units. The Company issued RSUs under the Plan and the 2017 Plan to its officers and directors. The RSUs had service and/or performance conditions and, subject to retirement eligibility, vested over a period of up to three years. Vested RSUs were redeemed 60 percent in A. H. Belo Series A common stock and 40 percent in cash. On December 6, 2018, the board of directors approved the accelerated vesting and payout, and conversion to cash of all outstanding RSUs previously granted to the Company’s officers and directors under the Plan and the 2017 Plan. Award agreements for an aggregate of 607,553 outstanding RSUs held by officers and directors were amended to provide for accelerated vesting, to the extent not already vested, as of December 10, 2018, and for accelerated payment entirely in cash. Each RSU was valued at an amount equal to the closing market price of a share of Series A Common Stock on the New York Stock Exchange on December 10, 2018. The total aggregate value of the RSUs being accelerated is approximately $2,521 . RSUs held by officers not subject to the requirements of Code Section 409A were paid on December 21, 2018, and officers and directors subject to Code Section 409A will be paid on the earlier of (i) December 11, 2019 or (ii) applicable date established under the award agreement. A s of December 31, 2018 , there were no outstanding RSUs and the liability for the cash payments to be made in 2019, was $1,795 , included in other accrued expense in the Consolidated Balance Sheet. 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 348,455 5.05 Canceled (3,711) 6.06 Vested and outstanding (184,774) 5.38 Vested and issued (114,248) 68,543 45,705 $ 235 6.29 Accelerated vesting and converted to cash (269,775) $ 1,120 (a) 5.13 Non-vested at December 31, 2018 — — (a) A portion of the cash payments will be paid in 2019 for officers and directors subject to Code Section 409A. In 2018, the Company issued 82,693 shares of Series A common stock and 55,128 shares were redeemed in cash for RSUs that were previously vested as of December 31, 2017. There were 290,825 RSUs vested and outstanding as of December 31, 2017. Compensation Expense. Prior to the amended award agreements, A. H. Belo recognized compensation expense for awards granted under the Company’s long-term incentive plans over the vesting period of the award. The fair value of RSU grants was determined using the closing trading price of the Company’s Series A common stock on the grant date. As a result of the amended award agreements, a ll compensation expense related to previously granted RSUs has been fully recognized as of December 31, 2018. Additionally, the shareholders’ equity component of the compensation expense was reversed since the awards were converted to cash. Compensation expense related to granted RSUs is set forth in the table below. Years Ended December 31, RSUs Redeemable in Stock RSUs Redeemable in Cash Total RSU Awards Expense 2018 $ (605) $ 3,005 $ 2,400 2017 944 654 1,598 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | Note 8: Income Taxes The table below sets forth the Company’s income tax provision (benefit). Years Ended December 31, 2018 2017 (Restated) Current Federal $ (136) $ (2,018) State 633 1,113 Total current 497 (905) Deferred Federal (1,975) 8,723 State (15) (7) Total deferred (1,990) 8,716 Valuation Allowance 3,773 (14,071) Income Tax Provision (Benefit) $ 2,280 $ (6,260) The table below reconciles the income tax provision (benefit) computed by applying the applicable United States federal income tax rate to the tax provision (benefit) computed at the effective income tax rate. Years Ended December 31, 2018 2017 (Restated) Computed expected income tax provision (benefit) $ (4,818) $ 1,362 State income tax (net of federal benefit) 679 698 Valuation allowance 3,773 (14,071) Federal tax reform - deferred rate change (2) 3,570 Goodwill impairment 2,691 63 Nondeductible expenses 311 (3,454) Uncertain tax position reserve (165) 2,555 Noncontrolling interests — (5) Other (189) 3,022 Income tax provision (benefit) $ 2,280 $ (6,260) Effective income tax rate (9.9)% (160.5)% A tax provision of $2,280 was recorded in 2018. The provision was primarily due to the Texas margin tax and an increase in the valuation allowance due to a change in judgment as to the realization of the Company’s deferred tax assets. The current state tax provision was partially reduced by a refund of the 2017 Texas margin tax and a partial release of the reserve for uncertain tax positions. A tax benefit of $6,260 was recorded in 2017. 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 was 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 included a number of changes to existing U.S. tax laws that impacted the Company, 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 provided for the acceleration of depreciation for certain assets placed into service after September 27, 2017, as well as prospective changes that began 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 completed its accounting for the tax effects of enactment of the 2017 Tax Act, which was reflected in the Company’s 2017 consolidated financial statements. The Company 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 Company’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. No material adjustments were made in 2018. The Company made income tax payments, net of refunds, of $(6,404) and $583 in 2018 and 2017 , respectively. A refund of $4,095 was received in the third quarter of 2018, for a tax benefit recognized in 2017 related to a capital loss on the sale of the Denton Record-Chronicle in the fourth quarter of 2017, of which a portion was carried back against taxes paid in 2014. Tax benefits recognized in 2016 were carried back against taxes paid in 2014 for a refund of $3,210 received in the second quarter of 2018, which is the result of a tax benefit from the abandonment of the Company's ownership interest in Wanderful Media, LLC and the sale of the Company's equity investment in Homesnap, Inc. in the fourth quarter of 2016. The table below sets forth the significant components of the Company’s deferred tax assets and liabilities. December 31, 2018 2017 (Restated) Gross Deferred Tax Assets: Defined benefit plans $ 6,697 $ 4,838 Investments 177 210 Tax depreciation less than book depreciation 2,058 1,576 Expenses deductible for tax purposes in a year different from the year accrued 1,481 1,232 Deferred compensation and benefits 376 553 Book amortization in excess of tax amortization 649 — State taxes 83 68 Federal net operating loss carryforward 5,462 4,260 Other 427 482 Total deferred tax assets 17,410 13,219 Valuation allowance (13,329) (6,908) Total deferred tax assets, net of valuation allowance 4,081 6,311 Gross Deferred Tax Liabilities: Tax amortization in excess of book amortization — (368) Other (509) (588) Total deferred tax liabilities (509) (956) Net Deferred Tax Assets $ 3,572 $ 5,355 The presentation of net deferred tax assets and liabilities for each jurisdiction are presented as noncurrent within the Company’s Consolidated Balance Sheets. 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 recognizes 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 2018, the valuation allowance increased $6,421 , of which $2,648 is deferred tax assets related to amounts recorded in accumulated other comprehensive loss that are partially reserved by a valuation allowance . At December 31, 2018, the Company had a federal net operating loss carryforward of $26,011 , of which $20,219 expires in 2037 and $5,792 does not have an expiration. The annual utilization of the federal net operating loss, which does not have an expiration, is limited to 80 percent of taxable income in future years. 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, 2014, 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, 2014. 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, 2018, included in other liabilities in the Consolidated Balance Sheets. The table below sets forth a reconciliation of the beginning and ending amount of unrecognized tax benefit. 2018 2017 Balance at January 1 $ 2,757 $ 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 Decrease related to statute of limitations expiring (165) — Balance at December 31 $ 2,592 $ 2,757 |
Pension and Other Retirement Pl
Pension and Other Retirement Plans | 12 Months Ended |
Dec. 31, 2018 | |
Pension and Other Retirement Plans [Abstract] | |
Pension and Other Retirement Plans | Note 9: Pension and Other Retirement Plans Defined Benefit Plans. The Company sponsors the A. H. Belo Pension Plans (the “Pension Plans”), which provide benefits to approximately 1,400 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. The Company was not required to make contributions to the A. H. Belo Pension Plans in 2018 and 2017 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 10 – 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. 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 $(13,240) and $8,005 were recorded to other comprehensive income (loss) in 2018 and 2017, respectively; see Note 10 - Shareholders' Equity for information on amounts recorded to accumulated other comprehensive loss. The table below sets forth summarized financial information about the A. H. Belo Pension Plans. 2018 2017 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 219,635 $ 259,025 Interest cost 7,185 9,051 Actuarial (gain) loss (11,697) 9,214 Benefit payments (11,699) (14,264) Annuity purchase — (43,391) Projected benefit obligation at end of year 203,424 219,635 Change in Plan Assets Fair value of plan assets at beginning of year 196,597 204,182 Return on plan assets (13,363) 30,070 Employer contributions — 20,000 Benefit payments (11,699) (14,264) Annuity purchase — (43,391) Fair value of plan assets at end of year 171,535 196,597 Funded Status $ (31,889) $ (23,038) Amounts Recorded on the Balance Sheet Noncurrent liability - accrued benefit cost $ 31,889 $ 23,038 Accumulated Benefit Obligation $ 203,424 $ 219,635 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 yield curve discount rates as of December 31, 2018 and 2017 , were 4.0 percent and 3.4 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 2018 and 2017 was 3.4 percent and 3.8 percent, respectively. 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. The Company assumed a 6.5 percent long-term return on the Pension Plans’ assets in 2018 and 2017 . 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 2018 and 2017 . Years Ended December 31, 2018 2017 Interest cost $ 7,185 $ 9,051 Expected return on plans' assets (11,575) (12,851) Amortization of actuarial loss 671 387 Recognized settlement loss — 5,911 Net periodic pension expense (benefit) $ (3,719) $ 2,498 Plan Assets The Company is responsible for directing the investment strategies of the A. H. Belo Pension Plans’ assets. The investment strategies focus 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 Plans’ assets invested in equity securities and fixed income securities is 50.0 percent and 50.0 percent, respectively. These targets are determined by matching the actuarial projections of the Pension Plans’ future liabilities and benefit payments with the expected long-term rates of return on assets and expected market risks. Investment risk is continuously monitored and Pension Plans’ assets are rebalanced to target allocations to meet the Company’s strategy and the Pension Plans’ liquidity needs. At December 31, 2018 , the Pension Plans’ investments in equity securities and fixed income securities accounted for 42.0 percent and 58.0 percent of the total noncash holdings, respectively. The table below sets forth the A. H. Belo Pension Plans’ assets at fair value as of December 31, 2018 and 2017 , 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 2018 2017 2018 2017 2018 2017 2018 2017 Cash and Money Market Funds $ 7,000 $ 2,215 $ 7,000 $ 2,215 $ — $ — $ — $ — Equity Funds U.S. equity securities 46,346 57,819 — — 46,346 57,819 — — International equity securities 22,783 34,988 — — 22,783 34,988 — — Fixed Income Funds Domestic corporate and government debt securities 52,179 49,480 — — 52,179 49,480 — — Domestic corporate debt securities 38,814 44,305 — — 38,814 44,305 — — International corporate and government debt securities 4,413 7,790 — — 4,413 7,790 — — Total $ 171,535 $ 196,597 $ 7,000 $ 2,215 $ 164,535 $ 194,382 $ — $ — Inputs and valuation techniques used to measure the fair value of Pension Plans’ 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, 2018 , there were no significant concentrations of equity or debt securities in any single issuer or industry. The 2017 fair value measurements for certain equity funds were reclassified from Level I to Level II based on the NAV not being readily observable by non-institutional investors as described above. There was no impact to the total Pension Plans’ assets. Other The table below sets forth the Company’s expected future benefit payments as of December 31, 2018 . Payment year Expected Benefit Payments 2019 $ 13,161 2020 13,188 2021 13,210 2022 13,318 2023 13,196 2024 - 2028 65,559 The Company expects to make no required contributions to the A. H. Belo Pension Plans in 2019. 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 $1,165 and $1,185 related to the OPEB plans as of December 31, 2018 and 2017 , respectively. A net periodic cost (benefit) of $4 and $(37) in 2018 and 2017 , 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 (losses) of $(99) and $146 were recorded to other comprehensive income (loss) in 2018 and 2017 , respectively; see Note 10 - 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 Plan 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’ compensation. The Company recorded expense of $855 and $871 in 2018 and 2017 respectively, for matching contributions to the Savings Plan. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | Note 10: Shareholders’ Equity Dividends. On December 6, 2018 , the Company’s board of directors declared an $0.08 per share dividend to shareholders of record as of the close of business on February 8, 2019 , paid on March 1, 2019 . As of December 31, 2018 , the Company recorded $1,730 to accrue for dividends declared but not yet paid. On March 7, 201 9 , the Company’s board of directors declared a quarterly cash dividend of $0.08 per share, payable on June 7, 2019 , to shareholders of record at the close of business on May 17, 2019 . 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, t he Company resumed open market share repurchases under a repurchase plan agreement limited to a total of $2,500 . During the fourth quarter of 2018, the Company repurchased 55,445 shares of its Series A common stock at a total cost of $243 . Outstanding Shares. The Company had Series A and Series B common stock outstanding of 19,157,358 and 2,469,555 , respectively, net of treasury shares at December 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 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. In 2019, the Company anticipates amortizing $256 of net losses in accumulated other comprehensive loss related to its defined benefit Pension Plans and OPEB plans. The table below sets forth the changes in accumulated other comprehensive loss, net of tax, as presented in the Company’s consolidated financial statements. Years Ended December 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 630 671 (41) 6,225 6,298 (73) Actuarial gains (losses) (13,339) (13,240) (99) 8,151 8,005 146 Balance, end of period $ (37,641) $ (38,003) $ 362 $ (24,932) $ (25,434) $ 502 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 11: Earnings Per Share The table below sets forth the reconciliations for net income (loss) and weighted average shares used for calculating basic and diluted earnings per share (“EPS”). The Company’s Series A and Series B common stock equally share in the distributed and undistributed earnings. Years Ended December 31, 2018 2017 (Restated) Earnings (Numerator) Net income (loss) $ (25,221) $ 10,161 Less: dividends to participating securities 142 120 Net income (loss) available to common shareholders $ (25,363) $ 10,041 Shares (Denominator) Weighted average common shares outstanding (basic) 21,747,633 21,721,497 Effect of dilutive securities — 1,505 Adjusted weighted average shares outstanding (diluted) 21,747,633 21,723,002 Earnings Per Share Basic and diluted $ (1.17) $ 0.46 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 612,222 options and RSUs outstanding as of December 31, 2017 , were excluded from the calculation because the effect was anti-dilutive. There were no options or RSUs outstanding as of December 31, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Contingencies [Abstract] | |
Commitments and Contingencies | Note 12: Commitments and Contingencies As of December 31, 2018 , the Company had contractual obligations for operating leases, primarily for office space and other distribution centers, some of which include escalating lease payments. The table below sets forth the summarized commitments of the Company as of December 31, 2018 . Total 2019 2020 2021 2022 2023 Thereafter Operating lease commitments $ 41,837 $ 4,403 $ 3,588 $ 3,575 $ 3,467 $ 3,533 $ 23,271 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 14 – Sales of Assets and Other Dispositions . The Company expects future sublease income related to this lease commitment to be $1,013 . 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. The Company recognizes rent expense on a straight-line basis. Per the amended lease agreement, rent payments began in November 2018. Total lease expense for property and equipment was $4,688 and $3,085 in 2018 and 2017 , 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 2019; see Note 9 - 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 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 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, 2018 | |
Supplemental Cash Flow Data [Abstract] | |
Supplemental Cash Flow Data | Note 13: 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, 2018 2017 Income tax paid, net (refund) $ (6,404) $ 583 Noncash investing and financing activities: Investments in property, plant and equipment payable 131 1,140 Dividends payable 1,730 1,774 |
Sales of Assets and Other Dispo
Sales of Assets and Other Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Disposal of Assets [Abstract] | |
Sales of Assets and Other Dispositions | Note 14: 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 announced real estate assets in downtown Dallas, Texas, previously used as the corporate headquarters, are 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, 2018 and 2017. On October 29, 2018, the Company entered into a definitive agreement to sell these assets in downtown Dallas, Texas for $33,000 . On December 6, 2018, the Company received written notice that the potential buyer elected to exercise its right to terminate the agreement. The agreement provided the potential buyer an inspection period through December 14, 2018, and the right to terminate the agreement at any time and for any reason during the inspection period. In 2017, the Company completed the sale of three parcels of land and received net cash proceeds of $21,300 , generating a gain of approximately $12,500 , includ ed in other income, net in the Consolidated Statements of Operations. 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. In the fourth quarter of 2017, the Company recorded a loss of $260 , included in other income, 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, which was extended to November 30, 2018, for certain transition services. 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, in the fourth quarter of 2017, t he Company recorded a loss of $589 , included in other income, 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, 2018 | |
Quarterly Results of Operations [Abstract] | |
Quarterly Results of Operations | Note 15: Quarterly Results of Operations (Unaudited) The table below sets forth a summary of the unaudited consolidated quarterly results of operations for 2018 and 2017 . 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter In thousands, except share and per share amounts 2018 2017 2018 2017 2018 2017 2018 2017 (Restated) Net operating revenue $ 49,453 $ 60,901 $ 51,169 $ 63,089 $ 49,052 $ 60,559 $ 52,613 $ 64,077 Operating income (loss) (6,217) (4,994) (1,367) (1,278) (1,302) 2 (17,946) (1,312) Net income (loss) (4,014) (4,430) (534) (805) (1,036) 2,580 (19,637) 12,816 Net income (loss) per share Basic and diluted $ (0.19) $ (0.21) $ (0.03) $ (0.04) $ (0.05) $ 0.12 $ (0.91) $ 0.58 The following are significant activities in 2018: · During the second quarter of 2018, the Company received an income tax refund of $3,210 for a tax benefit recognized in 2016 that was carried back against taxes paid in 2014 related to the abandonment of the Company's ownership interest in Wanderful Media, LLC and the sale of the Company's equity investment in Homesnap, Inc. in the fourth quarter of 2016; see Note 8 – Income Taxes . · During the third quarter of 2018, the Company received an income tax refund of $4,095 for a tax benefit recognized in 2017 related to a capital loss on the sale of the Denton Record-Chronicle in the fourth quarter of 2017, of which a portion was carried back against taxes paid in 2014; see Note 8 – Income Taxes . 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 9 – Pension and Other Retirement Plans and Note 14 – 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 8 – Income Taxes and Note 14 – Sales of Assets and Other Dispositions . 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 16: Related Party Transactions As of December 31, 2018 and 2017, the Company had a note receivable of $650 and $850 , respectively, recorded in other assets in the Consolidated Balance Sheets. The Company accounts for eSite Analytics, Inc. as an equity method investment. On March 1, 2019, the Company made a loan of $200 to eSite Analytics, Inc. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 1 7 : Subsequent Events The Company evaluates subsequent events at the date of the consolidated balance sheet as well as conditions that arise after the balance sheet date but before the consolidated financial statements are issued. To the extent any events and conditions exist, disclosures are made regarding the nature of events and the estimated financial effects for those events and conditions. The Company re-evaluated subsequent events in connection with the restatement and reissuance of these financial statements for events which arose since the previously issued consolidated financial statements were issued through the date these consolidated financial statements were reissued. The Company is not aware of any subsequent events which would require recognition or disclosure in the consolidated financial statements other than those listed below. On April 1, 2019, the Company completed the acquisition of certain assets of Cubic, Inc. for a cash purchase price of $2,356 , net of $213 cash ac quired . The new entity Cubic Creative, Inc. is located in Tulsa, Oklahoma and has 25 employees. This acquisition adds creative strategy services, which will be complementary to service offerings currently available to A. H. Belo clients. The acquired operations will be included in the Marketing Services segment. Operating results of the business acquired will be included in the Consolidated Statements of Operations from the acquisition date forward. The Company does not expect the acquisition to be material to its financial position or results of operations. On May 17, 2019, the Company completed the sale of the real estate assets in downtown Dallas, Texas, previously used as the Company’s headquarter s for a sale price of $28,000 . The sale price consisted of $4,597 cash received, after selling costs of approximately $1,000 , and a two -year seller-financed promissory note of $22,400 . The sale provides the Company an additional $1,000 contingency payment if certain conditions are met, however at this time the Company does not believe these conditions are probable. These assets had a carrying value of $1,089 , and were reported as assets held for sale in the Consolidated Balance Sheet s as of December 31, 2018 and 2017 . |
Significant Accounting Polici_2
Significant Accounting Policies and Recently Issued Accounting Standards (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
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 the leading local news and information publishing company in Texas with commercial printing, distribution and direct mail capabilities, as well as a presence in emerging media and digital marketing. While focusing on extending the Company’s media platforms, A. H. Belo delivers news and information in innovative ways to a broad range 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. A. H. Belo also offers digital marketing solutions through DMV Digital Holdings Company (“DMV Holdings”). 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 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 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. The Company places its cash and cash equivalents with high credit quality institutions. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. |
Accounts Receivable, Policy | Accounts Receivable. Accounts receivable are reported net of a valuation reserve that represents an estimate of amounts considered uncollectible. The Company estimates the allowance for doubtful accounts based on historical write-off experience and the Company’s knowledge of the customers’ ability to pay amounts due. Accounts are written-off after all collection efforts fail; generally, after one year has expired. Expense for such uncollectible amounts is included in other production, distribution and operating costs. Bad debt expense for 2018 and 2017 was $888 and $2,109 , respectively. Write-offs, net of recoveries and other adjustments for 2018 and 2017 were $1,362 and $2,169 , 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 net realizable value. Cost is determined by the weighted average purchase price 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 2018 2017 Useful Lives Land $ 2,220 $ 2,220 Buildings and improvements 111,411 110,409 5 - 30 years Publishing equipment 216,891 216,199 3 - 20 years Other 92,293 88,177 3 - 10 years Construction in process 151 1,725 Total 422,966 418,730 Less accumulated depreciation (396,705) (387,024) Property, plant and equipment, net $ 26,261 $ 31,706 |
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 its annual goodwill impairment test as of December 31, 2018, using a discounted cash flow methodology with a peer-based, risk-adjusted weighted average cost of capital. The Company believes the use of a discounted cash flow 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 carrying value exceeded its estimated fair value. Accordingly, the Company recorded a noncash goodwill impairment charge of $13,973 in the fourth quarter of 2018, fully impairing the Marketing Services reporting unit’s goodwill. |
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. In connection with the goodwill impairment, the Company conducted a long-lived assets impairment test as of December 31, 2018 , for Marketing Services . Upon completion of the test, it was determined the Marketing Services reporting unit’s customer relationships were no longer recoverable. Accordingly, the Company recorded a noncash impairment charge of $2,970 in the fourth quarter of 2018, fully impairing the Marketing Services reporting unit’s intangible assets related to customer relationships. The remaining intangible assets consist of $1,520 of developed technology with an estimated useful life of five years and the net carrying value of $304 will be fully expensed in 2019. |
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 with a balance of $1,432 at December 31, 2018 and 2017, 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 loss as a component of earnings. |
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). Re-measurement of plan assets and liabilities upon a significant settlement or curtailment event is performed based on the values of the month-end closest to the event. |
Long-Term Incentive Plan, Policy | Long-Term Incentive Plan. The Company sponsors a long-term incentive plan (the “Plan”) under which it may issue restricted stock units (“RSUs”) and cash awards to directors and certain employees of the Company. 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. On December 6, 2018, the board of directors approved the accelerated vesting and payout, and conversion to cash of all outstanding RSUs previously granted to the Company’s officers and directors under the Plan and the 2017 Plan. Prior to the accelerated vesting and payout approved in the fourth quarter of 2018, the fair value of awards issued under the long-term incentive plans was recognized to expense over the vesting period of the award. The fair value of RSUs was established at the closing price of the Company’s common stock on the date of grant. Vested RSUs were previously 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 December 31, 2018, there were no options or RSUs outstanding and all compensation expense has been fully recognized. See Note 7 – Long-term Incentive Plan |
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 10 - 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 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 and marketing services revenue is primarily recognized at a point in time when the ad or service is complete and delivered, based on the customers’ contract price. Barter advertising transactions are recognized at estimated fair value based on the negotiated contract price and the range of prices for similar advertising from customers unrelated to the barter transaction. The Company expenses barter costs as incurred, which is independent from the timing of revenue recognition. 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 revenue 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. Revenue is directly reduced for any non-payment for the grace period of home delivery subscriptions where the Company recorded revenue for newspapers delivered after a subscription expired. Digital subscriptions are recognized over time, based on the customers’ monthly rate. Printing, distribution and other revenue 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. |
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 assets 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, related websites and apps, and all corporate expenses . The Marketing Services segment includes the operations of DMV Holdings 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, policy | 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 15, 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 4 – 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 other income, net. As a result of adopting this guidance retrospectively, total operating costs and expense decreased $2,471 for 2017, with the offsetting change recorded to other income, net. There was no impact to net income (loss), retained earnings and earnings per share. |
New Accounting Pronouncements, policy | 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. Since February 2016, the FASB issued clarifying updates to the new standard that did not change the core principle of ASU 2016-02. The new guidance will supersede virtually all existing lease guidance under GAAP and is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company currently anticipates adopting ASU 2016-02 on January 1, 2019, using the modified retrospective approach and expects to elect certain available transitional practical expedients. The Company reviewed its various lease agreements and in the third quarter of 2018, implemented new lease management software. In the fourth quarter of 2018, the Company substantially completed its assessment and the most significant impact is related to how it accounts for real estate operating leases. Upon adoption, the Company will record additional assets and liabilities related to leases of approximately $ 22,500 and $26,000 , respectively. Additionally, the Company does not anticipate any adjustment to opening retained earnings. In August 2018, the FASB issued ASU 2018-14 – Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans. This update modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing disclosures that are no longer considered cost beneficial, clarifying the specific requirements of disclosures and adding disclosure requirements identified as relevant. The guidance will be effective for fiscal years ending after December 15, 2020. 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 financial statement disclosures. In August 2018, the FASB issued ASU 2018-15 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract . This update clarifies the accounting for implementation costs incurred in a cloud computing arrangement, or hosting arrangement, that is a service contract. Costs for implementation activities incurred during the application development stage will be capitalized depending on the nature of the costs, while costs incurred during the preliminary project and post implementation stages will be expensed as the activities are performed. The capitalized implementation costs will be expensed over the term of the hosting arrangement. The guidance will be effective for fiscal years beginning after December 15, 2019, and 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. |
Significant Accounting Polici_3
Significant Accounting Policies and Recently Issued Accounting Standards (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies and Recently Issued Accounting Standards [Abstract] | |
Property, Plant and Equipment by Type | December 31, Estimated 2018 2017 Useful Lives Land $ 2,220 $ 2,220 Buildings and improvements 111,411 110,409 5 - 30 years Publishing equipment 216,891 216,199 3 - 20 years Other 92,293 88,177 3 - 10 years Construction in process 151 1,725 Total 422,966 418,730 Less accumulated depreciation (396,705) (387,024) Property, plant and equipment, net $ 26,261 $ 31,706 |
Restatement of Financial Stat_2
Restatement of Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement of Financial Statements | The table below sets forth the impact of the restatement on the Consolidated Statement of Operations. Year Ended December 31, 2018 As Previously Reported Adjustment As Restated Operating Costs and Expense: Asset impairments $ (22) $ 16,943 $ 16,921 Total operating costs and expense 212,176 16,943 229,119 Operating loss (9,889) (16,943) (26,832) Loss Before Income Taxes (5,998) (16,943) (22,941) Income tax provision (benefit) (565) 2,845 2,280 Net Loss (5,433) (19,788) (25,221) Per Share Basis Net loss Basic and diluted $ (0.26) $ (0.91) $ (1.17) The table below sets forth the impact of the restatement on the Consolidated Statement of Comprehensive Income (Loss). Year Ended December 31, 2018 As Previously Reported Adjustment As Restated Net Loss $ (5,433) $ (19,788) $ (25,221) Total Comprehensive Loss (18,142) (19,788) (37,930) The table below sets forth the impact of the restatement on the Consolidated Balance Sheet. December 31, 2018 As Previously Reported Adjustment As Restated Assets Intangible assets, net $ 3,274 $ (2,970) $ 304 Goodwill 13,973 (13,973) — Deferred income taxes, net 6,417 (2,845) 3,572 Total assets 142,348 (19,788) 122,560 Accumulated deficit (373,794) (19,788) (393,582) Total shareholders’ equity 70,586 (19,788) 50,798 Total liabilities and shareholders’ equity 142,348 (19,788) 122,560 The table below sets forth the impact of the restatement on the Consolidated Statement of Cash Flows. Year Ended December 31, 2018 As Previously Reported Adjustment As Restated Operating Activities Net loss $ (5,433) $ (19,788) $ (25,221) Adjustments to reconcile net loss to net cash provided by (used for) operating activities: Deferred income taxes $ (1,062) $ 2,845 $ 1,783 Asset impairments (22) 16,943 16,921 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Reportable Segment Information | Years Ended December 31, 2018 2017 (Restated) Revenue Publishing $ 180,327 $ 217,347 Marketing Services 21,960 31,279 Total $ 202,287 $ 248,626 Operating Income (Loss) Publishing $ (11,146) $ (10,675) Marketing Services (15,686) 3,093 Total $ (26,832) $ (7,582) Noncash Expenses Publishing Depreciation $ 9,699 $ 10,300 Asset impairments (22) 3,344 Pension settlement — 5,911 Total $ 9,677 $ 19,555 Marketing Services Depreciation $ 203 $ 115 Amortization 799 799 Asset impairments 16,943 — Total $ 17,945 $ 914 December 31, December 31, 2018 2017 (Restated) Total Assets Publishing $ 117,289 $ 137,409 Marketing Services 5,271 25,439 Total $ 122,560 $ 162,848 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue [Abstract] | |
Revenue Recognition Reclassification | Year Ended December 31, 2018 As Reported Balances Without Adoption Effect of Change (Decrease) Revenue Advertising and marketing services $ 105,428 $ 117,148 $ (11,720) Circulation 71,919 72,925 (1,006) Expenses Other production, distribution and operating costs $ 90,167 $ 102,893 $ (12,726) |
Disaggregated By Revenue Source | Years Ended December 31, 2018 2017 Advertising revenue $ 83,468 $ 111,968 Digital services 16,982 26,489 Other services 4,978 4,790 Advertising and marketing services 105,428 143,247 Circulation 71,919 76,884 Printing, distribution and other 24,940 28,495 Total Revenue $ 202,287 $ 248,626 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets [Abstract] | |
Schedule of Goodwill and Identifiable Intangible Assets | December 31, December 31, 2018 2017 (Restated) Goodwill Marketing Services $ — $ 13,973 Intangible Assets Marketing Services Cost $ 6,470 $ 6,470 Accumulated Amortization (3,196) (2,397) Asset Impairments (2,970) — Net Carrying Value $ 304 $ 4,073 |
Long-term Incentive Plan (Table
Long-term Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Long-term Incentive Plan [Abstract] | |
Schedule of Stock Options Outstanding Activity | Number of Options Weighted Average Exercise Price Outstanding at December 31, 2017 100,344 $ 6.46 Canceled (97,344) 6.60 Exercised (3,000) 2.05 Outstanding at December 31, 2018 — — |
Vested and exercisable stock options outstanding | 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 348,455 5.05 Canceled (3,711) 6.06 Vested and outstanding (184,774) 5.38 Vested and issued (114,248) 68,543 45,705 $ 235 6.29 Accelerated vesting and converted to cash (269,775) $ 1,120 (a) 5.13 Non-vested at December 31, 2018 — — (a) A portion of the cash payments will be paid in 2019 for officers and directors subject to Code Section 409A. |
Schedule of RSU activity | A portion of the cash payments will be paid in 2019 for officers and directors subject to Code Section 409A. |
Schedule of Compensation Expense Related to Stock Awards | Years Ended December 31, RSUs Redeemable in Stock RSUs Redeemable in Cash Total RSU Awards Expense 2018 $ (605) $ 3,005 $ 2,400 2017 944 654 1,598 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Schedule of Components of Income Tax Provision (Benefit) | Years Ended December 31, 2018 2017 (Restated) Current Federal $ (136) $ (2,018) State 633 1,113 Total current 497 (905) Deferred Federal (1,975) 8,723 State (15) (7) Total deferred (1,990) 8,716 Valuation Allowance 3,773 (14,071) Income Tax Provision (Benefit) $ 2,280 $ (6,260) |
Schedule of Effective Income Tax Rate Reconciliation | Years Ended December 31, 2018 2017 (Restated) Computed expected income tax provision (benefit) $ (4,818) $ 1,362 State income tax (net of federal benefit) 679 698 Valuation allowance 3,773 (14,071) Federal tax reform - deferred rate change (2) 3,570 Goodwill impairment 2,691 63 Nondeductible expenses 311 (3,454) Uncertain tax position reserve (165) 2,555 Noncontrolling interests — (5) Other (189) 3,022 Income tax provision (benefit) $ 2,280 $ (6,260) Effective income tax rate (9.9)% (160.5)% |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2018 2017 (Restated) Gross Deferred Tax Assets: Defined benefit plans $ 6,697 $ 4,838 Investments 177 210 Tax depreciation less than book depreciation 2,058 1,576 Expenses deductible for tax purposes in a year different from the year accrued 1,481 1,232 Deferred compensation and benefits 376 553 Book amortization in excess of tax amortization 649 — State taxes 83 68 Federal net operating loss carryforward 5,462 4,260 Other 427 482 Total deferred tax assets 17,410 13,219 Valuation allowance (13,329) (6,908) Total deferred tax assets, net of valuation allowance 4,081 6,311 Gross Deferred Tax Liabilities: Tax amortization in excess of book amortization — (368) Other (509) (588) Total deferred tax liabilities (509) (956) Net Deferred Tax Assets $ 3,572 $ 5,355 |
Schedule of Unrecognized Tax Positions | 2018 2017 Balance at January 1 $ 2,757 $ 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 Decrease related to statute of limitations expiring (165) — Balance at December 31 $ 2,592 $ 2,757 |
Pension and Other Retirement _2
Pension and Other Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Pension and Other Retirement Plans [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | 2018 2017 Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 219,635 $ 259,025 Interest cost 7,185 9,051 Actuarial (gain) loss (11,697) 9,214 Benefit payments (11,699) (14,264) Annuity purchase — (43,391) Projected benefit obligation at end of year 203,424 219,635 Change in Plan Assets Fair value of plan assets at beginning of year 196,597 204,182 Return on plan assets (13,363) 30,070 Employer contributions — 20,000 Benefit payments (11,699) (14,264) Annuity purchase — (43,391) Fair value of plan assets at end of year 171,535 196,597 Funded Status $ (31,889) $ (23,038) Amounts Recorded on the Balance Sheet Noncurrent liability - accrued benefit cost $ 31,889 $ 23,038 Accumulated Benefit Obligation $ 203,424 $ 219,635 |
Schedule of Net Periodic Pension Benefit | Years Ended December 31, 2018 2017 Interest cost $ 7,185 $ 9,051 Expected return on plans' assets (11,575) (12,851) Amortization of actuarial loss 671 387 Recognized settlement loss — 5,911 Net periodic pension expense (benefit) $ (3,719) $ 2,498 |
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 2018 2017 2018 2017 2018 2017 2018 2017 Cash and Money Market Funds $ 7,000 $ 2,215 $ 7,000 $ 2,215 $ — $ — $ — $ — Equity Funds U.S. equity securities 46,346 57,819 — — 46,346 57,819 — — International equity securities 22,783 34,988 — — 22,783 34,988 — — Fixed Income Funds Domestic corporate and government debt securities 52,179 49,480 — — 52,179 49,480 — — Domestic corporate debt securities 38,814 44,305 — — 38,814 44,305 — — International corporate and government debt securities 4,413 7,790 — — 4,413 7,790 — — Total $ 171,535 $ 196,597 $ 7,000 $ 2,215 $ 164,535 $ 194,382 $ — $ — |
Schedule of Expected Benefit Payments | Payment year Expected Benefit Payments 2019 $ 13,161 2020 13,188 2021 13,210 2022 13,318 2023 13,196 2024 - 2028 65,559 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Shareholders' Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Years Ended December 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 630 671 (41) 6,225 6,298 (73) Actuarial gains (losses) (13,339) (13,240) (99) 8,151 8,005 146 Balance, end of period $ (37,641) $ (38,003) $ 362 $ (24,932) $ (25,434) $ 502 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | Years Ended December 31, 2018 2017 (Restated) Earnings (Numerator) Net income (loss) $ (25,221) $ 10,161 Less: dividends to participating securities 142 120 Net income (loss) available to common shareholders $ (25,363) $ 10,041 Shares (Denominator) Weighted average common shares outstanding (basic) 21,747,633 21,721,497 Effect of dilutive securities — 1,505 Adjusted weighted average shares outstanding (diluted) 21,747,633 21,723,002 Earnings Per Share Basic and diluted $ (1.17) $ 0.46 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Contingencies [Abstract] | |
Operating lease commitment obligations | Total 2019 2020 2021 2022 2023 Thereafter Operating lease commitments $ 41,837 $ 4,403 $ 3,588 $ 3,575 $ 3,467 $ 3,533 $ 23,271 |
Supplemental Cash Flow Data (Ta
Supplemental Cash Flow Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Data [Abstract] | |
Supplemental Disclosures of Cash Flows | Years Ended December 31, 2018 2017 Income tax paid, net (refund) $ (6,404) $ 583 Noncash investing and financing activities: Investments in property, plant and equipment payable 131 1,140 Dividends payable 1,730 1,774 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Results of Operations [Abstract] | |
Schedule of Quarterly Financial Information | 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter In thousands, except share and per share amounts 2018 2017 2018 2017 2018 2017 2018 2017 (Restated) Net operating revenue $ 49,453 $ 60,901 $ 51,169 $ 63,089 $ 49,052 $ 60,559 $ 52,613 $ 64,077 Operating income (loss) (6,217) (4,994) (1,367) (1,278) (1,302) 2 (17,946) (1,312) Net income (loss) (4,014) (4,430) (534) (805) (1,036) 2,580 (19,637) 12,816 Net income (loss) per share Basic and diluted $ (0.19) $ (0.21) $ (0.03) $ (0.04) $ (0.05) $ 0.12 $ (0.91) $ 0.58 |
Significant Accounting Polici_4
Significant Accounting Policies and Recently Issued Accounting Standards (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018USD ($)itemshares | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)segmentitemshares | Dec. 31, 2017USD ($)shares | Jan. 01, 2019USD ($) | |
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | |||||
Bad debt expense | $ 888 | $ 2,109 | |||
Write-offs, net of recoveries and other adjustments | 1,362 | 2,169 | |||
Goodwill impairment | $ 228 | 13,973 | |||
Impairment of intangible assets | 2,970 | ||||
Carrying value of intangible assets | $ 304 | $ 304 | $ 4,073 | ||
Number of options outstanding | shares | 100,344 | ||||
Number of reportable segments | segment | 2 | ||||
Cost method investments | $ 1,432 | $ 1,432 | $ 1,432 | ||
Series A [Member] | |||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | |||||
Common stock, voting rights, number of votes | item | 1 | 1 | |||
Series B [Member] | |||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | |||||
Common stock, voting rights, number of votes | item | 10 | 10 | |||
Employee Stock Option [Member] | |||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | |||||
Number of options outstanding | shares | 0 | 0 | |||
RSUs [Member] | |||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | |||||
RSUs, percentage of redemption in common stock | 60.00% | ||||
RSUs, percentage of redemption in cash | 40.00% | ||||
Vesting period | 3 years | ||||
Share-based payment award other than option outstanding | shares | 0 | 0 | |||
2017 Plan [Member] | |||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | |||||
Number of shares authorized | shares | 8,000,000 | 8,000,000 | |||
Marketing Services [Member] | |||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | |||||
Goodwill impairment | $ 13,973 | ||||
Marketing Services [Member] | Customer Relationships [Member] | |||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | |||||
Impairment of intangible assets | 2,970 | ||||
Marketing Services [Member] | Developed Technology [Member] | |||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | |||||
Definite-lived intangibles | 1,520 | $ 1,520 | |||
Definite-lived intangibles, useful life | 5 years | ||||
Carrying value of intangible assets | $ 304 | $ 304 | |||
Accounting Standards Update 2017-07 [Member] | |||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | |||||
Expected impact from new standard | $ 2,471 | ||||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | |||||
Basis of Presentation and Recently Issued Accounting Standards [Line Items] | |||||
Operating lease liabilities | $ 22,500 | ||||
Operating lease assets | $ 26,000 |
Significant Accounting Polici_5
Significant Accounting Policies and Recently Issued Accounting Standards (Property, Plant and Equipment by Type) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment | ||
Total | $ 422,966 | $ 418,730 |
Less accumulated depreciation | (396,705) | (387,024) |
Property, plant and equipment, net | 26,261 | 31,706 |
Land [Member] | ||
Property, Plant and Equipment | ||
Total | 2,220 | 2,220 |
Buildings and improvements [Member] | ||
Property, Plant and Equipment | ||
Total | $ 111,411 | 110,409 |
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 | |
Newspaper publishing equipment [Member] | ||
Property, Plant and Equipment | ||
Total | $ 216,891 | 216,199 |
Newspaper publishing equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment | ||
Estimated useful life | 3 years | |
Newspaper publishing equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment | ||
Estimated useful life | 20 years | |
Other [Member] | ||
Property, Plant and Equipment | ||
Total | $ 92,293 | 88,177 |
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 | $ 151 | $ 1,725 |
Restatement of Financial Stat_3
Restatement of Financial Statements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | ||
Goodwill impairment | $ 228 | $ 13,973 |
Impairment of intangible assets | 2,970 | |
Additional income tax expense due to an increase in the valuation allowance | $ 2,845 |
Restatement of Financial Stat_4
Restatement of Financial Statements (Impact of Restatement on Consolidated Statement of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Asset impairments | $ 3,116 | $ 16,921 | $ 3,344 | |||||||
Total operating costs and expense | 229,119 | 256,208 | ||||||||
Operating loss | $ (17,946) | $ (1,302) | $ (1,367) | $ (6,217) | (1,312) | $ 2 | $ (1,278) | $ (4,994) | (26,832) | (7,582) |
Loss Before Income Taxes | (22,941) | 3,901 | ||||||||
Income tax provision (benefit) | 6,521 | 2,280 | (6,260) | |||||||
Net income (loss) | $ (19,637) | $ (1,036) | $ (534) | $ (4,014) | $ 12,816 | $ 2,580 | $ (805) | $ (4,430) | $ (25,221) | $ 10,161 |
Net loss basic and diluted | $ (1.17) | $ 0.46 | ||||||||
Previously Reported [Member] | ||||||||||
Asset impairments | $ (22) | |||||||||
Total operating costs and expense | 212,176 | |||||||||
Operating loss | (9,889) | |||||||||
Loss Before Income Taxes | (5,998) | |||||||||
Income tax provision (benefit) | (565) | |||||||||
Net income (loss) | $ (5,433) | |||||||||
Net loss basic and diluted | $ (0.26) | |||||||||
Adjustment [Member] | ||||||||||
Asset impairments | $ 16,943 | |||||||||
Total operating costs and expense | 16,943 | |||||||||
Operating loss | (16,943) | |||||||||
Loss Before Income Taxes | (16,943) | |||||||||
Income tax provision (benefit) | 2,845 | |||||||||
Net income (loss) | $ (19,788) | |||||||||
Net loss basic and diluted | $ (0.91) |
Restatement of Financial Stat_5
Restatement of Financial Statements (Impact of Restatement on Consolidated Statement of Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) | $ (19,637) | $ (1,036) | $ (534) | $ (4,014) | $ 12,816 | $ 2,580 | $ (805) | $ (4,430) | $ (25,221) | $ 10,161 |
Total Comprehensive Loss | (37,930) | $ 24,537 | ||||||||
Previously Reported [Member] | ||||||||||
Net income (loss) | (5,433) | |||||||||
Total Comprehensive Loss | (18,142) | |||||||||
Adjustment [Member] | ||||||||||
Net income (loss) | (19,788) | |||||||||
Total Comprehensive Loss | $ (19,788) |
Restatement of Financial Stat_6
Restatement of Financial Statements (Impact of Restatement on Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets [Abstract] | |||
Intangible assets, net | $ 304 | ||
Goodwill | $ 13,973 | ||
Deferred income taxes, net | 3,572 | ||
Total Assets | 122,560 | 162,848 | |
Accumulated deficit | (393,582) | (361,288) | |
Total shareholders' equity | 50,798 | 97,699 | $ 89,152 |
Total liabilities and shareholders’ equity | 122,560 | $ 162,848 | |
Previously Reported [Member] | |||
Assets [Abstract] | |||
Intangible assets, net | 3,274 | ||
Goodwill | 13,973 | ||
Deferred income taxes, net | 6,417 | ||
Total Assets | 142,348 | ||
Accumulated deficit | (373,794) | ||
Total shareholders' equity | 70,586 | ||
Total liabilities and shareholders’ equity | 142,348 | ||
Adjustment [Member] | |||
Assets [Abstract] | |||
Intangible assets, net | (2,970) | ||
Goodwill | (13,973) | ||
Deferred income taxes, net | (2,845) | ||
Total Assets | (19,788) | ||
Accumulated deficit | (19,788) | ||
Total shareholders' equity | (19,788) | ||
Total liabilities and shareholders’ equity | $ (19,788) |
Restatement of Financial Stat_7
Restatement of Financial Statements (Impact of Restatement on Consolidated Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | ||||||||||
Net income (loss) | $ (19,637) | $ (1,036) | $ (534) | $ (4,014) | $ 12,816 | $ 2,580 | $ (805) | $ (4,430) | $ (25,221) | $ 10,161 |
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ||||||||||
Deferred income taxes | 1,783 | (5,355) | ||||||||
Asset impairments | $ 3,116 | 16,921 | $ 3,344 | |||||||
Previously Reported [Member] | ||||||||||
Operating Activities | ||||||||||
Net income (loss) | (5,433) | |||||||||
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ||||||||||
Deferred income taxes | (1,062) | |||||||||
Asset impairments | (22) | |||||||||
Adjustment [Member] | ||||||||||
Operating Activities | ||||||||||
Net income (loss) | (19,788) | |||||||||
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ||||||||||
Deferred income taxes | 2,845 | |||||||||
Asset impairments | $ 16,943 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 2 | |
Corporate expense | $ 229,119 | $ 256,208 |
Net periodic pension and other post-employment expense (benefit) | $ 2,471 | |
Publishing [Member] | ||
Segment Reporting Information [Line Items] | ||
Corporate expense | $ 20,156 |
Segment Reporting (Reportable S
Segment Reporting (Reportable Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||||||||
Revenue | $ 52,613 | $ 49,052 | $ 51,169 | $ 49,453 | $ 64,077 | $ 60,559 | $ 63,089 | $ 60,901 | $ 202,287 | $ 248,626 |
Operating Income (Loss) | (17,946) | $ (1,302) | $ (1,367) | $ (6,217) | (1,312) | $ 2 | $ (1,278) | $ (4,994) | (26,832) | (7,582) |
Depreciation | 9,902 | 10,415 | ||||||||
Amortization | 799 | 799 | ||||||||
Asset impairments | 3,116 | 16,921 | 3,344 | |||||||
Total Assets | 122,560 | 162,848 | 122,560 | 162,848 | ||||||
Operating Segments [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenue | 202,287 | 248,626 | ||||||||
Operating Income (Loss) | (26,832) | (7,582) | ||||||||
Total Assets | 122,560 | 162,848 | 122,560 | 162,848 | ||||||
Operating Segments [Member] | Publishing [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenue | 180,327 | 217,347 | ||||||||
Operating Income (Loss) | (11,146) | (10,675) | ||||||||
Depreciation | 9,699 | 10,300 | ||||||||
Asset impairments | (22) | 3,344 | ||||||||
Pension settlement | 5,911 | |||||||||
Total | 9,677 | 19,555 | ||||||||
Total Assets | 117,289 | 137,409 | 117,289 | 137,409 | ||||||
Operating Segments [Member] | Marketing Services [Member] | ||||||||||
Segment Reporting Information [Line Items] | ||||||||||
Revenue | 21,960 | 31,279 | ||||||||
Operating Income (Loss) | (15,686) | 3,093 | ||||||||
Depreciation | 203 | 115 | ||||||||
Amortization | 799 | 799 | ||||||||
Asset impairments | 16,943 | |||||||||
Total | 17,945 | 914 | ||||||||
Total Assets | $ 5,271 | $ 25,439 | $ 5,271 | $ 25,439 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation | $ 2,974 | |
Deferred revenue balance | 12,151 | |
Deferred revenue increase | $ 808 | |
Deferred revenue, revenue recognized | $ 10,291 | |
Minimum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue remaining performance obligation service contract period | 13 months | |
Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue remaining performance obligation service contract period | 36 months |
Revenue (Remaining Performance
Revenue (Remaining Performance Obligations, Start Date ) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 2,974 |
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 | 1,669 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | 799 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation | $ 506 |
Revenue (Revenue Recognition Re
Revenue (Revenue Recognition Reclassification) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||
Revenue | $ 52,613 | $ 49,052 | $ 51,169 | $ 49,453 | $ 64,077 | $ 60,559 | $ 63,089 | $ 60,901 | $ 202,287 | $ 248,626 |
Other production, distribution and operating costs | 90,167 | 114,594 | ||||||||
Balances Without Adoption [Member] | ||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||
Other production, distribution and operating costs | 102,893 | |||||||||
Effect of Change (Decrease) [Member] | ||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||
Other production, distribution and operating costs | (12,726) | |||||||||
Advertising And Marketing Services [Member] | ||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||
Revenue | 105,428 | 143,247 | ||||||||
Advertising And Marketing Services [Member] | Balances Without Adoption [Member] | ||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||
Revenue | 117,148 | |||||||||
Advertising And Marketing Services [Member] | Effect of Change (Decrease) [Member] | ||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||
Revenue | (11,720) | |||||||||
Circulation [Member] | ||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||
Revenue | 71,919 | $ 76,884 | ||||||||
Circulation [Member] | Balances Without Adoption [Member] | ||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||
Revenue | 72,925 | |||||||||
Circulation [Member] | Effect of Change (Decrease) [Member] | ||||||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||||||
Revenue | $ (1,006) |
Revenue (Disaggregated by Reven
Revenue (Disaggregated by Revenue Source) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 202,287 | $ 248,626 |
Advertising Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 83,468 | 111,968 |
Other Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 4,978 | 4,790 |
Advertising And Marketing Services [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 105,428 | 143,247 |
Digital Circulation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 16,982 | 26,489 |
Circulation [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 71,919 | 76,884 |
Printing, Distribution And Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 24,940 | $ 28,495 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2015 | |
Business Acquisition [Line Items] | |||
Distributions to non-controlling interests | $ 179 | ||
DMV [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition percentage of voting interest acquired | 80.00% | ||
Distributions to non-controlling interests | $ 163 | ||
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% | ||
Purchase Of Remaining Percent [Member] | DMV [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition consideration transferred | $ 7,120 | ||
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 interest acquired | 20.00% |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment | $ 228 | $ 13,973 | ||
Impairment of intangible assets | 2,970 | |||
Amortization expense | 799 | $ 799 | ||
Marketing Services [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment | $ 13,973 | |||
Customer Relationships [Member] | Marketing Services [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets | 2,970 | |||
Developed Technology [Member] | Marketing Services [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Definite-lived intangibles | $ 1,520 | $ 1,520 | ||
Definite-lived intangibles, useful life | 5 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Schedule of Identifiable Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | $ 13,973 | |
Intangible Assets | ||
Asset Impairments | $ 2,970 | |
Net Carrying Value | 304 | 4,073 |
Operating Segments [Member] | Marketing Services [Member] | ||
Goodwill And Intangible Assets [Line Items] | ||
Goodwill | 13,973 | |
Intangible Assets | ||
Cost | 6,470 | 6,470 |
Accumulated Amortization | (3,196) | (2,397) |
Asset Impairments | (2,970) | |
Net Carrying Value | $ 304 | $ 4,073 |
Long-term Incentive Plan (Narra
Long-term Incentive Plan (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based compensation expense | ||
Number of options outstanding | 100,344 | |
Number of options exercised | 3,000 | |
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 | $ 7 | |
Number of options outstanding | 0 | |
Number of options exercised | 0 | |
Number of options granted | 0 | |
RSUs [Member] | ||
Share-based compensation expense | ||
RSUs Vested and outstanding | 290,825 | |
Number of shares issued | 82,693 | |
Share-based payment award other than option outstanding | 0 | |
Number of shares previously vested redeemed in cash | 55,128 | |
RSUs Redeemed in cash, liability | $ 1,795 | |
RSUs, award vesting period | 3 years | |
RSUs, percentage of redemption in common stock | 60.00% | |
RSUs, percentage of redemption in cash | 40.00% | |
RSUs [Member] | Officers And Directors [Member] | ||
Share-based compensation expense | ||
Aggregate outstanding awards amended to provide for accelerated vesting | 607,553 | |
Aggregate value of the RSUs being accelerated | $ 2,521 |
Long-term Incentive Plan (Sched
Long-term Incentive Plan (Schedule of Stock Options Outstanding Activity) (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Stock option activity rollforward | |
Number of Options, Outstanding, Beginning Balance | shares | 100,344 |
Number of Options Canceled | shares | (97,344) |
Number of Options Exercised | shares | (3,000) |
Number of Options, Outstanding, Ending Balance | shares | |
Weighted average price per share | |
Weighted Average Exercise Price, Outstanding Beginning Balance | $ / shares | $ 6.46 |
Weighted Average Exercise Price, Canceled | $ / shares | 6.60 |
Weighted Average Exercise Price, Exercised | $ / shares | 2.05 |
Weighted Average Exercise Price, Outstanding Ending Balance | $ / shares |
Long-term Incentive Plan (Sch_2
Long-term Incentive Plan (Schedule of RSU activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Vested RSUs redeemed for stock, cash, and related payments | |
Cash payments at closing price of stock for accelerated vesting and converted to cash | $ | $ 1,120 |
RSUs [Member] | |
RSU non-vested rollforward | |
Number of RSUs, Outstanding, Beginning Balance | 224,053 |
Number of RSUs Granted | 348,455 |
Number of RSUs Canceled | (3,711) |
Number of RSUs Vested and outstanding | (184,774) |
Number of RSUs Vested and issued | (114,248) |
Accelerated Vesting and converted to cash | (269,775) |
Number of RSUs, Outstanding, Ending Balance | |
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 | 5.05 |
Canceled | $ / shares | 6.06 |
Vested and outstanding | $ / shares | 5.38 |
Vested and issued | $ / shares | 6.29 |
Accelerated Vesting and converted to cash | $ / shares | 5.13 |
Ending balance - Weighted average price | $ / shares |
Long-term Incentive Plan (Sch_3
Long-term Incentive Plan (Schedule of Compensation Expense Related to Stock Awards) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
RSUs Redeemable in Stock [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ (605) | $ 944 |
RSUs Redeemable in Cash, Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 3,005 | 654 |
RSUs [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 2,400 | $ 1,598 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)item | |
Income Tax [Line Items] | |||||
Income tax provision (benefit) | $ 6,521 | $ 2,280 | $ (6,260) | ||
Effective income tax rate | (9.90%) | (160.50%) | |||
Changes in valuation allowance | $ 6,421 | ||||
Net refund resulting from carryback | $ 4,095 | $ 3,210 | |||
Employer contributions | $ 20,000 | ||||
Number of properties sold | item | 3 | ||||
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) | ||||
Tax, refund received | $ 4,095 | $ 3,210 | |||
Federal net operating loss carryforward | $ 4,260 | 5,462 | $ 4,260 | ||
Other Deferred Tax Assets [Member] | |||||
Income Tax [Line Items] | |||||
Changes in valuation allowance | 2,648 | ||||
Federal [Member] | |||||
Income Tax [Line Items] | |||||
Net operating loss carryforward | $ 26,011 | ||||
Net operating loss maximum annual utilization of taxable income, percent | 80.00% | ||||
Federal [Member] | Net Operating Loss Carryforward Expiring In 2037 [Member] | |||||
Income Tax [Line Items] | |||||
Net operating loss carryforward | $ 20,219 | ||||
Federal [Member] | Net Operating Loss Carryforward With No Expiration [Member] | |||||
Income Tax [Line Items] | |||||
Net operating loss carryforward | $ 5,792 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Provision (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
Federal | $ (136) | $ (2,018) | |
State | 633 | 1,113 | |
Total current | 497 | (905) | |
Deferred | |||
Federal | (1,975) | 8,723 | |
State | (15) | (7) | |
Total deferred | (1,990) | 8,716 | |
Valuation Allowance | 3,773 | (14,071) | |
Income tax provision (benefit) | $ 6,521 | $ 2,280 | $ (6,260) |
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, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Computed expected income tax provision (benefit) | $ (4,818) | $ 1,362 | |
State income tax (net of federal benefit) | 679 | 698 | |
Valuation allowance | 3,773 | (14,071) | |
Federal tax reform - deferred rate change | (2) | 3,570 | |
Goodwill impairment | 2,691 | 63 | |
Nondeductible expenses | 311 | (3,454) | |
Uncertain tax position reserve | (165) | 2,555 | |
Noncontrolling interest | (5) | ||
Other | (189) | 3,022 | |
Income tax provision (benefit) | $ 6,521 | $ 2,280 | $ (6,260) |
Effective income tax rate | (9.90%) | (160.50%) |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Taxes [Abstract] | ||
Defined benefit plans | $ 6,697 | $ 4,838 |
Investments | 177 | 210 |
Tax depreciation less than book depreciation | 2,058 | 1,576 |
Expenses deductible for tax purposes in a year different from the year accrued | 1,481 | 1,232 |
Deferred compensation and benefits | 376 | 553 |
Book amortization in excess of tax amortization | 649 | |
State taxes | 83 | 68 |
Federal net operating loss carryforward | 5,462 | 4,260 |
Other | 427 | 482 |
Total deferred tax assets | 17,410 | 13,219 |
Valuation allowance | (13,329) | (6,908) |
Total deferred tax assets, net of valuation allowance | 4,081 | 6,311 |
Gross Deferred Tax Liabilities: | ||
Tax amortization in excess of book amortization | (368) | |
Other | (509) | (588) |
Total deferred tax liabilities | (509) | (956) |
Net Deferred Tax Assets | $ 3,572 | $ 5,355 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Positions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1 | $ 2,757 | $ 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 | |
Decrease related to statute of limitations expiring | (165) | |
Balance at December 31 | $ 2,592 | $ 2,757 |
Pension and Other Retirement _3
Pension and Other Retirement Plans (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($)employee | Dec. 31, 2017USD ($)employee | |
Defined Benefit Plan Disclosure | |||||
Employer contributions | $ 20,000,000 | ||||
Pension settlement | $ 5,911,000 | ||||
Plan Settlements | |||||
Actuarial gains (losses) | $ (13,339,000) | 8,151,000 | |||
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 | $ 855,000 | 871,000 | |||
Other Post-Employment Benefit Plans [Member] | |||||
Defined Benefit Plan Disclosure | |||||
Net periodic cost (benefit) | 4,000 | (37,000) | |||
Actuarial gains (losses) | (99,000) | 146,000 | |||
Recorded liabilities | $ 1,185,000 | 1,165,000 | 1,185,000 | ||
Plan Settlements | |||||
Actuarial gains (losses) | $ (99,000) | $ 146,000 | |||
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure | |||||
Discount rate of projected benefit obligation | 3.40% | 4.00% | 3.40% | ||
Discount rate, net periodic pension expense (benefit) | 3.50% | 3.40% | 3.80% | ||
Expected long-term return on plan assets | 6.50% | 6.50% | |||
Employer contributions | $ 20,000,000 | ||||
Net periodic cost (benefit) | $ (3,719,000) | 2,498,000 | |||
Actuarial gains (losses) | (13,240,000) | 8,005,000 | |||
Pension settlement | 5,911,000 | ||||
Plan Settlements | |||||
Defined benefit plan, liquidated amount | 23,391,000 | ||||
Defined benefit plan, transfer of plan assets | $ 43,391,000 | ||||
Defined benefit plan, reduction of participants | employee | 796 | ||||
Defined benefit plan, reduction of participants, percent | 36.00% | ||||
Actuarial gains (losses) | $ 3,648,000 | (13,240,000) | $ 8,005,000 | ||
Defined Benefit Plan, Estimated Future Employer Contributions | |||||
Estimated future employer contributions | $ 0 | ||||
Defined Contribution Plans | |||||
Number of employee participants | employee | 1,400 | ||||
Pension Plan [Member] | Voluntary Contributions [Member] | |||||
Defined Benefit Plan Disclosure | |||||
Employer contributions | $ 20,000,000 | ||||
Pension Plan [Member] | Equity Securities [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations | |||||
Allocation of plans' assets | 42.00% | ||||
Pension Plan [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations | |||||
Allocation of plans' assets | 58.00% | ||||
Pension Plan [Member] | Equity Securities [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations | |||||
Target allocation of plans' assets | 50.00% | ||||
Pension Plan [Member] | Fixed Income Securities [Member] | |||||
Defined Benefit Plan, Assets, Target Allocations | |||||
Target allocation of plans' assets | 50.00% |
Pension and Other Retirement _4
Pension and Other Retirement Plans (Schedule of Defined Benefit Plans Disclosures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | ||
Employer contributions | $ 20,000 | |
Noncurrent liability - Accrued benefit cost | $ 31,889 | 23,038 |
Pension Plan [Member] | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll forward] | ||
Projected benefit obligation at beginning of year | 219,635 | 259,025 |
Interest cost | 7,185 | 9,051 |
Actuarial (gain) loss | (11,697) | 9,214 |
Benefit payments | (11,699) | (14,264) |
Annuity purchase | (43,391) | |
Projected benefit obligation at end of year | 203,424 | 219,635 |
Defined Benefit Plan, Change in Plan Assets [Roll Forward] | ||
Fair value of plan assets at beginning of year | 196,597 | 204,182 |
Return on plan assets | (13,363) | 30,070 |
Employer contributions | 20,000 | |
Benefit payments | (11,699) | (14,264) |
Annuity purchase | (43,391) | |
Fair value of plan assets at end of year | 171,535 | 196,597 |
Funded status | (31,889) | (23,038) |
Noncurrent liability - Accrued benefit cost | 31,889 | 23,038 |
Accumulated benefit obligation | $ 203,424 | $ 219,635 |
Pension and Other Retirement _5
Pension and Other Retirement Plans (Schedule of Net Periodic Pension Benefit) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure | ||
Interest cost | $ 7,185 | $ 9,051 |
Expected return on plans' assets | (11,575) | (12,851) |
Amortization of actuarial loss | 671 | 387 |
Recognized settlement loss | 5,911 | |
Net periodic pension benefit | $ (3,719) | $ 2,498 |
Pension and Other Retirement _6
Pension and Other Retirement Plans (Schedule of Fair Value and Allocation of Plan Assets) (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | $ 171,535 | $ 196,597 | $ 204,182 |
Cash And Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 7,000 | 2,215 | |
U.S. Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 46,346 | 57,819 | |
International Equity Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 22,783 | 34,988 | |
Domestic Corporate And Government Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 52,179 | 49,480 | |
Domestic Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 38,814 | 44,305 | |
International Corporate and Government Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 4,413 | 7,790 | |
Level I - Fair Value, Inputs [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 7,000 | 2,215 | |
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 | 7,000 | 2,215 | |
Level II - Fair Value, Inputs [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Fair value of plan assets | 164,535 | 194,382 | |
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 | 46,346 | 57,819 | |
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 | 22,783 | 34,988 | |
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 | 52,179 | 49,480 | |
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 | 38,814 | 44,305 | |
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 | $ 4,413 | $ 7,790 |
Pension and Other Retirement _7
Pension and Other Retirement Plans (Schedule of Expected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Pension and Other Retirement Plans [Abstract] | |
2019 | $ 13,161 |
2020 | 13,188 |
2021 | 13,210 |
2022 | 13,318 |
2023 | 13,196 |
2024-2028 | $ 65,559 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 07, 2019 | Dec. 06, 2018 | |
Shareholders' Equity [Line Items] | |||||
Dividends payable, date declared | Dec. 6, 2018 | ||||
Dividends payable, amount per share | $ 0.08 | ||||
Dividends payable, date of record | Feb. 8, 2019 | ||||
Dividends payable, date to be paid | Mar. 1, 2019 | ||||
Dividends Payable, Current | $ 1,730 | $ 1,730 | |||
Stock repurchase program authorized amount | $ 2,500 | ||||
Treasury stock purchases | 1,299 | $ 69 | |||
Amount to be amortized from net losses in accumulated other comprehensive loss related to its defined benefit Pension Plans and OPEB plans | $ 256 | $ 256 | |||
Subsequent Year [Member] | |||||
Shareholders' Equity [Line Items] | |||||
Dividends payable, date declared | Mar. 7, 2019 | ||||
Dividends payable, date of record | May 17, 2019 | ||||
Dividends payable, date to be paid | Jun. 7, 2019 | ||||
Subsequent Event [Member] | |||||
Shareholders' Equity [Line Items] | |||||
Dividends payable, amount per share | $ 0.08 | ||||
Series A [Member] | |||||
Shareholders' Equity [Line Items] | |||||
Treasury stock purchases, shares | 55,445 | ||||
Treasury stock purchases | $ 243 | ||||
Common stock, shares, outstanding | 19,157,358 | 19,157,358 | 19,269,331 | ||
Series B [Member] | |||||
Shareholders' Equity [Line Items] | |||||
Common stock, shares, outstanding | 2,469,555 | 2,469,555 | 2,469,755 |
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, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | $ (24,932) | $ (39,308) | |
Amortization | 630 | 6,225 | |
Actuarial gains (losses) | (13,339) | 8,151 | |
Balance, end of period | (37,641) | (24,932) | |
Pension Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | (25,434) | (39,737) | |
Amortization | 671 | 6,298 | |
Actuarial gains (losses) | $ 3,648 | (13,240) | 8,005 |
Balance, end of period | (38,003) | (25,434) | |
Other Post-Employment Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Balance, beginning of period | 502 | 429 | |
Amortization | (41) | (73) | |
Actuarial gains (losses) | (99) | 146 | |
Balance, end of period | $ 362 | $ 502 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive securities excluded from computation of earnings per share, amount | 612,222 | |
Employee Stock Option [Member] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | |
RSUs [Member] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 |
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||||||||||
Net income (loss) | $ (19,637) | $ (1,036) | $ (534) | $ (4,014) | $ 12,816 | $ 2,580 | $ (805) | $ (4,430) | $ (25,221) | $ 10,161 |
Less: dividends to participating securities | 142 | 120 | ||||||||
Net income (loss) available to common shareholders | $ (25,363) | $ 10,041 | ||||||||
Shares (Denominator) | ||||||||||
Weighted average common shares outstanding (basic) | 21,747,633 | 21,721,497 | ||||||||
Effect of dilutive securities | 1,505 | |||||||||
Adjusted weighted average shares outstanding (diluted) | 21,747,633 | 21,723,002 | ||||||||
Earnings Per Share | ||||||||||
Basic and diluted | $ (0.91) | $ (0.05) | $ (0.03) | $ (0.19) | $ 0.58 | $ 0.12 | $ (0.04) | $ (0.21) | $ (1.17) | $ 0.46 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pro-Rata Distributions [Line Items] | |||
Sublease income | $ 1,013 | ||
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 | ||
Property and Equipment [Member] | |||
Pro-Rata Distributions [Line Items] | |||
Lease expense for property and equipment | $ 4,688 | $ 3,085 |
Commitments and Contingencies_3
Commitments and Contingencies (Operating Lease Commitment Obligations) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Contingencies [Abstract] | |
Operating leases commitments, Total | $ 41,837 |
2019 | 4,403 |
2020 | 3,588 |
2021 | 3,575 |
2022 | 3,467 |
2023 | 3,533 |
Thereafter | $ 23,271 |
Supplemental Cash Flow Data (De
Supplemental Cash Flow Data (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Data [Abstract] | ||
Income tax paid, net (refund) | $ (6,404) | $ 583 |
Investments in property, plant and equipment payable | 131 | 1,140 |
Dividends Payable | $ 1,730 | $ 1,774 |
Sales of Assets and Other Dis_2
Sales of Assets and Other Dispositions (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)item | Dec. 31, 2018USD ($) | Oct. 29, 2018USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Assets held for sale | $ 1,089 | $ 1,089 | $ 1,089 | ||
Net proceeds from sale of land and building | 21,300 | ||||
Gain on sale of parcel | 7,500 | $ 5,000 | $ 12,500 | ||
Number of parcels sold | item | 3 | ||||
(Loss) on disposal of business | (260) | ||||
Dallas, Texas [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Assets held for sale | 1,089 | $ 1,089 | $ 1,089 | $ 33,000 | |
Carrying value of impaired assets, no longer in use | 3,116 | $ 3,116 | |||
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 Operatio_3
Quarterly Results of Operations (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net refund resulting from carryback | $ 4,095 | $ 3,210 | ||||
Pension settlement | $ 5,911 | |||||
Gain on sale of parcel | $ 7,500 | $ 5,000 | $ 12,500 | |||
Income tax provision (benefit) | 6,521 | $ 2,280 | (6,260) | |||
Asset impairments | $ 3,116 | 16,921 | 3,344 | |||
Publishing [Member] | Operating Segments [Member] | ||||||
Asset impairments | $ (22) | $ 3,344 |
Quarterly Results of Operatio_4
Quarterly Results of Operations (Schedule of Quarterly Financial Information ) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Operating Revenue: | ||||||||||
Net operating revenue | $ 52,613 | $ 49,052 | $ 51,169 | $ 49,453 | $ 64,077 | $ 60,559 | $ 63,089 | $ 60,901 | $ 202,287 | $ 248,626 |
Operating income (loss) | (17,946) | (1,302) | (1,367) | (6,217) | (1,312) | 2 | (1,278) | (4,994) | (26,832) | (7,582) |
Net Income (Loss) | $ (19,637) | $ (1,036) | $ (534) | $ (4,014) | $ 12,816 | $ 2,580 | $ (805) | $ (4,430) | $ (25,221) | $ 10,161 |
Net income (loss) per share | ||||||||||
Basic and diluted | $ (0.91) | $ (0.05) | $ (0.03) | $ (0.19) | $ 0.58 | $ 0.12 | $ (0.04) | $ (0.21) | $ (1.17) | $ 0.46 |
Related Party Transactions (Det
Related Party Transactions (Details) - eSite Analytics, Inc. [Member] - USD ($) $ in Thousands | Mar. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Notes receivable | $ 650 | $ 850 | |
Subsequent Event [Member] | |||
Notes receivable | $ 200 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | May 17, 2019USD ($) | Apr. 01, 2019USD ($)employee | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Oct. 29, 2018USD ($) |
Subsequent Event [Line Items] | |||||
Proceeds from sale of real estate assets | $ 21,300 | ||||
Assets held for sale | 1,089 | $ 1,089 | |||
Dallas, Texas [Member] | |||||
Subsequent Event [Line Items] | |||||
Assets held for sale | $ 1,089 | $ 1,089 | $ 33,000 | ||
Subsequent Event [Member] | Dallas, Texas [Member] | |||||
Subsequent Event [Line Items] | |||||
Sale of real estate assets, amount | $ 28,000 | ||||
Proceeds from sale of real estate assets | 4,597 | ||||
Real estate assets selling costs | 1,000 | ||||
Note receivable | $ 22,400 | ||||
Notes receivable term | 2 years | ||||
Additional contingency payment receivable if certain conditions are met | $ 1,000 | ||||
Subsequent Event [Member] | Cubic Creative, Inc.[Member] | Tulsa, Oklahoma [Member] | |||||
Subsequent Event [Line Items] | |||||
Business acquisition cash purchase price, net of cash acquired | $ 2,356 | ||||
Cash acquired from acquisition | $ 213 | ||||
Business combination number of employees in acquired business | employee | 25 |