Document_Entity_Information
Document Entity Information (USD $) | 12 Months Ended | |||
In Billions, except Share data, unless otherwise specified | Dec. 29, 2013 | Jun. 28, 2013 | Feb. 21, 2014 | Feb. 21, 2014 |
Class A Common Stock | Class B Common Stock | |||
Entity Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'NEW YORK TIMES CO | ' | ' | ' |
Entity Central Index Key | '0000071691 | ' | ' | ' |
Current Fiscal Year End Date | '--12-29 | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 29-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Trading Symbol | 'NYT | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 149,344,059 | 816,841 |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Public Float | ' | $1.50 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $482,745 | $820,490 |
Short-term marketable securities | 364,880 | 134,820 |
Accounts receivable (net of allowances: 2013 b $14,252; 2012 b $15,452) | 202,303 | 197,589 |
Deferred income taxes | 65,859 | 58,214 |
Prepaid assets | 20,250 | 23,085 |
Other current assets | 36,230 | 26,320 |
Assets held for sale | 0 | 137,050 |
Total current assets | 1,172,267 | 1,397,568 |
Long-term marketable securities | 176,155 | 4,444 |
Investments in joint ventures | 40,213 | 40,872 |
Property, plant and equipment: | ' | ' |
Equipment | 623,249 | 624,793 |
Buildings, building equipment and improvements | 650,293 | 651,113 |
Software | 189,684 | 190,320 |
Land | 105,710 | 105,692 |
Assets in progress | 15,402 | 9,527 |
Total, at cost | 1,584,338 | 1,581,445 |
Less: accumulated depreciation and amortization | -870,982 | -807,976 |
Property, plant and equipment, net | 713,356 | 773,469 |
Goodwill | 125,871 | 122,691 |
Deferred income taxes | 179,989 | 302,212 |
Miscellaneous assets | 164,701 | 166,214 |
Total assets | 2,572,552 | 2,807,470 |
Current liabilities | ' | ' |
Accounts payable | 90,982 | 88,990 |
Accrued payroll and other related liabilities | 91,629 | 86,772 |
Unexpired subscriptions | 58,007 | 57,336 |
Accrued expenses | 107,755 | 118,753 |
Accrued income taxes | 138 | 38,932 |
Liabilities held for sale | 0 | 32,373 |
Total current liabilities | 348,511 | 423,156 |
Other liabilities | ' | ' |
Long-term debt and capital lease obligations | 684,142 | 696,752 |
Pension benefits obligation | 444,328 | 737,889 |
Postretirement benefits obligation | 90,602 | 110,347 |
Other | 158,435 | 173,690 |
Total other liabilities | 1,377,507 | 1,718,678 |
Stockholdersb equity | ' | ' |
Serial preferred stock of $1 par value b authorized 200,000 shares b none issued | 0 | 0 |
Common stock of $.10 par value: | ' | ' |
Additional paid-in capital | 33,045 | 25,610 |
Retained earnings | 1,283,518 | 1,230,450 |
Common stock held in treasury, at cost | -86,253 | -96,278 |
Accumulated other comprehensive loss, net of income taxes: | ' | ' |
Foreign currency translation adjustments-gain | 12,674 | 11,327 |
Unrealized loss on available-for-sale security | 0 | -431 |
Funded status of benefit plans | -415,285 | -523,462 |
Total accumulated other comprehensive loss, net of income taxes | -402,611 | -512,566 |
Total New York Times Company stockholdersb equity | 842,910 | 662,325 |
Noncontrolling interest | 3,624 | 3,311 |
Total stockholdersb equity | 846,534 | 665,636 |
Total liabilities and stockholdersb equity | 2,572,552 | 2,807,470 |
Class A Common Stock | ' | ' |
Common stock of $.10 par value: | ' | ' |
Common stock value | 15,129 | 15,027 |
Class B Common Stock | ' | ' |
Common stock of $.10 par value: | ' | ' |
Common stock value | $82 | $82 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $14,252 | $15,452 |
Preferred stock, par value (USD per share) | $1 | $1 |
Preferred stock, authorized (in shares) | 200,000 | 200,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (USD per share) | $0.10 | $0.10 |
Class A Common Stock | ' | ' |
Authorized shares (in shares) | 300,000,000 | 300,000,000 |
Issued shares (in shares) | 151,289,625 | 150,270,975 |
Treasury shares (in shares) | 2,180,471 | 2,483,537 |
Class B Common Stock | ' | ' |
Authorized shares (in shares) | 818,061 | 818,385 |
Issued shares (in shares) | 818,061 | 818,385 |
Treasury shares (in shares) | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Revenues | ' | ' | ' | |
Circulation | $824,277 | $795,037 | $705,163 | |
Advertising | 666,687 | 711,829 | 756,148 | |
Other | 86,266 | 88,475 | 93,263 | |
Total revenues | 1,577,230 | 1,595,341 | 1,554,574 | |
Production costs: | ' | ' | ' | |
Raw materials | 92,886 | 106,381 | 108,267 | |
Wages and benefits | 332,085 | 331,321 | 315,900 | |
Other | 201,942 | 213,616 | 216,094 | |
Total production costs | 626,913 | 651,318 | 640,261 | |
Selling, general and administrative costs | 706,354 | 711,112 | 687,558 | |
Depreciation and amortization | 78,477 | 78,980 | 83,833 | |
Total operating costs | 1,411,744 | 1,441,410 | 1,411,652 | |
Pension settlement expense | 3,228 | 47,657 | [1] | 0 |
Multiemployer pension plan withdrawal expense | 6,171 | 0 | 4,228 | |
Other expense | 0 | 2,620 | [2] | 4,500 |
Impairment of assets | 0 | 0 | 7,458 | |
Operating profit | 156,087 | 103,654 | 126,736 | |
Gain on sale of investments | 0 | 220,275 | [3] | 71,171 |
Impairment of investments | 0 | 5,500 | [4] | 0 |
(Loss)/income from joint ventures | -3,215 | 2,936 | -270 | |
Premium on debt redemption | 0 | 0 | 46,381 | |
Interest expense, net | 58,073 | 62,808 | 85,243 | |
Income from continuing operations before income taxes | 94,799 | 258,557 | 66,013 | |
Income tax expense | 37,892 | 94,617 | 21,417 | |
Income from continuing operations | 56,907 | 163,940 | 44,596 | |
Discontinued operations: | ' | ' | ' | |
(Loss) from discontinued operations, net of income taxes | -20,413 | -113,447 | -82,799 | |
Gain on sale, net of income taxes | 28,362 | 85,520 | 0 | |
Income/(loss) from discontinued operations, net of income taxes | 7,949 | -27,927 | -82,799 | |
Net income/(loss) | 64,856 | 136,013 | -38,203 | |
Net loss/(income) attributable to the noncontrolling interest | 249 | -166 | 555 | |
Net income/(loss) attributable to The New York Times Company common stockholders | 65,105 | 135,847 | -37,648 | |
Amounts attributable to The New York Times Company common stockholders: | ' | ' | ' | |
Income from continuing operations | 57,156 | 163,774 | 45,151 | |
Income/(loss) from discontinued operations, net of income taxes | $7,949 | ($27,927) | ($82,799) | |
Average number of common shares outstanding: | ' | ' | ' | |
Basic (in shares) | 149,755 | 148,147 | 147,190 | |
Diluted (in shares) | 157,774 | 152,693 | 152,007 | |
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | |
Income from continuing operations (USD per share) | $0.38 | $1.11 | $0.31 | |
Income/(loss) from discontinued operations, net of income taxes (USD per share) | $0.05 | ($0.19) | ($0.57) | |
Net income/(loss) (USD per share) | $0.43 | $0.92 | ($0.26) | |
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | |
Income from continuing operations (USD per share) | $0.36 | $1.07 | $0.30 | |
Income/(loss) from discontinued operations, net of income taxes (USD per share) | $0.05 | ($0.18) | ($0.55) | |
Net income/(loss) (USD per share) | $0.41 | $0.89 | ($0.25) | |
Dividends declared per share | $0.08 | $0 | $0 | |
[1] | In the fourth quarter of 2012, we recorded a $47.7 million non-cash pension settlement charge in connection with the immediate pension benefit offer to certain former employees who participate in The New York Times Companies Pension Plan. | |||
[2] | In the fourth quarter of 2012, we recorded a $2.6 million charge in connection with a legal settlement. | |||
[3] | In the first quarter of 2012, we recorded a $17.8 million gain on the sale of 100 of our units in Fenway Sports Group. In the second quarter of 2012, we recorded a $37.8 million gain on the sale of our remaining 210 units in Fenway Sports Group. In the fourth quarter of 2012, we recorded a $164.6 million gain on the sale of our ownership interest in Indeed.com. | |||
[4] | In the first and third quarters of 2012, we recorded a $4.9 million and $0.6 million non-cash charge, respectively, for the impairment of certain investments. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/LOSS (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/(loss) | $65,681 | ($24,287) | $20,138 | $3,323 | $178,388 | $2,724 | ($87,649) | $42,550 | $64,856 | $136,013 | ($38,203) |
Other comprehensive income/(loss), before tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments-gain/(loss) | ' | ' | ' | -2,477 | 1,684 | 3,251 | -6,712 | 2,313 | 2,613 | 536 | -523 |
Unrealized derivative gain/(loss) on cash-flow hedge of equity method investment | ' | ' | ' | 0 | 0 | 0 | 0 | 1,143 | 0 | 1,143 | 839 |
Unrealized gain/(loss) on available-for-sale security | ' | ' | ' | -1,374 | -1,980 | -2,338 | -3,425 | 7,014 | 729 | -729 | 0 |
Pension and postretirement benefits obligation | ' | ' | ' | 8,259 | -28,578 | 5,817 | 5,817 | -10,278 | 180,340 | -27,222 | -211,289 |
Other comprehensive (loss)/income, before tax | ' | ' | ' | 4,408 | -28,874 | 6,730 | -4,320 | 192 | 183,682 | -26,272 | -210,973 |
Income tax benefit | ' | ' | ' | -1,780 | 11,492 | -2,539 | 1,647 | 160 | -73,165 | 10,760 | 86,065 |
Other comprehensive (loss)/income, net of tax | ' | ' | ' | 2,628 | -17,382 | 4,191 | -2,673 | 352 | 110,517 | -15,512 | -124,908 |
Comprehensive income/(loss) | ' | ' | ' | 5,951 | 161,006 | 6,915 | -90,322 | 42,902 | 175,373 | 120,501 | -163,111 |
Comprehensive loss/(income) attributable to the noncontrolling interest | ' | ' | ' | 249 | -263 | 21 | 27 | 53 | -313 | -162 | 1,000 |
Comprehensive income/(loss) attributable to The New York Times Company common stockholders | ' | ' | ' | $6,200 | $160,743 | $6,936 | ($90,295) | $42,955 | $175,060 | $120,339 | ($162,111) |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Total New York Times Company Stockholders' Equity [Member] | Capital Stock Class A and Class B Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Common Stock Held in Treasury, at Cost [Member] | Accumulated Other Comprehensive Income (Loss), Net of Income Taxes [Member] | Noncontrolling Interest [Member] |
In Thousands, unless otherwise specified | ||||||||
Stockholders' equity, beginning balance at Dec. 26, 2010 (As previously reported [Member]) | $664,076 | $659,927 | $15,012 | $40,155 | $1,126,294 | ($134,463) | ($387,071) | $4,149 |
Stockholders' equity, beginning balance (Adjustments [Member]) | 20,433 | 20,433 | 0 | 0 | 5,957 | 0 | 14,476 | 0 |
Stockholders' equity, beginning balance at Dec. 26, 2010 | 684,509 | 680,360 | 15,012 | 40,155 | 1,132,251 | -134,463 | -372,595 | 4,149 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/(loss) | -38,203 | -37,648 | 0 | 0 | -37,648 | 0 | 0 | -555 |
Net income/(loss) at Dec. 27, 2010 (As previously reported [Member]) | -40,224 | ' | ' | ' | ' | ' | ' | ' |
Net income/(loss) (Adjustments [Member]) | 2,021 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income | -124,908 | -124,463 | 0 | 0 | 0 | 0 | -124,463 | -445 |
Other comprehensive income at Dec. 27, 2010 (As previously reported [Member]) | -129,772 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (Adjustments [Member]) | 4,864 | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock purchase plan - Class A shares | 4,318 | 4,318 | 60 | 4,258 | 0 | 0 | 0 | 0 |
Stock options - Class A shares | 364 | 364 | 11 | 353 | 0 | 0 | 0 | 0 |
Stock conversions Class B shares to Class A shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Restricted stock units vested - Class A shares | -1,285 | -1,285 | 0 | -6,250 | 0 | 4,965 | 0 | 0 |
401(k) Company stock match - Class A shares | 6,724 | 6,724 | 0 | -11,800 | 0 | 18,524 | 0 | 0 |
Stock-based compensation | 9,410 | 9,410 | 0 | 9,410 | 0 | 0 | 0 | 0 |
Tax shortfall from equity award exercises | -4,102 | -4,102 | 0 | -4,102 | 0 | 0 | 0 | 0 |
Stockholders' equity, ending balance at Dec. 25, 2011 | 536,827 | 533,678 | 15,083 | 32,024 | 1,094,603 | -110,974 | -497,058 | 3,149 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/(loss) | 136,013 | 135,847 | 0 | 0 | 135,847 | 0 | 0 | 166 |
Net income/(loss) at Dec. 26, 2011 (As previously reported [Member]) | 133,339 | ' | ' | ' | ' | ' | ' | ' |
Net income/(loss) (Adjustments [Member]) | 2,674 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income | -15,512 | -15,508 | 0 | 0 | 0 | 0 | -15,508 | -4 |
Other comprehensive income at Dec. 26, 2011 (As previously reported [Member]) | -15,345 | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income (Adjustments [Member]) | -167 | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options - Class A shares | 730 | 730 | 18 | 712 | 0 | 0 | 0 | 0 |
Stock conversions Class B shares to Class A shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Restricted stock units vested - Class A shares | -501 | -501 | 8 | -656 | 0 | 147 | 0 | 0 |
401(k) Company stock match - Class A shares | 3,764 | 3,764 | 0 | -10,785 | 0 | 14,549 | 0 | 0 |
Stock-based compensation | 5,329 | 5,329 | 0 | 5,329 | 0 | 0 | 0 | 0 |
Tax shortfall from equity award exercises | -1,014 | -1,014 | 0 | -1,014 | 0 | 0 | 0 | 0 |
Stockholders' equity, ending balance at Dec. 30, 2012 (As previously reported [Member]) | 635,812 | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity, ending balance (Adjustments [Member]) | 29,824 | ' | ' | ' | ' | ' | ' | ' |
Stockholders' equity, ending balance at Dec. 30, 2012 | 665,636 | 662,325 | 15,109 | 25,610 | 1,230,450 | -96,278 | -512,566 | 3,311 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/(loss) | 64,856 | 65,105 | 0 | 0 | 65,105 | 0 | 0 | -249 |
Dividends | -12,037 | -12,037 | 0 | 0 | -12,037 | 0 | 0 | 0 |
Other comprehensive income | 110,517 | 109,955 | 0 | 0 | 0 | 0 | 109,955 | 562 |
Issuance of shares | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options - Class A shares | 5,086 | 5,086 | 92 | 4,994 | 0 | 0 | 0 | 0 |
Stock conversions Class B shares to Class A shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Restricted stock units vested - Class A shares | -746 | -746 | 10 | -756 | 0 | 0 | 0 | 0 |
401(k) Company stock match - Class A shares | 3,454 | 3,454 | 0 | -6,571 | 0 | 10,025 | 0 | 0 |
Stock-based compensation | 6,813 | 6,813 | 0 | 6,813 | 0 | 0 | 0 | 0 |
Tax shortfall from equity award exercises | 2,955 | 2,955 | 0 | 2,955 | 0 | 0 | 0 | 0 |
Stockholders' equity, ending balance at Dec. 29, 2013 | $846,534 | $842,910 | $15,211 | $33,045 | $1,283,518 | ($86,253) | ($402,611) | $3,624 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Employee stock purchase plans, shares | 0 | 0 | 603,114 |
Stock options, shares | 914,272 | 176,400 | 100,200 |
Stock conversions, shares | 324 | 500 | 240 |
Restricted stock unit vested, shares | 104,054 | 92,847 | 210,769 |
401(k) - Company stock match, shares | 303,066 | 490,031 | 781,088 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | ||
Cash flows from operating activities | ' | ' | ' | |
Net income/(loss) | $64,856,000 | $136,013,000 | ($38,203,000) | |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ' | ' | ' | |
Impairment of assets | 34,300,000 | 194,732,000 | 164,434,000 | |
Pension settlement expense | 3,228,000 | 47,657,000 | [1] | 0 |
Multiemployer pension withdrawal expense | 14,168,000 | 0 | 4,228,000 | |
Other expense | 0 | 2,620,000 | 4,500,000 | |
Gain on sale of investments | 0 | -220,275,000 | [2] | -71,171,000 |
Impairment on investments | 0 | 5,500,000 | 0 | |
Premium on debt redemption | 0 | 0 | 46,381,000 | |
Gain on sale of New England Media Group & About Group | 47,561,000 | 96,675,000 | 0 | |
Loss on sale of Regional Media Group | 0 | 5,441,000 | 0 | |
Depreciation and amortization | 85,477,000 | 103,775,000 | 116,454,000 | |
Stock-based compensation expense | 8,741,000 | 4,693,000 | 8,497,000 | |
Undistributed loss on equity method investments | 3,619,000 | 2,586,000 | 3,435,000 | |
Deferred income taxes | 44,102,000 | 1,380,000 | 65,045,000 | |
Long-term retirement benefit obligations | -112,133,000 | -143,724,000 | -144,613,000 | |
Other b net | 12,928,000 | 9,737,000 | -462,000 | |
Changes in operating assets and liabilities: | ' | ' | ' | |
Accounts receivable b net | 3,148,000 | 5,130,000 | 12,603,000 | |
Inventories | 176,000 | 6,806,000 | -4,955,000 | |
Other current assets | 1,675,000 | -8,477,000 | 1,820,000 | |
Accounts payable and other liabilities | -83,072,000 | 18,429,000 | -97,007,000 | |
Unexpired subscriptions | 1,203,000 | 3,962,000 | 2,941,000 | |
Net cash provided by operating activities | 34,855,000 | 79,310,000 | 73,927,000 | |
Cash flows from investing activities | ' | ' | ' | |
Purchases of marketable securities | -860,848,000 | -439,700,000 | -279,721,000 | |
Maturities of marketable securities | 447,350,000 | 409,726,000 | 204,849,000 | |
Proceeds from sale of business | 68,585,000 | 456,158,000 | 0 | |
Proceeds from investments b net of purchases | 12,004,000 | 250,918,000 | 117,966,000 | |
Capital expenditures | -16,942,000 | -34,888,000 | -44,887,000 | |
Change in restricted cash | -3,806,000 | 3,287,000 | -27,628,000 | |
Proceeds from the sale of assets | 0 | 1,312,000 | 11,167,000 | |
Net cash (used in)/provided by investing activities | -353,657,000 | 646,813,000 | -18,254,000 | |
Long-term obligations: | ' | ' | ' | |
Repayments | -19,959,000 | -81,584,000 | -590,000 | |
Redemption of long-term debt | 0 | 0 | 250,000,000 | |
Dividends paid | -6,040,000 | 0 | 0 | |
Capital shares: | ' | ' | ' | |
Issuances | 5,086,000 | 730,000 | 364,000 | |
Tax windfall from equity award exercises | 1,654,000 | 0 | 0 | |
Net cash used in financing activities | -19,259,000 | -80,854,000 | -250,226,000 | |
Net (decrease)/increase in cash and cash equivalents | -338,061,000 | 645,269,000 | -194,553,000 | |
Effect of exchange rate changes on cash and cash equivalents | 316,000 | 70,000 | 36,000 | |
Cash and cash equivalents at the beginning of the year | 820,490,000 | 175,151,000 | 369,668,000 | |
Cash and cash equivalents at the end of the year | 482,745,000 | 820,490,000 | 175,151,000 | |
SUPPLEMENTAL DATA | ' | ' | ' | |
Interest, net of capitalized interest | 54,821,000 | 60,005,000 | 98,336,000 | |
Income tax payment/(refunds) b net | 42,792,000 | -6,627,000 | -22,757,000 | |
Non-cash investing activities, receivable held in escrow | ' | 14,000,000 | ' | |
Amount received from escrow | $7,000,000 | ' | ' | |
[1] | In the fourth quarter of 2012, we recorded a $47.7 million non-cash pension settlement charge in connection with the immediate pension benefit offer to certain former employees who participate in The New York Times Companies Pension Plan. | |||
[2] | In the first quarter of 2012, we recorded a $17.8 million gain on the sale of 100 of our units in Fenway Sports Group. In the second quarter of 2012, we recorded a $37.8 million gain on the sale of our remaining 210 units in Fenway Sports Group. In the fourth quarter of 2012, we recorded a $164.6 million gain on the sale of our ownership interest in Indeed.com. |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended |
Dec. 29, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
Nature of Operations | |
The New York Times Company is a global media organization that includes newspapers, digital businesses, investments in paper mills and other investments (see Note 7). The New York Times Company and its consolidated subsidiaries are referred to collectively as the “Company,” “we,” “our” and “us.” Our major sources of revenue are circulation and advertising. | |
Principles of Consolidation | |
The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of our Company and our wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions. | |
The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ from these estimates. | |
Fiscal Year | |
Our fiscal year end is the last Sunday in December. Fiscal years 2013 and 2011 each comprise 52 weeks and fiscal year 2012 comprises 53 weeks. Our fiscal years ended as of December 29, 2013, December 30, 2012, and December 25, 2011. | |
Reclassifications | |
For comparability, certain prior-year amounts have been reclassified to conform with the 2013 presentation. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Cash and Cash Equivalents | |
We consider all highly liquid debt instruments with original maturities of 3 months or less to be cash equivalents. | |
Marketable Securities | |
We have investments in marketable debt and equity securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term. We have the intent and ability to hold our marketable debt securities until maturity; therefore, they are accounted for as held-to-maturity and stated at amortized cost. We had a marketable equity security which was accounted for as available-for-sale and stated at fair value until the sale of the investment in the fourth quarter of 2013 (see Note 4). Changes in the fair value of our available-for-sale security were recognized as unrealized gains or losses, net of taxes, as a component of accumulated other comprehensive income/(loss) (“AOCI”). | |
Concentration of Risk | |
Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and investments. Cash and cash equivalents are placed with major financial institutions. As of December 29, 2013, we had cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these financial institutions as part of our ongoing investment strategy. | |
Our investment portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash and investments are primarily managed by third-party investment managers who are required to adhere to investment policies approved by our Board of Directors designed to mitigate risk. | |
Accounts Receivable | |
Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, rate adjustments and discounts are generally established based on historical experience. | |
Inventories | |
Inventories are stated at the lower of cost or current market value. Inventory cost is generally based on the last-in, first-out (“LIFO”) method for newsprint and the first-in, first-out (“FIFO”) method for other inventories. | |
Investments | |
Investments in which we have at least a 20%, but not more than a 50%, interest are generally accounted for under the equity method. Investment interests below 20% are generally accounted for under the cost method, except if we could exercise significant influence, the investment would be accounted for under the equity method. We had an investment interest below 20% in Fenway Sports Group, which was accounted for under the equity method until the sale of a portion of our investment interest in the first quarter of 2012 (see Note 7). | |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements – 10 to 40 years; equipment – 3 to 30 years; and software – 2 to 5 years. We capitalize interest costs and certain staffing costs as part of the cost of major projects. | |
We evaluate whether there has been an impairment of long-lived assets, primarily property, plant and equipment, if certain circumstances indicate that a possible impairment may exist. These assets are tested for impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (1) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater than its fair value. | |
Goodwill | |
Goodwill is the excess of cost over the fair value of tangible and other intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter. | |
We test for goodwill impairment at the reporting unit level, which is our single operating segment. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key management personnel and our share price. The result of this assessment determines whether it is necessary to perform the goodwill impairment two-step test. For the 2013 annual impairment testing, based on our qualitative assessment, we concluded that it is more likely than not that goodwill is not impaired. | |
If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, in the first step, we compare the fair value of the reporting unit with its carrying amount, including goodwill. Fair value is calculated by a combination of a discounted cash flow model and a market approach model. In calculating fair value for our reporting unit, we generally weigh the results of the discounted cash flow model more heavily than the market approach because the discounted cash flow model is specific to our business and long-term projections. If the fair value exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount exceeds the fair value, the second step must be performed to measure the amount of the impairment loss, if any. In the second step, we compare the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. An impairment loss would be recognized in an amount equal to the excess of the carrying amount of the goodwill over the implied fair value of the goodwill. | |
The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working capital and discount rates. The starting point for the assumptions used in our discounted cash flow analysis is the annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and operating performance, related industry trends, macroeconomic conditions, and marketplace data, among others. Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic conditions outside our control. | |
The market approach analysis includes applying a multiple, based on comparable market transactions, to certain operating metrics of the reporting unit. | |
All other long-lived assets, were tested for impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (1) was not recoverable (the carrying value of the asset was greater than the sum of undiscounted cash flows) and (2) was greater than its fair value. | |
The significant estimates and assumptions used by management in assessing the recoverability of goodwill acquired and other long-lived assets are estimated future cash flows, discount rates, growth rates, as well as other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes. | |
In addition to annual testing, management uses certain indicators to evaluate whether an interim impairment test may be required. These indicators include: (1) current-period operating or cash flow declines combined with a history of operating or cash flow declines or a projection/forecast that demonstrates continuing declines in the cash flow or the inability to improve our operations to forecasted levels, (2) a significant adverse change in the business climate, whether structural or technological and (3) a decline in our stock price and market capitalization. | |
Management has applied what it believes to be the most appropriate valuation methodology for its impairment testing. See Note 15 for goodwill impairments recorded within discontinued operations. | |
Self-Insurance | |
We self-insure for workers’ compensation costs, automobile and general liability claims, up to certain deductible limits, as well as for certain employee medical and disability benefits. The recorded liabilities for self-insured risks are primarily calculated using actuarial methods. The liabilities include amounts for actual claims, claim growth and claims incurred but not yet reported. The recorded liabilities for self-insured risks were approximately $43 million as of December 29, 2013 and $42 million as of December 30, 2012. | |
Pension and Other Postretirement Benefits | |
Our single-employer pension and other postretirement benefit costs are accounted for using actuarial valuations. We recognize the funded status of these plans – measured as the difference between plan assets, if funded, and the benefit obligation – on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), net of income taxes. The assets related to our funded pension plans are measured at fair value. | |
We make significant subjective judgments about a number of actuarial assumptions, which include discount rates, health-care cost trend rates, long-term return on plan assets and mortality rates. Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements. | |
We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We assess a liability, for obligations related to complete and partial withdrawals from multiemployer pension plans, as well as estimate obligations for future partial withdrawals that we consider probable and reasonably estimable. The actual liability is not known until each plan completes a final assessment of the withdrawal liability and issues a demand to us. Therefore, we adjust the estimate of our multiemployer pension plan liability as more information becomes available that allows us to refine our estimates. | |
See Notes 11 and 12 for additional information regarding pension and other postretirement benefits. | |
Revenue Recognition | |
Circulation revenues include single-copy and subscription revenues. Circulation revenues are based on the number of copies of the printed newspaper (through home-delivery subscriptions and single-copy sales) and digital subscriptions sold and the rates charged to the respective customers. Single-copy revenue is recognized based on date of publication, net of provisions for related returns. Proceeds from subscription revenues are deferred at the time of sale and are recognized in earnings on a pro rata basis over the terms of the subscriptions. When our digital subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. Several factors are considered to determine whether we are a principal, most notably whether we are the primary obligor to the customer and have determined the selling price and product specifications. | |
Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user clicks on certain advertisements, net of provisions for estimated rebates, rate adjustments and discounts. | |
We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will be earned and claimed, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. | |
Rate adjustments primarily represent credits given to customers related to billing or production errors and discounts represent credits given to customers who pay an invoice prior to its due date. Rate adjustments and discounts are accounted for as a reduction of revenues, based on the amount of estimated rate adjustments or discounts related to the underlying revenues during the period. Measurement of rate adjustments and discount obligations are estimated based on historical experience of credits actually issued. | |
Other revenues are recognized when the related service or product has been delivered. | |
Income Taxes | |
Income taxes are recognized for the following: (1) amount of taxes payable for the current year and (2) deferred tax assets and liabilities for the future tax consequence of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes in the period of enactment. | |
We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (e.g., sources of taxable income) and negative (e.g., recent historical losses) evidence and assessing, based on the evidence, whether it is more likely than not that the deferred tax assets will not be realized. | |
We recognize in our financial statements the impact of a tax position if that tax position is more likely than not of being sustained on audit, based on the technical merits of the tax position. This involves the identification of potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax positions is necessary. Different conclusions reached in this assessment can have a material impact on our Consolidated Financial Statements. | |
We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues, which could require an extended period of time to resolve. Until formal resolutions are reached between us and the tax authorities, the timing and amount of a possible audit settlement for uncertain tax benefits is difficult to predict. | |
Stock-Based Compensation | |
We establish fair value for our stock-based awards to determine our cost and recognize the related expense over the appropriate vesting period. We recognize compensation expense for outstanding stock-settled restricted stock units, stock options, stock appreciation rights, cash-settled restricted stock units, long-term incentive plan (“LTIP”) awards and Common Stock under our Employee Stock Purchase Plan (“ESPP”). See Note 17 for additional information related to stock-based compensation expense. | |
Earnings/(Loss) Per Share | |
Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders by the weighted-average common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities, including outstanding warrants and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive. | |
The two-class method is an earnings allocation method for computing earnings/(loss) per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings/(loss) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. | |
Foreign Currency Translation | |
The assets and liabilities of foreign companies are translated at year-end exchange rates. Results of operations are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption “Accumulated other comprehensive loss, net of income taxes.” | |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which prescribes that a liability related to an unrecognized tax benefit to be offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations in which a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of a jurisdiction or the tax law of a jurisdiction does not require it, and we do not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statement as a liability and should not be combined with deferred tax assets. This guidance becomes effective for the Company for fiscal years beginning after December 15, 2013, and will be applied on a prospective basis. We do not anticipate the adoption of this guidance will have a material impact on our financial statements. | |
In February 2013, the Financial Accounting Standards Board (“FASB”) amended its presentation guidance on comprehensive income to improve the reporting of reclassifications out of accumulated other comprehensive income(“AOCI”). The new accounting guidance requires entities to provide information about the amounts reclassified out of AOCI by component. In addition, entities are required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, entities are required to cross-reference to other disclosures that provide additional details about those amounts. We adopted the new guidance and present the reclassifications in the notes to the financial statements. See Note 18 for additional information regarding amounts reclassified from AOCI. |
Prior_Period_Adjustments
Prior Period Adjustments | 12 Months Ended | |||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | |||||||||||||||||||||
Prior Period Adjustments | ' | |||||||||||||||||||||
Prior Period Adjustments | ||||||||||||||||||||||
During the second quarter of 2013, we determined that due to an error in the actuarial valuation of accrued benefits for approximately 800 participants primarily in The New York Times Companies Pension Plan, our pension benefit obligation was overstated by approximately $50.4 million as of December 31, 2012 and $50.9 million as of March 31, 2013. The New York Times Companies Pension Plan (which was frozen as of December 31, 2009) provides for certain offsetting credits for plan participants who are also entitled to benefits under another qualified pension plan to which we contribute, primarily from The New York Times Newspaper Guild Pension Plan or the Boston Globe Retirement Plan for employees represented by the Boston Newspaper Guild. We determined that those offsetting credits were not properly recorded in prior interim and annual periods, on our balance sheet from December 30, 2007 through March 31, 2013 and on our income statement from the fiscal year ended December 28, 2008 through the quarter ended March 31, 2013. | ||||||||||||||||||||||
In accordance with the provisions of SEC Staff Accounting Bulletin No. 108, we assessed the impact of these adjustments on prior period financial statements and concluded that these errors were not material individually or in the aggregate to any of the prior reporting periods from an income statement and balance sheet perspective. However, the correction of the error in the second quarter of 2013 would have been considered material and would impact comparisons to prior periods. | ||||||||||||||||||||||
Accordingly, we have adjusted our consolidated financial statements for the periods ended December 25, 2011 through March 31, 2013 to correct the errors and will make adjustments for future Form 10-Q filings that include financial statements for the periods affected. The adjustment primarily resulted in a reduction in pension expense, other comprehensive income and pension liability in each of the periods presented. | ||||||||||||||||||||||
The cumulative effect, net of tax, on the opening retained earnings and opening accumulated comprehensive income as of December 27, 2010 were $6.0 million and $14.5 million, respectively. There was no impact on cash flows for the periods indicated. The following tables show the adjusted financial statements for those periods indicated: | ||||||||||||||||||||||
(In thousands) | 31-Mar-13 | 2012 by quarter | ||||||||||||||||||||
As previously reported: | December 30, | September 23, | June 24, | March 25, | ||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 308,014 | $ | 820,490 | $ | 334,374 | $ | 290,292 | $ | 206,468 | ||||||||||||
Short-term marketable securities | 366,805 | 134,820 | 279,740 | 279,858 | 224,878 | |||||||||||||||||
Accounts receivable (net of allowances) | 159,344 | 197,589 | 160,998 | 170,904 | 180,406 | |||||||||||||||||
Inventories: | ||||||||||||||||||||||
Newsprint and magazine paper | 6,952 | 5,608 | 9,857 | 9,695 | 12,129 | |||||||||||||||||
Other inventory | 1,697 | 1,729 | 1,689 | 1,954 | 2,076 | |||||||||||||||||
Total inventories | 8,649 | 7,337 | 11,546 | 11,649 | 14,205 | |||||||||||||||||
Deferred income taxes | 58,214 | 58,214 | 73,055 | 73,055 | 73,055 | |||||||||||||||||
Other current assets | 49,824 | 42,068 | 45,491 | 42,886 | 59,404 | |||||||||||||||||
Assets held for sale | 127,529 | 137,050 | 356,030 | 361,358 | 550,836 | |||||||||||||||||
Total current assets | 1,078,379 | 1,397,568 | 1,261,234 | 1,230,002 | 1,309,252 | |||||||||||||||||
Other assets | ||||||||||||||||||||||
Long-term marketable securities | 190,841 | 4,444 | — | — | — | |||||||||||||||||
Investments in joint ventures | 38,409 | 40,872 | 41,401 | 41,809 | 43,420 | |||||||||||||||||
Property, plant and equipment (less accumulated depreciation and amortization) | 757,507 | 773,469 | 789,147 | 804,189 | 819,586 | |||||||||||||||||
Goodwill (less accumulated impairment losses) | 120,275 | 122,691 | 121,251 | 118,825 | 123,061 | |||||||||||||||||
Deferred income taxes | 322,222 | 322,767 | 365,666 | 369,439 | 316,446 | |||||||||||||||||
Miscellaneous assets | 165,202 | 166,214 | 168,470 | 173,880 | 227,088 | |||||||||||||||||
Total assets | $ | 2,672,835 | $ | 2,828,025 | $ | 2,747,169 | $ | 2,738,144 | $ | 2,838,853 | ||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Accounts payable | $ | 80,687 | $ | 88,990 | $ | 86,104 | $ | 80,754 | $ | 83,192 | ||||||||||||
Accrued payroll and other related liabilities | 52,288 | 86,772 | 87,753 | 72,641 | 66,826 | |||||||||||||||||
Unexpired subscriptions | 59,549 | 57,336 | 57,050 | 55,725 | 57,870 | |||||||||||||||||
Accrued expenses and other | 112,316 | 118,753 | 197,934 | 198,719 | 198,809 | |||||||||||||||||
Accrued income taxes | — | 38,932 | — | — | — | |||||||||||||||||
Liabilities held for sale | 33,302 | 32,373 | 34,611 | 36,479 | 41,407 | |||||||||||||||||
Total current liabilities | 338,142 | 423,156 | 463,452 | 444,318 | 448,104 | |||||||||||||||||
Other liabilities | ||||||||||||||||||||||
Long-term debt and capital lease obligations | 697,920 | 696,752 | 701,518 | 700,614 | 699,349 | |||||||||||||||||
Pension benefits obligation | 714,505 | 788,268 | 830,868 | 848,669 | 860,836 | |||||||||||||||||
Postretirement benefits obligation | 109,500 | 110,347 | 100,248 | 101,397 | 102,689 | |||||||||||||||||
Other | 166,434 | 173,690 | 175,949 | 176,305 | 171,944 | |||||||||||||||||
Total other liabilities | 1,688,359 | 1,769,057 | 1,808,583 | 1,826,985 | 1,834,818 | |||||||||||||||||
Stockholders’ equity | ||||||||||||||||||||||
Common stock of $.10 par value: | ||||||||||||||||||||||
Class A | 15,045 | 15,027 | 15,023 | 15,009 | 15,005 | |||||||||||||||||
Class B | 82 | 82 | 82 | 82 | 82 | |||||||||||||||||
Additional paid-in capital | 27,656 | 25,610 | 31,181 | 34,278 | 35,820 | |||||||||||||||||
Retained earnings | 1,222,936 | 1,219,798 | 1,042,888 | 1,040,606 | 1,128,755 | |||||||||||||||||
Common stock held in treasury, at cost | (93,506 | ) | (96,278 | ) | (102,690 | ) | (107,572 | ) | (110,827 | ) | ||||||||||||
Accumulated other comprehensive loss, net of income taxes: | ||||||||||||||||||||||
Foreign currency translation adjustments | 9,858 | 11,327 | 10,418 | 8,286 | 12,382 | |||||||||||||||||
Unrealized (loss)/gain on available-for-sale security | (1,242 | ) | (431 | ) | 732 | 2,102 | 4,109 | |||||||||||||||
Funded status of benefit plans | (537,557 | ) | (542,634 | ) | (525,548 | ) | (529,019 | ) | (532,491 | ) | ||||||||||||
Total accumulated other comprehensive loss, net of income taxes | (528,941 | ) | (531,738 | ) | (514,398 | ) | (518,631 | ) | (516,000 | ) | ||||||||||||
Total New York Times Company stockholders’ equity | 643,272 | 632,501 | 472,086 | 463,772 | 552,835 | |||||||||||||||||
Noncontrolling interest | 3,062 | 3,311 | 3,048 | 3,069 | 3,096 | |||||||||||||||||
Total stockholders’ equity | 646,334 | 635,812 | 475,134 | 466,841 | 555,931 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,672,835 | $ | 2,828,025 | $ | 2,747,169 | $ | 2,738,144 | $ | 2,838,853 | ||||||||||||
(In thousands) | 31-Mar-13 | 2012 by quarter | ||||||||||||||||||||
Adjustments: | December 30, | September 23, | June 24, | March 25, | ||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Short-term marketable securities | — | — | — | — | — | |||||||||||||||||
Accounts receivable (net of allowances) | — | — | — | — | — | |||||||||||||||||
Inventories: | ||||||||||||||||||||||
Newsprint and magazine paper | — | — | — | — | — | |||||||||||||||||
Other inventory | — | — | — | — | — | |||||||||||||||||
Total inventories | — | — | — | — | — | |||||||||||||||||
Deferred income taxes | — | — | — | — | — | |||||||||||||||||
Other current assets | — | — | — | — | — | |||||||||||||||||
Assets held for sale | — | — | — | — | — | |||||||||||||||||
Total current assets | — | — | — | — | — | |||||||||||||||||
Other assets | ||||||||||||||||||||||
Long-term marketable securities | — | — | — | — | — | |||||||||||||||||
Investments in joint ventures | — | — | — | — | — | |||||||||||||||||
Property, plant and equipment (less accumulated depreciation and amortization) | — | — | — | — | — | |||||||||||||||||
Goodwill (less accumulated impairment losses) | — | — | — | — | — | |||||||||||||||||
Deferred income taxes | (20,438 | ) | (20,555 | ) | (19,862 | ) | (19,493 | ) | (19,185 | ) | ||||||||||||
Miscellaneous assets | — | — | — | — | — | |||||||||||||||||
Total assets | $ | (20,438 | ) | $ | (20,555 | ) | $ | (19,862 | ) | $ | (19,493 | ) | $ | (19,185 | ) | |||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Accounts payable | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Accrued payroll and other related liabilities | — | — | — | — | — | |||||||||||||||||
Unexpired subscriptions | — | — | — | — | — | |||||||||||||||||
Accrued expenses and other | — | — | — | — | — | |||||||||||||||||
Accrued income taxes | 360 | — | — | — | — | |||||||||||||||||
Liabilities held for sale | — | — | — | — | — | |||||||||||||||||
Total current liabilities | 360 | — | — | — | — | |||||||||||||||||
Other liabilities | ||||||||||||||||||||||
Long-term debt and capital lease obligations | — | — | — | — | — | |||||||||||||||||
Pension benefits obligation | (50,888 | ) | (50,379 | ) | (48,515 | ) | (47,723 | ) | (46,931 | ) | ||||||||||||
Postretirement benefits obligation | — | — | — | — | — | |||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||
Total other liabilities | (50,888 | ) | (50,379 | ) | (48,515 | ) | (47,723 | ) | (46,931 | ) | ||||||||||||
Stockholders’ equity | ||||||||||||||||||||||
Common stock of $.10 par value: | ||||||||||||||||||||||
Class A | — | — | — | — | — | |||||||||||||||||
Class B | — | — | — | — | — | |||||||||||||||||
Additional paid-in capital | — | — | — | — | — | |||||||||||||||||
Retained earnings | 11,087 | 10,652 | 9,439 | 8,974 | 8,448 | |||||||||||||||||
Common stock held in treasury, at cost | — | — | — | — | — | |||||||||||||||||
Accumulated other comprehensive gain, net of income taxes: | ||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | |||||||||||||||||
Unrealized (loss)/gain on available-for-sale security | — | — | — | — | — | |||||||||||||||||
Funded status of benefit plans | 19,003 | 19,172 | 19,214 | 19,256 | 19,298 | |||||||||||||||||
Total accumulated other comprehensive gain, net of income taxes | 19,003 | 19,172 | 19,214 | 19,256 | 19,298 | |||||||||||||||||
Total New York Times Company stockholders’ equity | 30,090 | 29,824 | 28,653 | 28,230 | 27,746 | |||||||||||||||||
Noncontrolling interest | — | — | — | — | — | |||||||||||||||||
Total stockholders’ equity | 30,090 | 29,824 | 28,653 | 28,230 | 27,746 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | (20,438 | ) | $ | (20,555 | ) | $ | (19,862 | ) | $ | (19,493 | ) | $ | (19,185 | ) | |||||||
(In thousands) | 31-Mar-13 | 2012 by quarter | ||||||||||||||||||||
As adjusted: | December 30, | September 23, | June 24, | March 25, | ||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 308,014 | $ | 820,490 | $ | 334,374 | $ | 290,292 | $ | 206,468 | ||||||||||||
Short-term marketable securities | 366,805 | 134,820 | 279,740 | 279,858 | 224,878 | |||||||||||||||||
Accounts receivable (net of allowances) | 159,344 | 197,589 | 160,998 | 170,904 | 180,406 | |||||||||||||||||
Inventories: | ||||||||||||||||||||||
Newsprint and magazine paper | 6,952 | 5,608 | 9,857 | 9,695 | 12,129 | |||||||||||||||||
Other inventory | 1,697 | 1,729 | 1,689 | 1,954 | 2,076 | |||||||||||||||||
Total inventories | 8,649 | 7,337 | 11,546 | 11,649 | 14,205 | |||||||||||||||||
Deferred income taxes | 58,214 | 58,214 | 73,055 | 73,055 | 73,055 | |||||||||||||||||
Other current assets | 49,824 | 42,068 | 45,491 | 42,886 | 59,404 | |||||||||||||||||
Assets held for sale | 127,529 | 137,050 | 356,030 | 361,358 | 550,836 | |||||||||||||||||
Total current assets | 1,078,379 | 1,397,568 | 1,261,234 | 1,230,002 | 1,309,252 | |||||||||||||||||
Other assets | ||||||||||||||||||||||
Long-term marketable securities | 190,841 | 4,444 | — | — | — | |||||||||||||||||
Investments in joint ventures | 38,409 | 40,872 | 41,401 | 41,809 | 43,420 | |||||||||||||||||
Property, plant and equipment (less accumulated depreciation and amortization) | 757,507 | 773,469 | 789,147 | 804,189 | 819,586 | |||||||||||||||||
Goodwill (less accumulated impairment losses) | 120,275 | 122,691 | 121,251 | 118,825 | 123,061 | |||||||||||||||||
Deferred income taxes | 301,784 | 302,212 | 345,804 | 349,946 | 297,261 | |||||||||||||||||
Miscellaneous assets | 165,202 | 166,214 | 168,470 | 173,880 | 227,088 | |||||||||||||||||
Total assets | $ | 2,652,397 | $ | 2,807,470 | $ | 2,727,307 | $ | 2,718,651 | $ | 2,819,668 | ||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Accounts payable | $ | 80,687 | $ | 88,990 | $ | 86,104 | $ | 80,754 | $ | 83,192 | ||||||||||||
Accrued payroll and other related liabilities | 52,288 | 86,772 | 87,753 | 72,641 | 66,826 | |||||||||||||||||
Unexpired subscriptions | 59,549 | 57,336 | 57,050 | 55,725 | 57,870 | |||||||||||||||||
Accrued expenses and other | 112,316 | 118,753 | 197,934 | 198,719 | 198,809 | |||||||||||||||||
Accrued income taxes | 360 | 38,932 | — | — | — | |||||||||||||||||
Liabilities held for sale | 33,302 | 32,373 | 34,611 | 36,479 | 41,407 | |||||||||||||||||
Total current liabilities | 338,502 | 423,156 | 463,452 | 444,318 | 448,104 | |||||||||||||||||
Other liabilities | ||||||||||||||||||||||
Long-term debt and capital lease obligations | 697,920 | 696,752 | 701,518 | 700,614 | 699,349 | |||||||||||||||||
Pension benefits obligation | 663,617 | 737,889 | 782,353 | 800,946 | 813,905 | |||||||||||||||||
Postretirement benefits obligation | 109,500 | 110,347 | 100,248 | 101,397 | 102,689 | |||||||||||||||||
Other | 166,434 | 173,690 | 175,949 | 176,305 | 171,944 | |||||||||||||||||
Total other liabilities | 1,637,471 | 1,718,678 | 1,760,068 | 1,779,262 | 1,787,887 | |||||||||||||||||
Stockholders’ equity | ||||||||||||||||||||||
Common stock of $.10 par value: | ||||||||||||||||||||||
Class A | 15,045 | 15,027 | 15,023 | 15,009 | 15,005 | |||||||||||||||||
Class B | 82 | 82 | 82 | 82 | 82 | |||||||||||||||||
Additional paid-in capital | 27,656 | 25,610 | 31,181 | 34,278 | 35,820 | |||||||||||||||||
Retained earnings | 1,234,023 | 1,230,450 | 1,052,327 | 1,049,580 | 1,137,203 | |||||||||||||||||
Common stock held in treasury, at cost | (93,506 | ) | (96,278 | ) | (102,690 | ) | (107,572 | ) | (110,827 | ) | ||||||||||||
Accumulated other comprehensive loss, net of income taxes: | ||||||||||||||||||||||
Foreign currency translation adjustments | 9,858 | 11,327 | 10,418 | 8,286 | 12,382 | |||||||||||||||||
Unrealized (loss)/gain on available-for-sale security | (1,242 | ) | (431 | ) | 732 | 2,102 | 4,109 | |||||||||||||||
Funded status of benefit plans | (518,554 | ) | (523,462 | ) | (506,334 | ) | (509,763 | ) | (513,193 | ) | ||||||||||||
Total accumulated other comprehensive loss, net of income taxes | (509,938 | ) | (512,566 | ) | (495,184 | ) | (499,375 | ) | (496,702 | ) | ||||||||||||
Total New York Times Company stockholders’ equity | 673,362 | 662,325 | 500,739 | 492,002 | 580,581 | |||||||||||||||||
Noncontrolling interest | 3,062 | 3,311 | 3,048 | 3,069 | 3,096 | |||||||||||||||||
Total stockholders’ equity | 676,424 | 665,636 | 503,787 | 495,071 | 583,677 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,652,397 | $ | 2,807,470 | $ | 2,727,307 | $ | 2,718,651 | $ | 2,819,668 | ||||||||||||
(In thousands, except per share data) | 31-Mar-13 | Full Year 2012 | 2012 by quarter | Full Year 2011 | ||||||||||||||||||
As previously reported: | December 30, | September 23, | June 24, | March 25, | ||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||||||||
Revenues | $ | 380,675 | $ | 1,595,341 | $ | 468,114 | $ | 355,337 | $ | 387,841 | $ | 384,049 | $ | 1,554,574 | ||||||||
Operating costs | ||||||||||||||||||||||
Production costs | 157,341 | 653,883 | 178,116 | 158,003 | 158,802 | 158,962 | 642,374 | |||||||||||||||
Selling, general and administrative costs | 177,060 | 712,001 | 186,686 | 169,689 | 173,057 | 182,569 | 688,344 | |||||||||||||||
Depreciation and amortization | 18,938 | 78,980 | 18,492 | 19,594 | 20,212 | 20,682 | 83,833 | |||||||||||||||
Total operating costs | 353,339 | 1,444,864 | 383,294 | 347,286 | 352,071 | 362,213 | 1,414,551 | |||||||||||||||
Pension settlement expense | — | 48,729 | 48,729 | — | — | — | — | |||||||||||||||
Other expense | — | 2,620 | 2,620 | — | — | — | 4,500 | |||||||||||||||
Impairment of assets | — | — | — | — | — | — | 7,458 | |||||||||||||||
Pension withdrawal expense | — | — | — | — | — | — | 4,228 | |||||||||||||||
Operating profit | 27,336 | 99,128 | 33,471 | 8,051 | 35,770 | 21,836 | 123,837 | |||||||||||||||
Gain on sale of investment | — | 220,275 | 164,630 | — | 37,797 | 17,848 | 71,171 | |||||||||||||||
Impairment of investments | — | 5,500 | — | 600 | — | 4,900 | — | |||||||||||||||
(Loss)/income from joint ventures | (2,870 | ) | 2,936 | 847 | 1,010 | 1,064 | 15 | (270 | ) | |||||||||||||
Premium on debt redemption | — | — | — | — | — | — | 46,381 | |||||||||||||||
Interest expense, net | 14,071 | 62,808 | 16,402 | 15,490 | 15,464 | 15,452 | 85,243 | |||||||||||||||
Income/(loss) from continuing operations before income taxes | 10,395 | 254,031 | 182,546 | (7,029 | ) | 59,167 | 19,347 | 63,114 | ||||||||||||||
Income tax expense/(benefit) | 4,721 | 92,765 | 65,449 | (3,587 | ) | 25,443 | 5,460 | 20,539 | ||||||||||||||
Income/(loss) from continuing operations | 5,674 | 161,266 | 117,097 | (3,442 | ) | 33,724 | 13,887 | 42,575 | ||||||||||||||
(Loss)/income from discontinued operations, net of income taxes | (2,785 | ) | (27,927 | ) | 60,080 | 5,703 | (121,900 | ) | 28,190 | (82,799 | ) | |||||||||||
Net income/(loss) | 2,889 | 133,339 | 177,177 | 2,261 | (88,176 | ) | 42,077 | (40,224 | ) | |||||||||||||
Net loss/(income) attributable to the noncontrolling interest | 249 | (166 | ) | (267 | ) | 21 | 27 | 53 | 555 | |||||||||||||
Net income/(loss) attributable to The New York Times Company common stockholders | $ | 3,138 | $ | 133,173 | $ | 176,910 | $ | 2,282 | $ | (88,149 | ) | $ | 42,130 | $ | (39,669 | ) | ||||||
Amounts attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ | 5,923 | $ | 161,100 | $ | 116,830 | $ | (3,421 | ) | $ | 33,751 | $ | 13,940 | $ | 43,130 | |||||||
(Loss)/income from discontinued operations, net of income taxes | (2,785 | ) | (27,927 | ) | 60,080 | 5,703 | (121,900 | ) | 28,190 | (82,799 | ) | |||||||||||
Net income/(loss) | $ | 3,138 | $ | 133,173 | $ | 176,910 | $ | 2,282 | $ | (88,149 | ) | $ | 42,130 | $ | (39,669 | ) | ||||||
Average number of common shares outstanding: | ||||||||||||||||||||||
Basic | 148,710 | 148,147 | 148,461 | 148,254 | 148,005 | 147,867 | 147,190 | |||||||||||||||
Diluted | 155,270 | 152,693 | 154,685 | 148,254 | 149,799 | 151,468 | 152,007 | |||||||||||||||
Basic earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ | 0.04 | $ | 1.09 | $ | 0.79 | $ | (0.02 | ) | $ | 0.22 | $ | 0.09 | $ | 0.29 | |||||||
(Loss)/income from discontinued operations, net of income taxes | (0.02 | ) | (0.19 | ) | 0.4 | 0.04 | (0.82 | ) | 0.19 | (0.56 | ) | |||||||||||
Net income/(loss) | $ | 0.02 | $ | 0.9 | $ | 1.19 | $ | 0.02 | $ | (0.60 | ) | $ | 0.28 | $ | (0.27 | ) | ||||||
Diluted earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ | 0.04 | $ | 1.05 | $ | 0.76 | $ | (0.02 | ) | $ | 0.23 | $ | 0.09 | $ | 0.28 | |||||||
(Loss)/income from discontinued operations, net of income taxes | (0.02 | ) | (0.18 | ) | 0.39 | 0.04 | (0.81 | ) | 0.19 | (0.54 | ) | |||||||||||
Net income/(loss) | $ | 0.02 | $ | 0.87 | $ | 1.15 | $ | 0.02 | $ | (0.58 | ) | $ | 0.28 | $ | (0.26 | ) | ||||||
(In thousands, except per share data) | 31-Mar-13 | Full Year 2012 | 2012 by quarter | Full Year 2011 | ||||||||||||||||||
Adjustments: | December 30, | September 23, | June 24, | March 25, | ||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Operating costs | ||||||||||||||||||||||
Production costs | (607 | ) | (2,565 | ) | (676 | ) | (633 | ) | (628 | ) | (628 | ) | (2,113 | ) | ||||||||
Selling, general and administrative costs | (188 | ) | (889 | ) | (185 | ) | (230 | ) | (237 | ) | (237 | ) | (786 | ) | ||||||||
Depreciation and amortization | — | — | — | — | — | — | — | |||||||||||||||
Total operating costs | (795 | ) | (3,454 | ) | (861 | ) | (863 | ) | (865 | ) | (865 | ) | (2,899 | ) | ||||||||
Pension settlement expense | — | (1,072 | ) | (1,072 | ) | — | — | — | — | |||||||||||||
Other expense | — | — | — | — | — | — | — | |||||||||||||||
Impairment of assets | — | — | — | — | — | — | — | |||||||||||||||
Pension withdrawal expense | — | — | — | — | — | — | — | |||||||||||||||
Operating profit | 795 | 4,526 | 1,933 | 863 | 865 | 865 | 2,899 | |||||||||||||||
Gain on sale of investment | — | — | — | — | — | — | — | |||||||||||||||
Impairment of investments | — | — | — | — | — | — | — | |||||||||||||||
(Loss)/income from joint ventures | — | — | — | — | — | — | — | |||||||||||||||
Premium on debt redemption | — | — | — | — | — | — | ||||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | |||||||||||||||
Income from continuing operations before income taxes | 795 | 4,526 | 1,933 | 863 | 865 | 865 | 2,899 | |||||||||||||||
Income tax expense | 361 | 1,852 | 722 | 400 | 338 | 392 | 878 | |||||||||||||||
Income from continuing operations | 434 | 2,674 | 1,211 | 463 | 527 | 473 | 2,021 | |||||||||||||||
(Loss)/income from discontinued operations, net of income taxes | — | — | — | — | — | — | — | |||||||||||||||
Net income | 434 | 2,674 | 1,211 | 463 | 527 | 473 | 2,021 | |||||||||||||||
Net loss/(income) attributable to the noncontrolling interest | — | — | — | — | — | — | — | |||||||||||||||
Net income attributable to The New York Times Company common stockholders | $ | 434 | $ | 2,674 | $ | 1,211 | $ | 463 | $ | 527 | $ | 473 | $ | 2,021 | ||||||||
Amounts attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income from continuing operations | $ | 434 | $ | 2,674 | $ | 1,211 | $ | 463 | $ | 527 | $ | 473 | $ | 2,021 | ||||||||
(Loss)/income from discontinued operations, net of income taxes | — | — | — | — | — | — | — | |||||||||||||||
Net income | $ | 434 | $ | 2,674 | $ | 1,211 | $ | 463 | $ | 527 | $ | 473 | $ | 2,021 | ||||||||
Average number of common shares outstanding: | ||||||||||||||||||||||
Basic | 148,710 | 148,147 | 148,461 | 148,254 | 148,005 | 147,867 | 147,190 | |||||||||||||||
Diluted | 155,270 | 152,693 | 154,685 | 148,254 | 149,799 | 151,468 | 152,007 | |||||||||||||||
Basic earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income from continuing operations | $ | — | $ | 0.02 | $ | 0.01 | $ | — | $ | 0.01 | $ | — | $ | 0.01 | ||||||||
(Loss)/income from discontinued operations, net of income taxes | — | — | — | — | — | — | — | |||||||||||||||
Net income | $ | — | $ | 0.02 | $ | 0.01 | $ | — | $ | 0.01 | $ | — | $ | 0.01 | ||||||||
Diluted earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income from continuing operations | $ | — | $ | 0.02 | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||
(Loss)/income from discontinued operations, net of income taxes | — | — | — | — | — | — | — | |||||||||||||||
Net income | $ | — | $ | 0.02 | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||
(In thousands, except per share data) | 31-Mar-13 | Full Year 2012 | 2012 by quarter | Full Year 2011 | ||||||||||||||||||
As adjusted: | December 30, | September 23, | June 24, | March 25, | ||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||||||||
Revenues | $ | 380,675 | $ | 1,595,341 | $ | 468,114 | $ | 355,337 | $ | 387,841 | $ | 384,049 | $ | 1,554,574 | ||||||||
Operating costs | ||||||||||||||||||||||
Production costs | 156,734 | 651,318 | 177,440 | 157,370 | 158,174 | 158,334 | 640,261 | |||||||||||||||
Selling, general and administrative costs | 176,872 | 711,112 | 186,501 | 169,459 | 172,820 | 182,332 | 687,558 | |||||||||||||||
Depreciation and amortization | 18,938 | 78,980 | 18,492 | 19,594 | 20,212 | 20,682 | 83,833 | |||||||||||||||
Total operating costs | 352,544 | 1,441,410 | 382,433 | 346,423 | 351,206 | 361,348 | 1,411,652 | |||||||||||||||
Pension settlement expense | — | 47,657 | 47,657 | — | — | — | — | |||||||||||||||
Other expense | — | 2,620 | 2,620 | — | — | — | 4,500 | |||||||||||||||
Impairment of assets | — | — | — | — | — | — | 7,458 | |||||||||||||||
Pension withdrawal expense | — | — | — | — | — | — | 4,228 | |||||||||||||||
Operating profit | 28,131 | 103,654 | 35,404 | 8,914 | 36,635 | 22,701 | 126,736 | |||||||||||||||
Gain on sale of investment | — | 220,275 | 164,630 | — | 37,797 | 17,848 | 71,171 | |||||||||||||||
Impairment of investments | — | 5,500 | — | 600 | — | 4,900 | — | |||||||||||||||
(Loss)/income from joint ventures | (2,870 | ) | 2,936 | 847 | 1,010 | 1,064 | 15 | (270 | ) | |||||||||||||
Premium on debt redemption | — | — | — | — | — | — | 46,381 | |||||||||||||||
Interest expense, net | 14,071 | 62,808 | 16,402 | 15,490 | 15,464 | 15,452 | 85,243 | |||||||||||||||
Income/(loss) from continuing operations before income taxes | 11,190 | 258,557 | 184,479 | (6,166 | ) | 60,032 | 20,212 | 66,013 | ||||||||||||||
Income tax expense/(benefit) | 5,082 | 94,617 | 66,171 | (3,187 | ) | 25,781 | 5,852 | 21,417 | ||||||||||||||
Income/(loss) from continuing operations | 6,108 | 163,940 | 118,308 | (2,979 | ) | 34,251 | 14,360 | 44,596 | ||||||||||||||
(Loss)/income from discontinued operations, net of income taxes | (2,785 | ) | (27,927 | ) | 60,080 | 5,703 | (121,900 | ) | 28,190 | (82,799 | ) | |||||||||||
Net income/(loss) | 3,323 | 136,013 | 178,388 | 2,724 | (87,649 | ) | 42,550 | (38,203 | ) | |||||||||||||
Net loss/(income) attributable to the noncontrolling interest | 249 | (166 | ) | (267 | ) | 21 | 27 | 53 | 555 | |||||||||||||
Net income/(loss) attributable to The New York Times Company common stockholders | $ | 3,572 | $ | 135,847 | $ | 178,121 | $ | 2,745 | $ | (87,622 | ) | $ | 42,603 | $ | (37,648 | ) | ||||||
Amounts attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ | 6,357 | $ | 163,774 | $ | 118,041 | $ | (2,958 | ) | $ | 34,278 | $ | 14,413 | $ | 45,151 | |||||||
(Loss)/income from discontinued operations, net of income taxes | (2,785 | ) | (27,927 | ) | 60,080 | 5,703 | (121,900 | ) | 28,190 | (82,799 | ) | |||||||||||
Net income/(loss) | $ | 3,572 | $ | 135,847 | $ | 178,121 | $ | 2,745 | $ | (87,622 | ) | $ | 42,603 | $ | (37,648 | ) | ||||||
Average number of common shares outstanding: | ||||||||||||||||||||||
Basic | 148,710 | 148,147 | 148,461 | 148,254 | 148,005 | 147,867 | 147,190 | |||||||||||||||
Diluted | 155,270 | 152,693 | 154,685 | 148,254 | 149,799 | 151,468 | 152,007 | |||||||||||||||
Basic earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ | 0.04 | $ | 1.11 | $ | 0.8 | $ | (0.02 | ) | $ | 0.23 | $ | 0.1 | $ | 0.31 | |||||||
(Loss)/income from discontinued operations, net of income taxes | (0.02 | ) | (0.19 | ) | 0.4 | 0.04 | (0.82 | ) | 0.19 | (0.57 | ) | |||||||||||
Net income/(loss) | $ | 0.02 | $ | 0.92 | $ | 1.2 | $ | 0.02 | $ | (0.59 | ) | $ | 0.29 | $ | (0.26 | ) | ||||||
Diluted earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ | 0.04 | $ | 1.07 | $ | 0.76 | $ | (0.02 | ) | $ | 0.23 | $ | 0.1 | $ | 0.3 | |||||||
(Loss)/income from discontinued operations, net of income taxes | (0.02 | ) | (0.18 | ) | 0.39 | 0.04 | (0.81 | ) | 0.18 | (0.55 | ) | |||||||||||
Net income/(loss) | $ | 0.02 | $ | 0.89 | $ | 1.15 | $ | 0.02 | $ | (0.58 | ) | $ | 0.28 | $ | (0.25 | ) | ||||||
(In thousands) | 2012 by quarter | |||||||||||||||||||||
As previously reported: | 31-Mar-13 | Full Year 2012 | December 30, | September 23, | June 24, | March 25, | Full Year 2011 | |||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income/(Loss) | ||||||||||||||||||||||
Net income/(loss) | $ | 2,889 | $ | 133,339 | $ | 177,177 | $ | 2,261 | $ | (88,176 | ) | $ | 42,077 | $ | (40,224 | ) | ||||||
Other comprehensive income/(loss), before tax: | ||||||||||||||||||||||
Foreign currency translation adjustments | (2,477 | ) | 536 | 1,684 | 3,251 | (6,712 | ) | 2,313 | (523 | ) | ||||||||||||
Unrealized derivative gain on cash-flow hedge of equity method investment | — | 1,143 | — | — | — | 1,143 | 839 | |||||||||||||||
Unrealized (loss)/gain on available-for-sale security | (1,374 | ) | (729 | ) | (1,980 | ) | (2,338 | ) | (3,425 | ) | 7,014 | — | ||||||||||
Pension and postretirement benefits obligation | 8,546 | (26,938 | ) | (28,507 | ) | 5,888 | 5,888 | (10,207 | ) | (219,590 | ) | |||||||||||
Other comprehensive income/(loss), before tax | 4,695 | (25,988 | ) | (28,803 | ) | 6,801 | (4,249 | ) | 263 | (219,274 | ) | |||||||||||
Income tax expense/(benefit) | 1,897 | (10,643 | ) | (11,458 | ) | 2,568 | (1,618 | ) | (135 | ) | (89,502 | ) | ||||||||||
Other comprehensive income/(loss), net of tax | 2,798 | (15,345 | ) | (17,345 | ) | 4,233 | (2,631 | ) | 398 | (129,772 | ) | |||||||||||
Comprehensive income/(loss) | 5,687 | 117,994 | 159,832 | 6,494 | (90,807 | ) | 42,475 | (169,996 | ) | |||||||||||||
Comprehensive loss/(income) attributable to the noncontrolling interest | 249 | (162 | ) | (263 | ) | 21 | 27 | 53 | 1,000 | |||||||||||||
Comprehensive income/(loss) attributable to The New York Times Company common stockholders | $ | 5,936 | $ | 117,832 | $ | 159,569 | $ | 6,515 | $ | (90,780 | ) | $ | 42,528 | $ | (168,996 | ) | ||||||
(In thousands) | 2012 by quarter | |||||||||||||||||||||
Adjustments: | 31-Mar-13 | Full Year 2012 | December 30, | September 23, | June 24, | March 25, | Full Year 2011 | |||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income/(Loss) | ||||||||||||||||||||||
Net income | $ | 434 | $ | 2,674 | $ | 1,211 | $ | 463 | $ | 527 | $ | 473 | $ | 2,021 | ||||||||
Other comprehensive income, before tax: | ||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | — | |||||||||||||||
Unrealized derivative gain on cash-flow hedge of equity method investment | — | — | — | — | — | — | — | |||||||||||||||
Unrealized (loss)/gain on available-for-sale security | — | — | — | — | — | — | — | |||||||||||||||
Pension and postretirement benefits obligation | (287 | ) | (284 | ) | (71 | ) | (71 | ) | (71 | ) | (71 | ) | 8,301 | |||||||||
Other comprehensive (loss)/income, before tax | (287 | ) | (284 | ) | (71 | ) | (71 | ) | (71 | ) | (71 | ) | 8,301 | |||||||||
Income tax expense/(benefit) | (117 | ) | (117 | ) | (34 | ) | (29 | ) | (29 | ) | (25 | ) | 3,437 | |||||||||
Other comprehensive (loss)/income, net of tax | (170 | ) | (167 | ) | (37 | ) | (42 | ) | (42 | ) | (46 | ) | 4,864 | |||||||||
Comprehensive income | 264 | 2,507 | 1,174 | 421 | 485 | 427 | 6,885 | |||||||||||||||
Comprehensive loss/(income) attributable to the noncontrolling interest | — | — | — | — | — | — | — | |||||||||||||||
Comprehensive income attributable to The New York Times Company common stockholders | $ | 264 | $ | 2,507 | $ | 1,174 | $ | 421 | $ | 485 | $ | 427 | $ | 6,885 | ||||||||
(In thousands) | 2012 by quarter | |||||||||||||||||||||
As adjusted: | 31-Mar-13 | Full Year 2012 | December 30, | September 23, | June 24, | March 25, | Full Year 2011 | |||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income/(Loss) | ||||||||||||||||||||||
Net income/(loss) | $ | 3,323 | $ | 136,013 | $ | 178,388 | $ | 2,724 | $ | (87,649 | ) | $ | 42,550 | $ | (38,203 | ) | ||||||
Other comprehensive income/(loss), before tax: | ||||||||||||||||||||||
Foreign currency translation adjustments | (2,477 | ) | 536 | 1,684 | 3,251 | (6,712 | ) | 2,313 | (523 | ) | ||||||||||||
Unrealized derivative gain on cash-flow hedge of equity method investment | — | 1,143 | — | — | — | 1,143 | 839 | |||||||||||||||
Unrealized (loss)/gain on available-for-sale security | (1,374 | ) | (729 | ) | (1,980 | ) | (2,338 | ) | (3,425 | ) | 7,014 | — | ||||||||||
Pension and postretirement benefits obligation | 8,259 | (27,222 | ) | (28,578 | ) | 5,817 | 5,817 | (10,278 | ) | (211,289 | ) | |||||||||||
Other comprehensive income/(loss), before tax | 4,408 | (26,272 | ) | (28,874 | ) | 6,730 | (4,320 | ) | 192 | (210,973 | ) | |||||||||||
Income tax expense/(benefit) | 1,780 | (10,760 | ) | (11,492 | ) | 2,539 | (1,647 | ) | (160 | ) | (86,065 | ) | ||||||||||
Other comprehensive income/(loss), net of tax | 2,628 | (15,512 | ) | (17,382 | ) | 4,191 | (2,673 | ) | 352 | (124,908 | ) | |||||||||||
Comprehensive income/(loss) | 5,951 | 120,501 | 161,006 | 6,915 | (90,322 | ) | 42,902 | (163,111 | ) | |||||||||||||
Comprehensive loss/(income) attributable to the noncontrolling interest | 249 | (162 | ) | (263 | ) | 21 | 27 | 53 | 1,000 | |||||||||||||
Comprehensive income/(loss) attributable to The New York Times Company common stockholders | $ | 6,200 | $ | 120,339 | $ | 160,743 | $ | 6,936 | $ | (90,295 | ) | $ | 42,955 | $ | (162,111 | ) | ||||||
Marketable_Securities
Marketable Securities | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Marketable Securities [Abstract] | ' | ||||||||
Marketable Securities | ' | ||||||||
Marketable Securities | |||||||||
Our marketable debt and equity securities consisted of the following: | |||||||||
(In thousands) | December 29, | December 30, | |||||||
2013 | 2012 | ||||||||
Short-term marketable securities | |||||||||
Marketable debt securities | |||||||||
U.S Treasury securities | $ | 143,510 | $ | 124,831 | |||||
Corporate debt securities | 78,991 | — | |||||||
U.S. agency securities | 31,518 | — | |||||||
Municipal securities | 48,035 | — | |||||||
Certificates of deposit | 31,949 | — | |||||||
Commercial paper | 30,877 | 9,989 | |||||||
Total short-term marketable securities | $ | 364,880 | $ | 134,820 | |||||
Long-term marketable securities | |||||||||
Marketable debt securities | |||||||||
Corporate debt securities | $ | 98,979 | $ | — | |||||
U.S. agency securities | 73,697 | — | |||||||
Municipal securities | 3,479 | — | |||||||
Total | 176,155 | — | |||||||
Marketable equity security | |||||||||
Available-for-sale security | — | 4,444 | |||||||
Total long-term marketable securities | $ | 176,155 | $ | 4,444 | |||||
Marketable debt securities | |||||||||
As of December 29, 2013, our marketable securities had remaining maturities of 1 month to 36 months. | |||||||||
Marketable equity security | |||||||||
Our investment in the common stock of Brightcove, Inc. was accounted for as available-for-sale and stated at fair value. Changes in the fair value of our available-for-sale security were recognized as unrealized gains or losses within “Long-term marketable securities” and “Accumulated other comprehensive loss, net of income taxes” in our Condensed Consolidated Balance Sheets and “Unrealized gain/(loss) on available-for-sale security” in our Condensed Consolidated Statements of Comprehensive Income/(Loss). | |||||||||
During the fourth quarter of 2013, we sold our remaining investment in the common stock of Brightcove, Inc. We received cash proceeds of $5.5 million and recognized a gain of $1.1 million, ($0.7 million, net of tax). Upon sale, net realized gains were transferred from accumulated other comprehensive income into the Condensed Consolidated Statement of Income. | |||||||||
See Note 10 for additional information regarding the fair value of our marketable securities. |
Impairment_of_Assets
Impairment of Assets | 12 Months Ended |
Dec. 29, 2013 | |
Goodwill and Intangible Asset Impairment [Abstract] | ' |
Asset Impairment Charges | ' |
Impairment of Assets | |
2011 | |
In the second quarter of 2011, we classified certain assets as held for sale, primarily of Baseline, Inc. (“Baseline”), an online subscription database and research service for information on the film and television industries and a provider of premium film and television data to websites. The carrying value of these assets was greater than their fair value, less cost to sell, resulting in an impairment of certain intangible assets and property totaling $7.5 million. The impairment charge reduced the carrying value of intangible assets to $0 and the property to a nominal value. The fair value for these assets was determined by estimating the most likely sale price with a third-party buyer based on market data. In October 2011, we sold Baseline, which resulted in a nominal gain. |
Goodwill
Goodwill | 12 Months Ended | ||||
Dec. 29, 2013 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Goodwill | ' | ||||
Goodwill | |||||
The changes in the carrying amount of goodwill in 2013 and 2012 were as follows: | |||||
(In thousands) | Total Company | ||||
Balance as of December 25, 2011 | |||||
Goodwill | $ | 927,909 | |||
Accumulated impairment losses | (805,218 | ) | |||
Balance as of December 30, 2012 | 122,691 | ||||
Goodwill transferred to held for sale (1) | — | ||||
Foreign currency translation | 3,180 | ||||
Balance as of December 29, 2013 | 125,871 | ||||
-1 | See Note 15 for additional information regarding the assets and liabilities held for sale for the New England Media Group. | ||||
The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of the International Herald Tribune. |
Investments
Investments | 12 Months Ended | ||||
Dec. 29, 2013 | |||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||
Investments | ' | ||||
Investments | |||||
Equity Method Investments | |||||
As of December 29, 2013, our investments in joint ventures consisted of equity ownership interests in the following entities: | |||||
Company | Approximate % | ||||
Ownership | |||||
Donohue Malbaie Inc. (“Malbaie”) | 49 | % | |||
Madison Paper Industries (“Madison”) | 40 | % | |||
Our investments above are accounted for under the equity method, and are recorded in “Investments in joint ventures” in our Consolidated Balance Sheets. Our proportionate shares of the operating results of our investments are recorded in “Income from joint ventures” in our Consolidated Statements of Operations and in “Investments in joint ventures” in our Consolidated Balance Sheets. | |||||
In the first quarter of 2013, we recorded a nominal charge for the impairment of our investment in quandrantONE LLC as a result of its February 2013 announcement of the wind down of its operations. | |||||
In the fourth quarter of 2013, we completed the sale of the New England Media Group and our 49% equity interest in Metro Boston, and classified the results as discontinued operations for all periods presented. See Note 15 for additional information. | |||||
Malbaie & Madison | |||||
We also have investments in a Canadian newsprint company, Malbaie, and a partnership operating a supercalendered paper mill in Maine, Madison (together, the “Paper Mills”). | |||||
Our Company and UPM-Kymmene Corporation, a Finnish paper manufacturing company, are partners through subsidiary companies in Madison. Our Company’s percentage ownership of Madison, which represents 40%, is through an 80%-owned consolidated subsidiary. UPM-Kymmene owns a 10% interest in Madison through a 20% noncontrolling interest in the consolidated subsidiary of our Company. | |||||
We received distributions from Malbaie of $1.4 million in 2013, $7.3 million in 2012 and $0 million in 2011. | |||||
We received distributions from Madison of $0 million in 2013, $2.0 million in 2012 and $0 million in 2011. | |||||
We purchased newsprint and supercalendered paper from the Paper Mills at competitive prices. Such purchases aggregated approximately $21 million in 2013, $26 million in 2012 and $34 million in 2011. | |||||
Cost Method Investments | |||||
Gain on Sale of Investments | |||||
We recorded a gain on sale of investments totaling $220.3 million in 2012 and $71.2 million in 2011. | |||||
Fenway Sports Group | |||||
In the first quarter of 2012, we sold 100 of our units in Fenway Sports Group for an aggregate price of $30.0 million (pre-tax gain of $17.8 million) and in the second quarter of 2012, we sold our remaining 210 units for an aggregate price of $63.0 million (pre-tax gain of $37.8 million). Effective with the first quarter of 2012 sale, given our reduced ownership level and lack of influence on the operations of Fenway Sports Group, we changed the accounting for this investment from the equity method to the cost method in the first quarter of 2012. Therefore, starting in the first quarter of 2012, we no longer recognized our proportionate share of the operating results of Fenway Sports Group in joint venture results in our Consolidated Statements of Operations. | |||||
In the third quarter of 2011, we sold 390 of our units in Fenway Sports Group for $117.0 million, which resulted in a pre-tax gain of $65.3 million. | |||||
Indeed.com | |||||
In the fourth quarter of 2012, Indeed.com, a search engine for jobs in which we had an ownership interest, was sold. We recorded a pre-tax gain of $164.6 million. The pre-tax proceeds from the sale of our interest were approximately $167 million. | |||||
In the first quarter of 2011, we sold a minor portion of our interest in Indeed.com, resulting in a pre-tax gain of $5.9 million. | |||||
Impairment of Investments | |||||
In 2012, we recorded non-cash impairment charges of $5.5 million to reduce the carrying value of certain investments to fair value. The impairment charges were primarily related to our investment in Ongo Inc., a consumer service for reading and sharing digital news and information from multiple publishers. See Note 10 for additional information regarding the fair value of these investments. |
Debt_Obligations
Debt Obligations | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Debt Obligations | ' | ||||||||||||
Debt Obligations | |||||||||||||
Our total debt and capital lease obligations consisted of the following: | |||||||||||||
(In thousands, except percentages) | Coupon Rate | December 29, | December 30, | ||||||||||
2013 | 2012 | ||||||||||||
Senior notes due in 2015, net of unamortized debt costs of $43 in 2013 and $78 in 2012 | 5 | % | 244,057 | 244,022 | |||||||||
Senior notes due in 2016, net of unamortized debt costs of $2,484 in 2013 and $3,477 in 2012 | 6.625 | % | 205,111 | 221,523 | |||||||||
Option to repurchase ownership interest in headquarters building in 2019, net of unamortized debt costs of $21,741 in 2013 and $25,490 in 2012 | 228,259 | 224,510 | |||||||||||
Total debt | 677,427 | 690,055 | |||||||||||
Short-term capital lease obligations(1) | 21 | 123 | |||||||||||
Long-term capital lease obligations | 6,715 | 6,697 | |||||||||||
Total capital lease obligations | 6,736 | 6,820 | |||||||||||
Total debt and capital lease obligations | $ | 684,163 | $ | 696,875 | |||||||||
-1 | Included in “Accrued expenses and other” in our Condensed Consolidated Balance Sheets. | ||||||||||||
See Note 10 for information regarding the fair value of our long-term debt. | |||||||||||||
The aggregate face amount of maturities of debt over the next five years and thereafter is as follows: | |||||||||||||
(In thousands) | Amount | ||||||||||||
2014 | $ | — | |||||||||||
2015 | 244,100 | ||||||||||||
2016 | 207,595 | ||||||||||||
2017 | — | ||||||||||||
2018 | — | ||||||||||||
Thereafter | 250,000 | ||||||||||||
Total face amount of maturities | 701,695 | ||||||||||||
Less: Unamortized debt costs | (24,268 | ) | |||||||||||
Carrying value of debt | $ | 677,427 | |||||||||||
Interest expense, net, as shown in the accompanying Consolidated Statements of Operations was as follows: | |||||||||||||
(In thousands) | December 29, | December 30, | December 25, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash interest expense | $ | 54,811 | $ | 58,719 | $ | 79,187 | |||||||
Non-cash amortization of discount on debt | 4,777 | 4,516 | 6,933 | ||||||||||
Capitalized interest | — | (17 | ) | (427 | ) | ||||||||
Interest income | (1,515 | ) | (410 | ) | (450 | ) | |||||||
Total interest expense, net | $ | 58,073 | $ | 62,808 | $ | 85,243 | |||||||
4.610% Notes | |||||||||||||
On September 26, 2012, we repaid in full all $75.0 million aggregate principal amount of 4.610% senior notes due on that date (the “4.610% Notes”). | |||||||||||||
5.0% Notes | |||||||||||||
In 2005, we issued $250.0 million aggregate principal amount of 5.0% senior unsecured notes due March 15, 2015 (the “5.0% Notes”). During 2012, we repurchased $5.9 million principal amount of our 5.0% Notes and recorded a $0.4 million pre-tax charge in connection with the repurchase. This charge is included in “Interest expense, net” in our Consolidated Statements of Operations. | |||||||||||||
The 5.0% Notes may be redeemed, in whole or in part, at any time, at a price equal to 100% of the principal amount of the notes redeemed, plus accrued and unpaid interest to the repurchase date plus a “make-whole” premium. The 5.0% Notes are not otherwise callable. | |||||||||||||
The 5.0% Notes are subject to certain covenants that, among other things, limit (subject to customary exceptions) our ability and the ability of certain material subsidiaries to: | |||||||||||||
• | create liens on certain assets to secure debt; and | ||||||||||||
• | enter into certain sale-leaseback transactions. | ||||||||||||
14.053% Notes | |||||||||||||
In January 2009, pursuant to a securities purchase agreement with Inmobiliaria Carso, S.A. de C.V. and Banco Inbursa S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa (each an “Investor” and collectively the “Investors”), we issued, for an aggregate purchase price of $250.0 million, (1) $250.0 million aggregate principal amount of 14.053% senior unsecured notes due January 15, 2015 (the “14.053% Notes”), and (2) detachable warrants to purchase 15.9 million shares of our Class A Common Stock at a price of $6.3572 per share. The warrants are exercisable at the holder’s option at any time and from time to time, in whole or in part, until January 15, 2015. Each Investor is an affiliate of Carlos Slim Helú, the beneficial owner of approximately 8% of our Class A Common Stock (excluding the warrants). Each Investor purchased an equal number of 14.053% Notes and warrants. | |||||||||||||
On August 15, 2011, we prepaid in full all $250.0 million outstanding aggregate principal amount of the 14.053% Notes. The prepayment totaled approximately $280 million, comprising (1) the $250.0 million aggregate principal amount of the 14.053% Notes; (2) approximately $3 million representing all interest that was accrued and unpaid on the 14.053% Notes; and (3) a make-whole premium amount of approximately $27 million due in connection with the prepayment. We funded the prepayment from available cash. As a result of this prepayment, we recorded a $46.4 million pre-tax charge in the third quarter of 2011. This charge is included in “Premium on debt redemption” in our Consolidated Statements of Operations. | |||||||||||||
6.625% Notes | |||||||||||||
In November 2010, we issued $225.0 million aggregate principal amount of 6.625% senior unsecured notes due December 15, 2016 (“6.625% Notes”). During 2013, we repurchased $17.4 million principal amount of our 6.625% Notes and recorded a $2.1 million pre-tax charge in connection with the repurchases. | |||||||||||||
We have the option to redeem all or a portion of the 6.625% Notes, at any time, at a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest to the redemption date plus a “make-whole” premium. The 6.625% Notes are not otherwise callable. | |||||||||||||
The 6.625% Notes are subject to certain covenants that, among other things, limit (subject to customary exceptions) our ability and the ability of our subsidiaries to: | |||||||||||||
• | incur additional indebtedness and issue preferred stock; | ||||||||||||
• | pay dividends or make other equity distributions; | ||||||||||||
• | agree to any restrictions on the ability of our restricted subsidiaries to make payments to us; | ||||||||||||
• | create liens on certain assets to secure debt; | ||||||||||||
• | make certain investments; | ||||||||||||
• | merge or consolidate with other companies or transfer all or substantially all of our assets; and | ||||||||||||
• | engage in sale-leaseback transactions. | ||||||||||||
Sale-Leaseback Financing | |||||||||||||
In March 2009, we entered into an agreement to sell and simultaneously lease back a portion of our leasehold condominium interest in our Company’s headquarters building located at 620 Eighth Avenue in New York City (the “Condo Interest”). The sale price for the Condo Interest was $225.0 million. We have an option, exercisable in 2019, to repurchase the Condo Interest for $250.0 million. The lease term is 15 years, and we have three renewal options that could extend the term for an additional 20 years. | |||||||||||||
The transaction is accounted for as a financing transaction. As such, we have continued to depreciate the Condo Interest and account for the rental payments as interest expense. The difference between the purchase option price of $250.0 million and the net sale proceeds of approximately $211 million, or approximately $39 million, is being amortized over a 10-year period through interest expense. The effective interest rate on this transaction was approximately 13%. | |||||||||||||
Revolving Credit Facility | |||||||||||||
In November 2012, we terminated our $125.0 million asset-backed five-year revolving credit facility and recorded a pre-tax charge of $1.4 million in connection with the early termination, which is included in “Interest expense, net” in our Consolidated Statements of Operations. |
Other
Other | 12 Months Ended |
Dec. 29, 2013 | |
Other Income and Expenses [Abstract] | ' |
Other | ' |
Other | |
Severance Costs | |
We recognized severance costs of $12.4 million in 2013, $12.3 million in 2012 and $10.0 million in 2011. In 2013, 2012 and 2011, these costs were primarily recorded in “Selling, general and administrative costs” in our Consolidated Statements of Operations. We had a severance liability of $10.3 million and $15.9 million included in “Accrued expenses” in our Consolidated Balance Sheets as of December 29, 2013 and December 30, 2012, respectively, of which the majority of the December 29, 2013 balance will be paid in 2014. | |
Other Expense | |
In 2012, we recorded a $2.6 million charge in connection with a legal settlement. | |
In 2011, we recorded a $4.5 million charge for a retirement and consulting agreement in connection with the retirement of our former chief executive officer at the end of 2011. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||
Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. | |||||||||||||||||||||||||||||||||
The fair value hierarchy consists of three levels: | |||||||||||||||||||||||||||||||||
Level 1 – quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; | |||||||||||||||||||||||||||||||||
Level 2 – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and | |||||||||||||||||||||||||||||||||
Level 3 – unobservable inputs for the asset or liability. | |||||||||||||||||||||||||||||||||
Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||||
As of December 29, 2013 and December 30, 2012, we had assets related to our qualified pension plans measured at fair value. The required disclosures regarding such assets are presented in Note 12. | |||||||||||||||||||||||||||||||||
The following table summarizes our financial assets measured at fair value on a recurring basis as of December 29, 2013: | |||||||||||||||||||||||||||||||||
(In thousands) | December 29, 2013 | December 30, 2012 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Available-for-sale security | $ | — | $ | — | $ | — | $ | — | $ | 4,444 | $ | 4,444 | $ | — | $ | — | |||||||||||||||||
Certain financial assets are valued using market prices on the active markets. Level 1 instrument valuations are obtained from real-time quotes for transactions in active exchange markets involving identical assets. In the first quarter of 2012, the common stock of Brightcove, Inc. (available-for-sale security) began to trade on an active market (see Note 4). | |||||||||||||||||||||||||||||||||
The following table summarizes our financial liabilities measured at fair value on a recurring basis as of December 29, 2013 and December 30, 2012: | |||||||||||||||||||||||||||||||||
(In thousands) | December 29, 2013 | December 30, 2012 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Deferred compensation | $ | 51,660 | $ | 51,660 | $ | — | $ | — | $ | 52,882 | $ | 52,882 | $ | — | $ | — | |||||||||||||||||
Certain financial liabilities are valued using market prices on the active markets. The deferred compensation liability consists of deferrals under our deferred executive compensation plan, which enables certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis (see Note 13). The deferred amounts are invested at the executives‘ option in various mutual funds. The fair value of deferred compensation is determined based on the fair value of the investments elected by the executives. | |||||||||||||||||||||||||||||||||
Assets Measured and Recorded at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||||||||||||||
Certain non-financial assets – such as goodwill, other intangible assets, which were part of operations that have been classified as discontinued operations (see Note 15), property, plant and equipment and certain investments, – are only recorded at fair value if an impairment charge is recognized. We classified all of these measurements as Level 3, as we used unobservable inputs within the valuation methodologies that were significant to the fair value measurements, and the valuations required management‘s judgment due to the absence of quoted market prices. The following tables present non-financial assets that were measured and recorded at fair value on a non-recurring basis and the total impairment losses recorded during 2013, 2012 and 2011 on those assets. | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
(In thousands) | Net Carrying | Fair Value Measured and Recorded Using | Impairment Losses for the Year Ended | ||||||||||||||||||||||||||||||
Value as of | |||||||||||||||||||||||||||||||||
December 29, 2013 | Level 1 | Level 2 | Level 3 | December 29, 2013 | |||||||||||||||||||||||||||||
Property, plant and equipment | $ | — | $ | — | $ | — | $ | — | $ | 34,300 | (1) | ||||||||||||||||||||||
-1 | Impairment losses related to the New England Media Group and are included within “(Loss)/income from discontinued operations, net of income taxes” for the year ended December 30, 2013. We sold the New England Media Group in the fourth quarter of 2013. See Note 15 for additional information. | ||||||||||||||||||||||||||||||||
The impairment of assets in 2013 reflects the impairment of fixed assets held for sale that related to the New England Media Group. During the third quarter of 2013, we estimated the fair value less cost to sell of the group held for sale, using unobservable inputs (Level 3). We recorded a $34.3 million non-cash charge in the third quarter of 2013 for fixed assets at the New England Media Group to reduce the carrying value of fixed assets to their fair value less costs to sell. | |||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
(In thousands) | Net Carrying | Fair Value Measured and Recorded Using | Impairment Losses for the Year Ended | ||||||||||||||||||||||||||||||
Value as of | |||||||||||||||||||||||||||||||||
December 30, 2012 | Level 1 | Level 2 | Level 3 | December 30, 2012 | |||||||||||||||||||||||||||||
Goodwill | $ | — | $ | — | $ | — | $ | — | $ | 194,732 | (1) | ||||||||||||||||||||||
Cost method investments | — | — | — | — | 5,500 | ||||||||||||||||||||||||||||
-1 | Impairment losses related to the About Group and are included within “(Loss)/income from discontinued operations, net of income taxes” for the year ended December 25, 2012. We sold the About Group in September 2012. See Note 15 for additional information. | ||||||||||||||||||||||||||||||||
The impairment charge totaling $194.7 million in the preceding table was related to goodwill at the About Group in the second quarter of 2012, which reduced the carrying value to its fair value. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our policy is to perform our annual goodwill impairment test in the fourth quarter of our fiscal year. However, due to certain impairment indicators at the About Group, we performed an interim impairment test as of June 24, 2012. | |||||||||||||||||||||||||||||||||
Our expectations for future operating results and cash flows at the About Group in the long-term were lower than our previous estimates, primarily driven by a reassessment of the sustainability of our estimated long-term growth rate for display advertising. The reduction in our estimated long-term growth rate resulted in the carrying value of the net assets being greater than their fair value, and therefore a write-down of goodwill to its fair value was required. The fair value of the About Group’s goodwill was the residual fair value after allocating the total fair value of the About Group to its other assets, net of liabilities. | |||||||||||||||||||||||||||||||||
The total fair value of the About Group was determined using a discounted cash flow model (present value of future cash flows). We estimated a 3.5% annual growth rate to arrive at a residual year representing the perpetual cash flows of the About Group. The residual year cash flow was capitalized to arrive at the terminal value of the About Group. Utilizing a discount rate of 15.0%, the present value of the cash flows during the projection period and terminal value were aggregated to estimate the fair value of the About Group. In our 2011 annual impairment test, we had assumed a 5.0% annual growth rate and a 13.8% discount rate. In determining the appropriate discount rate, we considered the weighted-average cost of capital for comparable companies. | |||||||||||||||||||||||||||||||||
The impairment charge totaling $5.5 million in the preceding table for the cost method investments in 2012, which was primarily related to our investment in Ongo Inc., was due to events surrounding ceasing the operations of our investments (see Note 7). We determined the fair value of these investments using the market and income approaches. The market approach includes the use of financial metrics and ratios of comparable companies. The income approach includes the use of a discounted cash flow model. | |||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
(In thousands) | Net Carrying | Fair Value Measured and Recorded Using | Impairment Losses for the Year Ended | ||||||||||||||||||||||||||||||
Value as of | |||||||||||||||||||||||||||||||||
December 25, 2011 | Level 1 | Level 2 | Level 3 | December 25, 2011 | |||||||||||||||||||||||||||||
Goodwill | $ | — | $ | — | $ | — | $ | — | $ | 152,093 | (1) | ||||||||||||||||||||||
Other intangible assets | 2,864 | — | — | 2,864 | 10,574 | ||||||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 1,767 | ||||||||||||||||||||||||||||
-1 | Impairment losses relate to the Regional Media Group and are included within “(Loss)/income from discontinued operations, net of income taxes” for the year ended December 25, 2011. We sold the Regional Media Group in January 2012. See Note 15 for additional information. | ||||||||||||||||||||||||||||||||
The impairment charge totaling $152.1 million in the preceding table was related to goodwill at the Regional Media Group, which reduced the carrying value of goodwill to $0. Due to certain impairment indicators at the Regional Media Group, including lower-than-expected operating results, we performed an interim impairment test of goodwill as of June 26, 2011. | |||||||||||||||||||||||||||||||||
The interim test resulted in an impairment of goodwill mainly from lower projected long-term operating results and cash flows of the Regional Media Group, primarily due to the continued decline in print advertising revenues. These factors resulted in the carrying value of the net assets being greater than their fair value, and therefore a write-down to fair value was required. | |||||||||||||||||||||||||||||||||
In determining the fair value of the Regional Media Group, we made significant judgments and estimates regarding the expected severity and duration of the uneven economic environment and the secular changes affecting the newspaper industry in the Regional Media Group markets. The effect of these assumptions on projected long-term revenues, along with the continued benefits from reductions to the group’s cost structure, played a significant role in calculating the fair value of the Regional Media Group. | |||||||||||||||||||||||||||||||||
The fair value of the Regional Media Group’s goodwill was the residual fair value after allocating the total fair value of the Regional Media Group to its other assets, net of liabilities. The total fair value of the Regional Media Group was determined using a combination of a discounted cash flow model (present value of future cash flows) and a market approach model based on comparable businesses. We estimated a flat annual growth rate to arrive at a residual year representing the perpetual cash flows of the Regional Media Group. The residual year cash flow was capitalized to arrive at the terminal value of the Regional Media Group. Utilizing a discount rate of 10.7%, the present value of the cash flows during the projection period and terminal value were aggregated to estimate the fair value of the Regional Media Group. In our 2010 annual impairment test, we assumed a 2.0% annual growth rate and a discount rate of 10.5%. In determining the appropriate discount rate, we considered the weighted-average cost of capital for comparable companies. | |||||||||||||||||||||||||||||||||
The impairment charges for other intangible assets and property were primarily related to Baseline (see Note 5) and ConsumerSearch, Inc., which was part of the About Group (see Note 15). The impairment charge related to Baseline reduced the carrying value of intangible assets to $0 and the property to a nominal value. The fair value of the other intangible assets and property of Baseline was determined by estimating the most likely sale price with a third-party buyer based on market data. We completed the sale of Baseline in October 2011. The impairment charge for ConsumerSearch, Inc. reduced the carrying value of the ConsumerSearch trade name to approximately $3 million. The fair value of the trade name was calculated using a relief-from-royalty method. | |||||||||||||||||||||||||||||||||
Financial Instruments Disclosed, But Not Reported, at Fair Value | |||||||||||||||||||||||||||||||||
Our marketable securities, which include U.S. Treasury securities, corporate debt securities, U.S. government agency securities, municipal securities, certificates of deposit and commercial paper, are recorded at amortized cost (see Note 4). As of December 29, 2013 and December 30, 2012, the amortized cost approximated fair value because of the short-term maturity and highly liquid nature of these investments. We classified these investments as Level 2 since the fair value estimates are based on market observable inputs for investments with similar terms and maturities. | |||||||||||||||||||||||||||||||||
The carrying value of our long-term debt was approximately $677 million as of December 29, 2013 and $690 million as of December 30, 2012. The fair value of our long-term debt was approximately $819 million as of December 29, 2013 and $840 million as of December 30, 2012. We estimate the fair value of our debt utilizing market quotations for debt that have quoted prices in active markets. Since our debt does not trade on a daily basis in an active market, the fair value estimates are based on market observable inputs based on borrowing rates currently available for debt with similar terms and average maturities (Level 2). |
Pension_Benefits
Pension Benefits | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||
Pension Benefits | ' | |||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||
We sponsor several single-employer defined benefit pension plans, the majority of which have been frozen; participate in joint Company and Guild-sponsored plans, The New York Times Newspaper Guild pension plan, which has been frozen, and a new defined benefit plan, subject to the approval of the Internal Revenue Service; and make contributions to several multiemployer pension plans in connection with collective bargaining agreements. These plans cover the majority of our employees. | ||||||||||||||||||||||||||||||
Single-Employer Plans | ||||||||||||||||||||||||||||||
Our Company-sponsored defined benefit pension plans include qualified plans (funded) as well as non-qualified plans (unfunded). These plans provide participating employees with retirement benefits in accordance with benefit formulas detailed in each plan. All of our non-qualified plans, which provide enhanced retirement benefits to select employees, are currently frozen, except for a foreign-based pension plan discussed below. The New York Times Newspaper Guild pension plan is a qualified plan and is included in the tables below. | ||||||||||||||||||||||||||||||
We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. | ||||||||||||||||||||||||||||||
Net Periodic Pension Cost | ||||||||||||||||||||||||||||||
The components of net periodic pension cost were as follows: | ||||||||||||||||||||||||||||||
December 29, 2013 | December 30, 2012 | December 25, 2011 | ||||||||||||||||||||||||||||
(In thousands) | Qualified | Non- | All | Qualified | Non- | All | Qualified | Non- | All | |||||||||||||||||||||
Plans | Qualified | Plans | Plans | Qualified | Plans | Plans | Qualified | Plans | ||||||||||||||||||||||
Plans | Plans | Plans | ||||||||||||||||||||||||||||
Components of net periodic pension cost | ||||||||||||||||||||||||||||||
Service cost | $ | 11,225 | $ | 1,162 | $ | 12,387 | $ | 11,903 | $ | 1,656 | $ | 13,559 | $ | 12,079 | $ | 1,660 | $ | 13,739 | ||||||||||||
Interest cost | 77,136 | 10,681 | 87,817 | 94,113 | 12,635 | 106,748 | 98,206 | 13,112 | 111,318 | |||||||||||||||||||||
Expected return on plan assets | (124,250 | ) | — | (124,250 | ) | (118,551 | ) | — | (118,551 | ) | (111,813 | ) | — | (111,813 | ) | |||||||||||||||
Recognized actuarial loss | 33,770 | 5,247 | 39,017 | 33,323 | 4,489 | 37,812 | 25,007 | 3,053 | 28,060 | |||||||||||||||||||||
Amortization of prior service (credit)/cost | (1,945 | ) | — | (1,945 | ) | 574 | — | 574 | 803 | — | 803 | |||||||||||||||||||
Effect of settlement | — | 3,228 | 3,228 | 47,657 | — | 47,657 | — | — | — | |||||||||||||||||||||
Effect of special termination benefits | — | 314 | 314 | — | — | — | — | — | — | |||||||||||||||||||||
Effect of sale of Regional Media Group | — | — | — | (5,097 | ) | — | (5,097 | ) | — | — | — | |||||||||||||||||||
Net periodic pension cost | $ | (4,064 | ) | $ | 20,632 | $ | 16,568 | $ | 63,922 | $ | 18,780 | $ | 82,702 | $ | 24,282 | $ | 17,825 | $ | 42,107 | |||||||||||
As part of our strategy to reduce the pension obligations and the resulting volatility of our overall financial condition, during 2013 and 2012, we offered one-time lump-sum payments to certain former employees. The lump-sum payment offers each resulted in settlement charges due to the acceleration of the recognition of the accumulated unrecognized actuarial loss. Therefore, we recorded non-cash settlement charges of $3.2 million and $47.7 million in connection with lump-sum payments made in the fourth quarters of 2013 and 2012, respectively. Total lump-sum payments were approximately $11 million and $112 million in 2013 and 2012, respectively. The 2012 lump-sum payments were made out of the existing assets of The New York Times Companies Pension Plan and the 2013 payments were made out of Company cash. | ||||||||||||||||||||||||||||||
Following ratification of an amendment to a collective bargaining agreement covering the employees in The New York Times Newspaper Guild, in the fourth quarter of 2012, we amended The New York Times Newspaper Guild pension plan to freeze benefit accruals for participating employees. We adopted a new defined benefit pension plan for these employees, subject to Internal Revenue Service approval. The amendment to The New York Times Newspaper Guild pension plan resulted in a reduction of the projected benefit obligation and underfunded status of the plan by approximately $32 million. This amount is recognized within “Accumulated other comprehensive loss” in our Consolidated Balance Sheet as of December 30, 2012. | ||||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows: | ||||||||||||||||||||||||||||||
(In thousands) | December 29, | December 30, | December 25, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Net actuarial (gain)/loss | $ | (178,088 | ) | $ | 96,551 | $ | 246,672 | |||||||||||||||||||||||
Prior service credit | — | (31,839 | ) | — | ||||||||||||||||||||||||||
Amortization of loss | (39,017 | ) | (37,813 | ) | (28,060 | ) | ||||||||||||||||||||||||
Amortization of prior service cost | 1,945 | (574 | ) | (803 | ) | |||||||||||||||||||||||||
Effect of settlement | (3,358 | ) | (47,657 | ) | — | |||||||||||||||||||||||||
Total recognized in other comprehensive (income)/loss | (218,518 | ) | (21,332 | ) | 217,809 | |||||||||||||||||||||||||
Net periodic pension cost | 16,568 | 82,702 | 42,107 | |||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss | $ | (201,950 | ) | $ | 61,370 | $ | 259,916 | |||||||||||||||||||||||
The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year is approximately $31 million and $2 million, respectively. | ||||||||||||||||||||||||||||||
The amount of cost recognized for defined contribution benefit plans was approximately $18 million for 2013 and 2012 and $23 million for 2011. | ||||||||||||||||||||||||||||||
Benefit Obligation and Plan Assets | ||||||||||||||||||||||||||||||
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/(loss) were as follows: | ||||||||||||||||||||||||||||||
December 29, 2013 | December 30, 2012 | |||||||||||||||||||||||||||||
(In thousands) | Qualified | Non- | All Plans | Qualified | Non- | All Plans | ||||||||||||||||||||||||
Plans | Qualified | Plans | Qualified | |||||||||||||||||||||||||||
Plans | Plans | |||||||||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,965,406 | $ | 299,265 | $ | 2,264,671 | $ | 1,943,882 | $ | 273,542 | $ | 2,217,424 | ||||||||||||||||||
Service cost | 11,225 | 1,162 | 12,387 | 11,903 | 1,656 | 13,559 | ||||||||||||||||||||||||
Interest cost | 77,136 | 10,681 | 87,817 | 94,113 | 12,635 | 106,748 | ||||||||||||||||||||||||
Plan participants’ contributions | 26 | — | 26 | 32 | — | 32 | ||||||||||||||||||||||||
Amendments | — | — | — | (31,839 | ) | — | (31,839 | ) | ||||||||||||||||||||||
Actuarial (gain)/loss | (161,348 | ) | (18,960 | ) | (180,308 | ) | 162,569 | 32,803 | 195,372 | |||||||||||||||||||||
Lump-sum settlement paid | — | (10,667 | ) | (10,667 | ) | (112,404 | ) | — | (112,404 | ) | ||||||||||||||||||||
Benefits paid | (113,798 | ) | (19,149 | ) | (132,947 | ) | (89,340 | ) | (21,412 | ) | (110,752 | ) | ||||||||||||||||||
Effect of sale of Regional Media Group | — | — | — | (13,510 | ) | — | (13,510 | ) | ||||||||||||||||||||||
Effects of change in currency conversion | — | 169 | 169 | — | 41 | 41 | ||||||||||||||||||||||||
Benefit obligation at end of year | 1,778,647 | 262,501 | 2,041,148 | 1,965,406 | 299,265 | 2,264,671 | ||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 1,615,723 | — | 1,615,723 | 1,464,729 | — | 1,464,729 | ||||||||||||||||||||||||
Actual return on plan assets | 122,030 | — | 122,030 | 217,371 | — | 217,371 | ||||||||||||||||||||||||
Employer contributions | 74,110 | 29,999 | 104,109 | 143,748 | 21,412 | 165,160 | ||||||||||||||||||||||||
Plan participants’ contributions | 26 | — | 26 | 32 | — | 32 | ||||||||||||||||||||||||
Lump-sum settlement paid | — | (10,667 | ) | (10,667 | ) | (112,404 | ) | — | (112,404 | ) | ||||||||||||||||||||
Benefits paid | (113,798 | ) | (19,149 | ) | (132,947 | ) | (89,340 | ) | (21,412 | ) | (110,752 | ) | ||||||||||||||||||
Effect of sale of Regional Media Group | — | — | — | (8,413 | ) | — | (8,413 | ) | ||||||||||||||||||||||
Effect of change in currency conversion | — | (183 | ) | (183 | ) | — | — | — | ||||||||||||||||||||||
Fair value of plan assets at end of year | 1,698,091 | — | 1,698,091 | 1,615,723 | — | 1,615,723 | ||||||||||||||||||||||||
Net amount recognized | $ | (80,556 | ) | $ | (262,501 | ) | $ | (343,057 | ) | $ | (349,683 | ) | $ | (299,265 | ) | $ | (648,948 | ) | ||||||||||||
Amount recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||
Current liabilities | $ | — | $ | (17,903 | ) | $ | (17,903 | ) | $ | — | $ | (19,586 | ) | $ | (19,586 | ) | ||||||||||||||
Noncurrent liabilities | (80,556 | ) | (244,598 | ) | (325,154 | ) | (349,683 | ) | (279,679 | ) | (629,362 | ) | ||||||||||||||||||
Net amount recognized | $ | (80,556 | ) | $ | (262,501 | ) | $ | (343,057 | ) | $ | (349,683 | ) | $ | (299,265 | ) | $ | (648,948 | ) | ||||||||||||
Amount recognized in accumulated other comprehensive loss | ||||||||||||||||||||||||||||||
Actuarial loss | $ | 662,293 | $ | 97,436 | $ | 759,729 | $ | 855,191 | $ | 125,002 | $ | 980,193 | ||||||||||||||||||
Prior service (credit)/cost | (28,510 | ) | — | (28,510 | ) | (30,454 | ) | — | (30,454 | ) | ||||||||||||||||||||
Total | $ | 633,783 | $ | 97,436 | $ | 731,219 | $ | 824,737 | $ | 125,002 | $ | 949,739 | ||||||||||||||||||
The accumulated benefit obligation for all pension plans was $2.03 billion and $2.26 billion as of December 29, 2013 and December 30, 2012, respectively. | ||||||||||||||||||||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: | ||||||||||||||||||||||||||||||
(In thousands) | December 29, | December 30, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Projected benefit obligation | $ | 2,041,148 | $ | 2,264,671 | ||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 2,034,145 | $ | 2,255,135 | ||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,698,091 | $ | 1,615,723 | ||||||||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||||||||
Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: | ||||||||||||||||||||||||||||||
(Percent) | December 29, | December 30, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Discount rate | 4.9 | % | 4 | % | ||||||||||||||||||||||||||
Rate of increase in compensation levels | 2.55 | % | 3 | % | ||||||||||||||||||||||||||
The rate of increase in compensation levels is applicable only for qualified pension plans that have not been frozen. | ||||||||||||||||||||||||||||||
Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows: | ||||||||||||||||||||||||||||||
(Percent) | December 29, | December 30, | December 25, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 4 | % | 5.05 | % | 5.6 | % | ||||||||||||||||||||||||
Rate of increase in compensation levels | 3.5 | % | 3 | % | 4 | % | ||||||||||||||||||||||||
Expected long-term rate of return on assets | 7.85 | % | 8 | % | 8.25 | % | ||||||||||||||||||||||||
Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: | ||||||||||||||||||||||||||||||
(Percent) | December 29, | December 30, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Discount rate | 4.6 | % | 3.7 | % | ||||||||||||||||||||||||||
Rate of increase in compensation levels | 2.5 | % | 3.5 | % | ||||||||||||||||||||||||||
The rate of increase in compensation levels is applicable only for the non-qualified pension plans that have not been frozen. | ||||||||||||||||||||||||||||||
Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows: | ||||||||||||||||||||||||||||||
(Percent) | December 29, | December 30, | December 25, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 3.7 | % | 4.8 | % | 5.45 | % | ||||||||||||||||||||||||
Rate of increase in compensation levels | 3 | % | 3.5 | % | 3.5 | % | ||||||||||||||||||||||||
We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (e.g., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate. | ||||||||||||||||||||||||||||||
To determine our discount rate, we project a cash flow based on annual accrued benefits. For active participants, the benefits under the respective pension plans are projected to the date of termination. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve. A single discount rate is then computed so that the present value of the benefit cash flow equals the present value computed using the Ryan Curve rates. | ||||||||||||||||||||||||||||||
In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year. | ||||||||||||||||||||||||||||||
The value (“market-related value”) of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years. | ||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||
Company-Sponsored Pension Plans | ||||||||||||||||||||||||||||||
The assets underlying the Company-sponsored qualified pension plans are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers. | ||||||||||||||||||||||||||||||
Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. | ||||||||||||||||||||||||||||||
Investment Policy and Strategy | ||||||||||||||||||||||||||||||
The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. Our plan objective is to transition the asset mix to hedge liabilities and minimize volatility in the funded status of the plans. | ||||||||||||||||||||||||||||||
Asset Allocation Guidelines | ||||||||||||||||||||||||||||||
In accordance with our asset allocation strategy, for substantially all of our Company-sponsored pension plan assets, investments are categorized into long duration fixed income investments whose value is highly correlated to that of the pension plan obligations (“Long Duration Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in our pension plan obligations (“Return-Seeking Assets”). | ||||||||||||||||||||||||||||||
The proportional allocation of assets between Long Duration Assets and Return-Seeking Assets is dependent on the funded status of each pension plan. Under our policy, for example, a funded status of 95% to 97.5% requires an allocation of total assets of 62% to 72% to Long Duration Assets and 28% to 38% to Return-Seeking Assets. As our funded status increases, the allocation to Long Duration Assets will increase and the allocation to Return-Seeking Assets will decrease. | ||||||||||||||||||||||||||||||
The following asset allocation guidelines apply to the Return-Seeking Assets: | ||||||||||||||||||||||||||||||
Asset Category | Percentage Range | |||||||||||||||||||||||||||||
Public Equity | 70% | - | 90 | % | ||||||||||||||||||||||||||
Growth Fixed Income | 0% | - | 15 | % | ||||||||||||||||||||||||||
Alternatives | 0% | - | 15 | % | ||||||||||||||||||||||||||
Cash | 0% | - | 10 | % | ||||||||||||||||||||||||||
The asset allocations of our Company-sponsored pension plans by asset category for both Long Duration and Return-Seeking Assets, as of December 29, 2013, were as follows: | ||||||||||||||||||||||||||||||
Asset Category | Percentage | |||||||||||||||||||||||||||||
Public Equity | 27 | % | ||||||||||||||||||||||||||||
Fixed Income | 69 | % | ||||||||||||||||||||||||||||
Alternatives | 4 | % | ||||||||||||||||||||||||||||
Cash | — | % | ||||||||||||||||||||||||||||
The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the pension plan assets. | ||||||||||||||||||||||||||||||
Fair Value of Plan Assets | ||||||||||||||||||||||||||||||
The fair value of the assets underlying our Company-sponsored qualified pension plans and The New York Times Newspaper Guild pension plan by asset category are as follows: | ||||||||||||||||||||||||||||||
Fair Value Measurement at December 29, 2013 | ||||||||||||||||||||||||||||||
(In thousands) | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||
Asset Category | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||
U.S. Equities | $ | 36,920 | $ | — | $ | — | $ | 36,920 | ||||||||||||||||||||||
International Equities | 75,606 | — | — | 75,606 | ||||||||||||||||||||||||||
Common/Collective Funds(1) | — | 581,553 | — | 581,553 | ||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||
Corporate Bonds | — | 594,667 | — | 594,667 | ||||||||||||||||||||||||||
U.S. Treasury and Other Government Securities | — | 183,700 | — | 183,700 | ||||||||||||||||||||||||||
Group Annuity Contract | — | 72,663 | — | 72,663 | ||||||||||||||||||||||||||
Municipal and Provincial Bonds | — | 41,729 | — | 41,729 | ||||||||||||||||||||||||||
Government Sponsored Enterprises(2) | — | 4,738 | — | 4,738 | ||||||||||||||||||||||||||
Other | — | 29,115 | — | 29,115 | ||||||||||||||||||||||||||
Cash and Cash Equivalents | 6,538 | — | 6,538 | |||||||||||||||||||||||||||
Private Equity | — | — | 40,537 | 40,537 | ||||||||||||||||||||||||||
Hedge Fund | — | — | 30,325 | 30,325 | ||||||||||||||||||||||||||
Assets at Fair Value | $ | 112,526 | $ | 1,514,703 | $ | 70,862 | $ | 1,698,091 | ||||||||||||||||||||||
Other Assets | — | |||||||||||||||||||||||||||||
Total | $ | 1,698,091 | ||||||||||||||||||||||||||||
-1 | The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds. | |||||||||||||||||||||||||||||
-2 | Represents investments that are not backed by the full faith and credit of the United States government. | |||||||||||||||||||||||||||||
Fair Value Measurement at December 30, 2012 | ||||||||||||||||||||||||||||||
(In thousands) | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||
Asset Category | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||
U.S. Equities | $ | 193,489 | $ | — | $ | — | $ | 193,489 | ||||||||||||||||||||||
International Equities | 87,273 | — | — | 87,273 | ||||||||||||||||||||||||||
Common/Collective Funds(1) | — | 678,449 | — | 678,449 | ||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||
Corporate Bonds | — | 383,483 | — | 383,483 | ||||||||||||||||||||||||||
U.S. Treasury and Other Government Securities | — | 91,122 | — | 91,122 | ||||||||||||||||||||||||||
Insurance Contracts | — | 44,511 | — | 44,511 | ||||||||||||||||||||||||||
Municipal and Provincial Bonds | — | 22,192 | — | 22,192 | ||||||||||||||||||||||||||
Government Sponsored Enterprises(2) | — | 19,115 | — | 19,115 | ||||||||||||||||||||||||||
Other | — | 10,847 | — | 10,847 | ||||||||||||||||||||||||||
Cash and Cash Equivalents | — | 16,427 | — | 16,427 | ||||||||||||||||||||||||||
Private Equity | — | — | 36,011 | 36,011 | ||||||||||||||||||||||||||
Hedge Fund | — | — | 26,370 | 26,370 | ||||||||||||||||||||||||||
Assets at Fair Value | $ | 280,762 | $ | 1,266,146 | $ | 62,381 | $ | 1,609,289 | ||||||||||||||||||||||
Other Assets | 6,434 | |||||||||||||||||||||||||||||
Total | $ | 1,615,723 | ||||||||||||||||||||||||||||
-1 | The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds. | |||||||||||||||||||||||||||||
-2 | Represents investments that are not backed by the full faith and credit of the United States government. | |||||||||||||||||||||||||||||
Level 1 and Level 2 Investments | ||||||||||||||||||||||||||||||
Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We, therefore, classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities. | ||||||||||||||||||||||||||||||
For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments. | ||||||||||||||||||||||||||||||
Level 3 Investments | ||||||||||||||||||||||||||||||
We have investments in private equity funds and a hedge fund as of December 29, 2013 and December 30, 2012 and a hedge fund of funds as of December 30, 2012 that have been determined to be Level 3 investments, within the fair value hierarchy, because the inputs to determine fair value are considered unobservable. | ||||||||||||||||||||||||||||||
The general valuation methodology used for the private equity and hedge fund of funds is the market approach. The market approach utilizes prices and other relevant information such as similar market transactions, type of security, size of the position, degree of liquidity, restrictions on the disposition, latest round of financing data, current financial position and operating results, among other factors. | ||||||||||||||||||||||||||||||
As a result of the inherent limitations related to the valuations of the Level 3 investments, due to the unobservable inputs of the underlying funds, the estimated fair value may differ significantly from the values that would have been used had a market for those investments existed. | ||||||||||||||||||||||||||||||
The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 29, 2013 is as follows: | ||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||||||||||||
Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||
(In thousands) | Hedge Fund | Private Equity | Total | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 26,370 | $ | 36,011 | $ | 62,381 | ||||||||||||||||||||||||
Actual gain/(loss) on plan assets: | ||||||||||||||||||||||||||||||
Relating to assets still held | 3,955 | 6,169 | 10,124 | |||||||||||||||||||||||||||
Capital contribution | — | 3,018 | 3,018 | |||||||||||||||||||||||||||
Return of Capital | — | (4,661 | ) | (4,661 | ) | |||||||||||||||||||||||||
Balance at end of year | $ | 30,325 | $ | 40,537 | $ | 70,862 | ||||||||||||||||||||||||
The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 30, 2012 is as follows: | ||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||||||||||||
Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||
(In thousands) | Real Estate | Private Equity | Total | |||||||||||||||||||||||||||
Balance at beginning of year | $ | — | $ | 37,393 | $ | 37,393 | ||||||||||||||||||||||||
Actual gain on plan assets: | ||||||||||||||||||||||||||||||
Relating to assets still held | 1,370 | (1,736 | ) | (366 | ) | |||||||||||||||||||||||||
Capital contribution | 25,000 | 3,737 | 28,737 | |||||||||||||||||||||||||||
Return of Capital | — | (3,383 | ) | (3,383 | ) | |||||||||||||||||||||||||
Balance at end of year | $ | 26,370 | $ | 36,011 | $ | 62,381 | ||||||||||||||||||||||||
Cash Flows | ||||||||||||||||||||||||||||||
We made contributions of approximately $144 million to certain qualified pension plans in 2012. The majority of these contributions were discretionary. In January 2013, we made a contribution of approximately $57 million to the New York Times Newspaper Guild pension plan, of which $20 million was estimated to be necessary to satisfy minimum funding requirements in 2013. Mandatory contributions to other qualified pension plans increased our total contributions to approximately $74 million for the full year of 2013. We expect contributions to total approximately $16 million to satisfy minimum funding requirements in 2014. | ||||||||||||||||||||||||||||||
The following benefit payments under our pension plans, which reflect expected future services for plans that have not been frozen, are expected to be paid: | ||||||||||||||||||||||||||||||
Plans | ||||||||||||||||||||||||||||||
(In thousands) | Qualified | Non- | Total | |||||||||||||||||||||||||||
Qualified | ||||||||||||||||||||||||||||||
2014 | $ | 99,747 | $ | 18,271 | $ | 118,018 | ||||||||||||||||||||||||
2015 | 101,704 | 18,315 | 120,019 | |||||||||||||||||||||||||||
2016 | 103,648 | 18,743 | 122,391 | |||||||||||||||||||||||||||
2017 | 106,149 | 18,646 | 124,795 | |||||||||||||||||||||||||||
2018 | 108,206 | 18,795 | 127,001 | |||||||||||||||||||||||||||
2019-2023 | 578,124 | 92,828 | 670,952 | |||||||||||||||||||||||||||
Multiemployer Plans | ||||||||||||||||||||||||||||||
We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. Over the past few years, certain events, such as amendments to various collective bargaining agreements and the sales of the New England Media Group and the Regional Media Group, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. We recorded an estimated charge for multiemployer pension plan withdrawal obligations of $14.2 million in 2013, which includes $8.0 million directly related to the sale of the New England Media Group, and $4.2 million in 2011. There were nominal charges in 2012 for withdrawal obligations related to our multiemployer pension plans. Our multiemployer pension plan withdrawal liability was approximately $119 million as of December 29, 2013 and approximately $109 million as of December 30, 2012. This liability represents the present value of the obligations related to complete and partial withdrawals from certain plans as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For the plans that have yet to provide us with a demand letter, the actual liability will not be fully known until those plans complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates. | ||||||||||||||||||||||||||||||
The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: | ||||||||||||||||||||||||||||||
• | Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. | |||||||||||||||||||||||||||||
• | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | |||||||||||||||||||||||||||||
• | If we choose to stop participating in some multiemployer pension plans, we may be required to pay those plans an amount based on the underfunded status of the plan (a withdrawal liability). | |||||||||||||||||||||||||||||
Our participation in significant plans for the fiscal period ended December 29, 2013, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject. | ||||||||||||||||||||||||||||||
EIN/Pension Plan Number | Pension Protection Act Zone Status | FIP/RP Status Pending/Implemented | (In thousands)Contributions of the Company | Surcharge Imposed | Collective Bargaining Agreement Expiration Date | |||||||||||||||||||||||||
Pension Fund | 2013 | 2012 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
CWA/ITU Negotiated Pension Plan | 13-6212879-001 | Red as of 1/01/13 | Red as of 1/01/12 | Implemented | $ | 663 | $ | 646 | $ | 776 | Yes | 3/30/16 | -1 | |||||||||||||||||
Newspaper and Mail Deliverers’-Publishers’ Pension Fund | 13-6122251-001 | Yellow as of 6/01/13 | Yellow as of 6/01/12 | Implemented | 1,217 | 1,101 | 1,298 | No | 3/30/20 | -2 | ||||||||||||||||||||
GCIU-Employer Retirement Benefit Plan | 91-6024903-001 | Red as of 1/01/13 | Red as of 1/01/12 | Implemented | 124 | 114 | 116 | Yes | 3/30/17 | -3 | ||||||||||||||||||||
Pressmen’s Publishers’ Pension Fund | 13-6121627-001 | Green as of 4/01/13 | Green as of 4/01/12 | N/A | 1,016 | 1,037 | 1,113 | No | 3/30/17 | -4 | ||||||||||||||||||||
Paper-Handlers’-Publishers’ Pension Fund | 13-6104795-001 | Green as of 4/01/13 | Green as of 4/01/12 | N/A | 114 | 121 | 153 | No | 3/30/14 | -5 | ||||||||||||||||||||
Contributions for individually significant plans | $ | 3,134 | $ | 3,019 | $ | 3,456 | ||||||||||||||||||||||||
Contributions to other multiemployer plans | 945 | 2,503 | 2,296 | |||||||||||||||||||||||||||
Total Contributions | $ | 4,079 | $ | 5,522 | $ | 5,752 | ||||||||||||||||||||||||
-1 | There are two collective bargaining agreements (Mailers and Typographers) requiring contributions to this plan, which both expire March 30, 2016. | |||||||||||||||||||||||||||||
-2 | Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)). | |||||||||||||||||||||||||||||
-3 | We previously had two collective bargaining agreements requiring contributions to this plan. With the sale of the New England Media Group only one collective bargaining agreement remains for the Stereotypers, which expires March 30, 2017. The method for calculating actuarial value of assets was changed retroactive to January 1, 2009, as elected by the Board of Trustees and as permitted by IRS Notice 2010-83. This election includes smoothing 2008 investment losses over ten years and widening the asset corridor to 130% of market value of assets for 2009 and 2010. | |||||||||||||||||||||||||||||
-4 | The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10-year smoothing of the asset loss for the plan year beginning April 1, 2008. | |||||||||||||||||||||||||||||
-5 | Board of Trustees elected funding relief. This election includes smoothing the March 31, 2009 investment losses over 10 years and widening the asset corridor to 130% of market value of assets for April 1, 2009 and April 1, 2010. | |||||||||||||||||||||||||||||
The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009. | ||||||||||||||||||||||||||||||
The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years: | ||||||||||||||||||||||||||||||
Pension Fund | Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of Plan’s Year-End) | |||||||||||||||||||||||||||||
CWA/ITU Negotiated Pension Plan | 12/31/2012 & 12/31/2011 | -1 | ||||||||||||||||||||||||||||
Newspaper and Mail Deliverers’-Publishers’ Pension Fund | 5/31/2012 & 5/31/2011 | -1 | ||||||||||||||||||||||||||||
Pressmen’s Publisher’s Pension Fund | 3/31/2013 & 3/31/2012 | |||||||||||||||||||||||||||||
Paper-Handlers’-Publishers’ Pension Fund | 3/31/2013 & 3/31/2012 | |||||||||||||||||||||||||||||
(1) Form 5500 for the plan year 12/31/13 and 5/31/13 was not available as of the date we filed our financial statements. | ||||||||||||||||||||||||||||||
The number of our employees covered by multiemployer plans decreased from 2012 to 2013, affecting period-to-period comparability, as a result of the sale of the New England Media Group. | ||||||||||||||||||||||||||||||
The Company received a notice and demand for payment of withdrawal liability from the Newspaper and Mail Deliverers’-Publishers’ Pension Fund on September 13, 2013 associated with an alleged partial withdrawal. See Note 20 for further information. |
Other_Postretirement_Benefits
Other Postretirement Benefits | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Other Postretirement Benefits [Abstract] | ' | ||||||||||||
Other Postretirement Benefits | ' | ||||||||||||
Other Postretirement Benefits | |||||||||||||
We provide health benefits to retired employees (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we no longer provide post-age 65 retiree medical benefits for employees who retired on or after March 1, 2009. We also contribute to a postretirement plan for Guild employees of New York Times Newspaper under the provisions of a collective bargaining agreement. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from our assets. | |||||||||||||
In the fourth quarter of 2013, we completed the sale of the New England Media Group, consisting of The Boston Globe, BostonGlobe.com, Boston.com, the Worcester Telegram & Gazette (“T&G”), Telegram.com and related properties. As a result of the sale, the Company recorded a $49.1 million post-retirement curtailment gain in 2013, which is included in the gain on sale within “(Loss)/income from discontinued operations, net of income taxes” in the Consolidated Statement of Operations. This gain is primarily related to an acceleration of prior service credits from plan amendments announced in prior years, and is due to a reduction in the expected years of future Company service for employees at the New England Media Group. | |||||||||||||
In the first quarter of 2012, we sold the Regional Media Group. The sale significantly reduced the expected years of future service for current employees, resulting in a remeasurement and curtailment of a postretirement benefit plan. We recognized a curtailment gain of $27.2 million in the first quarter of 2012, which is included in the gain on the sale within “(Loss)/income from discontinued operations, net of income taxes” in the Consolidated Statement of Operations. | |||||||||||||
In October 2011, we amended our retiree medical plan by, among other things, placing a cap (effective January 1, 2012) on our contributions for certain retiree groups. In connection with this plan amendment, we remeasured our postretirement obligation as of the plan amendment date. The plan amendment and remeasurement resulted in a decrease in the postretirement liability and an increase in other comprehensive income (before taxes) of approximately $20.0 million in October 2011. | |||||||||||||
The components of net periodic postretirement benefit income were as follows: | |||||||||||||
(In thousands) | December 29, | December 30, | December 25, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Service cost | $ | 1,089 | $ | 957 | $ | 1,143 | |||||||
Interest cost | 4,101 | 4,985 | 6,891 | ||||||||||
Recognized actuarial loss | 4,440 | 3,328 | 2,289 | ||||||||||
Amortization of prior service credit | (13,051 | ) | (15,112 | ) | (16,593 | ) | |||||||
Effect of curtailment | (49,122 | ) | (27,213 | ) | — | ||||||||
Net periodic postretirement benefit income | $ | (52,543 | ) | $ | (33,055 | ) | $ | (6,270 | ) | ||||
The changes in the benefit obligations recognized in other comprehensive loss were as follows: | |||||||||||||
(In thousands) | December 29, | December 30, | December 25, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Net actuarial loss/(gain) | $ | (13,500 | ) | $ | 11,562 | $ | 13,436 | ||||||
Prior service credit | (1,690 | ) | — | (35,712 | ) | ||||||||
Amortization of loss | (4,440 | ) | (3,328 | ) | (2,289 | ) | |||||||
Amortization of prior service credit | 13,051 | 15,112 | 16,593 | ||||||||||
Recognition of prior service credit due to curtailment | 49,122 | 27,213 | — | ||||||||||
Total recognized in other comprehensive loss/(income) | 42,543 | 50,559 | (7,972 | ) | |||||||||
Net periodic postretirement benefit income | (52,543 | ) | (33,055 | ) | (6,270 | ) | |||||||
Total recognized in net periodic postretirement benefit income and other comprehensive loss | $ | (10,000 | ) | $ | 17,504 | $ | (14,242 | ) | |||||
The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is approximately $5 million and $6 million, respectively. | |||||||||||||
In connection with collective bargaining agreements, we contribute to several multiemployer welfare plans. These plans provide medical benefits to active and retired employees covered under the respective collective bargaining agreement. Contributions are made in accordance with the formula in the relevant agreement. Postretirement costs related to these plans are not reflected above and were approximately $20.0 million in 2013, $18 million in 2012 and $16 million in 2011. | |||||||||||||
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/loss were as follows: | |||||||||||||
(In thousands) | December 29, | December 30, | |||||||||||
2013 | 2012 | ||||||||||||
Change in benefit obligation | |||||||||||||
Benefit obligation at beginning of year | $ | 120,767 | $ | 113,803 | |||||||||
Service cost | 1,089 | 957 | |||||||||||
Interest cost | 4,101 | 4,985 | |||||||||||
Plan participants’ contributions | 4,861 | 4,383 | |||||||||||
Actuarial (gain)/loss | (13,501 | ) | 11,562 | ||||||||||
Plan amendments | (1,690 | ) | — | ||||||||||
Benefits paid | (14,695 | ) | (15,881 | ) | |||||||||
Medicare subsidies received | — | 958 | |||||||||||
Benefit obligation at the end of year | 100,932 | 120,767 | |||||||||||
Change in plan assets | |||||||||||||
Fair value of plan assets at beginning of year | — | — | |||||||||||
Employer contributions | 9,834 | 10,540 | |||||||||||
Plan participants’ contributions | 4,861 | 4,383 | |||||||||||
Benefits paid | (14,695 | ) | (15,881 | ) | |||||||||
Medicare subsidies received | — | 958 | |||||||||||
Fair value of plan assets at end of year | — | — | |||||||||||
Net amount recognized | $ | (100,932 | ) | $ | (120,767 | ) | |||||||
Amount recognized in the Consolidated Balance Sheets | |||||||||||||
Current liabilities | $ | (10,329 | ) | $ | (10,420 | ) | |||||||
Noncurrent liabilities | (90,603 | ) | (110,347 | ) | |||||||||
Net amount recognized | $ | (100,932 | ) | $ | (120,767 | ) | |||||||
Amount recognized in accumulated other comprehensive loss | |||||||||||||
Actuarial loss | $ | 33,406 | $ | 51,346 | |||||||||
Prior service credit | (33,660 | ) | (94,143 | ) | |||||||||
Total | $ | (254 | ) | $ | (42,797 | ) | |||||||
Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: | |||||||||||||
December 29, | December 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Discount rate | 4.22 | % | 3.49 | % | |||||||||
Estimated increase in compensation level | 3.5 | % | 3.5 | % | |||||||||
Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: | |||||||||||||
December 29, | December 30, | December 25, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 3.7 | % | 4.66 | % | 5.14 | % | |||||||
Estimated increase in compensation level | 3.5 | % | 3.5 | % | 3.5 | % | |||||||
The assumed health-care cost trend rates were as follows: | |||||||||||||
December 29, | December 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Health-care cost trend rate assumed next year | 8 | % | 8 | % | |||||||||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5 | % | 5 | % | |||||||||
Year that the rate reaches the ultimate trend rate | 2023 | 2023 | |||||||||||
Because our health-care plans are capped for most participants, the assumed health-care cost trend rates do not have a significant effect on the amounts reported for the health-care plans. A one-percentage point change in assumed health-care cost trend rates would have the following effects: | |||||||||||||
One-Percentage Point | |||||||||||||
(In thousands) | Increase | Decrease | |||||||||||
Effect on total service and interest cost for 2013 | $ | 87 | $ | (82 | ) | ||||||||
Effect on accumulated postretirement benefit obligation as of December 30, 2013 | $ | 2,057 | $ | (1,952 | ) | ||||||||
The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid: | |||||||||||||
(In thousands) | Amount | ||||||||||||
2014 | $ | 10,596 | |||||||||||
2015 | 10,175 | ||||||||||||
2016 | 9,769 | ||||||||||||
2017 | 9,356 | ||||||||||||
2018 | 8,938 | ||||||||||||
2019-2023 | 36,937 | ||||||||||||
We accrue the cost of certain benefits provided to former or inactive employees after employment, but before retirement. The cost is recognized only when it is probable and can be estimated. Benefits include life insurance, disability benefits and health-care continuation coverage. The accrued cost of these benefits amounted to $16.2 million as of December 29, 2013 and $19.9 million as of December 30, 2012. |
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Other Liabilities [Abstract] | ' | ||||||||
Other Liabilities | ' | ||||||||
Other Liabilities | |||||||||
The components of the “Other Liabilities — Other” balance in our Consolidated Balance Sheets were as follows: | |||||||||
(In thousands) | December 29, | December 30, | |||||||
2013 | 2012 | ||||||||
Deferred compensation | $ | 51,660 | $ | 52,882 | |||||
Other liabilities | 106,775 | 120,808 | |||||||
Total | $ | 158,435 | $ | 173,690 | |||||
Deferred compensation consists primarily of deferrals under our deferred executive compensation plan (the “DEC Plan”). The DEC Plan enables certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. While the initial deferral period is for a minimum of 2 years up to a maximum of 15 years (after which time taxable distributions must begin), the executive has the option to extend the deferral period. Employees’ contributions earn income based on the performance of investment funds they select. | |||||||||
We invest deferred compensation in life insurance products designed to closely mirror the performance of the investment funds that the participants select. Our investments in life insurance products are included in “Miscellaneous assets” in our Consolidated Balance Sheets, and were $68.6 million as of December 29, 2013 and $58.1 million as of December 30, 2012. | |||||||||
Other liabilities in the preceding table primarily included our contingent tax liability for uncertain tax positions as of December 29, 2013 and December 30, 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||
Reconciliations between the effective tax rate on income/(loss) from continuing operations before income taxes and the federal statutory rate are presented below. | ||||||||||||||||||||||
December 29, 2013 | December 30, 2012 | December 25, 2011 | ||||||||||||||||||||
(In thousands) | Amount | % of | Amount | % of | Amount | % of | ||||||||||||||||
Pre-tax | Pre-tax | Pre-tax | ||||||||||||||||||||
Tax at federal statutory rate | $ | 33,180 | 35 | % | $ | 90,494 | 35 | % | $ | 23,104 | 35 | % | ||||||||||
State and local taxes, net | 8,312 | 8.8 | 11,507 | 4.4 | 10,446 | 15.8 | ||||||||||||||||
Effect of enacted changes in tax laws | — | — | — | — | (1,520 | ) | (2.3 | ) | ||||||||||||||
Reduction in uncertain tax positions | (1,803 | ) | (1.9 | ) | (6,721 | ) | (2.6 | ) | (12,105 | ) | (18.3 | ) | ||||||||||
(Gain)/loss on Company-owned life insurance | (3,673 | ) | (3.9 | ) | (2,690 | ) | (1.0 | ) | 36 | — | ||||||||||||
Other, net | 1,876 | 2 | 2,027 | 0.8 | 1,456 | 2.2 | ||||||||||||||||
Income tax expense | $ | 37,892 | 40 | $ | 94,617 | 36.6 | $ | 21,417 | 32.4 | |||||||||||||
The components of income tax expense as shown in our Consolidated Statements of Operations were as follows: | ||||||||||||||||||||||
(In thousands) | December 29, | December 30, | December 25, | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Current tax expense/(benefit) | ||||||||||||||||||||||
Federal | $ | 18,903 | $ | 51,836 | $ | (13,571 | ) | |||||||||||||||
Foreign | 681 | 1,154 | 1,110 | |||||||||||||||||||
State and local | 8,371 | (6,680 | ) | (14,345 | ) | |||||||||||||||||
Total current tax expense/(benefit) | 27,955 | 46,310 | (26,806 | ) | ||||||||||||||||||
Deferred tax expense | ||||||||||||||||||||||
Federal | 5,426 | 38,845 | 542 | |||||||||||||||||||
Foreign | — | — | 37,471 | |||||||||||||||||||
State and local | 4,511 | 9,462 | 10,210 | |||||||||||||||||||
Total deferred tax expense | 9,937 | 48,307 | 48,223 | |||||||||||||||||||
Income tax expense | $ | 37,892 | $ | 94,617 | $ | 21,417 | ||||||||||||||||
As of December 29, 2013, we have a federal net operating loss of $6.9 million. | ||||||||||||||||||||||
State tax operating loss carryforwards totaled $9.3 million as of December 29, 2013 and $10.5 million as of December 30, 2012. Such loss carryforwards expire in accordance with provisions of applicable tax laws and have remaining lives generally ranging from 1 to 20 years. | ||||||||||||||||||||||
The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows: | ||||||||||||||||||||||
(In thousands) | December 29, | December 30, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||||
Retirement, postemployment and deferred compensation plans | $ | 251,082 | $ | 387,202 | ||||||||||||||||||
Accruals for other employee benefits, compensation, insurance and other | 35,596 | 36,959 | ||||||||||||||||||||
Accounts receivable allowances | 1,478 | 6,111 | ||||||||||||||||||||
Net operating losses | 57,885 | 49,476 | ||||||||||||||||||||
Other | 63,821 | 64,884 | ||||||||||||||||||||
Gross deferred tax assets | 409,862 | 544,632 | ||||||||||||||||||||
Valuation allowance | (42,295 | ) | (42,138 | ) | ||||||||||||||||||
Net deferred tax assets | $ | 367,567 | $ | 502,494 | ||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||||
Property, plant and equipment | $ | 75,661 | $ | 108,763 | ||||||||||||||||||
Intangible assets | 11,902 | — | ||||||||||||||||||||
Investments in joint ventures | 19,625 | 13,430 | ||||||||||||||||||||
Other | 14,531 | 19,875 | ||||||||||||||||||||
Gross deferred tax liabilities | 121,719 | 142,068 | ||||||||||||||||||||
Net deferred tax asset | $ | 245,848 | $ | 360,426 | ||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||
Deferred tax asset – current | $ | 65,859 | $ | 58,214 | ||||||||||||||||||
Deferred tax asset – long-term | 179,989 | 302,212 | ||||||||||||||||||||
Net deferred tax asset | $ | 245,848 | $ | 360,426 | ||||||||||||||||||
The previous presentation of deferred taxes as of December 30, 2012 has been corrected in this 2013 annual report on Form 10-K to present the federal tax benefit on uncertain state tax positions on a gross basis and to correct the classification of certain other deferred taxes. | ||||||||||||||||||||||
We assess whether a valuation allowance should be established against deferred tax assets based on the consideration of both positive and negative evidence using a “more likely than not” standard. In making such judgments, significant weight is given to evidence that can be objectively verified. We evaluated our deferred tax assets for recoverability using a consistent approach that considers our three-year historical cumulative income/(loss), including an assessment of the degree to which any such losses were due to items that are unusual in nature (e.g., impairments of non-deductible goodwill and intangible assets). | ||||||||||||||||||||||
We had a valuation allowance totaling $42.3 million as of December 29, 2013 and $42.1 million as of December 30, 2012 for deferred tax assets primarily associated with net operating losses of non-U.S. operations, as we determined these assets were not realizable on a more-likely-than-not basis. The valuation allowance was allocated in proportion to the related current and noncurrent gross deferred tax asset balances. | ||||||||||||||||||||||
Income tax benefits related to the exercise or vesting of equity awards reduced current taxes payable by $3.4 million in 2013, $2.4 million in 2012 and $1.6 million in 2011. | ||||||||||||||||||||||
As of December 29, 2013 and December 30, 2012, “Accumulated other comprehensive loss, net of income taxes” in our Consolidated Balance Sheets and for the years then ended in our Consolidated Statements of Changes in Stockholders’ Equity was net of deferred tax assets of approximately $283 million and $363 million, respectively. | ||||||||||||||||||||||
A reconciliation of unrecognized tax benefits is as follows: | ||||||||||||||||||||||
(In thousands) | December 29, | December 30, | December 25, | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Balance at beginning of year | $ | 45,308 | $ | 47,971 | $ | 55,636 | ||||||||||||||||
Gross additions to tax positions taken during the current year | 2,249 | 5,241 | 4,094 | |||||||||||||||||||
Gross additions to tax positions taken during the prior year | 127 | 258 | 460 | |||||||||||||||||||
Gross reductions to tax positions taken during the prior year | (833 | ) | (922 | ) | (970 | ) | ||||||||||||||||
Reductions from settlements with taxing authorities | — | — | (1,941 | ) | ||||||||||||||||||
Reductions from lapse of applicable statutes of limitations | (793 | ) | (7,240 | ) | (9,308 | ) | ||||||||||||||||
Balance at end of year | $ | 46,058 | $ | 45,308 | $ | 47,971 | ||||||||||||||||
The total amount of unrecognized tax benefits that would, if recognized, affect the effective income tax rate was approximately $30 million as of December 29, 2013 and as of December 30, 2012. | ||||||||||||||||||||||
We also recognize accrued interest expense and penalties related to the unrecognized tax benefits within income tax expense or benefit. The total amount of accrued interest and penalties was approximately $18 million as of December 29, 2013 and $16 million December 30, 2012. The total amount of accrued interest and penalties was a net detriment of $1.7 million in 2013 and a net benefit of $0.3 million in 2012 and $1.4 million in 2011. | ||||||||||||||||||||||
With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years prior to 2004. Management believes that our accrual for tax liabilities is adequate for all open audit years. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. | ||||||||||||||||||||||
It is reasonably possible that certain income tax examinations may be concluded, or statutes of limitation may lapse, during the next 12 months, which could result in a decrease in unrecognized tax benefits of $27.8 million that would, if recognized, impact the effective tax rate. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Discontinued Operations | ' | ||||||||||||||||
Discontinued Operations | |||||||||||||||||
New England Media Group | |||||||||||||||||
In the fourth quarter of 2013, we completed the sale of substantially all of the assets and operating liabilities of the New England Media Group — consisting of The Boston Globe, BostonGlobe.com, Boston.com, the T&G, Telegram.com and related properties — and our 49% equity interest in Metro Boston, for approximately $70 million in cash, subject to customary adjustments. The net after-tax proceeds from the sale, including a tax benefit, were approximately $74 million. | |||||||||||||||||
As a result of the New England Media Group meeting the criteria of being held for sale in the third quarter of 2013, we recorded an impairment charge of $34.3 million reflecting the difference between the expected sales price and the New England Media Group’s net assets at such time. In the fourth quarter of 2013, when the sale was completed, we recognized a pre-tax gain of $47.6 million on the sale ($28.1 million after tax), which was almost entirely comprised of a curtailment gain. This curtailment gain is primarily related to an acceleration of prior service credits from plan amendments announced in prior years, and is due to a reduction in the expected years of future Company service for employees at the New England Media Group. | |||||||||||||||||
The results of operations of the New England Media Group have been classified as discontinued operations for all periods presented and certain assets and liabilities are classified as held for sale for all periods presented. | |||||||||||||||||
About Group | |||||||||||||||||
In the fourth quarter of 2012, we completed the sale of the About Group, consisting of About.com, ConsumerSearch.com, CalorieCount.com and related businesses, to IAC/InterActiveCorp. for $300.0 million in cash, plus a net working capital adjustment of approximately $17 million. In 2012, the sale resulted in a pre-tax gain of $96.7 million ($61.9 million after tax). The net after-tax proceeds from the sale were approximately $291 million. The results of operations of the About Group, which had previously been presented as a reportable segment, have been classified as discontinued operations for all periods presented and certain assets are classified as held for sale as of December 30, 2012 and December 25, 2011. | |||||||||||||||||
Regional Media Group | |||||||||||||||||
In the first quarter of 2012, we completed the sale of the Regional Media Group, consisting of 16 regional newspapers, other print publications and related businesses, to Halifax Media Holdings LLC for approximately $140 million in cash. The net after-tax proceeds from the sale, including a tax benefit, were approximately $150 million. The sale resulted in an after-tax gain of $23.6 million (including post-closing adjustments recorded in the second and fourth quarters of 2012 totaling $6.6 million). The results of operations for the Regional Media Group have been classified as discontinued operations for all periods presented and certain assets and liabilities are classified as held for sale as of December 25, 2011. | |||||||||||||||||
The results of operations for the New England Media Group, About Group and the Regional Media Group presented as discontinued operations are summarized below for 2013. | |||||||||||||||||
Year Ended December 29, 2013 | |||||||||||||||||
(In thousands) | New England Media Group | About Group | Regional Media Group | Total | |||||||||||||
Revenues | $ | 287,677 | $ | — | $ | — | $ | 287,677 | |||||||||
Total operating costs | 281,414 | — | — | 281,414 | |||||||||||||
Multiemployer pension plan withdrawal expense(1) | 7,997 | — | — | 7,997 | |||||||||||||
Impairment of assets(2) | 34,300 | — | — | 34,300 | |||||||||||||
Loss from joint ventures | (240 | ) | — | — | (240 | ) | |||||||||||
Interest expense, net | 9 | — | — | 9 | |||||||||||||
Pre-tax loss | (36,283 | ) | — | — | (36,283 | ) | |||||||||||
Income tax benefit(3) | (13,373 | ) | (2,497 | ) | — | (15,870 | ) | ||||||||||
(Loss)/income from discontinued operations, net of income taxes | (22,910 | ) | 2,497 | — | (20,413 | ) | |||||||||||
Gain/(loss) on sale, net of income taxes: | |||||||||||||||||
Gain on sale(4) | 47,561 | 419 | — | 47,980 | |||||||||||||
Income tax expense | 19,457 | 161 | — | 19,618 | |||||||||||||
Gain on sale, net of income taxes | 28,104 | 258 | — | 28,362 | |||||||||||||
Income from discontinued operations, net of income taxes | $ | 5,194 | $ | 2,755 | $ | — | $ | 7,949 | |||||||||
-1 | The multiemployer pension plan withdrawal expense in 2013 is related to estimated charges for complete or partial withdrawal obligations under multiemployer pension plans triggered by the sale of the New England Media Group. | ||||||||||||||||
-2 | Included in impairment of assets in 2013 is the impairment of fixed assets related to the New England Media Group. | ||||||||||||||||
-3 | The income tax benefit for the About Group in 2013 is related to a change in prior period estimated tax expense. | ||||||||||||||||
-4 | Included in the gain on sale in 2013 is a $49.1 million post-retirement curtailment gain related to the New England Media Group. | ||||||||||||||||
Included in impairment of assets in 2013 is the impairment of fixed assets held for sale that related to the New England Media Group. During the third quarter of 2013, we estimated the fair value less cost to sell of the group held for sale, using unobservable inputs (Level 3). We recorded a $34.3 million non-cash charge in the third quarter of 2013 for fixed assets at the New England Media Group to reduce the carrying value of fixed assets to their fair value less cost to sell. | |||||||||||||||||
The results of operations for the New England Media Group, About Group and the Regional Media Group presented as discontinued operations are summarized below for 2012. | |||||||||||||||||
Year Ended December 30, 2012 | |||||||||||||||||
(In thousands) | New England Media Group | About Group | Regional Media Group | Total | |||||||||||||
Revenues | $ | 394,739 | $ | 74,970 | $ | 6,115 | $ | 475,824 | |||||||||
Total operating costs | 385,527 | 51,140 | 8,017 | 444,684 | |||||||||||||
Impairment of assets (1) | — | 194,732 | — | 194,732 | |||||||||||||
Income from joint ventures | 68 | — | — | 68 | |||||||||||||
Interest expense, net | 7 | — | — | 7 | |||||||||||||
Pre-tax income/(loss) | 9,273 | (170,902 | ) | (1,902 | ) | (163,531 | ) | ||||||||||
Income tax expense/(benefit) | 10,717 | (60,065 | ) | (736 | ) | (50,084 | ) | ||||||||||
Loss from discontinued operations, net of income taxes | (1,444 | ) | (110,837 | ) | (1,166 | ) | (113,447 | ) | |||||||||
Gain/(loss) on sale, net of income taxes: | |||||||||||||||||
Gain/(loss) on sale | — | 96,675 | (5,441 | ) | 91,234 | ||||||||||||
Income tax expense/(benefit)(2) | — | 34,785 | (29,071 | ) | 5,714 | ||||||||||||
Gain on sale, net of income taxes | — | 61,890 | 23,630 | 85,520 | |||||||||||||
(Loss)/income from discontinued operations, net of income taxes | $ | (1,444 | ) | $ | (48,947 | ) | $ | 22,464 | $ | (27,927 | ) | ||||||
-1 | Included in impairment of assets in 2012 is the impairment of goodwill related to the About Group. | ||||||||||||||||
-2 | The income tax benefit for the Regional Media Group in 2012 included a tax deduction for goodwill, which was previously non-deductible, triggered upon the sale of the Regional Media Group. | ||||||||||||||||
Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our policy is to perform our annual goodwill impairment test in the fourth quarter of our fiscal year. However, due to certain impairment indicators at the About Group, we performed an interim impairment test as of June 24, 2012. The interim impairment test resulted in a $194.7 million non-cash charge in the second quarter of 2012 for the impairment of goodwill at the About Group. The impairment charge reduced the carrying value of goodwill to its fair value. See Note 10 for information regarding the fair value of goodwill and the related impairment charge. | |||||||||||||||||
The results of operations for the New England Media Group, About Group and the Regional Media Group presented as discontinued operations are summarized below for 2011. | |||||||||||||||||
Year Ended December 25, 2011 | |||||||||||||||||
(In thousands) | New England Media Group | About Group | Regional Media Group | Total | |||||||||||||
Revenues | $ | 398,056 | $ | 110,826 | $ | 259,945 | $ | 768,827 | |||||||||
Total operating costs | 376,474 | 67,475 | 235,032 | 678,981 | |||||||||||||
Impairment of assets | 1,767 | 3,116 | 152,093 | 156,976 | |||||||||||||
Income from joint ventures | 298 | — | — | 298 | |||||||||||||
Pre-tax income/(loss) | 20,113 | 40,235 | (127,180 | ) | (66,832 | ) | |||||||||||
Income tax expense/(benefit)(1) | 11,393 | 15,453 | (10,879 | ) | 15,967 | ||||||||||||
Income/(loss) from discontinued operations, net of income taxes | $ | 8,720 | $ | 24,782 | $ | (116,301 | ) | $ | (82,799 | ) | |||||||
-1 | The income tax benefit for the Regional Media Group in 2011 was unfavorably impacted because a portion of the goodwill impairment charge was non-deductible. | ||||||||||||||||
Due to certain impairment indicators at the Regional Media Group, including lower-than-expected operating results, we performed an interim impairment test of goodwill as of June 26, 2011. The interim test resulted in an impairment of goodwill of $152.1 million mainly from lower projected long-term operating results and cash flows of the Regional Media Group, primarily due to the continued decline in print advertising revenues. These factors resulted in the carrying value of the net assets being greater than their fair value, and therefore a write-down to fair value was required. The impairment charge reduced the carrying value of goodwill at the Regional Media Group to $0. See Note 10 for information regarding the fair value of goodwill and the related impairment charge. | |||||||||||||||||
Our 2011 annual impairment test, which was completed in the fourth quarter, resulted in a non-cash impairment charge of $3.1 million relating to the write-down of an intangible asset at ConsumerSearch, Inc., which was part of the About Group. The impairment was driven by lower cost-per-click advertising revenues. The impairment charge reduced the carrying value of the ConsumerSearch trade name to its fair value of approximately $3 million. See Note 10 for information regarding the fair value of the ConsumerSearch trade name and the related impairment charge. | |||||||||||||||||
The assets and liabilities classified as held for sale for the New England Media Group, About Group and the Regional Media Group are summarized below. | |||||||||||||||||
30-Dec-12 | |||||||||||||||||
(In thousands) | New England Media Group | About Group | Regional Media Group | Total | |||||||||||||
Accounts receivable, net | $ | 40,343 | $ | — | $ | — | $ | 40,343 | |||||||||
Inventories | 3,078 | 3,078 | |||||||||||||||
Property, plant and equipment, net | 86,917 | — | — | 86,917 | |||||||||||||
Other assets | 6,712 | — | — | 6,712 | |||||||||||||
Total assets | 137,050 | — | — | 137,050 | |||||||||||||
Total liabilities | 32,373 | — | — | 32,373 | |||||||||||||
Net assets | $ | 104,677 | $ | — | $ | — | $ | 104,677 | |||||||||
EarningsLoss_Per_Share
Earnings/(Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings/(Loss) Per Share | ' | ||||||||||||
Earnings/(Loss) Per Share | |||||||||||||
Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders by the weighted-average common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities, including outstanding warrants and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive. | |||||||||||||
The two-class method is an earnings allocation method for computing earnings/(loss) per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings/(loss) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. | |||||||||||||
Basic and diluted earnings/(loss) per share were as follows: | |||||||||||||
Years Ended | |||||||||||||
(In thousands, except per share data) | December 29, | December 30, | December 25, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
(52 weeks) | (53 weeks) | (52 weeks) | |||||||||||
Amounts attributable to The New York Times Company common stockholders: | |||||||||||||
Income from continuing operations | $ | 57,156 | $ | 163,774 | $ | 45,151 | |||||||
Income/(loss) from discontinued operations, net of income taxes | 7,949 | (27,927 | ) | (82,799 | ) | ||||||||
Net income/(loss) | $ | 65,105 | $ | 135,847 | $ | (37,648 | ) | ||||||
Average number of common shares outstanding – Basic | 149,755 | 148,147 | 147,190 | ||||||||||
Incremental shares for assumed exercise of securities | 8,019 | 4,546 | 4,817 | ||||||||||
Average number of common shares outstanding – Diluted | 157,774 | 152,693 | 152,007 | ||||||||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||
Income from continuing operations | $ | 0.38 | $ | 1.11 | $ | 0.31 | |||||||
Income/(loss) from discontinued operations, net of income taxes | 0.05 | (0.19 | ) | (0.57 | ) | ||||||||
Net income/(loss) – Basic | $ | 0.43 | $ | 0.92 | $ | (0.26 | ) | ||||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||
Income from continuing operations | $ | 0.36 | $ | 1.07 | $ | 0.3 | |||||||
Income/(loss) from discontinued operations, net of income taxes | 0.05 | (0.18 | ) | (0.55 | ) | ||||||||
Net income/(loss) – Diluted | $ | 0.41 | $ | 0.89 | $ | (0.25 | ) | ||||||
The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our restricted stock units, stock options and warrants could have the most significant impact on diluted shares. | |||||||||||||
Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock, because their inclusion would result in an anti-dilutive effect on per share amounts. | |||||||||||||
The number of stock options that was excluded from the computation of diluted earnings per share because they were anti-dilutive was approximately 10 million in 2013, 15 million in 2012 and 20 million in 2011, respectively. |
StockBased_Awards
Stock-Based Awards | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Awards | ' | ||||||||||||||||
Stock-Based Awards | |||||||||||||||||
As of December 29, 2013, the Company had two plans under which it was authorized to grant stock-based compensation: the 2010 Incentive Compensation Plan (the “2010 Incentive Plan”), which became effective April 27, 2010, and replaced the 1991 Executive Stock Incentive Plan (the “1991 Incentive Plan”), and the 2004 Non-Employee Directors’ Stock Incentive Plan (the “2004 Directors’ Plan”). | |||||||||||||||||
In 2013, the Company redesigned its long-term incentive compensation program, eliminating annual grants of stock options and restricted stock units and long-term performance awards payable solely in in cash for executives. In their place, executives have the opportunity to earn cash and shares of Class A Common Stock at the end of three-year cycles based on the achievement of financial goals tied to an adjusted EBITDA metric and stock price performance relative to companies in the Standard & Poor’s 500 Stock Index, with the majority of the target award to be settled in the Company’s Class A Common Stock. | |||||||||||||||||
We recognize stock-based compensation expense for these stock-settled long-term performance awards, stock-settled and cash-settled restricted stock units, stock options, stock appreciation rights, as well as Class A Common Stock issued under our ESPP (together, “Stock-Based Awards”). Stock-based compensation expense was $8.8 million in 2013, $4.5 million in 2012 and $7.6 million in 2011. | |||||||||||||||||
Stock-based compensation expense is recognized over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service. Awards under the 1991 Incentive Plan, 2010 Incentive Plan and 2004 Directors’ Plan generally vest over a stated vesting period or upon the retirement of an employee or director, as the case may be. | |||||||||||||||||
The 2004 Director’s Plan provides for the issuance of up to 500,000 shares of Class A Common Stock in the form of stock options or restricted stock awards. Restricted stock has never been awarded under the 2004 Directors’ Plan. Prior to 2012, under our 2004 Directors’ Plan, each non-employee director of our Company received annual grants of non-qualified stock options with 10-year terms to purchase 4,000 shares of Class A Common Stock from our Company at the average market price of such shares on the date of grants. These annual grants were replaced with annual grants of cash-settled phantom stock units in 2012, and, accordingly, no grants of stock options were made under this plan in 2012 or 2013. Under its terms, the 2014 Directors’ Plan terminates as of April 30, 2014. | |||||||||||||||||
Our pool of excess tax benefits (“APIC Pool”) available to absorb tax deficiencies was approximately $27.7 million as of December 29, 2013. | |||||||||||||||||
Stock Options | |||||||||||||||||
The 1991 Incentive Plan provided, and the 2010 Incentive Plan provides, for grants of both incentive and non-qualified stock options at an exercise price equal to the market value of our Class A Common Stock on the date of grant. Stock options have generally been granted with a 3-year vesting period and a 10-year term and vest in equal annual installments. Due to a change in the Company’s long-term incentive compensation, no grants of stock options were made in 2013. | |||||||||||||||||
Our 2004 Directors’ Plan provides for grants of stock options to non-employee directors at an exercise price equal to the market value of our Class A Common Stock on the date of grant. Prior to 2012, stock options were granted with a 1-year vesting period and a 10-year term. No grants of stock options were made in 2012 or 2013. Our Company’s directors are considered employees for purposes of stock-based compensation. | |||||||||||||||||
Changes in our Company’s stock options in 2013 were as follows: | |||||||||||||||||
December 29, 2013 | |||||||||||||||||
(Shares in thousands) | Options | Weighted | Weighted | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | $(000s) | |||||||||||||||
Term | |||||||||||||||||
(Years) | |||||||||||||||||
Options outstanding at beginning of year | 13,582 | $ | 24 | 4 | $ | 7,124 | |||||||||||
Granted | — | — | |||||||||||||||
Exercised | (914 | ) | 6 | ||||||||||||||
Forfeited/Expired | (2,919 | ) | 44 | ||||||||||||||
Options outstanding at end of period | 9,749 | $ | 20 | 4 | $ | 23,273 | |||||||||||
Options expected to vest at end of period | 9,678 | $ | 20 | 4 | $ | 23,273 | |||||||||||
Options exercisable at end of period | 8,994 | $ | 21 | 4 | $ | 17,803 | |||||||||||
The total intrinsic value for stock options exercised was $5.3 million in 2013, $0.9 million in 2012 and $0.6 million in 2011. | |||||||||||||||||
The fair value of the stock options granted was estimated on the date of grant using a Black-Scholes valuation model that uses the assumptions noted in the following table. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life (estimated period of time outstanding) of stock options granted was determined using the average of the vesting period and term. Expected volatility was based on historical volatility for a period equal to the stock option’s expected life, ending on the date of grant, and calculated on a monthly basis. The fair value for stock options granted with different vesting periods and on different dates are calculated separately. There were no stock option grants in 2013. | |||||||||||||||||
December 30, 2012 | December 25, 2011 | ||||||||||||||||
Term (In years) | 10 | 10 | 10 | 10 | |||||||||||||
Vesting (In years) | 3 | 3 | (1) | 3 | 1 | ||||||||||||
Risk-free interest rate | 1.39 | % | 0.98 | % | 2.9 | % | 2.25 | % | |||||||||
Expected life (In years) | 6 | 6 | 6 | 5 | |||||||||||||
Expected volatility | 47.67 | % | 49.35 | % | 43.79 | % | 47.93 | % | |||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Weighted-average fair value | $ | 3.35 | $ | 3.89 | $ | 4.81 | $ | 3.78 | |||||||||
(1) Stock options granted to Mark Thompson, our President and Chief Executive Officer, in November 2012 under the terms of his employment agreement. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
The 1991 Incentive Plan provided, and the 2010 Incentive Plan provides, for grants of other stock-based awards, including restricted stock units. | |||||||||||||||||
In 2013, 2012 and 2011, we granted stock-settled restricted stock units with a 3-year vesting period. Each restricted stock unit represents our obligation to deliver to the holder one share of Class A Common Stock upon vesting. The fair value of stock-settled restricted stock units is the average market price on the grant date. Changes in our Company’s stock-settled restricted stock units in 2013 were as follows: | |||||||||||||||||
December 29, 2013 | |||||||||||||||||
(Shares in thousands) | Restricted | Weighted | |||||||||||||||
Stock | Average | ||||||||||||||||
Units | Grant-Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Unvested stock-settled restricted stock units at beginning of period | 1,011 | $ | 9 | ||||||||||||||
Granted | 544 | 9 | |||||||||||||||
Vested | (169 | ) | 9 | ||||||||||||||
Forfeited | (193 | ) | 9 | ||||||||||||||
Unvested stock-settled restricted stock units at end of period | 1,193 | $ | 9 | ||||||||||||||
Unvested stock-settled restricted stock units expected to vest at end of period | 1,107 | $ | 9 | ||||||||||||||
The intrinsic value of stock-settled restricted stock units vested was $1.9 million in 2013, $1.2 million in 2012 and $3.3 million in 2011. | |||||||||||||||||
In 2010, we granted cash-settled restricted stock units with a 3-year vesting period that vested in February 2013. The fair value of cash-settled restricted stock units was the average market price on the grant date. Cash-settled restricted stock units were classified as liability awards because we incurred a liability, payable in cash, based on our stock price. The cash-settled restricted stock unit was measured at its fair value at the end of each reporting period and, therefore, fluctuated based on the fluctuations in our stock price. | |||||||||||||||||
The intrinsic value of cash-settled restricted stock units vested was $1.5 million in 2013, $3.7 million in 2012 and $80,000 in 2011. | |||||||||||||||||
Long-Term Incentive Compensation | |||||||||||||||||
The 1991 Incentive Plan provided, and the 2010 Incentive Plan provides, for grants of cash and stock-settled awards to key executives payable at the end of a multi-year performance period. There were payments of approximately $9 million in 2013, $12 million in 2012 and $4 million in 2011. | |||||||||||||||||
Awards granted for the three-year performance periods beginning in 2011 and 2012 are based on the achievement of specified goals under two financial performance measures. These awards were classified as liability awards because we incurred a liability payable in cash. | |||||||||||||||||
Awards granted for the cycle beginning in 2013 are based on relative Total Shareholder Return (“TSR”), which is calculated at stock appreciation plus reinvested dividends, payable in Class A Common Stock and another performance measure, payable in Class A Common Stock and cash. Awards payable in stock are classified within equity; awards payable in cash are classified as a liability. The fair value of TSR awards is determined at the date of grant using a market calculation simulation. | |||||||||||||||||
Unrecognized Compensation Expense | |||||||||||||||||
As of December 29, 2013, unrecognized compensation expense related to the unvested portion of our Stock-Based Awards was approximately $3 million and is expected to be recognized over a weighted-average period of 1.5 years. | |||||||||||||||||
Reserved Shares | |||||||||||||||||
We generally issue shares for the exercise of stock options and stock-settled restricted stock units from unissued reserved shares. | |||||||||||||||||
Shares of Class A Common Stock reserved for issuance were as follows: | |||||||||||||||||
(In thousands) | December 29, | December 30, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Stock options, stock–settled restricted stock units and stock-settled performance awards | |||||||||||||||||
Stock options and stock-settled restricted stock units | 10,965 | 14,593 | |||||||||||||||
Stock-settled performance awards(1) | 1,908 | 362 | |||||||||||||||
Outstanding | 12,873 | 14,955 | |||||||||||||||
Available | 3,161 | 4,938 | |||||||||||||||
Employee Stock Purchase Plan(2) | |||||||||||||||||
Available | 6,410 | 6,410 | |||||||||||||||
401(k) Company stock match(3) | |||||||||||||||||
Available | 3,045 | 3,348 | |||||||||||||||
Total Outstanding | 12,873 | 14,955 | |||||||||||||||
Total Available | 12,616 | 14,696 | |||||||||||||||
-1 | The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that would be issued is included in the table above. | ||||||||||||||||
-2 | We have not had an offering under the ESPP since 2010. | ||||||||||||||||
-3 | Effective 2014, we no longer offer a Company stock match under the Company’s 401(k) plan. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
Stockholders’ Equity | |||||||||||||||||
Shares of our Company’s Class A and Class B Common Stock are entitled to equal participation in the event of liquidation and in dividend declarations. The Class B Common Stock is convertible at the holders’ option on a share-for-share basis into Class A Common Stock. Upon conversion, the previously outstanding shares of Class B Common Stock are automatically and immediately retired, resulting in a reduction of authorized Class B Common Stock. As provided for in our Company’s Certificate of Incorporation, the Class A Common Stock has limited voting rights, including the right to elect 30% of the Board of Directors, and the Class A and Class B Common Stock have the right to vote together on the reservation of our Company shares for stock options and other stock-based plans, on the ratification of the selection of a registered public accounting firm and, in certain circumstances, on acquisitions of the stock or assets of other companies. Otherwise, except as provided by the laws of the State of New York, all voting power is vested solely and exclusively in the holders of the Class B Common Stock. | |||||||||||||||||
There were 818,061 shares as of December 29, 2013 and 818,385 shares as of December 30, 2012 of Class B Common Stock available for conversion into shares of Class A Common Stock. | |||||||||||||||||
The Adolph Ochs family trust holds approximately 90% of the Class B Common Stock and, as a result, has the ability to elect 70% of the Board of Directors and to direct the outcome of any matter that does not require a vote of the Class A Common Stock. | |||||||||||||||||
In January 2009, pursuant to a securities purchase agreement, we issued unsecured notes and detachable warrants to purchase 15.9 million shares of our Class A Common Stock at a price of $6.3572 per share. The warrants are exercisable at the holder’s option at any time and from time to time, in whole or in part, until January 15, 2015. See Note 8 for additional information regarding our debt obligations. | |||||||||||||||||
We can repurchase Class A Common Stock under our stock repurchase program from time to time either in the open market or through private transactions. These repurchases may be suspended from time to time or discontinued. In 2013 and 2012, we did not repurchase any shares of Class A Common Stock pursuant to our stock repurchase program. | |||||||||||||||||
We may issue preferred stock in one or more series. The Board of Directors is authorized to set the distinguishing characteristics of each series of preferred stock prior to issuance, including the granting of limited or full voting rights; however, the consideration received must be at least $100 per share. No shares of preferred stock were issued or outstanding as of December 29, 2013. | |||||||||||||||||
The following table summarizes the changes in AOCI by component as of December 29, 2013: | |||||||||||||||||
(In thousands) | Foreign Currency Translation Adjustments | Unrealized Loss on Available-For-Sale Security | Funded Status of Benefit Plans | Total Accumulated Other Comprehensive Loss | |||||||||||||
Balance, December 30, 2012 | $ | 11,327 | $ | (431 | ) | $ | (523,462 | ) | $ | (512,566 | ) | ||||||
Other comprehensive income before reclassifications, before tax(1) | 2,613 | — | 197,081 | 199,694 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax(1) | — | 729 | (17,303 | ) | (16,574 | ) | |||||||||||
Income tax expense(1) | 1,266 | 298 | 71,601 | 73,165 | |||||||||||||
Net current-period other comprehensive income, net of tax | 1,347 | 431 | 108,177 | 109,955 | |||||||||||||
Balance, December 29, 2013 | $ | 12,674 | $ | — | $ | (415,285 | ) | $ | (402,611 | ) | |||||||
-1 | All amounts are shown net of noncontrolling interest. | ||||||||||||||||
The following table summarizes the reclassifications from AOCI for the periods ended December 29, 2013 | |||||||||||||||||
Detail about accumulated other comprehensive loss components | Amounts reclassified from accumulated other comprehensive loss | Affect line item in the statement where net income is presented | |||||||||||||||
Funded status of benefit plans: | |||||||||||||||||
Amortization of prior service credit(1) | $ | (14,996 | ) | Selling, general & administrative costs | |||||||||||||
Recognized actuarial loss(1) | 43,457 | Selling, general & administrative costs | |||||||||||||||
Curtailment | (49,122 | ) | Discontinued operations: gain on sale, net of tax | ||||||||||||||
Settlement | 3,358 | Pension settlement expense | |||||||||||||||
Total reclassification, before tax(2) | (17,303 | ) | |||||||||||||||
Income tax expense | (7,091 | ) | Tax expense | ||||||||||||||
Total reclassification, net of tax | $ | (10,212 | ) | ||||||||||||||
Unrealized gains and losses on available for sale securities | |||||||||||||||||
Realized gain on sale of securities, before tax | $ | 729 | Selling, general & administrative costs | ||||||||||||||
Tax expense | 298 | Tax expense | |||||||||||||||
Net of tax | $ | 431 | |||||||||||||||
-1 | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 11 and 12 for additional information. | ||||||||||||||||
-2 | There were no reclassifications relating to noncontrolling interest for the year ended December 29, 2013. |
Segment_Information
Segment Information | 12 Months Ended |
Dec. 29, 2013 | |
Segment Reporting [Abstract] | ' |
Segment Information | ' |
Segment Information | |
We have one reportable segment that includes The Times, the International New York Times, NYTimes.com, international.nytimes.com and related businesses. Therefore, all required segment information can be found in the consolidated financial statements. | |
On August 3, 2013, we entered into an agreement to sell substantially all of the assets and operating liabilities of the New England Media Group. The New England Media Group, which includes the Globe, BostonGlobe.com, Boston.com, the T&G, Telegram.com and related businesses, has been classified as a discontinued operation for all periods presented. See Note 15 for further information on the sale of the New England Media Group. | |
Our operating segment generated revenues principally from circulation and advertising. Other revenues consist primarily of revenues from news services/syndication, digital archives, rental income and conferences/events. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | |||
Dec. 29, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingent Liabilities | ' | |||
Commitments and Contingent Liabilities | ||||
Operating Leases | ||||
Operating lease commitments are primarily for office space and equipment. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. | ||||
Rental expense amounted to approximately $16 million in 2013, $18 million in 2012 and $17 million in 2011. The approximate minimum rental commitments under noncancelable leases, net of subleases, as of December 29, 2013 were as follows: | ||||
(In thousands) | Amount | |||
2014 | $ | 12,472 | ||
2015 | 10,503 | |||
2016 | 7,419 | |||
2017 | 6,976 | |||
2018 | 4,022 | |||
Later years | 10,883 | |||
Total minimum lease payments | 52,275 | |||
Less: noncancelable subleases | (8,680 | ) | ||
Total minimum lease payments, net of noncancelable subleases | $ | 43,595 | ||
Capital Leases | ||||
Future minimum lease payments for all capital leases, and the present value of the minimum lease payments as of December 29, 2013, were as follows: | ||||
(In thousands) | Amount | |||
2014 | $ | 573 | ||
2015 | 552 | |||
2016 | 552 | |||
2017 | 552 | |||
2018 | 552 | |||
Later years | 7,245 | |||
Total minimum lease payments | 10,026 | |||
Less: imputed interest | (3,290 | ) | ||
Present value of net minimum lease payments including current maturities | $ | 6,736 | ||
Restricted Cash | ||||
We were required to maintain $28.1 million of restricted cash as of December 29, 2013 and $24.3 million as of December 30, 2012, primarily related to certain collateral requirements, for obligations under our workers’ compensation programs. These collateral requirements were previously supported by letters of credit under a revolving credit facility that was replaced in June 2011. Restricted cash is included in “Miscellaneous assets” in our Consolidated Balance Sheets. | ||||
Other | ||||
We are involved in various legal actions incidental to our business that are now pending against us. These actions are generally for amounts greatly in excess of the payments, if any, that may be required to be made. It is the opinion of management after reviewing these actions with our legal counsel that the ultimate liability that might result from these actions would not have a material adverse effect on our Consolidated Financial Statements. | ||||
In September 2013, we received a notice and demand for payment in the amount of approximately $26 million from the Newspaper and Mail Deliverers - Publishers’ Pension Fund. We participate in the fund, which covers drivers employed by the New York Times. City & Suburban, a retail and newsstand distribution subsidiary and the largest contributor to the fund, ceased operations in 2009. The fund claims that The New York Times Company partially withdrew from the fund in the plan years ending May 31, 2013 and 2012, as a result of a more than 70% decline in contribution base units. We disagree with the plan determination and are disputing the claim vigorously. We do not believe that a loss is probable on this matter and have not recorded a loss contingency for the period ended December 29, 2013. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 29, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Event | |
One-Time Lump-Sum Payment Offer | |
In February 2014, we announced that we plan to offer certain former employees who participate in certain non-qualified pension plans the option to receive a one-time lump-sum payment equal to the present value of the participant’s pension benefit. | |
If an individual elects to receive a lump sum, the pension obligation to the individual will be settled. While it is too early to estimate the participation rate, assuming an acceptance rate of 50% of the pension obligations associated with the offer, we would make settlement distributions of approximately $40 million paid out of Company cash and we would record a non-cash settlement charge of approximately $13.5 million in the second quarter of 2014. The actual amount of the charge will largely depend upon the number of participants electing the offer and the associated pension benefit of those electing participants, as well as interest rates and asset performance. When the election period closes, the actual amount of the settlement will be actuarially determined and the associated charge will recognize the acceleration of the accumulated unrecognized actuarial loss. | |
Pension Benefit Guaranty Corporation | |
In February 2014, the Pension Benefit Guaranty Corporation (“PBGC”) notified us that it believes that the Company has had a triggering event under Section 4062(e) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), with respect to The Boston Globe Retirement Plan for Employees Represented by the Boston Newspaper Guild and The New York Times Companies Pension Plan on account of the Company’s sale of the New England Media Group. Under Section 4062(e), the PBGC may be entitled to protection if, as a result of a cessation of operations at a facility, more than 20% of the active participants in a plan are separated from employment. The Company, which retained all pension assets and liabilities related to New England Media Group employees, maintains that an asset sale is not a triggering event for purposes of Section 4062(e). Additionally, with respect to The New York Times Companies Pension Plan, we believe that the 20% threshold was not met. | |
If a triggering event under Section 4062(e) with respect to either or both of these plans is determined to have occurred, the Company would be required to place funds into an escrow account or to post a surety bond, with the escrowed funds or the bond proceeds available to the applicable plan if it were to terminate in a distress or involuntary termination within five years of the date of the New England Media Group sale. We do not expect such a termination for either of these plans. If the applicable plan did not so terminate within the five-year period, any escrowed funds for that plan would be returned to the Company or the bond for that plan would be cancelled. The amount of any required escrow or bond would be based on a percentage of the applicable plan’s unfunded benefit liabilities, computed under Section 4062(e) on a “termination basis,” which would be higher than that computed under GAAP. In lieu of establishing an escrow account with the PBGC or posting a bond, the Company and the PBGC can negotiate an alternate resolution of the liability, which could include making cash contributions to these plans in excess of minimum requirements. | |
At this time, we cannot predict the ultimate outcome of this matter, but we do not expect that the resolution of this matter will have a material adverse effect on our earnings or financial condition. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | ' | ||||||||||||||||
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
For the Three Years Ended December 29, 2013 | |||||||||||||||||
(In thousands) | Balance at | Additions | Deductions(1) | Balance at | |||||||||||||
Description | beginning | charged to | end of period | ||||||||||||||
of period | operating | ||||||||||||||||
costs and other | |||||||||||||||||
Accounts receivable allowances: | |||||||||||||||||
Year ended December 29, 2013 | $ | 15,452 | $ | 9,377 | $ | 10,577 | $ | 14,252 | |||||||||
Year ended December 30, 2012 | $ | 13,065 | $ | 11,623 | $ | 9,236 | $ | 15,452 | |||||||||
Year ended December 25, 2011 | $ | 18,088 | $ | 8,015 | $ | 13,038 | $ | 13,065 | |||||||||
Valuation allowance for deferred tax assets: | |||||||||||||||||
Year ended December 29, 2013 | $ | 42,138 | $ | 2,432 | $ | 2,275 | $ | 42,295 | |||||||||
Year ended December 30, 2012 | $ | 39,824 | $ | 2,314 | $ | — | $ | 42,138 | |||||||||
Year ended December 25, 2011 | $ | — | $ | 39,824 | $ | — | $ | 39,824 | |||||||||
-1 | Includes write-offs, net of recoveries. |
Quarterly_Information_Unaudite
Quarterly Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Information (Unaudited) | ' | ||||||||||||||||
QUARTERLY INFORMATION (UNAUDITED) | |||||||||||||||||
The New England Media Group, About Group and the Regional Media Group’s results of operations have been presented as discontinued operations for all periods presented. See Note 15 of the Notes to the Consolidated Financial Statements for additional information regarding these discontinued operations. | |||||||||||||||||
2013 Quarters | |||||||||||||||||
(In thousands, except per share data) | March 31, | June 30, | September 29, | December 29, | Full Year | ||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
(13 weeks) | (13 weeks) | (13 weeks) | (13 weeks) | (52 weeks) | |||||||||||||
Revenues | $ | 380,675 | $ | 390,957 | $ | 361,738 | $ | 443,860 | $ | 1,577,230 | |||||||
Operating costs | 352,544 | 344,733 | 342,712 | 371,755 | 1,411,744 | ||||||||||||
Pension settlement expense(1) | 3,228 | 3,228 | |||||||||||||||
Multiemployer pension plan withdrawal expense(2) | — | — | 6,171 | — | 6,171 | ||||||||||||
Operating profit | 28,131 | 46,224 | 12,855 | 68,877 | 156,087 | ||||||||||||
(Loss)/income from joint ventures | (2,870 | ) | (405 | ) | (123 | ) | 183 | (3,215 | ) | ||||||||
Interest expense, net | 14,071 | 14,644 | 15,454 | 13,904 | 58,073 | ||||||||||||
Income/(loss) from continuing operations before income taxes | 11,190 | 31,175 | (2,722 | ) | 55,156 | 94,799 | |||||||||||
Income tax expense/(benefit) | 5,082 | 13,813 | 2,578 | 16,419 | 37,892 | ||||||||||||
Income/(loss) from continuing operations | 6,108 | 17,362 | (5,300 | ) | 38,737 | 56,907 | |||||||||||
Income/(loss) from discontinued operations, net of income taxes | (2,785 | ) | 2,776 | (18,987 | ) | 26,944 | 7,949 | ||||||||||
Net income/(loss) | 3,323 | 20,138 | (24,287 | ) | 65,681 | 64,856 | |||||||||||
Net loss/(income) attributable to the noncontrolling interest | 249 | (6 | ) | 61 | (55 | ) | 249 | ||||||||||
Net income/(loss) attributable to The New York Times Company common stockholders | $ | 3,572 | $ | 20,132 | $ | (24,226 | ) | $ | 65,626 | $ | 65,105 | ||||||
Amounts attributable to The New York Times Company common stockholders: | |||||||||||||||||
Income/(loss) from continuing operations | $ | 6,357 | $ | 17,356 | $ | (5,239 | ) | $ | 38,682 | $ | 57,156 | ||||||
Income/(loss) from discontinued operations, net of income taxes | (2,785 | ) | 2,776 | (18,987 | ) | 26,944 | 7,949 | ||||||||||
Net income/(loss) | $ | 3,572 | $ | 20,132 | $ | (24,226 | ) | $ | 65,626 | $ | 65,105 | ||||||
Average number of common shares outstanding: | |||||||||||||||||
Basic | 148,710 | 148,797 | 150,033 | 150,162 | 149,755 | ||||||||||||
Diluted | 155,270 | 156,511 | 150,033 | 160,013 | 157,774 | ||||||||||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||||||
Income/(loss) from continuing operations | $ | 0.04 | $ | 0.12 | $ | (0.03 | ) | $ | 0.26 | $ | 0.38 | ||||||
Income/(loss) from discontinued operations, net of income taxes | (0.02 | ) | 0.02 | (0.13 | ) | 0.18 | 0.05 | ||||||||||
Net income/(loss) | $ | 0.02 | $ | 0.14 | $ | (0.16 | ) | $ | 0.44 | $ | 0.43 | ||||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||||||
Income/(loss) from continuing operations | $ | 0.04 | $ | 0.11 | $ | (0.03 | ) | $ | 0.24 | $ | 0.36 | ||||||
Income/(loss) from discontinued operations, net of income taxes | (0.02 | ) | 0.02 | (0.13 | ) | 0.17 | 0.05 | ||||||||||
Net income/(loss) | $ | 0.02 | $ | 0.13 | $ | (0.16 | ) | $ | 0.41 | $ | 0.41 | ||||||
-1 | We recorded a non-cash settlement charge related to a one-time lump sum payment offer to certain former employees who participated in a non-qualified pension plan. | ||||||||||||||||
-2 | We recorded an estimated charge related to a partial withdrawal obligation under a multiemployer pension plan. | ||||||||||||||||
2012 Quarters | |||||||||||||||||
(In thousands, except per share data) | March 25, 2012 | June 24, | September 23, 2012 | December 30, 2012 | Full Year | ||||||||||||
2012 | |||||||||||||||||
(13 weeks) | (13 weeks) | (13 weeks) | (14 weeks) | (53 weeks) | |||||||||||||
Revenues | $ | 384,049 | $ | 387,841 | $ | 355,337 | $ | 468,114 | $ | 1,595,341 | |||||||
Operating costs | 361,348 | 351,206 | 346,423 | 382,433 | 1,441,410 | ||||||||||||
Pension settlement expense(1) | — | — | — | 47,657 | 47,657 | ||||||||||||
Other expense(2) | — | — | — | 2,620 | 2,620 | ||||||||||||
Operating profit | 22,701 | 36,635 | 8,914 | 35,404 | 103,654 | ||||||||||||
Gain on sale of investment(3) | 17,848 | 37,797 | — | 164,630 | 220,275 | ||||||||||||
Impairment of investments(4) | 4,900 | — | 600 | — | 5,500 | ||||||||||||
(Loss)/income from joint ventures | 15 | 1,064 | 1,010 | 847 | 2,936 | ||||||||||||
Interest expense, net | 15,452 | 15,464 | 15,490 | 16,402 | 62,808 | ||||||||||||
(Loss)/income from continuing operations before income taxes | 20,212 | 60,032 | (6,166 | ) | 184,479 | 258,557 | |||||||||||
Income tax (benefit)/expense | 5,852 | 25,781 | (3,187 | ) | 66,171 | 94,617 | |||||||||||
(Loss)/income from continuing operations | 14,360 | 34,251 | (2,979 | ) | 118,308 | 163,940 | |||||||||||
Income/(loss) from discontinued operations, net of income taxes | 28,190 | (121,900 | ) | 5,703 | 60,080 | (27,927 | ) | ||||||||||
Net income/(loss) | 42,550 | (87,649 | ) | 2,724 | 178,388 | 136,013 | |||||||||||
Net loss attributable to the noncontrolling interest | 53 | 27 | 21 | (267 | ) | (166 | ) | ||||||||||
Net income/(loss) attributable to The New York Times Company common stockholders | $ | 42,603 | $ | (87,622 | ) | $ | 2,745 | $ | 178,121 | $ | 135,847 | ||||||
Amounts attributable to The New York Times Company common stockholders: | |||||||||||||||||
(Loss)/income from continuing operations | $ | 14,413 | $ | 34,278 | $ | (2,958 | ) | $ | 118,041 | $ | 163,774 | ||||||
Income/(loss) from discontinued operations, net of income taxes | 28,190 | (121,900 | ) | 5,703 | 60,080 | (27,927 | ) | ||||||||||
Net income/(loss) | $ | 42,603 | $ | (87,622 | ) | $ | 2,745 | $ | 178,121 | $ | 135,847 | ||||||
Average number of common shares outstanding: | |||||||||||||||||
Basic | 147,867 | 148,005 | 148,254 | 148,461 | 148,147 | ||||||||||||
Diluted | 151,468 | 149,799 | 148,254 | 154,685 | 152,693 | ||||||||||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||||||
(Loss)/income from continuing operations | $ | 0.1 | $ | 0.23 | $ | (0.02 | ) | $ | 0.8 | $ | 1.11 | ||||||
Income/(loss) from discontinued operations, net of income taxes | 0.19 | (0.82 | ) | 0.04 | 0.4 | (0.19 | ) | ||||||||||
Net income/(loss) | $ | 0.29 | $ | (0.59 | ) | $ | 0.02 | $ | 1.2 | $ | 0.92 | ||||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||||||
(Loss)/income from continuing operations | $ | 0.1 | $ | 0.23 | $ | (0.02 | ) | $ | 0.76 | $ | 1.07 | ||||||
Income/(loss) from discontinued operations, net of income taxes | 0.18 | (0.81 | ) | 0.04 | 0.39 | (0.18 | ) | ||||||||||
Net income/(loss) | $ | 0.28 | $ | (0.58 | ) | $ | 0.02 | $ | 1.15 | $ | 0.89 | ||||||
-1 | In the fourth quarter of 2012, we recorded a $47.7 million non-cash pension settlement charge in connection with the immediate pension benefit offer to certain former employees who participate in The New York Times Companies Pension Plan. | ||||||||||||||||
-2 | In the fourth quarter of 2012, we recorded a $2.6 million charge in connection with a legal settlement. | ||||||||||||||||
-3 | In the first quarter of 2012, we recorded a $17.8 million gain on the sale of 100 of our units in Fenway Sports Group. In the second quarter of 2012, we recorded a $37.8 million gain on the sale of our remaining 210 units in Fenway Sports Group. In the fourth quarter of 2012, we recorded a $164.6 million gain on the sale of our ownership interest in Indeed.com. | ||||||||||||||||
-4 | In the first and third quarters of 2012, we recorded a $4.9 million and $0.6 million non-cash charge, respectively, for the impairment of certain investments. | ||||||||||||||||
Earnings/(loss) per share amounts for the quarters do not necessarily equal the respective year-end amounts for earnings or loss per share due to the weighted-average number of shares outstanding used in the computations for the respective periods. Earnings/(loss) per share amounts for the respective quarters and years have been computed using the average number of common shares outstanding. | |||||||||||||||||
One of our largest sources of revenue is advertising. Our business has historically experienced higher advertising volume in the fourth quarter than the remaining quarters because of holiday advertising. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of our Company and our wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions. | |
The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ from these estimates. | |
Fiscal Year | ' |
Fiscal Year | |
Our fiscal year end is the last Sunday in December. Fiscal years 2013 and 2011 each comprise 52 weeks and fiscal year 2012 comprises 53 weeks. Our fiscal years ended as of December 29, 2013, December 30, 2012, and December 25, 2011. | |
Reclassifications | ' |
Reclassifications | |
For comparability, certain prior-year amounts have been reclassified to conform with the 2013 presentation. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
We consider all highly liquid debt instruments with original maturities of 3 months or less to be cash equivalents. | |
Marketable Securities | ' |
Marketable Securities | |
We have investments in marketable debt and equity securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term. We have the intent and ability to hold our marketable debt securities until maturity; therefore, they are accounted for as held-to-maturity and stated at amortized cost. We had a marketable equity security which was accounted for as available-for-sale and stated at fair value until the sale of the investment in the fourth quarter of 2013 (see Note 4). Changes in the fair value of our available-for-sale security were recognized as unrealized gains or losses, net of taxes, as a component of accumulated other comprehensive income/(loss) (“AOCI”). | |
Concentration of Risk | ' |
Concentration of Risk | |
Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and investments. Cash and cash equivalents are placed with major financial institutions. As of December 29, 2013, we had cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these financial institutions as part of our ongoing investment strategy. | |
Our investment portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash and investments are primarily managed by third-party investment managers who are required to adhere to investment policies approved by our Board of Directors designed to mitigate risk. | |
Accounts Receivable | ' |
Accounts Receivable | |
Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, rate adjustments and discounts are generally established based on historical experience. | |
Inventories | ' |
Inventories | |
Inventories are stated at the lower of cost or current market value. Inventory cost is generally based on the last-in, first-out (“LIFO”) method for newsprint and the first-in, first-out (“FIFO”) method for other inventories. | |
Investments | ' |
Investments | |
Investments in which we have at least a 20%, but not more than a 50%, interest are generally accounted for under the equity method. Investment interests below 20% are generally accounted for under the cost method, except if we could exercise significant influence, the investment would be accounted for under the equity method. We had an investment interest below 20% in Fenway Sports Group, which was accounted for under the equity method until the sale of a portion of our investment interest in the first quarter of 2012 (see Note 7). | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements – 10 to 40 years; equipment – 3 to 30 years; and software – 2 to 5 years. We capitalize interest costs and certain staffing costs as part of the cost of major projects. | |
We evaluate whether there has been an impairment of long-lived assets, primarily property, plant and equipment, if certain circumstances indicate that a possible impairment may exist. These assets are tested for impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (1) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater than its fair value. | |
Goodwill and Intangible Assets Acquired | ' |
Goodwill | |
Goodwill is the excess of cost over the fair value of tangible and other intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter. | |
We test for goodwill impairment at the reporting unit level, which is our single operating segment. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key management personnel and our share price. The result of this assessment determines whether it is necessary to perform the goodwill impairment two-step test. For the 2013 annual impairment testing, based on our qualitative assessment, we concluded that it is more likely than not that goodwill is not impaired. | |
If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, in the first step, we compare the fair value of the reporting unit with its carrying amount, including goodwill. Fair value is calculated by a combination of a discounted cash flow model and a market approach model. In calculating fair value for our reporting unit, we generally weigh the results of the discounted cash flow model more heavily than the market approach because the discounted cash flow model is specific to our business and long-term projections. If the fair value exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount exceeds the fair value, the second step must be performed to measure the amount of the impairment loss, if any. In the second step, we compare the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. An impairment loss would be recognized in an amount equal to the excess of the carrying amount of the goodwill over the implied fair value of the goodwill. | |
The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working capital and discount rates. The starting point for the assumptions used in our discounted cash flow analysis is the annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and operating performance, related industry trends, macroeconomic conditions, and marketplace data, among others. Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic conditions outside our control. | |
The market approach analysis includes applying a multiple, based on comparable market transactions, to certain operating metrics of the reporting unit. | |
All other long-lived assets, were tested for impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (1) was not recoverable (the carrying value of the asset was greater than the sum of undiscounted cash flows) and (2) was greater than its fair value. | |
The significant estimates and assumptions used by management in assessing the recoverability of goodwill acquired and other long-lived assets are estimated future cash flows, discount rates, growth rates, as well as other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes. | |
In addition to annual testing, management uses certain indicators to evaluate whether an interim impairment test may be required. These indicators include: (1) current-period operating or cash flow declines combined with a history of operating or cash flow declines or a projection/forecast that demonstrates continuing declines in the cash flow or the inability to improve our operations to forecasted levels, (2) a significant adverse change in the business climate, whether structural or technological and (3) a decline in our stock price and market capitalization. | |
Management has applied what it believes to be the most appropriate valuation methodology for its impairment testing. See Note 15 for goodwill impairments recorded within discontinued operations. | |
Self-Insurance | ' |
Self-Insurance | |
We self-insure for workers’ compensation costs, automobile and general liability claims, up to certain deductible limits, as well as for certain employee medical and disability benefits. The recorded liabilities for self-insured risks are primarily calculated using actuarial methods. The liabilities include amounts for actual claims, claim growth and claims incurred but not yet reported. The recorded liabilities for self-insured risks were approximately $43 million as of December 29, 2013 and $42 million as of December 30, 2012. | |
Pension and Other Postretirement Benefits | ' |
Pension and Other Postretirement Benefits | |
Our single-employer pension and other postretirement benefit costs are accounted for using actuarial valuations. We recognize the funded status of these plans – measured as the difference between plan assets, if funded, and the benefit obligation – on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), net of income taxes. The assets related to our funded pension plans are measured at fair value. | |
We make significant subjective judgments about a number of actuarial assumptions, which include discount rates, health-care cost trend rates, long-term return on plan assets and mortality rates. Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements. | |
We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We assess a liability, for obligations related to complete and partial withdrawals from multiemployer pension plans, as well as estimate obligations for future partial withdrawals that we consider probable and reasonably estimable. The actual liability is not known until each plan completes a final assessment of the withdrawal liability and issues a demand to us. Therefore, we adjust the estimate of our multiemployer pension plan liability as more information becomes available that allows us to refine our estimates. | |
See Notes 11 and 12 for additional information regarding pension and other postretirement benefits. | |
Revenue Recognition | ' |
Revenue Recognition | |
Circulation revenues include single-copy and subscription revenues. Circulation revenues are based on the number of copies of the printed newspaper (through home-delivery subscriptions and single-copy sales) and digital subscriptions sold and the rates charged to the respective customers. Single-copy revenue is recognized based on date of publication, net of provisions for related returns. Proceeds from subscription revenues are deferred at the time of sale and are recognized in earnings on a pro rata basis over the terms of the subscriptions. When our digital subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. Several factors are considered to determine whether we are a principal, most notably whether we are the primary obligor to the customer and have determined the selling price and product specifications. | |
Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user clicks on certain advertisements, net of provisions for estimated rebates, rate adjustments and discounts. | |
We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will be earned and claimed, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. | |
Rate adjustments primarily represent credits given to customers related to billing or production errors and discounts represent credits given to customers who pay an invoice prior to its due date. Rate adjustments and discounts are accounted for as a reduction of revenues, based on the amount of estimated rate adjustments or discounts related to the underlying revenues during the period. Measurement of rate adjustments and discount obligations are estimated based on historical experience of credits actually issued. | |
Other revenues are recognized when the related service or product has been delivered. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are recognized for the following: (1) amount of taxes payable for the current year and (2) deferred tax assets and liabilities for the future tax consequence of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes in the period of enactment. | |
We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (e.g., sources of taxable income) and negative (e.g., recent historical losses) evidence and assessing, based on the evidence, whether it is more likely than not that the deferred tax assets will not be realized. | |
We recognize in our financial statements the impact of a tax position if that tax position is more likely than not of being sustained on audit, based on the technical merits of the tax position. This involves the identification of potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax positions is necessary. Different conclusions reached in this assessment can have a material impact on our Consolidated Financial Statements. | |
We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues, which could require an extended period of time to resolve. Until formal resolutions are reached between us and the tax authorities, the timing and amount of a possible audit settlement for uncertain tax benefits is difficult to predict. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
We establish fair value for our stock-based awards to determine our cost and recognize the related expense over the appropriate vesting period. We recognize compensation expense for outstanding stock-settled restricted stock units, stock options, stock appreciation rights, cash-settled restricted stock units, long-term incentive plan (“LTIP”) awards and Common Stock under our Employee Stock Purchase Plan (“ESPP”). See Note 17 for additional information related to stock-based compensation expense. | |
Earnings/(Loss) Per Share | ' |
Earnings/(Loss) Per Share | |
Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders by the weighted-average common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities, including outstanding warrants and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
The assets and liabilities of foreign companies are translated at year-end exchange rates. Results of operations are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption “Accumulated other comprehensive loss, net of income taxes.” | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” which prescribes that a liability related to an unrecognized tax benefit to be offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations in which a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date under the tax law of a jurisdiction or the tax law of a jurisdiction does not require it, and we do not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statement as a liability and should not be combined with deferred tax assets. This guidance becomes effective for the Company for fiscal years beginning after December 15, 2013, and will be applied on a prospective basis. We do not anticipate the adoption of this guidance will have a material impact on our financial statements. | |
In February 2013, the Financial Accounting Standards Board (“FASB”) amended its presentation guidance on comprehensive income to improve the reporting of reclassifications out of accumulated other comprehensive income(“AOCI”). The new accounting guidance requires entities to provide information about the amounts reclassified out of AOCI by component. In addition, entities are required to present, either on the face of the financial statements or in the notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required to be reclassified in its entirety in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, entities are required to cross-reference to other disclosures that provide additional details about those amounts. We adopted the new guidance and present the reclassifications in the notes to the financial statements. See Note 18 for additional information regarding amounts reclassified from AOCI. |
Prior_Period_Adjustments_Table
Prior Period Adjustments (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | |||||||||||||||||||||
Schedule of Error Corrections and Prior Period Adjustments | ' | |||||||||||||||||||||
(In thousands) | 2012 by quarter | |||||||||||||||||||||
As previously reported: | 31-Mar-13 | Full Year 2012 | December 30, | September 23, | June 24, | March 25, | Full Year 2011 | |||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income/(Loss) | ||||||||||||||||||||||
Net income/(loss) | $ | 2,889 | $ | 133,339 | $ | 177,177 | $ | 2,261 | $ | (88,176 | ) | $ | 42,077 | $ | (40,224 | ) | ||||||
Other comprehensive income/(loss), before tax: | ||||||||||||||||||||||
Foreign currency translation adjustments | (2,477 | ) | 536 | 1,684 | 3,251 | (6,712 | ) | 2,313 | (523 | ) | ||||||||||||
Unrealized derivative gain on cash-flow hedge of equity method investment | — | 1,143 | — | — | — | 1,143 | 839 | |||||||||||||||
Unrealized (loss)/gain on available-for-sale security | (1,374 | ) | (729 | ) | (1,980 | ) | (2,338 | ) | (3,425 | ) | 7,014 | — | ||||||||||
Pension and postretirement benefits obligation | 8,546 | (26,938 | ) | (28,507 | ) | 5,888 | 5,888 | (10,207 | ) | (219,590 | ) | |||||||||||
Other comprehensive income/(loss), before tax | 4,695 | (25,988 | ) | (28,803 | ) | 6,801 | (4,249 | ) | 263 | (219,274 | ) | |||||||||||
Income tax expense/(benefit) | 1,897 | (10,643 | ) | (11,458 | ) | 2,568 | (1,618 | ) | (135 | ) | (89,502 | ) | ||||||||||
Other comprehensive income/(loss), net of tax | 2,798 | (15,345 | ) | (17,345 | ) | 4,233 | (2,631 | ) | 398 | (129,772 | ) | |||||||||||
Comprehensive income/(loss) | 5,687 | 117,994 | 159,832 | 6,494 | (90,807 | ) | 42,475 | (169,996 | ) | |||||||||||||
Comprehensive loss/(income) attributable to the noncontrolling interest | 249 | (162 | ) | (263 | ) | 21 | 27 | 53 | 1,000 | |||||||||||||
Comprehensive income/(loss) attributable to The New York Times Company common stockholders | $ | 5,936 | $ | 117,832 | $ | 159,569 | $ | 6,515 | $ | (90,780 | ) | $ | 42,528 | $ | (168,996 | ) | ||||||
(In thousands) | 2012 by quarter | |||||||||||||||||||||
Adjustments: | 31-Mar-13 | Full Year 2012 | December 30, | September 23, | June 24, | March 25, | Full Year 2011 | |||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income/(Loss) | ||||||||||||||||||||||
Net income | $ | 434 | $ | 2,674 | $ | 1,211 | $ | 463 | $ | 527 | $ | 473 | $ | 2,021 | ||||||||
Other comprehensive income, before tax: | ||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | — | — | |||||||||||||||
Unrealized derivative gain on cash-flow hedge of equity method investment | — | — | — | — | — | — | — | |||||||||||||||
Unrealized (loss)/gain on available-for-sale security | — | — | — | — | — | — | — | |||||||||||||||
Pension and postretirement benefits obligation | (287 | ) | (284 | ) | (71 | ) | (71 | ) | (71 | ) | (71 | ) | 8,301 | |||||||||
Other comprehensive (loss)/income, before tax | (287 | ) | (284 | ) | (71 | ) | (71 | ) | (71 | ) | (71 | ) | 8,301 | |||||||||
Income tax expense/(benefit) | (117 | ) | (117 | ) | (34 | ) | (29 | ) | (29 | ) | (25 | ) | 3,437 | |||||||||
Other comprehensive (loss)/income, net of tax | (170 | ) | (167 | ) | (37 | ) | (42 | ) | (42 | ) | (46 | ) | 4,864 | |||||||||
Comprehensive income | 264 | 2,507 | 1,174 | 421 | 485 | 427 | 6,885 | |||||||||||||||
Comprehensive loss/(income) attributable to the noncontrolling interest | — | — | — | — | — | — | — | |||||||||||||||
Comprehensive income attributable to The New York Times Company common stockholders | $ | 264 | $ | 2,507 | $ | 1,174 | $ | 421 | $ | 485 | $ | 427 | $ | 6,885 | ||||||||
(In thousands) | 2012 by quarter | |||||||||||||||||||||
As adjusted: | 31-Mar-13 | Full Year 2012 | December 30, | September 23, | June 24, | March 25, | Full Year 2011 | |||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income/(Loss) | ||||||||||||||||||||||
Net income/(loss) | $ | 3,323 | $ | 136,013 | $ | 178,388 | $ | 2,724 | $ | (87,649 | ) | $ | 42,550 | $ | (38,203 | ) | ||||||
Other comprehensive income/(loss), before tax: | ||||||||||||||||||||||
Foreign currency translation adjustments | (2,477 | ) | 536 | 1,684 | 3,251 | (6,712 | ) | 2,313 | (523 | ) | ||||||||||||
Unrealized derivative gain on cash-flow hedge of equity method investment | — | 1,143 | — | — | — | 1,143 | 839 | |||||||||||||||
Unrealized (loss)/gain on available-for-sale security | (1,374 | ) | (729 | ) | (1,980 | ) | (2,338 | ) | (3,425 | ) | 7,014 | — | ||||||||||
Pension and postretirement benefits obligation | 8,259 | (27,222 | ) | (28,578 | ) | 5,817 | 5,817 | (10,278 | ) | (211,289 | ) | |||||||||||
Other comprehensive income/(loss), before tax | 4,408 | (26,272 | ) | (28,874 | ) | 6,730 | (4,320 | ) | 192 | (210,973 | ) | |||||||||||
Income tax expense/(benefit) | 1,780 | (10,760 | ) | (11,492 | ) | 2,539 | (1,647 | ) | (160 | ) | (86,065 | ) | ||||||||||
Other comprehensive income/(loss), net of tax | 2,628 | (15,512 | ) | (17,382 | ) | 4,191 | (2,673 | ) | 352 | (124,908 | ) | |||||||||||
Comprehensive income/(loss) | 5,951 | 120,501 | 161,006 | 6,915 | (90,322 | ) | 42,902 | (163,111 | ) | |||||||||||||
Comprehensive loss/(income) attributable to the noncontrolling interest | 249 | (162 | ) | (263 | ) | 21 | 27 | 53 | 1,000 | |||||||||||||
Comprehensive income/(loss) attributable to The New York Times Company common stockholders | $ | 6,200 | $ | 120,339 | $ | 160,743 | $ | 6,936 | $ | (90,295 | ) | $ | 42,955 | $ | (162,111 | ) | ||||||
The following tables show the adjusted financial statements for those periods indicated: | ||||||||||||||||||||||
(In thousands) | 31-Mar-13 | 2012 by quarter | ||||||||||||||||||||
As previously reported: | December 30, | September 23, | June 24, | March 25, | ||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 308,014 | $ | 820,490 | $ | 334,374 | $ | 290,292 | $ | 206,468 | ||||||||||||
Short-term marketable securities | 366,805 | 134,820 | 279,740 | 279,858 | 224,878 | |||||||||||||||||
Accounts receivable (net of allowances) | 159,344 | 197,589 | 160,998 | 170,904 | 180,406 | |||||||||||||||||
Inventories: | ||||||||||||||||||||||
Newsprint and magazine paper | 6,952 | 5,608 | 9,857 | 9,695 | 12,129 | |||||||||||||||||
Other inventory | 1,697 | 1,729 | 1,689 | 1,954 | 2,076 | |||||||||||||||||
Total inventories | 8,649 | 7,337 | 11,546 | 11,649 | 14,205 | |||||||||||||||||
Deferred income taxes | 58,214 | 58,214 | 73,055 | 73,055 | 73,055 | |||||||||||||||||
Other current assets | 49,824 | 42,068 | 45,491 | 42,886 | 59,404 | |||||||||||||||||
Assets held for sale | 127,529 | 137,050 | 356,030 | 361,358 | 550,836 | |||||||||||||||||
Total current assets | 1,078,379 | 1,397,568 | 1,261,234 | 1,230,002 | 1,309,252 | |||||||||||||||||
Other assets | ||||||||||||||||||||||
Long-term marketable securities | 190,841 | 4,444 | — | — | — | |||||||||||||||||
Investments in joint ventures | 38,409 | 40,872 | 41,401 | 41,809 | 43,420 | |||||||||||||||||
Property, plant and equipment (less accumulated depreciation and amortization) | 757,507 | 773,469 | 789,147 | 804,189 | 819,586 | |||||||||||||||||
Goodwill (less accumulated impairment losses) | 120,275 | 122,691 | 121,251 | 118,825 | 123,061 | |||||||||||||||||
Deferred income taxes | 322,222 | 322,767 | 365,666 | 369,439 | 316,446 | |||||||||||||||||
Miscellaneous assets | 165,202 | 166,214 | 168,470 | 173,880 | 227,088 | |||||||||||||||||
Total assets | $ | 2,672,835 | $ | 2,828,025 | $ | 2,747,169 | $ | 2,738,144 | $ | 2,838,853 | ||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Accounts payable | $ | 80,687 | $ | 88,990 | $ | 86,104 | $ | 80,754 | $ | 83,192 | ||||||||||||
Accrued payroll and other related liabilities | 52,288 | 86,772 | 87,753 | 72,641 | 66,826 | |||||||||||||||||
Unexpired subscriptions | 59,549 | 57,336 | 57,050 | 55,725 | 57,870 | |||||||||||||||||
Accrued expenses and other | 112,316 | 118,753 | 197,934 | 198,719 | 198,809 | |||||||||||||||||
Accrued income taxes | — | 38,932 | — | — | — | |||||||||||||||||
Liabilities held for sale | 33,302 | 32,373 | 34,611 | 36,479 | 41,407 | |||||||||||||||||
Total current liabilities | 338,142 | 423,156 | 463,452 | 444,318 | 448,104 | |||||||||||||||||
Other liabilities | ||||||||||||||||||||||
Long-term debt and capital lease obligations | 697,920 | 696,752 | 701,518 | 700,614 | 699,349 | |||||||||||||||||
Pension benefits obligation | 714,505 | 788,268 | 830,868 | 848,669 | 860,836 | |||||||||||||||||
Postretirement benefits obligation | 109,500 | 110,347 | 100,248 | 101,397 | 102,689 | |||||||||||||||||
Other | 166,434 | 173,690 | 175,949 | 176,305 | 171,944 | |||||||||||||||||
Total other liabilities | 1,688,359 | 1,769,057 | 1,808,583 | 1,826,985 | 1,834,818 | |||||||||||||||||
Stockholders’ equity | ||||||||||||||||||||||
Common stock of $.10 par value: | ||||||||||||||||||||||
Class A | 15,045 | 15,027 | 15,023 | 15,009 | 15,005 | |||||||||||||||||
Class B | 82 | 82 | 82 | 82 | 82 | |||||||||||||||||
Additional paid-in capital | 27,656 | 25,610 | 31,181 | 34,278 | 35,820 | |||||||||||||||||
Retained earnings | 1,222,936 | 1,219,798 | 1,042,888 | 1,040,606 | 1,128,755 | |||||||||||||||||
Common stock held in treasury, at cost | (93,506 | ) | (96,278 | ) | (102,690 | ) | (107,572 | ) | (110,827 | ) | ||||||||||||
Accumulated other comprehensive loss, net of income taxes: | ||||||||||||||||||||||
Foreign currency translation adjustments | 9,858 | 11,327 | 10,418 | 8,286 | 12,382 | |||||||||||||||||
Unrealized (loss)/gain on available-for-sale security | (1,242 | ) | (431 | ) | 732 | 2,102 | 4,109 | |||||||||||||||
Funded status of benefit plans | (537,557 | ) | (542,634 | ) | (525,548 | ) | (529,019 | ) | (532,491 | ) | ||||||||||||
Total accumulated other comprehensive loss, net of income taxes | (528,941 | ) | (531,738 | ) | (514,398 | ) | (518,631 | ) | (516,000 | ) | ||||||||||||
Total New York Times Company stockholders’ equity | 643,272 | 632,501 | 472,086 | 463,772 | 552,835 | |||||||||||||||||
Noncontrolling interest | 3,062 | 3,311 | 3,048 | 3,069 | 3,096 | |||||||||||||||||
Total stockholders’ equity | 646,334 | 635,812 | 475,134 | 466,841 | 555,931 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,672,835 | $ | 2,828,025 | $ | 2,747,169 | $ | 2,738,144 | $ | 2,838,853 | ||||||||||||
(In thousands) | 31-Mar-13 | 2012 by quarter | ||||||||||||||||||||
Adjustments: | December 30, | September 23, | June 24, | March 25, | ||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Short-term marketable securities | — | — | — | — | — | |||||||||||||||||
Accounts receivable (net of allowances) | — | — | — | — | — | |||||||||||||||||
Inventories: | ||||||||||||||||||||||
Newsprint and magazine paper | — | — | — | — | — | |||||||||||||||||
Other inventory | — | — | — | — | — | |||||||||||||||||
Total inventories | — | — | — | — | — | |||||||||||||||||
Deferred income taxes | — | — | — | — | — | |||||||||||||||||
Other current assets | — | — | — | — | — | |||||||||||||||||
Assets held for sale | — | — | — | — | — | |||||||||||||||||
Total current assets | — | — | — | — | — | |||||||||||||||||
Other assets | ||||||||||||||||||||||
Long-term marketable securities | — | — | — | — | — | |||||||||||||||||
Investments in joint ventures | — | — | — | — | — | |||||||||||||||||
Property, plant and equipment (less accumulated depreciation and amortization) | — | — | — | — | — | |||||||||||||||||
Goodwill (less accumulated impairment losses) | — | — | — | — | — | |||||||||||||||||
Deferred income taxes | (20,438 | ) | (20,555 | ) | (19,862 | ) | (19,493 | ) | (19,185 | ) | ||||||||||||
Miscellaneous assets | — | — | — | — | — | |||||||||||||||||
Total assets | $ | (20,438 | ) | $ | (20,555 | ) | $ | (19,862 | ) | $ | (19,493 | ) | $ | (19,185 | ) | |||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Accounts payable | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Accrued payroll and other related liabilities | — | — | — | — | — | |||||||||||||||||
Unexpired subscriptions | — | — | — | — | — | |||||||||||||||||
Accrued expenses and other | — | — | — | — | — | |||||||||||||||||
Accrued income taxes | 360 | — | — | — | — | |||||||||||||||||
Liabilities held for sale | — | — | — | — | — | |||||||||||||||||
Total current liabilities | 360 | — | — | — | — | |||||||||||||||||
Other liabilities | ||||||||||||||||||||||
Long-term debt and capital lease obligations | — | — | — | — | — | |||||||||||||||||
Pension benefits obligation | (50,888 | ) | (50,379 | ) | (48,515 | ) | (47,723 | ) | (46,931 | ) | ||||||||||||
Postretirement benefits obligation | — | — | — | — | — | |||||||||||||||||
Other | — | — | — | — | — | |||||||||||||||||
Total other liabilities | (50,888 | ) | (50,379 | ) | (48,515 | ) | (47,723 | ) | (46,931 | ) | ||||||||||||
Stockholders’ equity | ||||||||||||||||||||||
Common stock of $.10 par value: | ||||||||||||||||||||||
Class A | — | — | — | — | — | |||||||||||||||||
Class B | — | — | — | — | — | |||||||||||||||||
Additional paid-in capital | — | — | — | — | — | |||||||||||||||||
Retained earnings | 11,087 | 10,652 | 9,439 | 8,974 | 8,448 | |||||||||||||||||
Common stock held in treasury, at cost | — | — | — | — | — | |||||||||||||||||
Accumulated other comprehensive gain, net of income taxes: | ||||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | |||||||||||||||||
Unrealized (loss)/gain on available-for-sale security | — | — | — | — | — | |||||||||||||||||
Funded status of benefit plans | 19,003 | 19,172 | 19,214 | 19,256 | 19,298 | |||||||||||||||||
Total accumulated other comprehensive gain, net of income taxes | 19,003 | 19,172 | 19,214 | 19,256 | 19,298 | |||||||||||||||||
Total New York Times Company stockholders’ equity | 30,090 | 29,824 | 28,653 | 28,230 | 27,746 | |||||||||||||||||
Noncontrolling interest | — | — | — | — | — | |||||||||||||||||
Total stockholders’ equity | 30,090 | 29,824 | 28,653 | 28,230 | 27,746 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | (20,438 | ) | $ | (20,555 | ) | $ | (19,862 | ) | $ | (19,493 | ) | $ | (19,185 | ) | |||||||
(In thousands) | 31-Mar-13 | 2012 by quarter | ||||||||||||||||||||
As adjusted: | December 30, | September 23, | June 24, | March 25, | ||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||
Cash and cash equivalents | $ | 308,014 | $ | 820,490 | $ | 334,374 | $ | 290,292 | $ | 206,468 | ||||||||||||
Short-term marketable securities | 366,805 | 134,820 | 279,740 | 279,858 | 224,878 | |||||||||||||||||
Accounts receivable (net of allowances) | 159,344 | 197,589 | 160,998 | 170,904 | 180,406 | |||||||||||||||||
Inventories: | ||||||||||||||||||||||
Newsprint and magazine paper | 6,952 | 5,608 | 9,857 | 9,695 | 12,129 | |||||||||||||||||
Other inventory | 1,697 | 1,729 | 1,689 | 1,954 | 2,076 | |||||||||||||||||
Total inventories | 8,649 | 7,337 | 11,546 | 11,649 | 14,205 | |||||||||||||||||
Deferred income taxes | 58,214 | 58,214 | 73,055 | 73,055 | 73,055 | |||||||||||||||||
Other current assets | 49,824 | 42,068 | 45,491 | 42,886 | 59,404 | |||||||||||||||||
Assets held for sale | 127,529 | 137,050 | 356,030 | 361,358 | 550,836 | |||||||||||||||||
Total current assets | 1,078,379 | 1,397,568 | 1,261,234 | 1,230,002 | 1,309,252 | |||||||||||||||||
Other assets | ||||||||||||||||||||||
Long-term marketable securities | 190,841 | 4,444 | — | — | — | |||||||||||||||||
Investments in joint ventures | 38,409 | 40,872 | 41,401 | 41,809 | 43,420 | |||||||||||||||||
Property, plant and equipment (less accumulated depreciation and amortization) | 757,507 | 773,469 | 789,147 | 804,189 | 819,586 | |||||||||||||||||
Goodwill (less accumulated impairment losses) | 120,275 | 122,691 | 121,251 | 118,825 | 123,061 | |||||||||||||||||
Deferred income taxes | 301,784 | 302,212 | 345,804 | 349,946 | 297,261 | |||||||||||||||||
Miscellaneous assets | 165,202 | 166,214 | 168,470 | 173,880 | 227,088 | |||||||||||||||||
Total assets | $ | 2,652,397 | $ | 2,807,470 | $ | 2,727,307 | $ | 2,718,651 | $ | 2,819,668 | ||||||||||||
Liabilities and stockholders’ equity | ||||||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Accounts payable | $ | 80,687 | $ | 88,990 | $ | 86,104 | $ | 80,754 | $ | 83,192 | ||||||||||||
Accrued payroll and other related liabilities | 52,288 | 86,772 | 87,753 | 72,641 | 66,826 | |||||||||||||||||
Unexpired subscriptions | 59,549 | 57,336 | 57,050 | 55,725 | 57,870 | |||||||||||||||||
Accrued expenses and other | 112,316 | 118,753 | 197,934 | 198,719 | 198,809 | |||||||||||||||||
Accrued income taxes | 360 | 38,932 | — | — | — | |||||||||||||||||
Liabilities held for sale | 33,302 | 32,373 | 34,611 | 36,479 | 41,407 | |||||||||||||||||
Total current liabilities | 338,502 | 423,156 | 463,452 | 444,318 | 448,104 | |||||||||||||||||
Other liabilities | ||||||||||||||||||||||
Long-term debt and capital lease obligations | 697,920 | 696,752 | 701,518 | 700,614 | 699,349 | |||||||||||||||||
Pension benefits obligation | 663,617 | 737,889 | 782,353 | 800,946 | 813,905 | |||||||||||||||||
Postretirement benefits obligation | 109,500 | 110,347 | 100,248 | 101,397 | 102,689 | |||||||||||||||||
Other | 166,434 | 173,690 | 175,949 | 176,305 | 171,944 | |||||||||||||||||
Total other liabilities | 1,637,471 | 1,718,678 | 1,760,068 | 1,779,262 | 1,787,887 | |||||||||||||||||
Stockholders’ equity | ||||||||||||||||||||||
Common stock of $.10 par value: | ||||||||||||||||||||||
Class A | 15,045 | 15,027 | 15,023 | 15,009 | 15,005 | |||||||||||||||||
Class B | 82 | 82 | 82 | 82 | 82 | |||||||||||||||||
Additional paid-in capital | 27,656 | 25,610 | 31,181 | 34,278 | 35,820 | |||||||||||||||||
Retained earnings | 1,234,023 | 1,230,450 | 1,052,327 | 1,049,580 | 1,137,203 | |||||||||||||||||
Common stock held in treasury, at cost | (93,506 | ) | (96,278 | ) | (102,690 | ) | (107,572 | ) | (110,827 | ) | ||||||||||||
Accumulated other comprehensive loss, net of income taxes: | ||||||||||||||||||||||
Foreign currency translation adjustments | 9,858 | 11,327 | 10,418 | 8,286 | 12,382 | |||||||||||||||||
Unrealized (loss)/gain on available-for-sale security | (1,242 | ) | (431 | ) | 732 | 2,102 | 4,109 | |||||||||||||||
Funded status of benefit plans | (518,554 | ) | (523,462 | ) | (506,334 | ) | (509,763 | ) | (513,193 | ) | ||||||||||||
Total accumulated other comprehensive loss, net of income taxes | (509,938 | ) | (512,566 | ) | (495,184 | ) | (499,375 | ) | (496,702 | ) | ||||||||||||
Total New York Times Company stockholders’ equity | 673,362 | 662,325 | 500,739 | 492,002 | 580,581 | |||||||||||||||||
Noncontrolling interest | 3,062 | 3,311 | 3,048 | 3,069 | 3,096 | |||||||||||||||||
Total stockholders’ equity | 676,424 | 665,636 | 503,787 | 495,071 | 583,677 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,652,397 | $ | 2,807,470 | $ | 2,727,307 | $ | 2,718,651 | $ | 2,819,668 | ||||||||||||
(In thousands, except per share data) | 31-Mar-13 | Full Year 2012 | 2012 by quarter | Full Year 2011 | ||||||||||||||||||
As previously reported: | December 30, | September 23, | June 24, | March 25, | ||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||||||||
Revenues | $ | 380,675 | $ | 1,595,341 | $ | 468,114 | $ | 355,337 | $ | 387,841 | $ | 384,049 | $ | 1,554,574 | ||||||||
Operating costs | ||||||||||||||||||||||
Production costs | 157,341 | 653,883 | 178,116 | 158,003 | 158,802 | 158,962 | 642,374 | |||||||||||||||
Selling, general and administrative costs | 177,060 | 712,001 | 186,686 | 169,689 | 173,057 | 182,569 | 688,344 | |||||||||||||||
Depreciation and amortization | 18,938 | 78,980 | 18,492 | 19,594 | 20,212 | 20,682 | 83,833 | |||||||||||||||
Total operating costs | 353,339 | 1,444,864 | 383,294 | 347,286 | 352,071 | 362,213 | 1,414,551 | |||||||||||||||
Pension settlement expense | — | 48,729 | 48,729 | — | — | — | — | |||||||||||||||
Other expense | — | 2,620 | 2,620 | — | — | — | 4,500 | |||||||||||||||
Impairment of assets | — | — | — | — | — | — | 7,458 | |||||||||||||||
Pension withdrawal expense | — | — | — | — | — | — | 4,228 | |||||||||||||||
Operating profit | 27,336 | 99,128 | 33,471 | 8,051 | 35,770 | 21,836 | 123,837 | |||||||||||||||
Gain on sale of investment | — | 220,275 | 164,630 | — | 37,797 | 17,848 | 71,171 | |||||||||||||||
Impairment of investments | — | 5,500 | — | 600 | — | 4,900 | — | |||||||||||||||
(Loss)/income from joint ventures | (2,870 | ) | 2,936 | 847 | 1,010 | 1,064 | 15 | (270 | ) | |||||||||||||
Premium on debt redemption | — | — | — | — | — | — | 46,381 | |||||||||||||||
Interest expense, net | 14,071 | 62,808 | 16,402 | 15,490 | 15,464 | 15,452 | 85,243 | |||||||||||||||
Income/(loss) from continuing operations before income taxes | 10,395 | 254,031 | 182,546 | (7,029 | ) | 59,167 | 19,347 | 63,114 | ||||||||||||||
Income tax expense/(benefit) | 4,721 | 92,765 | 65,449 | (3,587 | ) | 25,443 | 5,460 | 20,539 | ||||||||||||||
Income/(loss) from continuing operations | 5,674 | 161,266 | 117,097 | (3,442 | ) | 33,724 | 13,887 | 42,575 | ||||||||||||||
(Loss)/income from discontinued operations, net of income taxes | (2,785 | ) | (27,927 | ) | 60,080 | 5,703 | (121,900 | ) | 28,190 | (82,799 | ) | |||||||||||
Net income/(loss) | 2,889 | 133,339 | 177,177 | 2,261 | (88,176 | ) | 42,077 | (40,224 | ) | |||||||||||||
Net loss/(income) attributable to the noncontrolling interest | 249 | (166 | ) | (267 | ) | 21 | 27 | 53 | 555 | |||||||||||||
Net income/(loss) attributable to The New York Times Company common stockholders | $ | 3,138 | $ | 133,173 | $ | 176,910 | $ | 2,282 | $ | (88,149 | ) | $ | 42,130 | $ | (39,669 | ) | ||||||
Amounts attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ | 5,923 | $ | 161,100 | $ | 116,830 | $ | (3,421 | ) | $ | 33,751 | $ | 13,940 | $ | 43,130 | |||||||
(Loss)/income from discontinued operations, net of income taxes | (2,785 | ) | (27,927 | ) | 60,080 | 5,703 | (121,900 | ) | 28,190 | (82,799 | ) | |||||||||||
Net income/(loss) | $ | 3,138 | $ | 133,173 | $ | 176,910 | $ | 2,282 | $ | (88,149 | ) | $ | 42,130 | $ | (39,669 | ) | ||||||
Average number of common shares outstanding: | ||||||||||||||||||||||
Basic | 148,710 | 148,147 | 148,461 | 148,254 | 148,005 | 147,867 | 147,190 | |||||||||||||||
Diluted | 155,270 | 152,693 | 154,685 | 148,254 | 149,799 | 151,468 | 152,007 | |||||||||||||||
Basic earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ | 0.04 | $ | 1.09 | $ | 0.79 | $ | (0.02 | ) | $ | 0.22 | $ | 0.09 | $ | 0.29 | |||||||
(Loss)/income from discontinued operations, net of income taxes | (0.02 | ) | (0.19 | ) | 0.4 | 0.04 | (0.82 | ) | 0.19 | (0.56 | ) | |||||||||||
Net income/(loss) | $ | 0.02 | $ | 0.9 | $ | 1.19 | $ | 0.02 | $ | (0.60 | ) | $ | 0.28 | $ | (0.27 | ) | ||||||
Diluted earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ | 0.04 | $ | 1.05 | $ | 0.76 | $ | (0.02 | ) | $ | 0.23 | $ | 0.09 | $ | 0.28 | |||||||
(Loss)/income from discontinued operations, net of income taxes | (0.02 | ) | (0.18 | ) | 0.39 | 0.04 | (0.81 | ) | 0.19 | (0.54 | ) | |||||||||||
Net income/(loss) | $ | 0.02 | $ | 0.87 | $ | 1.15 | $ | 0.02 | $ | (0.58 | ) | $ | 0.28 | $ | (0.26 | ) | ||||||
(In thousands, except per share data) | 31-Mar-13 | Full Year 2012 | 2012 by quarter | Full Year 2011 | ||||||||||||||||||
Adjustments: | December 30, | September 23, | June 24, | March 25, | ||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Operating costs | ||||||||||||||||||||||
Production costs | (607 | ) | (2,565 | ) | (676 | ) | (633 | ) | (628 | ) | (628 | ) | (2,113 | ) | ||||||||
Selling, general and administrative costs | (188 | ) | (889 | ) | (185 | ) | (230 | ) | (237 | ) | (237 | ) | (786 | ) | ||||||||
Depreciation and amortization | — | — | — | — | — | — | — | |||||||||||||||
Total operating costs | (795 | ) | (3,454 | ) | (861 | ) | (863 | ) | (865 | ) | (865 | ) | (2,899 | ) | ||||||||
Pension settlement expense | — | (1,072 | ) | (1,072 | ) | — | — | — | — | |||||||||||||
Other expense | — | — | — | — | — | — | — | |||||||||||||||
Impairment of assets | — | — | — | — | — | — | — | |||||||||||||||
Pension withdrawal expense | — | — | — | — | — | — | — | |||||||||||||||
Operating profit | 795 | 4,526 | 1,933 | 863 | 865 | 865 | 2,899 | |||||||||||||||
Gain on sale of investment | — | — | — | — | — | — | — | |||||||||||||||
Impairment of investments | — | — | — | — | — | — | — | |||||||||||||||
(Loss)/income from joint ventures | — | — | — | — | — | — | — | |||||||||||||||
Premium on debt redemption | — | — | — | — | — | — | ||||||||||||||||
Interest expense, net | — | — | — | — | — | — | — | |||||||||||||||
Income from continuing operations before income taxes | 795 | 4,526 | 1,933 | 863 | 865 | 865 | 2,899 | |||||||||||||||
Income tax expense | 361 | 1,852 | 722 | 400 | 338 | 392 | 878 | |||||||||||||||
Income from continuing operations | 434 | 2,674 | 1,211 | 463 | 527 | 473 | 2,021 | |||||||||||||||
(Loss)/income from discontinued operations, net of income taxes | — | — | — | — | — | — | — | |||||||||||||||
Net income | 434 | 2,674 | 1,211 | 463 | 527 | 473 | 2,021 | |||||||||||||||
Net loss/(income) attributable to the noncontrolling interest | — | — | — | — | — | — | — | |||||||||||||||
Net income attributable to The New York Times Company common stockholders | $ | 434 | $ | 2,674 | $ | 1,211 | $ | 463 | $ | 527 | $ | 473 | $ | 2,021 | ||||||||
Amounts attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income from continuing operations | $ | 434 | $ | 2,674 | $ | 1,211 | $ | 463 | $ | 527 | $ | 473 | $ | 2,021 | ||||||||
(Loss)/income from discontinued operations, net of income taxes | — | — | — | — | — | — | — | |||||||||||||||
Net income | $ | 434 | $ | 2,674 | $ | 1,211 | $ | 463 | $ | 527 | $ | 473 | $ | 2,021 | ||||||||
Average number of common shares outstanding: | ||||||||||||||||||||||
Basic | 148,710 | 148,147 | 148,461 | 148,254 | 148,005 | 147,867 | 147,190 | |||||||||||||||
Diluted | 155,270 | 152,693 | 154,685 | 148,254 | 149,799 | 151,468 | 152,007 | |||||||||||||||
Basic earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income from continuing operations | $ | — | $ | 0.02 | $ | 0.01 | $ | — | $ | 0.01 | $ | — | $ | 0.01 | ||||||||
(Loss)/income from discontinued operations, net of income taxes | — | — | — | — | — | — | — | |||||||||||||||
Net income | $ | — | $ | 0.02 | $ | 0.01 | $ | — | $ | 0.01 | $ | — | $ | 0.01 | ||||||||
Diluted earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income from continuing operations | $ | — | $ | 0.02 | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||
(Loss)/income from discontinued operations, net of income taxes | — | — | — | — | — | — | — | |||||||||||||||
Net income | $ | — | $ | 0.02 | $ | — | $ | — | $ | — | $ | — | $ | 0.01 | ||||||||
(In thousands, except per share data) | 31-Mar-13 | Full Year 2012 | 2012 by quarter | Full Year 2011 | ||||||||||||||||||
As adjusted: | December 30, | September 23, | June 24, | March 25, | ||||||||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||||||||
Revenues | $ | 380,675 | $ | 1,595,341 | $ | 468,114 | $ | 355,337 | $ | 387,841 | $ | 384,049 | $ | 1,554,574 | ||||||||
Operating costs | ||||||||||||||||||||||
Production costs | 156,734 | 651,318 | 177,440 | 157,370 | 158,174 | 158,334 | 640,261 | |||||||||||||||
Selling, general and administrative costs | 176,872 | 711,112 | 186,501 | 169,459 | 172,820 | 182,332 | 687,558 | |||||||||||||||
Depreciation and amortization | 18,938 | 78,980 | 18,492 | 19,594 | 20,212 | 20,682 | 83,833 | |||||||||||||||
Total operating costs | 352,544 | 1,441,410 | 382,433 | 346,423 | 351,206 | 361,348 | 1,411,652 | |||||||||||||||
Pension settlement expense | — | 47,657 | 47,657 | — | — | — | — | |||||||||||||||
Other expense | — | 2,620 | 2,620 | — | — | — | 4,500 | |||||||||||||||
Impairment of assets | — | — | — | — | — | — | 7,458 | |||||||||||||||
Pension withdrawal expense | — | — | — | — | — | — | 4,228 | |||||||||||||||
Operating profit | 28,131 | 103,654 | 35,404 | 8,914 | 36,635 | 22,701 | 126,736 | |||||||||||||||
Gain on sale of investment | — | 220,275 | 164,630 | — | 37,797 | 17,848 | 71,171 | |||||||||||||||
Impairment of investments | — | 5,500 | — | 600 | — | 4,900 | — | |||||||||||||||
(Loss)/income from joint ventures | (2,870 | ) | 2,936 | 847 | 1,010 | 1,064 | 15 | (270 | ) | |||||||||||||
Premium on debt redemption | — | — | — | — | — | — | 46,381 | |||||||||||||||
Interest expense, net | 14,071 | 62,808 | 16,402 | 15,490 | 15,464 | 15,452 | 85,243 | |||||||||||||||
Income/(loss) from continuing operations before income taxes | 11,190 | 258,557 | 184,479 | (6,166 | ) | 60,032 | 20,212 | 66,013 | ||||||||||||||
Income tax expense/(benefit) | 5,082 | 94,617 | 66,171 | (3,187 | ) | 25,781 | 5,852 | 21,417 | ||||||||||||||
Income/(loss) from continuing operations | 6,108 | 163,940 | 118,308 | (2,979 | ) | 34,251 | 14,360 | 44,596 | ||||||||||||||
(Loss)/income from discontinued operations, net of income taxes | (2,785 | ) | (27,927 | ) | 60,080 | 5,703 | (121,900 | ) | 28,190 | (82,799 | ) | |||||||||||
Net income/(loss) | 3,323 | 136,013 | 178,388 | 2,724 | (87,649 | ) | 42,550 | (38,203 | ) | |||||||||||||
Net loss/(income) attributable to the noncontrolling interest | 249 | (166 | ) | (267 | ) | 21 | 27 | 53 | 555 | |||||||||||||
Net income/(loss) attributable to The New York Times Company common stockholders | $ | 3,572 | $ | 135,847 | $ | 178,121 | $ | 2,745 | $ | (87,622 | ) | $ | 42,603 | $ | (37,648 | ) | ||||||
Amounts attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ | 6,357 | $ | 163,774 | $ | 118,041 | $ | (2,958 | ) | $ | 34,278 | $ | 14,413 | $ | 45,151 | |||||||
(Loss)/income from discontinued operations, net of income taxes | (2,785 | ) | (27,927 | ) | 60,080 | 5,703 | (121,900 | ) | 28,190 | (82,799 | ) | |||||||||||
Net income/(loss) | $ | 3,572 | $ | 135,847 | $ | 178,121 | $ | 2,745 | $ | (87,622 | ) | $ | 42,603 | $ | (37,648 | ) | ||||||
Average number of common shares outstanding: | ||||||||||||||||||||||
Basic | 148,710 | 148,147 | 148,461 | 148,254 | 148,005 | 147,867 | 147,190 | |||||||||||||||
Diluted | 155,270 | 152,693 | 154,685 | 148,254 | 149,799 | 151,468 | 152,007 | |||||||||||||||
Basic earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ | 0.04 | $ | 1.11 | $ | 0.8 | $ | (0.02 | ) | $ | 0.23 | $ | 0.1 | $ | 0.31 | |||||||
(Loss)/income from discontinued operations, net of income taxes | (0.02 | ) | (0.19 | ) | 0.4 | 0.04 | (0.82 | ) | 0.19 | (0.57 | ) | |||||||||||
Net income/(loss) | $ | 0.02 | $ | 0.92 | $ | 1.2 | $ | 0.02 | $ | (0.59 | ) | $ | 0.29 | $ | (0.26 | ) | ||||||
Diluted earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
Income/(loss) from continuing operations | $ | 0.04 | $ | 1.07 | $ | 0.76 | $ | (0.02 | ) | $ | 0.23 | $ | 0.1 | $ | 0.3 | |||||||
(Loss)/income from discontinued operations, net of income taxes | (0.02 | ) | (0.18 | ) | 0.39 | 0.04 | (0.81 | ) | 0.18 | (0.55 | ) | |||||||||||
Net income/(loss) | $ | 0.02 | $ | 0.89 | $ | 1.15 | $ | 0.02 | $ | (0.58 | ) | $ | 0.28 | $ | (0.25 | ) | ||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Marketable Securities [Abstract] | ' | ||||||||
Marketable Debt and Equity Securities | ' | ||||||||
Our marketable debt and equity securities consisted of the following: | |||||||||
(In thousands) | December 29, | December 30, | |||||||
2013 | 2012 | ||||||||
Short-term marketable securities | |||||||||
Marketable debt securities | |||||||||
U.S Treasury securities | $ | 143,510 | $ | 124,831 | |||||
Corporate debt securities | 78,991 | — | |||||||
U.S. agency securities | 31,518 | — | |||||||
Municipal securities | 48,035 | — | |||||||
Certificates of deposit | 31,949 | — | |||||||
Commercial paper | 30,877 | 9,989 | |||||||
Total short-term marketable securities | $ | 364,880 | $ | 134,820 | |||||
Long-term marketable securities | |||||||||
Marketable debt securities | |||||||||
Corporate debt securities | $ | 98,979 | $ | — | |||||
U.S. agency securities | 73,697 | — | |||||||
Municipal securities | 3,479 | — | |||||||
Total | 176,155 | — | |||||||
Marketable equity security | |||||||||
Available-for-sale security | — | 4,444 | |||||||
Total long-term marketable securities | $ | 176,155 | $ | 4,444 | |||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||
Dec. 29, 2013 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Schedule of goodwill balances | ' | ||||
The changes in the carrying amount of goodwill in 2013 and 2012 were as follows: | |||||
(In thousands) | Total Company | ||||
Balance as of December 25, 2011 | |||||
Goodwill | $ | 927,909 | |||
Accumulated impairment losses | (805,218 | ) | |||
Balance as of December 30, 2012 | 122,691 | ||||
Goodwill transferred to held for sale (1) | — | ||||
Foreign currency translation | 3,180 | ||||
Balance as of December 29, 2013 | 125,871 | ||||
-1 | See Note 15 for additional information regarding the assets and liabilities held for sale for the New England Media Group. |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||
Dec. 29, 2013 | |||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||
Schedule and summarized unaudited condensed combined income statements of equity method investments | ' | ||||
As of December 29, 2013, our investments in joint ventures consisted of equity ownership interests in the following entities: | |||||
Company | Approximate % | ||||
Ownership | |||||
Donohue Malbaie Inc. (“Malbaie”) | 49 | % | |||
Madison Paper Industries (“Madison”) | 40 | % |
Debt_Obligations_Tables
Debt Obligations (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Schedule of carrying value of outstanding debt | ' | ||||||||||||
Our total debt and capital lease obligations consisted of the following: | |||||||||||||
(In thousands, except percentages) | Coupon Rate | December 29, | December 30, | ||||||||||
2013 | 2012 | ||||||||||||
Senior notes due in 2015, net of unamortized debt costs of $43 in 2013 and $78 in 2012 | 5 | % | 244,057 | 244,022 | |||||||||
Senior notes due in 2016, net of unamortized debt costs of $2,484 in 2013 and $3,477 in 2012 | 6.625 | % | 205,111 | 221,523 | |||||||||
Option to repurchase ownership interest in headquarters building in 2019, net of unamortized debt costs of $21,741 in 2013 and $25,490 in 2012 | 228,259 | 224,510 | |||||||||||
Total debt | 677,427 | 690,055 | |||||||||||
Short-term capital lease obligations(1) | 21 | 123 | |||||||||||
Long-term capital lease obligations | 6,715 | 6,697 | |||||||||||
Total capital lease obligations | 6,736 | 6,820 | |||||||||||
Total debt and capital lease obligations | $ | 684,163 | $ | 696,875 | |||||||||
-1 | Included in “Accrued expenses and other” in our Condensed Consolidated Balance Sheets. | ||||||||||||
Schedule of maturities of long-term debt | ' | ||||||||||||
The aggregate face amount of maturities of debt over the next five years and thereafter is as follows: | |||||||||||||
(In thousands) | Amount | ||||||||||||
2014 | $ | — | |||||||||||
2015 | 244,100 | ||||||||||||
2016 | 207,595 | ||||||||||||
2017 | — | ||||||||||||
2018 | — | ||||||||||||
Thereafter | 250,000 | ||||||||||||
Total face amount of maturities | 701,695 | ||||||||||||
Less: Unamortized debt costs | (24,268 | ) | |||||||||||
Carrying value of debt | $ | 677,427 | |||||||||||
Schedule of components of interest expense, net | ' | ||||||||||||
Interest expense, net, as shown in the accompanying Consolidated Statements of Operations was as follows: | |||||||||||||
(In thousands) | December 29, | December 30, | December 25, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Cash interest expense | $ | 54,811 | $ | 58,719 | $ | 79,187 | |||||||
Non-cash amortization of discount on debt | 4,777 | 4,516 | 6,933 | ||||||||||
Capitalized interest | — | (17 | ) | (427 | ) | ||||||||
Interest income | (1,515 | ) | (410 | ) | (450 | ) | |||||||
Total interest expense, net | $ | 58,073 | $ | 62,808 | $ | 85,243 | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||||||||||||||||||
The following table summarizes our financial liabilities measured at fair value on a recurring basis as of December 29, 2013 and December 30, 2012: | |||||||||||||||||||||||||||||||||
(In thousands) | December 29, 2013 | December 30, 2012 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Deferred compensation | $ | 51,660 | $ | 51,660 | $ | — | $ | — | $ | 52,882 | $ | 52,882 | $ | — | $ | — | |||||||||||||||||
The following table summarizes our financial assets measured at fair value on a recurring basis as of December 29, 2013: | |||||||||||||||||||||||||||||||||
(In thousands) | December 29, 2013 | December 30, 2012 | |||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Available-for-sale security | $ | — | $ | — | $ | — | $ | — | $ | 4,444 | $ | 4,444 | $ | — | $ | — | |||||||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | ' | ||||||||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||||||
(In thousands) | Net Carrying | Fair Value Measured and Recorded Using | Impairment Losses for the Year Ended | ||||||||||||||||||||||||||||||
Value as of | |||||||||||||||||||||||||||||||||
December 30, 2012 | Level 1 | Level 2 | Level 3 | December 30, 2012 | |||||||||||||||||||||||||||||
Goodwill | $ | — | $ | — | $ | — | $ | — | $ | 194,732 | (1) | ||||||||||||||||||||||
Cost method investments | — | — | — | — | 5,500 | ||||||||||||||||||||||||||||
-1 | Impairment losses related to the About Group and are included within “(Loss)/income from discontinued operations, net of income taxes” for the year ended December 25, 2012. We sold the About Group in September 2012. See Note 15 for additional information. | ||||||||||||||||||||||||||||||||
The following tables present non-financial assets that were measured and recorded at fair value on a non-recurring basis and the total impairment losses recorded during 2013, 2012 and 2011 on those assets. | |||||||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||||||
(In thousands) | Net Carrying | Fair Value Measured and Recorded Using | Impairment Losses for the Year Ended | ||||||||||||||||||||||||||||||
Value as of | |||||||||||||||||||||||||||||||||
December 29, 2013 | Level 1 | Level 2 | Level 3 | December 29, 2013 | |||||||||||||||||||||||||||||
Property, plant and equipment | $ | — | $ | — | $ | — | $ | — | $ | 34,300 | (1) | ||||||||||||||||||||||
-1 | Impairment losses related to the New England Media Group and are included within “(Loss)/income from discontinued operations, net of income taxes” for the year ended December 30, 2013. We sold the New England Media Group in the fourth quarter of 2013. See Note 15 for additional information. | ||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||
(In thousands) | Net Carrying | Fair Value Measured and Recorded Using | Impairment Losses for the Year Ended | ||||||||||||||||||||||||||||||
Value as of | |||||||||||||||||||||||||||||||||
December 25, 2011 | Level 1 | Level 2 | Level 3 | December 25, 2011 | |||||||||||||||||||||||||||||
Goodwill | $ | — | $ | — | $ | — | $ | — | $ | 152,093 | (1) | ||||||||||||||||||||||
Other intangible assets | 2,864 | — | — | 2,864 | 10,574 | ||||||||||||||||||||||||||||
Property, plant and equipment, net | — | — | — | — | 1,767 | ||||||||||||||||||||||||||||
Pension_Benefits_Tables
Pension Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||||||||||
Pension Plans, Defined Benefit [Member] | ' | |||||||||||||||||||||||||||||
Pension Benefits | ' | |||||||||||||||||||||||||||||
Schedule of Components of Net Periodic Pension Benefit Cost | ' | |||||||||||||||||||||||||||||
The components of net periodic pension cost were as follows: | ||||||||||||||||||||||||||||||
December 29, 2013 | December 30, 2012 | December 25, 2011 | ||||||||||||||||||||||||||||
(In thousands) | Qualified | Non- | All | Qualified | Non- | All | Qualified | Non- | All | |||||||||||||||||||||
Plans | Qualified | Plans | Plans | Qualified | Plans | Plans | Qualified | Plans | ||||||||||||||||||||||
Plans | Plans | Plans | ||||||||||||||||||||||||||||
Components of net periodic pension cost | ||||||||||||||||||||||||||||||
Service cost | $ | 11,225 | $ | 1,162 | $ | 12,387 | $ | 11,903 | $ | 1,656 | $ | 13,559 | $ | 12,079 | $ | 1,660 | $ | 13,739 | ||||||||||||
Interest cost | 77,136 | 10,681 | 87,817 | 94,113 | 12,635 | 106,748 | 98,206 | 13,112 | 111,318 | |||||||||||||||||||||
Expected return on plan assets | (124,250 | ) | — | (124,250 | ) | (118,551 | ) | — | (118,551 | ) | (111,813 | ) | — | (111,813 | ) | |||||||||||||||
Recognized actuarial loss | 33,770 | 5,247 | 39,017 | 33,323 | 4,489 | 37,812 | 25,007 | 3,053 | 28,060 | |||||||||||||||||||||
Amortization of prior service (credit)/cost | (1,945 | ) | — | (1,945 | ) | 574 | — | 574 | 803 | — | 803 | |||||||||||||||||||
Effect of settlement | — | 3,228 | 3,228 | 47,657 | — | 47,657 | — | — | — | |||||||||||||||||||||
Effect of special termination benefits | — | 314 | 314 | — | — | — | — | — | — | |||||||||||||||||||||
Effect of sale of Regional Media Group | — | — | — | (5,097 | ) | — | (5,097 | ) | — | — | — | |||||||||||||||||||
Net periodic pension cost | $ | (4,064 | ) | $ | 20,632 | $ | 16,568 | $ | 63,922 | $ | 18,780 | $ | 82,702 | $ | 24,282 | $ | 17,825 | $ | 42,107 | |||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows: | ||||||||||||||||||||||||||||||
(In thousands) | December 29, | December 30, | December 25, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Net actuarial (gain)/loss | $ | (178,088 | ) | $ | 96,551 | $ | 246,672 | |||||||||||||||||||||||
Prior service credit | — | (31,839 | ) | — | ||||||||||||||||||||||||||
Amortization of loss | (39,017 | ) | (37,813 | ) | (28,060 | ) | ||||||||||||||||||||||||
Amortization of prior service cost | 1,945 | (574 | ) | (803 | ) | |||||||||||||||||||||||||
Effect of settlement | (3,358 | ) | (47,657 | ) | — | |||||||||||||||||||||||||
Total recognized in other comprehensive (income)/loss | (218,518 | ) | (21,332 | ) | 217,809 | |||||||||||||||||||||||||
Net periodic pension cost | 16,568 | 82,702 | 42,107 | |||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss | $ | (201,950 | ) | $ | 61,370 | $ | 259,916 | |||||||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations and Plan Assets | ' | |||||||||||||||||||||||||||||
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/(loss) were as follows: | ||||||||||||||||||||||||||||||
December 29, 2013 | December 30, 2012 | |||||||||||||||||||||||||||||
(In thousands) | Qualified | Non- | All Plans | Qualified | Non- | All Plans | ||||||||||||||||||||||||
Plans | Qualified | Plans | Qualified | |||||||||||||||||||||||||||
Plans | Plans | |||||||||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 1,965,406 | $ | 299,265 | $ | 2,264,671 | $ | 1,943,882 | $ | 273,542 | $ | 2,217,424 | ||||||||||||||||||
Service cost | 11,225 | 1,162 | 12,387 | 11,903 | 1,656 | 13,559 | ||||||||||||||||||||||||
Interest cost | 77,136 | 10,681 | 87,817 | 94,113 | 12,635 | 106,748 | ||||||||||||||||||||||||
Plan participants’ contributions | 26 | — | 26 | 32 | — | 32 | ||||||||||||||||||||||||
Amendments | — | — | — | (31,839 | ) | — | (31,839 | ) | ||||||||||||||||||||||
Actuarial (gain)/loss | (161,348 | ) | (18,960 | ) | (180,308 | ) | 162,569 | 32,803 | 195,372 | |||||||||||||||||||||
Lump-sum settlement paid | — | (10,667 | ) | (10,667 | ) | (112,404 | ) | — | (112,404 | ) | ||||||||||||||||||||
Benefits paid | (113,798 | ) | (19,149 | ) | (132,947 | ) | (89,340 | ) | (21,412 | ) | (110,752 | ) | ||||||||||||||||||
Effect of sale of Regional Media Group | — | — | — | (13,510 | ) | — | (13,510 | ) | ||||||||||||||||||||||
Effects of change in currency conversion | — | 169 | 169 | — | 41 | 41 | ||||||||||||||||||||||||
Benefit obligation at end of year | 1,778,647 | 262,501 | 2,041,148 | 1,965,406 | 299,265 | 2,264,671 | ||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | 1,615,723 | — | 1,615,723 | 1,464,729 | — | 1,464,729 | ||||||||||||||||||||||||
Actual return on plan assets | 122,030 | — | 122,030 | 217,371 | — | 217,371 | ||||||||||||||||||||||||
Employer contributions | 74,110 | 29,999 | 104,109 | 143,748 | 21,412 | 165,160 | ||||||||||||||||||||||||
Plan participants’ contributions | 26 | — | 26 | 32 | — | 32 | ||||||||||||||||||||||||
Lump-sum settlement paid | — | (10,667 | ) | (10,667 | ) | (112,404 | ) | — | (112,404 | ) | ||||||||||||||||||||
Benefits paid | (113,798 | ) | (19,149 | ) | (132,947 | ) | (89,340 | ) | (21,412 | ) | (110,752 | ) | ||||||||||||||||||
Effect of sale of Regional Media Group | — | — | — | (8,413 | ) | — | (8,413 | ) | ||||||||||||||||||||||
Effect of change in currency conversion | — | (183 | ) | (183 | ) | — | — | — | ||||||||||||||||||||||
Fair value of plan assets at end of year | 1,698,091 | — | 1,698,091 | 1,615,723 | — | 1,615,723 | ||||||||||||||||||||||||
Net amount recognized | $ | (80,556 | ) | $ | (262,501 | ) | $ | (343,057 | ) | $ | (349,683 | ) | $ | (299,265 | ) | $ | (648,948 | ) | ||||||||||||
Amount recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||
Current liabilities | $ | — | $ | (17,903 | ) | $ | (17,903 | ) | $ | — | $ | (19,586 | ) | $ | (19,586 | ) | ||||||||||||||
Noncurrent liabilities | (80,556 | ) | (244,598 | ) | (325,154 | ) | (349,683 | ) | (279,679 | ) | (629,362 | ) | ||||||||||||||||||
Net amount recognized | $ | (80,556 | ) | $ | (262,501 | ) | $ | (343,057 | ) | $ | (349,683 | ) | $ | (299,265 | ) | $ | (648,948 | ) | ||||||||||||
Amount recognized in accumulated other comprehensive loss | ||||||||||||||||||||||||||||||
Actuarial loss | $ | 662,293 | $ | 97,436 | $ | 759,729 | $ | 855,191 | $ | 125,002 | $ | 980,193 | ||||||||||||||||||
Prior service (credit)/cost | (28,510 | ) | — | (28,510 | ) | (30,454 | ) | — | (30,454 | ) | ||||||||||||||||||||
Total | $ | 633,783 | $ | 97,436 | $ | 731,219 | $ | 824,737 | $ | 125,002 | $ | 949,739 | ||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | ' | |||||||||||||||||||||||||||||
Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: | ||||||||||||||||||||||||||||||
(In thousands) | December 29, | December 30, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Projected benefit obligation | $ | 2,041,148 | $ | 2,264,671 | ||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 2,034,145 | $ | 2,255,135 | ||||||||||||||||||||||||||
Fair value of plan assets | $ | 1,698,091 | $ | 1,615,723 | ||||||||||||||||||||||||||
Schedule of Assumptions Used | ' | |||||||||||||||||||||||||||||
Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: | ||||||||||||||||||||||||||||||
(Percent) | December 29, | December 30, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Discount rate | 4.9 | % | 4 | % | ||||||||||||||||||||||||||
Rate of increase in compensation levels | 2.55 | % | 3 | % | ||||||||||||||||||||||||||
The rate of increase in compensation levels is applicable only for qualified pension plans that have not been frozen. | ||||||||||||||||||||||||||||||
Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows: | ||||||||||||||||||||||||||||||
(Percent) | December 29, | December 30, | December 25, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 4 | % | 5.05 | % | 5.6 | % | ||||||||||||||||||||||||
Rate of increase in compensation levels | 3.5 | % | 3 | % | 4 | % | ||||||||||||||||||||||||
Expected long-term rate of return on assets | 7.85 | % | 8 | % | 8.25 | % | ||||||||||||||||||||||||
Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: | ||||||||||||||||||||||||||||||
(Percent) | December 29, | December 30, | ||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||
Discount rate | 4.6 | % | 3.7 | % | ||||||||||||||||||||||||||
Rate of increase in compensation levels | 2.5 | % | 3.5 | % | ||||||||||||||||||||||||||
The rate of increase in compensation levels is applicable only for the non-qualified pension plans that have not been frozen. | ||||||||||||||||||||||||||||||
Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows: | ||||||||||||||||||||||||||||||
(Percent) | December 29, | December 30, | December 25, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Discount rate | 3.7 | % | 4.8 | % | 5.45 | % | ||||||||||||||||||||||||
Rate of increase in compensation levels | 3 | % | 3.5 | % | 3.5 | % | ||||||||||||||||||||||||
We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (e.g., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate. | ||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||||||||||||
The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 29, 2013 is as follows: | ||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||||||||||||
Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||
(In thousands) | Hedge Fund | Private Equity | Total | |||||||||||||||||||||||||||
Balance at beginning of year | $ | 26,370 | $ | 36,011 | $ | 62,381 | ||||||||||||||||||||||||
Actual gain/(loss) on plan assets: | ||||||||||||||||||||||||||||||
Relating to assets still held | 3,955 | 6,169 | 10,124 | |||||||||||||||||||||||||||
Capital contribution | — | 3,018 | 3,018 | |||||||||||||||||||||||||||
Return of Capital | — | (4,661 | ) | (4,661 | ) | |||||||||||||||||||||||||
Balance at end of year | $ | 30,325 | $ | 40,537 | $ | 70,862 | ||||||||||||||||||||||||
The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 30, 2012 is as follows: | ||||||||||||||||||||||||||||||
Fair Value Measurements Using Significant | ||||||||||||||||||||||||||||||
Unobservable Inputs (Level 3) | ||||||||||||||||||||||||||||||
(In thousands) | Real Estate | Private Equity | Total | |||||||||||||||||||||||||||
Balance at beginning of year | $ | — | $ | 37,393 | $ | 37,393 | ||||||||||||||||||||||||
Actual gain on plan assets: | ||||||||||||||||||||||||||||||
Relating to assets still held | 1,370 | (1,736 | ) | (366 | ) | |||||||||||||||||||||||||
Capital contribution | 25,000 | 3,737 | 28,737 | |||||||||||||||||||||||||||
Return of Capital | — | (3,383 | ) | (3,383 | ) | |||||||||||||||||||||||||
Balance at end of year | $ | 26,370 | $ | 36,011 | $ | 62,381 | ||||||||||||||||||||||||
Schedule of Expected Benefit Payments | ' | |||||||||||||||||||||||||||||
The following benefit payments under our pension plans, which reflect expected future services for plans that have not been frozen, are expected to be paid: | ||||||||||||||||||||||||||||||
Plans | ||||||||||||||||||||||||||||||
(In thousands) | Qualified | Non- | Total | |||||||||||||||||||||||||||
Qualified | ||||||||||||||||||||||||||||||
2014 | $ | 99,747 | $ | 18,271 | $ | 118,018 | ||||||||||||||||||||||||
2015 | 101,704 | 18,315 | 120,019 | |||||||||||||||||||||||||||
2016 | 103,648 | 18,743 | 122,391 | |||||||||||||||||||||||||||
2017 | 106,149 | 18,646 | 124,795 | |||||||||||||||||||||||||||
2018 | 108,206 | 18,795 | 127,001 | |||||||||||||||||||||||||||
2019-2023 | 578,124 | 92,828 | 670,952 | |||||||||||||||||||||||||||
Schedule of Multi Employer Plans | ' | |||||||||||||||||||||||||||||
Our participation in significant plans for the fiscal period ended December 29, 2013, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject. | ||||||||||||||||||||||||||||||
EIN/Pension Plan Number | Pension Protection Act Zone Status | FIP/RP Status Pending/Implemented | (In thousands)Contributions of the Company | Surcharge Imposed | Collective Bargaining Agreement Expiration Date | |||||||||||||||||||||||||
Pension Fund | 2013 | 2012 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
CWA/ITU Negotiated Pension Plan | 13-6212879-001 | Red as of 1/01/13 | Red as of 1/01/12 | Implemented | $ | 663 | $ | 646 | $ | 776 | Yes | 3/30/16 | -1 | |||||||||||||||||
Newspaper and Mail Deliverers’-Publishers’ Pension Fund | 13-6122251-001 | Yellow as of 6/01/13 | Yellow as of 6/01/12 | Implemented | 1,217 | 1,101 | 1,298 | No | 3/30/20 | -2 | ||||||||||||||||||||
GCIU-Employer Retirement Benefit Plan | 91-6024903-001 | Red as of 1/01/13 | Red as of 1/01/12 | Implemented | 124 | 114 | 116 | Yes | 3/30/17 | -3 | ||||||||||||||||||||
Pressmen’s Publishers’ Pension Fund | 13-6121627-001 | Green as of 4/01/13 | Green as of 4/01/12 | N/A | 1,016 | 1,037 | 1,113 | No | 3/30/17 | -4 | ||||||||||||||||||||
Paper-Handlers’-Publishers’ Pension Fund | 13-6104795-001 | Green as of 4/01/13 | Green as of 4/01/12 | N/A | 114 | 121 | 153 | No | 3/30/14 | -5 | ||||||||||||||||||||
Contributions for individually significant plans | $ | 3,134 | $ | 3,019 | $ | 3,456 | ||||||||||||||||||||||||
Contributions to other multiemployer plans | 945 | 2,503 | 2,296 | |||||||||||||||||||||||||||
Total Contributions | $ | 4,079 | $ | 5,522 | $ | 5,752 | ||||||||||||||||||||||||
-1 | There are two collective bargaining agreements (Mailers and Typographers) requiring contributions to this plan, which both expire March 30, 2016. | |||||||||||||||||||||||||||||
-2 | Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)). | |||||||||||||||||||||||||||||
-3 | We previously had two collective bargaining agreements requiring contributions to this plan. With the sale of the New England Media Group only one collective bargaining agreement remains for the Stereotypers, which expires March 30, 2017. The method for calculating actuarial value of assets was changed retroactive to January 1, 2009, as elected by the Board of Trustees and as permitted by IRS Notice 2010-83. This election includes smoothing 2008 investment losses over ten years and widening the asset corridor to 130% of market value of assets for 2009 and 2010. | |||||||||||||||||||||||||||||
-4 | The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10-year smoothing of the asset loss for the plan year beginning April 1, 2008. | |||||||||||||||||||||||||||||
-5 | Board of Trustees elected funding relief. This election includes smoothing the March 31, 2009 investment losses over 10 years and widening the asset corridor to 130% of market value of assets for April 1, 2009 and April 1, 2010. | |||||||||||||||||||||||||||||
The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009. | ||||||||||||||||||||||||||||||
The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years: | ||||||||||||||||||||||||||||||
Pension Fund | Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of Plan’s Year-End) | |||||||||||||||||||||||||||||
CWA/ITU Negotiated Pension Plan | 12/31/2012 & 12/31/2011 | -1 | ||||||||||||||||||||||||||||
Newspaper and Mail Deliverers’-Publishers’ Pension Fund | 5/31/2012 & 5/31/2011 | -1 | ||||||||||||||||||||||||||||
Pressmen’s Publisher’s Pension Fund | 3/31/2013 & 3/31/2012 | |||||||||||||||||||||||||||||
Paper-Handlers’-Publishers’ Pension Fund | 3/31/2013 & 3/31/2012 | |||||||||||||||||||||||||||||
(1) Form 5500 for the plan year 12/31/13 and 5/31/13 was not available as of the date we filed our financial statements. | ||||||||||||||||||||||||||||||
Company Sponsored Pension Plan [Member] | ' | |||||||||||||||||||||||||||||
Pension Benefits | ' | |||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||||||||||||||
The following asset allocation guidelines apply to the Return-Seeking Assets: | ||||||||||||||||||||||||||||||
Asset Category | Percentage Range | |||||||||||||||||||||||||||||
Public Equity | 70% | - | 90 | % | ||||||||||||||||||||||||||
Growth Fixed Income | 0% | - | 15 | % | ||||||||||||||||||||||||||
Alternatives | 0% | - | 15 | % | ||||||||||||||||||||||||||
Cash | 0% | - | 10 | % | ||||||||||||||||||||||||||
The asset allocations of our Company-sponsored pension plans by asset category for both Long Duration and Return-Seeking Assets, as of December 29, 2013, were as follows: | ||||||||||||||||||||||||||||||
Asset Category | Percentage | |||||||||||||||||||||||||||||
Public Equity | 27 | % | ||||||||||||||||||||||||||||
Fixed Income | 69 | % | ||||||||||||||||||||||||||||
Alternatives | 4 | % | ||||||||||||||||||||||||||||
Cash | — | % | ||||||||||||||||||||||||||||
New York Times Newspaper Guild Pension Plan [Member] | ' | |||||||||||||||||||||||||||||
Pension Benefits | ' | |||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | ' | |||||||||||||||||||||||||||||
The fair value of the assets underlying our Company-sponsored qualified pension plans and The New York Times Newspaper Guild pension plan by asset category are as follows: | ||||||||||||||||||||||||||||||
Fair Value Measurement at December 29, 2013 | ||||||||||||||||||||||||||||||
(In thousands) | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||
Asset Category | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||
U.S. Equities | $ | 36,920 | $ | — | $ | — | $ | 36,920 | ||||||||||||||||||||||
International Equities | 75,606 | — | — | 75,606 | ||||||||||||||||||||||||||
Common/Collective Funds(1) | — | 581,553 | — | 581,553 | ||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||
Corporate Bonds | — | 594,667 | — | 594,667 | ||||||||||||||||||||||||||
U.S. Treasury and Other Government Securities | — | 183,700 | — | 183,700 | ||||||||||||||||||||||||||
Group Annuity Contract | — | 72,663 | — | 72,663 | ||||||||||||||||||||||||||
Municipal and Provincial Bonds | — | 41,729 | — | 41,729 | ||||||||||||||||||||||||||
Government Sponsored Enterprises(2) | — | 4,738 | — | 4,738 | ||||||||||||||||||||||||||
Other | — | 29,115 | — | 29,115 | ||||||||||||||||||||||||||
Cash and Cash Equivalents | 6,538 | — | 6,538 | |||||||||||||||||||||||||||
Private Equity | — | — | 40,537 | 40,537 | ||||||||||||||||||||||||||
Hedge Fund | — | — | 30,325 | 30,325 | ||||||||||||||||||||||||||
Assets at Fair Value | $ | 112,526 | $ | 1,514,703 | $ | 70,862 | $ | 1,698,091 | ||||||||||||||||||||||
Other Assets | — | |||||||||||||||||||||||||||||
Total | $ | 1,698,091 | ||||||||||||||||||||||||||||
-1 | The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds. | |||||||||||||||||||||||||||||
-2 | Represents investments that are not backed by the full faith and credit of the United States government. | |||||||||||||||||||||||||||||
Fair Value Measurement at December 30, 2012 | ||||||||||||||||||||||||||||||
(In thousands) | Quoted Prices | Significant | Significant | |||||||||||||||||||||||||||
Markets for | Observable | Unobservable | ||||||||||||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||||||
Asset Category | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||||||||||||||
Equity Securities: | ||||||||||||||||||||||||||||||
U.S. Equities | $ | 193,489 | $ | — | $ | — | $ | 193,489 | ||||||||||||||||||||||
International Equities | 87,273 | — | — | 87,273 | ||||||||||||||||||||||||||
Common/Collective Funds(1) | — | 678,449 | — | 678,449 | ||||||||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||||||||
Corporate Bonds | — | 383,483 | — | 383,483 | ||||||||||||||||||||||||||
U.S. Treasury and Other Government Securities | — | 91,122 | — | 91,122 | ||||||||||||||||||||||||||
Insurance Contracts | — | 44,511 | — | 44,511 | ||||||||||||||||||||||||||
Municipal and Provincial Bonds | — | 22,192 | — | 22,192 | ||||||||||||||||||||||||||
Government Sponsored Enterprises(2) | — | 19,115 | — | 19,115 | ||||||||||||||||||||||||||
Other | — | 10,847 | — | 10,847 | ||||||||||||||||||||||||||
Cash and Cash Equivalents | — | 16,427 | — | 16,427 | ||||||||||||||||||||||||||
Private Equity | — | — | 36,011 | 36,011 | ||||||||||||||||||||||||||
Hedge Fund | — | — | 26,370 | 26,370 | ||||||||||||||||||||||||||
Assets at Fair Value | $ | 280,762 | $ | 1,266,146 | $ | 62,381 | $ | 1,609,289 | ||||||||||||||||||||||
Other Assets | 6,434 | |||||||||||||||||||||||||||||
Total | $ | 1,615,723 | ||||||||||||||||||||||||||||
-1 | The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds. | |||||||||||||||||||||||||||||
-2 | Represents investments that are not backed by the full faith and credit of the United States government. |
Other_Postretirement_Benefits_
Other Postretirement Benefits (Tables) (Other Postretirement Benefit Plans, Defined Benefit [Member]) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ||||||||||||
Other Postretirement Benefits | ' | ||||||||||||
Schedule of Components of Net Periodic Postretirement Benefit Cost | ' | ||||||||||||
The components of net periodic postretirement benefit income were as follows: | |||||||||||||
(In thousands) | December 29, | December 30, | December 25, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Service cost | $ | 1,089 | $ | 957 | $ | 1,143 | |||||||
Interest cost | 4,101 | 4,985 | 6,891 | ||||||||||
Recognized actuarial loss | 4,440 | 3,328 | 2,289 | ||||||||||
Amortization of prior service credit | (13,051 | ) | (15,112 | ) | (16,593 | ) | |||||||
Effect of curtailment | (49,122 | ) | (27,213 | ) | — | ||||||||
Net periodic postretirement benefit income | $ | (52,543 | ) | $ | (33,055 | ) | $ | (6,270 | ) | ||||
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | ' | ||||||||||||
The changes in the benefit obligations recognized in other comprehensive loss were as follows: | |||||||||||||
(In thousands) | December 29, | December 30, | December 25, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Net actuarial loss/(gain) | $ | (13,500 | ) | $ | 11,562 | $ | 13,436 | ||||||
Prior service credit | (1,690 | ) | — | (35,712 | ) | ||||||||
Amortization of loss | (4,440 | ) | (3,328 | ) | (2,289 | ) | |||||||
Amortization of prior service credit | 13,051 | 15,112 | 16,593 | ||||||||||
Recognition of prior service credit due to curtailment | 49,122 | 27,213 | — | ||||||||||
Total recognized in other comprehensive loss/(income) | 42,543 | 50,559 | (7,972 | ) | |||||||||
Net periodic postretirement benefit income | (52,543 | ) | (33,055 | ) | (6,270 | ) | |||||||
Total recognized in net periodic postretirement benefit income and other comprehensive loss | $ | (10,000 | ) | $ | 17,504 | $ | (14,242 | ) | |||||
Schedule of Changes in Projected Benefit Obligations and Plan Assets | ' | ||||||||||||
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/loss were as follows: | |||||||||||||
(In thousands) | December 29, | December 30, | |||||||||||
2013 | 2012 | ||||||||||||
Change in benefit obligation | |||||||||||||
Benefit obligation at beginning of year | $ | 120,767 | $ | 113,803 | |||||||||
Service cost | 1,089 | 957 | |||||||||||
Interest cost | 4,101 | 4,985 | |||||||||||
Plan participants’ contributions | 4,861 | 4,383 | |||||||||||
Actuarial (gain)/loss | (13,501 | ) | 11,562 | ||||||||||
Plan amendments | (1,690 | ) | — | ||||||||||
Benefits paid | (14,695 | ) | (15,881 | ) | |||||||||
Medicare subsidies received | — | 958 | |||||||||||
Benefit obligation at the end of year | 100,932 | 120,767 | |||||||||||
Change in plan assets | |||||||||||||
Fair value of plan assets at beginning of year | — | — | |||||||||||
Employer contributions | 9,834 | 10,540 | |||||||||||
Plan participants’ contributions | 4,861 | 4,383 | |||||||||||
Benefits paid | (14,695 | ) | (15,881 | ) | |||||||||
Medicare subsidies received | — | 958 | |||||||||||
Fair value of plan assets at end of year | — | — | |||||||||||
Net amount recognized | $ | (100,932 | ) | $ | (120,767 | ) | |||||||
Amount recognized in the Consolidated Balance Sheets | |||||||||||||
Current liabilities | $ | (10,329 | ) | $ | (10,420 | ) | |||||||
Noncurrent liabilities | (90,603 | ) | (110,347 | ) | |||||||||
Net amount recognized | $ | (100,932 | ) | $ | (120,767 | ) | |||||||
Amount recognized in accumulated other comprehensive loss | |||||||||||||
Actuarial loss | $ | 33,406 | $ | 51,346 | |||||||||
Prior service credit | (33,660 | ) | (94,143 | ) | |||||||||
Total | $ | (254 | ) | $ | (42,797 | ) | |||||||
Schedule of Assumptions Used | ' | ||||||||||||
Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: | |||||||||||||
December 29, | December 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Discount rate | 4.22 | % | 3.49 | % | |||||||||
Estimated increase in compensation level | 3.5 | % | 3.5 | % | |||||||||
Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: | |||||||||||||
December 29, | December 30, | December 25, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 3.7 | % | 4.66 | % | 5.14 | % | |||||||
Estimated increase in compensation level | 3.5 | % | 3.5 | % | 3.5 | % | |||||||
Schedule of Health Care Cost Trend Rates | ' | ||||||||||||
The assumed health-care cost trend rates were as follows: | |||||||||||||
December 29, | December 30, | ||||||||||||
2013 | 2012 | ||||||||||||
Health-care cost trend rate assumed next year | 8 | % | 8 | % | |||||||||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5 | % | 5 | % | |||||||||
Year that the rate reaches the ultimate trend rate | 2023 | 2023 | |||||||||||
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||
A one-percentage point change in assumed health-care cost trend rates would have the following effects: | |||||||||||||
One-Percentage Point | |||||||||||||
(In thousands) | Increase | Decrease | |||||||||||
Effect on total service and interest cost for 2013 | $ | 87 | $ | (82 | ) | ||||||||
Effect on accumulated postretirement benefit obligation as of December 30, 2013 | $ | 2,057 | $ | (1,952 | ) | ||||||||
Schedule of Expected Benefit Payments | ' | ||||||||||||
The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid: | |||||||||||||
(In thousands) | Amount | ||||||||||||
2014 | $ | 10,596 | |||||||||||
2015 | 10,175 | ||||||||||||
2016 | 9,769 | ||||||||||||
2017 | 9,356 | ||||||||||||
2018 | 8,938 | ||||||||||||
2019-2023 | 36,937 | ||||||||||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Other Liabilities [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities | ' | ||||||||
The components of the “Other Liabilities — Other” balance in our Consolidated Balance Sheets were as follows: | |||||||||
(In thousands) | December 29, | December 30, | |||||||
2013 | 2012 | ||||||||
Deferred compensation | $ | 51,660 | $ | 52,882 | |||||
Other liabilities | 106,775 | 120,808 | |||||||
Total | $ | 158,435 | $ | 173,690 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 29, 2013 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||||||||||||
Reconciliations between the effective tax rate on income/(loss) from continuing operations before income taxes and the federal statutory rate are presented below. | ||||||||||||||||||||||
December 29, 2013 | December 30, 2012 | December 25, 2011 | ||||||||||||||||||||
(In thousands) | Amount | % of | Amount | % of | Amount | % of | ||||||||||||||||
Pre-tax | Pre-tax | Pre-tax | ||||||||||||||||||||
Tax at federal statutory rate | $ | 33,180 | 35 | % | $ | 90,494 | 35 | % | $ | 23,104 | 35 | % | ||||||||||
State and local taxes, net | 8,312 | 8.8 | 11,507 | 4.4 | 10,446 | 15.8 | ||||||||||||||||
Effect of enacted changes in tax laws | — | — | — | — | (1,520 | ) | (2.3 | ) | ||||||||||||||
Reduction in uncertain tax positions | (1,803 | ) | (1.9 | ) | (6,721 | ) | (2.6 | ) | (12,105 | ) | (18.3 | ) | ||||||||||
(Gain)/loss on Company-owned life insurance | (3,673 | ) | (3.9 | ) | (2,690 | ) | (1.0 | ) | 36 | — | ||||||||||||
Other, net | 1,876 | 2 | 2,027 | 0.8 | 1,456 | 2.2 | ||||||||||||||||
Income tax expense | $ | 37,892 | 40 | $ | 94,617 | 36.6 | $ | 21,417 | 32.4 | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||||||||||||
The components of income tax expense as shown in our Consolidated Statements of Operations were as follows: | ||||||||||||||||||||||
(In thousands) | December 29, | December 30, | December 25, | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Current tax expense/(benefit) | ||||||||||||||||||||||
Federal | $ | 18,903 | $ | 51,836 | $ | (13,571 | ) | |||||||||||||||
Foreign | 681 | 1,154 | 1,110 | |||||||||||||||||||
State and local | 8,371 | (6,680 | ) | (14,345 | ) | |||||||||||||||||
Total current tax expense/(benefit) | 27,955 | 46,310 | (26,806 | ) | ||||||||||||||||||
Deferred tax expense | ||||||||||||||||||||||
Federal | 5,426 | 38,845 | 542 | |||||||||||||||||||
Foreign | — | — | 37,471 | |||||||||||||||||||
State and local | 4,511 | 9,462 | 10,210 | |||||||||||||||||||
Total deferred tax expense | 9,937 | 48,307 | 48,223 | |||||||||||||||||||
Income tax expense | $ | 37,892 | $ | 94,617 | $ | 21,417 | ||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||||||||||||
The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows: | ||||||||||||||||||||||
(In thousands) | December 29, | December 30, | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||||
Retirement, postemployment and deferred compensation plans | $ | 251,082 | $ | 387,202 | ||||||||||||||||||
Accruals for other employee benefits, compensation, insurance and other | 35,596 | 36,959 | ||||||||||||||||||||
Accounts receivable allowances | 1,478 | 6,111 | ||||||||||||||||||||
Net operating losses | 57,885 | 49,476 | ||||||||||||||||||||
Other | 63,821 | 64,884 | ||||||||||||||||||||
Gross deferred tax assets | 409,862 | 544,632 | ||||||||||||||||||||
Valuation allowance | (42,295 | ) | (42,138 | ) | ||||||||||||||||||
Net deferred tax assets | $ | 367,567 | $ | 502,494 | ||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||||
Property, plant and equipment | $ | 75,661 | $ | 108,763 | ||||||||||||||||||
Intangible assets | 11,902 | — | ||||||||||||||||||||
Investments in joint ventures | 19,625 | 13,430 | ||||||||||||||||||||
Other | 14,531 | 19,875 | ||||||||||||||||||||
Gross deferred tax liabilities | 121,719 | 142,068 | ||||||||||||||||||||
Net deferred tax asset | $ | 245,848 | $ | 360,426 | ||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||
Deferred tax asset – current | $ | 65,859 | $ | 58,214 | ||||||||||||||||||
Deferred tax asset – long-term | 179,989 | 302,212 | ||||||||||||||||||||
Net deferred tax asset | $ | 245,848 | $ | 360,426 | ||||||||||||||||||
Summary of Income Tax Contingencies | ' | |||||||||||||||||||||
A reconciliation of unrecognized tax benefits is as follows: | ||||||||||||||||||||||
(In thousands) | December 29, | December 30, | December 25, | |||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Balance at beginning of year | $ | 45,308 | $ | 47,971 | $ | 55,636 | ||||||||||||||||
Gross additions to tax positions taken during the current year | 2,249 | 5,241 | 4,094 | |||||||||||||||||||
Gross additions to tax positions taken during the prior year | 127 | 258 | 460 | |||||||||||||||||||
Gross reductions to tax positions taken during the prior year | (833 | ) | (922 | ) | (970 | ) | ||||||||||||||||
Reductions from settlements with taxing authorities | — | — | (1,941 | ) | ||||||||||||||||||
Reductions from lapse of applicable statutes of limitations | (793 | ) | (7,240 | ) | (9,308 | ) | ||||||||||||||||
Balance at end of year | $ | 46,058 | $ | 45,308 | $ | 47,971 | ||||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||||||||||
The results of operations for the New England Media Group, About Group and the Regional Media Group presented as discontinued operations are summarized below for 2013. | |||||||||||||||||
Year Ended December 29, 2013 | |||||||||||||||||
(In thousands) | New England Media Group | About Group | Regional Media Group | Total | |||||||||||||
Revenues | $ | 287,677 | $ | — | $ | — | $ | 287,677 | |||||||||
Total operating costs | 281,414 | — | — | 281,414 | |||||||||||||
Multiemployer pension plan withdrawal expense(1) | 7,997 | — | — | 7,997 | |||||||||||||
Impairment of assets(2) | 34,300 | — | — | 34,300 | |||||||||||||
Loss from joint ventures | (240 | ) | — | — | (240 | ) | |||||||||||
Interest expense, net | 9 | — | — | 9 | |||||||||||||
Pre-tax loss | (36,283 | ) | — | — | (36,283 | ) | |||||||||||
Income tax benefit(3) | (13,373 | ) | (2,497 | ) | — | (15,870 | ) | ||||||||||
(Loss)/income from discontinued operations, net of income taxes | (22,910 | ) | 2,497 | — | (20,413 | ) | |||||||||||
Gain/(loss) on sale, net of income taxes: | |||||||||||||||||
Gain on sale(4) | 47,561 | 419 | — | 47,980 | |||||||||||||
Income tax expense | 19,457 | 161 | — | 19,618 | |||||||||||||
Gain on sale, net of income taxes | 28,104 | 258 | — | 28,362 | |||||||||||||
Income from discontinued operations, net of income taxes | $ | 5,194 | $ | 2,755 | $ | — | $ | 7,949 | |||||||||
-1 | The multiemployer pension plan withdrawal expense in 2013 is related to estimated charges for complete or partial withdrawal obligations under multiemployer pension plans triggered by the sale of the New England Media Group. | ||||||||||||||||
-2 | Included in impairment of assets in 2013 is the impairment of fixed assets related to the New England Media Group. | ||||||||||||||||
-3 | The income tax benefit for the About Group in 2013 is related to a change in prior period estimated tax expense. | ||||||||||||||||
-4 | Included in the gain on sale in 2013 is a $49.1 million post-retirement curtailment gain related to the New England Media Group. | ||||||||||||||||
The results of operations for the New England Media Group, About Group and the Regional Media Group presented as discontinued operations are summarized below for 2011. | |||||||||||||||||
Year Ended December 25, 2011 | |||||||||||||||||
(In thousands) | New England Media Group | About Group | Regional Media Group | Total | |||||||||||||
Revenues | $ | 398,056 | $ | 110,826 | $ | 259,945 | $ | 768,827 | |||||||||
Total operating costs | 376,474 | 67,475 | 235,032 | 678,981 | |||||||||||||
Impairment of assets | 1,767 | 3,116 | 152,093 | 156,976 | |||||||||||||
Income from joint ventures | 298 | — | — | 298 | |||||||||||||
Pre-tax income/(loss) | 20,113 | 40,235 | (127,180 | ) | (66,832 | ) | |||||||||||
Income tax expense/(benefit)(1) | 11,393 | 15,453 | (10,879 | ) | 15,967 | ||||||||||||
Income/(loss) from discontinued operations, net of income taxes | $ | 8,720 | $ | 24,782 | $ | (116,301 | ) | $ | (82,799 | ) | |||||||
-1 | The income tax benefit for the Regional Media Group in 2011 was unfavorably impacted because a portion of the goodwill impairment charge was non-deductible. | ||||||||||||||||
The assets and liabilities classified as held for sale for the New England Media Group, About Group and the Regional Media Group are summarized below. | |||||||||||||||||
30-Dec-12 | |||||||||||||||||
(In thousands) | New England Media Group | About Group | Regional Media Group | Total | |||||||||||||
Accounts receivable, net | $ | 40,343 | $ | — | $ | — | $ | 40,343 | |||||||||
Inventories | 3,078 | 3,078 | |||||||||||||||
Property, plant and equipment, net | 86,917 | — | — | 86,917 | |||||||||||||
Other assets | 6,712 | — | — | 6,712 | |||||||||||||
Total assets | 137,050 | — | — | 137,050 | |||||||||||||
Total liabilities | 32,373 | — | — | 32,373 | |||||||||||||
Net assets | $ | 104,677 | $ | — | $ | — | $ | 104,677 | |||||||||
The results of operations for the New England Media Group, About Group and the Regional Media Group presented as discontinued operations are summarized below for 2012. | |||||||||||||||||
Year Ended December 30, 2012 | |||||||||||||||||
(In thousands) | New England Media Group | About Group | Regional Media Group | Total | |||||||||||||
Revenues | $ | 394,739 | $ | 74,970 | $ | 6,115 | $ | 475,824 | |||||||||
Total operating costs | 385,527 | 51,140 | 8,017 | 444,684 | |||||||||||||
Impairment of assets (1) | — | 194,732 | — | 194,732 | |||||||||||||
Income from joint ventures | 68 | — | — | 68 | |||||||||||||
Interest expense, net | 7 | — | — | 7 | |||||||||||||
Pre-tax income/(loss) | 9,273 | (170,902 | ) | (1,902 | ) | (163,531 | ) | ||||||||||
Income tax expense/(benefit) | 10,717 | (60,065 | ) | (736 | ) | (50,084 | ) | ||||||||||
Loss from discontinued operations, net of income taxes | (1,444 | ) | (110,837 | ) | (1,166 | ) | (113,447 | ) | |||||||||
Gain/(loss) on sale, net of income taxes: | |||||||||||||||||
Gain/(loss) on sale | — | 96,675 | (5,441 | ) | 91,234 | ||||||||||||
Income tax expense/(benefit)(2) | — | 34,785 | (29,071 | ) | 5,714 | ||||||||||||
Gain on sale, net of income taxes | — | 61,890 | 23,630 | 85,520 | |||||||||||||
(Loss)/income from discontinued operations, net of income taxes | $ | (1,444 | ) | $ | (48,947 | ) | $ | 22,464 | $ | (27,927 | ) | ||||||
-1 | Included in impairment of assets in 2012 is the impairment of goodwill related to the About Group. | ||||||||||||||||
-2 | The income tax benefit for the Regional Media Group in 2012 included a tax deduction for goodwill, which was previously non-deductible, triggered upon the sale of the Regional Media Group. |
EarningsLoss_Per_Share_Tables
Earnings/(Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||
Basic and diluted earnings/(loss) per share were as follows: | |||||||||||||
Years Ended | |||||||||||||
(In thousands, except per share data) | December 29, | December 30, | December 25, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
(52 weeks) | (53 weeks) | (52 weeks) | |||||||||||
Amounts attributable to The New York Times Company common stockholders: | |||||||||||||
Income from continuing operations | $ | 57,156 | $ | 163,774 | $ | 45,151 | |||||||
Income/(loss) from discontinued operations, net of income taxes | 7,949 | (27,927 | ) | (82,799 | ) | ||||||||
Net income/(loss) | $ | 65,105 | $ | 135,847 | $ | (37,648 | ) | ||||||
Average number of common shares outstanding – Basic | 149,755 | 148,147 | 147,190 | ||||||||||
Incremental shares for assumed exercise of securities | 8,019 | 4,546 | 4,817 | ||||||||||
Average number of common shares outstanding – Diluted | 157,774 | 152,693 | 152,007 | ||||||||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||
Income from continuing operations | $ | 0.38 | $ | 1.11 | $ | 0.31 | |||||||
Income/(loss) from discontinued operations, net of income taxes | 0.05 | (0.19 | ) | (0.57 | ) | ||||||||
Net income/(loss) – Basic | $ | 0.43 | $ | 0.92 | $ | (0.26 | ) | ||||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||
Income from continuing operations | $ | 0.36 | $ | 1.07 | $ | 0.3 | |||||||
Income/(loss) from discontinued operations, net of income taxes | 0.05 | (0.18 | ) | (0.55 | ) | ||||||||
Net income/(loss) – Diluted | $ | 0.41 | $ | 0.89 | $ | (0.25 | ) | ||||||
StockBased_Awards_Tables
Stock-Based Awards (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||||||
Changes in our Company’s stock options in 2013 were as follows: | |||||||||||||||||
December 29, 2013 | |||||||||||||||||
(Shares in thousands) | Options | Weighted | Weighted | Aggregate | |||||||||||||
Average | Average | Intrinsic | |||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | $(000s) | |||||||||||||||
Term | |||||||||||||||||
(Years) | |||||||||||||||||
Options outstanding at beginning of year | 13,582 | $ | 24 | 4 | $ | 7,124 | |||||||||||
Granted | — | — | |||||||||||||||
Exercised | (914 | ) | 6 | ||||||||||||||
Forfeited/Expired | (2,919 | ) | 44 | ||||||||||||||
Options outstanding at end of period | 9,749 | $ | 20 | 4 | $ | 23,273 | |||||||||||
Options expected to vest at end of period | 9,678 | $ | 20 | 4 | $ | 23,273 | |||||||||||
Options exercisable at end of period | 8,994 | $ | 21 | 4 | $ | 17,803 | |||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||||||
The fair value of the stock options granted was estimated on the date of grant using a Black-Scholes valuation model that uses the assumptions noted in the following table. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life (estimated period of time outstanding) of stock options granted was determined using the average of the vesting period and term. Expected volatility was based on historical volatility for a period equal to the stock option’s expected life, ending on the date of grant, and calculated on a monthly basis. The fair value for stock options granted with different vesting periods and on different dates are calculated separately. There were no stock option grants in 2013. | |||||||||||||||||
December 30, 2012 | December 25, 2011 | ||||||||||||||||
Term (In years) | 10 | 10 | 10 | 10 | |||||||||||||
Vesting (In years) | 3 | 3 | (1) | 3 | 1 | ||||||||||||
Risk-free interest rate | 1.39 | % | 0.98 | % | 2.9 | % | 2.25 | % | |||||||||
Expected life (In years) | 6 | 6 | 6 | 5 | |||||||||||||
Expected volatility | 47.67 | % | 49.35 | % | 43.79 | % | 47.93 | % | |||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Weighted-average fair value | $ | 3.35 | $ | 3.89 | $ | 4.81 | $ | 3.78 | |||||||||
(1) Stock options granted to Mark Thompson, our President and Chief Executive Officer, in November 2012 under the terms of his employment agreement. | |||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | ||||||||||||||||
Changes in our Company’s stock-settled restricted stock units in 2013 were as follows: | |||||||||||||||||
December 29, 2013 | |||||||||||||||||
(Shares in thousands) | Restricted | Weighted | |||||||||||||||
Stock | Average | ||||||||||||||||
Units | Grant-Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Unvested stock-settled restricted stock units at beginning of period | 1,011 | $ | 9 | ||||||||||||||
Granted | 544 | 9 | |||||||||||||||
Vested | (169 | ) | 9 | ||||||||||||||
Forfeited | (193 | ) | 9 | ||||||||||||||
Unvested stock-settled restricted stock units at end of period | 1,193 | $ | 9 | ||||||||||||||
Unvested stock-settled restricted stock units expected to vest at end of period | 1,107 | $ | 9 | ||||||||||||||
Schedule of Common Stock Reserved For Issuance | ' | ||||||||||||||||
Shares of Class A Common Stock reserved for issuance were as follows: | |||||||||||||||||
(In thousands) | December 29, | December 30, | |||||||||||||||
2013 | 2012 | ||||||||||||||||
Stock options, stock–settled restricted stock units and stock-settled performance awards | |||||||||||||||||
Stock options and stock-settled restricted stock units | 10,965 | 14,593 | |||||||||||||||
Stock-settled performance awards(1) | 1,908 | 362 | |||||||||||||||
Outstanding | 12,873 | 14,955 | |||||||||||||||
Available | 3,161 | 4,938 | |||||||||||||||
Employee Stock Purchase Plan(2) | |||||||||||||||||
Available | 6,410 | 6,410 | |||||||||||||||
401(k) Company stock match(3) | |||||||||||||||||
Available | 3,045 | 3,348 | |||||||||||||||
Total Outstanding | 12,873 | 14,955 | |||||||||||||||
Total Available | 12,616 | 14,696 | |||||||||||||||
-1 | The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that would be issued is included in the table above. | ||||||||||||||||
-2 | We have not had an offering under the ESPP since 2010. | ||||||||||||||||
-3 | Effective 2014, we no longer offer a Company stock match under the Company’s 401(k) plan. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The following table summarizes the changes in AOCI by component as of December 29, 2013: | |||||||||||||||||
(In thousands) | Foreign Currency Translation Adjustments | Unrealized Loss on Available-For-Sale Security | Funded Status of Benefit Plans | Total Accumulated Other Comprehensive Loss | |||||||||||||
Balance, December 30, 2012 | $ | 11,327 | $ | (431 | ) | $ | (523,462 | ) | $ | (512,566 | ) | ||||||
Other comprehensive income before reclassifications, before tax(1) | 2,613 | — | 197,081 | 199,694 | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax(1) | — | 729 | (17,303 | ) | (16,574 | ) | |||||||||||
Income tax expense(1) | 1,266 | 298 | 71,601 | 73,165 | |||||||||||||
Net current-period other comprehensive income, net of tax | 1,347 | 431 | 108,177 | 109,955 | |||||||||||||
Balance, December 29, 2013 | $ | 12,674 | $ | — | $ | (415,285 | ) | $ | (402,611 | ) | |||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The following table summarizes the reclassifications from AOCI for the periods ended December 29, 2013 | |||||||||||||||||
Detail about accumulated other comprehensive loss components | Amounts reclassified from accumulated other comprehensive loss | Affect line item in the statement where net income is presented | |||||||||||||||
Funded status of benefit plans: | |||||||||||||||||
Amortization of prior service credit(1) | $ | (14,996 | ) | Selling, general & administrative costs | |||||||||||||
Recognized actuarial loss(1) | 43,457 | Selling, general & administrative costs | |||||||||||||||
Curtailment | (49,122 | ) | Discontinued operations: gain on sale, net of tax | ||||||||||||||
Settlement | 3,358 | Pension settlement expense | |||||||||||||||
Total reclassification, before tax(2) | (17,303 | ) | |||||||||||||||
Income tax expense | (7,091 | ) | Tax expense | ||||||||||||||
Total reclassification, net of tax | $ | (10,212 | ) | ||||||||||||||
Unrealized gains and losses on available for sale securities | |||||||||||||||||
Realized gain on sale of securities, before tax | $ | 729 | Selling, general & administrative costs | ||||||||||||||
Tax expense | 298 | Tax expense | |||||||||||||||
Net of tax | $ | 431 | |||||||||||||||
-1 | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 11 and 12 for additional information |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | |||
Dec. 29, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | |||
The approximate minimum rental commitments under noncancelable leases, net of subleases, as of December 29, 2013 were as follows: | ||||
(In thousands) | Amount | |||
2014 | $ | 12,472 | ||
2015 | 10,503 | |||
2016 | 7,419 | |||
2017 | 6,976 | |||
2018 | 4,022 | |||
Later years | 10,883 | |||
Total minimum lease payments | 52,275 | |||
Less: noncancelable subleases | (8,680 | ) | ||
Total minimum lease payments, net of noncancelable subleases | $ | 43,595 | ||
Schedule of Future Minimum Lease Payments for Capital Leases | ' | |||
Future minimum lease payments for all capital leases, and the present value of the minimum lease payments as of December 29, 2013, were as follows: | ||||
(In thousands) | Amount | |||
2014 | $ | 573 | ||
2015 | 552 | |||
2016 | 552 | |||
2017 | 552 | |||
2018 | 552 | |||
Later years | 7,245 | |||
Total minimum lease payments | 10,026 | |||
Less: imputed interest | (3,290 | ) | ||
Present value of net minimum lease payments including current maturities | $ | 6,736 | ||
Quarterly_Information_Unaudite1
Quarterly Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||
2013 Quarters | |||||||||||||||||
(In thousands, except per share data) | March 31, | June 30, | September 29, | December 29, | Full Year | ||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
(13 weeks) | (13 weeks) | (13 weeks) | (13 weeks) | (52 weeks) | |||||||||||||
Revenues | $ | 380,675 | $ | 390,957 | $ | 361,738 | $ | 443,860 | $ | 1,577,230 | |||||||
Operating costs | 352,544 | 344,733 | 342,712 | 371,755 | 1,411,744 | ||||||||||||
Pension settlement expense(1) | 3,228 | 3,228 | |||||||||||||||
Multiemployer pension plan withdrawal expense(2) | — | — | 6,171 | — | 6,171 | ||||||||||||
Operating profit | 28,131 | 46,224 | 12,855 | 68,877 | 156,087 | ||||||||||||
(Loss)/income from joint ventures | (2,870 | ) | (405 | ) | (123 | ) | 183 | (3,215 | ) | ||||||||
Interest expense, net | 14,071 | 14,644 | 15,454 | 13,904 | 58,073 | ||||||||||||
Income/(loss) from continuing operations before income taxes | 11,190 | 31,175 | (2,722 | ) | 55,156 | 94,799 | |||||||||||
Income tax expense/(benefit) | 5,082 | 13,813 | 2,578 | 16,419 | 37,892 | ||||||||||||
Income/(loss) from continuing operations | 6,108 | 17,362 | (5,300 | ) | 38,737 | 56,907 | |||||||||||
Income/(loss) from discontinued operations, net of income taxes | (2,785 | ) | 2,776 | (18,987 | ) | 26,944 | 7,949 | ||||||||||
Net income/(loss) | 3,323 | 20,138 | (24,287 | ) | 65,681 | 64,856 | |||||||||||
Net loss/(income) attributable to the noncontrolling interest | 249 | (6 | ) | 61 | (55 | ) | 249 | ||||||||||
Net income/(loss) attributable to The New York Times Company common stockholders | $ | 3,572 | $ | 20,132 | $ | (24,226 | ) | $ | 65,626 | $ | 65,105 | ||||||
Amounts attributable to The New York Times Company common stockholders: | |||||||||||||||||
Income/(loss) from continuing operations | $ | 6,357 | $ | 17,356 | $ | (5,239 | ) | $ | 38,682 | $ | 57,156 | ||||||
Income/(loss) from discontinued operations, net of income taxes | (2,785 | ) | 2,776 | (18,987 | ) | 26,944 | 7,949 | ||||||||||
Net income/(loss) | $ | 3,572 | $ | 20,132 | $ | (24,226 | ) | $ | 65,626 | $ | 65,105 | ||||||
Average number of common shares outstanding: | |||||||||||||||||
Basic | 148,710 | 148,797 | 150,033 | 150,162 | 149,755 | ||||||||||||
Diluted | 155,270 | 156,511 | 150,033 | 160,013 | 157,774 | ||||||||||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||||||
Income/(loss) from continuing operations | $ | 0.04 | $ | 0.12 | $ | (0.03 | ) | $ | 0.26 | $ | 0.38 | ||||||
Income/(loss) from discontinued operations, net of income taxes | (0.02 | ) | 0.02 | (0.13 | ) | 0.18 | 0.05 | ||||||||||
Net income/(loss) | $ | 0.02 | $ | 0.14 | $ | (0.16 | ) | $ | 0.44 | $ | 0.43 | ||||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||||||
Income/(loss) from continuing operations | $ | 0.04 | $ | 0.11 | $ | (0.03 | ) | $ | 0.24 | $ | 0.36 | ||||||
Income/(loss) from discontinued operations, net of income taxes | (0.02 | ) | 0.02 | (0.13 | ) | 0.17 | 0.05 | ||||||||||
Net income/(loss) | $ | 0.02 | $ | 0.13 | $ | (0.16 | ) | $ | 0.41 | $ | 0.41 | ||||||
-1 | We recorded a non-cash settlement charge related to a one-time lump sum payment offer to certain former employees who participated in a non-qualified pension plan. | ||||||||||||||||
-2 | We recorded an estimated charge related to a partial withdrawal obligation under a multiemployer pension plan. | ||||||||||||||||
2012 Quarters | |||||||||||||||||
(In thousands, except per share data) | March 25, 2012 | June 24, | September 23, 2012 | December 30, 2012 | Full Year | ||||||||||||
2012 | |||||||||||||||||
(13 weeks) | (13 weeks) | (13 weeks) | (14 weeks) | (53 weeks) | |||||||||||||
Revenues | $ | 384,049 | $ | 387,841 | $ | 355,337 | $ | 468,114 | $ | 1,595,341 | |||||||
Operating costs | 361,348 | 351,206 | 346,423 | 382,433 | 1,441,410 | ||||||||||||
Pension settlement expense(1) | — | — | — | 47,657 | 47,657 | ||||||||||||
Other expense(2) | — | — | — | 2,620 | 2,620 | ||||||||||||
Operating profit | 22,701 | 36,635 | 8,914 | 35,404 | 103,654 | ||||||||||||
Gain on sale of investment(3) | 17,848 | 37,797 | — | 164,630 | 220,275 | ||||||||||||
Impairment of investments(4) | 4,900 | — | 600 | — | 5,500 | ||||||||||||
(Loss)/income from joint ventures | 15 | 1,064 | 1,010 | 847 | 2,936 | ||||||||||||
Interest expense, net | 15,452 | 15,464 | 15,490 | 16,402 | 62,808 | ||||||||||||
(Loss)/income from continuing operations before income taxes | 20,212 | 60,032 | (6,166 | ) | 184,479 | 258,557 | |||||||||||
Income tax (benefit)/expense | 5,852 | 25,781 | (3,187 | ) | 66,171 | 94,617 | |||||||||||
(Loss)/income from continuing operations | 14,360 | 34,251 | (2,979 | ) | 118,308 | 163,940 | |||||||||||
Income/(loss) from discontinued operations, net of income taxes | 28,190 | (121,900 | ) | 5,703 | 60,080 | (27,927 | ) | ||||||||||
Net income/(loss) | 42,550 | (87,649 | ) | 2,724 | 178,388 | 136,013 | |||||||||||
Net loss attributable to the noncontrolling interest | 53 | 27 | 21 | (267 | ) | (166 | ) | ||||||||||
Net income/(loss) attributable to The New York Times Company common stockholders | $ | 42,603 | $ | (87,622 | ) | $ | 2,745 | $ | 178,121 | $ | 135,847 | ||||||
Amounts attributable to The New York Times Company common stockholders: | |||||||||||||||||
(Loss)/income from continuing operations | $ | 14,413 | $ | 34,278 | $ | (2,958 | ) | $ | 118,041 | $ | 163,774 | ||||||
Income/(loss) from discontinued operations, net of income taxes | 28,190 | (121,900 | ) | 5,703 | 60,080 | (27,927 | ) | ||||||||||
Net income/(loss) | $ | 42,603 | $ | (87,622 | ) | $ | 2,745 | $ | 178,121 | $ | 135,847 | ||||||
Average number of common shares outstanding: | |||||||||||||||||
Basic | 147,867 | 148,005 | 148,254 | 148,461 | 148,147 | ||||||||||||
Diluted | 151,468 | 149,799 | 148,254 | 154,685 | 152,693 | ||||||||||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||||||
(Loss)/income from continuing operations | $ | 0.1 | $ | 0.23 | $ | (0.02 | ) | $ | 0.8 | $ | 1.11 | ||||||
Income/(loss) from discontinued operations, net of income taxes | 0.19 | (0.82 | ) | 0.04 | 0.4 | (0.19 | ) | ||||||||||
Net income/(loss) | $ | 0.29 | $ | (0.59 | ) | $ | 0.02 | $ | 1.2 | $ | 0.92 | ||||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||||||
(Loss)/income from continuing operations | $ | 0.1 | $ | 0.23 | $ | (0.02 | ) | $ | 0.76 | $ | 1.07 | ||||||
Income/(loss) from discontinued operations, net of income taxes | 0.18 | (0.81 | ) | 0.04 | 0.39 | (0.18 | ) | ||||||||||
Net income/(loss) | $ | 0.28 | $ | (0.58 | ) | $ | 0.02 | $ | 1.15 | $ | 0.89 | ||||||
-1 | In the fourth quarter of 2012, we recorded a $47.7 million non-cash pension settlement charge in connection with the immediate pension benefit offer to certain former employees who participate in The New York Times Companies Pension Plan. | ||||||||||||||||
-2 | In the fourth quarter of 2012, we recorded a $2.6 million charge in connection with a legal settlement. | ||||||||||||||||
-3 | In the first quarter of 2012, we recorded a $17.8 million gain on the sale of 100 of our units in Fenway Sports Group. In the second quarter of 2012, we recorded a $37.8 million gain on the sale of our remaining 210 units in Fenway Sports Group. In the fourth quarter of 2012, we recorded a $164.6 million gain on the sale of our ownership interest in Indeed.com. | ||||||||||||||||
-4 | In the first and third quarters of 2012, we recorded a $4.9 million and $0.6 million non-cash charge, respectively, for the impairment of certain investments. |
Basis_of_Presentation_Details
Basis of Presentation (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Fiscal year term | 'P52W | 'P53W | 'P52W |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 |
In Millions, unless otherwise specified | Building and Building Improvements [Member] | Building and Building Improvements [Member] | Equipment [Member] | Equipment [Member] | Software [Member] | Software [Member] | ||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '10 years | '40 years | '3 years | '30 years | '2 years | '5 years |
Self Insurance Reserve | $43 | $42 | ' | ' | ' | ' | ' | ' |
Prior_Period_Adjustments_Narra
Prior Period Adjustments (Narrative) (Details) (USD $) | 3 Months Ended | |||||||
Jun. 30, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 26, 2010 | |
Benefit_Plan_Participants | ||||||||
Participants in the pension plan | 800 | ' | ' | ' | ' | ' | ' | ' |
Retained earnings | ' | $1,283,518,000 | $1,234,023,000 | $1,230,450,000 | $1,052,327,000 | $1,049,580,000 | $1,137,203,000 | $6,000,000 |
Accumulated other comprehensive loss, net of income taxes | ' | -402,611,000 | -509,938,000 | -512,566,000 | -495,184,000 | -499,375,000 | -496,702,000 | 14,500,000 |
Valuation of Accrued Benefits [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan, overstated | ' | ' | $50,900,000 | $50,400,000 | ' | ' | ' | ' |
Prior_Period_Adjustments_Balan
Prior Period Adjustments (Balance Sheets) (Details) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
In Thousands, unless otherwise specified | ||||||||
Current assets | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $482,745 | $308,014 | $820,490 | $334,374 | $290,292 | $206,468 | $175,151 | $369,668 |
Short-term marketable securities | ' | 366,805 | 134,820 | 279,740 | 279,858 | 224,878 | ' | ' |
Accounts receivable (net of allowances) | 202,303 | 159,344 | 197,589 | 160,998 | 170,904 | 180,406 | ' | ' |
Inventories: | ' | ' | ' | ' | ' | ' | ' | ' |
Newsprint and magazine paper | ' | 6,952 | 5,608 | 9,857 | 9,695 | 12,129 | ' | ' |
Other inventory | ' | 1,697 | 1,729 | 1,689 | 1,954 | 2,076 | ' | ' |
Total inventories | ' | 8,649 | 7,337 | 11,546 | 11,649 | 14,205 | ' | ' |
Deferred income taxes | 65,859 | 58,214 | 58,214 | 73,055 | 73,055 | 73,055 | ' | ' |
Other current assets | ' | 49,824 | 42,068 | 45,491 | 42,886 | 59,404 | ' | ' |
Assets held for sale | 0 | 127,529 | 137,050 | 356,030 | 361,358 | 550,836 | ' | ' |
Total current assets | 1,172,267 | 1,078,379 | 1,397,568 | 1,261,234 | 1,230,002 | 1,309,252 | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term marketable securities | 176,155 | 190,841 | 4,444 | 0 | 0 | 0 | ' | ' |
Investments in joint ventures | 40,213 | 38,409 | 40,872 | 41,401 | 41,809 | 43,420 | ' | ' |
Property, plant and equipment (less accumulated depreciation and amortization) | 713,356 | 757,507 | 773,469 | 789,147 | 804,189 | 819,586 | ' | ' |
Goodwill (less accumulated impairment losses) | 125,871 | 120,275 | 122,691 | 121,251 | 118,825 | 123,061 | ' | ' |
Deferred income taxes | 179,989 | 301,784 | 302,212 | 345,804 | 349,946 | 297,261 | ' | ' |
Miscellaneous assets | 164,701 | 165,202 | 166,214 | 168,470 | 173,880 | 227,088 | ' | ' |
Total assets | 2,572,552 | 2,652,397 | 2,807,470 | 2,727,307 | 2,718,651 | 2,819,668 | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 90,982 | 80,687 | 88,990 | 86,104 | 80,754 | 83,192 | ' | ' |
Accrued payroll and other related liabilities | 91,629 | 52,288 | 86,772 | 87,753 | 72,641 | 66,826 | ' | ' |
Unexpired subscriptions | 58,007 | 59,549 | 57,336 | 57,050 | 55,725 | 57,870 | ' | ' |
Accrued expenses and other | 107,755 | 112,316 | 118,753 | 197,934 | 198,719 | 198,809 | ' | ' |
Accrued income taxes | ' | 360 | 38,932 | 0 | 0 | 0 | ' | ' |
Liabilities held for sale | 0 | 33,302 | 32,373 | 34,611 | 36,479 | 41,407 | ' | ' |
Total current liabilities | 348,511 | 338,502 | 423,156 | 463,452 | 444,318 | 448,104 | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt and capital lease obligations | 684,142 | 697,920 | 696,752 | 701,518 | 700,614 | 699,349 | ' | ' |
Pension benefits obligation | 444,328 | 663,617 | 737,889 | 782,353 | 800,946 | 813,905 | ' | ' |
Postretirement benefits obligation | 90,602 | 109,500 | 110,347 | 100,248 | 101,397 | 102,689 | ' | ' |
Other | 158,435 | 166,434 | 173,690 | 175,949 | 176,305 | 171,944 | ' | ' |
Total other liabilities | 1,377,507 | 1,637,471 | 1,718,678 | 1,760,068 | 1,779,262 | 1,787,887 | ' | ' |
Common stock of $.10 par value: | ' | ' | ' | ' | ' | ' | ' | ' |
Additional paid-in capital | 33,045 | 27,656 | 25,610 | 31,181 | 34,278 | 35,820 | ' | ' |
Retained earnings | 1,283,518 | 1,234,023 | 1,230,450 | 1,052,327 | 1,049,580 | 1,137,203 | ' | 6,000 |
Common stock held in treasury, at cost | -86,253 | -93,506 | -96,278 | -102,690 | -107,572 | -110,827 | ' | ' |
Accumulated other comprehensive loss, net of income taxes: | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments-gain | 12,674 | 9,858 | 11,327 | 10,418 | 8,286 | 12,382 | ' | ' |
Unrealized loss on available-for-sale security | 0 | -1,242 | -431 | 732 | 2,102 | 4,109 | ' | ' |
Funded status of benefit plans | -415,285 | -518,554 | -523,462 | -506,334 | -509,763 | -513,193 | ' | ' |
Total accumulated other comprehensive loss, net of income taxes | -402,611 | -509,938 | -512,566 | -495,184 | -499,375 | -496,702 | ' | 14,500 |
Total New York Times Company stockholdersb equity | 842,910 | 673,362 | 662,325 | 500,739 | 492,002 | 580,581 | ' | ' |
Noncontrolling interest | 3,624 | 3,062 | 3,311 | 3,048 | 3,069 | 3,096 | ' | ' |
Total stockholdersb equity | 846,534 | 676,424 | 665,636 | 503,787 | 495,071 | 583,677 | 536,827 | 684,509 |
Total liabilities and stockholdersb equity | 2,572,552 | 2,652,397 | 2,807,470 | 2,727,307 | 2,718,651 | 2,819,668 | ' | ' |
As previously reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 308,014 | 820,490 | 334,374 | 290,292 | 206,468 | ' | ' |
Short-term marketable securities | ' | 366,805 | 134,820 | 279,740 | 279,858 | 224,878 | ' | ' |
Accounts receivable (net of allowances) | ' | 159,344 | 197,589 | 160,998 | 170,904 | 180,406 | ' | ' |
Inventories: | ' | ' | ' | ' | ' | ' | ' | ' |
Newsprint and magazine paper | ' | 6,952 | 5,608 | 9,857 | 9,695 | 12,129 | ' | ' |
Other inventory | ' | 1,697 | 1,729 | 1,689 | 1,954 | 2,076 | ' | ' |
Total inventories | ' | 8,649 | 7,337 | 11,546 | 11,649 | 14,205 | ' | ' |
Deferred income taxes | ' | 58,214 | 58,214 | 73,055 | 73,055 | 73,055 | ' | ' |
Other current assets | ' | 49,824 | 42,068 | 45,491 | 42,886 | 59,404 | ' | ' |
Assets held for sale | ' | 127,529 | 137,050 | 356,030 | 361,358 | 550,836 | ' | ' |
Total current assets | ' | 1,078,379 | 1,397,568 | 1,261,234 | 1,230,002 | 1,309,252 | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term marketable securities | ' | 190,841 | 4,444 | 0 | 0 | 0 | ' | ' |
Investments in joint ventures | ' | 38,409 | 40,872 | 41,401 | 41,809 | 43,420 | ' | ' |
Property, plant and equipment (less accumulated depreciation and amortization) | ' | 757,507 | 773,469 | 789,147 | 804,189 | 819,586 | ' | ' |
Goodwill (less accumulated impairment losses) | ' | 120,275 | 122,691 | 121,251 | 118,825 | 123,061 | ' | ' |
Deferred income taxes | ' | 322,222 | 322,767 | 365,666 | 369,439 | 316,446 | ' | ' |
Miscellaneous assets | ' | 165,202 | 166,214 | 168,470 | 173,880 | 227,088 | ' | ' |
Total assets | ' | 2,672,835 | 2,828,025 | 2,747,169 | 2,738,144 | 2,838,853 | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 80,687 | 88,990 | 86,104 | 80,754 | 83,192 | ' | ' |
Accrued payroll and other related liabilities | ' | 52,288 | 86,772 | 87,753 | 72,641 | 66,826 | ' | ' |
Unexpired subscriptions | ' | 59,549 | 57,336 | 57,050 | 55,725 | 57,870 | ' | ' |
Accrued expenses and other | ' | 112,316 | 118,753 | 197,934 | 198,719 | 198,809 | ' | ' |
Accrued income taxes | ' | 0 | 38,932 | 0 | 0 | 0 | ' | ' |
Liabilities held for sale | ' | 33,302 | 32,373 | 34,611 | 36,479 | 41,407 | ' | ' |
Total current liabilities | ' | 338,142 | 423,156 | 463,452 | 444,318 | 448,104 | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt and capital lease obligations | ' | 697,920 | 696,752 | 701,518 | 700,614 | 699,349 | ' | ' |
Pension benefits obligation | ' | 714,505 | 788,268 | 830,868 | 848,669 | 860,836 | ' | ' |
Postretirement benefits obligation | ' | 109,500 | 110,347 | 100,248 | 101,397 | 102,689 | ' | ' |
Other | ' | 166,434 | 173,690 | 175,949 | 176,305 | 171,944 | ' | ' |
Total other liabilities | ' | 1,688,359 | 1,769,057 | 1,808,583 | 1,826,985 | 1,834,818 | ' | ' |
Common stock of $.10 par value: | ' | ' | ' | ' | ' | ' | ' | ' |
Additional paid-in capital | ' | 27,656 | 25,610 | 31,181 | 34,278 | 35,820 | ' | ' |
Retained earnings | ' | 1,222,936 | 1,219,798 | 1,042,888 | 1,040,606 | 1,128,755 | ' | ' |
Common stock held in treasury, at cost | ' | -93,506 | -96,278 | -102,690 | -107,572 | -110,827 | ' | ' |
Accumulated other comprehensive loss, net of income taxes: | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments-gain | ' | 9,858 | 11,327 | 10,418 | 8,286 | 12,382 | ' | ' |
Unrealized loss on available-for-sale security | ' | -1,242 | -431 | 732 | 2,102 | 4,109 | ' | ' |
Funded status of benefit plans | ' | -537,557 | -542,634 | -525,548 | -529,019 | -532,491 | ' | ' |
Total accumulated other comprehensive loss, net of income taxes | ' | -528,941 | -531,738 | -514,398 | -518,631 | -516,000 | ' | ' |
Total New York Times Company stockholdersb equity | ' | 643,272 | 632,501 | 472,086 | 463,772 | 552,835 | ' | ' |
Noncontrolling interest | ' | 3,062 | 3,311 | 3,048 | 3,069 | 3,096 | ' | ' |
Total stockholdersb equity | ' | 646,334 | 635,812 | 475,134 | 466,841 | 555,931 | ' | 664,076 |
Total liabilities and stockholdersb equity | ' | 2,672,835 | 2,828,025 | 2,747,169 | 2,738,144 | 2,838,853 | ' | ' |
Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Short-term marketable securities | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Accounts receivable (net of allowances) | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Inventories: | ' | ' | ' | ' | ' | ' | ' | ' |
Newsprint and magazine paper | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Other inventory | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total inventories | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Deferred income taxes | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Other current assets | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Assets held for sale | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total current assets | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Other assets | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term marketable securities | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Investments in joint ventures | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Property, plant and equipment (less accumulated depreciation and amortization) | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Goodwill (less accumulated impairment losses) | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Deferred income taxes | ' | -20,438 | -20,555 | -19,862 | -19,493 | -19,185 | ' | ' |
Miscellaneous assets | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total assets | ' | -20,438 | -20,555 | -19,862 | -19,493 | -19,185 | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Accrued payroll and other related liabilities | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Unexpired subscriptions | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Accrued expenses and other | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Accrued income taxes | ' | 360 | 0 | 0 | 0 | 0 | ' | ' |
Liabilities held for sale | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total current liabilities | ' | 360 | 0 | 0 | 0 | 0 | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt and capital lease obligations | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Pension benefits obligation | ' | -50,888 | -50,379 | -48,515 | -47,723 | -46,931 | ' | ' |
Postretirement benefits obligation | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Other | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total other liabilities | ' | -50,888 | -50,379 | -48,515 | -47,723 | -46,931 | ' | ' |
Common stock of $.10 par value: | ' | ' | ' | ' | ' | ' | ' | ' |
Additional paid-in capital | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Retained earnings | ' | 11,087 | 10,652 | 9,439 | 8,974 | 8,448 | ' | ' |
Common stock held in treasury, at cost | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Accumulated other comprehensive loss, net of income taxes: | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments-gain | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Unrealized loss on available-for-sale security | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Funded status of benefit plans | ' | 19,003 | 19,172 | 19,214 | 19,256 | 19,298 | ' | ' |
Total accumulated other comprehensive loss, net of income taxes | ' | 19,003 | 19,172 | 19,214 | 19,256 | 19,298 | ' | ' |
Total New York Times Company stockholdersb equity | ' | 30,090 | 29,824 | 28,653 | 28,230 | 27,746 | ' | ' |
Noncontrolling interest | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Total stockholdersb equity | ' | 30,090 | 29,824 | 28,653 | 28,230 | 27,746 | ' | 20,433 |
Total liabilities and stockholdersb equity | ' | -20,438 | -20,555 | -19,862 | -19,493 | -19,185 | ' | ' |
Class A Common Stock | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock of $.10 par value: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock value | 15,129 | 15,045 | 15,027 | 15,023 | 15,009 | 15,005 | ' | ' |
Class A Common Stock | As previously reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock of $.10 par value: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock value | ' | 15,045 | 15,027 | 15,023 | 15,009 | 15,005 | ' | ' |
Class A Common Stock | Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock of $.10 par value: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock value | ' | 0 | 0 | 0 | 0 | 0 | ' | ' |
Class B Common Stock | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock of $.10 par value: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock value | 82 | 82 | 82 | 82 | 82 | 82 | ' | ' |
Class B Common Stock | As previously reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock of $.10 par value: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock value | ' | 82 | 82 | 82 | 82 | 82 | ' | ' |
Class B Common Stock | Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock of $.10 par value: | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock value | ' | $0 | $0 | $0 | $0 | $0 | ' | ' |
Prior_Period_Adjustments_Incom
Prior Period Adjustments (Income Statements) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2012 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Jun. 26, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |||||
Revenues | ' | $443,860 | $361,738 | $390,957 | $380,675 | $468,114 | $355,337 | $387,841 | $384,049 | ' | $1,577,230 | $1,595,341 | $1,554,574 | |||||
Operating costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Production costs | ' | ' | ' | ' | 156,734 | 177,440 | 157,370 | 158,174 | 158,334 | ' | 626,913 | 651,318 | 640,261 | |||||
Selling, general and administrative costs | ' | ' | ' | ' | 176,872 | 186,501 | 169,459 | 172,820 | 182,332 | ' | 706,354 | 711,112 | 687,558 | |||||
Depreciation and amortization | ' | ' | ' | ' | 18,938 | 18,492 | 19,594 | 20,212 | 20,682 | ' | 78,477 | 78,980 | 83,833 | |||||
Total operating costs | ' | 371,755 | 342,712 | 344,733 | 352,544 | 382,433 | 346,423 | 351,206 | 361,348 | ' | 1,411,744 | 1,441,410 | 1,411,652 | |||||
Pension settlement expense | ' | 3,228 | ' | ' | 0 | 47,657 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | 3,228 | 47,657 | [1] | 0 |
Other expense | ' | ' | ' | ' | 0 | 2,620 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | ' | 0 | 2,620 | [2] | 4,500 |
Impairment of assets | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 7,458 | 0 | 0 | 7,458 | |||||
Multiemployer pension plan withdrawal expense | ' | 0 | 6,171 | 0 | 0 | 0 | 0 | 0 | 0 | ' | 6,171 | 0 | 4,228 | |||||
Operating profit | ' | 68,877 | 12,855 | 46,224 | 28,131 | 35,404 | 8,914 | 36,635 | 22,701 | ' | 156,087 | 103,654 | 126,736 | |||||
Gain on sale of investments | ' | ' | ' | ' | 0 | 164,630 | [3] | 0 | [3] | 37,797 | [3] | 17,848 | [3] | ' | 0 | 220,275 | [3] | 71,171 |
Impairment of investments | ' | ' | ' | ' | 0 | 0 | [4] | 600 | [4] | 0 | [4] | 4,900 | [4] | ' | 0 | 5,500 | [4] | 0 |
(Loss)/income from joint ventures | ' | 183 | -123 | -405 | -2,870 | 847 | 1,010 | 1,064 | 15 | ' | -3,215 | 2,936 | -270 | |||||
Premium on debt redemption | 1,400 | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 | 46,381 | |||||
Interest expense, net | ' | 13,904 | 15,454 | 14,644 | 14,071 | 16,402 | 15,490 | 15,464 | 15,452 | ' | 58,073 | 62,808 | 85,243 | |||||
Income from continuing operations before income taxes | ' | 55,156 | -2,722 | 31,175 | 11,190 | 184,479 | -6,166 | 60,032 | 20,212 | ' | 94,799 | 258,557 | 66,013 | |||||
Income tax (benefit)/expense | ' | 16,419 | 2,578 | 13,813 | 5,082 | 66,171 | -3,187 | 25,781 | 5,852 | ' | 37,892 | 94,617 | 21,417 | |||||
Income from continuing operations | ' | 38,737 | -5,300 | 17,362 | 6,108 | 118,308 | -2,979 | 34,251 | 14,360 | ' | 56,907 | 163,940 | 44,596 | |||||
(Loss)/income from discontinued operations, net of income taxes | ' | ' | ' | ' | -2,785 | 60,080 | 5,703 | -121,900 | 28,190 | ' | 7,949 | -27,927 | -82,799 | |||||
Income/(loss) from discontinued operations, net of income taxes | ' | 26,944 | -18,987 | 2,776 | -2,785 | 60,080 | 5,703 | -121,900 | 28,190 | ' | 7,949 | -27,927 | -82,799 | |||||
Net income/(loss) | ' | 65,681 | -24,287 | 20,138 | 3,323 | 178,388 | 2,724 | -87,649 | 42,550 | ' | 64,856 | 136,013 | -38,203 | |||||
Net loss/(income) attributable to the noncontrolling interest | ' | -55 | 61 | -6 | 249 | -267 | 21 | 27 | 53 | ' | 249 | -166 | 555 | |||||
Net income/(loss) attributable to The New York Times Company common stockholders | ' | 65,626 | -24,226 | 20,132 | 3,572 | 178,121 | 2,745 | -87,622 | 42,603 | ' | 65,105 | 135,847 | -37,648 | |||||
Amounts attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income from continuing operations | ' | 38,682 | -5,239 | 17,356 | 6,357 | 118,041 | -2,958 | 34,278 | 14,413 | ' | 57,156 | 163,774 | 45,151 | |||||
Average number of common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Basic (in shares) | ' | 150,162 | 150,033 | 148,797 | 148,710 | 148,461 | 148,254 | 148,005 | 147,867 | ' | 149,755 | 148,147 | 147,190 | |||||
Diluted (in shares) | ' | 160,013 | 150,033 | 156,511 | 155,270 | 154,685 | 148,254 | 149,799 | 151,468 | ' | 157,774 | 152,693 | 152,007 | |||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income from continuing operations (USD per share) | ' | $0.26 | ($0.03) | $0.12 | $0.04 | $0.80 | ($0.02) | $0.23 | $0.10 | ' | $0.38 | $1.11 | $0.31 | |||||
Income/(loss) from discontinued operations, net of income taxes (USD per share) | ' | $0.18 | ($0.13) | $0.02 | ($0.02) | $0.40 | $0.04 | ($0.82) | $0.19 | ' | $0.05 | ($0.19) | ($0.57) | |||||
Net income/(loss) (USD per share) | ' | $0.44 | ($0.16) | $0.14 | $0.02 | $1.20 | $0.02 | ($0.59) | $0.29 | ' | $0.43 | $0.92 | ($0.26) | |||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income from continuing operations (USD per share) | ' | $0.24 | ($0.03) | $0.11 | $0.04 | $0.76 | ($0.02) | $0.23 | $0.10 | ' | $0.36 | $1.07 | $0.30 | |||||
Income/(loss) from discontinued operations, net of income taxes (USD per share) | ' | $0.17 | ($0.13) | $0.02 | ($0.02) | $0.39 | $0.04 | ($0.81) | $0.18 | ' | $0.05 | ($0.18) | ($0.55) | |||||
Net income/(loss) (USD per share) | ' | $0.41 | ($0.16) | $0.13 | $0.02 | $1.15 | $0.02 | ($0.58) | $0.28 | ' | $0.41 | $0.89 | ($0.25) | |||||
Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | |||||
Operating costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Production costs | ' | ' | ' | ' | -607 | -676 | -633 | -628 | -628 | ' | ' | -2,565 | -2,113 | |||||
Selling, general and administrative costs | ' | ' | ' | ' | -188 | -185 | -230 | -237 | -237 | ' | ' | -889 | -786 | |||||
Depreciation and amortization | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | |||||
Total operating costs | ' | ' | ' | ' | -795 | -861 | -863 | -865 | -865 | ' | ' | -3,454 | -2,899 | |||||
Pension settlement expense | ' | ' | ' | ' | 0 | -1,072 | 0 | 0 | 0 | ' | ' | -1,072 | 0 | |||||
Other expense | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | |||||
Impairment of assets | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | |||||
Multiemployer pension plan withdrawal expense | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | |||||
Operating profit | ' | ' | ' | ' | 795 | 1,933 | 863 | 865 | 865 | ' | ' | 4,526 | 2,899 | |||||
Gain on sale of investments | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | |||||
Impairment of investments | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | |||||
(Loss)/income from joint ventures | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | |||||
Premium on debt redemption | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | 0 | |||||
Interest expense, net | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | |||||
Income from continuing operations before income taxes | ' | ' | ' | ' | 795 | 1,933 | 863 | 865 | 865 | ' | ' | 4,526 | 2,899 | |||||
Income tax (benefit)/expense | ' | ' | ' | ' | 361 | 722 | 400 | 338 | 392 | ' | ' | 1,852 | 878 | |||||
Income from continuing operations | ' | ' | ' | ' | 434 | 1,211 | 463 | 527 | 473 | ' | ' | 2,674 | 2,021 | |||||
(Loss)/income from discontinued operations, net of income taxes | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | |||||
Income/(loss) from discontinued operations, net of income taxes | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | |||||
Net income/(loss) | ' | ' | ' | ' | 434 | 1,211 | 463 | 527 | 473 | ' | ' | 2,674 | 2,021 | |||||
Net loss/(income) attributable to the noncontrolling interest | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 0 | |||||
Net income/(loss) attributable to The New York Times Company common stockholders | ' | ' | ' | ' | 434 | 1,211 | 463 | 527 | 473 | ' | ' | 2,674 | 2,021 | |||||
Amounts attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income from continuing operations | ' | ' | ' | ' | 434 | 1,211 | 463 | 527 | 473 | ' | ' | 2,674 | 2,021 | |||||
Average number of common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Basic (in shares) | ' | ' | ' | ' | 148,710 | 148,461 | 148,254 | 148,005 | 147,867 | ' | ' | 148,147 | 147,190 | |||||
Diluted (in shares) | ' | ' | ' | ' | 155,270 | 154,685 | 148,254 | 149,799 | 151,468 | ' | ' | 152,693 | 152,007 | |||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income from continuing operations (USD per share) | ' | ' | ' | ' | $0 | $0.01 | $0 | $0.01 | $0 | ' | ' | $0.02 | $0.01 | |||||
Income/(loss) from discontinued operations, net of income taxes (USD per share) | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | ' | ' | $0 | $0 | |||||
Net income/(loss) (USD per share) | ' | ' | ' | ' | $0 | $0.01 | $0 | $0.01 | $0 | ' | ' | $0.02 | $0.01 | |||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income from continuing operations (USD per share) | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | ' | ' | $0.02 | $0.01 | |||||
Income/(loss) from discontinued operations, net of income taxes (USD per share) | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | ' | ' | $0 | $0 | |||||
Net income/(loss) (USD per share) | ' | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | ' | ' | $0.02 | $0.01 | |||||
As previously reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | ' | ' | ' | ' | 380,675 | 468,114 | 355,337 | 387,841 | 384,049 | ' | ' | 1,595,341 | 1,554,574 | |||||
Operating costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Production costs | ' | ' | ' | ' | 157,341 | 178,116 | 158,003 | 158,802 | 158,962 | ' | ' | 653,883 | 642,374 | |||||
Selling, general and administrative costs | ' | ' | ' | ' | 177,060 | 186,686 | 169,689 | 173,057 | 182,569 | ' | ' | 712,001 | 688,344 | |||||
Depreciation and amortization | ' | ' | ' | ' | 18,938 | 18,492 | 19,594 | 20,212 | 20,682 | ' | ' | 78,980 | 83,833 | |||||
Total operating costs | ' | ' | ' | ' | 353,339 | 383,294 | 347,286 | 352,071 | 362,213 | ' | ' | 1,444,864 | 1,414,551 | |||||
Pension settlement expense | ' | ' | ' | ' | 0 | 48,729 | 0 | 0 | 0 | ' | ' | 48,729 | 0 | |||||
Other expense | ' | ' | ' | ' | 0 | 2,620 | 0 | 0 | 0 | ' | ' | 2,620 | 4,500 | |||||
Impairment of assets | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 7,458 | |||||
Multiemployer pension plan withdrawal expense | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 4,228 | |||||
Operating profit | ' | ' | ' | ' | 27,336 | 33,471 | 8,051 | 35,770 | 21,836 | ' | ' | 99,128 | 123,837 | |||||
Gain on sale of investments | ' | ' | ' | ' | 0 | 164,630 | 0 | 37,797 | 17,848 | ' | ' | 220,275 | 71,171 | |||||
Impairment of investments | ' | ' | ' | ' | 0 | 0 | 600 | 0 | 4,900 | ' | ' | 5,500 | 0 | |||||
(Loss)/income from joint ventures | ' | ' | ' | ' | -2,870 | 847 | 1,010 | 1,064 | 15 | ' | ' | 2,936 | -270 | |||||
Premium on debt redemption | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | 0 | 46,381 | |||||
Interest expense, net | ' | ' | ' | ' | 14,071 | 16,402 | 15,490 | 15,464 | 15,452 | ' | ' | 62,808 | 85,243 | |||||
Income from continuing operations before income taxes | ' | ' | ' | ' | 10,395 | 182,546 | -7,029 | 59,167 | 19,347 | ' | ' | 254,031 | 63,114 | |||||
Income tax (benefit)/expense | ' | ' | ' | ' | 4,721 | 65,449 | -3,587 | 25,443 | 5,460 | ' | ' | 92,765 | 20,539 | |||||
Income from continuing operations | ' | ' | ' | ' | 5,674 | 117,097 | -3,442 | 33,724 | 13,887 | ' | ' | 161,266 | 42,575 | |||||
(Loss)/income from discontinued operations, net of income taxes | ' | ' | ' | ' | -2,785 | 60,080 | 5,703 | -121,900 | 28,190 | ' | ' | -27,927 | -82,799 | |||||
Income/(loss) from discontinued operations, net of income taxes | ' | ' | ' | ' | -2,785 | 60,080 | 5,703 | -121,900 | 28,190 | ' | ' | -27,927 | -82,799 | |||||
Net income/(loss) | ' | ' | ' | ' | 2,889 | 177,177 | 2,261 | -88,176 | 42,077 | ' | ' | 133,339 | -40,224 | |||||
Net loss/(income) attributable to the noncontrolling interest | ' | ' | ' | ' | 249 | -267 | 21 | 27 | 53 | ' | ' | -166 | 555 | |||||
Net income/(loss) attributable to The New York Times Company common stockholders | ' | ' | ' | ' | 3,138 | 176,910 | 2,282 | -88,149 | 42,130 | ' | ' | 133,173 | -39,669 | |||||
Amounts attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income from continuing operations | ' | ' | ' | ' | $5,923 | $116,830 | ($3,421) | $33,751 | $13,940 | ' | ' | $161,100 | $43,130 | |||||
Average number of common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Basic (in shares) | ' | ' | ' | ' | 148,710 | 148,461 | 148,254 | 148,005 | 147,867 | ' | ' | 148,147 | 147,190 | |||||
Diluted (in shares) | ' | ' | ' | ' | 155,270 | 154,685 | 148,254 | 149,799 | 151,468 | ' | ' | 152,693 | 152,007 | |||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income from continuing operations (USD per share) | ' | ' | ' | ' | $0.04 | $0.79 | ($0.02) | $0.22 | $0.09 | ' | ' | $1.09 | $0.29 | |||||
Income/(loss) from discontinued operations, net of income taxes (USD per share) | ' | ' | ' | ' | ($0.02) | $0.40 | $0.04 | ($0.82) | $0.19 | ' | ' | ($0.19) | ($0.56) | |||||
Net income/(loss) (USD per share) | ' | ' | ' | ' | $0.02 | $1.19 | $0.02 | ($0.60) | $0.28 | ' | ' | $0.90 | ($0.27) | |||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Income from continuing operations (USD per share) | ' | ' | ' | ' | $0.04 | $0.76 | ($0.02) | $0.23 | $0.09 | ' | ' | $1.05 | $0.28 | |||||
Income/(loss) from discontinued operations, net of income taxes (USD per share) | ' | ' | ' | ' | ($0.02) | $0.39 | $0.04 | ($0.81) | $0.19 | ' | ' | ($0.18) | ($0.54) | |||||
Net income/(loss) (USD per share) | ' | ' | ' | ' | $0.02 | $1.15 | $0.02 | ($0.58) | $0.28 | ' | ' | $0.87 | ($0.26) | |||||
[1] | In the fourth quarter of 2012, we recorded a $47.7 million non-cash pension settlement charge in connection with the immediate pension benefit offer to certain former employees who participate in The New York Times Companies Pension Plan. | |||||||||||||||||
[2] | In the fourth quarter of 2012, we recorded a $2.6 million charge in connection with a legal settlement. | |||||||||||||||||
[3] | In the first quarter of 2012, we recorded a $17.8 million gain on the sale of 100 of our units in Fenway Sports Group. In the second quarter of 2012, we recorded a $37.8 million gain on the sale of our remaining 210 units in Fenway Sports Group. In the fourth quarter of 2012, we recorded a $164.6 million gain on the sale of our ownership interest in Indeed.com. | |||||||||||||||||
[4] | In the first and third quarters of 2012, we recorded a $4.9 million and $0.6 million non-cash charge, respectively, for the impairment of certain investments. |
Prior_Period_Adjustments_Compr
Prior Period Adjustments (Comprehensive Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Net income/(loss) | $65,681 | ($24,287) | $20,138 | $3,323 | $178,388 | $2,724 | ($87,649) | $42,550 | $64,856 | $136,013 | ($38,203) |
Other comprehensive income/(loss), before tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments-gain/(loss) | ' | ' | ' | -2,477 | 1,684 | 3,251 | -6,712 | 2,313 | 2,613 | 536 | -523 |
Unrealized derivative gain on cash-flow hedge of equity method investment | ' | ' | ' | 0 | 0 | 0 | 0 | 1,143 | 0 | 1,143 | 839 |
Unrealized gain/(loss) on available-for-sale security | ' | ' | ' | -1,374 | -1,980 | -2,338 | -3,425 | 7,014 | 729 | -729 | 0 |
Pension and postretirement benefits obligation | ' | ' | ' | 8,259 | -28,578 | 5,817 | 5,817 | -10,278 | 180,340 | -27,222 | -211,289 |
Other comprehensive (loss)/income, before tax | ' | ' | ' | 4,408 | -28,874 | 6,730 | -4,320 | 192 | 183,682 | -26,272 | -210,973 |
Income tax expense(1) | ' | ' | ' | 1,780 | -11,492 | 2,539 | -1,647 | -160 | 73,165 | -10,760 | -86,065 |
Other comprehensive (loss)/income, net of tax | ' | ' | ' | 2,628 | -17,382 | 4,191 | -2,673 | 352 | 110,517 | -15,512 | -124,908 |
Comprehensive income/(loss) | ' | ' | ' | 5,951 | 161,006 | 6,915 | -90,322 | 42,902 | 175,373 | 120,501 | -163,111 |
Comprehensive (income)/loss attributable to the noncontrolling interest | ' | ' | ' | 249 | -263 | 21 | 27 | 53 | -313 | -162 | 1,000 |
Comprehensive income/(loss) attributable to The New York Times Company common stockholders | ' | ' | ' | 6,200 | 160,743 | 6,936 | -90,295 | 42,955 | 175,060 | 120,339 | -162,111 |
Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/(loss) | ' | ' | ' | 434 | 1,211 | 463 | 527 | 473 | ' | 2,674 | 2,021 |
Other comprehensive income/(loss), before tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments-gain/(loss) | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 |
Unrealized derivative gain on cash-flow hedge of equity method investment | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 |
Unrealized gain/(loss) on available-for-sale security | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 |
Pension and postretirement benefits obligation | ' | ' | ' | -287 | -71 | -71 | -71 | -71 | ' | -284 | 8,301 |
Other comprehensive (loss)/income, before tax | ' | ' | ' | -287 | -71 | -71 | -71 | -71 | ' | -284 | 8,301 |
Income tax expense(1) | ' | ' | ' | -117 | -34 | -29 | -29 | -25 | ' | -117 | 3,437 |
Other comprehensive (loss)/income, net of tax | ' | ' | ' | -170 | -37 | -42 | -42 | -46 | ' | -167 | 4,864 |
Comprehensive income/(loss) | ' | ' | ' | 264 | 1,174 | 421 | 485 | 427 | ' | 2,507 | 6,885 |
Comprehensive (income)/loss attributable to the noncontrolling interest | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | ' | 0 | 0 |
Comprehensive income/(loss) attributable to The New York Times Company common stockholders | ' | ' | ' | 264 | 1,174 | 421 | 485 | 427 | ' | 2,507 | 6,885 |
As previously reported [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/(loss) | ' | ' | ' | 2,889 | 177,177 | 2,261 | -88,176 | 42,077 | ' | 133,339 | -40,224 |
Other comprehensive income/(loss), before tax: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation adjustments-gain/(loss) | ' | ' | ' | -2,477 | 1,684 | 3,251 | -6,712 | 2,313 | ' | 536 | -523 |
Unrealized derivative gain on cash-flow hedge of equity method investment | ' | ' | ' | 0 | 0 | 0 | 0 | 1,143 | ' | 1,143 | 839 |
Unrealized gain/(loss) on available-for-sale security | ' | ' | ' | -1,374 | -1,980 | -2,338 | -3,425 | 7,014 | ' | -729 | 0 |
Pension and postretirement benefits obligation | ' | ' | ' | 8,546 | -28,507 | 5,888 | 5,888 | -10,207 | ' | -26,938 | -219,590 |
Other comprehensive (loss)/income, before tax | ' | ' | ' | 4,695 | -28,803 | 6,801 | -4,249 | 263 | ' | -25,988 | -219,274 |
Income tax expense(1) | ' | ' | ' | 1,897 | -11,458 | 2,568 | -1,618 | -135 | ' | -10,643 | -89,502 |
Other comprehensive (loss)/income, net of tax | ' | ' | ' | 2,798 | -17,345 | 4,233 | -2,631 | 398 | ' | -15,345 | -129,772 |
Comprehensive income/(loss) | ' | ' | ' | 5,687 | 159,832 | 6,494 | -90,807 | 42,475 | ' | 117,994 | -169,996 |
Comprehensive (income)/loss attributable to the noncontrolling interest | ' | ' | ' | 249 | -263 | 21 | 27 | 53 | ' | -162 | 1,000 |
Comprehensive income/(loss) attributable to The New York Times Company common stockholders | ' | ' | ' | $5,936 | $159,569 | $6,515 | ($90,780) | $42,528 | ' | $117,832 | ($168,996) |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | |
Minimum [Member] | Maximum [Member] | Equity Securities [Member] | Equity Securities [Member] | Debt Securities | Debt Securities | Debt Securities | Debt Securities | Debt Securities | Debt Securities | Debt Securities | Debt Securities | Debt Securities | Debt Securities | Debt Securities | Debt Securities | Debt Securities | Debt Securities | |||||||
US Treasury Securities | US Treasury Securities | Corporate Debt Securities | Corporate Debt Securities | US Agency Securities | US Agency Securities | Municipal Securities | Municipal Securities | Certificates of Deposit | Certificates of Deposit | Commercial Paper | Commercial Paper | |||||||||||||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $364,880,000 | $134,820,000 | $143,510,000 | $124,831,000 | $78,991,000 | $0 | $31,518,000 | $0 | $48,035,000 | $0 | $31,949,000 | $0 | $30,877,000 | $9,989,000 |
Long-term marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 176,155,000 | 0 | ' | ' | 98,979,000 | 0 | 73,697,000 | 0 | 3,479,000 | 0 | ' | ' | ' | ' |
Available-for-sale security | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 4,444,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term marketable securities | 176,155,000 | 190,841,000 | 4,444,000 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of short-term investments | ' | ' | ' | ' | ' | ' | '1 month | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of securities | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale securities, realized gain | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available for sale securities, realized gain, after tax | $700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment_of_Assets_Details
Impairment of Assets (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Jun. 26, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of assets, property, plant and equipment | $0 | $0 | $0 | $0 | $0 | $7,458,000 | $0 | $0 | $7,458,000 |
Net Carrying Value [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of intangible asset after impairment charge | ' | ' | ' | $0 | ' | ' | ' | ' | ' |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | |
Goodwill | ' | ' | $927,909 | ' | ' | ' | |
Accumulated impairment losses | ' | ' | -805,218 | ' | ' | ' | |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | |
Goodwill, beginning balance | 122,691 | 120,275 | ' | 121,251 | 118,825 | 123,061 | |
Goodwill transferred to held for sale | 0 | [1] | ' | ' | ' | ' | ' |
Foreign currency translation | 3,180 | ' | ' | ' | ' | ' | |
Goodwill, ending balance | $125,871 | $120,275 | ' | $121,251 | $118,825 | $123,061 | |
[1] | See Note 15 for additional information regarding the assets and liabilities held for sale for the New England Media Group. |
Investments_Equity_Method_Inve
Investments - Equity Method Investments (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Newsprint and supercalendered paper purchased from the Paper Mills | $21 | $26 | $34 |
Donohue Malbaie Inc. [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity method investment, ownership percentage | 49.00% | ' | ' |
Distributions received | 1.4 | 7.3 | 0 |
Madison Paper Industries [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity method investment, ownership percentage | 40.00% | ' | ' |
Noncontrolling interest, ownership percentage by parent | 10.00% | ' | ' |
Distributions received | $0 | $2 | $0 |
Madison Paper Industries Owned Consolidated Subsidiary [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity method investment, ownership percentage | 80.00% | ' | ' |
Noncontrolling interest, ownership percentage by parent | 20.00% | ' | ' |
Metro Boston LLC [Member] | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' |
Equity method investment, ownership percentage | 49.00% | ' | ' |
Investments_Cost_Method_Invest
Investments - Cost Method Investments (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||
Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | 31-May-12 | Feb. 29, 2012 | Jul. 31, 2011 | Sep. 23, 2012 | Feb. 03, 2012 | 31-May-12 | Jun. 30, 2013 | Mar. 25, 2012 | Oct. 31, 2012 | Mar. 25, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | ||||||
Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Fenway Sports Group [Member] | Fenway Sports Group [Member] | Fenway Sports Group [Member] | Fenway Sports Group [Member] | Indeed.com [Member] | Indeed.com [Member] | Indeed.com [Member] | Ongo Inc. [Member] | ||||||||||||||
Unit | Unit | Unit | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | |||||||||||||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gain on sale of investments, pre-tax | $0 | $164,630,000 | [1] | $0 | [1] | $37,797,000 | [1] | $17,848,000 | [1] | $0 | $220,275,000 | [1] | $71,171,000 | ' | ' | ' | $65,273,000 | ' | ' | $37,800,000 | $17,800,000 | ' | $5,900,000 | ' | ' |
Units sold in Fenway Sports Group | ' | ' | ' | ' | ' | ' | ' | ' | 210 | 100 | 390 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Proceeds from investments b net of purchases | ' | ' | ' | ' | ' | 12,004,000 | 250,918,000 | 117,966,000 | ' | ' | 117,000,000 | ' | 30,000,000 | 63,000,000 | ' | ' | ' | ' | ' | ' | |||||
Gain (loss) on sale of investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 164,600,000 | ' | 164,600,000 | ' | |||||
Proceeds from Sale of Cost Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,000,000 | ' | ' | ' | |||||
Impairment of assets | $0 | $0 | [2] | $600,000 | [2] | $0 | [2] | $4,900,000 | [2] | $0 | $5,500,000 | [2] | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,500,000 |
[1] | In the first quarter of 2012, we recorded a $17.8 million gain on the sale of 100 of our units in Fenway Sports Group. In the second quarter of 2012, we recorded a $37.8 million gain on the sale of our remaining 210 units in Fenway Sports Group. In the fourth quarter of 2012, we recorded a $164.6 million gain on the sale of our ownership interest in Indeed.com. | ||||||||||||||||||||||||
[2] | In the first and third quarters of 2012, we recorded a $4.9 million and $0.6 million non-cash charge, respectively, for the impairment of certain investments. |
Debt_Obligations_Debt_Capital_
Debt Obligations - Debt & Capital Leases (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2005 | Dec. 29, 2013 | Dec. 30, 2012 | Nov. 30, 2010 | Dec. 29, 2013 | Dec. 30, 2012 | ||
In Thousands, unless otherwise specified | Notes Due 2015 [Member] | Notes Due 2015 [Member] | Notes Due 2015 [Member] | Notes Due 2016 [Member] | Notes Due 2016 [Member] | Notes Due 2016 [Member] | Option To Repurchase Headquarters Building 2019 [Member] | Option To Repurchase Headquarters Building 2019 [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Interest rate on debt | ' | ' | 5.00% | ' | 5.00% | 6.63% | ' | 6.63% | ' | ' | ||
Long-term debt | ' | ' | $244,057 | $244,022 | ' | $205,111 | $221,523 | ' | $228,259 | $224,510 | ||
Short-term capital lease obligations | 21 | [1] | 123 | [1] | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term capital lease obligations | 6,715 | 6,697 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total long-term and short-term debt | 677,427 | 690,055 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Capital lease obligations | 6,736 | 6,820 | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total debt and capital lease obligations | 684,163 | 696,875 | ' | ' | ' | ' | ' | ' | ' | ' | ||
2014 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
2015 | 244,100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
2016 | 207,595 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
2017 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
2018 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Thereafter | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total face amount of maturities | 701,695 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Unamortized debt costs | -24,268 | ' | -43 | -78 | ' | -2,484 | -3,477 | ' | -21,740 | -25,490 | ||
Carrying value of debt | $677,427 | $690,055 | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | Included in bAccrued expenses and otherb in our Condensed Consolidated Balance Sheets. |
Debt_Obligations_Interest_Expe
Debt Obligations - Interest Expense, Net (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash interest expense | ' | ' | ' | ' | ' | ' | ' | ' | $54,811 | $58,719 | $79,187 |
Non-cash amortization of discount on debt | ' | ' | ' | ' | ' | ' | ' | ' | 4,777 | 4,516 | 6,933 |
Capitalized interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -17 | -427 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -1,515 | -410 | -450 |
Total interest expense, net | $13,904 | $15,454 | $14,644 | $14,071 | $16,402 | $15,490 | $15,464 | $15,452 | $58,073 | $62,808 | $85,243 |
Debt_Obligations_Debt_Informat
Debt Obligations - Debt Information (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||
Share data in Millions, unless otherwise specified | Nov. 30, 2012 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Sep. 26, 2012 | Dec. 30, 2012 | Dec. 29, 2013 | Mar. 31, 2005 | Aug. 15, 2011 | Sep. 25, 2011 | Jan. 31, 2009 | Dec. 29, 2013 | Nov. 30, 2010 | Mar. 31, 2009 | Jan. 31, 2009 |
Notes Due 2012 [Member] | Notes Due 2015 [Member] | Notes Due 2015 [Member] | Notes Due 2015 [Member] | Notes Due 2015 Called 2011 [Member] | Notes Due 2015 Called 2011 [Member] | Notes Due 2015 Called 2011 [Member] | Notes Due 2016 [Member] | Notes Due 2016 [Member] | Option To Repurchase Headquarters Building 2019 [Member] | Carlos Slim Helu [Member] | ||||||||||
Debt Information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt repaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.61% | ' | 5.00% | 5.00% | ' | ' | 14.05% | 6.63% | 6.63% | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | 250,000,000 | ' | 225,000,000 | 225,000,000 | ' |
Redemption of long-term debt | ' | ' | ' | ' | ' | ' | 0 | 0 | 250,000,000 | ' | 5,900,000 | ' | ' | 280,000,000 | ' | ' | 17,400,000 | ' | ' | ' |
Premium (charge) on debt redemption | -1,400,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -46,381,000 | ' | -400,000 | ' | ' | ' | -46,400,000 | ' | -2,100,000 | ' | ' | ' |
Percentage of principle available for debt redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | 100.00% | ' | ' |
Warrants issued In connection with debt issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.9 | ' | ' | ' | ' |
Class of warrant or right, exercise price of warrants or rights (USD per warrant) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.3572 | ' | ' | ' | ' |
Class A common stock ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% |
Accrued and unpaid interest for prepayment of 14.053% Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' |
Make-whole premium amount for redemption of 14.053% Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,000,000 | ' | ' | ' | ' | ' | ' |
Sale leaseback financing, lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' |
Sale leaseback financing, lease renewal term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' |
Sale leaseback purchase option price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' |
Proceeds from sale-leaseback financing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 211,000,000 | ' |
Debt instrument, fee amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $39,000,000 | ' |
Sale leaseback financing, amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' |
Debt instrument, interest rate, effective percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | ' |
Debt_Obligations_Revolving_Cre
Debt Obligations - Revolving Credit Facility (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2012 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Debt Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, maximum borrowing capacity | $125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Term of debt instrument | '5 years | ' | ' | ' | ' | ' | ' | ' | ' |
Premium (charge) on debt redemption | ($1,400,000) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ($46,381,000) |
Other_Details
Other (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 25, 2011 |
Other Expense [Member] | Other Expense [Member] | Other Expense [Member] | ||||
Other Expense [Line Items] | ' | ' | ' | ' | ' | ' |
Severance costs | $12.40 | $12.30 | $10 | ' | ' | ' |
Severance liability | 10.3 | 15.9 | ' | ' | ' | ' |
Other expense, legal settlement | ' | ' | ' | 2.6 | 2.6 | ' |
Other expense, retirement and consulting agreement | ' | ' | ' | ' | ' | $4.50 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Jun. 30, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Jun. 24, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Jun. 24, 2012 | Dec. 25, 2011 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |||||||||
About Group [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Net Carrying Value [Member] | Net Carrying Value [Member] | Net Carrying Value [Member] | Net Carrying Value [Member] | Net Carrying Value [Member] | Net Carrying Value [Member] | Net Carrying Value [Member] | ||||||||||||||||||
Cost-method Investments [Member] | About Group [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Recurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Recurring [Member] | Recurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Recurring [Member] | Recurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Assets Held-for-sale [Member] | Nonrecurring [Member] | Nonrecurring [Member] | Nonrecurring [Member] | |||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Available-for-sale security | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $4,444,000 | $0 | $4,444,000 | ' | ' | ' | $0 | $0 | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Deferred compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,660,000 | 52,882,000 | 51,660,000 | 52,882,000 | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Property, plant and equipment, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | 0 | ' | 0 | ||||||||
Impairment of assets, property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,300,000 | [1] | ' | 1,767,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ' | 0 | ' | ' | 0 | 0 | ||||||||
Impairment of assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 194,700,000 | ' | 194,732,000 | [2] | 152,093,000 | [3] | ' | 194,732,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Investments in joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | ' | ||||||||
Impairment of investments | 0 | 0 | [4] | 600,000 | [4] | 0 | [4] | 4,900,000 | [4] | 0 | 5,500,000 | [4] | 0 | ' | ' | ' | 5,500,000 | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 2,864,000 | 2,864,000 | ' | 3,000,000 | ' | ' | ' | 2,864,000 | ||||||||
Impairment of assets, other intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,574,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Impairment testing annual growth rate assumption | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | 3.50% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Impairment testing discount rate assumption | ' | ' | ' | ' | ' | ' | ' | 10.70% | 10.50% | ' | ' | 15.00% | 13.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Carrying value of intangible asset after impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ||||||||
Carrying value of long-term debt | ' | 690,000,000 | ' | ' | ' | 677,000,000 | 690,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Long-term debt, fair value | ' | $840,000,000 | ' | ' | ' | $819,000,000 | $840,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Impairment losses related to the New England Media Group and are included within b(Loss)/income from discontinued operations, net of income taxesb for the year ended December 30, 2013. We sold the New England Media Group in the fourth quarter of 2013. See Note 15 for additional information. | ||||||||||||||||||||||||||||||||||||||||||||||
[2] | Impairment losses related to the About Group and are included within b(Loss)/income from discontinued operations, net of income taxesb for the year ended December 25, 2012. We sold the About Group in September 2012. See Note 15 for additional information. | ||||||||||||||||||||||||||||||||||||||||||||||
[3] | Impairment losses relate to the Regional Media Group and are included within b(Loss)/income from discontinued operations, net of income taxesb for the year ended December 25, 2011. We sold the Regional Media Group in January 2012. See Note 15 for additional information. | ||||||||||||||||||||||||||||||||||||||||||||||
[4] | In the first and third quarters of 2012, we recorded a $4.9 million and $0.6 million non-cash charge, respectively, for the impairment of certain investments. |
Pension_Benefits_Net_Periodic_
Pension Benefits - Net Periodic Pension Cost (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | ||||||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pension settlement expense | $3,228,000 | $0 | $47,657,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $3,228,000 | $47,657,000 | [1] | $0 |
Payments for pension settlement | ' | ' | ' | ' | ' | ' | 11,000,000 | 112,000,000 | ' | |||||
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Change in projected benfit obligation | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | |||||
Change in funded status | ' | ' | ' | ' | ' | ' | ' | 32,000,000 | ' | |||||
Qualified Plans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Service cost | ' | ' | ' | ' | ' | ' | 11,225,000 | 11,903,000 | 12,079,000 | |||||
Interest cost | ' | ' | ' | ' | ' | ' | 77,136,000 | 94,113,000 | 98,206,000 | |||||
Expected return on plan assets | ' | ' | ' | ' | ' | ' | -124,250,000 | -118,551,000 | -111,813,000 | |||||
Recognized actuarial loss | ' | ' | ' | ' | ' | ' | 33,770,000 | 33,323,000 | 25,007,000 | |||||
Amortization of prior service (credit)/cost | ' | ' | ' | ' | ' | ' | -1,945,000 | 574,000 | 803,000 | |||||
Effect of settlement | ' | ' | ' | ' | ' | ' | 0 | 47,657,000 | 0 | |||||
Effect of special termination benefits | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Effect of sale of Regional Media Group | ' | ' | ' | ' | ' | ' | 0 | -5,097,000 | 0 | |||||
Net periodic postretirement benefit income | ' | ' | ' | ' | ' | ' | -4,064,000 | 63,922,000 | 24,282,000 | |||||
Non-Qualified Plans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Service cost | ' | ' | ' | ' | ' | ' | 1,162,000 | 1,656,000 | 1,660,000 | |||||
Interest cost | ' | ' | ' | ' | ' | ' | 10,681,000 | 12,635,000 | 13,112,000 | |||||
Expected return on plan assets | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Recognized actuarial loss | ' | ' | ' | ' | ' | ' | 5,247,000 | 4,489,000 | 3,053,000 | |||||
Amortization of prior service (credit)/cost | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Effect of settlement | ' | ' | ' | ' | ' | ' | 3,228,000 | 0 | 0 | |||||
Effect of special termination benefits | ' | ' | ' | ' | ' | ' | 314,000 | 0 | 0 | |||||
Effect of sale of Regional Media Group | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||||
Net periodic postretirement benefit income | ' | ' | ' | ' | ' | ' | 20,632,000 | 18,780,000 | 17,825,000 | |||||
Pension Plans, Defined Benefit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Service cost | ' | ' | ' | ' | ' | ' | 12,387,000 | 13,559,000 | 13,739,000 | |||||
Interest cost | ' | ' | ' | ' | ' | ' | 87,817,000 | 106,748,000 | 111,318,000 | |||||
Expected return on plan assets | ' | ' | ' | ' | ' | ' | -124,250,000 | -118,551,000 | -111,813,000 | |||||
Recognized actuarial loss | ' | ' | ' | ' | ' | ' | 39,017,000 | 37,812,000 | 28,060,000 | |||||
Amortization of prior service (credit)/cost | ' | ' | ' | ' | ' | ' | -1,945,000 | 574,000 | 803,000 | |||||
Effect of settlement | ' | ' | ' | ' | ' | ' | 3,228,000 | 47,657,000 | 0 | |||||
Effect of special termination benefits | ' | ' | ' | ' | ' | ' | 314,000 | 0 | 0 | |||||
Effect of sale of Regional Media Group | ' | ' | ' | ' | ' | ' | 0 | -5,097,000 | 0 | |||||
Net periodic postretirement benefit income | ' | ' | ' | ' | ' | ' | $16,568,000 | $82,702,000 | $42,107,000 | |||||
[1] | In the fourth quarter of 2012, we recorded a $47.7 million non-cash pension settlement charge in connection with the immediate pension benefit offer to certain former employees who participate in The New York Times Companies Pension Plan. |
Pension_Benefits_Changes_in_Pl
Pension Benefits - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Pension Benefits | ' | ' | ' |
Defined contribution plan, cost recognized | $18,000,000 | $23,000,000 | $23,000,000 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Pension Benefits | ' | ' | ' |
Net actuarial (gain)/loss | -178,088,000 | 96,551,000 | 246,672,000 |
Prior service credit | 0 | -31,839,000 | 0 |
Amortization of loss | -39,017,000 | -37,813,000 | -28,060,000 |
Amortization of prior service cost | 1,945,000 | -574,000 | -803,000 |
Effect of settlement | -3,358,000 | -47,657,000 | 0 |
Total recognized in other comprehensive (income)/loss | -218,518,000 | -21,332,000 | 217,809,000 |
Net periodic pension cost | 16,568,000 | 82,702,000 | 42,107,000 |
Total recognized in net periodic benefit cost and other comprehensive loss | -201,950,000 | 61,370,000 | 259,916,000 |
Estimated actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | 31,000,000 | ' | ' |
Estimated prior service credit that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | $2,000,000 | ' | ' |
Pension_Benefits_Changes_in_Be
Pension Benefits - Changes in Benefit Obligation and Plan Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Amount recognized in accumulated other comprehensive loss | ' | ' | ' |
Accumulated benefit obligation | $2,030,000,000 | $2,260,000,000 | ' |
Qualified Plans [Member] | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 1,965,406,000 | 1,943,882,000 | ' |
Service cost | 11,225,000 | 11,903,000 | 12,079,000 |
Interest cost | 77,136,000 | 94,113,000 | 98,206,000 |
Plan participantsb contributions | 26,000 | 32,000 | ' |
Amendments | 0 | -31,839,000 | ' |
Actuarial (gain)/loss | -161,348,000 | 162,569,000 | ' |
Lump-sum settlement paid | 0 | -112,404,000 | ' |
Benefits paid | -113,798,000 | -89,340,000 | ' |
Effect of sale of Regional Media Group | 0 | -13,510,000 | ' |
Effects of change in currency conversion | 0 | 0 | ' |
Benefit obligation at end of year | 1,778,647,000 | 1,965,406,000 | 1,943,882,000 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 1,615,723,000 | 1,464,729,000 | ' |
Actual return on plan assets | 122,030,000 | 217,371,000 | ' |
Employer contributions | 74,110,000 | 143,748,000 | ' |
Lump-sum settlement paid | 0 | -112,404,000 | ' |
Effect of sale of Regional Media Group | 0 | -8,413,000 | ' |
Effect of change in currency conversion | 0 | ' | ' |
Fair value of plan assets at end of year | 1,698,091,000 | 1,615,723,000 | 1,464,729,000 |
Amount recognized in the Consolidated Balance Sheets | ' | ' | ' |
Current liabilities | 0 | 0 | ' |
Noncurrent liabilities | -80,556,000 | -349,683,000 | ' |
Net amount recognized | -80,556,000 | -349,683,000 | ' |
Amount recognized in accumulated other comprehensive loss | ' | ' | ' |
Actuarial loss | 662,293,000 | 855,191,000 | ' |
Prior service (credit)/cost | -28,510,000 | -30,454,000 | ' |
Total amount recognized in accumulated other comprehensive loss | 633,783,000 | 824,737,000 | ' |
Non-Qualified Plans [Member] | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 299,265,000 | 273,542,000 | ' |
Service cost | 1,162,000 | 1,656,000 | 1,660,000 |
Interest cost | 10,681,000 | 12,635,000 | 13,112,000 |
Plan participantsb contributions | 0 | 0 | ' |
Amendments | 0 | 0 | ' |
Actuarial (gain)/loss | -18,960,000 | 32,803,000 | ' |
Lump-sum settlement paid | -10,667,000 | 0 | ' |
Benefits paid | -19,149,000 | -21,412,000 | ' |
Effect of sale of Regional Media Group | 0 | 0 | ' |
Effects of change in currency conversion | 169,000 | 41,000 | ' |
Benefit obligation at end of year | 262,501,000 | 299,265,000 | 273,542,000 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Employer contributions | 29,999,000 | 21,412,000 | ' |
Lump-sum settlement paid | -10,667,000 | 0 | ' |
Effect of sale of Regional Media Group | 0 | 0 | ' |
Effect of change in currency conversion | -183,000 | ' | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Amount recognized in the Consolidated Balance Sheets | ' | ' | ' |
Current liabilities | -17,903,000 | -19,586,000 | ' |
Noncurrent liabilities | -244,598,000 | -279,679,000 | ' |
Net amount recognized | -262,501,000 | -299,265,000 | ' |
Amount recognized in accumulated other comprehensive loss | ' | ' | ' |
Actuarial loss | 97,436,000 | 125,002,000 | ' |
Prior service (credit)/cost | 0 | 0 | ' |
Total amount recognized in accumulated other comprehensive loss | 97,436,000 | 125,002,000 | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | 2,264,671,000 | 2,217,424,000 | ' |
Service cost | 12,387,000 | 13,559,000 | 13,739,000 |
Interest cost | 87,817,000 | 106,748,000 | 111,318,000 |
Plan participantsb contributions | 26,000 | 32,000 | ' |
Amendments | 0 | -31,839,000 | ' |
Actuarial (gain)/loss | -180,308,000 | 195,372,000 | ' |
Lump-sum settlement paid | -10,667,000 | -112,404,000 | ' |
Benefits paid | -132,947,000 | -110,752,000 | ' |
Effect of sale of Regional Media Group | 0 | -13,510,000 | ' |
Effects of change in currency conversion | 169,000 | 41,000 | ' |
Benefit obligation at end of year | 2,041,148,000 | 2,264,671,000 | 2,217,424,000 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 1,615,723,000 | 1,464,729,000 | ' |
Actual return on plan assets | 122,030,000 | 217,371,000 | ' |
Employer contributions | 104,109,000 | 165,160,000 | ' |
Lump-sum settlement paid | -10,667,000 | -112,404,000 | ' |
Effect of sale of Regional Media Group | 0 | -8,413,000 | ' |
Effect of change in currency conversion | -183,000 | ' | ' |
Fair value of plan assets at end of year | 1,698,091,000 | 1,615,723,000 | 1,464,729,000 |
Amount recognized in the Consolidated Balance Sheets | ' | ' | ' |
Current liabilities | -17,903,000 | -19,586,000 | ' |
Noncurrent liabilities | -325,154,000 | -629,362,000 | ' |
Net amount recognized | -343,057,000 | -648,948,000 | ' |
Amount recognized in accumulated other comprehensive loss | ' | ' | ' |
Actuarial loss | 759,729,000 | 980,193,000 | ' |
Prior service (credit)/cost | -28,510,000 | -30,454,000 | ' |
Total amount recognized in accumulated other comprehensive loss | $731,219,000 | $949,739,000 | ' |
Pension_Benefits_Schedule_of_A
Pension Benefits - Schedule of Accumulated Benefit Obligations In Excess of Fair Value (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ' | ' |
Projected benefit obligation | $2,041,148 | $2,264,671 |
Accumulated benefit obligation | 2,034,145 | 2,255,135 |
Fair value of plan assets | $1,698,091 | $1,615,723 |
Pension_Benefits_Schedule_of_A1
Pension Benefits - Schedule of Assumptions Used (Details) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Calculation term, market-related value | '3 years | ' | ' |
Qualified Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate used to calculate benefit obligation | 4.90% | 4.00% | ' |
Estimated increase in compensation level used to calculate benefit obligation | 2.55% | 3.00% | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate used to calculate net periodic benefit cost | 4.00% | 5.05% | 5.60% |
Estimated increase in compensation level use to calculate net periodic benefit cost | 3.50% | 3.00% | 4.00% |
Expected long-term rate of return on assets | 7.85% | 8.00% | 8.25% |
Non-Qualified Plans [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate used to calculate benefit obligation | 4.60% | 3.70% | ' |
Estimated increase in compensation level used to calculate benefit obligation | 2.50% | 3.50% | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate used to calculate net periodic benefit cost | 3.70% | 4.80% | 5.45% |
Estimated increase in compensation level use to calculate net periodic benefit cost | 3.00% | 3.50% | 3.50% |
Pension_Benefits_Schedule_of_A2
Pension Benefits - Schedule of Allocation of Plan Assets (Details) | 12 Months Ended |
Dec. 29, 2013 | |
Pension Benefits | ' |
Percent of funded status policy minimum range | 95.00% |
Percent of funded status policy maximum range | 97.50% |
Long Duration Assets [Member] | ' |
Pension Benefits | ' |
Target allocation percentage of assets, range minimum | 62.00% |
Target allocation percentage of assets, range maximum | 72.00% |
Return Seeking Assets [Member] | ' |
Pension Benefits | ' |
Target allocation percentage of assets, range minimum | 28.00% |
Target allocation percentage of assets, range maximum | 38.00% |
Company Sponsored Pension Plan [Member] | Public Equity [Member] | ' |
Pension Benefits | ' |
Equity securities target allocation, range minimum | 70.00% |
Equity securities allocation, range maximum | 90.00% |
Actual return of plan asset allocations | 27.00% |
Company Sponsored Pension Plan [Member] | Growth Fixed Income Member] | ' |
Pension Benefits | ' |
Equity securities target allocation, range minimum | 0.00% |
Equity securities allocation, range maximum | 15.00% |
Actual return of plan asset allocations | 69.00% |
Company Sponsored Pension Plan [Member] | Alternative [Member] | ' |
Pension Benefits | ' |
Equity securities target allocation, range minimum | 0.00% |
Equity securities allocation, range maximum | 15.00% |
Actual return of plan asset allocations | 4.00% |
Company Sponsored Pension Plan [Member] | Cash and Cash Equivalents [Member] | ' |
Pension Benefits | ' |
Equity securities target allocation, range minimum | 0.00% |
Equity securities allocation, range maximum | 10.00% |
Actual return of plan asset allocations | 0.00% |
Pension_Benefits_Fair_Value_of
Pension Benefits - Fair Value of Plan Assets (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | ||
In Thousands, unless otherwise specified | |||||
Level 1 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | $112,526 | $280,762 | ' | ||
Level 1 [Member] | U.S. Equity Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 36,920 | 193,489 | ' | ||
Level 1 [Member] | International Equity Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 75,606 | 87,273 | ' | ||
Level 1 [Member] | Common Collective Funds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | [1] | 0 | [1] | ' |
Level 1 [Member] | Corporate Bond Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 1 [Member] | US Treasury and Government [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 1 [Member] | Insurance Contracts [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 1 [Member] | Municipal Bonds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 1 [Member] | US Government Agencies Debt Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | [2] | 0 | [2] | ' |
Level 1 [Member] | Other Investments [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | ' | 0 | ' | ||
Level 1 [Member] | Private Equity Funds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 1 [Member] | Hedge Funds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 2 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 1,514,703 | 1,266,146 | ' | ||
Level 2 [Member] | U.S. Equity Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 2 [Member] | International Equity Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 2 [Member] | Common Collective Funds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 581,553 | [1] | 678,449 | [1] | ' |
Level 2 [Member] | Corporate Bond Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 594,667 | 383,483 | ' | ||
Level 2 [Member] | US Treasury and Government [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 183,700 | 91,122 | ' | ||
Level 2 [Member] | Insurance Contracts [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 72,663 | 44,511 | ' | ||
Level 2 [Member] | Municipal Bonds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 41,729 | 22,192 | ' | ||
Level 2 [Member] | US Government Agencies Debt Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 4,738 | [2] | 19,115 | [2] | ' |
Level 2 [Member] | Other Investments [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 29,115 | 10,847 | ' | ||
Level 2 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 6,538 | 16,427 | ' | ||
Level 2 [Member] | Private Equity Funds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 2 [Member] | Hedge Funds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 3 [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 70,862 | 62,381 | 37,393 | ||
Level 3 [Member] | U.S. Equity Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 3 [Member] | International Equity Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 3 [Member] | Common Collective Funds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | [1] | 0 | [1] | ' |
Level 3 [Member] | Corporate Bond Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 3 [Member] | US Treasury and Government [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 3 [Member] | Insurance Contracts [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 3 [Member] | Municipal Bonds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 3 [Member] | US Government Agencies Debt Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | [2] | 0 | [2] | ' |
Level 3 [Member] | Other Investments [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 3 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 0 | 0 | ' | ||
Level 3 [Member] | Private Equity Funds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 40,537 | 36,011 | 37,393 | ||
Level 3 [Member] | Hedge Funds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 30,325 | 26,370 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 1,698,091 | 1,609,289 | ' | ||
Fair value of plan assets | 1,698,091 | 1,615,723 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | U.S. Equity Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 36,920 | 193,489 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | International Equity Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 75,606 | 87,273 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Common Collective Funds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 581,553 | [1] | 678,449 | [1] | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Corporate Bond Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 594,667 | 383,483 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | US Treasury and Government [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 183,700 | 91,122 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Insurance Contracts [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 72,663 | 44,511 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Municipal Bonds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 41,729 | 22,192 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | US Government Agencies Debt Securities [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 4,738 | [2] | 19,115 | [2] | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Other Investments [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 29,115 | 10,847 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 6,538 | 16,427 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Private Equity Funds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 40,537 | 36,011 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Hedge Funds [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | 30,325 | 26,370 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Other Assets [Member] | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ||
Assets, fair value disclosure, recurring | $0 | $6,434 | ' | ||
[1] | The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds. | ||||
[2] | Represents investments that are not backed by the full faith and credit of the United States government. |
Pension_Benefits_Reconciliatio
Pension Benefits - Reconciliation of Significant Observable Inputs (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 |
Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Assets Still Held [Member] | Assets Still Held [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Hedge Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Private Equity Funds [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | Real Estate Funds [Member] | |||
Level 3 [Member] | Level 3 [Member] | Assets Still Held [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Assets Still Held [Member] | Assets Still Held [Member] | Level 3 [Member] | Level 3 [Member] | Assets Still Held [Member] | ||||||||||||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of year | ' | ' | $70,862 | $62,381 | $37,393 | ' | ' | ' | $30,325 | $26,370 | ' | ' | ' | $40,537 | $36,011 | $37,393 | ' | ' | ' | $26,370 | $0 | ' |
Actual gain on plan assets still held and sold during the period | ' | ' | ' | ' | ' | 10,124 | -366 | ' | ' | ' | 3,955 | ' | ' | ' | ' | ' | 6,169 | -1,736 | ' | ' | ' | 1,370 |
Capital contribution | 3,018 | 28,737 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | 3,018 | 3,737 | ' | ' | ' | ' | ' | 25,000 | ' | ' | ' |
Return of Capital | -4,661 | -3,383 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | -4,661 | -3,383 | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Balance at end of year | ' | ' | $70,862 | $62,381 | $37,393 | ' | ' | ' | $30,325 | $26,370 | ' | ' | ' | $40,537 | $36,011 | $37,393 | ' | ' | ' | $26,370 | $0 | ' |
Pension_Benefits_Contributions
Pension Benefits - Contributions and Expected Benefit Payments (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||
Dec. 29, 2013 | Dec. 30, 2012 | Jan. 31, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | |
Contributions to New York Times Newspaper Guild Pension Plan [Member] | Qualified Plans [Member] | Non-Qualified Plans [Member] | Company Sponsored Pension Plan [Member] | |||
Pension Benefits | ' | ' | ' | ' | ' | ' |
Pension contributions | $74,000,000 | $144,000,000 | $57,000,000 | ' | ' | ' |
Pension contributions necessary to satisfy minimum funding requirements | ' | ' | 20,000,000 | ' | ' | ' |
Future employer contributions in next fiscal year | 16,000,000 | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | 99,747,000 | 18,271,000 | 118,018,000 |
2015 | ' | ' | ' | 101,704,000 | 18,315,000 | 120,019,000 |
2016 | ' | ' | ' | 103,648,000 | 18,743,000 | 122,391,000 |
2017 | ' | ' | ' | 106,149,000 | 18,646,000 | 124,795,000 |
2018 | ' | ' | ' | 108,206,000 | 18,795,000 | 127,001,000 |
2019-2023 | ' | ' | ' | $578,124,000 | $92,828,000 | $670,952,000 |
Pension_Benefits_Schedule_of_M
Pension Benefits - Schedule of Multiemployer Plans (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | ||||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Multiemployer pension withdrawal expense, including amount for New England Media Group | ' | ' | ' | ' | ' | ' | ' | ' | $14,168,000 | $0 | $4,228,000 | |||
Multiemployer pension plan withdrawal expense | 0 | 6,171,000 | 0 | 0 | 0 | 0 | 0 | 0 | 6,171,000 | 0 | 4,228,000 | |||
Multiemployer plan, withdrawal obligation | 119,000,000 | ' | ' | ' | 109,000,000 | ' | ' | ' | 119,000,000 | 109,000,000 | ' | |||
Multiemployer plan, period contributions | ' | ' | ' | ' | ' | ' | ' | ' | 4,079,000 | 5,522,000 | 5,752,000 | |||
CWA/ITU Negotiated Pension Plan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Multiemployer plan, period contributions | ' | ' | ' | ' | ' | ' | ' | ' | 663,000 | 646,000 | 776,000 | |||
Newspaper and Mail Deliverers'-Publishers' Pension Fund [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Multiemployer plan, period contributions | ' | ' | ' | ' | ' | ' | ' | ' | 1,217,000 | [1] | 1,101,000 | [1] | 1,298,000 | [1] |
Number of collective bargaining arrangements | 2 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | |||
Collective bargaining arrangement, percentage of employer's contributions | 92.00% | ' | ' | ' | ' | ' | ' | ' | 92.00% | ' | ' | |||
GCIU-Employer Retirement Benefit Plan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Multiemployer plan, period contributions | ' | ' | ' | ' | ' | ' | ' | ' | 124,000 | [2] | 114,000 | [2] | 116,000 | [2] |
Number of collective bargaining arrangements | 2 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | |||
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | |||
Collective bargaining agreement, actuarial calculation, asset corridor as percentage of market value of assets, percent | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | |||
Pressmen's Publishers' Pension Fund [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Multiemployer plan, period contributions | ' | ' | ' | ' | ' | ' | ' | ' | 1,016,000 | [3] | 1,037,000 | [3] | 1,113,000 | [3] |
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | |||
Paper-Handlers' - Publishers' Pension Fund [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Multiemployer plan, period contributions | ' | ' | ' | ' | ' | ' | ' | ' | 114,000 | [4] | 121,000 | [4] | 153,000 | [4] |
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | |||
Collective bargaining agreement, actuarial calculation, asset corridor as percentage of market value of assets, percent | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | ' | ' | |||
Total of Individually Significant Multiemployer Plans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Multiemployer plan, period contributions | ' | ' | ' | ' | ' | ' | ' | ' | 3,134,000 | 3,019,000 | 3,456,000 | |||
Total of Other Multiemployer Plans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Multiemployer plan, period contributions | ' | ' | ' | ' | ' | ' | ' | ' | 945,000 | 2,503,000 | 2,296,000 | |||
New England Media Group [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Pension Benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Multiemployer pension plan withdrawal expense | ' | ' | ' | ' | ' | ' | ' | ' | $8,000,000 | ' | ' | |||
[1] | There are two collective bargaining agreements (Mailers and Typographers) requiring contributions to this plan, which both expire March 30, 2016. | |||||||||||||
[2] | two collective bargaining agreements requiring contributions to this plan. With the sale of the New England Media Group only one collective bargaining agreement remains for the Stereotypers, which expires March 30, 2017. The method for calculating actuarial value of assets was changed retroactive to January 1, 2009, as elected by the Board of Trustees and as permitted by IRS Notice 2010-83. This election includes smoothing 2008 investment losses over ten years and widening the asset corridor to 130% of market value of assets for 2009 and 2010. | |||||||||||||
[3] | The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10-year smoothing of the asset loss for the plan year beginning April 1, 2008. | |||||||||||||
[4] | Board of Trustees elected funding relief. This election includes smoothing the March 31, 2009 investment losses over 10 years and widening the asset corridor to 130% of market value of assets for April 1, 2009 and April 1, 2010. |
Other_Postretirement_Benefits_1
Other Postretirement Benefits - Schedule of Components of Net Periodic Postretirement Benefit Income (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' | ' |
Service cost | ' | $1,089 | $957 | $1,143 |
Interest cost | ' | 4,101 | 4,985 | 6,891 |
Recognized actuarial loss | ' | 4,440 | 3,328 | 2,289 |
Amortization of prior service credit | ' | -13,051 | -15,112 | -16,593 |
Effect of curtailment | -27,200 | -49,122 | -27,213 | 0 |
Net periodic postretirement benefit income | ' | ($52,543) | ($33,055) | ($6,270) |
Other_Postretirement_Benefits_2
Other Postretirement Benefits - Changes in the Benefit Obligations Recognized in Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Other Postretirement Benefits | ' | ' | ' | ' |
Additional postretirement costs | ' | $20,000,000 | $18,000,000 | $16,000,000 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' | ' |
Other Postretirement Benefits | ' | ' | ' | ' |
Net actuarial loss/(gain) | ' | -13,500,000 | 11,562,000 | 13,436,000 |
Prior service credit | ' | -1,690,000 | 0 | -35,712,000 |
Recognized actuarial loss | ' | -4,440,000 | -3,328,000 | -2,289,000 |
Amortization of prior service credit | ' | 13,051,000 | 15,112,000 | 16,593,000 |
Effect of curtailment | 27,200,000 | 49,122,000 | 27,213,000 | 0 |
Total recognized in other comprehensive (income)/loss | ' | 42,543,000 | 50,559,000 | -7,972,000 |
Net periodic pension cost/(income) | ' | -52,543,000 | -33,055,000 | -6,270,000 |
Total recognized in net periodic benefit cost and other comprehensive loss | ' | -10,000,000 | 17,504,000 | -14,242,000 |
Estimated actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | ' | 5,000,000 | ' | ' |
Estimated prior service cost that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | ' | $6,000,000 | ' | ' |
Other_Postretirement_Benefits_3
Other Postretirement Benefits - Changes in the Benefit Obligation and Plan Assets and Other Amounts (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Change in benefit obligation | ' | ' | ' |
Benefit obligation at beginning of year | $120,767 | $113,803 | ' |
Service cost | 1,089 | 957 | 1,143 |
Interest cost | 4,101 | 4,985 | 6,891 |
Plan participantsb contributions | 4,861 | 4,383 | ' |
Actuarial (gain)/loss | -13,501 | 11,562 | ' |
Plan amendments | -1,690 | 0 | ' |
Benefits paid | -14,695 | -15,881 | ' |
Medicare subsidies received | 0 | 958 | ' |
Benefit obligation at end of year | 100,932 | 120,767 | 113,803 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 0 | 0 | ' |
Employer contributions | 9,834 | 10,540 | ' |
Plan participantsb contributions | 4,861 | 4,383 | ' |
Medicare subsidies received | 0 | 958 | ' |
Benefits paid | -14,695 | -15,881 | ' |
Fair value of plan assets at end of year | 0 | 0 | 0 |
Amount recognized in the Consolidated Balance Sheets | ' | ' | ' |
Current liabilities | -10,329 | -10,420 | ' |
Noncurrent liabilities | -90,603 | -110,347 | ' |
Net amount recognized | -100,932 | -120,767 | ' |
Amount recognized in accumulated other comprehensive loss | ' | ' | ' |
Actuarial loss | 33,406 | 51,346 | ' |
Prior service cost | -33,660 | -94,143 | ' |
Total amount recognized in accumulated other comprehensive loss | ($254) | ($42,797) | ' |
Other_Postretirement_Benefits_4
Other Postretirement Benefits - Schedule of Assumptions Used (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member]) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ' | ' | ' |
Discount rate used to calculate benefit obligation | 4.22% | 3.49% | ' |
Estimated increase in compensation level used to calculate benefit obligation | 3.50% | 3.50% | ' |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Discount rate used to calculate net periodic benefit cost | 3.70% | 4.66% | 5.14% |
Estimated increase in compensation level use to calculate net periodic benefit cost | 3.50% | 3.50% | 3.50% |
Other_Postretirement_Benefits_5
Other Postretirement Benefits - Schedule of Health Care Cost Trend Rates (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member]) | 12 Months Ended | |
Dec. 29, 2013 | Dec. 30, 2012 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' |
Other Postretirement Benefits | ' | ' |
Health care cost trend rate assumed next year | 8.00% | 8.00% |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | '2023 | '2023 |
Other_Postretirement_Benefits_6
Other Postretirement Benefits - Schedule of Effect of One Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2013 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | ' |
Effect on total service and interest cost (increase) | $87 |
Effect on accumulated postretirement benefit obligation ( increase) | 2,057 |
Effect on total service and interest cost (decrease) | -82 |
Effect on accumulated postretirement benefit obligation (decrease) | ($1,952) |
Other_Postretirement_Benefits_7
Other Postretirement Benefits - Schedule of Expected Benefit Payments (Details) (Postretirement Plans [Member], USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Postretirement Plans [Member] | ' |
Other Postretirement Benefits | ' |
2014 | $10,596 |
2015 | 10,175 |
2016 | 9,769 |
2017 | 9,356 |
2018 | 8,938 |
2019-2023 | $36,937 |
Other_Postretirement_Benefits_8
Other Postretirement Benefits - Other Information (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Oct. 31, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | |
Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | New England Media Group [Member] | ||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||
Other Postretirement Benefits | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of curtailment | ' | ' | ' | $27,200,000 | $49,122,000 | $27,213,000 | $0 | $49,100,000 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Tax Effect | 20,000,000 | ' | ' | ' | ' | ' | ' | ' |
Postemployment benefits liability | ' | $16,200,000 | $19,900,000 | ' | ' | ' | ' | ' |
Other_Liabilities_Details
Other Liabilities (Details) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 29, 2013 |
Minimum [Member] | Maximum [Member] | |||||||
Other Liabilities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation | $51,660,000 | ' | $52,882,000 | ' | ' | ' | ' | ' |
Other liabilities, noncurrent | 106,775,000 | ' | 120,808,000 | ' | ' | ' | ' | ' |
Total other liabilities | 158,435,000 | 166,434,000 | 173,690,000 | 175,949,000 | 176,305,000 | 171,944,000 | ' | ' |
Initial deferral period for deferred compensation | ' | ' | ' | ' | ' | ' | '2 years | '15 years |
Deferred compensation plan assets | $68,600,000 | ' | $58,100,000 | ' | ' | ' | ' | ' |
Income_Taxes_Rate_Reconciliati
Income Taxes - Rate Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Effective Income Tax Rate Reconciliation, Amount: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax at federal statutory rate | ' | ' | ' | ' | ' | ' | ' | ' | $33,180 | $90,494 | $23,104 |
State and local taxes, net | ' | ' | ' | ' | ' | ' | ' | ' | 8,312 | 11,507 | 10,446 |
Effect of enacted changes in tax laws | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1,520 |
Reduction in uncertain tax positions | ' | ' | ' | ' | ' | ' | ' | ' | -1,803 | -6,721 | -12,105 |
(Gain)/loss on Company-owned life insurance | ' | ' | ' | ' | ' | ' | ' | ' | -3,673 | -2,690 | 36 |
Other, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,876 | 2,027 | 1,456 |
Income tax expense | $16,419 | $2,578 | $13,813 | $5,082 | $66,171 | ($3,187) | $25,781 | $5,852 | $37,892 | $94,617 | $21,417 |
Effective Income Tax Rate Reconciliation, Percent: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax at federal statutory rate (% of pre-tax) | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% |
State and local taxes, net (% of pre-tax) | ' | ' | ' | ' | ' | ' | ' | ' | 8.80% | 4.40% | 15.80% |
Effect of enacted changes in tax laws (% of pre-tax) | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | -2.30% |
Reduction in uncertain tax positions (% of pre-tax) | ' | ' | ' | ' | ' | ' | ' | ' | -1.90% | -2.60% | -18.30% |
(Gain)/loss on Company-owned life insurance (% of pre-tax) | ' | ' | ' | ' | ' | ' | ' | ' | -3.90% | -1.00% | 0.00% |
Other, net (% of pre-tax) | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 0.80% | 2.20% |
Effective income tax rate | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | 36.60% | 32.40% |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Current tax expense/(benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $18,903,000 | $51,836,000 | ($13,571,000) |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 681,000 | 1,154,000 | 1,110,000 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | 8,371,000 | -6,680,000 | -14,345,000 |
Total current tax expense/(benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 27,955,000 | 46,310,000 | -26,806,000 |
Deferred tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 5,426,000 | 38,845,000 | 542,000 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 37,471,000 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | 4,511,000 | 9,462,000 | 10,210,000 |
Total deferred tax expense | ' | ' | ' | ' | ' | ' | ' | ' | 9,937,000 | 48,307,000 | 48,223,000 |
Income tax expense | 16,419,000 | 2,578,000 | 13,813,000 | 5,082,000 | 66,171,000 | -3,187,000 | 25,781,000 | 5,852,000 | 37,892,000 | 94,617,000 | 21,417,000 |
Federal net operating loss carryforward | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | ' | ' |
Operating loss carryforward, State and local | $9,300,000 | ' | ' | ' | $10,500,000 | ' | ' | ' | $9,300,000 | $10,500,000 | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards, remaining life | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss carryforwards, remaining life | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' |
Income_Taxes_Net_Deferred_Tax_
Income Taxes - Net Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Deferred tax assets | ' | ' |
Retirement, postemployment and deferred compensation plans | $251,082 | $387,202 |
Accruals for other employee benefits, compensation, insurance and other | 35,596 | 36,959 |
Accounts receivable allowances | 1,478 | 6,111 |
Net operating losses | 57,885 | 49,476 |
Other | 63,821 | 64,884 |
Gross deferred tax assets | 409,862 | 544,632 |
Valuation allowance | -42,295 | -42,138 |
Net deferred tax assets | 367,567 | 502,494 |
Deferred tax liabilities | ' | ' |
Property, plant and equipment | 75,661 | 108,763 |
Intangible assets | 11,902 | 0 |
Investments in joint ventures | 19,625 | 13,430 |
Other | 14,531 | 19,875 |
Gross deferred tax liabilities | 121,719 | 142,068 |
Net deferred tax asset | 245,848 | 360,426 |
Deferred tax asset b current | 65,859 | 58,214 |
Deferred tax asset b long-term | $179,989 | $302,212 |
Valuation allowance, period for recoverability measurement | '3 years | ' |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Balance at beginning of year | $45,308 | $47,971 | $55,636 |
Gross additions to tax positions taken during the current year | 2,249 | 5,241 | 4,094 |
Gross additions to tax positions taken during the prior year | 127 | 258 | 460 |
Gross reductions to tax positions taken during the prior year | -833 | -922 | -970 |
Reductions from settlements with taxing authorities | 0 | 0 | -1,941 |
Reductions from lapse of applicable statutes of limitations | -793 | -7,240 | -9,308 |
Balance at end of year | $46,058 | $45,308 | $47,971 |
Income_Taxes_Other_Information
Income Taxes - Other Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax benefits related to exercise or vesting of equity awards | $3.40 | $2.40 | $1.60 |
Total amount of unrecognized tax benefit | 30 | ' | ' |
Total amount of accrued interest and penalties | 18 | 16 | ' |
Net benefit of accrued interest and penalties | 1.7 | 0.3 | 1.4 |
Total amount of unrecognized tax benefit which may be recognized in the next twelve months that would impact the effective tax rate | $27.80 | ' | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Sep. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Jun. 30, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Mar. 25, 2012 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | |||||||||
About Group's Consumersearch Tradename [Member] | Net Carrying Value [Member] | Net Carrying Value [Member] | New England Media Group [Member] | New England Media Group [Member] | New England Media Group [Member] | New England Media Group [Member] | New England Media Group [Member] | About Group [Member] | About Group [Member] | About Group [Member] | About Group [Member] | About Group [Member] | Regional Media Group [Member] | Regional Media Group [Member] | Regional Media Group [Member] | Regional Media Group [Member] | Regional Media Group [Member] | Metro Boston LLC [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | |||||||||||||||||
Newspaper | New England Media Group [Member] | |||||||||||||||||||||||||||||||||||||||
Discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Effect of curtailment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27,200,000 | $49,122,000 | $27,213,000 | $0 | $49,100,000 | ||||||||
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ||||||||
Proceeds from the sale of discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,000,000 | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | 140,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net after-tax proceeds from sale, including tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,000,000 | ' | ' | ' | ' | ' | 291,000,000 | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,300,000 | ' | ' | ' | 194,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Gain on sale | ' | ' | ' | ' | ' | 47,980,000 | [1] | 91,234,000 | ' | ' | ' | ' | ' | ' | 47,561,000 | [1],[2] | 0 | ' | ' | 96,700,000 | 419,000 | [1] | 96,675,000 | ' | ' | ' | 0 | [1] | -5,441,000 | ' | ' | ' | ' | ' | ' | ' | ||||
Gain on sale, net of income taxes | ' | ' | ' | ' | ' | 28,362,000 | 85,520,000 | 0 | ' | ' | ' | ' | ' | 28,104,000 | 0 | ' | ' | 61,900,000 | 258,000 | 61,890,000 | ' | 23,600,000 | ' | 0 | 23,630,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of newspapers, print publications and related businesses sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Income/(loss) from discontinued operations, net of income taxes | -2,785,000 | 60,080,000 | 5,703,000 | -121,900,000 | 28,190,000 | 7,949,000 | -27,927,000 | -82,799,000 | ' | ' | ' | ' | ' | 5,194,000 | -1,444,000 | ' | ' | ' | 2,755,000 | -48,947,000 | ' | ' | -6,600,000 | 0 | 22,464,000 | ' | ' | ' | ' | ' | ' | ' | ||||||||
Goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Impairment of assets | ' | ' | ' | ' | ' | 34,300,000 | 194,732,000 | 164,434,000 | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Impairment of assets | ' | ' | ' | ' | ' | 34,300,000 | [3] | 194,732,000 | [4] | 156,976,000 | ' | ' | ' | ' | ' | 34,300,000 | [3] | 0 | [4] | 1,767,000 | ' | ' | 0 | [3] | 194,732,000 | [4] | 3,116,000 | ' | ' | 0 | [3] | 0 | [4] | 152,093,000 | ' | ' | ' | ' | ' | ' |
Net working capital adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Cost method investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,864,000 | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Included in the gain on sale in 2013 is a $49.1 million post-retirement curtailment gain related to the New England Media Group. | |||||||||||||||||||||||||||||||||||||||
[2] | The income tax benefit for the About Group in 2013 is related to a change in prior period estimated tax expense. | |||||||||||||||||||||||||||||||||||||||
[3] | Included in impairment of assets in 2013 is the impairment of fixed assets related to the New England Media Group. | |||||||||||||||||||||||||||||||||||||||
[4] | Included in impairment of assets in 2012 is the impairment of goodwill related to the About Group. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Mar. 25, 2012 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | ||||||||||||
New England Media Group [Member] | New England Media Group [Member] | New England Media Group [Member] | About Group [Member] | About Group [Member] | About Group [Member] | About Group [Member] | Regional Media Group [Member] | Regional Media Group [Member] | Regional Media Group [Member] | Regional Media Group [Member] | Regional Media Group [Member] | |||||||||||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Revenues | ' | ' | ' | ' | ' | $287,677 | $475,824 | $768,827 | $287,677 | $394,739 | $398,056 | ' | $0 | $74,970 | $110,826 | ' | ' | $0 | $6,115 | $259,945 | ||||||||||||
Total operating costs | ' | ' | ' | ' | ' | 281,414 | 444,684 | 678,981 | 281,414 | 385,527 | 376,474 | ' | 0 | 51,140 | 67,475 | ' | ' | 0 | 8,017 | 235,032 | ||||||||||||
Multiemployer pension withdrawal expense | ' | ' | ' | ' | ' | 7,997 | [1] | ' | ' | 7,997 | [1] | ' | ' | ' | 0 | [1] | ' | ' | ' | ' | 0 | [1] | ' | ' | ||||||||
Impairment of assets | ' | ' | ' | ' | ' | 34,300 | [2] | 194,732 | [3] | 156,976 | 34,300 | [2] | 0 | [3] | 1,767 | ' | 0 | [2] | 194,732 | [3] | 3,116 | ' | ' | 0 | [2] | 0 | [3] | 152,093 | ||||
Income (loss) from joint ventures | ' | ' | ' | ' | ' | -240 | 68 | 298 | -240 | 68 | 298 | ' | 0 | 0 | 0 | ' | ' | 0 | 0 | 0 | ||||||||||||
Interest expense, net | ' | ' | ' | ' | ' | 9 | 7 | ' | 9 | 7 | ' | ' | 0 | 0 | ' | ' | ' | 0 | 0 | ' | ||||||||||||
Pre-tax income/(loss) | ' | ' | ' | ' | ' | -36,283 | -163,531 | -66,832 | -36,283 | 9,273 | 20,113 | ' | 0 | -170,902 | 40,235 | ' | ' | 0 | -1,902 | -127,180 | ||||||||||||
Income tax expense/(benefit) | ' | ' | ' | ' | ' | -15,870 | [4] | -50,084 | 15,967 | [5] | -13,373 | [4] | 10,717 | 11,393 | [5] | ' | -2,497 | [4] | -60,065 | 15,453 | [5] | ' | ' | 0 | [4] | -736 | -10,879 | [5] | ||||
(Loss) from discontinued operations, net of income taxes | ' | ' | ' | ' | ' | -20,413 | -113,447 | -82,799 | -22,910 | -1,444 | 8,720 | ' | 2,497 | -110,837 | 24,782 | ' | ' | 0 | -1,166 | -116,301 | ||||||||||||
Gain/(loss) on sale, net of income taxes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Gain on sale | ' | ' | ' | ' | ' | 47,980 | [6] | 91,234 | ' | 47,561 | [4],[6] | 0 | ' | 96,700 | 419 | [6] | 96,675 | ' | ' | ' | 0 | [6] | -5,441 | ' | ||||||||
Income tax expense | ' | ' | ' | ' | ' | 19,618 | 5,714 | [7] | ' | 19,457 | 0 | [7] | ' | ' | 161 | 34,785 | [7] | ' | ' | ' | 0 | -29,071 | [7] | ' | ||||||||
Gain on sale, net of income taxes | ' | ' | ' | ' | ' | 28,362 | 85,520 | 0 | 28,104 | 0 | ' | 61,900 | 258 | 61,890 | ' | 23,600 | ' | 0 | 23,630 | ' | ||||||||||||
Income/(loss) from discontinued operations, net of income taxes | -2,785 | 60,080 | 5,703 | -121,900 | 28,190 | 7,949 | -27,927 | -82,799 | 5,194 | -1,444 | ' | ' | 2,755 | -48,947 | ' | ' | -6,600 | 0 | 22,464 | ' | ||||||||||||
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Accounts receivable, net | ' | 40,343 | ' | ' | ' | ' | 40,343 | ' | ' | 40,343 | ' | 0 | ' | 0 | ' | ' | 0 | ' | 0 | ' | ||||||||||||
Inventories | ' | 3,078 | ' | ' | ' | ' | 3,078 | ' | ' | 3,078 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Property, plant and equipment, net | ' | 86,917 | ' | ' | ' | ' | 86,917 | ' | ' | 86,917 | ' | 0 | ' | 0 | ' | ' | 0 | ' | 0 | ' | ||||||||||||
Other assets | ' | 6,712 | ' | ' | ' | ' | 6,712 | ' | ' | 6,712 | ' | 0 | ' | 0 | ' | ' | 0 | ' | 0 | ' | ||||||||||||
Total assets | 127,529 | 137,050 | 356,030 | 361,358 | 550,836 | 0 | 137,050 | ' | ' | 137,050 | ' | 0 | ' | 0 | ' | ' | 0 | ' | 0 | ' | ||||||||||||
Total liabilities | ' | 32,373 | ' | ' | ' | ' | 32,373 | ' | ' | 32,373 | ' | 0 | ' | 0 | ' | ' | 0 | ' | 0 | ' | ||||||||||||
Net assets | ' | $104,677 | ' | ' | ' | ' | $104,677 | ' | ' | $104,677 | ' | $0 | ' | $0 | ' | ' | $0 | ' | $0 | ' | ||||||||||||
[1] | The multiemployer pension plan withdrawal expense in 2013 is related to estimated charges for complete or partial withdrawal obligations under multiemployer pension plans triggered by the sale of the New England Media Group. | |||||||||||||||||||||||||||||||
[2] | Included in impairment of assets in 2013 is the impairment of fixed assets related to the New England Media Group. | |||||||||||||||||||||||||||||||
[3] | Included in impairment of assets in 2012 is the impairment of goodwill related to the About Group. | |||||||||||||||||||||||||||||||
[4] | The income tax benefit for the About Group in 2013 is related to a change in prior period estimated tax expense. | |||||||||||||||||||||||||||||||
[5] | The income tax benefit for the Regional Media Group in 2011 was unfavorably impacted because a portion of the goodwill impairment charge was non-deductible. | |||||||||||||||||||||||||||||||
[6] | Included in the gain on sale in 2013 is a $49.1 million post-retirement curtailment gain related to the New England Media Group. | |||||||||||||||||||||||||||||||
[7] | The income tax benefit for the Regional Media Group in 2012 included a tax deduction for goodwill, which was previously non-deductible, triggered upon the sale of the Regional Media Group. |
EarningsLoss_Per_Share_Details
Earnings/(Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $38,682 | ($5,239) | $17,356 | $6,357 | $118,041 | ($2,958) | $34,278 | $14,413 | $57,156 | $163,774 | $45,151 |
Income/(loss) from discontinued operations, net of income taxes | 26,944 | -18,987 | 2,776 | -2,785 | 60,080 | 5,703 | -121,900 | 28,190 | 7,949 | -27,927 | -82,799 |
Net income/(loss) attributable to The New York Times Company common stockholders | $65,626 | ($24,226) | $20,132 | $3,572 | $178,121 | $2,745 | ($87,622) | $42,603 | $65,105 | $135,847 | ($37,648) |
Weighted average number of shares outstanding, diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average number of common shares outstanding - basic (in shares) | 150,162,000 | 150,033,000 | 148,797,000 | 148,710,000 | 148,461,000 | 148,254,000 | 148,005,000 | 147,867,000 | 149,755,000 | 148,147,000 | 147,190,000 |
Incremental shares for assumed exercise of securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 8,019,000 | 4,546,000 | 4,817,000 |
Average number of common shares outstanding - diluted (in shares) | 160,013,000 | 150,033,000 | 156,511,000 | 155,270,000 | 154,685,000 | 148,254,000 | 149,799,000 | 151,468,000 | 157,774,000 | 152,693,000 | 152,007,000 |
Earnings per share, basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss)/income from continuing operations (USD per share) | $0.26 | ($0.03) | $0.12 | $0.04 | $0.80 | ($0.02) | $0.23 | $0.10 | $0.38 | $1.11 | $0.31 |
Income from discontinued operations, net of income taxes (USD per share) | $0.18 | ($0.13) | $0.02 | ($0.02) | $0.40 | $0.04 | ($0.82) | $0.19 | $0.05 | ($0.19) | ($0.57) |
Net income/(loss) (USD per share) | $0.44 | ($0.16) | $0.14 | $0.02 | $1.20 | $0.02 | ($0.59) | $0.29 | $0.43 | $0.92 | ($0.26) |
Earnings per share, diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Loss)/income from continuing operations (USD per share) | $0.24 | ($0.03) | $0.11 | $0.04 | $0.76 | ($0.02) | $0.23 | $0.10 | $0.36 | $1.07 | $0.30 |
Income from discontinued operations, net of income taxes (USD per share) | $0.17 | ($0.13) | $0.02 | ($0.02) | $0.39 | $0.04 | ($0.81) | $0.18 | $0.05 | ($0.18) | ($0.55) |
Net income/(loss) (USD per share) | $0.41 | ($0.16) | $0.13 | $0.02 | $1.15 | $0.02 | ($0.58) | $0.28 | $0.41 | $0.89 | ($0.25) |
Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 15,000,000 | 20,000,000 |
StockBased_Awards_Stock_Option
Stock-Based Awards - Stock Options (Details) (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Options (number of shares): | ' | ' | ' |
Options outstanding at beginning of year | 13,582,000 | ' | ' |
Granted | 0 | ' | ' |
Exercised | -914,272 | -176,400 | -100,200 |
Forfeited/Expired | -2,919,000 | ' | ' |
Options outstanding at end of period | 9,749,000 | 13,582,000 | ' |
Options expected to vest at end of period | 9,678,000 | ' | ' |
Options exercisable at end of period | 8,994,000 | ' | ' |
Weighted Average Exercise Price (in dollars per share): | ' | ' | ' |
Options outstanding at beginning of year | $24 | ' | ' |
Granted | $0 | ' | ' |
Exercised | $6 | ' | ' |
Forfeited/Expired | $44 | ' | ' |
Options outstanding at end of period | $20 | $24 | ' |
Options expected to vest at end of period | $20 | ' | ' |
Options exercisable at end of period | $21 | ' | ' |
Outstanding weighted average remaining contractual term, beginning of period | '4 years | '4 years | ' |
Outstanding weighted average remaining contractual term, end of period | '4 years | '4 years | ' |
Outstanding aggregate intrinsic value, beginning of period | $7,124,000 | ' | ' |
Outstanding aggregate intrinsic value, end of period | 23,273,000 | 7,124,000 | ' |
Options expected to vest weighted average remaining contractual term | '4 years | ' | ' |
Options exercisable weighted average remaining contractual term | '4 years | ' | ' |
Options expected to vest aggregate intrinsic value | 23,273,000 | ' | ' |
Options exercisable aggregate intrinsic value | 17,803,000 | ' | ' |
Total intrinsic value | $5,300,000 | $900,000 | $600,000 |
StockBased_Awards_Stock_Option1
Stock-Based Awards - Stock Options Assumptions (Details) (Stock Option [Member], USD $) | 12 Months Ended | ||
Dec. 30, 2012 | Dec. 25, 2011 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Term (In years) | '10 years | '10 years | |
Vesting (In years) | '3 years | [1] | '3 years |
Risk-free interest rate | 1.39% | 2.90% | |
Expected life (In years) | '6 years | '6 years | |
Expected volatility | 47.67% | 43.79% | |
Expected dividend yield | 0.00% | 0.00% | |
Weighted-average fair value | $3.35 | $4.81 | |
Non-Employee Director Stock Options [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Term (In years) | ' | '10 years | |
Vesting (In years) | ' | '1 year | |
Risk-free interest rate | ' | 2.25% | |
Expected life (In years) | ' | '5 years | |
Expected volatility | ' | 47.93% | |
Expected dividend yield | ' | 0.00% | |
Weighted-average fair value | ' | $3.78 | |
Chief Executive Officer [Member] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Term (In years) | '10 years | ' | |
Vesting (In years) | '3 years | [1] | ' |
Risk-free interest rate | 0.98% | ' | |
Expected life (In years) | '6 years | ' | |
Expected volatility | 49.35% | ' | |
Expected dividend yield | 0.00% | ' | |
Weighted-average fair value | $3.89 | ' | |
[1] | Stock options granted to Mark Thompson, our President and Chief Executive Officer, in November 2012 under the terms of his employment agreement. |
StockBased_Awards_StockSettled
Stock-Based Awards - Stock-Settled Restricted Stock Units (Details) (Stock-settled Restricted Stock Units [Member], USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Stock-settled Restricted Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting period | '3 years | '3 years | '3 years |
Restricted Stock Units (in shares): | ' | ' | ' |
Unvested stock-settled restricted stock units at beginning of period | 1,011 | ' | ' |
Granted | 544 | ' | ' |
Vested | -169 | ' | ' |
Forfeited | -193 | ' | ' |
Unvested stock-settled restricted stock units at end of period | 1,193 | 1,011 | ' |
Unvested stock-settled restricted stock units expected to vest at end of period | 1,107 | ' | ' |
Weighted Average Grant-Date Fair Value (in dollars per share): | ' | ' | ' |
Unvested stock-settled restricted stock units at beginning of period | $9 | ' | ' |
Granted | $9 | ' | ' |
Vested | $9 | ' | ' |
Forfeited | $9 | ' | ' |
Unvested stock-settled restricted stock units at end of period | $9 | $9 | ' |
Unvested stock-settled restricted stock units expected to vest at end of period | $9 | ' | ' |
Restricted stock units vested, intrinsic value | $1,900,000 | $1,200,000 | $3,300,000 |
StockBased_Awards_Class_A_Comm
Stock-Based Awards - Class A Common Stock Reserved for Issuance (Details) (Class A Common Stock) | Dec. 29, 2013 | Dec. 30, 2012 | ||
In Thousands, unless otherwise specified | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Shares, outstanding | 12,873 | 14,955 | ||
Shares, available for issuance | 12,616 | 14,696 | ||
Defined Contribution Benefit Plan [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Shares, available for issuance | 3,045 | [1] | 3,348 | [1] |
Employee Stock Purchase Plan [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Shares, available for issuance | 6,410 | [2] | 6,410 | [2] |
Stock Compensation Plan [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Shares, available for issuance | 3,161 | 4,938 | ||
Stock Options and Stock-Settled Restricted Stock Units [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Shares, outstanding | 10,965 | 14,593 | ||
Stock-Settled Performance Awards [Member] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||
Shares, outstanding | 1,908 | [3] | 362 | [3] |
[1] | Effective 2014, we no longer offer a Company stock match under the Companybs 401(k) plan. | |||
[2] | We have not had an offering under the ESPP since 2010. | |||
[3] | The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that would be issued is included in the table above. |
StockBased_Awards_Other_Inform
Stock-Based Awards - Other Information (Details) (USD $) | 12 Months Ended | |||||||||||||||||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 25, 2011 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 30, 2012 | Jan. 31, 2009 | Dec. 29, 2013 | Dec. 29, 2013 | ||
performance_measure | Cash-settled Restricted Stock Units [Member] | Cash-settled Restricted Stock Units [Member] | Cash-settled Restricted Stock Units [Member] | Cash-settled Restricted Stock Units [Member] | Stock Option [Member] | Stock Option [Member] | Non-Employee Director Stock Options [Member] | 2010 Incentive Plan [Member] | 2004 Directors' Plan [Member] | 2004 Directors' Plan [Member] | 2004 Directors' Plan [Member] | Notes Due 2015 Called 2011 [Member] | Minimum [Member] | Maximum [Member] | ||||
plan | Stock Option [Member] | Stock Option [Member] | Non-Employee Director Stock Options [Member] | Non-Employee Director Stock Options [Member] | Non-Employee Director Stock Options [Member] | |||||||||||||
Stock Option [Member] | Stock Option [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Maximum issuance of shares authorized for directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | |
Award term | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | '10 years | '10 years | ' | '10 years | '10 years | ' | ' | ' | |
Annual stock option grant to directors | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | |
Stock-based compensation expense | $8,800,000 | $4,500,000 | $7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Pool of excess tax benefits | 27,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Vesting period | ' | ' | ' | ' | ' | ' | '3 years | '3 years | [1] | '3 years | '1 year | '3 years | ' | ' | '1 year | ' | ' | ' |
Restricted stock units vested, intrinsic value | ' | ' | ' | 1,500,000 | 3,700,000 | 80,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Payments under long term incentive plan based on total shareholder return during year | 9,000,000 | 12,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Length of performance measurement period for long-term incentive compensation (in years) | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Number of financial performance measures considered for long-term incentive compensation awards | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unrecognized compensation expense releted to the unvested portion of our stock-based awards | $3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Weighted average years to be recognized over | '1 year 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Warrants issued In connection with debt issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,900,000 | ' | ' | |
Class of warrant or right, exercise price of warrants or rights (USD per warrant) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.3572 | ' | ' | |
Percentage of target number of performance awards granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 200.00% | |
[1] | Stock options granted to Mark Thompson, our President and Chief Executive Officer, in November 2012 under the terms of his employment agreement. |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Jan. 31, 2009 |
Adolph Ochs Family Trust [Member] | Notes Due 2015 Called 2011 [Member] | |||
Class of Stock [Line Items] | ' | ' | ' | ' |
Class A common stock, right to elect percentage of the board of directors | 30.00% | ' | ' | ' |
Class B Common Stock available for conversion into Class A Common Stock | 818,061 | 818,385 | ' | ' |
Class B common stock ownership percentage | ' | ' | 90.00% | ' |
Class B common stock, right to elect percentage of the board of directors | 70.00% | ' | ' | ' |
Minimum consideration for each share of preferred stock | $100 | ' | ' | ' |
Warrants issued In connection with debt issuance | ' | ' | ' | 15,900,000 |
Class of warrant or right, exercise price of warrants or rights (USD per warrant) | ' | ' | ' | 6.3572 |
Stockholders_Equity_Changes_in
Stockholders' Equity Changes in Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning | ($512,566) | ($495,184) | ($499,375) | ($496,702) | ' | ($512,566) | ' | $14,500 |
Income tax expense(1) | 1,780 | -11,492 | 2,539 | -1,647 | -160 | 73,165 | -10,760 | -86,065 |
Other comprehensive (loss)/income, net of tax | 2,628 | -17,382 | 4,191 | -2,673 | 352 | 110,517 | -15,512 | -124,908 |
Balance, ending | -509,938 | -512,566 | -495,184 | -499,375 | -496,702 | -402,611 | -512,566 | ' |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning | 11,327 | ' | ' | ' | ' | 11,327 | ' | ' |
Other comprehensive income before reclassifications, before tax(1) | ' | ' | ' | ' | ' | 2,613 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss, before tax(1) | ' | ' | ' | ' | ' | 0 | ' | ' |
Income tax expense(1) | ' | ' | ' | ' | ' | 1,266 | ' | ' |
Other comprehensive (loss)/income, net of tax | ' | ' | ' | ' | ' | 1,347 | ' | ' |
Balance, ending | ' | ' | ' | ' | ' | 12,674 | ' | ' |
Unrealized Loss on Available-For-Sale Security [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning | -431 | ' | ' | ' | ' | -431 | ' | ' |
Other comprehensive income before reclassifications, before tax(1) | ' | ' | ' | ' | ' | 0 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss, before tax(1) | ' | ' | ' | ' | ' | 729 | ' | ' |
Income tax expense(1) | ' | ' | ' | ' | ' | 298 | ' | ' |
Other comprehensive (loss)/income, net of tax | ' | ' | ' | ' | ' | 431 | ' | ' |
Balance, ending | ' | ' | ' | ' | ' | 0 | ' | ' |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning | -523,462 | ' | ' | ' | ' | -523,462 | ' | ' |
Other comprehensive income before reclassifications, before tax(1) | ' | ' | ' | ' | ' | 197,081 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss, before tax(1) | ' | ' | ' | ' | ' | -17,303 | ' | ' |
Income tax expense(1) | ' | ' | ' | ' | ' | 71,601 | ' | ' |
Other comprehensive (loss)/income, net of tax | ' | ' | ' | ' | ' | 108,177 | ' | ' |
Balance, ending | ' | ' | ' | ' | ' | -415,285 | ' | ' |
Parent [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning | -512,566 | ' | ' | ' | ' | -512,566 | ' | ' |
Other comprehensive income before reclassifications, before tax(1) | ' | ' | ' | ' | ' | 199,694 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss, before tax(1) | ' | ' | ' | ' | ' | -16,574 | ' | ' |
Income tax expense(1) | ' | ' | ' | ' | ' | 73,165 | ' | ' |
Other comprehensive (loss)/income, net of tax | ' | ' | ' | ' | ' | 109,955 | -15,508 | -124,463 |
Balance, ending | ' | ($512,566) | ' | ' | ' | ($402,611) | ($512,566) | ' |
Stockholders_Equity_Reclassifi
Stockholders' Equity Reclassifications Out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Selling, general and administrative costs | $176,872 | $186,501 | $169,459 | $172,820 | $182,332 | $706,354 | $711,112 | $687,558 | |
Income tax expense(1) | 1,780 | -11,492 | 2,539 | -1,647 | -160 | 73,165 | -10,760 | -86,065 | |
Unrealized Loss on Available-For-Sale Security [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Income tax expense(1) | ' | ' | ' | ' | ' | 298 | ' | ' | |
Unrealized Loss on Available-For-Sale Security [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Selling, general and administrative costs | ' | ' | ' | ' | ' | 729 | ' | ' | |
Income tax expense(1) | ' | ' | ' | ' | ' | 298 | ' | ' | |
Total reclassification, net of tax | ' | ' | ' | ' | ' | 431 | ' | ' | |
Accumulated Defined Benefit Plans Adjustment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Income tax expense(1) | ' | ' | ' | ' | ' | 71,601 | ' | ' | |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Total recognized in other comprehensive (income)/loss | ' | ' | ' | ' | ' | -17,303 | [1] | ' | ' |
Income tax expense(1) | ' | ' | ' | ' | ' | -7,091 | ' | ' | |
Total reclassification, net of tax | ' | ' | ' | ' | ' | -10,212 | ' | ' | |
Selling, General and Administrative Expenses [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Prior service credit | ' | ' | ' | ' | ' | -14,996 | [2] | ' | ' |
Recognized actuarial loss | ' | ' | ' | ' | ' | 43,457 | [2] | ' | ' |
Discontinued Operations [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |
Curtailments | ' | ' | ' | ' | ' | -49,122 | ' | ' | |
Settlement | ' | ' | ' | ' | ' | $3,358 | ' | ' | |
[1] | There were no reclassifications relating to noncontrolling interest for the year ended December 29, 2013. | ||||||||
[2] | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 11 and 12 for additional information |
Segment_Information_Details
Segment Information (Details) | 12 Months Ended |
Dec. 29, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 1 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities - Operating Leases (Details) (USD $) | 12 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' |
Rent expense | $16,000,000 | $18,000,000 | $17,000,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
2014 | 12,472,000 | ' | ' |
2015 | 10,503,000 | ' | ' |
2016 | 7,419,000 | ' | ' |
2017 | 6,976,000 | ' | ' |
2018 | 4,022,000 | ' | ' |
Later years | 10,883,000 | ' | ' |
Total minimum lease payments | 52,275,000 | ' | ' |
Less: noncancelable subleases | -8,680,000 | ' | ' |
Total minimum lease payments, net of noncancelable subleases | $43,595,000 | ' | ' |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities - Capital Leases (Details) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $573 |
2015 | 552 |
2016 | 552 |
2017 | 552 |
2018 | 552 |
Later years | 7,245 |
Total minimum lease payments | 10,026 |
Less: imputed interest | -3,290 |
Present value of net minimum lease payments including current maturities | $6,736 |
Commitments_and_Contingent_Lia4
Commitments and Contingent Liabilities - Restricted Cash (Details) (USD $) | Dec. 29, 2013 | Dec. 30, 2012 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Restricted cash | $28.10 | $24.30 |
Commitments_and_Contingent_Lia5
Commitments and Contingent Liabilities - Other (Details) (Threatened Litigation [Member], USD $) | 0 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 13, 2013 | Sep. 29, 2013 |
Threatened Litigation [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Demand for payment | $26 | ' |
Decline in contributions, percent | ' | 70.00% |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 1 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Feb. 25, 2014 | Jun. 29, 2014 |
Subsequent Event [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Pension plan, settlement, estimated acceptance rate, percent | ' | 50.00% |
Pension plan, settlement distribution if estimated acceptance rate met | ' | $40 |
Pension plan, estimated settlement charge | ' | $13.50 |
Active employees separated from employment at a closed facility, minimum, percent | 20.00% | ' |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |||
Accounts Receivable Allowances [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | $15,452 | $13,065 | $18,088 | |||
Additions charged to operating costs and other | 9,377 | 11,623 | 8,015 | |||
Deductions | 10,577 | [1] | 9,236 | [1] | 13,038 | [1] |
Balance at end of period | 14,252 | 15,452 | 13,065 | |||
Valuation Allowance for Deferred Tax Assets [Member] | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | |||
Balance at beginning of period | 42,138 | 39,824 | 0 | |||
Additions charged to operating costs and other | 2,432 | 2,314 | 39,824 | |||
Deductions | 2,275 | [1] | 0 | [1] | 0 | [1] |
Balance at end of period | $42,295 | $42,138 | $39,824 | |||
[1] | Includes write-offs, net of recoveries. |
Quarterly_Information_Unaudite2
Quarterly Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |||||
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Revenues | $443,860 | $361,738 | $390,957 | $380,675 | $468,114 | $355,337 | $387,841 | $384,049 | $1,577,230 | $1,595,341 | $1,554,574 | |||||
Operating costs | 371,755 | 342,712 | 344,733 | 352,544 | 382,433 | 346,423 | 351,206 | 361,348 | 1,411,744 | 1,441,410 | 1,411,652 | |||||
Pension settlement expense | 3,228 | ' | ' | 0 | 47,657 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 3,228 | 47,657 | [1] | 0 |
Multiemployer pension plan withdrawal expense | 0 | 6,171 | 0 | 0 | 0 | 0 | 0 | 0 | 6,171 | 0 | 4,228 | |||||
Other expense | ' | ' | ' | 0 | 2,620 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 0 | 2,620 | [2] | 4,500 |
Operating profit | 68,877 | 12,855 | 46,224 | 28,131 | 35,404 | 8,914 | 36,635 | 22,701 | 156,087 | 103,654 | 126,736 | |||||
Gain on sale of investments | ' | ' | ' | 0 | 164,630 | [3] | 0 | [3] | 37,797 | [3] | 17,848 | [3] | 0 | 220,275 | [3] | 71,171 |
Impairment of investments | ' | ' | ' | 0 | 0 | [4] | 600 | [4] | 0 | [4] | 4,900 | [4] | 0 | 5,500 | [4] | 0 |
(Loss)/income from joint ventures | 183 | -123 | -405 | -2,870 | 847 | 1,010 | 1,064 | 15 | -3,215 | 2,936 | -270 | |||||
Interest expense, net | 13,904 | 15,454 | 14,644 | 14,071 | 16,402 | 15,490 | 15,464 | 15,452 | 58,073 | 62,808 | 85,243 | |||||
Income from continuing operations before income taxes | 55,156 | -2,722 | 31,175 | 11,190 | 184,479 | -6,166 | 60,032 | 20,212 | 94,799 | 258,557 | 66,013 | |||||
Income tax (benefit)/expense | 16,419 | 2,578 | 13,813 | 5,082 | 66,171 | -3,187 | 25,781 | 5,852 | 37,892 | 94,617 | 21,417 | |||||
Income from continuing operations | 38,737 | -5,300 | 17,362 | 6,108 | 118,308 | -2,979 | 34,251 | 14,360 | 56,907 | 163,940 | 44,596 | |||||
Income/(loss) from discontinued operations, net of income taxes | ' | ' | ' | -2,785 | 60,080 | 5,703 | -121,900 | 28,190 | 7,949 | -27,927 | -82,799 | |||||
Net income/(loss) | 65,681 | -24,287 | 20,138 | 3,323 | 178,388 | 2,724 | -87,649 | 42,550 | 64,856 | 136,013 | -38,203 | |||||
Net loss/(income) attributable to the noncontrolling interest | -55 | 61 | -6 | 249 | -267 | 21 | 27 | 53 | 249 | -166 | 555 | |||||
Net income/(loss) attributable to The New York Times Company common stockholders | 65,626 | -24,226 | 20,132 | 3,572 | 178,121 | 2,745 | -87,622 | 42,603 | 65,105 | 135,847 | -37,648 | |||||
Income from continuing operations | 38,682 | -5,239 | 17,356 | 6,357 | 118,041 | -2,958 | 34,278 | 14,413 | 57,156 | 163,774 | 45,151 | |||||
Income/(loss) from discontinued operations, net of income taxes | $26,944 | ($18,987) | $2,776 | ($2,785) | $60,080 | $5,703 | ($121,900) | $28,190 | $7,949 | ($27,927) | ($82,799) | |||||
Average number of common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Basic (in shares) | 150,162 | 150,033 | 148,797 | 148,710 | 148,461 | 148,254 | 148,005 | 147,867 | 149,755 | 148,147 | 147,190 | |||||
Diluted (in shares) | 160,013 | 150,033 | 156,511 | 155,270 | 154,685 | 148,254 | 149,799 | 151,468 | 157,774 | 152,693 | 152,007 | |||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
(Loss)/income from continuing operations (USD per share) | $0.26 | ($0.03) | $0.12 | $0.04 | $0.80 | ($0.02) | $0.23 | $0.10 | $0.38 | $1.11 | $0.31 | |||||
Income from discontinued operations, net of income taxes (USD per share) | $0.18 | ($0.13) | $0.02 | ($0.02) | $0.40 | $0.04 | ($0.82) | $0.19 | $0.05 | ($0.19) | ($0.57) | |||||
Net income/(loss) (USD per share) | $0.44 | ($0.16) | $0.14 | $0.02 | $1.20 | $0.02 | ($0.59) | $0.29 | $0.43 | $0.92 | ($0.26) | |||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
(Loss)/income from continuing operations (USD per share) | $0.24 | ($0.03) | $0.11 | $0.04 | $0.76 | ($0.02) | $0.23 | $0.10 | $0.36 | $1.07 | $0.30 | |||||
Income/(loss) from discontinued operations, net of income taxes (USD per share) | $0.17 | ($0.13) | $0.02 | ($0.02) | $0.39 | $0.04 | ($0.81) | $0.18 | $0.05 | ($0.18) | ($0.55) | |||||
Net income/(loss) (USD per share) | $0.41 | ($0.16) | $0.13 | $0.02 | $1.15 | $0.02 | ($0.58) | $0.28 | $0.41 | $0.89 | ($0.25) | |||||
[1] | In the fourth quarter of 2012, we recorded a $47.7 million non-cash pension settlement charge in connection with the immediate pension benefit offer to certain former employees who participate in The New York Times Companies Pension Plan. | |||||||||||||||
[2] | In the fourth quarter of 2012, we recorded a $2.6 million charge in connection with a legal settlement. | |||||||||||||||
[3] | In the first quarter of 2012, we recorded a $17.8 million gain on the sale of 100 of our units in Fenway Sports Group. In the second quarter of 2012, we recorded a $37.8 million gain on the sale of our remaining 210 units in Fenway Sports Group. In the fourth quarter of 2012, we recorded a $164.6 million gain on the sale of our ownership interest in Indeed.com. | |||||||||||||||
[4] | In the first and third quarters of 2012, we recorded a $4.9 million and $0.6 million non-cash charge, respectively, for the impairment of certain investments. |
Quarterly_Information_Unaudite3
Quarterly Information (Unaudited) (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 30, 2012 | 31-May-12 | Feb. 29, 2012 | Jul. 31, 2011 | Sep. 23, 2012 | Jun. 30, 2013 | Mar. 25, 2012 | Oct. 31, 2012 | Mar. 25, 2012 | Dec. 30, 2012 | ||||||
Other Expense [Member] | Other Expense [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | Cost-method Investments [Member] | |||||||||||||||||
Unit | Unit | Unit | Fenway Sports Group [Member] | Fenway Sports Group [Member] | Indeed.com [Member] | Indeed.com [Member] | Indeed.com [Member] | ||||||||||||||||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Pension settlement expense | $3,228,000 | ' | ' | $0 | $47,657,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | $3,228,000 | $47,657,000 | [1] | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Multiemployer pension plan withdrawal expense | 0 | 6,171,000 | 0 | 0 | 0 | 0 | 0 | 0 | 6,171,000 | 0 | 4,228,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gain (loss) on sale of investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 164,600,000 | ' | 164,600,000 | |||||
Other expense, legal settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gain on sale of investments | ' | ' | ' | 0 | 164,630,000 | [2] | 0 | [2] | 37,797,000 | [2] | 17,848,000 | [2] | 0 | 220,275,000 | [2] | 71,171,000 | ' | ' | ' | ' | ' | 65,273,000 | 37,800,000 | 17,800,000 | ' | 5,900,000 | ' |
Units sold in Fenway Sports Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 210 | 100 | 390 | ' | ' | ' | ' | ' | ' | |||||
Impairment of investments | ' | ' | ' | $0 | $0 | [3] | $600,000 | [3] | $0 | [3] | $4,900,000 | [3] | $0 | $5,500,000 | [3] | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
[1] | In the fourth quarter of 2012, we recorded a $47.7 million non-cash pension settlement charge in connection with the immediate pension benefit offer to certain former employees who participate in The New York Times Companies Pension Plan. | ||||||||||||||||||||||||||
[2] | In the first quarter of 2012, we recorded a $17.8 million gain on the sale of 100 of our units in Fenway Sports Group. In the second quarter of 2012, we recorded a $37.8 million gain on the sale of our remaining 210 units in Fenway Sports Group. In the fourth quarter of 2012, we recorded a $164.6 million gain on the sale of our ownership interest in Indeed.com. | ||||||||||||||||||||||||||
[3] | In the first and third quarters of 2012, we recorded a $4.9 million and $0.6 million non-cash charge, respectively, for the impairment of certain investments. |