Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Jun. 29, 2014 | Aug. 01, 2014 | Aug. 01, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Document and Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'NEW YORK TIMES CO | ' | ' |
Entity Central Index Key | '0000071691 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 29-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Trading Symbol | 'NYT | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 149,484,919 | 816,835 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $374,626 | $482,745 |
Short-term marketable securities | 383,227 | 364,880 |
Accounts receivable (net of allowances of $12,741 in 2014 and $14,252 in 2013) | 159,694 | 202,303 |
Deferred income taxes | 65,859 | 65,859 |
Prepaid expenses | 25,284 | 20,250 |
Other current assets | 35,598 | 36,230 |
Total current assets | 1,044,288 | 1,172,267 |
Other assets | ' | ' |
Long-term marketable securities | 213,766 | 176,155 |
Investments in joint ventures | 38,146 | 40,213 |
Property, plant and equipment (less accumulated depreciation and amortization of $901,189 in 2014 and $870,982 in 2013) | 687,724 | 713,356 |
Goodwill | 125,283 | 125,871 |
Deferred income taxes | 163,067 | 179,989 |
Miscellaneous assets | 192,218 | 164,701 |
Total assets | 2,464,492 | 2,572,552 |
Current liabilities | ' | ' |
Accounts payable | 83,818 | 90,982 |
Accrued payroll and other related liabilities | 67,034 | 91,629 |
Unexpired subscriptions | 58,998 | 58,007 |
Current portion of long-term debt and capital leases obligations | 244,074 | 21 |
Accrued expenses and other | 97,698 | 107,872 |
Total current liabilities | 551,622 | 348,511 |
Other liabilities | ' | ' |
Long-term debt and capital lease obligations | 442,396 | 684,142 |
Pension benefits obligation | 406,319 | 444,328 |
Postretirement benefits obligation | 87,711 | 90,602 |
Other | 118,908 | 158,435 |
Total other liabilities | 1,055,334 | 1,377,507 |
Common stock of $.10 par value: | ' | ' |
Additional paid-in capital | 37,348 | 33,045 |
Retained earnings | 1,282,327 | 1,283,518 |
Common stock held in treasury, at cost | -86,253 | -86,253 |
Accumulated other comprehensive loss, net of income taxes: | ' | ' |
Foreign currency translation adjustments | 12,343 | 12,674 |
Funded status of benefit plans | -407,083 | -415,285 |
Total accumulated other comprehensive loss, net of income taxes | -394,740 | -402,611 |
Total New York Times Company stockholdersb equity | 853,930 | 842,910 |
Noncontrolling interest | 3,606 | 3,624 |
Total stockholdersb equity | 857,536 | 846,534 |
Total liabilities and stockholdersb equity | 2,464,492 | 2,572,552 |
Class A Common Stock [Member] | ' | ' |
Common stock of $.10 par value: | ' | ' |
Common stock value | 15,166 | 15,129 |
Class B Common Stock [Member] | ' | ' |
Common stock of $.10 par value: | ' | ' |
Common stock value | $82 | $82 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowances | $12,741 | $14,252 |
Property, plant and equipment, accumulated depreciation and amortization | $901,189 | $870,982 |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Class A Common Stock [Member] | ' | ' |
Authorized shares | 300,000,000 | 300,000,000 |
Issued shares | 151,662,423 | 151,289,625 |
Treasury shares | 2,180,442 | 2,180,471 |
Class B Common Stock [Member] | ' | ' |
Authorized shares | 816,835 | 818,061 |
Issued shares | 816,835 | 818,061 |
Treasury shares | 0 | 0 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Circulation | $209,815 | $206,965 | $419,538 | $412,447 |
Advertising | 156,348 | 163,039 | 315,075 | 316,577 |
Other | 22,556 | 20,953 | 44,514 | 42,608 |
Total revenues | 388,719 | 390,957 | 779,127 | 771,632 |
Production costs: | ' | ' | ' | ' |
Raw materials | 21,610 | 22,098 | 43,638 | 45,849 |
Wages and benefits | 88,025 | 81,536 | 176,641 | 164,812 |
Other | 48,309 | 49,435 | 96,648 | 99,142 |
Total production costs | 157,944 | 153,069 | 316,927 | 309,803 |
Selling, general and administrative costs | 185,584 | 172,914 | 372,308 | 349,786 |
Depreciation and amortization | 19,169 | 18,750 | 39,261 | 37,688 |
Total operating costs | 362,697 | 344,733 | 728,496 | 697,277 |
Early termination charge | 0 | 0 | 2,550 | 0 |
Pension settlement charge | 9,525 | 0 | 9,525 | 0 |
Operating profit | 16,497 | 46,224 | 38,556 | 74,355 |
Income/(loss) from joint ventures | 25 | -405 | -2,122 | -3,275 |
Interest expense, net | 13,205 | 14,644 | 26,506 | 28,715 |
Income from continuing operations before income taxes | 3,317 | 31,175 | 9,928 | 42,365 |
Income tax (benefit)/expense | -5,743 | 13,813 | -1,979 | 18,895 |
Income from continuing operations | 9,060 | 17,362 | 11,907 | 23,470 |
Income/(loss) from discontinued operations, net of income taxes | 0 | 2,775 | -994 | -10 |
Net income | 9,060 | 20,137 | 10,913 | 23,460 |
Net loss/(income) attributable to the noncontrolling interest | 128 | -6 | 18 | 243 |
Net income attributable to The New York Times Company common stockholders | 9,188 | 20,131 | 10,931 | 23,703 |
Amounts attributable to The New York Times Company common stockholders: | ' | ' | ' | ' |
Income from continuing operations | 9,188 | 17,356 | 11,925 | 23,713 |
Income/(loss) from discontinued operations, net of income taxes | 0 | 2,775 | -994 | -10 |
Net income attributable to The New York Times Company common stockholders | $9,188 | $20,131 | $10,931 | $23,703 |
Average number of common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 150,796 | 148,797 | 150,683 | 148,754 |
Diluted (in shares) | 161,868 | 156,511 | 161,962 | 156,101 |
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | ' |
Income from continuing operations | $0.06 | $0.12 | $0.08 | $0.16 |
Income/(loss) from discontinued operations, net of income taxes | $0 | $0.02 | ($0.01) | $0 |
Net income | $0.06 | $0.14 | $0.07 | $0.16 |
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | ' |
Income from continuing operations | $0.06 | $0.11 | $0.07 | $0.15 |
Income/(loss) from discontinued operations, net of income taxes | $0 | $0.02 | ($0.01) | $0 |
Net income | $0.06 | $0.13 | $0.06 | $0.15 |
Dividends declared per share | $0.04 | $0 | $0.08 | $0 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Condensed Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $9,060 | $20,137 | $10,913 | $23,460 |
Other comprehensive income/(loss), before tax: | ' | ' | ' | ' |
Foreign currency translation adjustments | -427 | 713 | -582 | -1,764 |
Unrealized loss on available-for-sale security | 0 | 1,260 | 0 | -114 |
Pension and postretirement benefits obligation | 6,844 | 6,598 | 13,594 | 14,857 |
Other comprehensive income, before tax | 6,417 | 8,571 | 13,012 | 12,979 |
Income tax expense | 2,440 | 3,672 | 5,141 | 5,452 |
Other comprehensive income, net of tax | 3,977 | 4,899 | 7,871 | 7,527 |
Comprehensive income | 13,037 | 25,036 | 18,784 | 30,987 |
Comprehensive loss/(income) attributable to the noncontrolling interest | 128 | -6 | 18 | 243 |
Comprehensive income attributable to The New York Times Company common stockholders | $13,165 | $25,030 | $18,802 | $31,230 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net income | $10,913 | $23,460 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Loss on discontinued operations | 1,559 | 0 |
Gain on insurance settlement | -1,421 | 0 |
Pension settlement charge | 9,525 | 0 |
Early termination charge | 2,550 | 0 |
Depreciation and amortization | 39,261 | 43,408 |
Stock-based compensation expense | 5,015 | 5,201 |
Undistributed loss of joint ventures | 2,122 | 3,399 |
Long-term retirement benefit obligations | -36,173 | -82,503 |
Release of uncertain tax positions | 11,273 | -520 |
Otherbnet | 4,655 | 9,581 |
Changes in operating assets and liabilitiesbnet of dispositions: | ' | ' |
Accounts receivablebnet | 42,799 | 46,063 |
Other current assets | -4,773 | 3,128 |
Accounts payable and other liabilities | -80,198 | -78,209 |
Unexpired subscriptions | 991 | 430 |
Net cash provided by/(used) in operating activities | 8,098 | -26,562 |
Cash flows from investing activities | ' | ' |
Purchases of marketable securities | -328,491 | -584,600 |
Maturities of marketable securities | 268,441 | 160,262 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | -26,005 | 0 |
Capital expenditures | -18,283 | -6,983 |
Proceeds from insurance settlement | 1,200 | 0 |
Change in restricted cash | -1,100 | 2,000 |
Otherbnet | -631 | -541 |
Net cash used in investing activities | -104,869 | -429,862 |
Cash flows from financing activities | ' | ' |
Repayment of debt and capital lease obligations | -297 | -5,925 |
Dividends paid | -12,106 | 0 |
Stock option exercises | 1,120 | 611 |
Net cash used in financing activities | -11,283 | -5,314 |
Decrease in cash and cash equivalents | -108,054 | -461,738 |
Effect of exchange rate changes on cash and cash equivalents | -65 | -150 |
Cash and cash equivalents at the beginning of the year | 482,745 | 820,489 |
Cash and cash equivalents at the end of the quarter | $374,626 | $358,601 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Jun. 29, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
BASIS OF PRESENTATION | |
In the opinion of The New York Times Company’s (the “Company”) management, the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of June 29, 2014 and December 29, 2013, and the results of operations and cash flows of the Company for the periods ended June 29, 2014 and June 30, 2013. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 29, 2013. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks for the second-quarter periods and 26 weeks for the full six-month periods. | |
The preparation of financial statements in conformity with Generally Accepted Accounting Principles ("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. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 29, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
As of June 29, 2014, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 29, 2013, have not changed. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2014-09, “Revenue from Contracts with Customers,” which prescribes a single comprehensive model for entities to use in the accounting of revenue arising from contracts with customers. The new guidance will supersede virtually all existing revenue guidance under U.S. GAAP and International Financial Reporting Standards ("IFRS"). There are two transition options available to entities: the full retrospective approach or the modified retrospective approach. Under the full retrospective approach, the Company would restate prior periods in compliance with Accounting Standards Codification (“ASC”) 250, “Accounting Changes and Error Corrections”. Alternatively, the Company may elect the modified retrospective approach, which allows for the new revenue standard to be applied to existing contracts as of the effective date and record a cumulative catch-up adjustment to retained earnings. The new guidance becomes effective for the Company for fiscal years beginning January 2, 2017. Early application is prohibited. | |
We are currently in the process of evaluating the impact of the new revenue guidance; however, we do not expect that the adoption of the new accounting guidance will have a material impact on our financial condition and results of operations. | |
In April 2014, the FASB issued ASU 2014-08, “Amendment of Discontinued Operations,” which amends the definition of a discontinued operation in ASC 205-20, “Presentation of Financial Statements-Discontinued Operations,” and requires entities to provide expanded disclosures on all disposal transactions. The new guidance is effective for the Company for fiscal years beginning on or after December 29, 2014. Early adoption is permitted. | |
Additionally, recent accounting pronouncements not specifically identified in our disclosures are not expected to have a material effect on our financial condition and results of operations. |
Marketable_Securities
Marketable Securities | 6 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||
Marketable Securities | ' | ||||||||
MARKETABLE SECURITIES | |||||||||
Our marketable debt securities consisted of the following: | |||||||||
(In thousands) | June 29, | December 29, | |||||||
2014 | 2013 | ||||||||
Short-term marketable securities | |||||||||
Marketable debt securities | |||||||||
U.S Treasury securities | $ | 110,964 | $ | 143,510 | |||||
Corporate debt securities | 123,070 | 78,991 | |||||||
U.S. agency securities | 46,036 | 31,518 | |||||||
Municipal securities | 43,587 | 48,035 | |||||||
Certificates of deposit | 52,076 | 31,949 | |||||||
Commercial paper | 7,494 | 30,877 | |||||||
Total short-term marketable securities | $ | 383,227 | $ | 364,880 | |||||
Long-term marketable securities | |||||||||
Marketable debt securities | |||||||||
Corporate debt securities | $ | 125,205 | $ | 98,979 | |||||
U.S. agency securities | 83,095 | 73,697 | |||||||
Municipal securities | 5,466 | 3,479 | |||||||
Total long-term marketable securities | $ | 213,766 | $ | 176,155 | |||||
As of June 29, 2014, our short-term and long-term marketable debt securities had remaining maturities of about 1 month to 12 months and 12 months to 36 months, respectively. See Note 8 for additional information regarding the fair value of our marketable securities. |
Goodwill
Goodwill | 6 Months Ended | ||||
Jun. 29, 2014 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Goodwill | ' | ||||
GOODWILL | |||||
The following table displays the carrying amount of goodwill as of June 29, 2014 and December 29, 2013: | |||||
(In thousands) | Total Company | ||||
Balance as of December 29, 2013 | $ | 125,871 | |||
Foreign currency translation | (588 | ) | |||
Balance as of June 29, 2014 | $ | 125,283 | |||
The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries. |
Investments
Investments | 6 Months Ended | |||
Jun. 29, 2014 | ||||
Investments [Abstract] | ' | |||
Investments | ' | |||
INVESTMENTS | ||||
Equity Method Investments | ||||
As of June 29, 2014, our investments in joint ventures consisted of equity ownership interests in the following entities: | ||||
Company | Approximate % | |||
Ownership | ||||
Donohue Malbaie Inc. | 49 | % | ||
Madison Paper Industries | 40 | % | ||
We have investments in Donohue Malbaie, Inc., a Canadian newsprint company, and Madison Paper Industries, a partnership operating a supercalendered paper mill in Maine (together, the “Paper Mills”). | ||||
We received no distributions from the Paper Mills as of June 29, 2014 and June 30, 2013, respectively. | ||||
We purchased newsprint and supercalendered paper from the Paper Mills at competitive prices. Such purchases aggregated approximately $10 million as of June 29, 2014 and June 30, 2013, respectively. |
Debt_Obligations
Debt Obligations | 6 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt Obligations | ' | ||||||||||||||||
DEBT OBLIGATIONS | |||||||||||||||||
As of June 29, 2014, our current indebtedness included senior notes and the repurchase option related to a sale-leaseback of a portion of our New York headquarters. Our total debt and capital lease obligations consisted of the following: | |||||||||||||||||
(In thousands) | Coupon Rate | June 29, | December 29, | ||||||||||||||
2014 | 2013 | ||||||||||||||||
Current portion of long-term debt and capital lease obligations | |||||||||||||||||
Senior notes due 2015 | 5 | % | $ | 244,074 | $ | — | |||||||||||
Short-term capital lease obligations | — | 21 | |||||||||||||||
Total current portion of debt and capital lease obligations | 244,074 | 21 | |||||||||||||||
Long-term debt and capital lease obligations | |||||||||||||||||
Senior notes due 2015 | 5 | % | — | 244,057 | |||||||||||||
Senior notes due 2016 | 6.625 | % | 205,495 | 205,111 | |||||||||||||
Option to repurchase ownership interest in headquarters building in 2019 | 230,175 | 228,259 | |||||||||||||||
Long-term capital lease obligations | 6,726 | 6,715 | |||||||||||||||
Total long-term debt and capital lease obligations | 442,396 | 684,142 | |||||||||||||||
Total debt and capital lease obligations | $ | 686,470 | $ | 684,163 | |||||||||||||
See Note 8 for information regarding the fair value of our long-term debt. | |||||||||||||||||
During the second quarter of 2013, we repurchased approximately $5 million principal amount of our 6.625% senior unsecured notes due December 15, 2016 (“6.625% Notes”) and recorded a $0.6 million pre-tax charge in connection with the repurchase. | |||||||||||||||||
See Note 16 for further information on debt repurchases. | |||||||||||||||||
“Interest expense, net” in our Condensed Consolidated Statements of Operations was as follows: | |||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||
(In thousands) | June 29, | June 30, | June 29, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cash interest expense | $ | 13,071 | $ | 13,889 | $ | 26,122 | $ | 27,140 | |||||||||
Non-cash amortization of discount on debt | 1,128 | 1,103 | 2,318 | 2,267 | |||||||||||||
Interest income | (994 | ) | (348 | ) | (1,934 | ) | (692 | ) | |||||||||
Total interest expense, net | $ | 13,205 | $ | 14,644 | $ | 26,506 | $ | 28,715 | |||||||||
Other
Other | 6 Months Ended |
Jun. 29, 2014 | |
Other Income and Expenses [Abstract] | ' |
Other | ' |
OTHER | |
Severance Costs | |
We recognized severance costs of $2.2 million in the second quarter of 2014 and $5.3 million in the first six months of 2014 compared to $2.9 million in the second quarter of 2013 and $7.8 million in the first six months of 2013. These costs are recorded in “Selling, general and administrative costs” in our Condensed Consolidated Statements of Operations. As of June 29, 2014, we had a severance liability of $8.5 million included in “Accrued expenses and other” in our Condensed Consolidated Balance Sheets. | |
Early Termination Charge | |
In the first quarter of 2014, we recorded a $2.6 million charge for the early termination of a distribution agreement. | |
Pension Settlement Charge | |
In the second quarter of 2014, we recorded a $9.5 million pension settlement charge in connection with a one-time lump sum payment offer to certain former employees. See Note 9 for additional information regarding the pension settlement charge. | |
Reserve for Uncertain Tax Positions | |
In the second quarter of 2014, we recorded a $9.5 million income tax benefit primarily due to a reduction in the Company’s reserve for uncertain tax positions. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
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 | |||||||||||||||||
The following tables summarize our financial liabilities measured at fair value on a recurring basis as of June 29, 2014 and December 29, 2013: | |||||||||||||||||
(In thousands) | June 29, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities | |||||||||||||||||
Deferred compensation | $ | 44,241 | $ | 44,241 | $ | — | $ | — | |||||||||
(In thousands) | December 29, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities | |||||||||||||||||
Deferred compensation | $ | 51,660 | $ | 51,660 | $ | — | $ | — | |||||||||
The deferred compensation liability, included in “Other liabilities – other” in our Condensed Consolidated Balance Sheets, 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. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. | |||||||||||||||||
Financial Instruments Disclosed, But Not Recorded, at Fair Value | |||||||||||||||||
Our marketable debt 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 3). As of June 29, 2014 and December 29, 2013, the amortized cost approximated fair value. 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 $436 million as of June 29, 2014 and $677 million as of December 29, 2013. The fair value of our long-term debt was approximately $563 million as of June 29, 2014 and $819 million as of December 29, 2013. 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_and_Other_Postretireme
Pension and Other Postretirement Benefits | 6 Months Ended | ||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Pension and Other Postretirement Benefits | ' | ||||||||||||||||||||||||
PENSION AND OTHER POSTRETIREMENT BENEFITS | |||||||||||||||||||||||||
Pension | |||||||||||||||||||||||||
Single-Employer Plans | |||||||||||||||||||||||||
We sponsor several single-employer defined benefit pension plans, the majority of which have been frozen. We also participate in joint Company and Guild-sponsored plans covering employees of The New York Times Newspaper Guild, including The New York Times Newspaper Guild pension plan, which was frozen and replaced with a new defined benefit pension plan, The Guild-Times Adjustable Pension Plan. On June 18, 2014, the Board of Trustees of The Guild-Times Adjustable Pension Fund received a favorable determination letter from the Internal Revenue Service (“IRS”) approving the new plan. | |||||||||||||||||||||||||
The components of net periodic pension cost/(income) were as follows: | |||||||||||||||||||||||||
For the Quarters Ended | |||||||||||||||||||||||||
June 29, 2014 | June 30, 2013 | ||||||||||||||||||||||||
(In thousands) | Qualified | Non- | All Plans | Qualified | Non- | All Plans | |||||||||||||||||||
Plans | Qualified | Plans | Qualified | ||||||||||||||||||||||
Plans | Plans | ||||||||||||||||||||||||
Service cost | $ | 2,385 | $ | — | $ | 2,385 | $ | 2,323 | $ | 256 | $ | 2,579 | |||||||||||||
Interest cost | 21,112 | 2,711 | 23,823 | 19,284 | 2,643 | 21,927 | |||||||||||||||||||
Expected return on plan assets | (28,460 | ) | — | (28,460 | ) | (31,063 | ) | — | (31,063 | ) | |||||||||||||||
Amortization of prior service credit | (484 | ) | — | (484 | ) | (486 | ) | — | (486 | ) | |||||||||||||||
Amortization of actuarial loss | 6,711 | 1,033 | 7,744 | 8,442 | 1,312 | 9,754 | |||||||||||||||||||
Effect of pension settlement | — | 9,525 | 9,525 | — | — | — | |||||||||||||||||||
Net periodic pension cost/(income) | $ | 1,264 | $ | 13,269 | $ | 14,533 | $ | (1,500 | ) | $ | 4,211 | $ | 2,711 | ||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||
29-Jun-14 | 30-Jun-13 | ||||||||||||||||||||||||
(In thousands) | Qualified | Non- | All Plans | Qualified | Non- | All Plans | |||||||||||||||||||
Plans | Qualified | Plans | Qualified | ||||||||||||||||||||||
Plans | Plans | ||||||||||||||||||||||||
Service cost | $ | 4,772 | $ | — | $ | 4,772 | $ | 4,645 | $ | 512 | $ | 5,157 | |||||||||||||
Interest cost | 42,224 | 5,586 | 47,810 | 38,568 | 5,286 | 43,854 | |||||||||||||||||||
Expected return on plan assets | (56,920 | ) | — | (56,920 | ) | (62,125 | ) | — | (62,125 | ) | |||||||||||||||
Amortization of prior service credit | (970 | ) | — | (970 | ) | (972 | ) | — | (972 | ) | |||||||||||||||
Amortization of actuarial loss | 13,309 | 2,087 | 15,396 | 16,884 | 2,623 | 19,507 | |||||||||||||||||||
Effect of pension settlement | — | 9,525 | 9,525 | — | — | — | |||||||||||||||||||
Net periodic pension cost/(income) | $ | 2,415 | $ | 17,198 | $ | 19,613 | $ | (3,000 | ) | $ | 8,421 | $ | 5,421 | ||||||||||||
In the first six months of 2014, we made pension contributions of approximately $9 million to certain qualified pension plans. Including the first six months of contributions, we expect to make total contributions of approximately $16 million in 2014 to our qualified pension plans to satisfy minimum funding requirements. | |||||||||||||||||||||||||
One-Time Lump-Sum Payment Offer | |||||||||||||||||||||||||
During the first quarter of 2014, we offered to certain former employees who participate in certain non-qualified pension plans the option to elect to receive a one-time lump-sum payment equal to the present value of the participant’s pension benefit. The election period for this voluntary offer closed on April 25, 2014. As a result, we recorded a pension settlement charge of $9.5 million during the second quarter in connection with the one-time lump-sum payment to certain former employees of approximately $24 million to reduce pension obligations by approximately $32 million. | |||||||||||||||||||||||||
Other Postretirement Benefits | |||||||||||||||||||||||||
The components of net periodic postretirement benefit cost/(income) were as follows: | |||||||||||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||||||||||
(In thousands) | June 29, | June 30, | June 29, | June 30, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Service cost | $ | 147 | $ | 285 | $ | 294 | $ | 570 | |||||||||||||||||
Interest cost | 1,010 | 1,009 | 2,020 | 2,018 | |||||||||||||||||||||
Amortization of prior service credit | (1,600 | ) | (3,693 | ) | (3,200 | ) | (7,385 | ) | |||||||||||||||||
Amortization of actuarial loss | 1,184 | 1,022 | 2,368 | 2,044 | |||||||||||||||||||||
Net periodic postretirement benefit cost/(income) | $ | 741 | $ | (1,377 | ) | $ | 1,482 | $ | (2,753 | ) | |||||||||||||||
Recent Developments | |||||||||||||||||||||||||
Recently, the Society of Actuaries (“SOA”) released proposed mortality tables, which increased life expectancy assumptions. Final updates to the mortality tables are expected to be issued by the end of 2014. However, the SOA has stated that if at any point it becomes apparent that this cannot be accomplished within the targeted timeframe, they will communicate the adjusted timeline. Based on this expected data, it is likely we would revise the mortality assumptions used in determining our pension and postretirement benefit obligations. We expect the adoption of new mortality assumptions for purposes of funding our plans will trail the adoption for accounting purposes. Our preliminary analysis of the impact of the revised mortality tables, when fully implemented for accounting and plan funding purposes, estimates an increase of approximately $150 million in pension and postretirement liabilities and approximately $10 million in annual pension and postretirement expense and may result in higher pension funding requirements in future periods depending upon the funded status of our pension plans. These expectations presume all other assumptions remain constant and there are no changes to applicable funding regulations. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 29, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The Company had an income tax benefit of $5.7 million and $2.0 million in the second quarter and first six months of 2014, respectively. The Company had income tax expense of $13.8 million (effective tax rate of 44.3%) and $18.9 million (effective tax rate of 44.6%) in the second quarter and first six months of 2013, respectively. The income tax benefit in the second quarter of 2014 was primarily due to a reduction in the Company’s reserve for uncertain tax positions. | |
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 approximately $15 million that would, if recognized, impact the effective tax rate. | |
On March 31, 2014, New York State enacted legislation amending the state’s corporate tax laws. The legislation generally applies to tax years commencing on or after January 1, 2015. The new legislation was adopted in the second quarter of 2014 and it did not have a material impact on the Company’s provision for income taxes. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
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, Worcester Telegram & Gazette (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. In 2013, 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 on postretirement benefit obligations. 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 cessation of service for employees at the New England Media Group. In the first quarter of 2014, we recorded a working capital adjustment of $1.6 million. The results of operations of the New England Media Group have been classified as discontinued operations for all periods presented. | |||||||||||||||||
The results of operations for the New England Media Group presented as discontinued operations are summarized below. | |||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||
(In thousands) | June 29, | June 30, | June 29, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | — | $ | 94,406 | $ | — | $ | 179,664 | |||||||||
Total operating costs | — | 87,199 | — | 176,924 | |||||||||||||
Loss from joint ventures | — | (54 | ) | — | (124 | ) | |||||||||||
Interest expense, net | — | 2 | — | 5 | |||||||||||||
Pre-tax income | — | 7,151 | — | 2,611 | |||||||||||||
Income tax expense | — | 4,376 | — | 2,621 | |||||||||||||
Income/(loss) from discontinued operations, net of income taxes | — | 2,775 | — | (10 | ) | ||||||||||||
(Loss)/gain on sale, net of income taxes: | |||||||||||||||||
Loss on sale | — | — | (1,559 | ) | — | ||||||||||||
Income tax benefit | — | — | (565 | ) | — | ||||||||||||
Loss on sale, net of income taxes | — | — | (994 | ) | — | ||||||||||||
Income/(loss) from discontinued operations, net of income taxes | $ | — | $ | 2,775 | $ | (994 | ) | $ | (10 | ) | |||||||
EarningsLoss_Per_Share
Earnings/(Loss) Per Share | 6 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings/(Loss) Per Share | ' | ||||||||||||||||
EARNINGS/(LOSS) PER SHARE | |||||||||||||||||
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 have been computed as follows: | |||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||
(In thousands, except per share data) | June 29, | June 30, | June 29, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amounts attributable to The New York Times Company common stockholders: | |||||||||||||||||
Income from continuing operations | $ | 9,188 | $ | 17,356 | $ | 11,925 | $ | 23,713 | |||||||||
Income/(loss) from discontinued operations, net of income taxes | — | 2,775 | (994 | ) | (10 | ) | |||||||||||
Net income | $ | 9,188 | $ | 20,131 | $ | 10,931 | $ | 23,703 | |||||||||
Average number of common shares outstanding–Basic | 150,796 | 148,797 | 150,683 | 148,754 | |||||||||||||
Incremental shares for assumed exercise of securities | 11,072 | 7,714 | 11,279 | 7,347 | |||||||||||||
Average number of common shares outstanding–Diluted | 161,868 | 156,511 | 161,962 | 156,101 | |||||||||||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.12 | $ | 0.08 | $ | 0.16 | |||||||||
Income/(loss) from discontinued operations, net of income taxes | — | 0.02 | (0.01 | ) | — | ||||||||||||
Net income–Basic | $ | 0.06 | $ | 0.14 | $ | 0.07 | $ | 0.16 | |||||||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.11 | $ | 0.07 | $ | 0.15 | |||||||||
Income/(loss) from discontinued operations, net of income taxes | — | 0.02 | (0.01 | ) | — | ||||||||||||
Net income–Diluted | $ | 0.06 | $ | 0.13 | $ | 0.06 | $ | 0.15 | |||||||||
The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our warrants, restricted stock units and stock options could have the most significant impact on diluted shares. | |||||||||||||||||
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. | |||||||||||||||||
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 have an anti-dilutive effect on per share amounts. | |||||||||||||||||
The number of stock options that were excluded from the computation of diluted earnings per share, because they were anti-dilutive, was approximately 6 million in the second quarter and first six months of 2014 and approximately 11 million in the second quarter and first six months of 2013. |
Supplemental_Stockholders_Equi
Supplemental Stockholders' Equity Information | 6 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Supplemental Stockholders' Equity Information | ' | ||||||||||||
SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION | |||||||||||||
Stockholders’ equity is summarized as follows: | |||||||||||||
(In thousands) | Total New York Times Company Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||
Balance as of December 29, 2013 | $ | 842,910 | $ | 3,624 | $ | 846,534 | |||||||
Net income/(loss) | 10,931 | (18 | ) | 10,913 | |||||||||
Other comprehensive income, net of tax | 7,871 | — | 7,871 | ||||||||||
Effect of issuance of shares | (823 | ) | — | (823 | ) | ||||||||
Dividends declared | (12,119 | ) | — | (12,119 | ) | ||||||||
Stock-based compensation | 5,160 | — | 5,160 | ||||||||||
Balance as of June 29, 2014 | $ | 853,930 | $ | 3,606 | $ | 857,536 | |||||||
(In thousands) | Total New York Times Company Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||
Balance as of December 30, 2012: | $ | 662,325 | $ | 3,311 | $ | 665,636 | |||||||
Net income/(loss) | 23,703 | (243 | ) | 23,460 | |||||||||
Other comprehensive income, net of tax | 7,527 | — | 7,527 | ||||||||||
Effect of issuance of shares | 2,307 | — | 2,307 | ||||||||||
Stock-based compensation | 5,810 | — | 5,810 | ||||||||||
Balance as of June 30, 2013 | $ | 701,672 | $ | 3,068 | $ | 704,740 | |||||||
The following table summarizes the changes in accumulated other comprehensive income/(loss) by component as of June 29, 2014: | |||||||||||||
(In thousands) | Foreign Currency Translation Adjustments | Funded Status of Benefit Plans | Total Accumulated Other Comprehensive Loss | ||||||||||
Balance as of December 29, 2013 | $ | 12,674 | $ | (415,285 | ) | $ | (402,611 | ) | |||||
Other comprehensive (loss)/income before reclassifications, before tax(1) | (582 | ) | 1,660 | 1,078 | |||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | — | 11,934 | 11,934 | ||||||||||
Income tax (benefit)/expense | (251 | ) | 5,392 | 5,141 | |||||||||
Net current-period other comprehensive (loss)/income, net of tax | (331 | ) | 8,202 | 7,871 | |||||||||
Balance as of June 29, 2014 | $ | 12,343 | $ | (407,083 | ) | $ | (394,740 | ) | |||||
-1 | All amounts are shown net of noncontrolling interest. | ||||||||||||
The following table summarizes the reclassifications from accumulated other comprehensive income/(loss) for the periods ended June 29, 2014: | |||||||||||||
(In thousands) | For the Quarter Ended June 29, 2014 | For the Six Months Ended June 29, 2014 | |||||||||||
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) | $ | (2,084 | ) | $ | (4,170 | ) | Selling, general & administrative costs | ||||||
Amortization of actuarial loss(1) | 8,928 | 17,764 | Selling, general & administrative costs | ||||||||||
Total reclassification, before tax(2) | 6,844 | 13,594 | |||||||||||
Income tax expense | 2,440 | 5,141 | Tax expense | ||||||||||
Total reclassification, net of tax | $ | 4,404 | $ | 8,453 | |||||||||
-1 | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost for pension and other postretirement benefits. See Note 9 for additional information. | ||||||||||||
-2 | There were no reclassifications relating to noncontrolling interest for the quarter ended June 29, 2014. |
Segment_Information
Segment Information | 6 Months Ended |
Jun. 29, 2014 | |
Segment Reporting [Abstract] | ' |
Segment Information | ' |
SEGMENT INFORMATION | |
We have one reportable segment that includes The New York Times, the International New York Times, NYTimes.com, international.nytimes.com and related businesses. Therefore, all required segment information can be found in the condensed consolidated financial statements. | |
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. 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 11 for further information on the sale of the New England Media Group. | |
Our operating segment generated revenues principally from circulation and advertising. Other revenues primarily consisted of revenues from news services/syndication, digital archives, rental income and conferences/events. |
Contingent_Liabilities
Contingent Liabilities | 6 Months Ended |
Jun. 29, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingent Liabilities | ' |
CONTINGENT LIABILITIES | |
Restricted Cash | |
We were required to maintain $29.2 million of restricted cash as of June 29, 2014 and $28.1 million as of December 29, 2013, respectively, primarily to collateralize obligations under our workers’ compensation programs. Restricted cash is included in “Miscellaneous assets” in our Condensed 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. | |
Newspaper and Mail Deliverers – Publishers’ Pension Fund | |
On September 13, 2013, we received a notice and demand for payment in the amount of approximately $26.0 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 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 June 29, 2014. | |
Pension Benefit Guaranty Corporation | |
In February 2014, the Pension Benefit Guaranty Corporation (“PBGC”) notified us that it believed 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 (the “BNG” Plan) and The New York Times Companies Pension Plan on account of our 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. | |
In June 2014, the PBGC notified the Company that it had concluded there was no Section 4062(e) event with respect to The New York Times Companies Pension Plan as a result of the sale of the New England Media Group. In July 2014, the PBGC announced a moratorium until the end of 2014 on the enforcement of all Section 4062(e) cases. During this moratorium, the PBGC will cease all enforcement actions on pending matters, including the Company’s, while it engages in a reevaluation of its enforcement efforts under this provision. | |
If a triggering event under Section 4062(e) with respect to the BNG Plan is determined to have occurred, we 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 BNG 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 to occur. If the BNG 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 would be cancelled. The amount of any required escrow or bond would be based on a percentage of the BNG 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, we and the PBGC can negotiate an alternate resolution of the liability, which could include making cash contributions to the BNG Plan 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. |
Subsequent_Event
Subsequent Event | 6 Months Ended |
Jun. 29, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
SUBSEQUENT EVENT | |
On July 10, 2014 and August 5, 2014, we repurchased a total of approximately $14.2 million principal amount of our 6.625% Notes. |
Marketable_Securities_Tables
Marketable Securities (Tables) | 6 Months Ended | ||||||||
Jun. 29, 2014 | |||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||
Components of marketable debt and equity securities | ' | ||||||||
Our marketable debt securities consisted of the following: | |||||||||
(In thousands) | June 29, | December 29, | |||||||
2014 | 2013 | ||||||||
Short-term marketable securities | |||||||||
Marketable debt securities | |||||||||
U.S Treasury securities | $ | 110,964 | $ | 143,510 | |||||
Corporate debt securities | 123,070 | 78,991 | |||||||
U.S. agency securities | 46,036 | 31,518 | |||||||
Municipal securities | 43,587 | 48,035 | |||||||
Certificates of deposit | 52,076 | 31,949 | |||||||
Commercial paper | 7,494 | 30,877 | |||||||
Total short-term marketable securities | $ | 383,227 | $ | 364,880 | |||||
Long-term marketable securities | |||||||||
Marketable debt securities | |||||||||
Corporate debt securities | $ | 125,205 | $ | 98,979 | |||||
U.S. agency securities | 83,095 | 73,697 | |||||||
Municipal securities | 5,466 | 3,479 | |||||||
Total long-term marketable securities | $ | 213,766 | $ | 176,155 | |||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | ||||
Jun. 29, 2014 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Schedule of goodwill balances | ' | ||||
The following table displays the carrying amount of goodwill as of June 29, 2014 and December 29, 2013: | |||||
(In thousands) | Total Company | ||||
Balance as of December 29, 2013 | $ | 125,871 | |||
Foreign currency translation | (588 | ) | |||
Balance as of June 29, 2014 | $ | 125,283 | |||
Investments_Tables
Investments (Tables) | 6 Months Ended | |||
Jun. 29, 2014 | ||||
Investments [Abstract] | ' | |||
Schedule of equity method investments | ' | |||
As of June 29, 2014, our investments in joint ventures consisted of equity ownership interests in the following entities: | ||||
Company | Approximate % | |||
Ownership | ||||
Donohue Malbaie Inc. | 49 | % | ||
Madison Paper Industries | 40 | % |
Debt_Obligations_Tables
Debt Obligations (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of carrying value of outstanding debt and capital lease obligations | ' | ||||||||||||||||
As of June 29, 2014, our current indebtedness included senior notes and the repurchase option related to a sale-leaseback of a portion of our New York headquarters. Our total debt and capital lease obligations consisted of the following: | |||||||||||||||||
(In thousands) | Coupon Rate | June 29, | December 29, | ||||||||||||||
2014 | 2013 | ||||||||||||||||
Current portion of long-term debt and capital lease obligations | |||||||||||||||||
Senior notes due 2015 | 5 | % | $ | 244,074 | $ | — | |||||||||||
Short-term capital lease obligations | — | 21 | |||||||||||||||
Total current portion of debt and capital lease obligations | 244,074 | 21 | |||||||||||||||
Long-term debt and capital lease obligations | |||||||||||||||||
Senior notes due 2015 | 5 | % | — | 244,057 | |||||||||||||
Senior notes due 2016 | 6.625 | % | 205,495 | 205,111 | |||||||||||||
Option to repurchase ownership interest in headquarters building in 2019 | 230,175 | 228,259 | |||||||||||||||
Long-term capital lease obligations | 6,726 | 6,715 | |||||||||||||||
Total long-term debt and capital lease obligations | 442,396 | 684,142 | |||||||||||||||
Total debt and capital lease obligations | $ | 686,470 | $ | 684,163 | |||||||||||||
Schedule of components of interest expense, net | ' | ||||||||||||||||
“Interest expense, net” in our Condensed Consolidated Statements of Operations was as follows: | |||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||
(In thousands) | June 29, | June 30, | June 29, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cash interest expense | $ | 13,071 | $ | 13,889 | $ | 26,122 | $ | 27,140 | |||||||||
Non-cash amortization of discount on debt | 1,128 | 1,103 | 2,318 | 2,267 | |||||||||||||
Interest income | (994 | ) | (348 | ) | (1,934 | ) | (692 | ) | |||||||||
Total interest expense, net | $ | 13,205 | $ | 14,644 | $ | 26,506 | $ | 28,715 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value Assets Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
The following tables summarize our financial liabilities measured at fair value on a recurring basis as of June 29, 2014 and December 29, 2013: | |||||||||||||||||
(In thousands) | June 29, 2014 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities | |||||||||||||||||
Deferred compensation | $ | 44,241 | $ | 44,241 | $ | — | $ | — | |||||||||
(In thousands) | December 29, 2013 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities | |||||||||||||||||
Deferred compensation | $ | 51,660 | $ | 51,660 | $ | — | $ | — | |||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||
Pension Plans, Defined Benefit [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Schedule of components of net periodic cost | ' | ||||||||||||||||||||||||
The components of net periodic pension cost/(income) were as follows: | |||||||||||||||||||||||||
For the Quarters Ended | |||||||||||||||||||||||||
June 29, 2014 | June 30, 2013 | ||||||||||||||||||||||||
(In thousands) | Qualified | Non- | All Plans | Qualified | Non- | All Plans | |||||||||||||||||||
Plans | Qualified | Plans | Qualified | ||||||||||||||||||||||
Plans | Plans | ||||||||||||||||||||||||
Service cost | $ | 2,385 | $ | — | $ | 2,385 | $ | 2,323 | $ | 256 | $ | 2,579 | |||||||||||||
Interest cost | 21,112 | 2,711 | 23,823 | 19,284 | 2,643 | 21,927 | |||||||||||||||||||
Expected return on plan assets | (28,460 | ) | — | (28,460 | ) | (31,063 | ) | — | (31,063 | ) | |||||||||||||||
Amortization of prior service credit | (484 | ) | — | (484 | ) | (486 | ) | — | (486 | ) | |||||||||||||||
Amortization of actuarial loss | 6,711 | 1,033 | 7,744 | 8,442 | 1,312 | 9,754 | |||||||||||||||||||
Effect of pension settlement | — | 9,525 | 9,525 | — | — | — | |||||||||||||||||||
Net periodic pension cost/(income) | $ | 1,264 | $ | 13,269 | $ | 14,533 | $ | (1,500 | ) | $ | 4,211 | $ | 2,711 | ||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||
29-Jun-14 | 30-Jun-13 | ||||||||||||||||||||||||
(In thousands) | Qualified | Non- | All Plans | Qualified | Non- | All Plans | |||||||||||||||||||
Plans | Qualified | Plans | Qualified | ||||||||||||||||||||||
Plans | Plans | ||||||||||||||||||||||||
Service cost | $ | 4,772 | $ | — | $ | 4,772 | $ | 4,645 | $ | 512 | $ | 5,157 | |||||||||||||
Interest cost | 42,224 | 5,586 | 47,810 | 38,568 | 5,286 | 43,854 | |||||||||||||||||||
Expected return on plan assets | (56,920 | ) | — | (56,920 | ) | (62,125 | ) | — | (62,125 | ) | |||||||||||||||
Amortization of prior service credit | (970 | ) | — | (970 | ) | (972 | ) | — | (972 | ) | |||||||||||||||
Amortization of actuarial loss | 13,309 | 2,087 | 15,396 | 16,884 | 2,623 | 19,507 | |||||||||||||||||||
Effect of pension settlement | — | 9,525 | 9,525 | — | — | — | |||||||||||||||||||
Net periodic pension cost/(income) | $ | 2,415 | $ | 17,198 | $ | 19,613 | $ | (3,000 | ) | $ | 8,421 | $ | 5,421 | ||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ||||||||||||||||||||||||
Schedule of components of net periodic cost | ' | ||||||||||||||||||||||||
The components of net periodic postretirement benefit cost/(income) were as follows: | |||||||||||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||||||||||
(In thousands) | June 29, | June 30, | June 29, | June 30, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Service cost | $ | 147 | $ | 285 | $ | 294 | $ | 570 | |||||||||||||||||
Interest cost | 1,010 | 1,009 | 2,020 | 2,018 | |||||||||||||||||||||
Amortization of prior service credit | (1,600 | ) | (3,693 | ) | (3,200 | ) | (7,385 | ) | |||||||||||||||||
Amortization of actuarial loss | 1,184 | 1,022 | 2,368 | 2,044 | |||||||||||||||||||||
Net periodic postretirement benefit cost/(income) | $ | 741 | $ | (1,377 | ) | $ | 1,482 | $ | (2,753 | ) | |||||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
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 presented as discontinued operations are summarized below. | |||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||
(In thousands) | June 29, | June 30, | June 29, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | — | $ | 94,406 | $ | — | $ | 179,664 | |||||||||
Total operating costs | — | 87,199 | — | 176,924 | |||||||||||||
Loss from joint ventures | — | (54 | ) | — | (124 | ) | |||||||||||
Interest expense, net | — | 2 | — | 5 | |||||||||||||
Pre-tax income | — | 7,151 | — | 2,611 | |||||||||||||
Income tax expense | — | 4,376 | — | 2,621 | |||||||||||||
Income/(loss) from discontinued operations, net of income taxes | — | 2,775 | — | (10 | ) | ||||||||||||
(Loss)/gain on sale, net of income taxes: | |||||||||||||||||
Loss on sale | — | — | (1,559 | ) | — | ||||||||||||
Income tax benefit | — | — | (565 | ) | — | ||||||||||||
Loss on sale, net of income taxes | — | — | (994 | ) | — | ||||||||||||
Income/(loss) from discontinued operations, net of income taxes | $ | — | $ | 2,775 | $ | (994 | ) | $ | (10 | ) | |||||||
EarningsLoss_Per_Share_Tables
Earnings/(Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of earnings/(loss) per share, Basic and Diluted | ' | ||||||||||||||||
Basic and diluted earnings/(loss) per share have been computed as follows: | |||||||||||||||||
For the Quarters Ended | For the Six Months Ended | ||||||||||||||||
(In thousands, except per share data) | June 29, | June 30, | June 29, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Amounts attributable to The New York Times Company common stockholders: | |||||||||||||||||
Income from continuing operations | $ | 9,188 | $ | 17,356 | $ | 11,925 | $ | 23,713 | |||||||||
Income/(loss) from discontinued operations, net of income taxes | — | 2,775 | (994 | ) | (10 | ) | |||||||||||
Net income | $ | 9,188 | $ | 20,131 | $ | 10,931 | $ | 23,703 | |||||||||
Average number of common shares outstanding–Basic | 150,796 | 148,797 | 150,683 | 148,754 | |||||||||||||
Incremental shares for assumed exercise of securities | 11,072 | 7,714 | 11,279 | 7,347 | |||||||||||||
Average number of common shares outstanding–Diluted | 161,868 | 156,511 | 161,962 | 156,101 | |||||||||||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.12 | $ | 0.08 | $ | 0.16 | |||||||||
Income/(loss) from discontinued operations, net of income taxes | — | 0.02 | (0.01 | ) | — | ||||||||||||
Net income–Basic | $ | 0.06 | $ | 0.14 | $ | 0.07 | $ | 0.16 | |||||||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | |||||||||||||||||
Income from continuing operations | $ | 0.06 | $ | 0.11 | $ | 0.07 | $ | 0.15 | |||||||||
Income/(loss) from discontinued operations, net of income taxes | — | 0.02 | (0.01 | ) | — | ||||||||||||
Net income–Diluted | $ | 0.06 | $ | 0.13 | $ | 0.06 | $ | 0.15 | |||||||||
Supplemental_Stockholders_Equi1
Supplemental Stockholders' Equity Information (Tables) | 6 Months Ended | ||||||||||||
Jun. 29, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Schedule of changes of stockholders equity | ' | ||||||||||||
Stockholders’ equity is summarized as follows: | |||||||||||||
(In thousands) | Total New York Times Company Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||
Balance as of December 29, 2013 | $ | 842,910 | $ | 3,624 | $ | 846,534 | |||||||
Net income/(loss) | 10,931 | (18 | ) | 10,913 | |||||||||
Other comprehensive income, net of tax | 7,871 | — | 7,871 | ||||||||||
Effect of issuance of shares | (823 | ) | — | (823 | ) | ||||||||
Dividends declared | (12,119 | ) | — | (12,119 | ) | ||||||||
Stock-based compensation | 5,160 | — | 5,160 | ||||||||||
Balance as of June 29, 2014 | $ | 853,930 | $ | 3,606 | $ | 857,536 | |||||||
(In thousands) | Total New York Times Company Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | ||||||||||
Balance as of December 30, 2012: | $ | 662,325 | $ | 3,311 | $ | 665,636 | |||||||
Net income/(loss) | 23,703 | (243 | ) | 23,460 | |||||||||
Other comprehensive income, net of tax | 7,527 | — | 7,527 | ||||||||||
Effect of issuance of shares | 2,307 | — | 2,307 | ||||||||||
Stock-based compensation | 5,810 | — | 5,810 | ||||||||||
Balance as of June 30, 2013 | $ | 701,672 | $ | 3,068 | $ | 704,740 | |||||||
Summary of changes in accumulated other comprehensive income (loss) | ' | ||||||||||||
The following table summarizes the changes in accumulated other comprehensive income/(loss) by component as of June 29, 2014: | |||||||||||||
(In thousands) | Foreign Currency Translation Adjustments | Funded Status of Benefit Plans | Total Accumulated Other Comprehensive Loss | ||||||||||
Balance as of December 29, 2013 | $ | 12,674 | $ | (415,285 | ) | $ | (402,611 | ) | |||||
Other comprehensive (loss)/income before reclassifications, before tax(1) | (582 | ) | 1,660 | 1,078 | |||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | — | 11,934 | 11,934 | ||||||||||
Income tax (benefit)/expense | (251 | ) | 5,392 | 5,141 | |||||||||
Net current-period other comprehensive (loss)/income, net of tax | (331 | ) | 8,202 | 7,871 | |||||||||
Balance as of June 29, 2014 | $ | 12,343 | $ | (407,083 | ) | $ | (394,740 | ) | |||||
-1 | All amounts are shown net of noncontrolling interest. | ||||||||||||
Summary of reclassifications from accumulated other comprehensive income (loss) | ' | ||||||||||||
The following table summarizes the reclassifications from accumulated other comprehensive income/(loss) for the periods ended June 29, 2014: | |||||||||||||
(In thousands) | For the Quarter Ended June 29, 2014 | For the Six Months Ended June 29, 2014 | |||||||||||
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) | $ | (2,084 | ) | $ | (4,170 | ) | Selling, general & administrative costs | ||||||
Amortization of actuarial loss(1) | 8,928 | 17,764 | Selling, general & administrative costs | ||||||||||
Total reclassification, before tax(2) | 6,844 | 13,594 | |||||||||||
Income tax expense | 2,440 | 5,141 | Tax expense | ||||||||||
Total reclassification, net of tax | $ | 4,404 | $ | 8,453 | |||||||||
-1 | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost for pension and other postretirement benefits. See Note 9 for additional information. | ||||||||||||
-2 | There were no reclassifications relating to noncontrolling interest for the quarter ended June 29, 2014. |
Basis_of_Presentation_Details
Basis of Presentation (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Fiscal period focus | '91 days | '91 days | '182 days | '182 days |
Marketable_Securities_Details
Marketable Securities (Details) (Marketable debt securities [Member], USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Investment [Line Items] | ' | ' |
Short-term marketable securities | $383,227 | $364,880 |
Long-term marketable securities | 213,766 | 176,155 |
U.S. Treasury securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Short-term marketable securities | 110,964 | 143,510 |
Corporate debt securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Short-term marketable securities | 123,070 | 78,991 |
Long-term marketable securities | 125,205 | 98,979 |
U.S. agency securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Short-term marketable securities | 46,036 | 31,518 |
Long-term marketable securities | 83,095 | 73,697 |
Municipal securities [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Short-term marketable securities | 43,587 | 48,035 |
Long-term marketable securities | 5,466 | 3,479 |
Certificates of deposit [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Short-term marketable securities | 52,076 | 31,949 |
Commercial paper [Member] | ' | ' |
Investment [Line Items] | ' | ' |
Short-term marketable securities | $7,494 | $30,877 |
Marketable_Securities_Narrativ
Marketable Securities - Narrative (Details) (Marketable debt securities [Member]) | 6 Months Ended |
Jun. 29, 2014 | |
Minimum [Member] | ' |
Investment [Line Items] | ' |
Term of securities, short-term | '1 month |
Term of securities, long-term | '12 months |
Maximum [Member] | ' |
Investment [Line Items] | ' |
Term of securities, short-term | '12 months |
Term of securities, long-term | '36 months |
Goodwill_Details
Goodwill (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 29, 2014 |
Goodwill [Roll Forward] | ' |
Balance as of December 29, 2013 | $125,871 |
Foreign currency translation | -588 |
Balance as of June 29, 2014 | $125,283 |
Equity_Method_Investments_Deta
Equity Method Investments (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Equity Method Investments | ' | ' |
Newsprint and supercalendered paper purchased from Malbaie | $10,000 | $10,000 |
Equity Method Investments [Member] | Donohue Malbaie Inc. [Member] | ' | ' |
Equity Method Investments | ' | ' |
Percentage ownership | 49.00% | ' |
Equity Method Investments [Member] | Madison Paper Industries [Member] | ' | ' |
Equity Method Investments | ' | ' |
Percentage ownership | 40.00% | ' |
Debt_Obligations_Debt_and_Capi
Debt Obligations - Debt and Capital Leases (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Total debt and capital lease obligations | ' | ' |
Short-term capital lease obligations | $0 | $21 |
Total current portion of debt and capital lease obligations | 244,074 | 21 |
Long-term debt, excluding current maturities | 436,000 | 677,000 |
Long-term capital lease obligations | 6,726 | 6,715 |
Total long-term debt and capital lease obligations | 442,396 | 684,142 |
Total debt and capital lease obligations | 686,470 | 684,163 |
Option To Repurchase Headquarters Building 2019 [Member] | ' | ' |
Total debt and capital lease obligations | ' | ' |
Long-term debt | 230,175 | 228,259 |
Senior Notes [Member] | Notes Due 2015 [Member] | ' | ' |
Total debt and capital lease obligations | ' | ' |
Senior notes due 2015, current portion | 244,074 | 0 |
Long-term debt, excluding current maturities | 0 | 244,057 |
Interest rate on debt | 5.00% | ' |
Senior Notes [Member] | Notes Due 2016 [Member] | ' | ' |
Total debt and capital lease obligations | ' | ' |
Long-term debt | $205,495 | $205,111 |
Interest rate on debt | 6.63% | ' |
Debt_Obligations_Interest_Expe
Debt Obligations - Interest Expense, Net (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Cash interest expense | $13,071 | $13,889 | $26,122 | $27,140 |
Non-cash amortization of discount on debt | 1,128 | 1,103 | 2,318 | 2,267 |
Interest income | -994 | -348 | -1,934 | -692 |
Total interest expense, net | $13,205 | $14,644 | $26,506 | $28,715 |
Debt_Obligations_Narrative_Det
Debt Obligations - Narrative (Details) (Senior Notes [Member], Notes Due 2016 [Member], USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 29, 2014 |
Senior Notes [Member] | Notes Due 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Extinguishment of debt | $5 | ' |
Interest rate on debt | ' | 6.63% |
Loss on extinguishment of debt | $0.60 | ' |
Other_Details
Other (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 29, 2014 | Mar. 30, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Other Income and Expenses [Abstract] | ' | ' | ' | ' | ' |
Severance costs | $2.20 | ' | $2.90 | $5.30 | $7.80 |
Severance liability | 8.5 | ' | ' | 8.5 | ' |
Charge for early termination of distribution agreement | ' | 2.6 | ' | ' | ' |
Pension settlement charge | 9.5 | ' | ' | ' | ' |
Reduction in reserve for uncertain tax positions | ($9.50) | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation | $44,241 | $51,660 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation | 44,241 | 51,660 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Deferred compensation | $0 | $0 |
Fair_Value_Measurements_Narrat
Fair Value Measurements - Narrative (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Long-term debt, carrying value | $436 | $677 |
Long-term debt, fair value | $563 | $819 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||
Apr. 25, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Apr. 25, 2014 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | |
Qualified Plans [Member] | Qualified Plans [Member] | Qualified Plans [Member] | Qualified Plans [Member] | Non-Qualified Plans [Member] | Non-Qualified Plans [Member] | Non-Qualified Plans [Member] | Non-Qualified Plans [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Pension Plans, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | |||||
Net periodic benefit cost/(income) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | ' | $2,385,000 | $2,323,000 | $4,772,000 | $4,645,000 | $0 | $256,000 | $0 | $512,000 | $2,385,000 | $2,579,000 | $4,772,000 | $5,157,000 | $147,000 | $285,000 | $294,000 | $570,000 |
Interest cost | ' | ' | ' | ' | 21,112,000 | 19,284,000 | 42,224,000 | 38,568,000 | 2,711,000 | 2,643,000 | 5,586,000 | 5,286,000 | 23,823,000 | 21,927,000 | 47,810,000 | 43,854,000 | 1,010,000 | 1,009,000 | 2,020,000 | 2,018,000 |
Expected return on plan assets | ' | ' | ' | ' | -28,460,000 | -31,063,000 | -56,920,000 | -62,125,000 | 0 | 0 | 0 | 0 | -28,460,000 | -31,063,000 | -56,920,000 | -62,125,000 | ' | ' | ' | ' |
Amortization of prior service credit | ' | ' | ' | ' | -484,000 | -486,000 | -970,000 | -972,000 | 0 | 0 | 0 | 0 | -484,000 | -486,000 | -970,000 | -972,000 | -1,600,000 | -3,693,000 | -3,200,000 | -7,385,000 |
Amortization of actuarial loss | ' | ' | ' | ' | 6,711,000 | 8,442,000 | 13,309,000 | 16,884,000 | 1,033,000 | 1,312,000 | 2,087,000 | 2,623,000 | 7,744,000 | 9,754,000 | 15,396,000 | 19,507,000 | 1,184,000 | 1,022,000 | 2,368,000 | 2,044,000 |
Effect of settlement | ' | 9,500,000 | ' | ' | 0 | 0 | 0 | 0 | 9,525,000 | 0 | 9,525,000 | 0 | 9,525,000 | 0 | 9,525,000 | 0 | ' | ' | ' | ' |
Net periodic benefit cost/(income) | ' | ' | ' | ' | 1,264,000 | -1,500,000 | 2,415,000 | -3,000,000 | 13,269,000 | 4,211,000 | 17,198,000 | 8,421,000 | 14,533,000 | 2,711,000 | 19,613,000 | 5,421,000 | 741,000 | -1,377,000 | 1,482,000 | -2,753,000 |
Contributions to certain qualified pension plans | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future contributions to pension plans based on contractual obligations for the remaining fiscal year | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension plan, estimated settlement charge | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension plan, settlement distributions if estimated acceptance rate met | 24,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated increase in liability due to new guidance | ' | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated increase in expense due to new guidance | ' | 10,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities settled | ' | ' | ' | $32,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax (benefit)/expense | ($5,743,000) | $13,813,000 | ($1,979,000) | $18,895,000 |
Effective tax rate, continuing operations | ' | 44.30% | ' | 44.60% |
Unrecognized tax benefits that would impact the effective tax rate | $15,000,000 | ' | $15,000,000 | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Oct. 24, 2013 | Jun. 29, 2014 | Mar. 30, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Working capital adjustment | ' | ' | ' | ' | $1,559,000 | $0 | ' |
New England Media Group [Member] | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of discontinued operations | 70,000,000 | ' | ' | ' | ' | ' | ' |
Net after-tax proceeds from the sale, including a tax benefit | 74,000,000 | ' | ' | ' | ' | ' | ' |
Pre-tax gain | ' | ' | ' | ' | ' | ' | 47,600,000 |
Working capital adjustment | ' | ' | 1,600,000 | ' | ' | ' | ' |
Discontinued Operation Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | 0 | ' | 94,406,000 | 0 | 179,664,000 | ' |
Total operating costs | ' | 0 | ' | 87,199,000 | 0 | 176,924,000 | ' |
Loss from joint ventures | ' | 0 | ' | -54,000 | 0 | -124,000 | ' |
Interest expense, net | ' | 0 | ' | 2,000 | 0 | 5,000 | ' |
Pre-tax income | ' | 0 | ' | 7,151,000 | 0 | 2,611,000 | ' |
Income tax expense | ' | 0 | ' | 4,376,000 | 0 | 2,621,000 | ' |
Income/(loss) from discontinued operations, net of income taxes | ' | 0 | ' | 2,775,000 | 0 | -10,000 | ' |
Loss on sale | ' | 0 | ' | 0 | -1,559,000 | 0 | ' |
Income tax benefit | ' | 0 | ' | 0 | -565,000 | 0 | ' |
Loss on sale, net of income taxes | ' | 0 | ' | 0 | -994,000 | 0 | ' |
Loss from discontinued operations, net of income taxes | ' | $0 | ' | $2,775,000 | ($994,000) | ($10,000) | $28,100,000 |
MetroBostonLLC [Member] | ' | ' | ' | ' | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Percentage ownership | 49.00% | ' | ' | ' | ' | ' | ' |
EarningsLoss_Per_Share_Details
Earnings/(Loss) Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jan. 31, 2009 |
Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Class A Common Stock [Member] | |||||
Amounts attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $9,188 | $17,356 | $11,925 | $23,713 | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations, net of income taxes | 0 | 2,775 | -994 | -10 | ' | ' | ' | ' | ' |
Net income attributable to The New York Times Company common stockholders | $9,188 | $20,131 | $10,931 | $23,703 | ' | ' | ' | ' | ' |
Weighted average number of shares outstanding, diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average number of common shares outstanding-Basic (in shares) | 150,796,000 | 148,797,000 | 150,683,000 | 148,754,000 | ' | ' | ' | ' | ' |
Incremental shares for assumed exercise of securities | 11,072,000 | 7,714,000 | 11,279,000 | 7,347,000 | ' | ' | ' | ' | ' |
Average number of common shares outstanding-Diluted (in shares)Diluted (in shares) | 161,868,000 | 156,511,000 | 161,962,000 | 156,101,000 | ' | ' | ' | ' | ' |
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $0.06 | $0.12 | $0.08 | $0.16 | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations, net of income taxes | $0 | $0.02 | ($0.01) | $0 | ' | ' | ' | ' | ' |
Net income | $0.06 | $0.14 | $0.07 | $0.16 | ' | ' | ' | ' | ' |
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from continuing operations | $0.06 | $0.11 | $0.07 | $0.15 | ' | ' | ' | ' | ' |
Income/(loss) from discontinued operations, net of income taxes | $0 | $0.02 | ($0.01) | $0 | ' | ' | ' | ' | ' |
Net income | $0.06 | $0.13 | $0.06 | $0.15 | ' | ' | ' | ' | ' |
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 |
Antidilutive securities excluded from computation of earnings per share (in shares) | ' | ' | ' | ' | 6,000,000 | 11,000,000 | 6,000,000 | 11,000,000 | ' |
Supplemental_Stockholders_Equi2
Supplemental Stockholders' Equity Information - Summary of Stockholders' Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Changes in stockholders' equity [Roll Forward] | ' | ' | ' | ' |
Total stockholders' equity, period start | ' | ' | $846,534 | $665,636 |
Net income/(loss) | 9,060 | 20,137 | 10,913 | 23,460 |
Other comprehensive income, net of tax | 3,977 | 4,899 | 7,871 | 7,527 |
Effect of issuance of shares | ' | ' | -823 | 2,307 |
Dividends declared | ' | ' | -12,119 | ' |
Stock-based compensation | ' | ' | 5,160 | 5,810 |
Total stockholders' equity, period end | 857,536 | 704,740 | 857,536 | 704,740 |
Parent [Member] | ' | ' | ' | ' |
Changes in stockholders' equity [Roll Forward] | ' | ' | ' | ' |
Total stockholders' equity, period start | ' | ' | 842,910 | 662,325 |
Net income/(loss) | ' | ' | 10,931 | 23,703 |
Other comprehensive income, net of tax | ' | ' | 7,871 | 7,527 |
Effect of issuance of shares | ' | ' | -823 | 2,307 |
Dividends declared | ' | ' | -12,119 | ' |
Stock-based compensation | ' | ' | 5,160 | 5,810 |
Total stockholders' equity, period end | 853,930 | 701,672 | 853,930 | 701,672 |
Noncontrolling Interest [Member] | ' | ' | ' | ' |
Changes in stockholders' equity [Roll Forward] | ' | ' | ' | ' |
Total stockholders' equity, period start | ' | ' | 3,624 | 3,311 |
Net income/(loss) | ' | ' | -18 | -243 |
Other comprehensive income, net of tax | ' | ' | 0 | 0 |
Effect of issuance of shares | ' | ' | 0 | 0 |
Dividends declared | ' | ' | 0 | ' |
Stock-based compensation | ' | ' | 0 | 0 |
Total stockholders' equity, period end | $3,606 | $3,068 | $3,606 | $3,068 |
Supplemental_Stockholders_Equi3
Supplemental Stockholders' Equity Information - Changes in Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | |
Changes in accumulated other comprehensive income (loss): | ' | ' | ' | ' | |
Balance, beginning of period | ' | ' | ($402,611) | ' | |
Other comprehensive (loss)/income before reclassifications, before tax(1) | ' | ' | 1,078 | [1] | ' |
Amounts reclassified from accumulated other comprehensive loss, before tax | ' | ' | 11,934 | ' | |
Income tax (benefit)/expense | 2,440 | 3,672 | 5,141 | 5,452 | |
Other comprehensive income, net of tax | 3,977 | 4,899 | 7,871 | 7,527 | |
Balance, end of period | -394,740 | ' | -394,740 | ' | |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' | |
Changes in accumulated other comprehensive income (loss): | ' | ' | ' | ' | |
Balance, beginning of period | ' | ' | 12,674 | ' | |
Other comprehensive (loss)/income before reclassifications, before tax(1) | ' | ' | -582 | [1] | ' |
Amounts reclassified from accumulated other comprehensive loss, before tax | ' | ' | 0 | ' | |
Income tax (benefit)/expense | ' | ' | -251 | ' | |
Other comprehensive income, net of tax | ' | ' | -331 | ' | |
Balance, end of period | 12,343 | ' | 12,343 | ' | |
Funded Status of Benefit Plans [Member] | ' | ' | ' | ' | |
Changes in accumulated other comprehensive income (loss): | ' | ' | ' | ' | |
Balance, beginning of period | ' | ' | -415,285 | ' | |
Other comprehensive (loss)/income before reclassifications, before tax(1) | ' | ' | 1,660 | [1] | ' |
Amounts reclassified from accumulated other comprehensive loss, before tax | ' | ' | 11,934 | ' | |
Income tax (benefit)/expense | ' | ' | 5,392 | ' | |
Other comprehensive income, net of tax | ' | ' | 8,202 | ' | |
Balance, end of period | ($407,083) | ' | ($407,083) | ' | |
[1] | All amounts are shown net of noncontrolling interest. |
Supplemental_Stockholders_Equi4
Supplemental Stockholders' Equity Information - Reclassifications out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | ||
Reclassification out of accumulated other comprehensive income (loss): | ' | ' | ' | ' | ||
Income from continuing operations | $9,060 | $17,362 | $11,907 | $23,470 | ||
Income tax expense | -5,743 | 13,813 | -1,979 | 18,895 | ||
Funded Status of Benefit Plans [Member] | Reclassification out of accumulated other comprehensive income (loss) [Member] | ' | ' | ' | ' | ||
Reclassification out of accumulated other comprehensive income (loss): | ' | ' | ' | ' | ||
Amortization of prior service credit | -2,084 | [1] | ' | -4,170 | [1] | ' |
Amortization of actuarial loss | 8,928 | [1] | ' | 17,764 | [1] | ' |
Income from continuing operations | 6,844 | [2] | ' | 13,594 | [2] | ' |
Income tax expense | 2,440 | ' | 5,141 | ' | ||
Total reclassification, net of tax | $4,404 | ' | $8,453 | ' | ||
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost for pension and other postretirement benefits. See Note 9 for additional information. | |||||
[2] | There were no reclassifications relating to noncontrolling interest for the quarter ended June 29, 2014. |
Segment_Information_Details
Segment Information (Details) | 6 Months Ended |
Jun. 29, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 1 |
Contingent_Liabilities_Details
Contingent Liabilities (Details) (USD $) | 1 Months Ended | 0 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Jun. 29, 2014 | Dec. 29, 2013 | Sep. 13, 2013 | Sep. 29, 2013 |
Threatened Litigation [Member] | Threatened Litigation [Member] | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Demand for payment | ' | ' | ' | $26 | ' |
Decline in contributions, percent (more than) | ' | ' | ' | ' | 70.00% |
Restricted cash | ' | $29.20 | $28.10 | ' | ' |
Threshold of employee terminations triggering Section 4062(e) of the Employee Retirement Income Security Act of 1974, percent | 20.00% | ' | ' | ' | ' |
Subsequent_Event_Details
Subsequent Event (Details) (Notes Due 2016 [Member], Senior Notes [Member], USD $) | Jun. 29, 2014 | Aug. 05, 2014 | Jul. 10, 2014 |
In Millions, unless otherwise specified | Subsequent Event [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | ' | ' | ' |
Principal amount repurchased | ' | $14.20 | ' |
Interest rate on debt | 6.63% | ' | 0.00% |