Supplemental Stockholders' Equity Information | 3 Months Ended |
Mar. 29, 2015 |
Equity [Abstract] | |
Supplemental Stockholders' Equity Information | SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION |
Stockholders’ equity is summarized as follows: |
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(In thousands) | | Total New York Times Company Stockholders’ Equity | | Noncontrolling Interest | | Total Stockholders’ Equity |
Balance as of December 28, 2014 | | $ | 726,328 | | | $ | 2,021 | | | $ | 728,349 | |
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Net loss | | (14,262 | ) | | (159 | ) | | (14,421 | ) |
Other comprehensive income, net of tax | | 24,491 | | | — | | | 24,491 | |
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Effect of issuance of shares | | 99,828 | | | — | | | 99,828 | |
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Share repurchases | | (3,800 | ) | | — | | | (3,800 | ) |
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Dividends declared | | (6,693 | ) | | — | | | (6,693 | ) |
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Stock-based compensation | | 1,938 | | | — | | | 1,938 | |
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Balance as of March 29, 2015 | | $ | 827,830 | | | $ | 1,862 | | | $ | 829,692 | |
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(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 | |
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Net income | | 1,743 | | | 110 | | | 1,853 | |
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Other comprehensive income, net of tax | | 3,894 | | | — | | | 3,894 | |
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Effect of issuance of shares | | (1,132 | ) | | — | | | (1,132 | ) |
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Dividends declared | | (6,058 | ) | | — | | | (6,058 | ) |
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Stock-based compensation | | 3,471 | | | — | | | 3,471 | |
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Balance as of March 30, 2014 | | $ | 844,828 | | | $ | 3,734 | | | $ | 848,562 | |
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In January 2009, pursuant to a securities purchase agreement, we issued warrants to affiliates of Carlos Slim Helú, the beneficial owner of approximately 8% of our Class A Common Stock (excluding the warrants), to purchase 15.9 million shares of our Class A Common Stock at a price of $6.3572 per share. On January 14, 2015, the warrant holders exercised these warrants in full and the Company received cash proceeds of $101.1 million from this exercise. |
On April 13, 2004, our Board of Directors authorized repurchases in an amount up to $400 million of our Class A Common Stock. As of December 28, 2014, $91.4 million remained under this authorization. On January 13, 2015, the Board of Directors terminated this authorization and approved a new repurchase authorization of $101.1 million, equal to the cash proceeds received by the Company from the exercise of warrants. Under this authorization, the Company repurchased 282,943 Class A shares at cost during the quarter for $3.8 million. As of April 29, 2015, repurchases totaled $7.3 million and $93.8 million remained under this authorization. Our Board of Directors has authorized us to purchase shares from time to time as market conditions permit. There is no expiration date with respect to this authorization. |
The following table summarizes the changes in AOCI by component as of March 29, 2015: |
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(In thousands) | | Foreign Currency Translation Adjustments | | Funded Status of Benefit Plans | | Total Accumulated Other Comprehensive Loss |
Balance, December 28, 2014 | | $ | 5,705 | | | $ | (539,500 | ) | | $ | (533,795 | ) |
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Other comprehensive income before reclassifications, before tax(1) | | (8,527 | ) | | — | | | (8,527 | ) |
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Amounts reclassified from accumulated other comprehensive loss, before tax(1) | | — | | | 49,338 | | | 49,338 | |
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Income tax (benefit)/expense(1) | | (3,273 | ) | | 19,593 | | | 16,320 | |
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Net current-period other comprehensive income, net of tax | | (5,254 | ) | | 29,745 | | | 24,491 | |
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Balance, March 29, 2015 | | $ | 451 | | | $ | (509,755 | ) | | $ | (509,304 | ) |
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-1 | All amounts are shown net of noncontrolling interest. | | | | | | | | | | | |
The following table summarizes the reclassifications from AOCI for the quarter ended March 29, 2015: |
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(In thousands) | | Amounts reclassified from | | | | | | | | |
Detail about accumulated other comprehensive loss components | | 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) | | $ | (2,961 | ) | | Selling, general & administrative costs | | | | | | |
Amortization of actuarial loss(1) | | 11,970 | | | Selling, general & administrative costs | | | | | | |
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Pension settlement charge | | 40,329 | | | Pension settlement charge | | | | | | |
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Total reclassification, before tax(2) | | 49,338 | | | | | | | | | |
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Income tax benefit | | 19,593 | | | Income tax (benefit)/expense | | | | | | |
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Total reclassification, net of tax | | $ | 29,745 | | | | | | | | | |
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-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 9 for additional information. | | | | | | | | | | | |
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-2 | There were no reclassifications relating to noncontrolling interest for the quarter ended March 29, 2015. | | | | | | | | | | | |