Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Jun. 28, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | |
Common Class A | Voting common stock | |||
Document Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'SCRIPPS E W CO /DE | ' | ' | ' |
Entity Central Index Key | '0000832428 | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 44,212,605 | 11,932,722 |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Public Float | ' | $482,000,000 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $221,255 | $242,642 |
Restricted cash | 8,210 | 10,010 |
Accounts and notes receivable (less allowances - 2013, $2,027; 2012, $2,491) | 139,703 | 125,639 |
Inventory | 6,543 | 6,437 |
Deferred income taxes | 17,861 | 7,210 |
Income taxes receivable | 436 | 2,926 |
Miscellaneous | 8,046 | 7,836 |
Total current assets | 402,054 | 402,700 |
Investments | 16,567 | 21,115 |
Property, plant and equipment | 353,797 | 374,931 |
Goodwill | 27,966 | 27,966 |
Other intangible assets | 137,862 | 144,783 |
Deferred income taxes | 8,733 | 36,095 |
Miscellaneous | 19,151 | 23,178 |
Total Assets | 966,130 | 1,030,768 |
Current liabilities: | ' | ' |
Accounts payable | 16,529 | 23,329 |
Customer deposits and unearned revenue | 28,633 | 26,240 |
Current portion of long-term debt | 2,000 | 15,900 |
Accrued liabilities: | ' | ' |
Employee compensation and benefits | 26,986 | 37,118 |
Miscellaneous | 28,930 | 28,545 |
Other current liabilities | 10,043 | 14,901 |
Total current liabilities | 113,121 | 146,033 |
Long-term debt (less current portion) | 198,000 | 180,200 |
Other liabilities (less current portion) | 107,272 | 164,625 |
Commitments and contingencies | 0 | 0 |
Equity: | ' | ' |
Preferred stock, $.01 par b authorized: 25,000,000 shares; none outstanding | 0 | 0 |
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 2013 - 44,094,501 shares; 2012 - 43,594,229 shares. Voting - authorized: 60,000,000 shares; issued and outstanding; 2013 - 11,932,722 shares; 2012 - 11,932,735 shares | 560 | 555 |
Additional paid-in capital | 509,243 | 517,688 |
Retained earnings | 116,893 | 136,293 |
Accumulated other comprehensive loss, net of income taxes: | ' | ' |
Unrealized loss on derivatives | -718 | -1,009 |
Pension liability adjustments | -80,205 | -115,831 |
Total The E.W. Scripps Company shareholdersb equity | 545,773 | 537,696 |
Noncontrolling interest | 1,964 | 2,214 |
Total equity | 547,737 | 539,910 |
Total Liabilities and Equity | 966,130 | 1,030,768 |
Common stock, Class A | ' | ' |
Equity: | ' | ' |
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 2013 - 44,094,501 shares; 2012 - 43,594,229 shares. Voting - authorized: 60,000,000 shares; issued and outstanding; 2013 - 11,932,722 shares; 2012 - 11,932,735 shares | 441 | 436 |
Voting common stock | ' | ' |
Equity: | ' | ' |
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 2013 - 44,094,501 shares; 2012 - 43,594,229 shares. Voting - authorized: 60,000,000 shares; issued and outstanding; 2013 - 11,932,722 shares; 2012 - 11,932,735 shares | $119 | $119 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowances for accounts and notes receivable | $2,027 | $2,491 |
Preferred stock, par value (USD per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (USD per share) | $0.01 | $0.01 |
Common stock, Class A | ' | ' |
Common stock, shares authorized | 240,000,000 | 240,000,000 |
Common stock, shares issued | 44,904,501 | 43,594,229 |
Common stock, shares outstanding | 44,904,501 | 43,594,229 |
Voting common stock | ' | ' |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 11,932,722 | 11,932,735 |
Common stock, shares outstanding | 11,932,722 | 11,932,735 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Revenues: | ' | ' | ' |
Advertising | $613,093 | $711,144 | $550,305 |
Subscriptions | 117,762 | 117,700 | 120,569 |
Retransmission | 42,505 | 30,867 | 15,687 |
Other | 43,511 | 43,747 | 42,099 |
Total operating revenues | 816,871 | 903,458 | 728,660 |
Costs and Expenses: | ' | ' | ' |
Employee compensation and benefits | 391,207 | 396,241 | 348,178 |
Programs and program licenses | 53,826 | 56,783 | 57,713 |
Newsprint, press supplies and other printing costs | 46,965 | 51,266 | 51,226 |
Newspaper distribution | 48,490 | 50,379 | 51,091 |
Other expenses | 201,089 | 201,302 | 174,023 |
Defined benefit pension plan expense | 8,837 | 8,620 | 8,135 |
Acquisition and related integration costs | 0 | 5,826 | 2,787 |
Separation and restructuring costs | 4,893 | 9,335 | 9,935 |
Total costs and expenses | 755,307 | 779,752 | 703,088 |
Depreciation, Amortization, and Losses (Gains): | ' | ' | ' |
Depreciation | 40,839 | 42,258 | 38,822 |
Amortization of intangible assets | 6,923 | 7,074 | 1,247 |
Impairment of long-lived assets | 0 | 0 | 9,000 |
Losses (gains), net on disposal of property, plant and equipment | 166 | 474 | -124 |
Net depreciation, amortization, and losses (gains) | 47,928 | 49,806 | 48,945 |
Operating income (loss) | 13,636 | 73,900 | -23,373 |
Interest expense | -10,448 | -12,246 | -1,640 |
Miscellaneous, net | -11,760 | -4,747 | -675 |
(Loss) income from operations before income taxes | -8,572 | 56,907 | -25,688 |
(Benefit) provision for income taxes | -7,848 | 16,985 | -10,001 |
Net (loss) income | -724 | 39,922 | -15,687 |
Net loss attributable to noncontrolling interests | -250 | -266 | -150 |
Net (loss) income attributable to the shareholders of The E.W. Scripps Company | ($474) | $40,188 | ($15,537) |
Net (loss) income per basic share of common stock attributable to the shareholders of The E. W. Scripps Company: | ' | ' | ' |
Net (loss) income per basic share of common stock (USD per share) | ($0.01) | $0.70 | ($0.27) |
Net (loss) income per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company: | ' | ' | ' |
Net (loss) income per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company: | ($0.01) | $0.69 | ($0.27) |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in shares) | 56,516 | 54,907 | 57,217 |
Diluted (in shares) | 56,516 | 55,381 | 57,217 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net (loss) income | ($724) | $39,922 | ($15,687) |
Changes in fair value of derivative, net of tax of $175 and $(610) | 291 | -1,009 | 0 |
Changes in defined benefit pension plans, net of tax of $21,662; $(10,893) and $(9,961) | 35,811 | -18,009 | -16,733 |
Other | -185 | -274 | 732 |
Total comprehensive income (loss) | 35,193 | 20,630 | -31,688 |
Net loss attributable to noncontrolling interests | -250 | -266 | -150 |
Total comprehensive income (loss) attributable to the shareholders of The E.W. Scripps Company | $35,443 | $20,896 | ($31,538) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in fair value of derivative, tax amount | $175 | ($610) | $0 |
Changes in defined benefit pension plans, tax amount | $21,662 | ($10,893) | ($9,961) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net (loss) income | ($724) | $39,922 | ($15,687) |
Adjustments to reconcile (loss) income from operations to net cash flows from operating activities: | ' | ' | ' |
Depreciation and amortization | 47,762 | 49,332 | 40,069 |
Contract termination fees | 0 | 5,663 | 0 |
Impairment of long-lived assets | 0 | 0 | 9,000 |
Losses/(gains) on sale of property, plant and equipment | 166 | 474 | -124 |
Loss on sale of investments | 3,000 | 0 | 0 |
Deferred income taxes | -5,065 | 8,297 | 9,786 |
Excess tax benefits of share-based compensation plans | 0 | -4,206 | -5,814 |
Stock and deferred compensation plans | 7,148 | 8,223 | 7,197 |
Pension expense, net of payments | 6,331 | 5,903 | 4,840 |
Other changes in certain working capital accounts, net | -30,069 | 60,594 | -41,779 |
Miscellaneous, net | 4,956 | -1,620 | 7,299 |
Net cash provided by operating activities | 33,505 | 172,582 | 14,787 |
Cash Flows from Investing Activities: | ' | ' | ' |
Acquisitions | 0 | -266 | -216,143 |
Additions to property, plant and equipment | -20,522 | -30,210 | -12,183 |
Changes in restricted cash | 1,800 | 0 | -7,510 |
Purchase of investments | -1,575 | -5,066 | -9,045 |
Miscellaneous, net | 414 | 3,118 | 4,388 |
Net cash used in investing activities | -19,883 | -32,424 | -240,493 |
Cash Flows from Financing Activities: | ' | ' | ' |
Increases in long-term debt | 200,000 | 0 | 212,000 |
Payments on long-term debt | -196,100 | -15,900 | 0 |
Payments of financing costs | -2,470 | -993 | -8,871 |
Repurchase of Class A Common shares | -74,199 | -23,564 | -51,383 |
Proceeds from employee stock options | 46,624 | 18,215 | 2,514 |
Tax payments related to shares withheld for vested stock and RSUs | -6,270 | -7,658 | -9,596 |
Excess tax benefits from stock compensation plans | 0 | 4,206 | 5,814 |
Miscellaneous, net | -2,594 | 289 | -1,807 |
Net cash (used in) provided by financing activities | -35,009 | -25,405 | 148,671 |
(Decrease) increase in cash and cash equivalents | -21,387 | 114,753 | -77,035 |
Cash and cash equivalents: | ' | ' | ' |
Beginning of year | 242,642 | 127,889 | 204,924 |
End of year | $221,255 | $242,642 | $127,889 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | |
In Thousands, unless otherwise specified | |||||||
Balance at Dec. 31, 2010 | $591,532 | $583 | $558,225 | $111,641 | ($81,547) | $2,630 | |
Net (Loss) Income Attributable to Parent | -15,537 | ' | ' | -15,537 | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | |
Net (loss) income | -15,687 | ' | ' | ' | ' | ' | |
Net Loss Attributable to Noncontrolling Interest | 150 | ' | ' | ' | ' | -150 | |
Changes in defined benefit pension plans | -16,733 | ' | ' | ' | -16,733 | ' | |
Change in fair value of derivative | 0 | ' | ' | ' | ' | ' | |
Repurchase 6,216,610 Class A Common shares in 2011, 2,478,453 Class A Common shares in 2012 and 5,065,660 Class A Common shares in 2013 | -51,383 | -62 | -51,321 | ' | ' | ' | |
Compensation plans: 2,166,605 in 2011, 3,718,800 in 2012 and 5,565,932 in 2013 | [1] | 1,594 | 22 | 1,571 | 1 | ' | ' |
Excess tax expense of compensation plans | 6,946 | ' | 6,946 | ' | ' | ' | |
Other | 732 | ' | ' | ' | 732 | ' | |
Balance at Dec. 31, 2011 | 517,001 | 543 | 515,421 | 96,105 | -97,548 | 2,480 | |
Net (Loss) Income Attributable to Parent | 40,188 | ' | ' | 40,188 | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | |
Net (loss) income | 39,922 | ' | ' | ' | ' | ' | |
Net Loss Attributable to Noncontrolling Interest | 266 | ' | ' | ' | ' | -266 | |
Changes in defined benefit pension plans | -18,009 | ' | ' | ' | -18,009 | ' | |
Change in fair value of derivative | -1,009 | ' | ' | ' | -1,009 | ' | |
Repurchase 6,216,610 Class A Common shares in 2011, 2,478,453 Class A Common shares in 2012 and 5,065,660 Class A Common shares in 2013 | -23,564 | -25 | -23,539 | ' | ' | ' | |
Compensation plans: 2,166,605 in 2011, 3,718,800 in 2012 and 5,565,932 in 2013 | [1] | 18,290 | 37 | 18,253 | ' | ' | ' |
Excess tax expense of compensation plans | 7,553 | ' | 7,553 | ' | ' | ' | |
Other | -274 | ' | ' | ' | -274 | ' | |
Balance at Dec. 31, 2012 | 539,910 | 555 | 517,688 | 136,293 | -116,840 | 2,214 | |
Net (Loss) Income Attributable to Parent | -474 | ' | ' | -474 | ' | ' | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | |
Net (loss) income | -724 | ' | ' | ' | ' | ' | |
Net Loss Attributable to Noncontrolling Interest | 250 | ' | ' | ' | ' | -250 | |
Changes in defined benefit pension plans | 35,811 | ' | ' | ' | 35,811 | ' | |
Change in fair value of derivative | 291 | ' | ' | ' | 291 | ' | |
Repurchase 6,216,610 Class A Common shares in 2011, 2,478,453 Class A Common shares in 2012 and 5,065,660 Class A Common shares in 2013 | -74,199 | -51 | -55,222 | -18,926 | ' | ' | |
Compensation plans: 2,166,605 in 2011, 3,718,800 in 2012 and 5,565,932 in 2013 | [1] | 46,833 | 56 | 46,777 | ' | ' | ' |
Excess tax expense of compensation plans | 0 | ' | ' | ' | ' | ' | |
Other | -185 | ' | ' | ' | -185 | ' | |
Balance at Dec. 31, 2013 | $547,737 | $560 | $509,243 | $116,893 | ($80,923) | $1,964 | |
[1] | * Net of tax payments related to shares withheld for vested stock and RSUs of $6,270 in 2013, $7,658 in 2012, and $9,596 in 2011 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Shares issued on compensation plan | 5,565,932 | 3,718,800 | 2,166,605 |
Repurchase of Class A Common shares | 5,065,660 | 2,478,453 | 6,216,610 |
Adjustments Related to Tax Withholding for Share-based Compensation | $6,270 | $7,658 | $9,596 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
Summary of Significant Accounting Policies | |||||||||||||
As used in the Notes to Consolidated Financial Statements, the terms “Scripps,” “Company,” “we,” “our,” or “us” may, depending on the context, refer to The E. W. Scripps Company, to one or more of its consolidated subsidiary companies or to all of them taken as a whole. | |||||||||||||
Nature of Operations — We are a diverse media enterprise with a portfolio of television, print and digital media brands. All of our media businesses provide content and advertising services via digital platforms, including the Internet, smartphones and tablets. Our media businesses are organized into the following reportable business segments: television, newspapers, and syndication and other. | |||||||||||||
Basis of Presentation — Certain amounts in prior periods have been reclassified to conform to the current period’s presentation. | |||||||||||||
Concentration Risks — Our operations are geographically dispersed and we have a diverse customer base. We believe bad debt losses resulting from default by a single customer, or defaults by customers in any depressed region or business sector, would not have material effect on our financial position, results of operations or cash flows. | |||||||||||||
We derive approximately 75% of our operating revenues from marketing services, including advertising. Changes in the demand for such services both nationally and in individual markets can affect operating results. | |||||||||||||
Use of Estimates — Preparing financial statements in accordance with accounting principles generally accepted in the United States of America requires us to make a variety of decisions that affect the reported amounts and the related disclosures. Such decisions include the selection of accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience, actuarial studies and other assumptions. | |||||||||||||
Our financial statements include estimates and assumptions used in accounting for our defined benefit pension plans; the periods over which long-lived assets are depreciated or amortized; the fair value of long-lived assets, goodwill and indefinite lived assets; the liability for uncertain tax positions and valuation allowances against deferred income tax assets; and self-insured risks. | |||||||||||||
While we re-evaluate our estimates and assumptions on an ongoing basis, actual results could differ from those estimated at the time of preparation of the financial statements. | |||||||||||||
Consolidation — The consolidated financial statements include the accounts of The E. W. Scripps Company and its majority-owned subsidiary companies. Investments in 20%-to-50%-owned companies where we exert significant influence and all 50%-or-less-owned partnerships and limited liability companies are accounted for using the equity method. We do not hold any interests in variable interest entities. All significant intercompany transactions have been eliminated. | |||||||||||||
Income (loss) attributable to noncontrolling interests in subsidiary companies is included in net income (loss) attributable to noncontrolling interest in the Consolidated Statements of Operations. | |||||||||||||
Revenue Recognition — We recognize revenue when persuasive evidence of a sales arrangement exists, delivery occurs or services are rendered, the sales price is fixed or determinable and collectability is reasonably assured. When a sales arrangement contains multiple elements, such as the sale of advertising and other services, we allocate revenue to each element based upon its relative fair value. We report revenue net of sales and other taxes collected from our customers. | |||||||||||||
Our primary sources of revenue are from the sale of print, broadcast and digital advertising, retransmission fees received from cable operators and satellite carriers and newspaper subscription fees. | |||||||||||||
Revenue recognition policies for each source of revenue are as follows. | |||||||||||||
Advertising — Print and broadcast advertising revenue is recognized, net of agency commissions, when we display the advertisements. Digital advertising includes time-based, impression-based, and click-through campaigns. We recognize digital advertising revenue from fixed duration campaigns over the period in which the advertising appears. We recognize digital advertising revenue that is based upon the number of impressions delivered or the number of click-throughs as impressions are delivered or as click-throughs occur. | |||||||||||||
Advertising arrangements, which generally have a term of one year or less, may provide rebates, discounts and bonus advertisements based upon the volume of advertising purchased during the terms of the contracts. This requires us to make certain estimates regarding future advertising volumes. We record estimated rebates, discounts and bonus advertisements as a reduction of revenue in the period the advertisement is displayed. | |||||||||||||
Broadcast advertising arrangements may guarantee the advertiser a minimum audience. We provide the advertiser with additional advertising time if we do not deliver the guaranteed audience size. We recognize broadcast advertising revenue as the guaranteed minimum audience is delivered. | |||||||||||||
Newspaper Subscriptions — We recognize newspaper subscription revenue upon the publication date of the newspaper. We defer revenues from prepaid newspaper subscriptions and recognize subscription revenue on a pro-rata basis over the term of the subscription. | |||||||||||||
We base subscription revenue for newspapers sold directly to subscribers on the retail rate. We base subscription revenue for newspapers sold to independent newspaper distributors, which are subject to returns, upon the wholesale rate. We estimate returns based on historical return rates and adjust our estimates based on the actual returns. | |||||||||||||
Retransmission — We derive revenues from cable and satellite retransmission of our broadcast signal. We recognize retransmission revenues based on the contractual terms and rates. | |||||||||||||
Other Revenues — We also derive revenues from printing and distribution of other publications. We recognize printing revenues and third-party distribution revenue when the product is delivered in accordance with the customer’s instructions. | |||||||||||||
Cash Equivalents — Cash-equivalents represent highly liquid investments with an original maturity of less than three months. | |||||||||||||
Inventories — Inventories are stated at the lower of cost or market. We determine the cost of inventories using the first in, first out (“FIFO”) method. | |||||||||||||
Trade Receivables — We extend credit to customers based upon our assessment of the customer’s financial condition. Collateral is generally not required from customers. We base allowances for credit losses upon trends, economic conditions, review of aging categories, specific identification of customers at risk of default and historical experience. We require advance payment from political advertisers and certain transient advertisers. | |||||||||||||
Investments — We make investments in private companies. Investment securities can be impacted by various market risks, including interest rate risk, credit risk and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term. Such changes could materially affect the amounts reported in our financial statements. | |||||||||||||
We record investments in private companies not accounted for under the equity method at cost, net of impairment write-downs, because no readily determinable market price is available. | |||||||||||||
We record investments where we have significant influence under the equity method of accounting. | |||||||||||||
We regularly review our investments to determine if there has been any other-than-temporary decline in value. These reviews require management judgments that often include estimating the outcome of future events and determining whether factors exist that indicate impairment has occurred. We evaluate, among other factors, the extent to which cost exceeds fair value; the duration of the decline in fair value below cost; and the current cash position, earnings and cash forecasts and near term prospects of the investee. We reduce the cost basis when a decline in fair value below cost is determined to be other than temporary, with the resulting adjustment charged against earnings. | |||||||||||||
Property, Plant and Equipment — Property, plant and equipment is carried at cost less depreciation. Property, plant and equipment includes internal use software, mobile app development and digital site development cost, which is carried at cost less amortization. We expense costs incurred in the preliminary project stage to develop or acquire internal use software, and to develop mobile apps or digital sites. Upon completion of the preliminary project stage and upon management authorization of the project, we capitalize costs to acquire or develop internal use software or digital sites, which primarily include coding, designing system interfaces, and installation and testing, if it is probable the project will be completed and the software will be used for its intended function. We expense costs incurred after implementation, such as maintenance and training. | |||||||||||||
We compute depreciation using the straight-line method over estimated useful lives as follows: | |||||||||||||
Buildings and improvements | 35 to 45 years | ||||||||||||
Leasehold improvements | Shorter of term of lease or useful life | ||||||||||||
Printing presses | 20 to 30 years | ||||||||||||
Other newspaper production equipment | 5 to 15 years | ||||||||||||
Television transmission towers and related equipment | 15 to 35 years | ||||||||||||
Other television and program production equipment | 3 to 15 years | ||||||||||||
Computer hardware and software | 3 to 5 years | ||||||||||||
Office and other equipment | 3 to 10 years | ||||||||||||
Programs and Program Licenses — Programs and program licenses include the cost of national television network programming, programming produced by us or for us by independent production companies and programs licensed under agreements with independent producers. | |||||||||||||
Our network affiliation agreements require the payment of affiliation fees to the network. Network affiliation fees include both pre-determined fixed fees and variable payments based on other factors, including a share of retransmission revenues above a threshold. We expense fixed fee payments on a straight-line basis over the term of the affiliation agreement. We expense variable fees as incurred. | |||||||||||||
Program licenses generally have fixed terms, limit the number of times we can air the programs and require payments over the terms of the licenses. We record licensed program assets and liabilities when the programs become available for broadcast. We do not discount program licenses for imputed interest. We amortize program licenses based upon expected cash flows over the term of the license agreement. We classify the portion of the unamortized balance expected to be amortized within one year as a current asset. | |||||||||||||
The costs of programming produced by us or for us by independent production companies are expensed over the course of the television season. Internal costs, including employee compensation and benefits, to produce daily or live broadcast shows, such as news, sports or daily magazine shows are expensed as incurred and are not classified in our Consolidated Statements of Operations as program costs. | |||||||||||||
We review the net realizable value of programs and program licenses for impairment using a day-part methodology, whereby programs broadcast during a particular time period (such as prime time) are evaluated on an aggregate basis. | |||||||||||||
Program rights liabilities payable within the next twelve months are included in accounts payable. Noncurrent program rights liabilities are included in other noncurrent liabilities. | |||||||||||||
Goodwill and Other Indefinite-Lived Intangible Assets — Goodwill represents the cost of acquisitions in excess of the acquired businesses’ tangible assets and identifiable intangible assets. | |||||||||||||
FCC licenses represent the value assigned to the broadcast licenses of acquired broadcast television stations. Broadcast television stations are subject to the jurisdiction of the Federal Communications Commission (“FCC”) which prohibits the operation of stations except in accordance with an FCC license. FCC licenses stipulate each station’s operating parameters as defined by channels, effective radiated power and antenna height. FCC licenses are granted for a term of up to eight years, and are renewable upon request. We have never had a renewal request denied and all previous renewals have been for the maximum term. | |||||||||||||
We do not amortize goodwill and other indefinite-lived intangible assets, but we review them for impairment at least annually. We perform our annual impairment review during the fourth quarter of each year in conjunction with our annual planning cycle. We also assess, at least annually, whether assets classified as indefinite-lived intangible assets continue to have indefinite lives. | |||||||||||||
We review goodwill for impairment based upon reporting units, which are defined as operating segments or groupings of businesses one level below the operating segment level. Reporting units with similar economic characteristics are aggregated into a single unit when testing goodwill for impairment. Our reporting units are television and newspapers. | |||||||||||||
Amortizable Intangible Assets — Television network affiliations represents the value assigned to an acquired broadcast television station’s relationship with a national television network. Television stations affiliated with national television networks typically have greater profit margins than independent television stations, primarily due to audience recognition of the television station as a network affiliate. We amortize these network affiliation relationships on a straight-line basis over estimated useful lives of 20 years. | |||||||||||||
We amortize customer lists and other intangible assets in relation to their expected future cash flows over estimated useful lives of up to 20 years. | |||||||||||||
Impairment of Long-Lived Assets — We review long-lived assets (primarily property, plant and equipment and amortizable intangible assets) for impairment whenever events or circumstances indicate the carrying amounts of the assets may not be recoverable. Recoverability is determined by comparing the forecasted undiscounted cash flows of the operation to which the assets relate to the carrying amount of the assets. If the undiscounted cash flow is less than the carrying amount of the assets, then amortizable intangible assets are written down first, followed by other long-lived assets, to fair value. We determine fair value based on discounted cash flows or appraisals. We report long-lived assets to be disposed of at the lower of carrying amount or fair value less costs to sell. | |||||||||||||
Self-Insured Risks — We are self-insured, up to certain limits, for general and automobile liability, employee health, disability and workers’ compensation claims and certain other risks. Estimated liabilities for unpaid claims totaled $16.3 million and $21.2 million at December 31, 2013 and 2012, respectively. We estimate liabilities for unpaid claims using actuarial methodologies and our historical claims experience. While we re-evaluate our assumptions and review our claims experience on an ongoing basis, actual claims paid could vary significantly from estimated claims, which would require adjustments to expense. | |||||||||||||
Income Taxes — We recognize deferred income taxes for temporary differences between the tax basis and reported amounts of assets and liabilities that will result in taxable or deductible amounts in future years. We establish a valuation allowance if we believe that it is more likely than not that we will not realize some or all of the deferred tax assets. | |||||||||||||
We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or that we expect to take in a tax return. Interest and penalties associated with such tax positions are included in the tax provision. The liability for additional taxes and interest is included in other liabilities in the Consolidated Balance Sheets. | |||||||||||||
Newsprint, Press Supplies and Other Printing Costs — Newsprint, press supplies and other printing costs include costs incurred to print and produce our newspapers and other publications. We expense these costs as incurred. | |||||||||||||
Risk Management Contracts — We do not hold derivative financial instruments for trading or speculative purposes and we do not hold leveraged contracts. From time to time, we may use derivative financial instruments to limit the impact of interest rate fluctuations on our earnings and cash flows. | |||||||||||||
Stock-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in Note 20. The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs), restricted and unrestricted Class A Common shares and performance units to key employees and non-employee directors. | |||||||||||||
We recognize compensation cost based on the grant-date fair value of the award. We determine the fair value of awards that grant the employee the underlying shares by the fair value of a Class A Common share on the date of the award. | |||||||||||||
Certain awards of Class A Common shares or RSUs have performance conditions under which the number of shares granted is determined by the extent to which such performance conditions are met (“Performance Shares”). Compensation costs for such awards are measured by the grant-date fair value of a Class A Common share and the number of shares earned. In periods prior to completion of the performance period, compensation costs are based upon estimates of the number of shares that will be earned. | |||||||||||||
Compensation costs, net of estimated forfeitures due to termination of employment or failure to meet performance targets, are recognized on a straight-line basis over the requisite service period of the award. The requisite service period is generally the vesting period stated in the award. Grants to retirement-eligible employees are expensed immediately and grants to employees who will become retirement eligible prior to the end of the stated vesting period are expensed over such shorter period because stock compensation grants vest upon the retirement of the employee. | |||||||||||||
Earnings Per Share (“EPS”) — Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and therefore exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities. | |||||||||||||
The following table presents information about basic and diluted weighted-average shares outstanding: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Numerator (for basic and diluted earnings per share) | |||||||||||||
Net (loss) income attributable to the shareholders of The E.W. Scripps Company | $ | (474 | ) | $ | 40,188 | $ | (15,537 | ) | |||||
Less income allocated to RSUs | — | (1,845 | ) | — | |||||||||
Numerator for basic and diluted earnings per share | $ | (474 | ) | $ | 38,343 | $ | (15,537 | ) | |||||
Denominator | |||||||||||||
Basic weighted-average shares outstanding | 56,516 | 54,907 | 57,217 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options held by employees and directors | — | 474 | — | ||||||||||
Diluted weighted-average shares outstanding | 56,516 | 55,381 | 57,217 | ||||||||||
Anti-dilutive securities(1) | 4,957 | 176 | 14,077 | ||||||||||
(1) | Amount outstanding at Balance Sheet date, before application of the treasury stock method and not weighted for period outstanding. | ||||||||||||
For 2012, in the determination of dilutive securities, the inclusion of RSUs as participating securities is more dilutive, and therefore, the dilutive EPS calculation excludes them. For 2013 and 2011, we incurred a net loss and the inclusion of RSUs and stock options held by employees and directors were anti-dilutive, and accordingly the diluted EPS calculation excludes those common share equivalents. | |||||||||||||
Derivative Financial Instruments — It is our policy that derivative transactions are executed only to manage exposures arising in the normal course of business and not for the purpose of creating speculative positions or trading. Derivative financial instruments are utilized to manage interest rate risks. We do not hold derivative financial instruments for trading purposes. All derivatives must be recorded on the balance sheet at fair value. Each derivative is designated as a cash flow hedge or remains undesignated. Changes in the fair value of derivatives that are designated and effective as cash flow hedges are recorded in other comprehensive income and reclassified to the Consolidated Statement of Operations when the effects of the item being hedged are recognized in the statement of operations. These changes are offset in earnings to the extent the hedge was effective by fair value changes related to the risk being hedged on the hedged item. Changes in the fair value of undesignated hedges are recognized currently in the Consolidated Statement of Operations. All ineffective changes in derivative fair values are recognized currently in earnings. | |||||||||||||
All designated hedges are formally documented as to the relationship with the hedged item as well as the risk-management strategy. Both at inception and on an ongoing basis the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, or the underlying hedged transaction is no longer likely to occur, or the hedge designation is removed, or the derivative is terminated, the hedge accounting discussed above is discontinued. |
Recently_Adopted_Standards_and
Recently Adopted Standards and Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Recently Adopted and Issued Accounting Standards | ' |
Recently Adopted Standards and Issued Accounting Standards | |
Recently Adopted Accounting Standards — In February 2013, the FASB issued new guidance regarding the disclosure of comprehensive income (loss). The update requires an entity to present either on the face of the statement where net income (loss) is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income (loss) by the respective line items of net income (loss), but only if the amount reclassified is required under US GAAP to be reclassified to net income (loss) in its entirety in the same reporting period. For other amounts that are not required under US GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under US GAAP that provide additional details about those amounts. The update was effective for us on January 1, 2013. The implementation of this amended accounting guidance did not have a material impact on our consolidated financial position and results of operations. | |
In July 2012, the FASB amended the guidance on testing indefinite-lived assets, other than goodwill, for impairment. Under the revised guidance, an entity testing an indefinite-lived intangible asset for impairment has the option of performing a qualitative assessment before performing quantitative tests. If the entity determines, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is more likely than not impaired, a calculation of the asset's fair value is required. Otherwise, no quantitative calculation is necessary. This guidance was effective for our annual impairment tests for the year ended December 31, 2013. The adoption of this guidance did not have a material impact on our financial statements; rather it may change our approach to testing indefinite-lived intangible assets for impairment. |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Dec. 31, 2011 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
Acquisitions | |||||
On December 30, 2011, we completed our acquisition of the television station group owned by McGraw-Hill Broadcasting Company, Inc. (“McGraw-Hill”) for $212 million in cash, plus a working capital adjustment of $4.4 million. We financed the transaction pursuant to a credit agreement entered into on December 9, 2011. The businesses acquired include four ABC-affiliated television stations and five Azteca America affiliates. | |||||
We finalized the determination of the fair values of the assets acquired and the liabilities assumed in the third quarter of 2012. There were no material changes in the fair values of the assets acquired and the liabilities assumed from the preliminary amounts determined as of December 31, 2011. Goodwill decreased by $0.6 million from the preliminary amount. The table below summarizes the final fair values: | |||||
(in thousands) | 2012 | ||||
Assets: | |||||
Accounts receivable | $ | 19,768 | |||
Other current assets | 891 | ||||
Investments | 4,558 | ||||
Property, plant and equipment | 37,837 | ||||
Intangible assets | 130,100 | ||||
Goodwill | 27,966 | ||||
Total assets acquired | 221,120 | ||||
Current liabilities | 4,712 | ||||
Net purchase price | $ | 216,408 | |||
Of the $130 million allocated to intangible assets, $44 million was for FCC licenses, which we have determined to have an indefinite life and therefore will not be amortized. Of the remaining balance, $74 million was allocated to television network affiliation relationships with an estimated amortization period of 20 years. The remaining balance was allocated to advertiser relationships with an estimated amortization period of 10 years. | |||||
The goodwill of $28 million arising from the transaction consists largely of the synergies and economies of scale expected from the acquisition. We allocated all of the goodwill to our television segment. We treated the transaction as a purchase of assets for income tax purposes, resulting in a step-up in the assets acquired. The goodwill is deductible for income tax purposes. | |||||
Pro forma results of operations, assuming the transaction had taken place at the beginning of 2010, is included in the following table. The pro forma information includes the historical results of operations of Scripps and McGraw-Hill and adjustments for interest expense that would have been incurred to finance the acquisition, additional depreciation and amortization of the assets acquired and excludes the pre-acquisition transaction related expenses incurred by the acquired companies. The pro forma information does not include efficiencies, costs reductions and synergies expected to result from the acquisition. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the acquisition been completed at the beginning of the period. | |||||
For the year ended December 31, | |||||
(in thousands, except per share data) (unaudited) | 2011 | ||||
Operating revenues | $ | 822,516 | |||
Loss attributable to the shareholders of The E.W. Scripps Company | (24,310 | ) | |||
Loss per share attributable to the shareholders of The E.W. Scripps Company: | |||||
Basic | $ | (0.42 | ) | ||
Diluted | $ | (0.42 | ) |
Asset_WriteDowns_and_Other_Cha
Asset Write-Downs and Other Charges and Credits | 12 Months Ended |
Dec. 31, 2013 | |
Asset Write-Downs and Other Charges and Credits [Abstract] | ' |
Asset Write-Downs and Other Charges and Credits | ' |
Asset Write-Downs and Other Charges and Credits | |
Income (loss) from operations was affected by the following: | |
2013 — Restructuring costs, primarily at our newspaper operations, totaled $4.9 million. Restructuring costs primarily include costs associated with efforts to simplify and standardize advertising and circulation systems and other processes in our newspaper division. | |
We recorded a $4.5 million non-cash loss on the disposition of certain investments and to reduce the carrying value of certain investments. | |
We recorded a $4.6 million non-cash charge to write-off unamortized deferred loan fees and costs as a result of the debt refinance in the fourth quarter of 2013. | |
2012 — Restructuring costs, primarily at our newspaper operations, totaled $9.3 million. Restructuring costs primarily include costs associated with efforts to simplify and standardize advertising and circulation systems and other processes in our newspaper division. | |
We incurred a $5.7 million non-cash charge to terminate the McGraw-Hill stations' national representation agreement. We decided to use our existing national representative in all Scripps markets. As an inducement, our existing national representative firm agreed to pay the $5.7 million termination fee on our behalf. | |
We recorded a $1.4 million non-cash charge to reduce the carrying value of certain investments. | |
2011 — Restructuring costs at our newspaper operations totaled $9.9 million. Restructuring costs primarily include costs associated with a reduction-in-force and efforts to simplify and standardize advertising and circulation systems and other processes in our newspaper division. | |
We incurred $2.8 million of transaction-related costs for the acquisition of the television group owned by McGraw-Hill Broadcasting. | |
We recorded a $9.0 million non-cash charge to reduce the carrying value of long-lived assets at four of our newspapers. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
We file a consolidated federal income tax return, consolidated unitary returns in certain states, and other separate state income tax returns for certain of our subsidiary companies. | |||||||||||||
The provision for income taxes consisted of the following: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 319 | $ | 770 | $ | (27,918 | ) | ||||||
State and local | (3,102 | ) | 365 | 1,185 | |||||||||
Total | (2,783 | ) | 1,135 | (26,733 | ) | ||||||||
Tax benefits of compensation plans allocated to additional paid-in capital | — | 7,553 | 6,946 | ||||||||||
Total current income tax provision | (2,783 | ) | 8,688 | (19,787 | ) | ||||||||
Deferred: | |||||||||||||
Federal | 15,467 | 18,023 | 16,637 | ||||||||||
Other | 1,334 | 1,943 | 3,110 | ||||||||||
Total | 16,801 | 19,966 | 19,747 | ||||||||||
Deferred tax allocated to other comprehensive income (loss) | (21,866 | ) | (11,669 | ) | (9,961 | ) | |||||||
Total deferred income tax provision | (5,065 | ) | 8,297 | 9,786 | |||||||||
(Benefit) provision for income taxes | $ | (7,848 | ) | $ | 16,985 | $ | (10,001 | ) | |||||
The difference between the statutory rate for federal income tax and the effective income tax rate was as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Effect of: | |||||||||||||
State and local income taxes, net of federal income tax benefit | 4.4 | 2.1 | (1.8 | ) | |||||||||
Reserve for uncertain tax positions | 35.7 | (7.3 | ) | (1.9 | ) | ||||||||
Amended returns, settlements and other | 16.5 | — | 7.6 | ||||||||||
Effective income tax rate | 91.6 | % | 29.8 | % | 38.9 | % | |||||||
We believe adequate provision has been made for all open tax years. | |||||||||||||
The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows: | |||||||||||||
As of December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Temporary differences: | |||||||||||||
Property, plant and equipment | $ | (44,448 | ) | $ | (46,016 | ) | |||||||
Goodwill and other intangible assets | (2,684 | ) | 1,605 | ||||||||||
Investments, primarily gains and losses not yet recognized for tax purposes | 4,750 | 3,128 | |||||||||||
Accrued expenses not deductible until paid | 11,865 | 16,213 | |||||||||||
Deferred compensation and retiree benefits not deductible until paid | 37,041 | 61,703 | |||||||||||
Other temporary differences, net | 25 | 244 | |||||||||||
Total temporary differences | 6,549 | 36,877 | |||||||||||
Federal and state net operating loss carryforwards | 21,123 | 6,984 | |||||||||||
Valuation allowance for state deferred tax assets | (1,078 | ) | (556 | ) | |||||||||
Net deferred tax asset | $ | 26,594 | $ | 43,305 | |||||||||
Total federal operating loss carryforwards were $57 million and state operating loss carryforwards were $266 million at December 31, 2013. Our federal tax loss carryforwards and our state tax loss carryforwards expire through 2033. Because we file separate state income tax returns for certain of our subsidiary companies, we are not able to use state tax losses of a subsidiary company to offset state taxable income of another subsidiary company. | |||||||||||||
Deferred tax assets totaled $26.6 million at December 31, 2013. Management believes that it is more likely than not that we will realize the benefits of our federal deferred tax assets and therefore has not recorded a valuation allowance for our federal deferred tax assets. If economic conditions worsen, future estimates of taxable income could be lower than our current estimates, which may require valuation allowances to be recorded in future reporting periods. | |||||||||||||
We recognize state net operating loss carryforwards as deferred tax assets, subject to valuation allowances. At each balance sheet date, we estimate the amount of carryforwards that are not expected to be used prior to expiration of the carryforward period. The tax effect of the carryforwards that are not expected to be used prior to their expiration is included in the valuation allowance. | |||||||||||||
During 2013, deferred tax assets relating to employee share-based compensation from the vesting of RSU's and the exercise of stock options have not been recognized since we are in a net tax loss position in 2013. The additional tax benefits will be reflected as net operating loss carryforwards when we file our tax return for 2013, but the additional tax benefits are not recorded under GAAP until the tax deduction reduces taxes payable. The amount of unrecognized tax deductions for the year ended December 31, 2013 was approximately $23 million. | |||||||||||||
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross unrecognized tax benefits at beginning of year | $ | 16,386 | $ | 21,240 | $ | 20,010 | |||||||
Increases in tax positions for prior years | 2,692 | 623 | 1,500 | ||||||||||
Decreases in tax positions for prior years | — | (1,287 | ) | (270 | ) | ||||||||
Decreases from lapse in statute of limitations | (2,670 | ) | (4,190 | ) | — | ||||||||
Settlements | (1,584 | ) | — | — | |||||||||
Gross unrecognized tax benefits at end of year | $ | 14,824 | $ | 16,386 | $ | 21,240 | |||||||
The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $8 million at December 31, 2013. We accrue interest and penalties related to unrecognized tax benefits in our provision for income taxes. At December 31, 2013 and 2012, we had accrued interest related to unrecognized tax benefits of $2.4 million and $2.5 million, respectively. | |||||||||||||
We file income tax returns in the U.S. and in various state and local jurisdictions. We are routinely examined by tax authorities in these jurisdictions. At December 31, 2013, we are no longer subject to federal income tax examinations for years prior to 2012. For state and local jurisdictions, we are no longer subject to income tax examinations for years prior to 2009. | |||||||||||||
In 2013 and 2012, we recognized $3.1 million and $5.5 million, respectively, of previously unrecognized tax benefits primarily due to the lapse of the statute of limitations in certain tax jurisdictions. | |||||||||||||
During 2011, we settled the examinations of our 2005 to 2009 federal income tax returns with the Internal Revenue Service. Our tax benefit was increased $1.6 million due to the realization of previously unrecognized tax benefits. | |||||||||||||
Due to the potential for resolution of federal and state examinations, and the expiration of various statutes of limitation, it is reasonably possible that our gross unrecognized tax benefits balance may change within the next twelve months by as much as $7.0 million. |
Restricted_Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2013 | |
Cash and Cash Equivalents [Abstract] | ' |
Restricted Cash | ' |
Restricted Cash | |
At December 31, 2013 and 2012, we had $8.2 million and $10 million, respectively, in a restricted cash account on deposit with our insurance carrier. This account serves as collateral, in place of an irrevocable stand-by letter of credit, to provide financial assurance that we will fulfill our obligations with respect to cash requirements associated with our workers compensation self-insurance. This cash is to remain on deposit with the carrier until all claims have been paid or we provide a letter of credit in lieu of the cash deposit. |
Investments
Investments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investments [Abstract] | ' | ||||||||
Investments | ' | ||||||||
Investments | |||||||||
Investments consisted of the following: | |||||||||
As of December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Investments held at cost | $ | 11,724 | $ | 15,242 | |||||
Equity method investments | 4,843 | 5,873 | |||||||
Total investments | $ | 16,567 | $ | 21,115 | |||||
Our investments do not trade in public markets, thus they do not have readily determinable fair values. We estimate the fair values of the investments to approximate their carrying values at December 31, 2013 and 2012. There can be no assurance we would realize the carrying values of these securities upon their sale. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
Property, Plant and Equipment | |||||||||
Property, plant and equipment consisted of the following: | |||||||||
As of December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Land and improvements | $ | 73,980 | $ | 74,797 | |||||
Buildings and improvements | 231,219 | 223,761 | |||||||
Equipment | 472,407 | 494,024 | |||||||
Computer software | 36,155 | 33,635 | |||||||
Total | 813,761 | 826,217 | |||||||
Accumulated depreciation | 459,964 | 451,286 | |||||||
Net property, plant and equipment | $ | 353,797 | $ | 374,931 | |||||
In 2011, we recorded a $9 million non-cash charge to reduce the carrying value of long-lived assets at four of our newspapers. Our estimates of cumulative undiscounted future cash flows at these properties were not sufficient to recover the $36 million carrying value of the assets and we wrote them down to their estimated fair value of $27 million. The measurement of the fair value is a nonrecurring Level 3 measurement (significant unobservable inputs) in the fair value hierarchy. In determining fair value, we utilized a market approach which employs available recent transactions for similar assets or prior transactions adjusted for changes in the market for those assets. | |||||||||
Estimating undiscounted cash flows requires significant judgments and estimates. We will continue to monitor the estimated cash flows of our newspapers properties and may incur additional impairment charges if future cash flows are less than our current estimates. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||
Other intangible assets consisted of the following: | |||||||||||||
As of December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Amortizable intangible assets: | |||||||||||||
Carrying amount: | |||||||||||||
Television network affiliation relationships | $ | 78,844 | $ | 78,844 | |||||||||
Customer lists and advertiser relationships | 22,304 | 22,304 | |||||||||||
Other | 3,561 | 3,765 | |||||||||||
Total carrying amount | 104,709 | 104,913 | |||||||||||
Accumulated amortization: | |||||||||||||
Television network affiliation relationships | (9,691 | ) | (5,755 | ) | |||||||||
Customer lists and advertiser relationships | (13,138 | ) | (10,346 | ) | |||||||||
Other | (1,833 | ) | (1,844 | ) | |||||||||
Total accumulated amortization | (24,662 | ) | (17,945 | ) | |||||||||
Net amortizable intangible assets | 80,047 | 86,968 | |||||||||||
Other indefinite-lived intangible assets — FCC licenses | 57,815 | 57,815 | |||||||||||
Total other intangible assets | $ | 137,862 | $ | 144,783 | |||||||||
Goodwill by business segment was as follows: | |||||||||||||
(in thousands) | Television | Newspapers | Total | ||||||||||
Gross balance as of December 31, 2010 | $ | 215,414 | $ | 778,900 | $ | 994,314 | |||||||
Accumulated impairment losses | (215,414 | ) | (778,900 | ) | (994,314 | ) | |||||||
Balance as of December 31, 2010 | — | — | — | ||||||||||
Acquisition in 2011 | 28,591 | — | 28,591 | ||||||||||
Balance as of December 31, 2011 | $ | 28,591 | $ | — | $ | 28,591 | |||||||
Gross balance as of December 31, 2011 | $ | 244,005 | $ | 778,900 | $ | 1,022,905 | |||||||
Accumulated impairment losses | (215,414 | ) | (778,900 | ) | (994,314 | ) | |||||||
Net balance as of December 31, 2011 | 28,591 | — | 28,591 | ||||||||||
Purchase accounting adjustments in 2012 | (625 | ) | — | (625 | ) | ||||||||
Balance as of December 31, 2012 | $ | 27,966 | $ | — | $ | 27,966 | |||||||
Gross balance as of December 31, 2012 | $ | 243,380 | $ | 778,900 | $ | 1,022,280 | |||||||
Accumulated impairment losses | (215,414 | ) | (778,900 | ) | (994,314 | ) | |||||||
Balance as of December 31, 2013 | $ | 27,966 | $ | — | $ | 27,966 | |||||||
Estimated amortization expense of intangible assets for each of the next five years is $6.8 million in 2014, $6.8 million in 2015, $6.7 million in 2016, $4.2 million in 2017, $4.2 million in 2018, and $51.3 million in later years. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
Long-term debt consisted of the following: | |||||||||
As of December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Variable rate credit facility | $ | — | $ | — | |||||
Term loan | 200,000 | 196,100 | |||||||
Long-term debt | 200,000 | 196,100 | |||||||
Current portion of long-term debt | 2,000 | 15,900 | |||||||
Long-term debt (less current portion) | $ | 198,000 | $ | 180,200 | |||||
Fair value of long-term debt * | $ | 200,000 | $ | 196,100 | |||||
* For 2013, fair value of the term loan was estimated based on quoted private market transactions and are classified as Level 1 in the fair value hierarchy. For 2012, fair value of the term loan was estimated based on current rates available to the Company for debt of the same remaining maturity and are classified as Level 2 in the fair value hierarchy. | |||||||||
On November 26, 2013, we entered into a $275 million amended revolving credit and term loan agreement (“Amended Financing Agreement”) to refinance our existing revolving credit and term loan agreement ("Original Financing Agreement"). The Amended Financing Agreement includes a $200 million term loan B maturing in November 2020 and a $75 million revolving credit facility maturing in November 2018. As a result of the debt refinance, $4.6 million of unamortized deferred loan fees and costs under the Original Financing Agreement were written off and recognized as miscellaneous non-operating expense in the Consolidated Statement of Operations. | |||||||||
As part of the debt refinancing, certain terms of the Original Financing Agreement were amended, including increased uncommitted incremental loan capacity, increased acquisition capacity, and increased flexibility under the affirmative and negative covenants. The Amended Financing Agreement includes the maintenance of a net leverage ratio if we borrow more than 20% on the revolving credit facility. The term loan B requires that if we borrow additional amounts or make a permitted acquisition that we cannot exceed a stated net leverage ratio on a pro forma basis at the date of the transaction. The Original Financing Agreement included certain affirmative and negative covenants, including maintenance of minimum fixed charge coverage and leverage ratios. | |||||||||
Interest is payable on the term loan B at rates based on LIBOR, with a 0.75% LIBOR floor, plus a fixed margin of 2.50%. Interest is payable on the revolving credit facility at rates based on LIBOR plus a margin based on our leverage ratio ranging from 2.25% to 2.75%. As of December 31, 2013, the interest rate was 3.25% on the term loan B. The Amended Financing Agreement also includes a provision that in certain circumstances we must use a portion of excess cash flow to repay debt. As of December 31, 2013, we were not required to make additional principal payments based on excess cash flow. The weighted-average interest rate on borrowings was 3.66% and 4.22% during December 31, 2013 and 2012, respectively. | |||||||||
Scheduled principal payments on long-term debt at December 31, 2013 are: $2.0 million in 2014, $2.0 million in 2015 $2.0 million in 2016, $2.0 million in 2017, $2.0 million in 2018, and $190.0 million thereafter. | |||||||||
Under the terms of the Amended Financing Agreement, we granted the lenders mortgages on certain of our real property, pledges of our equity interests in our subsidiaries and security interests in substantially all other personal property, including cash, accounts receivables, inventories and equipment. | |||||||||
The Amended Financing Agreement allows us to make restricted payments (dividends and stock repurchases) up to $50 million plus additional amounts based on our financial results and condition. We can make additional stock repurchases equal to the amount of proceeds that we receive from the exercise of stock options held by our employees. We can also make acquisitions as long as the pro forma net leverage ratio is less than 4.5 to 1.0. | |||||||||
Commitment fees of 0.30% to 0.50% per annum, based on our leverage ratio, of the total unused commitment are payable under the revolving credit facility. | |||||||||
As of December 31, 2013 and 2012, we had outstanding letters of credit totaling $0.2 million and $1.1 million, respectively. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||||||
We are exposed to various market risks, including changes in interest rates. To manage risks associated with the volatility of changes in interest rates we may enter into interest rate management instruments. | |||||||||||||||||||||||||
We may utilize interest rate swaps to manage our interest expense exposure by fixing our interest rate on portions of our floating rate term loan. We have entered into a $75 million notional value interest rate swap expiring in March 2016 which provides for a fixed interest rate of 1.08%. We did not provide or receive any collateral for this contract. The fair value of this financial derivative, which was designated as and qualified as a cash flow hedge through November 2013, is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based the expectation of future interest rates (forward curves) derived from observed market interest rate curves and implied volatilities. In addition, credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, are incorporated in the fair values to account for potential nonperformance risk. | |||||||||||||||||||||||||
Fair Value of Derivative Instruments | |||||||||||||||||||||||||
The notional amounts and fair values of derivative instruments are shown in the table below: | |||||||||||||||||||||||||
31-Dec-13 | December 31, 2012 | ||||||||||||||||||||||||
Notional | Fair value | Notional | Fair value | ||||||||||||||||||||||
(in thousands) | amount | Asset | Liability (1) | amount | Asset | Liability (1) | |||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Interest rate swap | $ | — | $ | — | $ | — | $ | 75,000 | $ | — | $ | 1,619 | |||||||||||||
Derivatives not designated as cash flow hedges: | |||||||||||||||||||||||||
Interest rate swap | $ | 75,000 | $ | — | $ | 723 | $ | — | $ | — | $ | — | |||||||||||||
(1) Balance recorded as other liabilities in Consolidated Balance Sheets | |||||||||||||||||||||||||
Through November 2013, the above derivative instrument was designated as and qualified as a cash flow hedge and the effective portion of the unrealized gains and losses on the derivative was reported as a component of accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transactions affected earnings. Upon refinancing our term loan B in November 2013, this hedge no longer qualifies as a cash flow hedge and gains and losses on the derivative are recognized in current earnings. The balance in accumulated other comprehensive loss at the date of discontinuance of hedge accounting is being amortized into earnings on a straight-line basis through March 2016. For the year ended December 31, 2013, less than $0.1 million was amortized into earnings from accumulated other comprehensive loss and is included in the reclassified from accumulated OCL, gain/(loss) line in the table below. | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Effective portion recognized in accumulated OCL, gain/(loss) | (182 | ) | (2,147 | ) | |||||||||||||||||||||
Reclassified from accumulated OCL, gain/(loss) | 649 | 528 | |||||||||||||||||||||||
Gain/(loss) on derivative | 468 | — | |||||||||||||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||
Fair Value Measurement | |||||||||||||||||
We measure certain financial assets at fair value on a recurring basis, such as derivatives and cash equivalents. The fair value of these financial assets and liabilities were determined based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value. These levels of input are as follows: | |||||||||||||||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2 — Inputs, other than quoted market prices in active markets, that are observable either directly or indirectly. | ||||||||||||||||
• | Level 3 — Unobservable inputs based on our own assumptions. | ||||||||||||||||
The following tables set forth our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013 and 2012: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets/(liabilities): | |||||||||||||||||
Cash equivalents | $ | 30,000 | $ | 30,000 | $ | — | $ | — | |||||||||
Interest rate swap | (723 | ) | — | (723 | ) | — | |||||||||||
December 31, 2012 | |||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets/(liabilities): | |||||||||||||||||
Cash equivalents | $ | — | $ | — | $ | — | $ | — | |||||||||
Interest rate swap | (1,619 | ) | — | (1,619 | ) | — | |||||||||||
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Liabilities | ' | ||||||||
Other Liabilities | |||||||||
Other liabilities consisted of the following: | |||||||||
As of December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Employee compensation and benefits | $ | 19,756 | $ | 20,596 | |||||
Liability for pension benefits | 62,020 | 112,556 | |||||||
Liabilities for uncertain tax positions | 10,670 | 12,534 | |||||||
Other | 14,826 | 18,939 | |||||||
Other liabilities (less current portion) | $ | 107,272 | $ | 164,625 | |||||
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2013 | |
Noncontrolling Interest [Abstract] | ' |
Noncontrolling Interests | ' |
Noncontrolling Interests | |
Individuals and other entities own a 4% noncontrolling interest in the capital stock of the subsidiary company that publishes our Memphis newspaper and a 6% noncontrolling interest in the capital stock of the subsidiary company that publishes our Evansville newspaper. We are not required to redeem the noncontrolling interests in these subsidiary companies. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
Supplemental Cash Flow Information | |||||||||||||
The following table presents additional information about the change in certain working capital accounts: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Other changes in certain working capital accounts, net | |||||||||||||
Accounts and notes receivable | $ | (14,064 | ) | $ | 10,181 | $ | (3,085 | ) | |||||
Income taxes receivable/payable — net | 2,490 | 34,412 | (22,499 | ) | |||||||||
Accounts payable | (6,800 | ) | 5,631 | (16,745 | ) | ||||||||
Accrued employee compensation and benefits | (10,132 | ) | 2,049 | (3,393 | ) | ||||||||
Other accrued liabilities | 2,326 | 673 | (6,648 | ) | |||||||||
Other, net | (3,889 | ) | 7,648 | 10,591 | |||||||||
Total | $ | (30,069 | ) | $ | 60,594 | $ | (41,779 | ) | |||||
Information regarding supplemental cash flow disclosures is as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Supplemental cash flow disclosures: | |||||||||||||
Interest paid, excluding amounts capitalized | $ | 8,067 | $ | 9,339 | $ | 291 | |||||||
Income taxes paid | $ | 417 | $ | 7,088 | $ | 8,304 | |||||||
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||||||
We sponsor various noncontributory defined benefit pension plans covering substantially all full-time employees that began employment prior to June 30, 2008. Benefits earned by employees are generally based upon employee compensation and years of service credits. We also have a non-qualified Supplemental Executive Retirement Plan ("SERP"). Effective June 30, 2009, we froze the accrual of benefits under our defined benefit pension plans and our SERP that cover the majority of our employees. | |||||||||||||||||||||||||||
We sponsor a defined contribution plan covering substantially all non-union and certain union employees. We match a portion of employees' voluntary contributions to this plan. In connection with freezing the accrual of service credits under certain of our defined benefit pension plans, we began contributing additional amounts to certain employees' defined contribution retirement accounts in 2011. These transition credits, which we will make through 2014, are determined based upon the employee’s age and compensation. | |||||||||||||||||||||||||||
Other union-represented employees are covered by defined benefit pension plans jointly sponsored by us and the union, or by union-sponsored multi-employer plans. | |||||||||||||||||||||||||||
We use a December 31 measurement date for our retirement plans. Retirement plans expense is based on valuations as of the beginning of each fiscal year. | |||||||||||||||||||||||||||
The components of the expense consisted of the following: | |||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Service cost | $ | 79 | $ | 104 | $ | 48 | |||||||||||||||||||||
Interest cost | 23,732 | 25,830 | 25,931 | ||||||||||||||||||||||||
Expected return on plan assets, net of expenses | (21,501 | ) | (22,520 | ) | (23,009 | ) | |||||||||||||||||||||
Amortization of actuarial (gain)/loss | 4,192 | 3,586 | 2,984 | ||||||||||||||||||||||||
Curtailment/Settlement losses | — | 664 | 8 | ||||||||||||||||||||||||
Total for defined benefit plans | 6,502 | 7,664 | 5,962 | ||||||||||||||||||||||||
Multi-employer plans | 407 | 467 | 467 | ||||||||||||||||||||||||
SERP | 2,335 | 956 | 2,044 | ||||||||||||||||||||||||
Defined contribution plans | 11,379 | 10,538 | 9,476 | ||||||||||||||||||||||||
Net periodic benefit cost | 20,623 | 19,625 | 17,949 | ||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: | |||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Current year actuarial gain/(loss) | $ | 52,063 | $ | (30,761 | ) | (29,350 | ) | ||||||||||||||||||||
Amortization of actuarial (gain)/loss | 4,192 | 4,246 | 2,982 | ||||||||||||||||||||||||
Amortization of prior service cost | — | 4 | 4 | ||||||||||||||||||||||||
Total | $ | 56,255 | $ | (26,511 | ) | $ | (26,364 | ) | |||||||||||||||||||
In addition to the amounts summarized above, amortization of actuarial losses of $0.4 million, $0.3 million and $1.3 million were recorded through other comprehensive income in 2013, 2012 and 2011, respectively, related to our SERP plan. A current year actuarial loss of $0.7 million, $2.3 million and $1.6 million was recognized in 2013, 2012 and 2011, respectively, related to our SERP plan. In 2013, a settlement charge of $1.1 million was recorded for our SERP plan. | |||||||||||||||||||||||||||
Assumptions used in determining the annual retirement plans expense were as follows: | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Discount rate | 4.27 | % | 5.29 | % | 5.85 | % | |||||||||||||||||||||
Long-term rate of return on plan assets | 4.65 | % | 5.3 | % | 5.7 | % | |||||||||||||||||||||
Increase in compensation levels | 3.3 | % | 3.3 | % | 3.3 | % | |||||||||||||||||||||
The discount rate used to determine our future pension obligations is based on a dedicated bond portfolio approach that includes securities rated Aa or better with maturities matching our expected benefit payments from the plans. The increase in compensation levels assumption is based on actual past experience and our near-term outlook. | |||||||||||||||||||||||||||
The expected long-term rate of return on plan assets is based upon the weighted-average expected rate of return and capital market forecasts for each asset class employed. Our expected rate of return on plan assets also considers our historical compounded return on plan assets for 10- and 15-year periods. | |||||||||||||||||||||||||||
Obligations and Funded Status — The defined benefit pension plan obligations and funded status are actuarially valued as of the end of each year. The following table presents information about our employee benefit plan assets and obligations: | |||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||
Defined Benefit Plans | SERP | ||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Accumulated benefit obligation | $ | 503,500 | $ | 568,679 | $ | 14,593 | $ | 15,607 | |||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 570,219 | $ | 499,843 | $ | 15,920 | $ | 14,337 | |||||||||||||||||||
Service cost | 79 | 104 | — | — | |||||||||||||||||||||||
Interest cost | 23,732 | 25,830 | 749 | 721 | |||||||||||||||||||||||
Benefits paid | (24,806 | ) | (19,927 | ) | (804 | ) | (1,440 | ) | |||||||||||||||||||
Actuarial (gains)/losses | (64,653 | ) | 66,388 | 662 | 2,302 | ||||||||||||||||||||||
Curtailments/Settlements | — | (2,019 | ) | (1,655 | ) | — | |||||||||||||||||||||
Projected benefit obligation at end of year | 504,571 | 570,219 | 14,872 | 15,920 | |||||||||||||||||||||||
Plan assets: | |||||||||||||||||||||||||||
Fair value at beginning of year | 472,417 | 435,086 | — | — | |||||||||||||||||||||||
Actual return on plan assets | 8,911 | 58,147 | — | — | |||||||||||||||||||||||
Company contributions | 69 | 1,130 | 2,459 | 1,440 | |||||||||||||||||||||||
Benefits paid | (24,806 | ) | (19,927 | ) | (804 | ) | (1,440 | ) | |||||||||||||||||||
Curtailments/Settlements | — | (2,019 | ) | (1,655 | ) | — | |||||||||||||||||||||
Fair value at end of year | 456,591 | 472,417 | — | — | |||||||||||||||||||||||
Funded status | $ | (47,980 | ) | $ | (97,802 | ) | $ | (14,872 | ) | $ | (15,920 | ) | |||||||||||||||
Amounts recognized in Consolidated Balance Sheets: | |||||||||||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | (832 | ) | $ | (1,540 | ) | |||||||||||||||||
Noncurrent liabilities | (47,980 | ) | (97,802 | ) | (14,040 | ) | (14,380 | ) | |||||||||||||||||||
Total | $ | (47,980 | ) | $ | (97,802 | ) | $ | (14,872 | ) | $ | (15,920 | ) | |||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||||||||||||
Unrecognized net actuarial loss | $ | 119,091 | $ | 175,347 | $ | 9,343 | $ | 10,145 | |||||||||||||||||||
In 2014, for our defined benefit pension plans, we expect to recognize amortization of actuarial loss from accumulated other comprehensive loss into net periodic benefit costs of $2.9 million (including $0.3 million for the SERP). | |||||||||||||||||||||||||||
Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows: | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Defined Benefit Plans | SERP | ||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Accumulated benefit obligation | $ | 503,500 | $ | 568,679 | $ | 14,593 | $ | 15,607 | |||||||||||||||||||
Projected benefit obligation | 504,571 | 570,219 | 14,872 | 15,920 | |||||||||||||||||||||||
Fair value of plan assets | 456,591 | 472,417 | — | — | |||||||||||||||||||||||
Assumptions used to determine the defined benefit pension plans benefit obligations were as follows: | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Weighted average discount rate | 5.08 | % | 4.27 | % | 5.29 | % | |||||||||||||||||||||
Increase in compensation levels | 2 | % | 3.3 | % | 3.3 | % | |||||||||||||||||||||
We expect to contribute $0.8 million in 2014 to fund SERP benefits. We have met the minimum funding requirements for our qualified defined benefit pension plans and expect to make $0.1 million in contributions in 2014. | |||||||||||||||||||||||||||
Estimated future benefit payments expected to be paid from the plans for the next ten years are $21.6 million in 2014, $22.6 million in 2015, $23.6 million in 2016, $25.0 million in 2017, $26.6 million in 2018 and a total of $156.4 million for the five years ending 2023. | |||||||||||||||||||||||||||
Plan Assets and Investment Strategy | |||||||||||||||||||||||||||
Our long-term investment strategy for pension assets is to earn a rate of return over time that minimizes future contributions to the plan while reducing the volatility of pension assets relative to pension liabilities. The strategy reflects the fact that we have frozen the accrual of service credits under defined benefit pension plans covering the majority of employees. We evaluate our asset allocation target ranges for equity, fixed income and other investments annually. We monitor actual asset allocations monthly and adjust as necessary. We control risk through diversification among multiple asset classes, managers and styles. Risk is further monitored at the manager and asset class level by evaluating performance against appropriate benchmarks. | |||||||||||||||||||||||||||
Information related to our pension plan asset allocations by asset category were as follows: | |||||||||||||||||||||||||||
Target | Percentage of plan assets | ||||||||||||||||||||||||||
allocation | as of December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
US equity securities | 10 | % | 10 | % | 11 | % | |||||||||||||||||||||
Non-US equity securities | 15 | % | 16 | % | 14 | % | |||||||||||||||||||||
Fixed-income securities | 70 | % | 69 | % | 69 | % | |||||||||||||||||||||
Other | 5 | % | 5 | % | 6 | % | |||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||
U.S. equity securities include common stocks of large, medium and small capitalization companies, which are predominantly U.S. based. Non-U.S. equity securities include companies domiciled outside of the U.S. and American depository receipts. Fixed-income securities include securities issued or guaranteed by the U.S. government, mortgage backed securities and corporate debt obligations. Other investments include real estate funds. | |||||||||||||||||||||||||||
We have target asset allocations to invest plan assets in securities that match the timing of the payment of plan obligations. As a result, approximately 70% of plan assets are invested in a portfolio of fixed income securities with a duration approximately that of the projected payment of benefit obligations. The remaining 30% of plan assets are invested in equity securities and other return-seeking assets. The expected long-term rate of return on plan assets is based primarily upon the target asset allocation for plan assets and capital markets forecasts for each asset class employed. Our expected rate of return on plan assets also considers our historical compound rate of return on plan assets for 10- and 15 year periods. | |||||||||||||||||||||||||||
The following tables present our plan assets using the fair value hierarchy as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||
Common/collective trust funds | $ | 122,851 | $ | — | $ | 122,851 | $ | — | |||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||
Common/collective trust funds | 312,626 | — | 312,626 | — | |||||||||||||||||||||||
Real estate fund | 19,534 | — | — | 19,534 | |||||||||||||||||||||||
Cash equivalents | 1,580 | 1,580 | — | — | |||||||||||||||||||||||
Fair value of plan assets | $ | 456,591 | $ | 1,580 | $ | 435,477 | $ | 19,534 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||
Common/collective trust funds | $ | 112,157 | $ | — | $ | 112,157 | $ | — | |||||||||||||||||||
Other | 11,783 | 11,783 | — | — | |||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||
Common/collective trust funds | 319,682 | — | 319,682 | — | |||||||||||||||||||||||
Other | 7,725 | 7,725 | — | — | |||||||||||||||||||||||
Real estate fund | 17,766 | — | — | 17,766 | |||||||||||||||||||||||
Cash equivalents | 3,304 | 3,304 | — | — | |||||||||||||||||||||||
Fair value of plan assets | $ | 472,417 | $ | 22,812 | $ | 431,839 | $ | 17,766 | |||||||||||||||||||
Equity securities-common/collective trust funds and fixed income-common/collective trust funds are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds (equity securities and fixed income securities) are publicly traded on exchanges and price quotes for the assets held by these funds are readily available. Common/collective trust funds are typically valued at their net asset values that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. | |||||||||||||||||||||||||||
Real estate pertains to an investment in a real estate fund which invests in limited partnerships, limited liability corporations, real estate investment trusts, other funds and insurance company group annuity contracts. The valuations for these holdings are based on property appraisals using cash flow analysis and market transactions. | |||||||||||||||||||||||||||
The following table presents a reconciliation of Level 3 assets held during 2013 and 2012: | |||||||||||||||||||||||||||
(in thousands) | Real Estate Fund | ||||||||||||||||||||||||||
As of December 31, 2011 | $ | 15,818 | |||||||||||||||||||||||||
Unrealized gains/(losses) | 1,948 | ||||||||||||||||||||||||||
As of December 31, 2012 | 17,766 | ||||||||||||||||||||||||||
Unrealized gains/(losses) | 1,768 | ||||||||||||||||||||||||||
As of December 31, 2013 | $ | 19,534 | |||||||||||||||||||||||||
Multi-employer plans | |||||||||||||||||||||||||||
We participate in four multi-employer pension plans that cover certain employees that are members of unions or trade associations that have a collective bargaining agreement with us. We represent fewer than 5% of the total contributions made to the four plans and deem only two of the four plans we participate in to be significant. The following table summarizes the two plans we deem significant: | |||||||||||||||||||||||||||
Pension Protection Act Zone Status | Contributions of the Company | ||||||||||||||||||||||||||
Pension Fund | EIN/Pension Plan Number | 2013 | 2012 | FIP/RP Status | 2013 | 2012 | 2011 | Surcharge Imposed | Expiration Date of Collective Bargaining Agreement | ||||||||||||||||||
Pending/Implemented | |||||||||||||||||||||||||||
GCIU | 91-6024903 | Red | Red | Implemented | $ | 99,594 | $ | 117,131 | $ | 108,262 | Yes | 2012 | |||||||||||||||
CWA/ITU | 13-6212879 | Red | Red | Implemented | $ | 116,295 | $ | 126,205 | $ | 134,441 | NA | 2012 | |||||||||||||||
Certain collective bargaining agreements have expired. We are either working under signed extensions of these agreements or under posted conditions consistent with these agreements, or are in negotiations to renew these agreements in 2014. | |||||||||||||||||||||||||||
The CWA/ITU Negotiated Pension Plan has a withdrawal liability of approximately $4.8 million. Contribution rates are scheduled to remain consistent with current rates for the foreseeable future. A rehabilitation plan was adopted in 2010 related to pension vesting and early retirement, however, mandatory increases in contributions or surcharges were not implemented. | |||||||||||||||||||||||||||
The GCIU-Employer Retirement Fund has a withdrawal liability of approximately $30.7 million. A rehabilitation plan was adopted in 2009, which increased employer contributions beginning in 2013 and will continue through 2014. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
Segment Information | |||||||||||||
We determine our business segments based upon our management and internal reporting structure. Our reportable segments are strategic businesses that offer different products and services. | |||||||||||||
Our television segment includes 10 ABC affiliates, three NBC affiliates, one independent station that we operate as a duopoly with our Kansas City NBC affiliate and five Azteca America affiliates. Our television stations reach approximately 13% of the nation’s households. Television stations earn revenue primarily from the sale of advertising time to local and national advertisers and retransmission fees received from cable and satellite operators. | |||||||||||||
Our newspaper segment includes daily and community newspapers in 13 markets across the United States. Newspapers earn revenue primarily from the sale of advertising space to local and national advertisers and newspaper subscription fees. | |||||||||||||
Syndication and other primarily includes certain digital operations outside our television and newspaper markets and syndication of news features and comics and other features for the newspaper industry. | |||||||||||||
We allocate a portion of certain corporate costs and expenses, including information technology, certain employee benefits, digital operation services and other shared services, to our business segments. The allocations are generally amounts agreed upon by management, which may differ from an arms-length amount. Corporate assets are primarily cash, cash equivalents, restricted cash, property and equipment primarily used for corporate purposes, and deferred income taxes. A portion of our digital operations, which are not allocated to our television and newspaper segments, is included in shared services and corporate. | |||||||||||||
Our chief operating decision maker evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure called segment profit. Segment profit excludes interest, defined benefit pension plan expense (other than current service cost), income taxes, depreciation and amortization, divested operating units, restructuring activities, investment results and certain other items that are included in net income (loss) determined in accordance with accounting principles generally accepted in the United States of America. | |||||||||||||
Effective January 1, 2013, we began recording the expenses to grow digital operations in shared services and corporate. We have recast the prior periods for this change. | |||||||||||||
Information regarding our business segments is as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Segment operating revenues: | |||||||||||||
Television | $ | 422,763 | $ | 493,896 | $ | 300,598 | |||||||
Newspapers | 384,514 | 399,091 | 414,289 | ||||||||||
Syndication and other | 9,594 | 10,471 | 13,773 | ||||||||||
Total operating revenues | $ | 816,871 | $ | 903,458 | $ | 728,660 | |||||||
Segment profit (loss): | |||||||||||||
Television | $ | 99,790 | $ | 159,917 | $ | 51,989 | |||||||
Newspapers | 27,965 | 27,595 | 26,417 | ||||||||||
Syndication and other | 102 | (347 | ) | (1,343 | ) | ||||||||
Shared services and corporate | (52,563 | ) | (39,678 | ) | (30,634 | ) | |||||||
Depreciation and amortization of intangibles | (47,762 | ) | (49,332 | ) | (40,069 | ) | |||||||
Impairment of long-lived assets | — | — | (9,000 | ) | |||||||||
(Losses) gains, net on disposal of property, plant and equipment | (166 | ) | (474 | ) | 124 | ||||||||
Defined benefit pension plan expense | (8,837 | ) | (8,620 | ) | (8,135 | ) | |||||||
Acquisition and related integration costs | — | (5,826 | ) | (2,787 | ) | ||||||||
Separation and restructuring costs | (4,893 | ) | (9,335 | ) | (9,935 | ) | |||||||
Interest expense | (10,448 | ) | (12,246 | ) | (1,640 | ) | |||||||
Miscellaneous, net | (11,760 | ) | (4,747 | ) | (675 | ) | |||||||
(Loss) income from operations before income taxes | $ | (8,572 | ) | $ | 56,907 | $ | (25,688 | ) | |||||
Depreciation: | |||||||||||||
Television | $ | 22,561 | $ | 23,022 | $ | 16,579 | |||||||
Newspapers | 16,204 | 18,186 | 20,914 | ||||||||||
Syndication and other | 78 | 55 | 138 | ||||||||||
Shared services and corporate | 1,996 | 995 | 1,191 | ||||||||||
Total depreciation | $ | 40,839 | $ | 42,258 | $ | 38,822 | |||||||
Amortization of intangibles: | |||||||||||||
Television | $ | 6,378 | $ | 6,413 | $ | 318 | |||||||
Newspapers | 545 | 661 | 929 | ||||||||||
Total amortization of intangibles | $ | 6,923 | $ | 7,074 | $ | 1,247 | |||||||
The following table presents additions to property, plant and equipment by segment: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Additions to property, plant and equipment: | |||||||||||||
Television | $ | 12,595 | $ | 19,947 | $ | 10,215 | |||||||
Newspapers | 2,399 | 2,771 | 1,793 | ||||||||||
Syndication and other | — | 780 | 362 | ||||||||||
Shared services and corporate | 6,361 | 6,712 | 273 | ||||||||||
Total additions to property, plant and equipment | $ | 21,355 | $ | 30,210 | $ | 12,643 | |||||||
Total assets by segment for the years ended December 31 were as follows: | |||||||||||||
As of December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Assets: | |||||||||||||
Television | $ | 410,529 | $ | 415,174 | $ | 432,584 | |||||||
Newspapers | 261,974 | 278,110 | 296,414 | ||||||||||
Syndication and other | 2,017 | 3,837 | 1,783 | ||||||||||
Investments | 11,652 | 15,171 | 16,776 | ||||||||||
Shared services and corporate | 279,958 | 318,476 | 222,971 | ||||||||||
Total assets | $ | 966,130 | $ | 1,030,768 | $ | 970,528 | |||||||
No single customer provides more than 10% of our revenue. |
SpinOff_of_Scripps_Networks_In
Spin-Off of Scripps Networks Interactive, Inc | 12 Months Ended |
Dec. 31, 2013 | |
Spin Off of Company [Abstract] | ' |
Spin-off of Scripps Networks Interactive, Inc. | ' |
Spin-off of Scripps Networks Interactive, Inc. | |
On July 1, 2008, we distributed all of the shares of Scripps Networks Interactive, Inc. (“SNI”) to shareholders of record as of the close of business on June 16, 2008. SNI owned and operated our national lifestyle cable television networks and interactive media businesses. | |
In connection with the separation, we entered into several agreements, including a Tax Allocation Agreement. This agreement sets forth the allocations between us and SNI with regards to liabilities for federal, state and local taxes for periods prior to the separation. Pursuant to this agreement, we paid SNI $0.4 million and $7.1 million in 2012 and 2011, respectively, for its share of the tax refund claims we received from the tax authorities. | |
In addition, under the terms of the Tax Allocation Agreement, we receive any tax deductions for share-based compensation awards held by our employees in SNI. In 2013, 2012 and 2011, we took deductions upon the exercise of those awards that totaled approximately $14.3 million, $17.8 million and $5.8 million, respectively. These benefits are recorded as additional paid-in-capital at the time they are realized. At December 31, 2013, our employees held approximately 0.4 million SNI options which expire through 2017. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
We are involved in litigation arising in the ordinary course of business, none of which is expected to result in a material loss. | |
Minimum payments on noncancelable leases at December 31, 2013 were: $4.2 million in 2014, $2.1 million in 2015, $1.4 million in 2016, $1.4 million in 2017, $0.9 million in 2018, and $7.2 million in later years. We expect our operating leases will be replaced with leases for similar facilities upon their expiration. Rental expense for cancelable and noncancelable leases was $8.7 million in 2013, $10.3 million in 2012 and $7.8 million in 2011. |
Capital_Stock_and_Share_Based_
Capital Stock and Share Based Compensation Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Capital Stock and Share Based Compensation Plans | ' | |||||||||||||||
Capital Stock and Share-Based Compensation Plans | ||||||||||||||||
Capital Stock — We have two classes of common shares, Common Voting shares and Class A Common shares. The Class A Common shares are only entitled to vote on the election of the greater of three or one-third of the directors and other matters as required by Ohio law. | ||||||||||||||||
Share Repurchase Plan — Our board of directors authorized the repurchase of up to $75 million of our Class A Common shares in 2010. We completed repurchases under the authorization in the third quarter of 2012. Under this authorization, we repurchased a total of $75 million of shares at prices ranging from $6.55 to $11.33 per share. No additional shares may be repurchased pursuant to this authorization. | ||||||||||||||||
In November 2012, our board of directors authorized a new repurchase program of up to $100 million of our Class A Common shares through December 2014. Shares may be repurchased from time to time at management's discretion, either in the open market, through pre-arranged trading plans or in privately negotiated block transactions. Under the authorization, we repurchased a total of $74 million of shares at prices ranging from $10.83 to $19.97 per share during 2013. | ||||||||||||||||
Incentive Plans — On May 13, 2010, we adopted The E.W. Scripps Company 2010 Long-Term Incentive Plan (the “Plan”) which terminates on February 15, 2020. The Plan permits the granting of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs), restricted and unrestricted Class A Common shares and performance units to key employees and non-employee directors. Any shares previously granted under the 1997 Plan that are subsequently forfeited, terminated, settled in cash or used to satisfy tax withholding obligations become available for issuance under the 2010 Plan. | ||||||||||||||||
We satisfy stock option exercises and vested stock awards with newly issued shares. As of December 31, 2013, 4.5 million shares were available for future stock compensation awards. | ||||||||||||||||
Stock Options — Stock options grant the recipient the right to purchase Class A Common shares at not less than 100% of the fair market value on the date the option is granted. We have not issued any new stock options since 2008. | ||||||||||||||||
The following table summarizes information about stock option transactions: | ||||||||||||||||
Number | Weighted- | Range of | ||||||||||||||
of Shares | Average | Exercise | ||||||||||||||
Exercise Price | Prices | |||||||||||||||
Outstanding at December 31, 2010 | 10,502,083 | $ | 9.57 | $6-11 | ||||||||||||
Exercised in 2011 | (311,933 | ) | 8.01 | 10-Jun | ||||||||||||
Forfeited in 2011 | (95,528 | ) | 9.53 | 11-Jul | ||||||||||||
Outstanding and exercisable at December 31, 2011 | 10,094,622 | $ | 9.62 | $7-11 | ||||||||||||
Outstanding at December 31, 2011 | 10,094,622 | $ | 9.62 | $7-11 | ||||||||||||
Exercised in 2012 | (2,046,309 | ) | 9.03 | 10-Aug | ||||||||||||
Forfeited in 2012 | (36,933 | ) | 9.12 | 11-Aug | ||||||||||||
Outstanding and exercisable at December 31, 2012 | 8,011,380 | $ | 9.77 | $7-11 | ||||||||||||
Outstanding at December 31, 2012 | 8,011,380 | $ | 9.77 | $7-11 | ||||||||||||
Exercised in 2013 | (4,635,148 | ) | 10 | $7-11 | ||||||||||||
Forfeited in 2013 | (6,184 | ) | 10.23 | $9-11 | ||||||||||||
Outstanding and exercisable at December 31, 2013 | 3,370,048 | $ | 9.46 | $7-11 | ||||||||||||
The following table presents additional information about exercises of stock options: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||
Cash received upon exercise | $ | 46,624 | $ | 18,215 | $ | 2,514 | ||||||||||
Intrinsic value (market value on date of exercise less exercise price) | 18,468 | 2,378 | 446 | |||||||||||||
Tax benefits realized (1) | 6,926 | 892 | 167 | |||||||||||||
(1) Benefits to be recognized in future years when realizable. | ||||||||||||||||
Information about options outstanding and options exercisable by year of grant is as follows: | ||||||||||||||||
Options Outstanding and Exercisable | ||||||||||||||||
Year of Grant | Range of Exercise Prices | Average Remaining Term (in years) | Options on Shares Outstanding | Weighted Average Exercise Price | Aggregate Intrinsic Value (in millions) | |||||||||||
2004 – expire in 2014 | $10-11 | 0.28 | 126,578 | $ | 10.67 | $ | 1.4 | |||||||||
2005 – expire in 2015 | 11-Oct | 1.28 | 47,882 | 10.9 | 0.5 | |||||||||||
2006 – expire in 2014 | 11-Oct | 0.27 | 166,191 | 10.27 | 1.9 | |||||||||||
2007 – expire in 2015 | 10-Sep | 1.15 | 1,047,996 | 10.35 | 11.9 | |||||||||||
2008 – expire in 2016 | 10-Jul | 2.23 | 1,981,401 | 8.8 | 25.6 | |||||||||||
Total | $7-11 | 1.71 | 3,370,048 | $ | 9.46 | $ | 41.3 | |||||||||
Restricted Stock and Restricted Stock Units — Awards of Class A Common shares (restricted stock) and restricted stock units generally require no payment by the employee. RSUs are converted into an equal number of Class A Common shares when vested. These awards generally vest over a three or four year period, conditioned upon the individual’s continued employment through that period. Awards vest immediately upon the retirement, death or disability of the employee or upon a change in control of Scripps or in the business in which the individual is employed. Unvested awards may be forfeited if employment is terminated for other reasons. Awards are nontransferable during the vesting period, but the awards are entitled to all the rights of an outstanding share. There are no post-vesting restrictions on awards granted to employees and non-employee directors. | ||||||||||||||||
Long-term incentive compensation includes performance share awards. Performance share awards represent the right to receive an award of RSUs if certain performance measures are met. Each award specifies a target number of shares to be issued and the specific performance criteria that must be met. The number of shares that an employee receives may be less or more than the target number of shares depending on the extent to which the specified performance measures are met or exceeded. | ||||||||||||||||
Information and activity for our restricted stock and RSUs is presented below: | ||||||||||||||||
Grant Date Fair Value | ||||||||||||||||
Number | Weighted | Range of | ||||||||||||||
of Shares | Average | Prices | ||||||||||||||
Unvested at December 31, 2010 | 6,184,626 | $ | 2.19 | $1-141 | ||||||||||||
Awarded in 2011 | 784,750 | 9.32 | 10-Jul | |||||||||||||
Vested in 2011 | (2,923,637 | ) | 2.32 | 1-141 | ||||||||||||
Forfeited in 2011 | (63,207 | ) | 2.38 | 9-Jan | ||||||||||||
Unvested at December 31, 2011 | 3,982,532 | $ | 3.53 | $1-11 | ||||||||||||
Awarded in 2012 | 877,349 | 9.77 | 11-Aug | |||||||||||||
Vested in 2012 | (2,506,232 | ) | 2.68 | 11-Sep | ||||||||||||
Forfeited in 2012 | (24,247 | ) | 8.19 | 10-Jan | ||||||||||||
Unvested at December 31, 2012 | 2,329,402 | $ | 6.75 | $1-11 | ||||||||||||
Awarded in 2013 | 757,229 | 11.71 | 20-Nov | |||||||||||||
Vested in 2013 | (1,452,719 | ) | 5.01 | 12-Jan | ||||||||||||
Forfeited in 2013 | (47,071 | ) | 10.35 | 12-Sep | ||||||||||||
Unvested at December 31, 2013 | 1,586,841 | $ | 10.59 | $7-20 | ||||||||||||
The following table presents additional information about restricted stock and restricted stock unit vesting: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||
Fair value of shares and units vested | $ | 16,565 | $ | 23,326 | $ | 27,933 | ||||||||||
Tax benefits realized on vesting (1) | 6,212 | 8,747 | 10,475 | |||||||||||||
(1) Benefits to be recognized in future years when realizable. | ||||||||||||||||
Share-based Compensation Costs | ||||||||||||||||
Share-based compensation costs were as follows: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||
Share-based compensation: | ||||||||||||||||
Restricted stock and RSUs | $ | 6,078 | $ | 7,549 | $ | 8,120 | ||||||||||
Stock options | — | — | 262 | |||||||||||||
Total share-based compensation | $ | 6,078 | $ | 7,549 | $ | 8,382 | ||||||||||
Share-based compensation, net of tax | $ | 3,799 | $ | 4,718 | $ | 5,239 | ||||||||||
As of December 31, 2013, $6.6 million of total unrecognized compensation costs related to RSUs and performance shares is expected to be recognized over a weighted-average period of 1.6 years. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
Changes in accumulated other comprehensive loss ("AOCL") by component, including items reclassified out of AOCL, were as follows: | |||||||||||||||||
(in thousands) | Gains and Losses on Derivatives | Defined Benefit Pension Items | Other | Total | |||||||||||||
Beginning balance, December 31, 2012 | $ | (1,009 | ) | $ | (116,188 | ) | $ | 357 | $ | (116,840 | ) | ||||||
Other comprehensive loss before reclassifications | (113 | ) | — | — | (113 | ) | |||||||||||
Amounts reclassified from accumulated other | |||||||||||||||||
comprehensive loss | |||||||||||||||||
Interest rate swap (a), net of tax of $245 | 404 | — | — | 404 | |||||||||||||
Actuarial (gain) loss (b), net of tax of $21,927 | — | 35,811 | (185 | ) | 35,626 | ||||||||||||
Net current-period other comprehensive income (loss) | $ | 291 | $ | 35,811 | $ | (185 | ) | $ | 35,917 | ||||||||
Ending balance, December 31, 2013 | $ | (718 | ) | $ | (80,377 | ) | $ | 172 | $ | (80,923 | ) | ||||||
(a) Included in interest expense in the Consolidated Statements of Operations | |||||||||||||||||
(b) Included in defined benefit pension plan expense in the Consolidated Statements of Operations |
Summarized_Quarterly_Financial
Summarized Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Summarized Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||||||
Summarized Quarterly Financial Information (Unaudited) | |||||||||||||||||||||
Summarized quarterly financial information is as follows: | |||||||||||||||||||||
2013 | 1st | 2nd | 3rd | 4th | |||||||||||||||||
(in thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | Total | ||||||||||||||||
Operating revenues | $ | 198,653 | $ | 207,853 | $ | 189,535 | $ | 220,830 | $ | 816,871 | |||||||||||
Costs and expenses | (190,538 | ) | (187,935 | ) | (185,418 | ) | (191,416 | ) | (755,307 | ) | |||||||||||
Depreciation and amortization of intangibles | (11,814 | ) | (11,774 | ) | (12,096 | ) | (12,078 | ) | (47,762 | ) | |||||||||||
(Losses) gains, net on disposal of property, plant and equipment | (5 | ) | 42 | (177 | ) | (26 | ) | (166 | ) | ||||||||||||
Interest expense | (2,613 | ) | (2,656 | ) | (2,655 | ) | (2,524 | ) | (10,448 | ) | |||||||||||
Miscellaneous, net | (1,304 | ) | (1,634 | ) | (1,087 | ) | (7,735 | ) | (11,760 | ) | |||||||||||
Benefit (provision) for income taxes | 4,950 | (711 | ) | 3,047 | 562 | 7,848 | |||||||||||||||
Net (loss) income | (2,671 | ) | 3,185 | (8,851 | ) | 7,613 | (724 | ) | |||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | (250 | ) | (250 | ) | ||||||||||||||
Net (loss) income attributable to the shareholders of The E.W. Scripps Company | $ | (2,671 | ) | $ | 3,185 | $ | (8,851 | ) | $ | 7,863 | $ | (474 | ) | ||||||||
Net (loss) income per basic share of common stock attributable to the shareholders of The E.W. Scripps Company: | $ | (0.05 | ) | $ | 0.05 | $ | (0.16 | ) | $ | 0.14 | $ | (0.01 | ) | ||||||||
Net (loss) income per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company: | $ | (0.05 | ) | $ | 0.05 | $ | (0.16 | ) | $ | 0.13 | $ | (0.01 | ) | ||||||||
Weighted average shares outstanding: | |||||||||||||||||||||
Basic | 56,330 | 57,448 | 56,177 | 55,980 | 56,516 | ||||||||||||||||
Diluted | 56,330 | 58,747 | 56,177 | 57,272 | 56,516 | ||||||||||||||||
Cash dividends per share of common stock | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
2012 | 1st | 2nd | 3rd | 4th | |||||||||||||||||
(in thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | Total | ||||||||||||||||
Operating revenues | $ | 207,127 | $ | 216,934 | $ | 219,644 | $ | 259,753 | $ | 903,458 | |||||||||||
Costs and expenses | (199,236 | ) | (189,752 | ) | (189,090 | ) | (201,674 | ) | (779,752 | ) | |||||||||||
Depreciation and amortization of intangibles | (12,306 | ) | (12,603 | ) | (12,136 | ) | (12,287 | ) | (49,332 | ) | |||||||||||
Gains (losses), net on disposal of property, plant and equipment | 242 | (212 | ) | (80 | ) | (424 | ) | (474 | ) | ||||||||||||
Interest expense | (3,154 | ) | (3,211 | ) | (3,288 | ) | (2,593 | ) | (12,246 | ) | |||||||||||
Miscellaneous, net | (117 | ) | (1,435 | ) | (900 | ) | (2,295 | ) | (4,747 | ) | |||||||||||
Benefit (provision) for income taxes | 3,029 | (4,305 | ) | (2,148 | ) | (13,561 | ) | (16,985 | ) | ||||||||||||
Net (loss) income | (4,415 | ) | 5,416 | 12,002 | 26,919 | 39,922 | |||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | (266 | ) | (266 | ) | ||||||||||||||
Net (loss) income attributable to the shareholders of The E.W. Scripps Company | $ | (4,415 | ) | $ | 5,416 | $ | 12,002 | $ | 27,185 | $ | 40,188 | ||||||||||
Net (loss) income per basic share of common stock attributable to the shareholders of The E.W. Scripps Company: | $ | (0.08 | ) | $ | 0.09 | $ | 0.21 | $ | 0.47 | $ | 0.7 | ||||||||||
Net (loss) income per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company: | $ | (0.08 | ) | $ | 0.09 | $ | 0.21 | $ | 0.47 | $ | 0.69 | ||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||
Basic | 54,775 | 55,146 | 54,637 | 55,073 | 54,907 | ||||||||||||||||
Diluted | 54,775 | 55,486 | 55,211 | 55,956 | 55,381 | ||||||||||||||||
Cash dividends per share of common stock | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
The sum of the quarterly net income per share amounts may not equal the reported annual amount because each amount is computed independently based upon the weighted-average number of shares outstanding for the period. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On January 1, 2014, we acquired Media Convergence Group which operates Newsy, a digital video news provider, for $35 million in cash. The Company views this acquisition as an opportunity for growing digital products in local markets and gives us more access to the fast-growing digital news audiences and revenues on national platforms. | |
On February 9, 2014, we agreed to acquire two television stations owned by Granite Broadcasting Corporation — Detroit MyNetworkTV affiliate WMYD-TV and Buffalo, N.Y. affiliate WKBW-TV — for $110 million in cash. The acquisition of WMYD-TV creates a duopoly with the largest Scripps station, Detroit ABC affiliate WXYZ-TV. This transaction expands our national reach and our TV footprint. We expect this acquisition to close in the first half of 2014. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule of Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||
For the Years Ended December 31, 2013, 2012 and 2011 | Schedule II | ||||||||||||||||||||
Column A | |||||||||||||||||||||
(in thousands) | Column B | Column C | Column D | Column E | Column F | ||||||||||||||||
Additions | Increase | ||||||||||||||||||||
Charged to | Deductions | (Decrease) | |||||||||||||||||||
Balance | Revenues, | Amounts | Recorded | Balance | |||||||||||||||||
Beginning | Costs, | Charged | Acquisitions | End of | |||||||||||||||||
Classification | of Period | Expenses | Off-Net | (Divestitures) | Period | ||||||||||||||||
Allowance for Doubtful Accounts Receivable Year Ended December 31: | |||||||||||||||||||||
2013 | $ | 2,491 | $ | 1,043 | $ | 1,507 | $ | — | $ | 2,027 | |||||||||||
2012 | 1,885 | 1,717 | 1,111 | — | 2,491 | ||||||||||||||||
2011 | 2,789 | 1,749 | 2,653 | — | 1,885 | ||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations — We are a diverse media enterprise with a portfolio of television, print and digital media brands. All of our media businesses provide content and advertising services via digital platforms, including the Internet, smartphones and tablets. Our media businesses are organized into the following reportable business segments: television, newspapers, and syndication and other. | |
Basis of Presentation | ' |
Basis of Presentation — Certain amounts in prior periods have been reclassified to conform to the current period’s presentation. | |
Concentration Risks | ' |
Concentration Risks — Our operations are geographically dispersed and we have a diverse customer base. We believe bad debt losses resulting from default by a single customer, or defaults by customers in any depressed region or business sector, would not have material effect on our financial position, results of operations or cash flows. | |
We derive approximately 75% of our operating revenues from marketing services, including advertising. Changes in the demand for such services both nationally and in individual markets can affect operating results. | |
Use of Estimates | ' |
Use of Estimates — Preparing financial statements in accordance with accounting principles generally accepted in the United States of America requires us to make a variety of decisions that affect the reported amounts and the related disclosures. Such decisions include the selection of accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience, actuarial studies and other assumptions. | |
Our financial statements include estimates and assumptions used in accounting for our defined benefit pension plans; the periods over which long-lived assets are depreciated or amortized; the fair value of long-lived assets, goodwill and indefinite lived assets; the liability for uncertain tax positions and valuation allowances against deferred income tax assets; and self-insured risks. | |
While we re-evaluate our estimates and assumptions on an ongoing basis, actual results could differ from those estimated at the time of preparation of the financial statements. | |
Consolidation | ' |
Consolidation — The consolidated financial statements include the accounts of The E. W. Scripps Company and its majority-owned subsidiary companies. Investments in 20%-to-50%-owned companies where we exert significant influence and all 50%-or-less-owned partnerships and limited liability companies are accounted for using the equity method. We do not hold any interests in variable interest entities. All significant intercompany transactions have been eliminated. | |
Income (loss) attributable to noncontrolling interests in subsidiary companies is included in net income (loss) attributable to noncontrolling interest in the Consolidated Statements of Operations. | |
Revenue Recognition | ' |
Revenue Recognition — We recognize revenue when persuasive evidence of a sales arrangement exists, delivery occurs or services are rendered, the sales price is fixed or determinable and collectability is reasonably assured. When a sales arrangement contains multiple elements, such as the sale of advertising and other services, we allocate revenue to each element based upon its relative fair value. We report revenue net of sales and other taxes collected from our customers. | |
Our primary sources of revenue are from the sale of print, broadcast and digital advertising, retransmission fees received from cable operators and satellite carriers and newspaper subscription fees. | |
Revenue recognition policies for each source of revenue are as follows. | |
Advertising — Print and broadcast advertising revenue is recognized, net of agency commissions, when we display the advertisements. Digital advertising includes time-based, impression-based, and click-through campaigns. We recognize digital advertising revenue from fixed duration campaigns over the period in which the advertising appears. We recognize digital advertising revenue that is based upon the number of impressions delivered or the number of click-throughs as impressions are delivered or as click-throughs occur. | |
Advertising arrangements, which generally have a term of one year or less, may provide rebates, discounts and bonus advertisements based upon the volume of advertising purchased during the terms of the contracts. This requires us to make certain estimates regarding future advertising volumes. We record estimated rebates, discounts and bonus advertisements as a reduction of revenue in the period the advertisement is displayed. | |
Broadcast advertising arrangements may guarantee the advertiser a minimum audience. We provide the advertiser with additional advertising time if we do not deliver the guaranteed audience size. We recognize broadcast advertising revenue as the guaranteed minimum audience is delivered. | |
Newspaper Subscriptions — We recognize newspaper subscription revenue upon the publication date of the newspaper. We defer revenues from prepaid newspaper subscriptions and recognize subscription revenue on a pro-rata basis over the term of the subscription. | |
We base subscription revenue for newspapers sold directly to subscribers on the retail rate. We base subscription revenue for newspapers sold to independent newspaper distributors, which are subject to returns, upon the wholesale rate. We estimate returns based on historical return rates and adjust our estimates based on the actual returns. | |
Retransmission — We derive revenues from cable and satellite retransmission of our broadcast signal. We recognize retransmission revenues based on the contractual terms and rates. | |
Other Revenues — We also derive revenues from printing and distribution of other publications. We recognize printing revenues and third-party distribution revenue when the product is delivered in accordance with the customer’s instructions. | |
Cash Equivalents | ' |
Cash Equivalents — Cash-equivalents represent highly liquid investments with an original maturity of less than three months. | |
Inventories | ' |
Inventories — Inventories are stated at the lower of cost or market. We determine the cost of inventories using the first in, first out (“FIFO”) method. | |
Trade Receivables | ' |
Trade Receivables — We extend credit to customers based upon our assessment of the customer’s financial condition. Collateral is generally not required from customers. We base allowances for credit losses upon trends, economic conditions, review of aging categories, specific identification of customers at risk of default and historical experience. We require advance payment from political advertisers and certain transient advertisers. | |
Investments | ' |
Investments — We make investments in private companies. Investment securities can be impacted by various market risks, including interest rate risk, credit risk and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term. Such changes could materially affect the amounts reported in our financial statements. | |
We record investments in private companies not accounted for under the equity method at cost, net of impairment write-downs, because no readily determinable market price is available. | |
We record investments where we have significant influence under the equity method of accounting. | |
We regularly review our investments to determine if there has been any other-than-temporary decline in value. These reviews require management judgments that often include estimating the outcome of future events and determining whether factors exist that indicate impairment has occurred. We evaluate, among other factors, the extent to which cost exceeds fair value; the duration of the decline in fair value below cost; and the current cash position, earnings and cash forecasts and near term prospects of the investee. We reduce the cost basis when a decline in fair value below cost is determined to be other than temporary, with the resulting adjustment charged against earnings. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment — Property, plant and equipment is carried at cost less depreciation. Property, plant and equipment includes internal use software, mobile app development and digital site development cost, which is carried at cost less amortization. We expense costs incurred in the preliminary project stage to develop or acquire internal use software, and to develop mobile apps or digital sites. Upon completion of the preliminary project stage and upon management authorization of the project, we capitalize costs to acquire or develop internal use software or digital sites, which primarily include coding, designing system interfaces, and installation and testing, if it is probable the project will be completed and the software will be used for its intended function. We expense costs incurred after implementation, such as maintenance and training. | |
Programs and Program Licenses | ' |
Programs and Program Licenses — Programs and program licenses include the cost of national television network programming, programming produced by us or for us by independent production companies and programs licensed under agreements with independent producers. | |
Our network affiliation agreements require the payment of affiliation fees to the network. Network affiliation fees include both pre-determined fixed fees and variable payments based on other factors, including a share of retransmission revenues above a threshold. We expense fixed fee payments on a straight-line basis over the term of the affiliation agreement. We expense variable fees as incurred. | |
Program licenses generally have fixed terms, limit the number of times we can air the programs and require payments over the terms of the licenses. We record licensed program assets and liabilities when the programs become available for broadcast. We do not discount program licenses for imputed interest. We amortize program licenses based upon expected cash flows over the term of the license agreement. We classify the portion of the unamortized balance expected to be amortized within one year as a current asset. | |
The costs of programming produced by us or for us by independent production companies are expensed over the course of the television season. Internal costs, including employee compensation and benefits, to produce daily or live broadcast shows, such as news, sports or daily magazine shows are expensed as incurred and are not classified in our Consolidated Statements of Operations as program costs. | |
We review the net realizable value of programs and program licenses for impairment using a day-part methodology, whereby programs broadcast during a particular time period (such as prime time) are evaluated on an aggregate basis. | |
Program rights liabilities payable within the next twelve months are included in accounts payable. Noncurrent program rights liabilities are included in other noncurrent liabilities. | |
Goodwill and Other Indefinite-Lived Intangible Assets | ' |
Goodwill and Other Indefinite-Lived Intangible Assets — Goodwill represents the cost of acquisitions in excess of the acquired businesses’ tangible assets and identifiable intangible assets. | |
FCC licenses represent the value assigned to the broadcast licenses of acquired broadcast television stations. Broadcast television stations are subject to the jurisdiction of the Federal Communications Commission (“FCC”) which prohibits the operation of stations except in accordance with an FCC license. FCC licenses stipulate each station’s operating parameters as defined by channels, effective radiated power and antenna height. FCC licenses are granted for a term of up to eight years, and are renewable upon request. We have never had a renewal request denied and all previous renewals have been for the maximum term. | |
We do not amortize goodwill and other indefinite-lived intangible assets, but we review them for impairment at least annually. We perform our annual impairment review during the fourth quarter of each year in conjunction with our annual planning cycle. We also assess, at least annually, whether assets classified as indefinite-lived intangible assets continue to have indefinite lives. | |
We review goodwill for impairment based upon reporting units, which are defined as operating segments or groupings of businesses one level below the operating segment level. Reporting units with similar economic characteristics are aggregated into a single unit when testing goodwill for impairment. Our reporting units are television and newspapers. | |
Amortizable Intangible Assets | ' |
Amortizable Intangible Assets — Television network affiliations represents the value assigned to an acquired broadcast television station’s relationship with a national television network. Television stations affiliated with national television networks typically have greater profit margins than independent television stations, primarily due to audience recognition of the television station as a network affiliate. We amortize these network affiliation relationships on a straight-line basis over estimated useful lives of 20 years. | |
We amortize customer lists and other intangible assets in relation to their expected future cash flows over estimated useful lives of up to 20 years. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets — We review long-lived assets (primarily property, plant and equipment and amortizable intangible assets) for impairment whenever events or circumstances indicate the carrying amounts of the assets may not be recoverable. Recoverability is determined by comparing the forecasted undiscounted cash flows of the operation to which the assets relate to the carrying amount of the assets. If the undiscounted cash flow is less than the carrying amount of the assets, then amortizable intangible assets are written down first, followed by other long-lived assets, to fair value. We determine fair value based on discounted cash flows or appraisals. We report long-lived assets to be disposed of at the lower of carrying amount or fair value less costs to sell. | |
Self-Insured Risks | ' |
Self-Insured Risks — We are self-insured, up to certain limits, for general and automobile liability, employee health, disability and workers’ compensation claims and certain other risks. Estimated liabilities for unpaid claims totaled $16.3 million and $21.2 million at December 31, 2013 and 2012, respectively. We estimate liabilities for unpaid claims using actuarial methodologies and our historical claims experience. While we re-evaluate our assumptions and review our claims experience on an ongoing basis, actual claims paid could vary significantly from estimated claims, which would require adjustments to expense. | |
Income Taxes | ' |
Income Taxes — We recognize deferred income taxes for temporary differences between the tax basis and reported amounts of assets and liabilities that will result in taxable or deductible amounts in future years. We establish a valuation allowance if we believe that it is more likely than not that we will not realize some or all of the deferred tax assets. | |
We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or that we expect to take in a tax return. Interest and penalties associated with such tax positions are included in the tax provision. The liability for additional taxes and interest is included in other liabilities in the Consolidated Balance Sheets. | |
Newsprint, Press Supplies and Other Printing Costs | ' |
Newsprint, Press Supplies and Other Printing Costs — Newsprint, press supplies and other printing costs include costs incurred to print and produce our newspapers and other publications. We expense these costs as incurred. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments — It is our policy that derivative transactions are executed only to manage exposures arising in the normal course of business and not for the purpose of creating speculative positions or trading. Derivative financial instruments are utilized to manage interest rate risks. We do not hold derivative financial instruments for trading purposes. All derivatives must be recorded on the balance sheet at fair value. Each derivative is designated as a cash flow hedge or remains undesignated. Changes in the fair value of derivatives that are designated and effective as cash flow hedges are recorded in other comprehensive income and reclassified to the Consolidated Statement of Operations when the effects of the item being hedged are recognized in the statement of operations. These changes are offset in earnings to the extent the hedge was effective by fair value changes related to the risk being hedged on the hedged item. Changes in the fair value of undesignated hedges are recognized currently in the Consolidated Statement of Operations. All ineffective changes in derivative fair values are recognized currently in earnings. | |
All designated hedges are formally documented as to the relationship with the hedged item as well as the risk-management strategy. Both at inception and on an ongoing basis the hedging instrument is assessed as to its effectiveness, when applicable. If and when a derivative is determined not to be highly effective as a hedge, or the underlying hedged transaction is no longer likely to occur, or the hedge designation is removed, or the derivative is terminated, the hedge accounting discussed above is discontinued. | |
Risk Management Contracts — We do not hold derivative financial instruments for trading or speculative purposes and we do not hold leveraged contracts. From time to time, we may use derivative financial instruments to limit the impact of interest rate fluctuations on our earnings and cash flows. | |
Share-Based Compensation | ' |
Stock-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in Note 20. The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs), restricted and unrestricted Class A Common shares and performance units to key employees and non-employee directors. | |
We recognize compensation cost based on the grant-date fair value of the award. We determine the fair value of awards that grant the employee the underlying shares by the fair value of a Class A Common share on the date of the award. | |
Certain awards of Class A Common shares or RSUs have performance conditions under which the number of shares granted is determined by the extent to which such performance conditions are met (“Performance Shares”). Compensation costs for such awards are measured by the grant-date fair value of a Class A Common share and the number of shares earned. In periods prior to completion of the performance period, compensation costs are based upon estimates of the number of shares that will be earned. | |
Compensation costs, net of estimated forfeitures due to termination of employment or failure to meet performance targets, are recognized on a straight-line basis over the requisite service period of the award. The requisite service period is generally the vesting period stated in the award. Grants to retirement-eligible employees are expensed immediately and grants to employees who will become retirement eligible prior to the end of the stated vesting period are expensed over such shorter period because stock compensation grants vest upon the retirement of the employee. | |
Earnings Per Share (EPS) | ' |
Earnings Per Share (“EPS”) — Unvested awards of share-based payments with rights to receive dividends or dividend equivalents, such as our RSUs, are considered participating securities for purposes of calculating EPS. Under the two-class method, we allocate a portion of net income to these participating securities and therefore exclude that income from the calculation of EPS for common stock. We do not allocate losses to the participating securities. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Estimated useful lives of property, plant and equipment | ' | ||||||||||||
We compute depreciation using the straight-line method over estimated useful lives as follows: | |||||||||||||
Buildings and improvements | 35 to 45 years | ||||||||||||
Leasehold improvements | Shorter of term of lease or useful life | ||||||||||||
Printing presses | 20 to 30 years | ||||||||||||
Other newspaper production equipment | 5 to 15 years | ||||||||||||
Television transmission towers and related equipment | 15 to 35 years | ||||||||||||
Other television and program production equipment | 3 to 15 years | ||||||||||||
Computer hardware and software | 3 to 5 years | ||||||||||||
Office and other equipment | 3 to 10 years | ||||||||||||
Property, plant and equipment consisted of the following: | |||||||||||||
As of December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Land and improvements | $ | 73,980 | $ | 74,797 | |||||||||
Buildings and improvements | 231,219 | 223,761 | |||||||||||
Equipment | 472,407 | 494,024 | |||||||||||
Computer software | 36,155 | 33,635 | |||||||||||
Total | 813,761 | 826,217 | |||||||||||
Accumulated depreciation | 459,964 | 451,286 | |||||||||||
Net property, plant and equipment | $ | 353,797 | $ | 374,931 | |||||||||
Components of basic and diluted weighted-average shares | ' | ||||||||||||
The following table presents information about basic and diluted weighted-average shares outstanding: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Numerator (for basic and diluted earnings per share) | |||||||||||||
Net (loss) income attributable to the shareholders of The E.W. Scripps Company | $ | (474 | ) | $ | 40,188 | $ | (15,537 | ) | |||||
Less income allocated to RSUs | — | (1,845 | ) | — | |||||||||
Numerator for basic and diluted earnings per share | $ | (474 | ) | $ | 38,343 | $ | (15,537 | ) | |||||
Denominator | |||||||||||||
Basic weighted-average shares outstanding | 56,516 | 54,907 | 57,217 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options held by employees and directors | — | 474 | — | ||||||||||
Diluted weighted-average shares outstanding | 56,516 | 55,381 | 57,217 | ||||||||||
Anti-dilutive securities(1) | 4,957 | 176 | 14,077 | ||||||||||
(1) | Amount outstanding at Balance Sheet date, before application of the treasury stock method and not weighted for period outstanding. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2011 | |||||||||
Business Combinations [Abstract] | ' | ' | ||||||||
Fair values of the assets acquired and the liabilities assumed | ' | ' | ||||||||
The table below summarizes the final fair values: | ||||||||||
(in thousands) | 2012 | |||||||||
Assets: | ||||||||||
Accounts receivable | $ | 19,768 | ||||||||
Other current assets | 891 | |||||||||
Investments | 4,558 | |||||||||
Property, plant and equipment | 37,837 | |||||||||
Intangible assets | 130,100 | |||||||||
Goodwill | 27,966 | |||||||||
Total assets acquired | 221,120 | |||||||||
Current liabilities | 4,712 | |||||||||
Net purchase price | $ | 216,408 | ||||||||
Pro forma results of operations | ' | ' | ||||||||
Pro forma results of operations, assuming the transaction had taken place at the beginning of 2010, is included in the following table. The pro forma information includes the historical results of operations of Scripps and McGraw-Hill and adjustments for interest expense that would have been incurred to finance the acquisition, additional depreciation and amortization of the assets acquired and excludes the pre-acquisition transaction related expenses incurred by the acquired companies. The pro forma information does not include efficiencies, costs reductions and synergies expected to result from the acquisition. The unaudited pro forma financial information is not necessarily indicative of the results that actually would have occurred had the acquisition been completed at the beginning of the period. | ||||||||||
For the year ended December 31, | ||||||||||
(in thousands, except per share data) (unaudited) | 2011 | |||||||||
Operating revenues | $ | 822,516 | ||||||||
Loss attributable to the shareholders of The E.W. Scripps Company | (24,310 | ) | ||||||||
Loss per share attributable to the shareholders of The E.W. Scripps Company: | ||||||||||
Basic | $ | (0.42 | ) | |||||||
Diluted | $ | (0.42 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Provision for income taxes | ' | ||||||||||||
The provision for income taxes consisted of the following: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Current: | |||||||||||||
Federal | $ | 319 | $ | 770 | $ | (27,918 | ) | ||||||
State and local | (3,102 | ) | 365 | 1,185 | |||||||||
Total | (2,783 | ) | 1,135 | (26,733 | ) | ||||||||
Tax benefits of compensation plans allocated to additional paid-in capital | — | 7,553 | 6,946 | ||||||||||
Total current income tax provision | (2,783 | ) | 8,688 | (19,787 | ) | ||||||||
Deferred: | |||||||||||||
Federal | 15,467 | 18,023 | 16,637 | ||||||||||
Other | 1,334 | 1,943 | 3,110 | ||||||||||
Total | 16,801 | 19,966 | 19,747 | ||||||||||
Deferred tax allocated to other comprehensive income (loss) | (21,866 | ) | (11,669 | ) | (9,961 | ) | |||||||
Total deferred income tax provision | (5,065 | ) | 8,297 | 9,786 | |||||||||
(Benefit) provision for income taxes | $ | (7,848 | ) | $ | 16,985 | $ | (10,001 | ) | |||||
Effective income tax rate reconciliation | ' | ||||||||||||
The difference between the statutory rate for federal income tax and the effective income tax rate was as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | |||||||
Effect of: | |||||||||||||
State and local income taxes, net of federal income tax benefit | 4.4 | 2.1 | (1.8 | ) | |||||||||
Reserve for uncertain tax positions | 35.7 | (7.3 | ) | (1.9 | ) | ||||||||
Amended returns, settlements and other | 16.5 | — | 7.6 | ||||||||||
Effective income tax rate | 91.6 | % | 29.8 | % | 38.9 | % | |||||||
Schedule of deferred income tax (liabilities) assets | ' | ||||||||||||
The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows: | |||||||||||||
As of December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Temporary differences: | |||||||||||||
Property, plant and equipment | $ | (44,448 | ) | $ | (46,016 | ) | |||||||
Goodwill and other intangible assets | (2,684 | ) | 1,605 | ||||||||||
Investments, primarily gains and losses not yet recognized for tax purposes | 4,750 | 3,128 | |||||||||||
Accrued expenses not deductible until paid | 11,865 | 16,213 | |||||||||||
Deferred compensation and retiree benefits not deductible until paid | 37,041 | 61,703 | |||||||||||
Other temporary differences, net | 25 | 244 | |||||||||||
Total temporary differences | 6,549 | 36,877 | |||||||||||
Federal and state net operating loss carryforwards | 21,123 | 6,984 | |||||||||||
Valuation allowance for state deferred tax assets | (1,078 | ) | (556 | ) | |||||||||
Net deferred tax asset | $ | 26,594 | $ | 43,305 | |||||||||
Gross unrecognized tax benefit reconciliation | ' | ||||||||||||
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Gross unrecognized tax benefits at beginning of year | $ | 16,386 | $ | 21,240 | $ | 20,010 | |||||||
Increases in tax positions for prior years | 2,692 | 623 | 1,500 | ||||||||||
Decreases in tax positions for prior years | — | (1,287 | ) | (270 | ) | ||||||||
Decreases from lapse in statute of limitations | (2,670 | ) | (4,190 | ) | — | ||||||||
Settlements | (1,584 | ) | — | — | |||||||||
Gross unrecognized tax benefits at end of year | $ | 14,824 | $ | 16,386 | $ | 21,240 | |||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Investments [Abstract] | ' | ||||||||
Schedule of investments | ' | ||||||||
Investments consisted of the following: | |||||||||
As of December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Investments held at cost | $ | 11,724 | $ | 15,242 | |||||
Equity method investments | 4,843 | 5,873 | |||||||
Total investments | $ | 16,567 | $ | 21,115 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment | ' | ||||||||
We compute depreciation using the straight-line method over estimated useful lives as follows: | |||||||||
Buildings and improvements | 35 to 45 years | ||||||||
Leasehold improvements | Shorter of term of lease or useful life | ||||||||
Printing presses | 20 to 30 years | ||||||||
Other newspaper production equipment | 5 to 15 years | ||||||||
Television transmission towers and related equipment | 15 to 35 years | ||||||||
Other television and program production equipment | 3 to 15 years | ||||||||
Computer hardware and software | 3 to 5 years | ||||||||
Office and other equipment | 3 to 10 years | ||||||||
Property, plant and equipment consisted of the following: | |||||||||
As of December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Land and improvements | $ | 73,980 | $ | 74,797 | |||||
Buildings and improvements | 231,219 | 223,761 | |||||||
Equipment | 472,407 | 494,024 | |||||||
Computer software | 36,155 | 33,635 | |||||||
Total | 813,761 | 826,217 | |||||||
Accumulated depreciation | 459,964 | 451,286 | |||||||
Net property, plant and equipment | $ | 353,797 | $ | 374,931 | |||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of other intangible assets | ' | ||||||||||||
Other intangible assets consisted of the following: | |||||||||||||
As of December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||
Amortizable intangible assets: | |||||||||||||
Carrying amount: | |||||||||||||
Television network affiliation relationships | $ | 78,844 | $ | 78,844 | |||||||||
Customer lists and advertiser relationships | 22,304 | 22,304 | |||||||||||
Other | 3,561 | 3,765 | |||||||||||
Total carrying amount | 104,709 | 104,913 | |||||||||||
Accumulated amortization: | |||||||||||||
Television network affiliation relationships | (9,691 | ) | (5,755 | ) | |||||||||
Customer lists and advertiser relationships | (13,138 | ) | (10,346 | ) | |||||||||
Other | (1,833 | ) | (1,844 | ) | |||||||||
Total accumulated amortization | (24,662 | ) | (17,945 | ) | |||||||||
Net amortizable intangible assets | 80,047 | 86,968 | |||||||||||
Other indefinite-lived intangible assets — FCC licenses | 57,815 | 57,815 | |||||||||||
Total other intangible assets | $ | 137,862 | $ | 144,783 | |||||||||
Goodwill by business segment | ' | ||||||||||||
Goodwill by business segment was as follows: | |||||||||||||
(in thousands) | Television | Newspapers | Total | ||||||||||
Gross balance as of December 31, 2010 | $ | 215,414 | $ | 778,900 | $ | 994,314 | |||||||
Accumulated impairment losses | (215,414 | ) | (778,900 | ) | (994,314 | ) | |||||||
Balance as of December 31, 2010 | — | — | — | ||||||||||
Acquisition in 2011 | 28,591 | — | 28,591 | ||||||||||
Balance as of December 31, 2011 | $ | 28,591 | $ | — | $ | 28,591 | |||||||
Gross balance as of December 31, 2011 | $ | 244,005 | $ | 778,900 | $ | 1,022,905 | |||||||
Accumulated impairment losses | (215,414 | ) | (778,900 | ) | (994,314 | ) | |||||||
Net balance as of December 31, 2011 | 28,591 | — | 28,591 | ||||||||||
Purchase accounting adjustments in 2012 | (625 | ) | — | (625 | ) | ||||||||
Balance as of December 31, 2012 | $ | 27,966 | $ | — | $ | 27,966 | |||||||
Gross balance as of December 31, 2012 | $ | 243,380 | $ | 778,900 | $ | 1,022,280 | |||||||
Accumulated impairment losses | (215,414 | ) | (778,900 | ) | (994,314 | ) | |||||||
Balance as of December 31, 2013 | $ | 27,966 | $ | — | $ | 27,966 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of Long-term debt | ' | ||||||||
Long-term debt consisted of the following: | |||||||||
As of December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Variable rate credit facility | $ | — | $ | — | |||||
Term loan | 200,000 | 196,100 | |||||||
Long-term debt | 200,000 | 196,100 | |||||||
Current portion of long-term debt | 2,000 | 15,900 | |||||||
Long-term debt (less current portion) | $ | 198,000 | $ | 180,200 | |||||
Fair value of long-term debt * | $ | 200,000 | $ | 196,100 | |||||
* For 2013, fair value of the term loan was estimated based on quoted private market transactions and are classified as Level 1 in the fair value hierarchy. For 2012, fair value of the term loan was estimated based on current rates available to the Company for debt of the same remaining maturity and are classified as Level 2 in the fair value hierarchy. |
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Notional amounts and fair values of derivatives designated as and not designated as cash flow hedges | ' | ||||||||||||||||||||||||
The notional amounts and fair values of derivative instruments are shown in the table below: | |||||||||||||||||||||||||
31-Dec-13 | December 31, 2012 | ||||||||||||||||||||||||
Notional | Fair value | Notional | Fair value | ||||||||||||||||||||||
(in thousands) | amount | Asset | Liability (1) | amount | Asset | Liability (1) | |||||||||||||||||||
Derivatives designated as cash flow hedges: | |||||||||||||||||||||||||
Interest rate swap | $ | — | $ | — | $ | — | $ | 75,000 | $ | — | $ | 1,619 | |||||||||||||
Derivatives not designated as cash flow hedges: | |||||||||||||||||||||||||
Interest rate swap | $ | 75,000 | $ | — | $ | 723 | $ | — | $ | — | $ | — | |||||||||||||
(1) Balance recorded as other liabilities in Consolidated Balance Sheets | |||||||||||||||||||||||||
Effective portion of the unrealized gain and loss on the derivative | ' | ||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | |||||||||||||||||||||||
Effective portion recognized in accumulated OCL, gain/(loss) | (182 | ) | (2,147 | ) | |||||||||||||||||||||
Reclassified from accumulated OCL, gain/(loss) | 649 | 528 | |||||||||||||||||||||||
Gain/(loss) on derivative | 468 | — | |||||||||||||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and liabilities that are measured at fair value on a recurring basis | ' | ||||||||||||||||
The following tables set forth our assets and liabilities that are measured at fair value on a recurring basis at December 31, 2013 and 2012: | |||||||||||||||||
December 31, 2013 | |||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets/(liabilities): | |||||||||||||||||
Cash equivalents | $ | 30,000 | $ | 30,000 | $ | — | $ | — | |||||||||
Interest rate swap | (723 | ) | — | (723 | ) | — | |||||||||||
December 31, 2012 | |||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets/(liabilities): | |||||||||||||||||
Cash equivalents | $ | — | $ | — | $ | — | $ | — | |||||||||
Interest rate swap | (1,619 | ) | — | (1,619 | ) | — | |||||||||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other liabilities | ' | ||||||||
Other liabilities consisted of the following: | |||||||||
As of December 31, | |||||||||
(in thousands) | 2013 | 2012 | |||||||
Employee compensation and benefits | $ | 19,756 | $ | 20,596 | |||||
Liability for pension benefits | 62,020 | 112,556 | |||||||
Liabilities for uncertain tax positions | 10,670 | 12,534 | |||||||
Other | 14,826 | 18,939 | |||||||
Other liabilities (less current portion) | $ | 107,272 | $ | 164,625 | |||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Change in certain working capital accounts | ' | ||||||||||||
The following table presents additional information about the change in certain working capital accounts: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Other changes in certain working capital accounts, net | |||||||||||||
Accounts and notes receivable | $ | (14,064 | ) | $ | 10,181 | $ | (3,085 | ) | |||||
Income taxes receivable/payable — net | 2,490 | 34,412 | (22,499 | ) | |||||||||
Accounts payable | (6,800 | ) | 5,631 | (16,745 | ) | ||||||||
Accrued employee compensation and benefits | (10,132 | ) | 2,049 | (3,393 | ) | ||||||||
Other accrued liabilities | 2,326 | 673 | (6,648 | ) | |||||||||
Other, net | (3,889 | ) | 7,648 | 10,591 | |||||||||
Total | $ | (30,069 | ) | $ | 60,594 | $ | (41,779 | ) | |||||
Information regarding supplemental cash flow disclosures | ' | ||||||||||||
Information regarding supplemental cash flow disclosures is as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Supplemental cash flow disclosures: | |||||||||||||
Interest paid, excluding amounts capitalized | $ | 8,067 | $ | 9,339 | $ | 291 | |||||||
Income taxes paid | $ | 417 | $ | 7,088 | $ | 8,304 | |||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||
Components of benefit expense | ' | ||||||||||||||||||||||||||
The components of the expense consisted of the following: | |||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Service cost | $ | 79 | $ | 104 | $ | 48 | |||||||||||||||||||||
Interest cost | 23,732 | 25,830 | 25,931 | ||||||||||||||||||||||||
Expected return on plan assets, net of expenses | (21,501 | ) | (22,520 | ) | (23,009 | ) | |||||||||||||||||||||
Amortization of actuarial (gain)/loss | 4,192 | 3,586 | 2,984 | ||||||||||||||||||||||||
Curtailment/Settlement losses | — | 664 | 8 | ||||||||||||||||||||||||
Total for defined benefit plans | 6,502 | 7,664 | 5,962 | ||||||||||||||||||||||||
Multi-employer plans | 407 | 467 | 467 | ||||||||||||||||||||||||
SERP | 2,335 | 956 | 2,044 | ||||||||||||||||||||||||
Defined contribution plans | 11,379 | 10,538 | 9,476 | ||||||||||||||||||||||||
Net periodic benefit cost | 20,623 | 19,625 | 17,949 | ||||||||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | ' | ||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows: | |||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Current year actuarial gain/(loss) | $ | 52,063 | $ | (30,761 | ) | (29,350 | ) | ||||||||||||||||||||
Amortization of actuarial (gain)/loss | 4,192 | 4,246 | 2,982 | ||||||||||||||||||||||||
Amortization of prior service cost | — | 4 | 4 | ||||||||||||||||||||||||
Total | $ | 56,255 | $ | (26,511 | ) | $ | (26,364 | ) | |||||||||||||||||||
Schedule of assumptions used | ' | ||||||||||||||||||||||||||
Assumptions used in determining the annual retirement plans expense were as follows: | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Discount rate | 4.27 | % | 5.29 | % | 5.85 | % | |||||||||||||||||||||
Long-term rate of return on plan assets | 4.65 | % | 5.3 | % | 5.7 | % | |||||||||||||||||||||
Increase in compensation levels | 3.3 | % | 3.3 | % | 3.3 | % | |||||||||||||||||||||
Assumptions used to determine the defined benefit pension plans benefit obligations were as follows: | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||
Weighted average discount rate | 5.08 | % | 4.27 | % | 5.29 | % | |||||||||||||||||||||
Increase in compensation levels | 2 | % | 3.3 | % | 3.3 | % | |||||||||||||||||||||
Schedule of employee benefit plan assets and obligations | ' | ||||||||||||||||||||||||||
The following table presents information about our employee benefit plan assets and obligations: | |||||||||||||||||||||||||||
For the years ended December 31, | |||||||||||||||||||||||||||
Defined Benefit Plans | SERP | ||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Accumulated benefit obligation | $ | 503,500 | $ | 568,679 | $ | 14,593 | $ | 15,607 | |||||||||||||||||||
Change in projected benefit obligation: | |||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 570,219 | $ | 499,843 | $ | 15,920 | $ | 14,337 | |||||||||||||||||||
Service cost | 79 | 104 | — | — | |||||||||||||||||||||||
Interest cost | 23,732 | 25,830 | 749 | 721 | |||||||||||||||||||||||
Benefits paid | (24,806 | ) | (19,927 | ) | (804 | ) | (1,440 | ) | |||||||||||||||||||
Actuarial (gains)/losses | (64,653 | ) | 66,388 | 662 | 2,302 | ||||||||||||||||||||||
Curtailments/Settlements | — | (2,019 | ) | (1,655 | ) | — | |||||||||||||||||||||
Projected benefit obligation at end of year | 504,571 | 570,219 | 14,872 | 15,920 | |||||||||||||||||||||||
Plan assets: | |||||||||||||||||||||||||||
Fair value at beginning of year | 472,417 | 435,086 | — | — | |||||||||||||||||||||||
Actual return on plan assets | 8,911 | 58,147 | — | — | |||||||||||||||||||||||
Company contributions | 69 | 1,130 | 2,459 | 1,440 | |||||||||||||||||||||||
Benefits paid | (24,806 | ) | (19,927 | ) | (804 | ) | (1,440 | ) | |||||||||||||||||||
Curtailments/Settlements | — | (2,019 | ) | (1,655 | ) | — | |||||||||||||||||||||
Fair value at end of year | 456,591 | 472,417 | — | — | |||||||||||||||||||||||
Funded status | $ | (47,980 | ) | $ | (97,802 | ) | $ | (14,872 | ) | $ | (15,920 | ) | |||||||||||||||
Amounts recognized in Consolidated Balance Sheets: | |||||||||||||||||||||||||||
Current liabilities | $ | — | $ | — | $ | (832 | ) | $ | (1,540 | ) | |||||||||||||||||
Noncurrent liabilities | (47,980 | ) | (97,802 | ) | (14,040 | ) | (14,380 | ) | |||||||||||||||||||
Total | $ | (47,980 | ) | $ | (97,802 | ) | $ | (14,872 | ) | $ | (15,920 | ) | |||||||||||||||
Amounts recognized in accumulated other comprehensive loss consist of: | |||||||||||||||||||||||||||
Unrecognized net actuarial loss | $ | 119,091 | $ | 175,347 | $ | 9,343 | $ | 10,145 | |||||||||||||||||||
Schedule of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets | ' | ||||||||||||||||||||||||||
Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows: | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
Defined Benefit Plans | SERP | ||||||||||||||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||
Accumulated benefit obligation | $ | 503,500 | $ | 568,679 | $ | 14,593 | $ | 15,607 | |||||||||||||||||||
Projected benefit obligation | 504,571 | 570,219 | 14,872 | 15,920 | |||||||||||||||||||||||
Fair value of plan assets | 456,591 | 472,417 | — | — | |||||||||||||||||||||||
Schedule of allocation of pension plan assets by asset category | ' | ||||||||||||||||||||||||||
Information related to our pension plan asset allocations by asset category were as follows: | |||||||||||||||||||||||||||
Target | Percentage of plan assets | ||||||||||||||||||||||||||
allocation | as of December 31, | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||
US equity securities | 10 | % | 10 | % | 11 | % | |||||||||||||||||||||
Non-US equity securities | 15 | % | 16 | % | 14 | % | |||||||||||||||||||||
Fixed-income securities | 70 | % | 69 | % | 69 | % | |||||||||||||||||||||
Other | 5 | % | 5 | % | 6 | % | |||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||
Plan assets measured using the fair value hierarchy | ' | ||||||||||||||||||||||||||
The following tables present our plan assets using the fair value hierarchy as of December 31, 2013 and 2012: | |||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||
Common/collective trust funds | $ | 122,851 | $ | — | $ | 122,851 | $ | — | |||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||
Common/collective trust funds | 312,626 | — | 312,626 | — | |||||||||||||||||||||||
Real estate fund | 19,534 | — | — | 19,534 | |||||||||||||||||||||||
Cash equivalents | 1,580 | 1,580 | — | — | |||||||||||||||||||||||
Fair value of plan assets | $ | 456,591 | $ | 1,580 | $ | 435,477 | $ | 19,534 | |||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||
Common/collective trust funds | $ | 112,157 | $ | — | $ | 112,157 | $ | — | |||||||||||||||||||
Other | 11,783 | 11,783 | — | — | |||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||
Common/collective trust funds | 319,682 | — | 319,682 | — | |||||||||||||||||||||||
Other | 7,725 | 7,725 | — | — | |||||||||||||||||||||||
Real estate fund | 17,766 | — | — | 17,766 | |||||||||||||||||||||||
Cash equivalents | 3,304 | 3,304 | — | — | |||||||||||||||||||||||
Fair value of plan assets | $ | 472,417 | $ | 22,812 | $ | 431,839 | $ | 17,766 | |||||||||||||||||||
Reconciliation of Level 3 assets | ' | ||||||||||||||||||||||||||
The following table presents a reconciliation of Level 3 assets held during 2013 and 2012: | |||||||||||||||||||||||||||
(in thousands) | Real Estate Fund | ||||||||||||||||||||||||||
As of December 31, 2011 | $ | 15,818 | |||||||||||||||||||||||||
Unrealized gains/(losses) | 1,948 | ||||||||||||||||||||||||||
As of December 31, 2012 | 17,766 | ||||||||||||||||||||||||||
Unrealized gains/(losses) | 1,768 | ||||||||||||||||||||||||||
As of December 31, 2013 | $ | 19,534 | |||||||||||||||||||||||||
Schedule of multi-employer plans | ' | ||||||||||||||||||||||||||
The following table summarizes the two plans we deem significant: | |||||||||||||||||||||||||||
Pension Protection Act Zone Status | Contributions of the Company | ||||||||||||||||||||||||||
Pension Fund | EIN/Pension Plan Number | 2013 | 2012 | FIP/RP Status | 2013 | 2012 | 2011 | Surcharge Imposed | Expiration Date of Collective Bargaining Agreement | ||||||||||||||||||
Pending/Implemented | |||||||||||||||||||||||||||
GCIU | 91-6024903 | Red | Red | Implemented | $ | 99,594 | $ | 117,131 | $ | 108,262 | Yes | 2012 | |||||||||||||||
CWA/ITU | 13-6212879 | Red | Red | Implemented | $ | 116,295 | $ | 126,205 | $ | 134,441 | NA | 2012 | |||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Information regarding business segments | ' | ||||||||||||
Total assets by segment for the years ended December 31 were as follows: | |||||||||||||
As of December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Assets: | |||||||||||||
Television | $ | 410,529 | $ | 415,174 | $ | 432,584 | |||||||
Newspapers | 261,974 | 278,110 | 296,414 | ||||||||||
Syndication and other | 2,017 | 3,837 | 1,783 | ||||||||||
Investments | 11,652 | 15,171 | 16,776 | ||||||||||
Shared services and corporate | 279,958 | 318,476 | 222,971 | ||||||||||
Total assets | $ | 966,130 | $ | 1,030,768 | $ | 970,528 | |||||||
The following table presents additions to property, plant and equipment by segment: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Additions to property, plant and equipment: | |||||||||||||
Television | $ | 12,595 | $ | 19,947 | $ | 10,215 | |||||||
Newspapers | 2,399 | 2,771 | 1,793 | ||||||||||
Syndication and other | — | 780 | 362 | ||||||||||
Shared services and corporate | 6,361 | 6,712 | 273 | ||||||||||
Total additions to property, plant and equipment | $ | 21,355 | $ | 30,210 | $ | 12,643 | |||||||
Information regarding our business segments is as follows: | |||||||||||||
For the years ended December 31, | |||||||||||||
(in thousands) | 2013 | 2012 | 2011 | ||||||||||
Segment operating revenues: | |||||||||||||
Television | $ | 422,763 | $ | 493,896 | $ | 300,598 | |||||||
Newspapers | 384,514 | 399,091 | 414,289 | ||||||||||
Syndication and other | 9,594 | 10,471 | 13,773 | ||||||||||
Total operating revenues | $ | 816,871 | $ | 903,458 | $ | 728,660 | |||||||
Segment profit (loss): | |||||||||||||
Television | $ | 99,790 | $ | 159,917 | $ | 51,989 | |||||||
Newspapers | 27,965 | 27,595 | 26,417 | ||||||||||
Syndication and other | 102 | (347 | ) | (1,343 | ) | ||||||||
Shared services and corporate | (52,563 | ) | (39,678 | ) | (30,634 | ) | |||||||
Depreciation and amortization of intangibles | (47,762 | ) | (49,332 | ) | (40,069 | ) | |||||||
Impairment of long-lived assets | — | — | (9,000 | ) | |||||||||
(Losses) gains, net on disposal of property, plant and equipment | (166 | ) | (474 | ) | 124 | ||||||||
Defined benefit pension plan expense | (8,837 | ) | (8,620 | ) | (8,135 | ) | |||||||
Acquisition and related integration costs | — | (5,826 | ) | (2,787 | ) | ||||||||
Separation and restructuring costs | (4,893 | ) | (9,335 | ) | (9,935 | ) | |||||||
Interest expense | (10,448 | ) | (12,246 | ) | (1,640 | ) | |||||||
Miscellaneous, net | (11,760 | ) | (4,747 | ) | (675 | ) | |||||||
(Loss) income from operations before income taxes | $ | (8,572 | ) | $ | 56,907 | $ | (25,688 | ) | |||||
Depreciation: | |||||||||||||
Television | $ | 22,561 | $ | 23,022 | $ | 16,579 | |||||||
Newspapers | 16,204 | 18,186 | 20,914 | ||||||||||
Syndication and other | 78 | 55 | 138 | ||||||||||
Shared services and corporate | 1,996 | 995 | 1,191 | ||||||||||
Total depreciation | $ | 40,839 | $ | 42,258 | $ | 38,822 | |||||||
Amortization of intangibles: | |||||||||||||
Television | $ | 6,378 | $ | 6,413 | $ | 318 | |||||||
Newspapers | 545 | 661 | 929 | ||||||||||
Total amortization of intangibles | $ | 6,923 | $ | 7,074 | $ | 1,247 | |||||||
Capital_Stock_and_Share_Based_1
Capital Stock and Share Based Compensation Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of options outstanding and exercisable | ' | |||||||||||||||
Information about options outstanding and options exercisable by year of grant is as follows: | ||||||||||||||||
Options Outstanding and Exercisable | ||||||||||||||||
Year of Grant | Range of Exercise Prices | Average Remaining Term (in years) | Options on Shares Outstanding | Weighted Average Exercise Price | Aggregate Intrinsic Value (in millions) | |||||||||||
2004 – expire in 2014 | $10-11 | 0.28 | 126,578 | $ | 10.67 | $ | 1.4 | |||||||||
2005 – expire in 2015 | 11-Oct | 1.28 | 47,882 | 10.9 | 0.5 | |||||||||||
2006 – expire in 2014 | 11-Oct | 0.27 | 166,191 | 10.27 | 1.9 | |||||||||||
2007 – expire in 2015 | 10-Sep | 1.15 | 1,047,996 | 10.35 | 11.9 | |||||||||||
2008 – expire in 2016 | 10-Jul | 2.23 | 1,981,401 | 8.8 | 25.6 | |||||||||||
Total | $7-11 | 1.71 | 3,370,048 | $ | 9.46 | $ | 41.3 | |||||||||
The following table summarizes information about stock option transactions: | ||||||||||||||||
Number | Weighted- | Range of | ||||||||||||||
of Shares | Average | Exercise | ||||||||||||||
Exercise Price | Prices | |||||||||||||||
Outstanding at December 31, 2010 | 10,502,083 | $ | 9.57 | $6-11 | ||||||||||||
Exercised in 2011 | (311,933 | ) | 8.01 | 10-Jun | ||||||||||||
Forfeited in 2011 | (95,528 | ) | 9.53 | 11-Jul | ||||||||||||
Outstanding and exercisable at December 31, 2011 | 10,094,622 | $ | 9.62 | $7-11 | ||||||||||||
Outstanding at December 31, 2011 | 10,094,622 | $ | 9.62 | $7-11 | ||||||||||||
Exercised in 2012 | (2,046,309 | ) | 9.03 | 10-Aug | ||||||||||||
Forfeited in 2012 | (36,933 | ) | 9.12 | 11-Aug | ||||||||||||
Outstanding and exercisable at December 31, 2012 | 8,011,380 | $ | 9.77 | $7-11 | ||||||||||||
Outstanding at December 31, 2012 | 8,011,380 | $ | 9.77 | $7-11 | ||||||||||||
Exercised in 2013 | (4,635,148 | ) | 10 | $7-11 | ||||||||||||
Forfeited in 2013 | (6,184 | ) | 10.23 | $9-11 | ||||||||||||
Outstanding and exercisable at December 31, 2013 | 3,370,048 | $ | 9.46 | $7-11 | ||||||||||||
Schedule of cash proceeds received from exercises of stock options | ' | |||||||||||||||
The following table presents additional information about exercises of stock options: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||
Cash received upon exercise | $ | 46,624 | $ | 18,215 | $ | 2,514 | ||||||||||
Intrinsic value (market value on date of exercise less exercise price) | 18,468 | 2,378 | 446 | |||||||||||||
Tax benefits realized (1) | 6,926 | 892 | 167 | |||||||||||||
(1) Benefits to be recognized in future years when realizable. | ||||||||||||||||
Restricted stock and restricted stock unit vesting activity | ' | |||||||||||||||
Information and activity for our restricted stock and RSUs is presented below: | ||||||||||||||||
Grant Date Fair Value | ||||||||||||||||
Number | Weighted | Range of | ||||||||||||||
of Shares | Average | Prices | ||||||||||||||
Unvested at December 31, 2010 | 6,184,626 | $ | 2.19 | $1-141 | ||||||||||||
Awarded in 2011 | 784,750 | 9.32 | 10-Jul | |||||||||||||
Vested in 2011 | (2,923,637 | ) | 2.32 | 1-141 | ||||||||||||
Forfeited in 2011 | (63,207 | ) | 2.38 | 9-Jan | ||||||||||||
Unvested at December 31, 2011 | 3,982,532 | $ | 3.53 | $1-11 | ||||||||||||
Awarded in 2012 | 877,349 | 9.77 | 11-Aug | |||||||||||||
Vested in 2012 | (2,506,232 | ) | 2.68 | 11-Sep | ||||||||||||
Forfeited in 2012 | (24,247 | ) | 8.19 | 10-Jan | ||||||||||||
Unvested at December 31, 2012 | 2,329,402 | $ | 6.75 | $1-11 | ||||||||||||
Awarded in 2013 | 757,229 | 11.71 | 20-Nov | |||||||||||||
Vested in 2013 | (1,452,719 | ) | 5.01 | 12-Jan | ||||||||||||
Forfeited in 2013 | (47,071 | ) | 10.35 | 12-Sep | ||||||||||||
Unvested at December 31, 2013 | 1,586,841 | $ | 10.59 | $7-20 | ||||||||||||
Additional information about restricted stock and restricted stock unit vesting | ' | |||||||||||||||
The following table presents additional information about restricted stock and restricted stock unit vesting: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||
Fair value of shares and units vested | $ | 16,565 | $ | 23,326 | $ | 27,933 | ||||||||||
Tax benefits realized on vesting (1) | 6,212 | 8,747 | 10,475 | |||||||||||||
Schedule of stock compensation costs | ' | |||||||||||||||
Share-based compensation costs were as follows: | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||||||
Share-based compensation: | ||||||||||||||||
Restricted stock and RSUs | $ | 6,078 | $ | 7,549 | $ | 8,120 | ||||||||||
Stock options | — | — | 262 | |||||||||||||
Total share-based compensation | $ | 6,078 | $ | 7,549 | $ | 8,382 | ||||||||||
Share-based compensation, net of tax | $ | 3,799 | $ | 4,718 | $ | 5,239 | ||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Changes in accumulated other comprehensive loss ("AOCL") by component, including items reclassified out of AOCL, were as follows: | |||||||||||||||||
(in thousands) | Gains and Losses on Derivatives | Defined Benefit Pension Items | Other | Total | |||||||||||||
Beginning balance, December 31, 2012 | $ | (1,009 | ) | $ | (116,188 | ) | $ | 357 | $ | (116,840 | ) | ||||||
Other comprehensive loss before reclassifications | (113 | ) | — | — | (113 | ) | |||||||||||
Amounts reclassified from accumulated other | |||||||||||||||||
comprehensive loss | |||||||||||||||||
Interest rate swap (a), net of tax of $245 | 404 | — | — | 404 | |||||||||||||
Actuarial (gain) loss (b), net of tax of $21,927 | — | 35,811 | (185 | ) | 35,626 | ||||||||||||
Net current-period other comprehensive income (loss) | $ | 291 | $ | 35,811 | $ | (185 | ) | $ | 35,917 | ||||||||
Ending balance, December 31, 2013 | $ | (718 | ) | $ | (80,377 | ) | $ | 172 | $ | (80,923 | ) | ||||||
(a) Included in interest expense in the Consolidated Statements of Operations | |||||||||||||||||
(b) Included in defined benefit pension plan expense in the Consolidated Statements of Operations |
Summarized_Quarterly_Financial1
Summarized Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of quarterly financial information | ' | ||||||||||||||||||||
Summarized quarterly financial information is as follows: | |||||||||||||||||||||
2013 | 1st | 2nd | 3rd | 4th | |||||||||||||||||
(in thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | Total | ||||||||||||||||
Operating revenues | $ | 198,653 | $ | 207,853 | $ | 189,535 | $ | 220,830 | $ | 816,871 | |||||||||||
Costs and expenses | (190,538 | ) | (187,935 | ) | (185,418 | ) | (191,416 | ) | (755,307 | ) | |||||||||||
Depreciation and amortization of intangibles | (11,814 | ) | (11,774 | ) | (12,096 | ) | (12,078 | ) | (47,762 | ) | |||||||||||
(Losses) gains, net on disposal of property, plant and equipment | (5 | ) | 42 | (177 | ) | (26 | ) | (166 | ) | ||||||||||||
Interest expense | (2,613 | ) | (2,656 | ) | (2,655 | ) | (2,524 | ) | (10,448 | ) | |||||||||||
Miscellaneous, net | (1,304 | ) | (1,634 | ) | (1,087 | ) | (7,735 | ) | (11,760 | ) | |||||||||||
Benefit (provision) for income taxes | 4,950 | (711 | ) | 3,047 | 562 | 7,848 | |||||||||||||||
Net (loss) income | (2,671 | ) | 3,185 | (8,851 | ) | 7,613 | (724 | ) | |||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | (250 | ) | (250 | ) | ||||||||||||||
Net (loss) income attributable to the shareholders of The E.W. Scripps Company | $ | (2,671 | ) | $ | 3,185 | $ | (8,851 | ) | $ | 7,863 | $ | (474 | ) | ||||||||
Net (loss) income per basic share of common stock attributable to the shareholders of The E.W. Scripps Company: | $ | (0.05 | ) | $ | 0.05 | $ | (0.16 | ) | $ | 0.14 | $ | (0.01 | ) | ||||||||
Net (loss) income per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company: | $ | (0.05 | ) | $ | 0.05 | $ | (0.16 | ) | $ | 0.13 | $ | (0.01 | ) | ||||||||
Weighted average shares outstanding: | |||||||||||||||||||||
Basic | 56,330 | 57,448 | 56,177 | 55,980 | 56,516 | ||||||||||||||||
Diluted | 56,330 | 58,747 | 56,177 | 57,272 | 56,516 | ||||||||||||||||
Cash dividends per share of common stock | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
2012 | 1st | 2nd | 3rd | 4th | |||||||||||||||||
(in thousands, except per share data) | Quarter | Quarter | Quarter | Quarter | Total | ||||||||||||||||
Operating revenues | $ | 207,127 | $ | 216,934 | $ | 219,644 | $ | 259,753 | $ | 903,458 | |||||||||||
Costs and expenses | (199,236 | ) | (189,752 | ) | (189,090 | ) | (201,674 | ) | (779,752 | ) | |||||||||||
Depreciation and amortization of intangibles | (12,306 | ) | (12,603 | ) | (12,136 | ) | (12,287 | ) | (49,332 | ) | |||||||||||
Gains (losses), net on disposal of property, plant and equipment | 242 | (212 | ) | (80 | ) | (424 | ) | (474 | ) | ||||||||||||
Interest expense | (3,154 | ) | (3,211 | ) | (3,288 | ) | (2,593 | ) | (12,246 | ) | |||||||||||
Miscellaneous, net | (117 | ) | (1,435 | ) | (900 | ) | (2,295 | ) | (4,747 | ) | |||||||||||
Benefit (provision) for income taxes | 3,029 | (4,305 | ) | (2,148 | ) | (13,561 | ) | (16,985 | ) | ||||||||||||
Net (loss) income | (4,415 | ) | 5,416 | 12,002 | 26,919 | 39,922 | |||||||||||||||
Net loss attributable to noncontrolling interests | — | — | — | (266 | ) | (266 | ) | ||||||||||||||
Net (loss) income attributable to the shareholders of The E.W. Scripps Company | $ | (4,415 | ) | $ | 5,416 | $ | 12,002 | $ | 27,185 | $ | 40,188 | ||||||||||
Net (loss) income per basic share of common stock attributable to the shareholders of The E.W. Scripps Company: | $ | (0.08 | ) | $ | 0.09 | $ | 0.21 | $ | 0.47 | $ | 0.7 | ||||||||||
Net (loss) income per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company: | $ | (0.08 | ) | $ | 0.09 | $ | 0.21 | $ | 0.47 | $ | 0.69 | ||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||
Basic | 54,775 | 55,146 | 54,637 | 55,073 | 54,907 | ||||||||||||||||
Diluted | 54,775 | 55,486 | 55,211 | 55,956 | 55,381 | ||||||||||||||||
Cash dividends per share of common stock | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Television network affiliation relationships | Customer lists and other intangible assets | Licensing agreements | Operating revenue | ||
Maximum | Marketing services, including advertising | |||||
Summary of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | ' | 75.00% |
FCC license term | ' | ' | ' | ' | '8 years | ' |
Estimated useful life | ' | ' | '20 years | '20 years | ' | ' |
Estimated liabilities for unpaid claims | $16.30 | $21.20 | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Estimated useful lives (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Buildings and Improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '35 years |
Buildings and Improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '45 years |
Printing Press | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Printing Press | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '30 years |
Other Newspaper Production Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Other Newspaper Production Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Television Transmission Towers and Related Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Television Transmission Towers and Related Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '35 years |
Other Television and Program Production Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Other Television and Program Production Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '15 years |
Computer Hardware and Software | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Computer Hardware and Software | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Office and Other Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Office and Other Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Numerator (for basic and diluted earnings per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net (loss) income attributable to the shareholders of The E.W. Scripps Company | $7,863 | ($8,851) | $3,185 | ($2,671) | $27,185 | $12,002 | $5,416 | ($4,415) | ($474) | $40,188 | ($15,537) | |||
Less income allocated to unvested restricted stock and RSUs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -1,845 | 0 | |||
Numerator for basic and diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | ($474) | ($38,343) | $15,537 | |||
Denominator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Basic weighted-average shares outstanding | 55,980 | 56,177 | 57,448 | 56,330 | 55,073 | 54,637 | 55,146 | 54,775 | 56,516 | 54,907 | 57,217 | |||
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Stock options held by employees and directors | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 474 | 0 | |||
Diluted weighted-average shares outstanding | 57,272 | 56,177 | 58,747 | 56,330 | 55,956 | 55,211 | 55,486 | 54,775 | 56,516 | 55,381 | 57,217 | |||
Anti-dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 4,957 | [1] | 176 | [1] | 14,077 | [1] |
[1] | Amount outstanding at Balance Sheet date, before application of the treasury stock method and not weighted for period outstanding. |
Acquisitions_Narrative_Details
Acquisitions - Narrative (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2012 | Dec. 31, 2012 | Dec. 30, 2011 | Dec. 30, 2011 | Sep. 30, 2012 | Dec. 30, 2011 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | |
ABC affiliates | Azteca America affiliates | McGraw-Hill Broadcasting Company Inc | McGraw-Hill Broadcasting Company Inc | Television network affiliation relationships | Advertiser relationships | Licensing agreements | |||
station | station | McGraw-Hill Broadcasting Company Inc | McGraw-Hill Broadcasting Company Inc | McGraw-Hill Broadcasting Company Inc | |||||
Acquisitions (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition cost in cash | ' | ' | ' | ' | ' | $212,000,000 | ' | ' | ' |
Working capital adjustment | ' | ' | ' | ' | ' | 4,400,000 | ' | ' | ' |
Number of Stations Acquired | ' | ' | 4 | 5 | ' | ' | ' | ' | ' |
Goodwill accounting adjustments | 625,000 | 625,000 | ' | ' | ' | ' | ' | ' | ' |
Purchase price allocated to intangible assets | ' | ' | ' | ' | 130,100,000 | ' | ' | ' | ' |
FCC licenses acquired | ' | ' | ' | ' | ' | ' | ' | ' | 44,000,000 |
Value of television network affiliation relationships acquired | ' | ' | ' | ' | ' | ' | 74,000,000 | ' | ' |
Estimated Amortization Period | ' | ' | ' | ' | ' | ' | '20 years | '10 years | ' |
Goodwill | ' | ' | ' | ' | $27,966,000 | ' | ' | ' | ' |
Acquisitions_Fair_Values_of_As
Acquisitions - Fair Values of Assets Acquired and Liabilities Assumed (Details) (McGraw-Hill Broadcasting Company Inc, USD $) | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |
McGraw-Hill Broadcasting Company Inc | ' |
Fair values of the assets acquired and the liabilities assumed | ' |
Accounts receivable | $19,768 |
Other current assets | 891 |
Investments | 4,558 |
Property, plant and equipment | 37,837 |
Intangible assets | 130,100 |
Goodwill | 27,966 |
Total assets acquired | 221,120 |
Current liabilities | 4,712 |
Net purchase price | $216,408 |
Acquisitions_Pro_Forma_Results
Acquisitions - Pro Forma Results of Operations (Details) (McGraw-Hill Broadcasting Company Inc, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 |
McGraw-Hill Broadcasting Company Inc | ' |
Business Acquisition [Line Items] | ' |
Operating revenues | $822,516 |
Loss attributable to the shareholders of The E.W. Scripps Company | ($24,310) |
Loss per share attributable to the shareholders of The E.W. Scripps Company: | ' |
Basic (USD per share) | ($0.42) |
Diluted (USD per share) | ($0.42) |
Asset_WriteDowns_and_Other_Cha1
Asset Write-Downs and Other Charges and Credits - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 26, 2013 | |
newspaper | Financing Agreement [Member] | |||
Component of Operating Other Cost and Expense [Line Items] | ' | ' | ' | ' |
Restructuring charges | $4,893,000 | $9,335,000 | $9,935,000 | ' |
Non-cash charge for loss on disposition of investments and impairments | 4,500,000 | ' | ' | ' |
Non-cash charge to write off unamortized deferred loan fees | ' | ' | ' | 4,600,000 |
Contract termination fee | ' | 5,663,000 | ' | ' |
Impairment of investments | ' | 1,400,000 | ' | ' |
Acquisition and related integration costs | 0 | 5,826,000 | 2,787,000 | ' |
Impairment of long-lived assets | $0 | $0 | $9,000,000 | ' |
Number of locations with long-lived assets subject to impairment | ' | ' | 4 | ' |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ' | ' | ' |
Deferred tax assets | $26,594,000 | $43,305,000 | ' |
Potential affect of unrecognized tax benefits on effective tax rate | 8,000,000 | ' | ' |
Interest accrued on unrecognized tax benefits | 2,400,000 | 2,500,000 | ' |
Income Tax Benefit, Recognition of Previously Unrecognized Tax Benefits | 3,100,000 | 5,500,000 | ' |
Current period tax benefit due to realization of previously unrecognized tax benefits | ' | ' | -1,600,000 |
Potential change in unrecognized tax benefits | 7,000,000 | ' | ' |
Unrecognized tax deductions, share-based compensation | 23,000,000 | ' | ' |
Federal | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 57,000,000 | ' | ' |
State | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Net operating loss carryforwards | $266,000,000 | ' | ' |
Income_Taxes_Provision_for_inc
Income Taxes - Provision for income taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $319 | $770 | ($27,918) |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | -3,102 | 365 | 1,185 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | -2,783 | 1,135 | -26,733 |
Tax benefits of compensation plans allocated to additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 7,553 | 6,946 |
Total current income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | -2,783 | 8,688 | -19,787 |
Deferred federal | ' | ' | ' | ' | ' | ' | ' | ' | 15,467 | 18,023 | 16,637 |
Deferred other | ' | ' | ' | ' | ' | ' | ' | ' | 1,334 | 1,943 | 3,110 |
Deferred total | ' | ' | ' | ' | ' | ' | ' | ' | 16,801 | 19,966 | 19,747 |
Deferred tax allocated to other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -21,866 | -11,669 | -9,961 |
Total deferred income tax provision | ' | ' | ' | ' | ' | ' | ' | ' | -5,065 | 8,297 | 9,786 |
(Benefit) provision for income taxes | ($562) | ($3,047) | $711 | ($4,950) | $13,561 | $2,148 | $4,305 | ($3,029) | ($7,848) | $16,985 | ($10,001) |
Income_Taxes_Effective_income_
Income Taxes - Effective income tax reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Effective Income Tax Rate, Tax Rate Reconciliation | ' | ' | ' |
Statutory rate | 35.00% | 35.00% | 35.00% |
Effect of: | ' | ' | ' |
State and local income taxes, net of federal income tax benefit | 4.40% | 2.10% | -1.80% |
Reserve for uncertain tax positions | 35.70% | -7.30% | -1.90% |
Amended returns, settlements and other | 16.50% | 0.00% | 7.60% |
Effective income tax rate | 91.60% | 29.80% | 38.90% |
Income_Taxes_Deferred_tax_liab
Income Taxes - Deferred tax (liabilities) assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Temporary differences [Abstract] | ' | ' |
Property, plant and equipment | ($44,448) | ($46,016) |
Goodwill and other intangible assets | -2,684 | 1,605 |
Investments, primarily gains and losses not yet recognized for tax purposes | 4,750 | 3,128 |
Accrued expenses not deductible until paid | 11,865 | 16,213 |
Deferred compensation and retiree benefits not deductible until paid | 37,041 | 61,703 |
Other temporary differences, net | 25 | 244 |
Total temporary differences | 6,549 | 36,877 |
Federal and state net operating loss carryforwards | 21,123 | 6,984 |
Valuation allowance for state deferred tax assets | -1,078 | -556 |
Deferred Tax Assets, Net | $26,594 | $43,305 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefit (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ' | ' | ' |
Gross unrecognized tax benefits at beginning of year | $16,386 | $21,240 | $20,010 |
Increases in tax positions for prior years | 2,692 | 623 | 1,500 |
Decreases in tax positions for prior years | 0 | -1,287 | -270 |
Decreases from lapse in statute of limitations | -2,670 | -4,190 | 0 |
Settlements | -1,584 | 0 | 0 |
Gross unrecognized tax benefits at end of year | $14,824 | $16,386 | $21,240 |
Restricted_Cash_Narrative_Deta
Restricted Cash - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents [Abstract] | ' | ' |
Restricted cash | $8,210 | $10,010 |
Investments_Schedule_Details
Investments - Schedule (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments [Abstract] | ' | ' |
Investments held at cost | $11,724 | $15,242 |
Equity method investments | 4,843 | 5,873 |
Total investments | $16,567 | $21,115 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment - Schedule (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $813,761 | $826,217 |
Accumulated depreciation | 459,964 | 451,286 |
Net property, plant and equipment | 353,797 | 374,931 |
Land and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 73,980 | 74,797 |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 231,219 | 223,761 |
Equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | 472,407 | 494,024 |
Computer software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, plant and equipment, gross | $36,155 | $33,635 |
Property_Plant_and_Equipment_N
Property, Plant and Equipment - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
newspaper | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Impairment of long-lived assets | $0 | $0 | $9,000,000 |
Number of locations with long-lived assets subject to impairment | ' | ' | 4 |
Carrying value | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment measurement reviewed for impairment | ' | ' | 36,000,000 |
Estimate of fair value | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, plant and equipment measurement reviewed for impairment | ' | ' | $27,000,000 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of other intangible assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying amount: | ' | ' |
Total carrying amount | $104,709 | $104,913 |
Accumulated amortization: | ' | ' |
Total accumulated amortization | -24,662 | -17,945 |
Net amortizable intangible assets | 80,047 | 86,968 |
Total other intangible assets | 137,862 | 144,783 |
Licensing agreements | ' | ' |
Accumulated amortization: | ' | ' |
Other indefinite-lived intangible assets - FCC licenses | 57,815 | 57,815 |
Television network affiliation relationships | ' | ' |
Carrying amount: | ' | ' |
Total carrying amount | 78,844 | 78,844 |
Accumulated amortization: | ' | ' |
Total accumulated amortization | -9,691 | -5,755 |
Customer lists and advertiser relationships | ' | ' |
Carrying amount: | ' | ' |
Total carrying amount | 22,304 | 22,304 |
Accumulated amortization: | ' | ' |
Total accumulated amortization | -13,138 | -10,346 |
Other | ' | ' |
Carrying amount: | ' | ' |
Total carrying amount | 3,561 | 3,765 |
Accumulated amortization: | ' | ' |
Total accumulated amortization | ($1,833) | ($1,844) |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Goodwill by business segment (Details) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 |
Summary of activity related to goodwill by business segment | ' | ' | ' | ' | ' |
Gross balance | ' | $1,022,280 | $1,022,905 | ' | $994,314 |
Accumulated impairment losses | ' | -994,314 | -994,314 | ' | -994,314 |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Balance, beginning of period | 28,591 | 28,591 | 0 | 27,966 | ' |
Acquisition in 2011 | ' | ' | 28,591 | ' | ' |
Purchase accounting adjustments in 2012 | -625 | -625 | ' | ' | ' |
Balance, end of period | ' | 27,966 | 28,591 | 27,966 | ' |
Television | ' | ' | ' | ' | ' |
Summary of activity related to goodwill by business segment | ' | ' | ' | ' | ' |
Gross balance | ' | 243,380 | 244,005 | ' | 215,414 |
Accumulated impairment losses | ' | -215,414 | -215,414 | ' | -215,414 |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Balance, beginning of period | 28,591 | 28,591 | 0 | 27,966 | ' |
Acquisition in 2011 | ' | ' | 28,591 | ' | ' |
Purchase accounting adjustments in 2012 | ' | -625 | ' | ' | ' |
Balance, end of period | ' | 27,966 | 28,591 | 27,966 | ' |
Newspapers | ' | ' | ' | ' | ' |
Summary of activity related to goodwill by business segment | ' | ' | ' | ' | ' |
Gross balance | ' | 778,900 | 778,900 | ' | 778,900 |
Accumulated impairment losses | ' | -778,900 | -778,900 | ' | -778,900 |
Goodwill [Roll Forward] | ' | ' | ' | ' | ' |
Balance, beginning of period | 0 | 0 | 0 | 0 | ' |
Acquisition in 2011 | ' | ' | 0 | ' | ' |
Purchase accounting adjustments in 2012 | ' | 0 | ' | ' | ' |
Balance, end of period | ' | $0 | $0 | $0 | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Estimated amortization expense of intangible assets for 2014 | $6.80 |
Estimated amortization expense of intangible assets for 2015 | 6.8 |
Estimated amortization expense of intangible assets for 2016 | 6.7 |
Estimated amortization expense of intangible assets for 2017 | 4.2 |
Estimated amortization expense of intangible assets for 2018 | 4.2 |
Estimated amortization expense of intangible assets for later years | $51.30 |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Components of Long-term debt | ' | ' | ||
Long-term debt | $200,000 | $196,100 | ||
Current portion of long-term debt | 2,000 | 15,900 | ||
Long-term debt (less current portion) | 198,000 | 180,200 | ||
Fair value of long-term debt | 200,000 | [1] | 196,100 | [1] |
Variable rate credit facilities | ' | ' | ||
Components of Long-term debt | ' | ' | ||
Long-term debt | 0 | 0 | ||
Term loan | ' | ' | ||
Components of Long-term debt | ' | ' | ||
Long-term debt | $200,000 | $196,100 | ||
[1] | For 2013, fair value of the term loan was estimated based on quoted private market transactions and are classified as Level 1 in the fair value hierarchy. For 2012, fair value of the term loan was estimated based on current rates available to the Company for debt of the same remaining maturity and are classified as Level 2 in the fair value hierarchy. |
LongTerm_Debt_Narrative_Detail
Long-Term Debt - Narrative (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 26, 2013 | Dec. 31, 2013 | Nov. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 26, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Minimum | Maximum | Financing Agreement | Financing Agreement | Financing Agreement | Financing Agreement | Financing Agreement | Financing Agreement | Financing Agreement | Financing Agreement | Financing Agreement | ||
Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Term loan | Term loan | Term loan | Term loan | |||||||
Minimum | Maximum | Minimum | |||||||||||
Long-Term Debt (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit and term loan agreement | ' | ' | ' | ' | $275 | ' | $75 | ' | ' | ' | $200 | ' | ' |
Write off of unamortized deferred loan fees | ' | ' | ' | ' | 4.6 | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, amount outstanding that triggers net leverage ratio (percent) | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' |
Variable interest rate, floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% |
LIBOR plus margin range | ' | ' | ' | ' | ' | ' | ' | 2.25% | 2.75% | 2.50% | ' | ' | ' |
Base interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' |
Weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.66% | ' | 4.22% | ' |
Scheduled principal payments on long-term debt in 2014 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled principal payments on long-term debt in 2015 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled principal payments on long-term debt in 2016 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled principal payments on long-term debt in 2017 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled principal payments on long-term debt in 2018 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled principal payments on long-term debt 2019 and thereafter | 190 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted payment for dividend and share repurchase, maximum | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' |
Pro forma net leverage ratio | ' | ' | ' | ' | ' | 4.5 | ' | ' | ' | ' | ' | ' | ' |
Percentage of commitment fees of total unused commitment under revolving credit facility | ' | ' | 0.30% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding amount | $0.20 | $1.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_Narrativ
Financial Instruments - Narrative (Details) (Interest rate swaps, USD $) | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest rate swaps | ' | ' | ' |
Financial Instruments (Textual) [Abstract] | ' | ' | ' |
Notional Amount | $75,000 | $75,000 | $0 |
Fixed LIBOR interest rate | ' | 1.08% | ' |
Derivative instrument, amortized into earnings from accumulated other comprehensive loss (less than) | $100 | ' | ' |
Financial_Instruments_Notional
Financial Instruments - Notional Amounts (Details) (Interest rate swaps, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Interest rate swaps | ' | ' |
Derivatives designated as and not designated as cash flow hedges: | ' | ' |
Notional Amount | $0 | $75,000 |
Fair Value, Asset | 0 | 0 |
Fair Value, Liability | 0 | 1,619 |
Notional Amount of Interest Rate Derivatives | 75,000 | 0 |
Interest Rate Derivative Assets, at Fair Value | 0 | 0 |
Interest Rate Derivative Liabilities, at Fair Value | $723 | $0 |
Financial_Instruments_Effectiv
Financial Instruments - Effective Portion of Unrealized Gain and Loss (Details) (Interest rate swaps, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Interest rate swaps | ' | ' |
Derivatives designated as and not designated as cash flow hedges: | ' | ' |
Effective portion recognized in Accumulated OCL, Gain/(Loss) | ($182) | ($2,147) |
Reclassified from Accumulated OCL, Gain/(Loss) | 649 | 528 |
Derivative, Gain (Loss) on Derivative, Net | 468 | ' |
Ineffective portion and amount excluded from effectiveness testing, Gain/(Loss) | ' | $0 |
Fair_Value_Measurement_Assets_
Fair Value Measurement - Assets and Liabilities Measured at Fair Value (Details) (Recurring Measurements, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' |
Cash equivalents | $30,000 | $0 |
Level 1 | ' | ' |
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' |
Cash equivalents | 30,000 | 0 |
Level 2 | ' | ' |
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' |
Cash equivalents | 0 | 0 |
Level 3 | ' | ' |
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' |
Cash equivalents | 0 | 0 |
Interest rate swaps | ' | ' |
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' |
Interest rate swap | -723 | -1,619 |
Interest rate swaps | Level 1 | ' | ' |
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' |
Interest rate swap | 0 | 0 |
Interest rate swaps | Level 2 | ' | ' |
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' |
Interest rate swap | -723 | -1,619 |
Interest rate swaps | Level 3 | ' | ' |
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' |
Interest rate swap | $0 | $0 |
Other_Liabilities_Additional_I
Other Liabilities - Additional Information (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other liabilities | ' | ' |
Employee compensation and benefits | $19,756 | $20,596 |
Liability for pension benefits | 62,020 | 112,556 |
Liabilities for uncertain tax positions | 10,670 | 12,534 |
Other | 14,826 | 18,939 |
Other liabilities (less current portion) | $107,272 | $164,625 |
Noncontrolling_Interests_Narra
Noncontrolling Interests - Narrative (Details) | Dec. 31, 2013 |
Memphis Newspaper [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 4.00% |
Evansville Newspaper [Member] | ' |
Noncontrolling Interest [Line Items] | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 6.00% |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Change in Certain Working Capital Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other changes in certain working capital accounts, net | ' | ' | ' |
Accounts and notes receivable | ($14,064) | $10,181 | ($3,085) |
Income taxes receivable/payable b net | 2,490 | 34,412 | -22,499 |
Accounts payable | -6,800 | 5,631 | -16,745 |
Accrued employee compensation and benefits | -10,132 | 2,049 | -3,393 |
Other accrued liabilities | 2,326 | 673 | -6,648 |
Other, net | -3,889 | 7,648 | 10,591 |
Total | ($30,069) | $60,594 | ($41,779) |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information - Supplemental Cash Flow Disclosure (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Interest paid, excluding amounts capitalized | $8,067 | $9,339 | $291 |
Income taxes paid | $417 | $7,088 | $8,304 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Estimated future benefit payments expected to be paid in 2014 | $21,600,000 | ' | ' |
Estimated future benefit payments expected to be paid in 2015 | 22,600,000 | ' | ' |
Estimated future benefit payments expected to be paid in 2016 | 23,600,000 | ' | ' |
Estimated future benefit payments expected to be paid in 2017 | 25,000,000 | ' | ' |
Estimated future benefit payments expected to be paid in 2018 | 26,600,000 | ' | ' |
Total estimated future benefit payments expected to be paid for the five years ending 2023 | 156,400,000 | ' | ' |
Percentage of total contributions made to multi-employer plans | 5.00% | ' | ' |
Number of multi-employer pension plans | 4 | ' | ' |
Number of multi-employer plans deemed significant | 2 | ' | ' |
CWA/ITU | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Multi-employer plan withdrawal liability | 4,800,000 | ' | ' |
GCIU | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Multi-employer plan withdrawal liability | 30,700,000 | ' | ' |
SERP | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Amortization of actuarial gain (loss) | 400,000 | 300,000 | 1,300,000 |
Current year actuarial gain (loss) | 700,000 | 2,300,000 | 1,600,000 |
Settlement charge | 1,100,000 | ' | ' |
Defined Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Amortization of actuarial gain (loss) | 4,192,000 | 4,246,000 | 2,982,000 |
Current year actuarial gain (loss) | 52,063,000 | -30,761,000 | -29,350,000 |
Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Period of consideration for historical plan asset rate of return | '10 years | ' | ' |
Historical period considered | '10 years | ' | ' |
Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Period of consideration for historical plan asset rate of return | '15 years | ' | ' |
Historical period considered | '15 years | ' | ' |
Fixed-income securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target plan asset allocations range | 70.00% | ' | ' |
Equity securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Target plan asset allocations range | 30.00% | ' | ' |
Scenario, Forecast [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected amortization of actuarial loss from accumulated other comprehensive loss into net periodic benefit costs | 2,900,000 | ' | ' |
Scenario, Forecast [Member] | SERP | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected amortization of actuarial loss from accumulated other comprehensive loss into net periodic benefit costs | 300,000 | ' | ' |
Expected contributions to benefit plans | 800,000 | ' | ' |
Scenario, Forecast [Member] | Defined Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expected contributions to benefit plans | $100,000 | ' | ' |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Net periodic benefit cost | $20,623 | $19,625 | $17,949 |
Defined benefit plans | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | 79 | 104 | 48 |
Interest cost | 23,732 | 25,830 | 25,931 |
Expected return on plan assets, net of expenses | -21,501 | -22,520 | -23,009 |
Amortization of actuarial (gain)/loss | 4,192 | 3,586 | 2,984 |
Curtailments/Settlement losses | 0 | 664 | 8 |
Total for defined benefit plans | 6,502 | 7,664 | 5,962 |
Multi-employer plans | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Net periodic benefit cost | 407 | 467 | 467 |
SERP | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Service cost | 0 | 0 | ' |
Interest cost | 749 | 721 | ' |
Net periodic benefit cost | 2,335 | 956 | 2,044 |
Defined contribution plans | ' | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' | ' |
Net periodic benefit cost | $11,379 | $10,538 | $9,476 |
Employee_Benefit_Plans_Changes
Employee Benefit Plans - Changes Recognized in OCI (Details) (Defined Benefit Plans, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Current year actuarial gain/(loss) | $52,063 | ($30,761) | ($29,350) |
Amortization of actuarial (gain)/loss | 4,192 | 4,246 | 2,982 |
Amortization of prior service cost | 0 | 4 | 4 |
Total | $56,255 | ($26,511) | ($26,364) |
Employee_Benefit_Plans_Annual_
Employee Benefit Plans - Annual Retirement Plan Expense Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Discount rate | 4.27% | 5.29% | 5.85% |
Long-term rate of return on plan assets | 4.65% | 5.30% | 5.70% |
Increase in compensation levels | 3.30% | 3.30% | 3.30% |
Employee_Benefit_Plans_Schedul
Employee Benefit Plans - Schedule of Defined Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligation | $503,500 | $568,679 | ' |
Change in Projected Benefit Obligation | ' | ' | ' |
Projected benefit obligation at beginning of year | 570,219 | 499,843 | ' |
Service cost | 79 | 104 | 48 |
Interest cost | 23,732 | 25,830 | 25,931 |
Benefits paid | -24,806 | -19,927 | ' |
Actuarial (gains)/losses | -64,653 | 66,388 | ' |
Curtailments/Settlements | 0 | -2,019 | ' |
Projected benefit obligation at end of year | 504,571 | 570,219 | 499,843 |
Plan Assets: | ' | ' | ' |
Fair value at beginning of year | 472,417 | 435,086 | ' |
Actual return on plan assets | 8,911 | 58,147 | ' |
Company contributions | 69 | 1,130 | ' |
Benefits paid | -24,806 | -19,927 | ' |
Curtailments/Settlements | 0 | -2,019 | ' |
Fair value at end of year | 456,591 | 472,417 | 435,086 |
Funded status | -47,980 | -97,802 | ' |
Amounts Recognized in Consolidated Balance Sheets: | ' | ' | ' |
Current liabilities | 0 | 0 | ' |
Noncurrent liabilities | -47,980 | -97,802 | ' |
Total | -47,980 | -97,802 | ' |
Amounts Recognized in Accumulated Other Comprehensive Loss: | ' | ' | ' |
Unrecognized net actuarial loss | 119,091 | 175,347 | ' |
SERP | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligation | 14,593 | 15,607 | ' |
Change in Projected Benefit Obligation | ' | ' | ' |
Projected benefit obligation at beginning of year | 15,920 | 14,337 | ' |
Service cost | 0 | 0 | ' |
Interest cost | 749 | 721 | ' |
Benefits paid | -804 | -1,440 | ' |
Actuarial (gains)/losses | 662 | 2,302 | ' |
Curtailments/Settlements | -1,655 | 0 | ' |
Projected benefit obligation at end of year | 14,872 | 15,920 | ' |
Plan Assets: | ' | ' | ' |
Fair value at beginning of year | 0 | 0 | ' |
Actual return on plan assets | 0 | 0 | ' |
Company contributions | 2,459 | 1,440 | ' |
Benefits paid | -804 | -1,440 | ' |
Curtailments/Settlements | -1,655 | 0 | ' |
Fair value at end of year | 0 | 0 | ' |
Funded status | -14,872 | -15,920 | ' |
Amounts Recognized in Consolidated Balance Sheets: | ' | ' | ' |
Current liabilities | -832 | -1,540 | ' |
Noncurrent liabilities | -14,040 | -14,380 | ' |
Total | -14,872 | -15,920 | ' |
Amounts Recognized in Accumulated Other Comprehensive Loss: | ' | ' | ' |
Unrecognized net actuarial loss | $9,343 | $10,145 | ' |
Employee_Benefit_Plans_Pension
Employee Benefit Plans - Pension Plans with Accumulated Benefit Obligation in Excess of Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligation | $503,500 | $568,679 | ' |
Projected benefit obligation | 504,571 | 570,219 | 499,843 |
Fair value of plan assets | 456,591 | 472,417 | 435,086 |
SERP | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Accumulated benefit obligation | 14,593 | 15,607 | ' |
Projected benefit obligation | 14,872 | 15,920 | 14,337 |
Fair value of plan assets | $0 | $0 | $0 |
Employee_Benefit_Plans_Defined
Employee Benefit Plans - Defined Benefit Plan Obligations Assumptions (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Increase in compensation levels | 2.00% | 3.30% | 3.30% |
Weighted Average [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Weighted average discount rate | 5.08% | 4.27% | 5.29% |
Employee_Benefit_Plans_Allocat
Employee Benefit Plans - Allocation of Plan Assets (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
US equity securities | US equity securities | Non-US equity securities | Non-US equity securities | Fixed-income securities | Fixed-income securities | Other | Other | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | |||
US equity securities | Non-US equity securities | Fixed-income securities | Other | ||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 10.00% | 15.00% | 70.00% | 5.00% |
Percentage of plan assets as of December 31, | 100.00% | 100.00% | 10.00% | 11.00% | 16.00% | 14.00% | 69.00% | 69.00% | 5.00% | 6.00% | ' | ' | ' | ' | ' |
Employee_Benefit_Plans_Schedul1
Employee Benefit Plans - Schedule of plan assets by fair value hierarchy (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Estimate of fair value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | $456,591 | $472,417 |
Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 1,580 | 22,812 |
Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 435,477 | 431,839 |
Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 19,534 | 17,766 |
Equity securities, Common/collective trust funds | Estimate of fair value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 122,851 | 112,157 |
Equity securities, Common/collective trust funds | Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 0 | 0 |
Equity securities, Common/collective trust funds | Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 122,851 | 112,157 |
Equity securities, Common/collective trust funds | Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 0 | 0 |
Equity securities, Other | Estimate of fair value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | ' | 11,783 |
Equity securities, Other | Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | ' | 11,783 |
Equity securities, Other | Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | ' | 0 |
Equity securities, Other | Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | ' | 0 |
Fixed income, Common/collective trust funds | Estimate of fair value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 312,626 | 319,682 |
Fixed income, Common/collective trust funds | Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 0 | 0 |
Fixed income, Common/collective trust funds | Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 312,626 | 319,682 |
Fixed income, Common/collective trust funds | Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 0 | 0 |
Fixed income, Other | Estimate of fair value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | ' | 7,725 |
Fixed income, Other | Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | ' | 7,725 |
Fixed income, Other | Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | ' | 0 |
Fixed income, Other | Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | ' | 0 |
Real Estate Fund | Estimate of fair value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 19,534 | 17,766 |
Real Estate Fund | Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 0 | 0 |
Real Estate Fund | Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 0 | 0 |
Real Estate Fund | Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 19,534 | 17,766 |
Cash equivalents | Estimate of fair value | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 1,580 | 3,304 |
Cash equivalents | Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 1,580 | 3,304 |
Cash equivalents | Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | 0 | 0 |
Cash equivalents | Level 3 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Fair value of plan assets | $0 | $0 |
Employee_Benefit_Plans_Reconci
Employee Benefit Plans - Reconciliation of level 3 assets (Details) (Defined Benefit Plans, Real Estate Fund, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans | Real Estate Fund | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Beginning Balance | $17,766 | $15,818 |
Unrealized gains/(losses) | 1,768 | 1,948 |
Ending Balance | $19,534 | $17,766 |
Employee_Benefit_Plans_Schedul2
Employee Benefit Plans - Schedule of multi-employer plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
GCIU | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Pension Protection Act Zone Status | 'Red | 'Red | ' |
FIP/RP Status Pending/Implemented | 'Implemented | ' | ' |
Contributions of the Company | $99,594 | $117,131 | $108,262 |
Surcharge Imposed | 'Yes | ' | ' |
Expiration Date of Collective-Bargaining Agreement | 31-Dec-12 | ' | ' |
CWA/ITU | ' | ' | ' |
Multiemployer Plans [Line Items] | ' | ' | ' |
Pension Protection Act Zone Status | 'Red | 'Red | ' |
FIP/RP Status Pending/Implemented | 'Implemented | ' | ' |
Contributions of the Company | $116,295 | $126,205 | $134,441 |
Surcharge Imposed | 'NA | ' | ' |
Expiration Date of Collective-Bargaining Agreement | 31-Dec-12 | ' | ' |
Segment_Information_Narrative_
Segment Information - Narrative (Details) | Dec. 31, 2013 |
customer | |
Segment information (Textual) [Abstract] | ' |
Number of major customers customers | 0 |
Percentage of revenue by major customer | 10.00% |
Television | ' |
Segment information (Textual) [Abstract] | ' |
Percentage of market capture | 13.00% |
Television | ABC affiliates | ' |
Segment Reporting Information [Line Items] | ' |
Number of Affiliates | 10 |
Television | NBC affiliates | ' |
Segment Reporting Information [Line Items] | ' |
Number of Affiliates | 3 |
Television | Independent station | ' |
Segment Reporting Information [Line Items] | ' |
Number of Affiliates | 1 |
Television | Azteca America affiliates | ' |
Segment Reporting Information [Line Items] | ' |
Number of Affiliates | 5 |
Newspapers | ' |
Segment information (Textual) [Abstract] | ' |
Number of markets for daily and community newspapers | 13 |
Segment_Information_Schedule_o
Segment Information - Schedule of Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment operating revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenues | $220,830 | $189,535 | $207,853 | $198,653 | $259,753 | $219,644 | $216,934 | $207,127 | $816,871 | $903,458 | $728,660 |
Segment profit (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization of intangibles | -12,078 | -12,096 | -11,774 | -11,814 | -12,287 | -12,136 | -12,603 | -12,306 | -47,762 | -49,332 | -40,069 |
Impairment of long-lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -9,000 |
(Losses) gains, net on disposal of property, plant and equipment | -26 | -177 | 42 | -5 | -424 | -80 | -212 | 242 | -166 | -474 | 124 |
Interest expense | -2,524 | -2,655 | -2,656 | -2,613 | -2,593 | -3,288 | -3,211 | -3,154 | -10,448 | -12,246 | -1,640 |
Defined benefit pension plan expense | ' | ' | ' | ' | ' | ' | ' | ' | -8,837 | -8,620 | -8,135 |
Acquisition and related integration costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -5,826 | -2,787 |
Separation and restructuring costs | ' | ' | ' | ' | ' | ' | ' | ' | -4,893 | -9,335 | -9,935 |
Miscellaneous, net | -7,735 | -1,087 | -1,634 | -1,304 | -2,295 | -900 | -1,435 | -117 | -11,760 | -4,747 | -675 |
Income (loss) from operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -8,572 | 56,907 | -25,688 |
Depreciation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 40,839 | 42,258 | 38,822 |
Amortization of intangibles: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amortization of intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 6,923 | 7,074 | 1,247 |
Additions to property, plant and equipment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 21,355 | 30,210 | 12,643 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 966,130 | ' | ' | ' | 1,030,768 | ' | ' | ' | 966,130 | 1,030,768 | 970,528 |
Television | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 422,763 | 493,896 | 300,598 |
Segment profit (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 99,790 | 159,917 | 51,989 |
Depreciation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 22,561 | 23,022 | 16,579 |
Amortization of intangibles: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amortization of intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 6,378 | 6,413 | 318 |
Additions to property, plant and equipment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 12,595 | 19,947 | 10,215 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 410,529 | ' | ' | ' | 415,174 | ' | ' | ' | 410,529 | 415,174 | 432,584 |
Newspapers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 384,514 | 399,091 | 414,289 |
Segment profit (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 27,965 | 27,595 | 26,417 |
Depreciation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 16,204 | 18,186 | 20,914 |
Amortization of intangibles: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amortization of intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 545 | 661 | 929 |
Additions to property, plant and equipment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 2,399 | 2,771 | 1,793 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 261,974 | ' | ' | ' | 278,110 | ' | ' | ' | 261,974 | 278,110 | 296,414 |
Syndication and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment operating revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating revenues | ' | ' | ' | ' | ' | ' | ' | ' | 9,594 | 10,471 | 13,773 |
Segment profit (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 102 | -347 | -1,343 |
Depreciation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 78 | 55 | 138 |
Additions to property, plant and equipment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 780 | 362 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 2,017 | ' | ' | ' | 3,837 | ' | ' | ' | 2,017 | 3,837 | 1,783 |
Shared Services And Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment profit (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment profit (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -52,563 | -39,678 | -30,634 |
Depreciation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 1,996 | 995 | 1,191 |
Additions to property, plant and equipment: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 6,361 | 6,712 | 273 |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 279,958 | ' | ' | ' | 318,476 | ' | ' | ' | 279,958 | 318,476 | 222,971 |
Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $11,652 | ' | ' | ' | $15,171 | ' | ' | ' | $11,652 | $15,171 | $16,776 |
SpinOff_of_Scripps_Networks_In1
Spin-Off of Scripps Networks Interactive, Inc - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Spin Off of Company [Abstract] | ' | ' | ' |
Payment of prior years' tax refund claims | ' | $0.40 | $7.10 |
Tax deductions resulting from exercise of share-based compensation awards | $14.30 | $17.80 | $5.80 |
SNI options outstanding, held by employees | 0.4 | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Narrative (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' |
Future minimum payments on noncancelable leases in 2014 | $4.20 | ' | ' |
Future minimum payments on noncancelable leases in 2015 | 2.1 | ' | ' |
Future minimum payments on noncancelable leases in 2016 | 1.4 | ' | ' |
Future minimum payments on noncancelable leases in 2017 | 1.4 | ' | ' |
Future minimum payments on noncancelable leases in 2018 | 0.9 | ' | ' |
Future minimum payments on noncancelable leases due in later years | 7.2 | ' | ' |
Rental expense | $8.70 | $10.30 | $7.80 |
Capital_Stock_and_Share_Based_2
Capital Stock and Share Based Compensation Plans - Narrative (Details) (USD $) | 12 Months Ended | 24 Months Ended | 1 Months Ended | 24 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Oct. 31, 2010 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | |
common_share | Stock Options | Restricted Stock and Restricted Stock Units | Restricted Stock and Restricted Stock Units | Restricted Stock Units (RSUs) [Member] | First Repurchase Plan | First Repurchase Plan | First Repurchase Plan | First Repurchase Plan | Second Share Repurchase Plan | Second Share Repurchase Plan | Second Share Repurchase Plan | Second Share Repurchase Plan | |||
director | Common stock, Class A | Minimum | Maximum | Minimum | Maximum | Common stock, Class A | Common stock, Class A | Minimum | Maximum | Common stock, Class A | Common stock, Class A | ||||
Maximum | |||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Classes of common shares | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum number of directors up for election to entitle shareholders to vote | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minumum percent of directors up for election to entitle shareholders to vote | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, authorized amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $75,000,000 | ' | ' | ' | $100,000,000 | ' |
Stock repurchased during period, value | 74,199,000 | 23,564,000 | 51,383,000 | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | 74,000,000 |
Range of price of shares repurchased | ' | ' | ' | ' | ' | ' | ' | $6.55 | $11.33 | ' | ' | $10.83 | $19.97 | ' | ' |
Number of shares available for future stock compensation grants | 4,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of stock options granted, percent of fair market value | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period of stock options | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to restricted stock, RSUs and performance shares | $6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average period of recognition, years | ' | ' | ' | ' | ' | ' | '1 year 7 months | ' | ' | ' | ' | ' | ' | ' | ' |
Capital_Stock_and_Share_Based_3
Capital Stock and Share Based Compensation Plans - Summary of stock option transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding and Exercisable [Roll Forward] | ' | ' | ' |
Options outstanding at beginning of period, number of shares | 8,011,380 | 10,094,622 | 10,502,083 |
Options exercised in period, number of shares | -4,635,148 | -2,046,309 | -311,933 |
Options forfeited in period, number of shares | -6,184 | -36,933 | -95,528 |
Options outstanding at end of period, number of shares | ' | 8,011,380 | 10,094,622 |
Options exercisable, number of shares | 3,370,048 | 8,011,380 | 10,094,622 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding and Exercisable, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Options outstanding at beginning of period, weighted-average exercise price (USD per share) | $9.77 | $9.62 | $9.57 |
Options exercised in period, weighted-average exercise price (USD per share) | $10 | $9.03 | $8.01 |
Options forfeited in period, weighted-average exercise price (USD per share) | $10.23 | $9.12 | $9.53 |
Options outstanding at end of period, weighted-average exercise price (USD per share) | $9.46 | $9.77 | $9.62 |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $9.46 | $9.77 | $9.62 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding and Exercisable, Exercise Price Range [Roll Forward] | ' | ' | ' |
Options outstanding at beginning of period, lower end of range of exercise price range (USD per share) | $7 | $7 | $6 |
Options outstanding at beginning of period, upper end of range of exercise price range (USD per share) | $11 | $11 | $11 |
Options exercised, lower end of exercise price range (USD per share) | $7 | $8 | $6 |
Options exercised, upper end of exercise price range (USD per share) | $11 | $10 | $10 |
Options forfeited, lower end of exercise price range (USD per share) | $9 | $8 | $7 |
Options forfeited, upper end of exercise price range (USD per share) | $11 | $11 | $11 |
Options outstanding at end of period, lower end of range of exercise price range (USD per share) | $7 | $7 | $7 |
Options outstanding at end of period, upper end of range of exercise price range (USD per share) | $11 | $11 | $11 |
Options exercisable, lower end of exercise price range (USD per share) | $7 | $7 | $7 |
Options exercisable, upper end of exercise price range | $11 | $11 | $11 |
Capital_Stock_and_Share_Based_4
Capital Stock and Share Based Compensation Plans - Cash proceeds (Details) (Stock Options, USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Stock Options | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Cash received upon exercise | $46,624 | $18,215 | $2,514 | |||
Intrinsic value (market value on date of exercise less exercise price) | 18,468 | 2,378 | 446 | |||
Tax benefits realized (1) | $6,926 | [1] | $892 | [1] | $167 | [1] |
[1] | Benefits to be recognized in future years when realizable. |
Capital_Stock_and_Share_Based_5
Capital Stock and Share Based Compensation Plans - Options outstanding and exercisable (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Information about options outstanding and options exercisable by year of grant | ' | ' | ' | ' |
Range of Exercise Prices, Lower Range Limit (USD per share) | $7 | ' | ' | ' |
Range of Exercise Prices, Upper Range Limit (USD per share) | $11 | ' | ' | ' |
Options on Shares Outstanding | ' | 8,011,380 | 10,094,622 | 10,502,083 |
Options on Shares Exercisable | 3,370,048 | 8,011,380 | 10,094,622 | ' |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $9.46 | $9.77 | $9.62 | ' |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $9.46 | $9.77 | $9.62 | $9.57 |
2004 - expire in 2014 | ' | ' | ' | ' |
Information about options outstanding and options exercisable by year of grant | ' | ' | ' | ' |
Range of Exercise Prices, Lower Range Limit (USD per share) | $10 | ' | ' | ' |
Range of Exercise Prices, Upper Range Limit (USD per share) | $11 | ' | ' | ' |
2005 - expire in 2015 | ' | ' | ' | ' |
Information about options outstanding and options exercisable by year of grant | ' | ' | ' | ' |
Range of Exercise Prices, Lower Range Limit (USD per share) | $10 | ' | ' | ' |
Range of Exercise Prices, Upper Range Limit (USD per share) | $11 | ' | ' | ' |
2006 b expire in 2014 | ' | ' | ' | ' |
Information about options outstanding and options exercisable by year of grant | ' | ' | ' | ' |
Range of Exercise Prices, Lower Range Limit (USD per share) | $10 | ' | ' | ' |
Range of Exercise Prices, Upper Range Limit (USD per share) | $11 | ' | ' | ' |
2007 b expire in 2015 | ' | ' | ' | ' |
Information about options outstanding and options exercisable by year of grant | ' | ' | ' | ' |
Range of Exercise Prices, Lower Range Limit (USD per share) | $9 | ' | ' | ' |
Range of Exercise Prices, Upper Range Limit (USD per share) | $10 | ' | ' | ' |
2008 - expire in 2016 | ' | ' | ' | ' |
Information about options outstanding and options exercisable by year of grant | ' | ' | ' | ' |
Range of Exercise Prices, Lower Range Limit (USD per share) | $7 | ' | ' | ' |
Range of Exercise Prices, Upper Range Limit (USD per share) | $10 | ' | ' | ' |
Stock Options | ' | ' | ' | ' |
Information about options outstanding and options exercisable by year of grant | ' | ' | ' | ' |
Average Remaining Term | '1 year 8 months 16 days | ' | ' | ' |
Options on Shares Outstanding | 3,370,048 | ' | ' | ' |
Options on Shares Exercisable | 3,370,048 | ' | ' | ' |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $9.46 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $9.46 | ' | ' | ' |
Options Outstanding, Aggregate Intrinsic Value | $41.30 | ' | ' | ' |
Options Exercisable, Aggregate Intrinsic Value | 41.3 | ' | ' | ' |
Stock Options | 2004 - expire in 2014 | ' | ' | ' | ' |
Information about options outstanding and options exercisable by year of grant | ' | ' | ' | ' |
Average Remaining Term | '3 months 10 days | ' | ' | ' |
Options on Shares Outstanding | 126,578 | ' | ' | ' |
Options on Shares Exercisable | 126,578 | ' | ' | ' |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $10.67 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $10.67 | ' | ' | ' |
Options Outstanding, Aggregate Intrinsic Value | 1.4 | ' | ' | ' |
Options Exercisable, Aggregate Intrinsic Value | 1.4 | ' | ' | ' |
Stock Options | 2005 - expire in 2015 | ' | ' | ' | ' |
Information about options outstanding and options exercisable by year of grant | ' | ' | ' | ' |
Average Remaining Term | '1 year 3 months 10 days | ' | ' | ' |
Options on Shares Outstanding | 47,882 | ' | ' | ' |
Options on Shares Exercisable | 47,882 | ' | ' | ' |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $10.90 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $10.90 | ' | ' | ' |
Options Outstanding, Aggregate Intrinsic Value | 0.5 | ' | ' | ' |
Options Exercisable, Aggregate Intrinsic Value | 0.5 | ' | ' | ' |
Stock Options | 2006 b expire in 2014 | ' | ' | ' | ' |
Information about options outstanding and options exercisable by year of grant | ' | ' | ' | ' |
Average Remaining Term | '3 months 8 days | ' | ' | ' |
Options on Shares Outstanding | 166,191 | ' | ' | ' |
Options on Shares Exercisable | 166,191 | ' | ' | ' |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $10.27 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $10.27 | ' | ' | ' |
Options Outstanding, Aggregate Intrinsic Value | 1.9 | ' | ' | ' |
Options Exercisable, Aggregate Intrinsic Value | 1.9 | ' | ' | ' |
Stock Options | 2007 b expire in 2015 | ' | ' | ' | ' |
Information about options outstanding and options exercisable by year of grant | ' | ' | ' | ' |
Average Remaining Term | '1 year 1 month 25 days | ' | ' | ' |
Options on Shares Outstanding | 1,047,996 | ' | ' | ' |
Options on Shares Exercisable | 1,047,996 | ' | ' | ' |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $10.35 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $10.35 | ' | ' | ' |
Options Outstanding, Aggregate Intrinsic Value | 11.9 | ' | ' | ' |
Options Exercisable, Aggregate Intrinsic Value | 11.9 | ' | ' | ' |
Stock Options | 2008 - expire in 2016 | ' | ' | ' | ' |
Information about options outstanding and options exercisable by year of grant | ' | ' | ' | ' |
Average Remaining Term | '2 years 2 months 22 days | ' | ' | ' |
Options on Shares Outstanding | 1,981,401 | ' | ' | ' |
Options on Shares Exercisable | 1,981,401 | ' | ' | ' |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $8.80 | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $8.80 | ' | ' | ' |
Options Outstanding, Aggregate Intrinsic Value | 25.6 | ' | ' | ' |
Options Exercisable, Aggregate Intrinsic Value | $25.60 | ' | ' | ' |
Capital_Stock_and_Share_Based_6
Capital Stock and Share Based Compensation Plans - Restricted stock and restricted stock unit activity (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock and Restricted Stock Units | Restricted Stock and Restricted Stock Units | Restricted Stock and Restricted Stock Units | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' |
Unvested shares at beginning of period, number of shares | 3,982,532 | 6,184,626 | ' | 2,329,402 | ' |
Shares and units awarded in period, number of shares | 877,349 | 784,750 | ' | 757,229 | ' |
Shares and units vested in period, number of shares | -2,506,232 | -2,923,637 | ' | -1,452,719 | ' |
Shares and units forfeited in period, number of shares | -24,247 | -63,207 | ' | -47,071 | ' |
Unvested shares at end of period, number of shares | ' | 3,982,532 | ' | 1,586,841 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' |
Unvested shares at beginning of period, weighted-average value (USD per share) | ' | $3.53 | $2.19 | $10.59 | $6.75 |
Shares and units awarded in period, weighted-average value (USD per share) | $9.77 | $9.32 | ' | $11.71 | ' |
Shares and units vested in period, weighted-average value (USD per share) | $2.68 | $2.32 | ' | $5.01 | ' |
Shares and units forfeited in period, weighted-average value (USD per share) | $8.19 | $2.38 | ' | $10.35 | ' |
Unvested shares at end of period, weighted-average value (USD per share) | ' | $3.53 | $2.19 | $10.59 | $6.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Exercise Price Range [Roll Forward] | ' | ' | ' | ' | ' |
Unvested shares and units, range of exercise prices, beginning of period, lower range (USD per share) | $1 | $1 | ' | $1 | ' |
Unvested shares and units, range of exercise prices, beginning of period, upper range (USD per share) | $11 | $141 | ' | $11 | ' |
Shares and units awarded in period, range of exercise prices, lower range (USD per share) | $8 | $7 | ' | $11 | ' |
Shares and units awarded in period, range of exercise prices, upper range (USD per share) | $11 | $10 | ' | $20 | ' |
Shares and units vested in period, range of exercise prices, lower range (USD per share) | $9 | $1 | ' | $1 | ' |
Shares and units vested in period, range of exercise prices, upper range (USD per share) | $11 | $141 | ' | $12 | ' |
Shares and units forfeited in period, range of exercise prices, lower range (USD per share) | $1 | $1 | ' | $9 | ' |
Shares and units forfeited in period, range of exercise prices, upper range (USD per share) | $10 | $9 | ' | $12 | ' |
Unvested shares and units, range of exercise prices, end of period, lower range (USD per share) | ' | $1 | ' | $7 | ' |
Unvested shares and units, range of exercise prices, end of period, upper range (USD per share) | ' | $11 | ' | $20 | ' |
Capital_Stock_and_Share_Based_7
Capital Stock and Share Based Compensation Plans - Additional restricted stock and restricted stock unit vesting (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Restricted Stock Units (RSUs) [Member] | Restricted Stock and Restricted Stock Units | Restricted Stock and Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | |||
Fair value of shares and units vested | $16,565 | $23,326 | $27,933 | |||
Tax benefits realized on shares and units vested | $6,212 | [1] | $8,747 | [1] | $10,475 | [1] |
[1] | Benefits to be recognized in future years when realizable. |
Capital_Stock_and_Share_Based_8
Capital Stock and Share Based Compensation Plans - Schedule of stock compensation costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based compensation | $6,078 | $7,549 | $8,382 |
Share-based compensation, net of tax | 3,799 | 4,718 | 5,239 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based compensation | 6,078 | ' | ' |
Stock Options | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based compensation | 0 | 0 | 262 |
Restricted Stock and Restricted Stock Units | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total share-based compensation | ' | $7,549 | $8,120 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' |
Accumulated other comprehensive loss, beginning balance | ($116,840) |
Other comprehensive loss before reclassifications | -113 |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $245 | 404 |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, tax | 245 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial loss, net of tax of $21,927 | 35,626 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial loss, tax | 21,927 |
Net current-period other comprehensive income (loss) | 35,917 |
Accumulated other comprehensive loss, ending balance | -80,923 |
Gains and Losses on Derivatives | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' |
Accumulated other comprehensive loss, beginning balance | -1,009 |
Other comprehensive loss before reclassifications | -113 |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $245 | 404 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial loss, net of tax of $21,927 | 0 |
Net current-period other comprehensive income (loss) | 291 |
Accumulated other comprehensive loss, ending balance | -718 |
Defined Benefit Pension Items | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' |
Accumulated other comprehensive loss, beginning balance | -116,188 |
Other comprehensive loss before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $245 | 0 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial loss, net of tax of $21,927 | 35,811 |
Net current-period other comprehensive income (loss) | 35,811 |
Accumulated other comprehensive loss, ending balance | -80,377 |
Other | ' |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' |
Accumulated other comprehensive loss, beginning balance | 357 |
Other comprehensive loss before reclassifications | 0 |
Amounts reclassified from accumulated other comprehensive loss, Interest rate swap, net of tax of $245 | 0 |
Amounts reclassified from accumulated other comprehensive loss, Actuarial loss, net of tax of $21,927 | -185 |
Net current-period other comprehensive income (loss) | -185 |
Accumulated other comprehensive loss, ending balance | $172 |
Summarized_Quarterly_Financial2
Summarized Quarterly Financial Information (Unaudited) - Schedule (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Selected Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $220,830 | $189,535 | $207,853 | $198,653 | $259,753 | $219,644 | $216,934 | $207,127 | $816,871 | $903,458 | $728,660 |
Costs and expenses | -191,416 | -185,418 | -187,935 | -190,538 | -201,674 | -189,090 | -189,752 | -199,236 | -755,307 | -779,752 | -703,088 |
Depreciation and amortization of intangibles | -12,078 | -12,096 | -11,774 | -11,814 | -12,287 | -12,136 | -12,603 | -12,306 | -47,762 | -49,332 | -40,069 |
(Losses) gains, net on disposal of property, plant and equipment | -26 | -177 | 42 | -5 | -424 | -80 | -212 | 242 | -166 | -474 | 124 |
Interest expense | -2,524 | -2,655 | -2,656 | -2,613 | -2,593 | -3,288 | -3,211 | -3,154 | -10,448 | -12,246 | -1,640 |
Miscellaneous, net | -7,735 | -1,087 | -1,634 | -1,304 | -2,295 | -900 | -1,435 | -117 | -11,760 | -4,747 | -675 |
Benefit (provision) for income taxes | 562 | 3,047 | -711 | 4,950 | -13,561 | -2,148 | -4,305 | 3,029 | 7,848 | -16,985 | 10,001 |
Net (loss) income | 7,613 | -8,851 | 3,185 | -2,671 | 26,919 | 12,002 | 5,416 | -4,415 | -724 | 39,922 | -15,687 |
Net loss attributable to noncontrolling interests | -250 | 0 | 0 | 0 | -266 | 0 | 0 | 0 | -250 | -266 | -150 |
Net (loss) income attributable to the shareholders of The E.W. Scripps Company | $7,863 | ($8,851) | $3,185 | ($2,671) | $27,185 | $12,002 | $5,416 | ($4,415) | ($474) | $40,188 | ($15,537) |
Net (loss) income per basic share of common stock attributable to the shareholders of The E.W. Scripps Company: | $0.14 | ($0.16) | $0.05 | ($0.05) | $0.47 | $0.21 | $0.09 | ($0.08) | ($0.01) | $0.70 | ($0.27) |
Net (loss) income per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company: | $0.13 | ($0.16) | $0.05 | ($0.05) | $0.47 | $0.21 | $0.09 | ($0.08) | ($0.01) | $0.69 | ($0.27) |
Basic weighted-average shares outstanding | 55,980 | 56,177 | 57,448 | 56,330 | 55,073 | 54,637 | 55,146 | 54,775 | 56,516 | 54,907 | 57,217 |
Diluted weighted-average shares outstanding | 57,272 | 56,177 | 58,747 | 56,330 | 55,956 | 55,211 | 55,486 | 54,775 | 56,516 | 55,381 | 57,217 |
Cash dividends per share of common stock (USD per share) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event, USD $) | 0 Months Ended | ||
In Millions, unless otherwise specified | Feb. 09, 2014 | Jan. 01, 2014 | Feb. 09, 2014 |
television_station | Media Convergence Group | Detroit WMYD-TV and Buffalo WKBW-TV | |
Subsequent Event [Line Items] | ' | ' | ' |
Cost of acquired entity, cash paid | ' | $35 | $110 |
Number of television stations acquired | 2 | ' | ' |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts - Schedule (Details) (Allowance for Doubtful Accounts Receivable Year Ended December 31:, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts Receivable Year Ended December 31: | ' | ' | ' |
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' |
Balance Beginning of Period | $2,491 | $1,885 | $2,789 |
Additions Charged to Revenues, Costs, Expenses | 1,043 | 1,717 | 1,749 |
Deductions Amounts Charged Off-Net | 1,507 | 1,111 | 2,653 |
Increase (Decrease) Recorded Acquisitions (Divestitures) | 0 | 0 | 0 |
Balance End of Period | $2,027 | $2,491 | $1,885 |