Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
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-Q |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Amendment Flag | 'false |
Common Class A | ' |
Document Information [Line Items] | ' |
Entity Common Stock, Shares Outstanding | 44,171,130 |
Voting common stock | ' |
Document Information [Line Items] | ' |
Entity Common Stock, Shares Outstanding | 11,932,722 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $187,119 | $221,255 |
Restricted cash | 6,810 | 8,210 |
Accounts and notes receivable (less allowances - $1,879 and $2,027) | 124,910 | 139,703 |
Inventory | 6,180 | 6,543 |
Deferred income taxes | 17,861 | 17,861 |
Income taxes receivable | 731 | 436 |
Miscellaneous | 8,819 | 8,046 |
Total current assets | 352,430 | 402,054 |
Investments | 16,025 | 16,567 |
Property, plant and equipment | 347,071 | 353,797 |
Goodwill | 56,682 | 27,966 |
Other intangible assets | 141,839 | 137,862 |
Deferred income taxes | 7,875 | 8,733 |
Miscellaneous | 29,242 | 19,151 |
Total Assets | 951,164 | 966,130 |
Current liabilities: | ' | ' |
Accounts payable | 14,811 | 16,529 |
Customer deposits and unearned revenue | 27,121 | 28,633 |
Current portion of long-term debt | 2,000 | 2,000 |
Accrued liabilities: | ' | ' |
Employee compensation and benefits | 28,658 | 26,986 |
Miscellaneous | 30,252 | 28,930 |
Other current liabilities | 9,840 | 10,043 |
Total current liabilities | 112,682 | 113,121 |
Long-term debt (less current portion) | 197,500 | 198,000 |
Other liabilities (less current portion) | 104,787 | 107,272 |
Equity: | ' | ' |
Preferred stock, $.01 par — authorized: 25,000,000 shares; none outstanding | 0 | 0 |
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 44,171,130 and 44,094,501 shares; Voting - authorized: 60,000,000 shares; issued and outstanding; 11,932,722 and 11,932,722 shares | 561 | 560 |
Additional paid-in capital | 505,158 | 509,243 |
Retained earnings | 108,932 | 116,893 |
Accumulated other comprehensive loss, net of income taxes: | ' | ' |
Unrealized loss on derivatives | -659 | -718 |
Pension liability adjustments | -79,761 | -80,205 |
Total The E.W. Scripps Company shareholders’ equity | 534,231 | 545,773 |
Noncontrolling interest | 1,964 | 1,964 |
Total equity | 536,195 | 547,737 |
Total Liabilities and Equity | 951,164 | 966,130 |
Common stock, Class A | ' | ' |
Equity: | ' | ' |
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 44,171,130 and 44,094,501 shares; Voting - authorized: 60,000,000 shares; issued and outstanding; 11,932,722 and 11,932,722 shares | 442 | 441 |
Voting common stock | ' | ' |
Equity: | ' | ' |
Common stock, $.01 par: Class A - authorized: 240,000,000 shares; issued and outstanding; 44,171,130 and 44,094,501 shares; Voting - authorized: 60,000,000 shares; issued and outstanding; 11,932,722 and 11,932,722 shares | $119 | $119 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowances for accounts and notes receivable | $1,879 | $2,027 |
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 | 44,171,130 | 44,094,501 |
Common stock, shares outstanding | 44,171,130 | 44,094,501 |
Voting common stock | ' | ' |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 11,932,722 | 11,932,722 |
Common stock, shares outstanding | 11,932,722 | 11,932,722 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Revenues: | ' | ' |
Advertising | $146,770 | $147,147 |
Subscriptions | 32,299 | 30,471 |
Retransmission | 12,474 | 10,442 |
Other | 12,251 | 10,593 |
Total operating revenues | 203,794 | 198,653 |
Costs and Expenses: | ' | ' |
Employee compensation and benefits | 101,749 | 100,699 |
Programs and program licenses | 12,968 | 12,796 |
Newsprint, press supplies, and other printing costs | 12,038 | 12,944 |
Newspaper distribution | 11,916 | 12,273 |
Other expenses | 49,748 | 48,881 |
Defined benefit pension plan expense | 1,378 | 1,969 |
Acquisition and related integration costs | 262 | 0 |
Separation and restructuring costs | 0 | 976 |
Total costs and expenses | 190,059 | 190,538 |
Depreciation, Amortization, and Losses (Gains): | ' | ' |
Depreciation | 9,808 | 10,102 |
Amortization of intangible assets | 1,921 | 1,712 |
Losses (gains), net on disposal of property, plant and equipment | 68 | 5 |
Net depreciation, amortization, and losses (gains) | 11,797 | 11,819 |
Operating income (loss) | 1,938 | -3,704 |
Interest expense | -2,254 | -2,613 |
Miscellaneous, net | -445 | -1,304 |
Loss from operations before income taxes | -761 | -7,621 |
Benefit for income taxes | -149 | -4,950 |
Net loss | -612 | -2,671 |
Net loss attributable to noncontrolling interests | 0 | 0 |
Net loss attributable to the shareholders of The E.W. Scripps Company | ($612) | ($2,671) |
Net loss per basic share of common stock attributable to the shareholders of The E.W. Scripps Company: | ($0.01) | ($0.05) |
Net loss per diluted share of common stock attributable to the shareholders of The E.W. Scripps Company: | ($0.01) | ($0.05) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net loss | ($612) | ($2,671) |
Changes in fair value of derivative, net of tax of $37 and $35 | 59 | 59 |
Changes in defined benefit pension plans, net of tax of $280 and $298 | 444 | 851 |
Total comprehensive loss | -109 | -1,761 |
Less comprehensive loss attributable to noncontrolling interest | 0 | 0 |
Total comprehensive loss attributable to the shareholders of The E.W. Scripps Company | ($109) | ($1,761) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Changes in fair value of derivatives, tax amount | $37 | $35 |
Changes in defined benefit pension plans, tax amount | $280 | $298 |
Condednsed_Consolidated_Statem
Condednsed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net loss | ($612) | ($2,671) |
Adjustments to reconcile net loss to net cash flows from operating activities: | ' | ' |
Depreciation and amortization | 11,729 | 11,814 |
Deferred income taxes | -304 | -377 |
Stock and deferred compensation plans | 2,941 | 4,132 |
Pension expense, net of payments | 1,021 | 1,405 |
Other changes in certain working capital accounts, net | 14,640 | -26,474 |
Miscellaneous, net | 45 | 1,253 |
Net cash provided by (used in) operating activities | 29,460 | -10,918 |
Cash Flows from Investing Activities: | ' | ' |
Acquisitions | -46,000 | 0 |
Additions to property, plant and equipment | -2,584 | -4,979 |
Purchase of investments | -153 | -1,125 |
Change in restricted cash | 1,400 | 1,800 |
Miscellaneous, net | 361 | 70 |
Net cash used in investing activities | -46,976 | -4,234 |
Cash Flows from Financing Activities: | ' | ' |
Payments on long-term debt | -500 | -3,975 |
Repurchase of Class A Common shares | -17,828 | -10,648 |
Proceeds from employee stock options | 6,855 | 15,565 |
Tax payments related to shares withheld for RSUs | -3,835 | -5,906 |
Miscellaneous, net | -1,312 | -1,326 |
Net cash used in financing activities | -16,620 | -6,290 |
Decrease in cash and cash equivalents | -34,136 | -21,442 |
Cash and cash equivalents: | ' | ' |
Beginning of year | 221,255 | 242,642 |
End of period | 187,119 | 221,200 |
Supplemental Cash Flow Disclosures | ' | ' |
Interest paid | 1,972 | 1,926 |
Income taxes paid | $367 | $0 |
Condensed_Consolidated_Stateme3
Condensed 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, 2012 | $539,910 | $555 | $517,688 | $136,293 | ($116,840) | $2,214 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | |
Net loss | -2,671 | ' | ' | -2,671 | ' | ' | |
Changes in defined benefit pension plans | 851 | ' | ' | ' | 851 | ' | |
Changes in fair value of derivative | 59 | ' | ' | ' | 59 | ' | |
Repurchase 942.134 Class A Common Shares in 2013 and 988,990 Class A Common Shares in 2014 | -10,648 | -9 | -10,639 | ' | ' | ' | |
Compensation plans: 2,414,889 net shares issued in 2013 and 1,065,619 in 2014 | [1] | 13,132 | 24 | 13,108 | ' | ' | ' |
Balance at Mar. 31, 2013 | 540,633 | 570 | 520,157 | 133,622 | -115,930 | 2,214 | |
Balance at Dec. 31, 2013 | 547,737 | 560 | 509,243 | 116,893 | -80,923 | 1,964 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | |
Net loss | -612 | ' | ' | -612 | ' | ' | |
Changes in defined benefit pension plans | 444 | ' | ' | ' | 444 | ' | |
Changes in fair value of derivative | 59 | ' | ' | ' | 59 | ' | |
Repurchase 942.134 Class A Common Shares in 2013 and 988,990 Class A Common Shares in 2014 | -17,828 | -10 | -10,469 | -7,349 | ' | ' | |
Compensation plans: 2,414,889 net shares issued in 2013 and 1,065,619 in 2014 | [1] | 6,395 | 11 | 6,384 | ' | ' | ' |
Balance at Mar. 31, 2014 | $536,195 | $561 | $505,158 | $108,932 | ($80,420) | $1,964 | |
[1] | * Net of tax payments related to shares withheld for vested stock and RSUs of $3,835 in 2014 and $5,906 in 2013. |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Equity (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Repurchase of Class A Common shares | 988,990 | 942,134 |
Adjustments Related to Tax Withholding for Share-based Compensation | $3,835 | $5,906 |
Shares issued on compensation plans | 1,065,619 | 2,414,889 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Significant Accounting Policies | ' | ||||||||
Summary of Significant Accounting Policies | |||||||||
As used in the Condensed 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. | |||||||||
Basis of Presentation — The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto included in our 2013 Annual Report on Form 10-K. In management's opinion, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the interim periods have been made. | |||||||||
Results of operations are not necessarily indicative of the results that may be expected for future interim periods or for the full year. | |||||||||
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. Additional information for our business segments is presented in the Condensed Notes to Consolidated Financial Statements. | |||||||||
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. | |||||||||
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. | |||||||||
The revenue recognition policies for each source of revenue are described in our 2013 Annual Report on Form 10-K. | |||||||||
Share-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in our Annual Report on Form 10-K for the year ended December 31, 2013. The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs), unrestricted Class A Common shares and performance units to key employees and non-employee directors. | |||||||||
Share-based compensation costs totaled $3.3 million and $3.4 million for the first quarter of 2014 and 2013, respectively. | |||||||||
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: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Numerator (for basic and diluted earnings per share) | |||||||||
Net loss attributable to the shareholders of The E.W. Scripps Company | $ | (612 | ) | $ | (2,671 | ) | |||
Less income allocated to RSUs | — | — | |||||||
Numerator for basic and diluted earnings per share | $ | (612 | ) | $ | (2,671 | ) | |||
Denominator | |||||||||
Basic weighted-average shares outstanding | 56,084 | 56,330 | |||||||
Effect of dilutive securities: | |||||||||
Stock options held by employees and directors | — | — | |||||||
Diluted weighted-average shares outstanding | 56,084 | 56,330 | |||||||
Anti-dilutive securities (1) | 3,985 | 8,111 | |||||||
(1) Amount outstanding at balance sheet date, before application of the treasury stock method and not weighted for period outstanding. | |||||||||
For the quarter ended ended March 31, 2014 and 2013, we incurred a net loss and the inclusion of RSUs and stock options held by employees and directors would have been anti-dilutive, and accordingly the diluted EPS calculation for the period 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 are 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 (loss) and reclassified to earnings when the effects of the item being hedged are recognized in earnings. 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 earnings. 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. |
Acquisitions
Acquisitions | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Acquisitions | ' | ||||
Acquisitions | |||||
On January 1, 2014 we completed our acquisition of Media Convergence Group, Inc., which operates as Newsy, a digital video news provider, for $35 million in cash. | |||||
Pending the finalization of third-party valuations and other items, the following table summarizes the preliminary fair value of the assets acquired and the liabilities assumed as of January 1, 2014: | |||||
(in thousands) | |||||
Assets: | |||||
Accounts receivable | $ | 640 | |||
Other assets | 74 | ||||
Equipment and software | 631 | ||||
Intangible assets | 5,900 | ||||
Goodwill | 28,716 | ||||
Total assets acquired | 35,961 | ||||
Current liabilities | 116 | ||||
Long-term deferred liability | 845 | ||||
Net purchase price | $ | 35,000 | |||
Of the $5.9 million allocated to intangible assets, $4.1 million was allocated to customer relationships with an estimated amortization period of 5 years and the balance of $1.8 million was allocated to various other intangible assets. | |||||
The goodwill of $28.7 million arising from the transaction consists largely of the benefit we will derive from being able to enter the digital video market with an established business. We have allocated the goodwill to our syndication and other segment. We will treat the transaction as a purchase of stock for income tax purposes with no step-up in the assets acquired. The goodwill will not be deductible for income tax purposes. We are not presenting any pro forma results of operations since the impact of the acquisition is not material to prior year results of operations. | |||||
On February 9, 2014, we entered into a definitive agreement to acquire two television stations owned by Granite Broadcasting Corporation — Detroit MyNetworkTV affiliate WMYD-TV and Buffalo, N.Y. ABC affiliate WKBW-TV — for $110 million in cash. The acquisition of WMYD-TV will create a duopoly with our largest station, Detroit ABC affiliate WXYZ-TV. We expect this acquisition to close in the second quarter of 2014. In connection with entering into the agreement to acquire the two stations, we were required to pay $11 million into an escrow account which is included in miscellaneous assets. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
We file a consolidated federal income tax return, consolidated unitary tax returns in certain states and other separate state income tax returns for our subsidiary companies. | |
The income tax provision for interim periods is generally determined based upon the expected effective income tax rate for the full year and the tax rate applicable to certain discrete transactions in the interim period. To determine the annual effective income tax rate, we must estimate both the total income (loss) before income tax for the full year and the jurisdictions in which that income (loss) is subject to tax. The actual effective income tax rate for the full year may differ from these estimates if income (loss) before income tax is greater than or less than what was estimated or if the allocation of income (loss) to jurisdictions in which it is taxed is different from the estimated allocations. We review and adjust our estimated effective income tax rate for the full year each quarter based upon our most recent estimates of income (loss) before income tax for the full year and the jurisdictions in which we expect that income will be taxed. | |
The effective income tax rate for the three months ended March 31, 2014 and 2013 was 19.6% and 65.0%, respectively. The primary reason for the difference between these rates and the U.S. federal statutory rate of 35% is the impact of state taxes, non-deductible expenses and adjustments to reserves for uncertain tax positions (including interest). We recognized $1.1 million of previously unrecognized tax benefits in the first three months of 2013 upon settlement of audits or when the statute of limitations lapsed in certain tax jurisdictions. | |
Deferred tax assets totaled $25.7 million at March 31, 2014. 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 the periods ended March 31, 2014 and 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 for both periods. The additional tax benefits will be reflected as net operating loss carryforwards when we file our tax returns, 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 three months ended March 31, 2014 and 2013 was approximately $13 million and $15 million, respectively. |
Restricted_Cash
Restricted Cash | 3 Months Ended |
Mar. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | ' |
Restricted Cash | ' |
Restricted Cash | |
At March 31, 2014 and December 31, 2013, we had $6.8 million and $8.2 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. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||
Goodwill by business segment was as follows: | |||||||||||||||||
(in thousands) | Television | Newspapers | Syndication and other | Total | |||||||||||||
Gross balance as of December 31, 2013 | $ | 243,380 | $ | 778,900 | $ | — | $ | 1,022,280 | |||||||||
Accumulated impairment losses | (215,414 | ) | (778,900 | ) | — | (994,314 | ) | ||||||||||
Net balance as of December 31, 2013 | 27,966 | — | — | 27,966 | |||||||||||||
2014 Acquisition | — | — | 28,716 | 28,716 | |||||||||||||
Balance as of March 31, 2014 | $ | 27,966 | $ | — | $ | 28,716 | $ | 56,682 | |||||||||
Gross balance as of March 31, 2014 | $ | 243,380 | $ | 778,900 | $ | 28,716 | $ | 1,050,996 | |||||||||
Accumulated impairment losses | (215,414 | ) | (778,900 | ) | — | (994,314 | ) | ||||||||||
Net balance as of March 31, 2014 | $ | 27,966 | $ | — | $ | 28,716 | $ | 56,682 | |||||||||
Other intangible assets consisted of the following: | |||||||||||||||||
(in thousands) | As of | As of | |||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||
Carrying amount: | |||||||||||||||||
Television network affiliation relationships | $ | 78,844 | $ | 78,844 | |||||||||||||
Customer lists and advertiser relationships | 26,404 | 22,304 | |||||||||||||||
Other | 5,361 | 3,561 | |||||||||||||||
Total carrying amount | 110,609 | 104,709 | |||||||||||||||
Accumulated amortization: | |||||||||||||||||
Television network affiliation relationships | (10,678 | ) | (9,691 | ) | |||||||||||||
Customer lists and advertiser relationships | (13,967 | ) | (13,138 | ) | |||||||||||||
Other | (1,940 | ) | (1,833 | ) | |||||||||||||
Total accumulated amortization | (26,585 | ) | (24,662 | ) | |||||||||||||
Net amortizable intangible assets | 84,024 | 80,047 | |||||||||||||||
Other indefinite-lived intangible assets — FCC licenses | 57,815 | 57,815 | |||||||||||||||
Total other intangible assets | $ | 141,839 | $ | 137,862 | |||||||||||||
Estimated amortization expense of intangible assets for each of the next five years is $5.9 million for the remainder of 2014, $7.8 million in 2015, $7.7 million in 2016, $5.3 million in 2017, $5.3 million in 2018, $4.3 million in 2019, and $47.7 million in later years. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
Long-term debt consisted of the following: | |||||||||
(in thousands) | As of | As of | |||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Variable rate credit facility | $ | — | $ | — | |||||
Term loan | 199,500 | 200,000 | |||||||
Long-term debt | 199,500 | 200,000 | |||||||
Current portion of long-term debt | 2,000 | 2,000 | |||||||
Long-term debt (less current portion) | $ | 197,500 | $ | 198,000 | |||||
Fair value of long-term debt * | $ | 199,500 | $ | 200,000 | |||||
* Fair value of the term loan was estimated based on quoted private market transactions and is classified as Level 1 in the fair value hierarchy. | |||||||||
We have a $275 million revolving credit and term loan agreement (“Financing Agreement”). The Financing Agreement includes a $200 million term loan B maturing in November 2020 and a $75 million revolving credit facility maturing in November 2018. | |||||||||
The 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. | |||||||||
Interest is payable on the term loan B at rates based on LIBOR with a 0.75% 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 March 31, 2014 and December 31, 2013, the interest rate was 3.25% on the term loan B. The Financing Agreement also includes a provision that in certain circumstances we must use a portion of excess cash flow to repay debt. As of March 31, 2014, we were not required to make additional principal payments based on excess cash flow. The weighted-average interest rate on borrowings was 3.25% and 3.71% for the three months ended March 31, 2014 and 2013, respectively. | |||||||||
Scheduled principal payments on long-term debt at March 31, 2014 are: $1.5 million for the remainder of 2014, $2.0 million in 2015, $2.0 million in 2016, $2.0 million in 2017, $2.0 million in 2018, $2.0 million in 2019 and $188 million thereafter. | |||||||||
Under the terms of the 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 Financing Agreement allows us to make restricted payments (dividends and share repurchases) up to $50 million plus additional amounts based on our financial results and condition. We can also make additional stock repurchases equal to the amount of proceeds that we receive from the exercise of stock options held by our employees. Additionally, we can 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 March 31, 2014 and December 31, 2013, we had outstanding letters of credit totaling $0.2 million. |
Financial_Instruments
Financial Instruments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
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 on 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: | |||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Notional | Fair value | Notional | Fair value | ||||||||||||||||||||||
(in thousands) | amount | Asset | Liability (1) | amount | Asset | Liability (1) | |||||||||||||||||||
Undesignated derivatives: | |||||||||||||||||||||||||
Interest rate swap | $ | 75,000 | $ | — | $ | 674 | $ | 75,000 | $ | — | $ | 723 | |||||||||||||
(1) Balance recorded as other liabilities in Condensed 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 periods during which the hedged transactions affected earnings. Upon refinancing our term loan in November 2013, this hedge no longer qualified as a cash flow hedge and gains and losses on the derivative are recorded in current period 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 period ended March 31, 2014, approximately $0.1 million was amortized into earnings from accumulated other comprehensive loss and is included in the table below as amounts reclassified from accumulated OCL, gain/(loss). | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Effective portion recognized in accumulated OCL, gain/(loss) | — | (72 | ) | ||||||||||||||||||||||
Amounts reclassified from accumulated OCL, gain/(loss) | 96 | 166 | |||||||||||||||||||||||
Gain/(loss) on derivative | 49 | — | |||||||||||||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||
Fair Value Measurement | |||||||||||||||||
We measure certain financial assets and liabilities at fair value on a recurring basis, such as derivatives and cash equivalents. The fair value of these financial assets and liabilities was 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 March 31, 2014 and December 31, 2013: | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets/(Liabilities): | |||||||||||||||||
Cash equivalents | $ | 20,000 | $ | 20,000 | $ | — | $ | — | |||||||||
Interest rate swap | (674 | ) | — | (674 | ) | — | |||||||||||
As of 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 | ) | — | |||||||||||
Other_Liabilities
Other Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other Liabilities | ' | ||||||||
Other Liabilities | |||||||||
Other liabilities consisted of the following: | |||||||||
(in thousands) | As of | As of | |||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Employee compensation and benefits | $ | 19,184 | $ | 19,756 | |||||
Liability for pension benefits | 62,400 | 62,020 | |||||||
Liabilities for uncertain tax positions | 10,825 | 10,670 | |||||||
Other | 12,378 | 14,826 | |||||||
Other liabilities (less current portion) | $ | 104,787 | $ | 107,272 | |||||
Noncontrolling_Interests
Noncontrolling Interests | 3 Months Ended |
Mar. 31, 2014 | |
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 | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Other changes in certain working capital accounts, net | |||||||||
Accounts and notes receivable | $ | 15,433 | $ | 1,294 | |||||
Income taxes receivable/payable, net | (295 | ) | (3,526 | ) | |||||
Accounts payable | (1,829 | ) | (5,177 | ) | |||||
Accrued employee compensation and benefits | 1,667 | (8,118 | ) | ||||||
Other accrued liabilities | (432 | ) | (2,917 | ) | |||||
Other, net | 96 | (8,030 | ) | ||||||
Total | $ | 14,640 | $ | (26,474 | ) | ||||
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 2015, are determined based upon the employee’s age, compensation and years of service. | |||||||||
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. | |||||||||
The components of the expense consisted of the following: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Service cost | $ | 21 | $ | 17 | |||||
Interest cost | 6,278 | 5,976 | |||||||
Expected return on plan assets, net of expenses | (5,859 | ) | (5,371 | ) | |||||
Amortization of actuarial loss | 642 | 1,061 | |||||||
Total for defined benefit plans | 1,082 | 1,683 | |||||||
Multi-employer plans | 119 | 120 | |||||||
SERP | 296 | 286 | |||||||
Defined contribution plans | 3,160 | 3,379 | |||||||
Net periodic benefit cost | $ | 4,657 | $ | 5,468 | |||||
We contributed $0.3 million to fund current benefit payments for our SERP during the three months ended March 31, 2014. We anticipate contributing an additional $0.6 million to fund the SERP’s benefit payments during the remainder of 2014. We contributed $0.1 million to our defined benefit plans during the first three months of 2014. |
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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 operators and satellite carriers. | |||||||||
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 of our television and newspaper markets and syndication of news features and comics and other features for the newspaper industry. Newsy, a digital video news services, is also included in syndication and other. | |||||||||
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 and cash equivalents, restricted cash, property and equipment primarily used for corporate purposes, and deferred income taxes. A portion of our digital operations, which is 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, impairment charges, 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. | |||||||||
Information regarding our business segments is as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Segment operating revenues: | |||||||||
Television | $ | 102,142 | $ | 96,866 | |||||
Newspapers | 98,490 | 99,488 | |||||||
Syndication and other | 3,162 | 2,299 | |||||||
Total operating revenues | $ | 203,794 | $ | 198,653 | |||||
Segment profit (loss): | |||||||||
Television | $ | 20,972 | $ | 16,492 | |||||
Newspapers | 8,549 | 5,937 | |||||||
Syndication and other | 212 | 478 | |||||||
Shared services and corporate | (14,358 | ) | (11,847 | ) | |||||
Defined benefit pension plan expense | (1,378 | ) | (1,969 | ) | |||||
Acquisition and related integration costs | (262 | ) | — | ||||||
Separation and restructuring costs | — | (976 | ) | ||||||
Depreciation and amortization of intangibles | (11,729 | ) | (11,814 | ) | |||||
(Losses) gains, net on disposal of property, plant and equipment | (68 | ) | (5 | ) | |||||
Interest expense | (2,254 | ) | (2,613 | ) | |||||
Miscellaneous, net | (445 | ) | (1,304 | ) | |||||
Loss from operations before income taxes | $ | (761 | ) | $ | (7,621 | ) | |||
Depreciation: | |||||||||
Television | $ | 5,111 | $ | 5,591 | |||||
Newspapers | 3,987 | 4,113 | |||||||
Syndication and other | 98 | 19 | |||||||
Shared services and corporate | 612 | 379 | |||||||
Total depreciation | $ | 9,808 | $ | 10,102 | |||||
Amortization of intangibles: | |||||||||
Television | $ | 1,599 | $ | 1,577 | |||||
Newspapers | 118 | 135 | |||||||
Syndication and other | 204 | — | |||||||
Total amortization of intangibles | $ | 1,921 | $ | 1,712 | |||||
Additions to property, plant and equipment: | |||||||||
Television | $ | 1,732 | $ | 1,887 | |||||
Newspapers | 219 | 889 | |||||||
Syndication and other | 28 | — | |||||||
Shared services and corporate | 605 | 2,203 | |||||||
Total additions to property, plant and equipment | $ | 2,584 | $ | 4,979 | |||||
No single customer provides more than 10% of our revenue. |
SpinOff_of_Scripps_Networks_In
Spin-Off of Scripps Networks Interactive, Inc | 3 Months Ended |
Mar. 31, 2014 | |
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. | |
Under the terms of the Tax Allocation Agreement, we receive any tax deductions for share-based compensation awards held by our employees in SNI. Tax deductions for the three months ended March 31, 2014 and 2013 resulting from the exercise of those awards totaled approximately $6.1 million and $3.5 million, respectively. These benefits are recorded as additional paid-in capital at the time they are realized. At March 31, 2014, our employees held options on approximately 0.2 million SNI shares which expire through 2015. |
Capital_Stock
Capital Stock | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Capital Stock | ' | |||||||||||||||
Capital Stock | ||||||||||||||||
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 — In November 2012, our board of directors authorized a 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 $17.8 million of shares at prices ranging from $16.35 to $19.99 per share during 2014. For the three months ended March 31, 2013, we purchased $10.6 million of shares at prices ranging from $10.83 to $11.77 per share. | ||||||||||||||||
In May 2014, our board of directors authorized a new repurchase program of up to $100 million of our Class A Common shares through December 2016. | ||||||||||||||||
Information about options outstanding and options exercisable by year of grant as of March 31, 2014 is as follows: | ||||||||||||||||
Options Outstanding and Exercisable | ||||||||||||||||
Year of Grant | Range of Exercise Prices | Average Remaining Term | Options on Shares Outstanding | Weighted Average Exercise Price | Aggregate Intrinsic Value | |||||||||||
(in years) | (in millions) | |||||||||||||||
2004 – expire in 2014 | $10-11 | 0.46 | 15,373 | $ | 10.4 | $ | 0.1 | |||||||||
2005 – expire in 2015 | 11-Oct | 1.04 | 43,188 | 10.9 | 0.3 | |||||||||||
2006 – expire in 2014 | 11-Oct | 0.19 | 63,214 | 10.05 | 0.5 | |||||||||||
2007 – expire in 2015 | 10-Sep | 0.91 | 752,731 | 10.34 | 5.6 | |||||||||||
2008 – expire in 2016 | 10-Jul | 1.99 | 1,821,399 | 8.77 | 16.3 | |||||||||||
Total | $7-11 | 1.62 | 2,695,905 | $ | 9.28 | $ | 22.8 | |||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income [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: | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(in thousands) | Gains and Losses on Derivatives | Defined Benefit Pension Items | Other | Total | |||||||||||||
Beginning balance, December 31, 2013 | $ | (718 | ) | $ | (80,377 | ) | $ | 172 | $ | (80,923 | ) | ||||||
Other comprehensive income before reclassifications | — | — | — | — | |||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||||
comprehensive loss | |||||||||||||||||
Interest rate swap (a), net of tax of $37 | 59 | — | — | 59 | |||||||||||||
Actuarial loss (b), net of tax of $280 | — | 444 | — | 444 | |||||||||||||
Net current-period other comprehensive income | 59 | 444 | — | 503 | |||||||||||||
Ending balance, March 31, 2014 | $ | (659 | ) | $ | (79,933 | ) | $ | 172 | $ | (80,420 | ) | ||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
(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 income before reclassifications | (45 | ) | — | — | (45 | ) | |||||||||||
Amounts reclassified from accumulated other | |||||||||||||||||
comprehensive loss | |||||||||||||||||
Interest rate swap (a), net of tax of $62 | 104 | — | — | 104 | |||||||||||||
Actuarial loss (b), net of tax of $298 | — | 851 | — | 851 | |||||||||||||
Net current-period other comprehensive income | 59 | 851 | — | 910 | |||||||||||||
Ending balance, March 31, 2013 | $ | (950 | ) | $ | (115,337 | ) | $ | 357 | $ | (115,930 | ) | ||||||
(a) Included in interest expense in the Condensed Consolidated Statements of Operations | |||||||||||||||||
(b) Included in defined benefit pension plan expense in the Condensed Consolidated Statements of Operations |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation — The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto included in our 2013 Annual Report on Form 10-K. In management's opinion, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the interim periods have been made. | |
Results of operations are not necessarily indicative of the results that may be expected for future interim periods or for the full year. | |
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. Additional information for our business segments is presented in the Condensed Notes to Consolidated Financial Statements. | |
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. | |
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. | |
The revenue recognition policies for each source of revenue are described in our 2013 Annual Report on Form 10-K. | |
Share-Based Compensation | ' |
Share-Based Compensation — We have a Long-Term Incentive Plan (the “Plan”) which is described more fully in our Annual Report on Form 10-K for the year ended December 31, 2013. The Plan provides for the award of incentive and nonqualified stock options, stock appreciation rights, restricted stock units (RSUs), unrestricted Class A Common shares and performance units to key employees and non-employee directors. | |
Share-based compensation costs totaled $3.3 million and $3.4 million for the first quarter of 2014 and 2013, respectively. | |
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. | |
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 are 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 (loss) and reclassified to earnings when the effects of the item being hedged are recognized in earnings. 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 earnings. 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Components of basic and diluted weighted-average shares | ' | ||||||||
The following table presents information about basic and diluted weighted-average shares outstanding: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Numerator (for basic and diluted earnings per share) | |||||||||
Net loss attributable to the shareholders of The E.W. Scripps Company | $ | (612 | ) | $ | (2,671 | ) | |||
Less income allocated to RSUs | — | — | |||||||
Numerator for basic and diluted earnings per share | $ | (612 | ) | $ | (2,671 | ) | |||
Denominator | |||||||||
Basic weighted-average shares outstanding | 56,084 | 56,330 | |||||||
Effect of dilutive securities: | |||||||||
Stock options held by employees and directors | — | — | |||||||
Diluted weighted-average shares outstanding | 56,084 | 56,330 | |||||||
Anti-dilutive securities (1) | 3,985 | 8,111 | |||||||
(1) Amount outstanding at balance sheet date, before application of the treasury stock method and not weighted for period outstanding. | |||||||||
For the quarter ended ended March 31, 2014 and 2013, we incurred a net loss and the inclusion of RSUs and stock options held by employees and directors would have been anti-dilutive, and accordingly the diluted EPS calculation for the period excludes those common share equivalents. |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Fair values of the assets acquired and the liabilities assumed | ' | ||||
Pending the finalization of third-party valuations and other items, the following table summarizes the preliminary fair value of the assets acquired and the liabilities assumed as of January 1, 2014: | |||||
(in thousands) | |||||
Assets: | |||||
Accounts receivable | $ | 640 | |||
Other assets | 74 | ||||
Equipment and software | 631 | ||||
Intangible assets | 5,900 | ||||
Goodwill | 28,716 | ||||
Total assets acquired | 35,961 | ||||
Current liabilities | 116 | ||||
Long-term deferred liability | 845 | ||||
Net purchase price | $ | 35,000 | |||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill by business segment | ' | ||||||||||||||||
Goodwill by business segment was as follows: | |||||||||||||||||
(in thousands) | Television | Newspapers | Syndication and other | Total | |||||||||||||
Gross balance as of December 31, 2013 | $ | 243,380 | $ | 778,900 | $ | — | $ | 1,022,280 | |||||||||
Accumulated impairment losses | (215,414 | ) | (778,900 | ) | — | (994,314 | ) | ||||||||||
Net balance as of December 31, 2013 | 27,966 | — | — | 27,966 | |||||||||||||
2014 Acquisition | — | — | 28,716 | 28,716 | |||||||||||||
Balance as of March 31, 2014 | $ | 27,966 | $ | — | $ | 28,716 | $ | 56,682 | |||||||||
Gross balance as of March 31, 2014 | $ | 243,380 | $ | 778,900 | $ | 28,716 | $ | 1,050,996 | |||||||||
Accumulated impairment losses | (215,414 | ) | (778,900 | ) | — | (994,314 | ) | ||||||||||
Net balance as of March 31, 2014 | $ | 27,966 | $ | — | $ | 28,716 | $ | 56,682 | |||||||||
Summary of other intangible assets | ' | ||||||||||||||||
Other intangible assets consisted of the following: | |||||||||||||||||
(in thousands) | As of | As of | |||||||||||||||
March 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amortizable intangible assets: | |||||||||||||||||
Carrying amount: | |||||||||||||||||
Television network affiliation relationships | $ | 78,844 | $ | 78,844 | |||||||||||||
Customer lists and advertiser relationships | 26,404 | 22,304 | |||||||||||||||
Other | 5,361 | 3,561 | |||||||||||||||
Total carrying amount | 110,609 | 104,709 | |||||||||||||||
Accumulated amortization: | |||||||||||||||||
Television network affiliation relationships | (10,678 | ) | (9,691 | ) | |||||||||||||
Customer lists and advertiser relationships | (13,967 | ) | (13,138 | ) | |||||||||||||
Other | (1,940 | ) | (1,833 | ) | |||||||||||||
Total accumulated amortization | (26,585 | ) | (24,662 | ) | |||||||||||||
Net amortizable intangible assets | 84,024 | 80,047 | |||||||||||||||
Other indefinite-lived intangible assets — FCC licenses | 57,815 | 57,815 | |||||||||||||||
Total other intangible assets | $ | 141,839 | $ | 137,862 | |||||||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of Long-term debt | ' | ||||||||
Long-term debt consisted of the following: | |||||||||
(in thousands) | As of | As of | |||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Variable rate credit facility | $ | — | $ | — | |||||
Term loan | 199,500 | 200,000 | |||||||
Long-term debt | 199,500 | 200,000 | |||||||
Current portion of long-term debt | 2,000 | 2,000 | |||||||
Long-term debt (less current portion) | $ | 197,500 | $ | 198,000 | |||||
Fair value of long-term debt * | $ | 199,500 | $ | 200,000 | |||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Notional amounts and fair values of derivatives | ' | ||||||||||||||||||||||||
The notional amounts and fair values of derivative instruments are shown in the table below: | |||||||||||||||||||||||||
As of March 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Notional | Fair value | Notional | Fair value | ||||||||||||||||||||||
(in thousands) | amount | Asset | Liability (1) | amount | Asset | Liability (1) | |||||||||||||||||||
Undesignated derivatives: | |||||||||||||||||||||||||
Interest rate swap | $ | 75,000 | $ | — | $ | 674 | $ | 75,000 | $ | — | $ | 723 | |||||||||||||
(1) Balance recorded as other liabilities in Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
Effective portion of the unrealized gain and loss on the derivative | ' | ||||||||||||||||||||||||
For the period ended March 31, 2014, approximately $0.1 million was amortized into earnings from accumulated other comprehensive loss and is included in the table below as amounts reclassified from accumulated OCL, gain/(loss). | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Effective portion recognized in accumulated OCL, gain/(loss) | — | (72 | ) | ||||||||||||||||||||||
Amounts reclassified from accumulated OCL, gain/(loss) | 96 | 166 | |||||||||||||||||||||||
Gain/(loss) on derivative | 49 | — | |||||||||||||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
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 March 31, 2014 and December 31, 2013: | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
(in thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets/(Liabilities): | |||||||||||||||||
Cash equivalents | $ | 20,000 | $ | 20,000 | $ | — | $ | — | |||||||||
Interest rate swap | (674 | ) | — | (674 | ) | — | |||||||||||
As of 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 | ) | — | |||||||||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Other Liabilities Disclosure [Abstract] | ' | ||||||||
Other liabilities | ' | ||||||||
Other liabilities consisted of the following: | |||||||||
(in thousands) | As of | As of | |||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Employee compensation and benefits | $ | 19,184 | $ | 19,756 | |||||
Liability for pension benefits | 62,400 | 62,020 | |||||||
Liabilities for uncertain tax positions | 10,825 | 10,670 | |||||||
Other | 12,378 | 14,826 | |||||||
Other liabilities (less current portion) | $ | 104,787 | $ | 107,272 | |||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
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: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Other changes in certain working capital accounts, net | |||||||||
Accounts and notes receivable | $ | 15,433 | $ | 1,294 | |||||
Income taxes receivable/payable, net | (295 | ) | (3,526 | ) | |||||
Accounts payable | (1,829 | ) | (5,177 | ) | |||||
Accrued employee compensation and benefits | 1,667 | (8,118 | ) | ||||||
Other accrued liabilities | (432 | ) | (2,917 | ) | |||||
Other, net | 96 | (8,030 | ) | ||||||
Total | $ | 14,640 | $ | (26,474 | ) | ||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||
Components of benefit expense | ' | ||||||||
The components of the expense consisted of the following: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Service cost | $ | 21 | $ | 17 | |||||
Interest cost | 6,278 | 5,976 | |||||||
Expected return on plan assets, net of expenses | (5,859 | ) | (5,371 | ) | |||||
Amortization of actuarial loss | 642 | 1,061 | |||||||
Total for defined benefit plans | 1,082 | 1,683 | |||||||
Multi-employer plans | 119 | 120 | |||||||
SERP | 296 | 286 | |||||||
Defined contribution plans | 3,160 | 3,379 | |||||||
Net periodic benefit cost | $ | 4,657 | $ | 5,468 | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Segment Reporting [Abstract] | ' | ||||||||
Information regarding business segments | ' | ||||||||
Information regarding our business segments is as follows: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Segment operating revenues: | |||||||||
Television | $ | 102,142 | $ | 96,866 | |||||
Newspapers | 98,490 | 99,488 | |||||||
Syndication and other | 3,162 | 2,299 | |||||||
Total operating revenues | $ | 203,794 | $ | 198,653 | |||||
Segment profit (loss): | |||||||||
Television | $ | 20,972 | $ | 16,492 | |||||
Newspapers | 8,549 | 5,937 | |||||||
Syndication and other | 212 | 478 | |||||||
Shared services and corporate | (14,358 | ) | (11,847 | ) | |||||
Defined benefit pension plan expense | (1,378 | ) | (1,969 | ) | |||||
Acquisition and related integration costs | (262 | ) | — | ||||||
Separation and restructuring costs | — | (976 | ) | ||||||
Depreciation and amortization of intangibles | (11,729 | ) | (11,814 | ) | |||||
(Losses) gains, net on disposal of property, plant and equipment | (68 | ) | (5 | ) | |||||
Interest expense | (2,254 | ) | (2,613 | ) | |||||
Miscellaneous, net | (445 | ) | (1,304 | ) | |||||
Loss from operations before income taxes | $ | (761 | ) | $ | (7,621 | ) | |||
Depreciation: | |||||||||
Television | $ | 5,111 | $ | 5,591 | |||||
Newspapers | 3,987 | 4,113 | |||||||
Syndication and other | 98 | 19 | |||||||
Shared services and corporate | 612 | 379 | |||||||
Total depreciation | $ | 9,808 | $ | 10,102 | |||||
Amortization of intangibles: | |||||||||
Television | $ | 1,599 | $ | 1,577 | |||||
Newspapers | 118 | 135 | |||||||
Syndication and other | 204 | — | |||||||
Total amortization of intangibles | $ | 1,921 | $ | 1,712 | |||||
Additions to property, plant and equipment: | |||||||||
Television | $ | 1,732 | $ | 1,887 | |||||
Newspapers | 219 | 889 | |||||||
Syndication and other | 28 | — | |||||||
Shared services and corporate | 605 | 2,203 | |||||||
Total additions to property, plant and equipment | $ | 2,584 | $ | 4,979 | |||||
Capital_Stock_Tables
Capital Stock (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||
Schedule of options outstanding and exercisable | ' | |||||||||||||||
Information about options outstanding and options exercisable by year of grant as of March 31, 2014 is as follows: | ||||||||||||||||
Options Outstanding and Exercisable | ||||||||||||||||
Year of Grant | Range of Exercise Prices | Average Remaining Term | Options on Shares Outstanding | Weighted Average Exercise Price | Aggregate Intrinsic Value | |||||||||||
(in years) | (in millions) | |||||||||||||||
2004 – expire in 2014 | $10-11 | 0.46 | 15,373 | $ | 10.4 | $ | 0.1 | |||||||||
2005 – expire in 2015 | 11-Oct | 1.04 | 43,188 | 10.9 | 0.3 | |||||||||||
2006 – expire in 2014 | 11-Oct | 0.19 | 63,214 | 10.05 | 0.5 | |||||||||||
2007 – expire in 2015 | 10-Sep | 0.91 | 752,731 | 10.34 | 5.6 | |||||||||||
2008 – expire in 2016 | 10-Jul | 1.99 | 1,821,399 | 8.77 | 16.3 | |||||||||||
Total | $7-11 | 1.62 | 2,695,905 | $ | 9.28 | $ | 22.8 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Accumulated Other Comprehensive Income [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | ' | ||||||||||||||||
Changes in accumulated other comprehensive loss ("AOCL") by component, including items reclassified out of AOCL, were as follows: | |||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||
(in thousands) | Gains and Losses on Derivatives | Defined Benefit Pension Items | Other | Total | |||||||||||||
Beginning balance, December 31, 2013 | $ | (718 | ) | $ | (80,377 | ) | $ | 172 | $ | (80,923 | ) | ||||||
Other comprehensive income before reclassifications | — | — | — | — | |||||||||||||
Amounts reclassified from accumulated other | |||||||||||||||||
comprehensive loss | |||||||||||||||||
Interest rate swap (a), net of tax of $37 | 59 | — | — | 59 | |||||||||||||
Actuarial loss (b), net of tax of $280 | — | 444 | — | 444 | |||||||||||||
Net current-period other comprehensive income | 59 | 444 | — | 503 | |||||||||||||
Ending balance, March 31, 2014 | $ | (659 | ) | $ | (79,933 | ) | $ | 172 | $ | (80,420 | ) | ||||||
Three Months Ended March 31, 2013 | |||||||||||||||||
(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 income before reclassifications | (45 | ) | — | — | (45 | ) | |||||||||||
Amounts reclassified from accumulated other | |||||||||||||||||
comprehensive loss | |||||||||||||||||
Interest rate swap (a), net of tax of $62 | 104 | — | — | 104 | |||||||||||||
Actuarial loss (b), net of tax of $298 | — | 851 | — | 851 | |||||||||||||
Net current-period other comprehensive income | 59 | 851 | — | 910 | |||||||||||||
Ending balance, March 31, 2013 | $ | (950 | ) | $ | (115,337 | ) | $ | 357 | $ | (115,930 | ) | ||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Share-based compensation costs | $3.30 | $3.40 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Earnings Per Share (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Numerator (for basic and diluted earnings per share) | ' | ' | ||
Net loss attributable to the shareholders of The E.W. Scripps Company | ($612) | ($2,671) | ||
Less income allocated to RSUs | 0 | 0 | ||
Numerator for basic and diluted earnings per share | ($612) | ($2,671) | ||
Denominator | ' | ' | ||
Basic weighted-average shares outstanding | 56,084 | 56,330 | ||
Effect of dilutive securities: | ' | ' | ||
Stock options held by employees and directors | 0 | 0 | ||
Diluted weighted-average shares outstanding | 56,084 | 56,330 | ||
Anti-dilutive securities | 3,985 | [1] | 8,111 | [1] |
[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 $) | Mar. 31, 2014 | Jan. 02, 2014 | Dec. 31, 2013 | Jan. 02, 2014 | Feb. 09, 2014 | Jan. 02, 2014 | Jan. 02, 2014 |
Media Convergence Group (Newsy) | Detroit MyNetworkTV affiliate and Buffalo ABC affiliate [Member] | Customer relationships | Other intangible assets | ||||
television_station | |||||||
Acquisitions (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Acquisition cost in cash | ' | ' | ' | $35,000,000 | $110,000,000 | ' | ' |
Number of Stations Acquired | ' | ' | ' | ' | 2 | ' | ' |
Intangible assets | ' | 5,900,000 | ' | 5,900,000 | ' | 4,100,000 | 1,800,000 |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | '5 years | ' |
Goodwill | 56,682,000 | 28,716,000 | 27,966,000 | 28,716,000 | ' | ' | ' |
Escrow Deposit | ' | ' | ' | ' | $11,000,000 | ' | ' |
Acquisitions_Fair_Value_of_Ass
Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Details) (USD $) | Mar. 31, 2014 | Jan. 02, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ' | ' | ' |
Intangible assets | ' | $5,900 | ' |
Goodwill | 56,682 | 28,716 | 27,966 |
Media Convergence Group (Newsy) | ' | ' | ' |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | ' | ' | ' |
Accounts receivable | ' | 640 | ' |
Other assets | ' | 74 | ' |
Equipment and software | ' | 631 | ' |
Intangible assets | ' | 5,900 | ' |
Goodwill | ' | 28,716 | ' |
Total assets acquired | ' | 35,961 | ' |
Current liabilities | ' | 116 | ' |
Long-term deferred taxes | ' | 845 | ' |
Net purchase price | ' | $35,000 | ' |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Effective income tax rate | 19.60% | 65.00% |
U.S. Federal statutory rate | 35.00% | 35.00% |
Previously unrecognized tax benefits | ' | $1.10 |
Deferred tax assets | 25.7 | ' |
Unrecognized deductions for share based compensation awards | $13 | $15 |
Restricted_Cash_Narrative_Deta
Restricted Cash - Narrative (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents [Abstract] | ' | ' |
Restricted cash | $6,810 | $8,210 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill by business segment (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jan. 02, 2014 | Dec. 31, 2013 |
Summary of activity related to goodwill by business segment | ' | ' | ' |
Gross balance | $1,050,996 | ' | $1,022,280 |
Accumulated impairment losses | -994,314 | ' | -994,314 |
Goodwill | 56,682 | 28,716 | 27,966 |
Goodwill, Acquired During Period | 28,716 | ' | ' |
Television | ' | ' | ' |
Summary of activity related to goodwill by business segment | ' | ' | ' |
Gross balance | 243,380 | ' | 243,380 |
Accumulated impairment losses | -215,414 | ' | -215,414 |
Goodwill | 27,966 | ' | 27,966 |
Goodwill, Acquired During Period | 0 | ' | ' |
Newspapers | ' | ' | ' |
Summary of activity related to goodwill by business segment | ' | ' | ' |
Gross balance | 778,900 | ' | 778,900 |
Accumulated impairment losses | -778,900 | ' | -778,900 |
Goodwill | 0 | ' | 0 |
Goodwill, Acquired During Period | 0 | ' | ' |
Syndication and Other [Member] | ' | ' | ' |
Summary of activity related to goodwill by business segment | ' | ' | ' |
Gross balance | ' | ' | 0 |
Accumulated impairment losses | 0 | ' | 0 |
Goodwill | 28,716 | ' | 0 |
Goodwill, Acquired During Period | $28,716 | ' | ' |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Summary of other intangible assets (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying amount: | ' | ' |
Total carrying amount | $110,609 | $104,709 |
Accumulated amortization: | ' | ' |
Total accumulated amortization | -26,585 | -24,662 |
Net amortizable intangible assets | 84,024 | 80,047 |
Total other intangible assets | 141,839 | 137,862 |
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 | -10,678 | -9,691 |
Customer lists and advertiser relationships | ' | ' |
Carrying amount: | ' | ' |
Total carrying amount | 26,404 | 22,304 |
Accumulated amortization: | ' | ' |
Total accumulated amortization | -13,967 | -13,138 |
Other | ' | ' |
Carrying amount: | ' | ' |
Total carrying amount | 5,361 | 3,561 |
Accumulated amortization: | ' | ' |
Total accumulated amortization | ($1,940) | ($1,833) |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) (USD $) | Mar. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Estimated amortization expense of intangible assets for the remainder of 2014 | $5.90 |
Estimated amortization expense of intangible assets for 2015 | 7.8 |
Estimated amortization expense of intangible assets for 2016 | 7.7 |
Estimated amortization expense of intangible assets for 2017 | 5.3 |
Estimated amortization expense of intangible assets for 2018 | 5.3 |
Estimated amortization expense of intangible assets for 2019 | 4.3 |
Estimated amortization expense of intangible assets for later years | $47.70 |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Components of Long-term debt | ' | ' | |
Long-term debt | $199,500 | $200,000 | |
Current portion of long-term debt | 2,000 | 2,000 | |
Long-term debt (less current portion) | 197,500 | 198,000 | |
Fair value of long-term debt | 199,500 | [1] | 200,000 |
Variable rate credit facility | ' | ' | |
Components of Long-term debt | ' | ' | |
Long-term debt | 0 | 0 | |
Term loan | ' | ' | |
Components of Long-term debt | ' | ' | |
Long-term debt | $199,500 | $200,000 | |
[1] | * Fair value of the term loan was estimated based on quoted private market transactions and is classified as Level 1 in the fair value hierarchy. |
LongTerm_Debt_Narrative_Detail
Long-Term Debt - Narrative (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |
Long-Term Debt (Textual) [Abstract] | ' | ' | ' |
Current portion of long-term debt | $2,000,000 | 2,000,000 | ' |
Long-term debt (less current portion) | 197,500,000 | 198,000,000 | ' |
Scheduled principal payments on long-term debt in 2014 | 1,500,000 | ' | ' |
Scheduled principal payments on long-term debt in 2015 | 2,000,000 | ' | ' |
Scheduled principal payments on long-term debt in 2016 | 2,000,000 | ' | ' |
Scheduled principal payments on long-term debt in 2017 | 2,000,000 | ' | ' |
Scheduled principal payments on long-term debt in 2018 | 2,000,000 | ' | ' |
Scheduled principal payments on long-term debt in 2019 | 2,000,000 | ' | ' |
Scheduled principal payments on long-term debt in later years | 188,000,000 | ' | ' |
Letters of credit outstanding amount | 200,000 | 200,000 | ' |
Minimum | ' | ' | ' |
Long-Term Debt (Textual) [Abstract] | ' | ' | ' |
Percentage of commitment fees of total unused commitment under revolving credit facility | 0.30% | ' | ' |
Maximum | ' | ' | ' |
Long-Term Debt (Textual) [Abstract] | ' | ' | ' |
Percentage of commitment fees of total unused commitment under revolving credit facility | 0.50% | ' | ' |
Financing Agreement | ' | ' | ' |
Long-Term Debt (Textual) [Abstract] | ' | ' | ' |
Revolving credit and term loan agreement to finance acquisition | 275,000,000 | ' | ' |
Restricted payment for dividend and share repurchase, maximum | 50,000,000 | ' | ' |
Ratio of Indebtedness to Net Capital | 4.5 | ' | ' |
Financing Agreement | Term loan | ' | ' | ' |
Long-Term Debt (Textual) [Abstract] | ' | ' | ' |
Revolving credit and term loan agreement to finance acquisition | 200,000,000 | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 3.25% | 3.25% | ' |
LIBOR plus margin range | 2.50% | ' | ' |
Weighted average interest rate | 3.25% | ' | 3.71% |
Financing Agreement | Term loan | Minimum | ' | ' | ' |
Long-Term Debt (Textual) [Abstract] | ' | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.75% | ' | ' |
Financing Agreement | Revolving Credit Facility | ' | ' | ' |
Long-Term Debt (Textual) [Abstract] | ' | ' | ' |
Revolving credit and term loan agreement to finance acquisition | $75,000,000 | ' | ' |
Financing Agreement | Revolving Credit Facility | Minimum | ' | ' | ' |
Long-Term Debt (Textual) [Abstract] | ' | ' | ' |
Line of Credit Facility, Amount Outstanding, Trigger Leverage Ratio, Percentage | 20.00% | ' | ' |
LIBOR plus margin range | 2.25% | ' | ' |
Financing Agreement | Revolving Credit Facility | Maximum | ' | ' | ' |
Long-Term Debt (Textual) [Abstract] | ' | ' | ' |
LIBOR plus margin range | 2.75% | ' | ' |
Financial_Instruments_Narrativ
Financial Instruments - Narrative (Details) (Interest rate swaps, USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Interest rate swaps | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Notional Amount | $75,000,000 | $75,000,000 |
Fixed LIBOR interest rate | 1.08% | ' |
Derivative instrument, amortized into earnings from AOCI | $100,000 | ' |
Financial_Instruments_Notional
Financial Instruments - Notional Amounts (Details) (Interest rate swaps, USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Interest rate swaps | ' | ' | ||
Derivatives designated as cash flow hedges: | ' | ' | ||
Derivative, Notional Amount | $75,000 | $75,000 | ||
Interest Rate Derivative Assets, at Fair Value | 0 | 0 | ||
Interest Rate Derivative Liabilities, at Fair Value | $674 | [1] | $723 | [1] |
[1] | (1) Balance recorded as other liabilities in Condensed Consolidated Balance Sheet |
Financial_Instruments_Effectiv
Financial Instruments - Effective Portion of Unrealized Gain and Loss (Details) (Interest rate swaps, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Interest rate swaps | ' | ' |
Derivatives designated as cash flow hedges: | ' | ' |
Effective portion recognized in accumulated OCL, gain/(loss) | $0 | ($72) |
Reclassified from accumulated OCL, gain/(loss) | 96 | 166 |
Derivative, Gain (Loss) on Derivative, Net | 49 | ' |
Gain/(loss) on derivative | ' | $0 |
Fair_Value_Measurement_Assets_
Fair Value Measurement - Assets and Liabilities Measured at Fair Value (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Recurring Measurements | ' | ' | ||
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' | ||
Cash equivalents | $20,000 | $30,000 | ||
Level 1 | Recurring Measurements | ' | ' | ||
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' | ||
Cash equivalents | 20,000 | 30,000 | ||
Level 2 | Recurring Measurements | ' | ' | ||
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' | ||
Cash equivalents | 0 | 0 | ||
Level 3 | Recurring Measurements | ' | ' | ||
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 | -674 | [1] | -723 | [1] |
Interest rate swaps | Recurring Measurements | ' | ' | ||
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' | ||
Interest rate swap | -674 | -723 | ||
Interest rate swaps | Level 1 | Recurring Measurements | ' | ' | ||
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' | ||
Interest rate swap | 0 | 0 | ||
Interest rate swaps | Level 2 | Recurring Measurements | ' | ' | ||
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' | ||
Interest rate swap | -674 | -723 | ||
Interest rate swaps | Level 3 | Recurring Measurements | ' | ' | ||
Assets and liabilities that are measured at fair value on a recurring basis | ' | ' | ||
Interest rate swap | $0 | $0 | ||
[1] | (1) Balance recorded as other liabilities in Condensed Consolidated Balance Sheet |
Other_Liabilities_Additional_I
Other Liabilities - Additional Information (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other liabilities | ' | ' |
Employee compensation and benefits | $19,184 | $19,756 |
Liability for pension benefits | 62,400 | 62,020 |
Liabilities for uncertain tax positions | 10,825 | 10,670 |
Other | 12,378 | 14,826 |
Other liabilities (less current portion) | $104,787 | $107,272 |
Noncontrolling_Interests_Narra
Noncontrolling Interests - Narrative (Details) | Mar. 31, 2014 |
Noncontrolling interest Memphis Newspaper | ' |
Noncontrolling Interest [Line Items] | ' |
Ownership percentage by noncontrolling owners | 4.00% |
Noncontrolling interest Evansville Newspaper | ' |
Noncontrolling Interest [Line Items] | ' |
Ownership percentage by noncontrolling owners | 6.00% |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information - Change in Certain Working Capital Accounts (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Other changes in certain working capital accounts, net | ' | ' |
Accounts and notes receivable | $15,433 | $1,294 |
Income taxes (receivable) payable, net | -295 | -3,526 |
Accounts payable | -1,829 | -5,177 |
Accrued employee compensation and benefits | 1,667 | -8,118 |
Other accrued liabilities | -432 | -2,917 |
Other, net | 96 | -8,030 |
Total | $14,640 | ($26,474) |
Employee_Benefit_Plans_Compone
Employee Benefit Plans - Components of Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Net periodic benefit cost | $4,657 | $5,468 |
Defined benefit plans | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Service cost | 21 | 17 |
Interest cost | 6,278 | 5,976 |
Expected return on plan assets, net of expenses | -5,859 | -5,371 |
Amortization of actuarial loss | 642 | 1,061 |
Total for defined benefit plans | 1,082 | 1,683 |
Multi-employer plans | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Net periodic benefit cost | 119 | 120 |
SERP | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Net periodic benefit cost | 296 | 286 |
Defined contribution plans | ' | ' |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ' | ' |
Net periodic benefit cost | $3,160 | $3,379 |
Employee_Benefit_Plans_Narrati
Employee Benefit Plans - Narrative (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
SERP | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Contributions to benefit plan | $0.30 |
Estimated future contributions | 0.6 |
Defined benefit plans | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Contributions to benefit plan | $0.10 |
Segment_Information_Narrative_
Segment Information - Narrative (Details) | Mar. 31, 2014 |
customer | |
Segment Reporting Information [Line Items] | ' |
Number of major customers customers | 0 |
Percentage of revenue by major customer | 10.00% |
Television | ' |
Segment Reporting Information [Line Items] | ' |
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 Reporting Information [Line Items] | ' |
Number of markets for daily and community newspapers | 13 |
Segment_Information_Schedule_o
Segment Information - Schedule of Business Segments (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Information regarding business segments | ' | ' |
Total operating revenues | $203,794 | $198,653 |
Depreciation and amortization of intangibles | -11,729 | -11,814 |
(Losses) gains, net on disposal of property, plant and equipment | -68 | -5 |
Defined benefit pension plan expense | -1,378 | -1,969 |
Acquisition and related integration costs | -262 | 0 |
Separation and restructuring costs | 0 | -976 |
Interest expense | -2,254 | -2,613 |
Miscellaneous, net | -445 | -1,304 |
Loss from operations before income taxes | -761 | -7,621 |
Depreciation: | ' | ' |
Total depreciation | 9,808 | 10,102 |
Amortization of intangibles: | ' | ' |
Syndication and other | 1,921 | 1,712 |
Additions to property, plant and equipment: | ' | ' |
Total additions to property, plant and equipment | 2,584 | 4,979 |
Television | ' | ' |
Information regarding business segments | ' | ' |
Total operating revenues | 102,142 | 96,866 |
Segment profit (loss) | 20,972 | 16,492 |
Depreciation: | ' | ' |
Total depreciation | 5,111 | 5,591 |
Amortization of intangibles: | ' | ' |
Syndication and other | 1,599 | 1,577 |
Additions to property, plant and equipment: | ' | ' |
Total additions to property, plant and equipment | 1,732 | 1,887 |
Newspapers | ' | ' |
Information regarding business segments | ' | ' |
Total operating revenues | 98,490 | 99,488 |
Segment profit (loss) | 8,549 | 5,937 |
Depreciation: | ' | ' |
Total depreciation | 3,987 | 4,113 |
Amortization of intangibles: | ' | ' |
Syndication and other | 118 | 135 |
Additions to property, plant and equipment: | ' | ' |
Total additions to property, plant and equipment | 219 | 889 |
Syndication and other | ' | ' |
Information regarding business segments | ' | ' |
Total operating revenues | 3,162 | 2,299 |
Segment profit (loss) | 212 | 478 |
Depreciation: | ' | ' |
Total depreciation | 98 | 19 |
Amortization of intangibles: | ' | ' |
Syndication and other | 204 | 0 |
Additions to property, plant and equipment: | ' | ' |
Total additions to property, plant and equipment | 28 | 0 |
Shared services and corporate | ' | ' |
Information regarding business segments | ' | ' |
Segment profit (loss) | -14,358 | -11,847 |
Depreciation: | ' | ' |
Total depreciation | 612 | 379 |
Additions to property, plant and equipment: | ' | ' |
Total additions to property, plant and equipment | $605 | $2,203 |
SpinOff_of_Scripps_Networks_In1
Spin-Off of Scripps Networks Interactive, Inc - Narrative (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Spin Off of Company [Abstract] | ' | ' |
Spin-Off of Company, Employee Service Share-based Compensation, Tax Deduction from Exercise of Stock Options | $6.10 | $3.50 |
SNI options held by employees | 0.2 | ' |
Capital_Stock_Narrative_Detail
Capital Stock - Narrative (Details) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 30, 2012 | 6-May-14 | |
common_share | Minimum | Minimum | Maximum | Maximum | Common stock, Class A | Common stock, Class A | First Repurchase Plan | Subsequent Event [Member] | ||
director | Common stock, Class A | Second Repurchase Plan | ||||||||
Common stock, Class A | ||||||||||
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 | ' | ' | ' | ' | ' | ' | ' | ' | $100,000,000 | $100,000,000 |
Stock repurchased during period, value | $17,828,000 | $10,648,000 | ' | ' | ' | ' | $17,800,000 | $10,600,000 | ' | ' |
Range of price of shares repurchased (USD per share) | ' | ' | $16.35 | $10.83 | $19.99 | $11.77 | ' | ' | ' | ' |
Capital_Stock_Options_outstand
Capital Stock - Options outstanding and exercisable (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
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 Granted, Range One [Member] | ' |
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 |
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 – expire in 2014 | ' |
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 |
2007 – expire in 2015 | ' |
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 7 months 14 days |
Options on Shares Outstanding | 2,695,905 |
Options on Shares Exercisable | 2,695,905 |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $9.28 |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $9.28 |
Options Outstanding, Aggregate Intrinsic Value | $22.80 |
Options Exercisable, Aggregate Intrinsic Value | 22.8 |
Stock Options | Options Granted, Range One [Member] | ' |
Information about options outstanding and options exercisable by year of grant | ' |
Average Remaining Term | '5 months 15 days |
Options on Shares Outstanding | 15,373 |
Options on Shares Exercisable | 15,373 |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $10.40 |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $10.40 |
Options Outstanding, Aggregate Intrinsic Value | 0.1 |
Options Exercisable, Aggregate Intrinsic Value | 0.1 |
Stock Options | 2004 – expire in 2014 | ' |
Information about options outstanding and options exercisable by year of grant | ' |
Average Remaining Term | '1 year 0 months 14 days |
Options on Shares Outstanding | 43,188 |
Options on Shares Exercisable | 43,188 |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $10.90 |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $10.90 |
Options Outstanding, Aggregate Intrinsic Value | 0.3 |
Options Exercisable, Aggregate Intrinsic Value | 0.3 |
Stock Options | 2005 – expire in 2015 | ' |
Information about options outstanding and options exercisable by year of grant | ' |
Average Remaining Term | '2 months 7 days |
Options on Shares Outstanding | 63,214 |
Options on Shares Exercisable | 63,214 |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $10.05 |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $10.05 |
Options Outstanding, Aggregate Intrinsic Value | 0.5 |
Options Exercisable, Aggregate Intrinsic Value | 0.5 |
Stock Options | 2006 – expire in 2014 | ' |
Information about options outstanding and options exercisable by year of grant | ' |
Average Remaining Term | '10 months 27 days |
Options on Shares Outstanding | 752,731 |
Options on Shares Exercisable | 752,731 |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $10.34 |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $10.34 |
Options Outstanding, Aggregate Intrinsic Value | 5.6 |
Options Exercisable, Aggregate Intrinsic Value | 5.6 |
Stock Options | 2007 – expire in 2015 | ' |
Information about options outstanding and options exercisable by year of grant | ' |
Average Remaining Term | '1 year 11 months 28 days |
Options on Shares Outstanding | 1,821,399 |
Options on Shares Exercisable | 1,821,399 |
Options Outstanding, Weighted Average Exercise Price (USD per share) | $8.77 |
Options Exercisable, Weighted Average Exercise Price (USD per share) | $8.77 |
Options Outstanding, Aggregate Intrinsic Value | 16.3 |
Options Exercisable, Aggregate Intrinsic Value | $16.30 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Beginning balance | ($80,923,000) | ($116,840,000) | ||
Other comprehensive income before reclassifications | 0 | -45,000 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 59,000 | [1] | 104,000 | [1] |
Amounts reclassified from accumulated other comprehensive loss, Actuarial loss | 444,000 | [2] | 851,000 | [2] |
Amounts reclassified from accumulated other comprehensive loss, tax | -149,000 | -4,950,000 | ||
Ending balance | -80,420,000 | -115,930,000 | ||
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Net current-period other comprehensive income | 503,000 | 910,000 | ||
Gains and Losses on Derivatives | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Beginning balance | ' | -1,009,000 | ||
Other comprehensive income before reclassifications | ' | -45,000 | ||
Ending balance | ' | -950,000 | ||
Gains and Losses on Derivatives | Interest rate swaps | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | ' | 104,000 | [1] | |
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss, Actuarial loss | ' | 0 | [2] | |
Net current-period other comprehensive income | ' | 59,000 | ||
Gains and Losses on Derivatives | Reclassification out of Accumulated Other Comprehensive Income | Interest rate swaps | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss, tax | ' | 62,000 | ||
Defined Benefit Pension Items | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Beginning balance | -80,377,000 | -116,188,000 | ||
Other comprehensive income before reclassifications | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | [1] | 0 | [1] |
Ending balance | -79,933,000 | -115,337,000 | ||
Defined Benefit Pension Items | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss, Actuarial loss | 444,000 | [2] | 851,000 | [2] |
Amounts reclassified from accumulated other comprehensive loss, tax | 280,000 | 298,000 | ||
Net current-period other comprehensive income | 444,000 | 851,000 | ||
Other | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Beginning balance | 172,000 | 357,000 | ||
Other comprehensive income before reclassifications | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | [1] | 0 | [1] |
Ending balance | 172,000 | 357,000 | ||
Other | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss, Actuarial loss | 0 | [2] | 0 | [2] |
Net current-period other comprehensive income | 0 | 0 | ||
Gain or Loss on Derivatives [Member] | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Beginning balance | -718,000 | ' | ||
Other comprehensive income before reclassifications | 0 | ' | ||
Ending balance | -659,000 | ' | ||
Gain or Loss on Derivatives [Member] | Interest rate swaps | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 59,000 | [1] | ' | |
Gain or Loss on Derivatives [Member] | Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss, Actuarial loss | 0 | [2] | ' | |
Net current-period other comprehensive income | 59,000 | ' | ||
Gain or Loss on Derivatives [Member] | Reclassification out of Accumulated Other Comprehensive Income | Interest rate swaps | ' | ' | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss, tax | $37,000 | ' | ||
[1] | (a) Included in interest expense in the Condensed Consolidated Statements of Operations | |||
[2] | (b) Included in defined benefit pension plan expense in the Condensed Consolidated Statements of Operations |