NEW YORK | 13-1102020 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Large accelerated filer x | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o |
Class A Common Stock | 146,625,832 | shares | |||
Class B Common Stock | 818,885 | shares |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||
June 26, 2011 | June 27, 2010 | June 26, 2011 | June 27, 2010 | |||||||||||||
(13 weeks) | (26 weeks) | |||||||||||||||
Revenues | ||||||||||||||||
Advertising | $ | 302,295 | $ | 314,880 | $ | 601,175 | $ | 627,538 | ||||||||
Circulation | 234,894 | 234,808 | 462,934 | 471,671 | ||||||||||||
Other | 39,513 | 39,899 | 79,097 | 78,245 | ||||||||||||
Total revenues | 576,702 | 589,587 | 1,143,206 | 1,177,454 | ||||||||||||
Operating costs | ||||||||||||||||
Production costs: | ||||||||||||||||
Raw materials | 39,913 | 38,373 | 80,150 | 75,391 | ||||||||||||
Wages and benefits | 123,027 | 123,905 | 252,018 | 252,438 | ||||||||||||
Other | 74,058 | 74,524 | 148,307 | 149,822 | ||||||||||||
Total production costs | 236,998 | 236,802 | 480,475 | 477,651 | ||||||||||||
Selling, general and administrative costs | 258,688 | 261,633 | 521,993 | 525,604 | ||||||||||||
Depreciation and amortization | 29,547 | 30,327 | 58,195 | 60,716 | ||||||||||||
Total operating costs | 525,233 | 528,762 | 1,060,663 | 1,063,971 | ||||||||||||
Impairment of assets | 161,318 | — | 161,318 | — | ||||||||||||
Pension withdrawal expense | 4,228 | — | 4,228 | — | ||||||||||||
Operating (loss)/profit | (114,077 | ) | 60,825 | (83,003 | ) | 113,483 | ||||||||||
Gain on sale of investment | — | 9,128 | 5,898 | 9,128 | ||||||||||||
Income/(loss) from joint ventures | 2,791 | 7,678 | (2,958 | ) | 16,789 | |||||||||||
Interest expense, net | 25,152 | 20,614 | 49,743 | 41,198 | ||||||||||||
(Loss)/income from continuing operations before income taxes | (136,438 | ) | 57,017 | (129,806 | ) | 98,202 | ||||||||||
Income tax (benefit)/expense | (16,615 | ) | 25,435 | (15,209 | ) | 52,462 | ||||||||||
(Loss)/income from continuing operations | (119,823 | ) | 31,582 | (114,597 | ) | 45,740 | ||||||||||
Income from discontinued operations, net of income taxes | — | 237 | — | 237 | ||||||||||||
Net (loss)/income | (119,823 | ) | 31,819 | (114,597 | ) | 45,977 | ||||||||||
Net loss/(income) attributable to the noncontrolling interest | 105 | 214 | 298 | (1,151 | ) | |||||||||||
Net (loss)/income attributable to The New York Times Company common stockholders | $ | (119,718 | ) | $ | 32,033 | $ | (114,299 | ) | $ | 44,826 | ||||||
Amounts attributable to The New York Times Company common stockholders: | ||||||||||||||||
(Loss)/income from continuing operations | $ | (119,718 | ) | $ | 31,796 | $ | (114,299 | ) | $ | 44,589 | ||||||
Income from discontinued operations, net of income taxes | — | 237 | — | 237 | ||||||||||||
Net (loss)/income | $ | (119,718 | ) | $ | 32,033 | $ | (114,299 | ) | $ | 44,826 | ||||||
Average number of common shares outstanding: | ||||||||||||||||
Basic | 147,176 | 145,601 | 146,976 | 145,398 | ||||||||||||
Diluted | 147,176 | 152,962 | 146,976 | 153,855 | ||||||||||||
Basic (loss)/earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||
(Loss)/income from continuing operations | $ | (0.81 | ) | $ | 0.22 | $ | (0.78 | ) | $ | 0.31 | ||||||
Income from discontinued operations, net of income taxes | — | — | — | — | ||||||||||||
Net (loss)/income | $ | (0.81 | ) | $ | 0.22 | $ | (0.78 | ) | $ | 0.31 | ||||||
Diluted (loss)/earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||
(Loss)/income from continuing operations | $ | (0.81 | ) | $ | 0.21 | $ | (0.78 | ) | $ | 0.29 | ||||||
Income from discontinued operations, net of income taxes | — | — | — | — | ||||||||||||
Net (loss)/income | $ | (0.81 | ) | $ | 0.21 | $ | (0.78 | ) | $ | 0.29 |
THE NEW YORK TIMES COMPANY | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
June 26, 2011 | December 26, 2010 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 178,451 | $ | 369,668 | |||
Short-term investments | 224,737 | 29,974 | |||||
Restricted cash | 28,628 | — | |||||
Accounts receivable (net of allowances of $24,844 in 2011 and $30,209 in 2010) | 258,620 | 302,245 | |||||
Inventories: | |||||||
Newsprint and magazine paper | 11,933 | 12,596 | |||||
Other inventory | 3,500 | 3,536 | |||||
Total inventories | 15,433 | 16,132 | |||||
Deferred income taxes | 68,875 | 68,875 | |||||
Other current assets | 48,974 | 70,338 | |||||
Total current assets | 823,718 | 857,232 | |||||
Other assets | |||||||
Investments in joint ventures | 133,336 | 134,641 | |||||
Property, plant and equipment (less accumulated depreciation and amortization of $1,099,123 in 2011 and $1,048,956 in 2010) | 1,119,177 | 1,156,786 | |||||
Intangible assets acquired: | |||||||
Goodwill (less accumulated impairment losses of $957,311 in 2011 and $805,218 in 2010) | 496,105 | 644,464 | |||||
Other intangible assets acquired (less accumulated amortization of $68,146 in 2011 and $69,383 in 2010) | 23,944 | 35,415 | |||||
Total intangible assets acquired | 520,049 | 679,879 | |||||
Deferred income taxes | 275,015 | 255,701 | |||||
Miscellaneous assets | 185,607 | 201,502 | |||||
Total assets | $ | 3,056,902 | $ | 3,285,741 | |||
THE NEW YORK TIMES COMPANY | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands, except share and per share data) | |||||||
June 26, 2011 | December 26, 2010 | ||||||
(Unaudited) | |||||||
Liabilities and stockholders’ equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 97,519 | $ | 113,968 | |||
Accrued payroll and other related liabilities | 97,135 | 143,850 | |||||
Unexpired subscriptions | 75,542 | 72,896 | |||||
Accrued expenses | 163,259 | 173,625 | |||||
Current portion of long-term debt and capital lease obligations | 229,724 | 38 | |||||
Total current liabilities | 663,179 | 504,377 | |||||
Other liabilities | |||||||
Long-term debt and capital lease obligations | 770,894 | 996,405 | |||||
Pension benefits obligation | 717,766 | 772,785 | |||||
Postretirement benefits obligation | 128,619 | 130,623 | |||||
Other | 203,065 | 217,475 | |||||
Total other liabilities | 1,820,344 | 2,117,288 | |||||
Stockholders’ equity | |||||||
Common stock of $.10 par value: | |||||||
Class A – authorized 300,000,000 shares; issued: 2011 – 149,966,757; 2010 – 149,302,487 (including treasury shares: 2011 – 3,609,238; 2010 – 3,970,238) | 14,997 | 14,930 | |||||
Class B – convertible – authorized and issued shares: 2011 – 818,885; 2010 – 819,125 (including treasury shares: 2011 – 0; 2010 – 0) | 82 | 82 | |||||
Additional paid-in capital | 45,244 | 40,155 | |||||
Retained earnings | 1,011,995 | 1,126,294 | |||||
Common stock held in treasury, at cost | (125,902 | ) | (134,463 | ) | |||
Accumulated other comprehensive loss, net of income taxes: | |||||||
Foreign currency translation adjustments | 16,375 | 11,298 | |||||
Unrealized derivative loss on cash-flow hedge of equity method investment | (1,104 | ) | (1,143 | ) | |||
Funded status of benefit plans | (392,159 | ) | (397,226 | ) | |||
Total accumulated other comprehensive loss, net of income taxes | (376,888 | ) | (387,071 | ) | |||
Total New York Times Company stockholders’ equity | 569,528 | 659,927 | |||||
Noncontrolling interest | 3,851 | 4,149 | |||||
Total stockholders’ equity | 573,379 | 664,076 | |||||
Total liabilities and stockholders’ equity | $ | 3,056,902 | $ | 3,285,741 |
For the Six Months Ended | ||||||||
June 26, 2011 | June 27, 2010 | |||||||
(26 weeks) | ||||||||
Cash flows from operating activities | ||||||||
(Loss)/income from continuing operations | $ | (114,597 | ) | $ | 45,977 | |||
Adjustments to reconcile net (loss)/income from continuing operations to net cash provided by operating activities: | ||||||||
Impairment of assets | 161,318 | — | ||||||
Pension withdrawal expense | 4,228 | — | ||||||
Gain on sale of investment | (5,898 | ) | (9,128 | ) | ||||
Depreciation and amortization | 58,195 | 60,716 | ||||||
Stock-based compensation expense | 6,812 | 4,105 | ||||||
Undistributed loss/(income) of equity method investments–net of dividends | 2,958 | (13,714 | ) | |||||
Long-term retirement benefit obligations | (52,896 | ) | (93,717 | ) | ||||
Other–net | 6,323 | 1,139 | ||||||
Changes in operating assets and liabilities–net of dispositions: | ||||||||
Account receivables–net | 43,625 | 83,793 | ||||||
Inventories | 699 | (1,836 | ) | |||||
Other current assets | 1,853 | 1,019 | ||||||
Accounts payable and other liabilities | (70,105 | ) | (15,916 | ) | ||||
Unexpired subscriptions | 2,646 | (1,846 | ) | |||||
Net cash provided by operating activities | 45,161 | 60,592 | ||||||
Cash flows from investing activities | ||||||||
Purchases of short-term investments | (259,724 | ) | — | |||||
Maturities of short-term investments | 64,961 | — | ||||||
Change in restricted cash | (28,628 | ) | — | |||||
Capital expenditures | (23,449 | ) | (12,429 | ) | ||||
Proceeds from the sale of assets | 4,597 | 2,265 | ||||||
Loan repayments | — | 2,000 | ||||||
Other investing proceeds–net | 5,475 | 13,755 | ||||||
Net cash (used in)/provided by investing activities | (236,768 | ) | 5,591 | |||||
Cash flows from financing activities | ||||||||
Long-term obligations: | ||||||||
Repayments | (294 | ) | (21 | ) | ||||
Capital shares: | ||||||||
Issuances | 218 | 721 | ||||||
Net cash (used in)/provided by financing activities | (76 | ) | 700 | |||||
(Decrease)/increase in cash and cash equivalents | (191,683 | ) | 66,883 | |||||
Effect of exchange rate changes on cash and cash equivalents | 466 | (972 | ) | |||||
Cash and cash equivalents at the beginning of the year | 369,668 | 36,520 | ||||||
Cash and cash equivalents at the end of the quarter | $ | 178,451 | $ | 102,431 |
(In thousands) | News Media Group | About Group | Total | |||||||||
Balance as of December 26, 2010: | ||||||||||||
Goodwill | $ | 1,079,704 | $ | 369,978 | $ | 1,449,682 | ||||||
Accumulated impairment losses | (805,218 | ) | — | (805,218 | ) | |||||||
Balance as of December 26, 2010 | 274,486 | 369,978 | 644,464 | |||||||||
Goodwill disposed during year | — | (2,702 | ) | (2,702 | ) | |||||||
Goodwill impaired during year | (152,093 | ) | — | (152,093 | ) | |||||||
Foreign currency translation | 6,436 | — | 6,436 | |||||||||
Balance as of June 26, 2011: | ||||||||||||
Goodwill | 1,086,140 | 367,276 | 1,453,416 | |||||||||
Accumulated impairment losses | (957,311 | ) | — | (957,311 | ) | |||||||
Balance as of June 26, 2011 | $ | 128,829 | $ | 367,276 | $ | 496,105 |
June 26, 2011 | December 26, 2010 | |||||||||||||||||||||||||||||
(In thousands, except years) | Gross Carrying Amount | Accumulated Amortization | Net | Weighted Average Useful Life (Years) | Gross Carrying Amount | Accumulated Amortization | Net | Weighted Average Useful Life (Years) | ||||||||||||||||||||||
Amortized other intangible assets: | ||||||||||||||||||||||||||||||
Content | $ | 21,384 | $ | (16,833 | ) | $ | 4,551 | 2 | $ | 25,712 | $ | (16,510 | ) | $ | 9,202 | 7 | ||||||||||||||
Customer lists | 24,529 | (21,063 | ) | 3,466 | 2 | 28,316 | (21,281 | ) | 7,035 | 6 | ||||||||||||||||||||
Other | 33,199 | (30,250 | ) | 2,949 | 4 | 36,390 | (31,592 | ) | 4,798 | 3 | ||||||||||||||||||||
Total | $ | 79,112 | $ | (68,146 | ) | 10,966 | $ | 90,418 | $ | (69,383 | ) | 21,035 | ||||||||||||||||||
Unamortized other intangible assets: | ||||||||||||||||||||||||||||||
Trade names | 12,978 | 14,380 | ||||||||||||||||||||||||||||
Total other intangible assets acquired | $ | 23,944 | $ | 35,415 |
(In thousands) | Amount | |||
2012 | $ | 4,800 | ||
2013 | 1,600 | |||
2014 | 600 | |||
2015 | 350 | |||
2016 | 270 |
Company | Approximate % Ownership | |||
Metro Boston LLC | 49 | % | ||
Donohue Malbaie Inc. | 49 | % | ||
Madison Paper Industries | 40 | % | ||
quadrantONE LLC | 25 | % | ||
Fenway Sports Group | 16.57 | % | (1) |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||
(In thousands) | June 30, 2011 | June 30, 2010 | June 30, 2011 | June 30, 2010 | ||||||||||||
Revenues | $ | 374,632 | $ | 314,404 | $ | 573,812 | $ | 430,323 | ||||||||
Costs and expenses | 345,335 | 258,040 | 563,636 | 377,564 | ||||||||||||
Operating profit | 29,297 | 56,364 | 10,176 | 52,759 | ||||||||||||
Other (loss)/income | (5,838 | ) | 434 | (9,321 | ) | 26,031 | ||||||||||
Pre-tax income | 23,459 | 56,798 | 855 | 78,790 | ||||||||||||
Income tax expense/(benefit) | 217 | 36 | (874 | ) | (1,008 | ) | ||||||||||
Net income | 23,242 | 56,762 | 1,729 | 79,798 | ||||||||||||
Net income attributable to noncontrolling interest | 5,281 | 6,468 | 10,695 | 11,539 | ||||||||||||
Net income/(loss) less noncontrolling interest | $ | 17,961 | $ | 50,294 | $ | (8,966 | ) | $ | 68,259 |
(In thousands) | Coupon Rate | June 26, 2011 | December 26, 2010 | ||||||||
Senior notes due 2015, called in 2011 | 14.053 | % | $ | 229,684 | $ | 227,680 | |||||
Senior notes due 2012 | 4.610 | % | 74,835 | 74,771 | |||||||
Senior notes due 2015 | 5.0 | % | 249,875 | 249,860 | |||||||
Senior notes due 2016 | 6.625 | % | 220,439 | 220,102 | |||||||
Option to repurchase ownership interest in headquarters building in 2019 | 219,072 | 217,306 | |||||||||
Total debt | 993,905 | 989,719 | |||||||||
Capital lease obligations | 6,713 | 6,724 | |||||||||
Total debt and capital lease obligations | $ | 1,000,618 | $ | 996,443 |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | June 26, 2011 | June 27, 2010 | ||||||||||||
Cash interest expense | $ | 23,215 | $ | 19,052 | $ | 46,168 | $ | 38,012 | ||||||||
Non-cash amortization of discount on debt | 2,085 | 1,937 | 4,187 | 3,941 | ||||||||||||
Capitalized interest | (27 | ) | (20 | ) | (332 | ) | (20 | ) | ||||||||
Interest income | (121 | ) | (355 | ) | (280 | ) | (735 | ) | ||||||||
Total interest expense, net | $ | 25,152 | $ | 20,614 | $ | 49,743 | $ | 41,198 |
For the Quarters Ended | ||||||||||||||||||||||||
June 26, 2011 | June 27, 2010 | |||||||||||||||||||||||
(In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | ||||||||||||||||||
Service cost | $ | 3,019 | $ | 377 | $ | 3,396 | $ | 3,055 | $ | 28 | $ | 3,083 | ||||||||||||
Interest cost | 24,998 | 3,286 | 28,284 | 25,943 | 3,426 | 29,369 | ||||||||||||||||||
Expected return on plan assets | (27,953 | ) | — | (27,953 | ) | (28,392 | ) | — | (28,392 | ) | ||||||||||||||
Amortization of prior service cost | 201 | — | 201 | 201 | — | 201 | ||||||||||||||||||
Recognized actuarial loss | 6,445 | 804 | 7,249 | 4,147 | 2,459 | 6,606 | ||||||||||||||||||
Net periodic pension cost | $ | 6,710 | $ | 4,467 | $ | 11,177 | $ | 4,954 | $ | 5,913 | $ | 10,867 |
For the Six Months Ended | ||||||||||||||||||||||||
June 26, 2011 | June 27, 2010 | |||||||||||||||||||||||
(In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | ||||||||||||||||||
Service cost | $ | 6,038 | $ | 754 | $ | 6,792 | $ | 6,169 | $ | 30 | $ | 6,199 | ||||||||||||
Interest cost | 49,996 | 6,572 | 56,568 | 51,899 | 6,725 | 58,624 | ||||||||||||||||||
Expected return on plan assets | (55,906 | ) | — | (55,906 | ) | (56,785 | ) | — | (56,785 | ) | ||||||||||||||
Amortization of prior service cost | 402 | — | 402 | 402 | — | 402 | ||||||||||||||||||
Recognized actuarial loss | 12,890 | 1,608 | 14,498 | 8,328 | 2,972 | 11,300 | ||||||||||||||||||
Net periodic pension cost | $ | 13,420 | $ | 8,934 | $ | 22,354 | $ | 10,013 | $ | 9,727 | $ | 19,740 |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | June 26, 2011 | June 27, 2010 | ||||||||||||
Service cost | $ | 290 | $ | 269 | $ | 580 | $ | 538 | ||||||||
Interest cost | 1,825 | 2,335 | 3,650 | 4,670 | ||||||||||||
Amortization of prior service credit | (3,901 | ) | (3,900 | ) | (7,802 | ) | (7,800 | ) | ||||||||
Recognized actuarial loss | 481 | 782 | 962 | 1,564 | ||||||||||||
Net periodic postretirement benefit income | $ | (1,305 | ) | $ | (514 | ) | $ | (2,610 | ) | $ | (1,028 | ) |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||
(In thousands, except per share data) | June 26, 2011 | June 27, 2010 | June 26, 2011 | June 27, 2010 | ||||||||||||
Amounts attributable to The New York Times Company common stockholders: | ||||||||||||||||
(Loss)/income from continuing operations | $ | (119,718 | ) | $ | 31,796 | $ | (114,299 | ) | $ | 44,589 | ||||||
Income from discontinued operations, net of income taxes | — | 237 | — | 237 | ||||||||||||
Net (loss)/income | $ | (119,718 | ) | $ | 32,033 | $ | (114,299 | ) | $ | 44,826 | ||||||
Average number of common shares outstanding–Basic | 147,176 | 145,601 | 146,976 | 145,398 | ||||||||||||
Incremental shares for assumed exercise of securities | — | 7,361 | — | 8,457 | ||||||||||||
Average number of common shares outstanding–Diluted | 147,176 | 152,962 | 146,976 | 153,855 | ||||||||||||
Basic (loss)/earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||
(Loss)/income from continuing operations | $ | (0.81 | ) | $ | 0.22 | $ | (0.78 | ) | $ | 0.31 | ||||||
Income from discontinued operations, net of income taxes | — | — | — | — | ||||||||||||
Net (loss)/income–Basic | $ | (0.81 | ) | $ | 0.22 | $ | (0.78 | ) | $ | 0.31 | ||||||
Diluted (loss)/earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||
(Loss)/income from continuing operations | $ | (0.81 | ) | $ | 0.21 | $ | (0.78 | ) | $ | 0.29 | ||||||
Income from discontinued operations, net of income taxes | — | — | — | — | ||||||||||||
Net (loss)/income–Diluted | $ | (0.81 | ) | $ | 0.21 | $ | (0.78 | ) | $ | 0.29 |
(In thousands) | Total New York Times Company Stockholders' Equity | Noncontrolling Interest | Total Stockholders' Equity | |||||||||
Balance as of December 26, 2010 | $ | 659,927 | $ | 4,149 | $ | 664,076 | ||||||
Net loss | (114,299 | ) | (298 | ) | (114,597 | ) | ||||||
Other comprehensive income | 10,183 | — | 10,183 | |||||||||
Issuance of shares | 5,762 | — | 5,762 | |||||||||
Stock-based compensation | 7,955 | — | 7,955 | |||||||||
Balance as of June 26, 2011 | $ | 569,528 | $ | 3,851 | $ | 573,379 |
(In thousands) | Total New York Times Company Stockholders' Equity | Noncontrolling Interest | Total Stockholders' Equity | |||||||||
Balance as of December 27, 2009 | $ | 604,042 | $ | 3,201 | $ | 607,243 | ||||||
Net income | 44,826 | 1,151 | 45,977 | |||||||||
Other comprehensive loss | (7,511 | ) | — | (7,511 | ) | |||||||
Issuance of shares | 6,558 | — | 6,558 | |||||||||
Stock-based compensation | 4,103 | — | 4,103 | |||||||||
Balance as of June 27, 2010 | $ | 652,018 | $ | 4,352 | $ | 656,370 |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | June 26, 2011 | June 27, 2010 | ||||||||||||
Net (loss)/income | $ | (119,823 | ) | $ | 31,819 | $ | (114,597 | ) | $ | 45,977 | ||||||
Other comprehensive income/(loss): | ||||||||||||||||
Foreign currency translation adjustments | 699 | (7,122 | ) | 8,444 | (14,127 | ) | ||||||||||
Unrealized derivative loss on cash-flow hedge of equity method investment | — | — | 77 | — | ||||||||||||
Adjustments to pension benefits obligation | — | (4,087 | ) | — | (4,087 | ) | ||||||||||
Amortization of unrecognized amounts included in pension and postretirement benefits obligations | 4,030 | 3,691 | 8,643 | 5,468 | ||||||||||||
Income tax (expense)/benefit | (2,029 | ) | 3,041 | (6,981 | ) | 5,235 | ||||||||||
Total other comprehensive income/(loss) | 2,700 | (4,477 | ) | 10,183 | (7,511 | ) | ||||||||||
Comprehensive (loss)/income | (117,123 | ) | 27,342 | (104,414 | ) | 38,466 | ||||||||||
Net loss/(income) attributable to the noncontrolling interest | 105 | 214 | 298 | (1,151 | ) | |||||||||||
Comprehensive (loss)/income attributable to The New York Times Company common stockholders | $ | (117,018 | ) | $ | 27,556 | $ | (104,116 | ) | $ | 37,315 |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | June 26, 2011 | June 27, 2010 | ||||||||||||
Revenues | ||||||||||||||||
News Media Group | $ | 548,858 | $ | 555,898 | $ | 1,084,220 | $ | 1,109,067 | ||||||||
About Group | 27,844 | 33,689 | 58,986 | 68,387 | ||||||||||||
Total | $ | 576,702 | $ | 589,587 | $ | 1,143,206 | $ | 1,177,454 | ||||||||
Operating (loss)/profit | ||||||||||||||||
News Media Group(1) | $ | (116,625 | ) | $ | 54,397 | $ | (85,960 | ) | $ | 102,868 | ||||||
About Group | 11,597 | 15,346 | 25,862 | 31,906 | ||||||||||||
Corporate | (9,049 | ) | (8,918 | ) | (22,905 | ) | (21,291 | ) | ||||||||
Total | $ | (114,077 | ) | $ | 60,825 | $ | (83,003 | ) | $ | 113,483 | ||||||
Gain on sale of investment | — | 9,128 | 5,898 | 9,128 | ||||||||||||
Income/(loss) from joint ventures | 2,791 | 7,678 | (2,958 | ) | 16,789 | |||||||||||
Interest expense, net | 25,152 | 20,614 | 49,743 | 41,198 | ||||||||||||
(Loss)/income from continuing operations before income taxes | (136,438 | ) | 57,017 | (129,806 | ) | 98,202 | ||||||||||
Income tax (benefit)/expense | (16,615 | ) | 25,435 | (15,209 | ) | 52,462 | ||||||||||
(Loss)/income from continuing operations | (119,823 | ) | 31,582 | (114,597 | ) | 45,740 | ||||||||||
Income from discontinued operations, net of income taxes | — | 237 | — | 237 | ||||||||||||
Net (loss)/income | (119,823 | ) | 31,819 | (114,597 | ) | 45,977 | ||||||||||
Net loss/(income) attributable to the noncontrolling interest | 105 | 214 | 298 | (1,151 | ) | |||||||||||
Net (loss)/income attributable to The New York Times Company common stockholders | $ | (119,718 | ) | $ | 32,033 | $ | (114,299 | ) | $ | 44,826 |
(1) | In the second quarter of 2011, we recorded a $161.3 million impairment charge, primarily related to goodwill at the Regional Media Group, and a $4.2 million charge for a pension withdrawal obligation under a multiemployer pension plan at the Globe, which are both part of the News Media Group reportable segment. |
▪ | a 49% interest in Metro Boston LLC, which publishes a free daily newspaper in the greater Boston area; |
▪ | a 49% interest in a Canadian newsprint company, Donohue Malbaie Inc.; |
▪ | a 40% interest in a partnership, Madison Paper Industries, operating a supercalendered paper mill in Maine; |
▪ | a 25% interest in quadrantONE LLC, an online advertising network that sells bundled premium, targeted display advertising onto local newspaper and other Web sites; and |
▪ | a 16.57% interest in Fenway Sports Group, which owns the Boston Red Sox baseball club; Liverpool Football Club (a soccer team in the English Premier League); approximately 80% of New England Sports Network (a regional cable sports network that televises the Red Sox and Boston Bruins hockey games); and 50% of Roush Fenway Racing (a leading NASCAR team). On July 1, 2011, we sold part of our interest in Fenway Sports Group reducing our ownership interest to 7.3%. See the “Recent Developments” section for additional information. |
▪ | Depreciation and amortization: $115 to $120 million, |
▪ | Interest expense, net: $83 to $87 million, and |
▪ | Capital expenditures: $45 to $55 million, which includes investments in digital systems across our Company. |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | % Change | June 26, 2011 | June 27, 2010 | % Change | ||||||||||||||||
Revenues | ||||||||||||||||||||||
Advertising | $ | 302,295 | $ | 314,880 | (4.0 | ) | $ | 601,175 | $ | 627,538 | (4.2 | ) | ||||||||||
Circulation | 234,894 | 234,808 | 0.0 | 462,934 | 471,671 | (1.9 | ) | |||||||||||||||
Other | 39,513 | 39,899 | (1.0 | ) | 79,097 | 78,245 | 1.1 | |||||||||||||||
Total revenues | 576,702 | 589,587 | (2.2 | ) | 1,143,206 | 1,177,454 | (2.9 | ) | ||||||||||||||
Operating costs | ||||||||||||||||||||||
Production costs: | ||||||||||||||||||||||
Raw materials | 39,913 | 38,373 | 4.0 | 80,150 | 75,391 | 6.3 | ||||||||||||||||
Wages and benefits | 123,027 | 123,905 | (0.7 | ) | 252,018 | 252,438 | (0.2 | ) | ||||||||||||||
Other | 74,058 | 74,524 | (0.6 | ) | 148,307 | 149,822 | (1.0 | ) | ||||||||||||||
Total production costs | 236,998 | 236,802 | 0.1 | 480,475 | 477,651 | 0.6 | ||||||||||||||||
Selling, general and administrative costs | 258,688 | 261,633 | (1.1 | ) | 521,993 | 525,604 | (0.7 | ) | ||||||||||||||
Depreciation and amortization | 29,547 | 30,327 | (2.6 | ) | 58,195 | 60,716 | (4.2 | ) | ||||||||||||||
Total operating costs | 525,233 | 528,762 | (0.7 | ) | 1,060,663 | 1,063,971 | (0.3 | ) | ||||||||||||||
Impairment of assets | 161,318 | — | N/A | 161,318 | — | N/A | ||||||||||||||||
Pension withdrawal expense | 4,228 | — | N/A | 4,228 | — | N/A | ||||||||||||||||
Operating (loss)/profit | (114,077 | ) | 60,825 | * | (83,003 | ) | 113,483 | * | ||||||||||||||
Gain on sale of investment | — | 9,128 | N/A | 5,898 | 9,128 | (35.4 | ) | |||||||||||||||
Income/(loss) from joint ventures | 2,791 | 7,678 | (63.6 | ) | (2,958 | ) | 16,789 | * | ||||||||||||||
Interest expense, net | 25,152 | 20,614 | 22.0 | 49,743 | 41,198 | 20.7 | ||||||||||||||||
(Loss)/income from continuing operations before income taxes | (136,438 | ) | 57,017 | * | (129,806 | ) | 98,202 | * | ||||||||||||||
Income tax (benefit)/expense | (16,615 | ) | 25,435 | * | (15,209 | ) | 52,462 | * | ||||||||||||||
(Loss)/income from continuing operations | (119,823 | ) | 31,582 | * | (114,597 | ) | 45,740 | * | ||||||||||||||
Income from discontinued operations, net of income taxes | — | 237 | N/A | — | 237 | N/A | ||||||||||||||||
Net (loss)/income | (119,823 | ) | 31,819 | * | (114,597 | ) | 45,977 | * | ||||||||||||||
Net loss/(income) attributable to the noncontrolling interest | 105 | 214 | (50.9 | ) | 298 | (1,151 | ) | * | ||||||||||||||
Net (loss)/income attributable to The New York Times Company common stockholders | $ | (119,718 | ) | $ | 32,033 | * | $ | (114,299 | ) | $ | 44,826 | * | ||||||||||
* Represents an increase or decrease in excess of 100%. |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | % Change | June 26, 2011 | June 27, 2010 | % Change | ||||||||||||||||
News Media Group | $ | 548,858 | $ | 555,898 | (1.3 | ) | $ | 1,084,220 | $ | 1,109,067 | (2.2 | ) | ||||||||||
About Group | 27,844 | 33,689 | (17.3 | ) | 58,986 | 68,387 | (13.7 | ) | ||||||||||||||
Total revenues | $ | 576,702 | $ | 589,587 | (2.2 | ) | $ | 1,143,206 | $ | 1,177,454 | (2.9 | ) |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | % Change | June 26, 2011 | June 27, 2010 | % Change | ||||||||||||||||
The New York Times Media Group | ||||||||||||||||||||||
Advertising | $ | 183,850 | $ | 185,288 | (0.8 | ) | $ | 365,396 | $ | 370,347 | (1.3 | ) | ||||||||||
Circulation | 175,528 | 172,818 | 1.6 | 343,890 | 346,237 | (0.7 | ) | |||||||||||||||
Other | 22,284 | 22,463 | (0.8 | ) | 45,479 | 44,563 | 2.1 | |||||||||||||||
Total | $ | 381,662 | $ | 380,569 | 0.3 | $ | 754,765 | $ | 761,147 | (0.8 | ) | |||||||||||
New England Media Group | ||||||||||||||||||||||
Advertising | $ | 51,869 | $ | 53,310 | (2.7 | ) | $ | 99,588 | $ | 103,569 | (3.8 | ) | ||||||||||
Circulation | 39,860 | 42,146 | (5.4 | ) | 78,426 | 83,436 | (6.0 | ) | ||||||||||||||
Other | 10,753 | 10,894 | (1.3 | ) | 20,887 | 20,858 | 0.1 | |||||||||||||||
Total | $ | 102,482 | $ | 106,350 | (3.6 | ) | $ | 198,901 | $ | 207,863 | (4.3 | ) | ||||||||||
Regional Media Group | ||||||||||||||||||||||
Advertising | $ | 40,191 | $ | 44,272 | (9.2 | ) | $ | 80,140 | $ | 88,532 | (9.5 | ) | ||||||||||
Circulation | 19,506 | 19,844 | (1.7 | ) | 40,618 | 41,998 | (3.3 | ) | ||||||||||||||
Other | 5,017 | 4,863 | 3.2 | 9,796 | 9,527 | 2.8 | ||||||||||||||||
Total | $ | 64,714 | $ | 68,979 | (6.2 | ) | $ | 130,554 | $ | 140,057 | (6.8 | ) | ||||||||||
Total News Media Group | ||||||||||||||||||||||
Advertising | $ | 275,910 | $ | 282,870 | (2.5 | ) | $ | 545,124 | $ | 562,448 | (3.1 | ) | ||||||||||
Circulation | 234,894 | 234,808 | 0.0 | 462,934 | 471,671 | (1.9 | ) | |||||||||||||||
Other | 38,054 | 38,220 | (0.4 | ) | 76,162 | 74,948 | 1.6 | |||||||||||||||
Total | $ | 548,858 | $ | 555,898 | (1.3 | ) | $ | 1,084,220 | $ | 1,109,067 | (2.2 | ) |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | % Change | June 26, 2011 | June 27, 2010 | % Change | ||||||||||||||||
National | $ | 159,031 | $ | 156,239 | 1.8 | $ | 315,337 | $ | 315,107 | 0.1 | ||||||||||||
Retail | 60,589 | 66,492 | (8.9 | ) | 118,836 | 130,193 | (8.7 | ) | ||||||||||||||
Classified | 46,454 | 50,537 | (8.1 | ) | 92,266 | 99,141 | (6.9 | ) | ||||||||||||||
Other | 9,836 | 9,602 | 2.4 | 18,685 | 18,007 | 3.8 | ||||||||||||||||
Total | $ | 275,910 | $ | 282,870 | (2.5 | ) | $ | 545,124 | $ | 562,448 | (3.1 | ) |
Classified | |||||||||||||||||||||||||||
National | Retail and Preprint | Help- Wanted | Real Estate | Auto- motive | Other | Total Classified | Other Advertising Revenue | Total | |||||||||||||||||||
The New York Times Media Group | 77 | % | 11 | % | 3 | % | 5 | % | 1 | % | 2 | % | 11 | % | 1 | % | 100 | % | |||||||||
New England Media Group | 32 | % | 30 | % | 5 | % | 6 | % | 10 | % | 7 | % | 28 | % | 10 | % | 100 | % | |||||||||
Regional Media Group | 4 | % | 59 | % | 5 | % | 7 | % | 8 | % | 10 | % | 30 | % | 7 | % | 100 | % | |||||||||
Total News Media Group | 58 | % | 22 | % | 4 | % | 6 | % | 3 | % | 4 | % | 17 | % | 3 | % | 100 | % |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | % Change | June 26, 2011 | June 27, 2010 | % Change | ||||||||||||||||
Production costs: | ||||||||||||||||||||||
Raw materials | $ | 39,913 | $ | 38,373 | 4.0 | $ | 80,150 | $ | 75,391 | 6.3 | ||||||||||||
Wages and benefits | 123,027 | 123,905 | (0.7 | ) | 252,018 | 252,438 | (0.2 | ) | ||||||||||||||
Other | 74,058 | 74,524 | (0.6 | ) | 148,307 | 149,822 | (1.0 | ) | ||||||||||||||
Total production costs | 236,998 | 236,802 | 0.1 | 480,475 | 477,651 | 0.6 | ||||||||||||||||
Selling, general and administrative costs | 258,688 | 261,633 | (1.1 | ) | 521,993 | 525,604 | (0.7 | ) | ||||||||||||||
Depreciation and amortization | 29,547 | 30,327 | (2.6 | ) | 58,195 | 60,716 | (4.2 | ) | ||||||||||||||
Total operating costs | $ | 525,233 | $ | 528,762 | (0.7 | ) | $ | 1,060,663 | $ | 1,063,971 | (0.3 | ) |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | % Change | June 26, 2011 | June 27, 2010 | % Change | ||||||||||||||||
News Media Group | $ | 26,852 | $ | 27,492 | (2.3 | ) | $ | 52,762 | $ | 54,964 | (4.0 | ) | ||||||||||
About Group | 2,695 | 2,835 | (4.9 | ) | 5,433 | 5,752 | (5.5 | ) | ||||||||||||||
Total depreciation and amortization | $ | 29,547 | $ | 30,327 | (2.6 | ) | $ | 58,195 | $ | 60,716 | (4.2 | ) |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | % Change | June 26, 2011 | June 27, 2010 | % Change | ||||||||||||||||
News Media Group | $ | 499,937 | $ | 501,501 | (0.3 | ) | $ | 1,004,634 | $ | 1,006,199 | (0.2 | ) | ||||||||||
About Group | 16,247 | 18,343 | (11.4 | ) | 33,124 | 36,481 | (9.2 | ) | ||||||||||||||
Corporate | 9,049 | 8,918 | 1.5 | 22,905 | 21,291 | 7.6 | ||||||||||||||||
Total operating costs | $ | 525,233 | $ | 528,762 | (0.7 | ) | $ | 1,060,663 | $ | 1,063,971 | (0.3 | ) |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | % Change | June 26, 2011 | June 27, 2010 | % Change | ||||||||||||||||
News Media Group | $ | (116,625 | ) | $ | 54,397 | * | $ | (85,960 | ) | $ | 102,868 | * | ||||||||||
About Group | 11,597 | 15,346 | (24.4 | ) | 25,862 | 31,906 | (18.9 | ) | ||||||||||||||
Corporate | (9,049 | ) | (8,918 | ) | 1.5 | (22,905 | ) | (21,291 | ) | 7.6 | ||||||||||||
Total operating (loss)/profit | $ | (114,077 | ) | $ | 60,825 | * | $ | (83,003 | ) | $ | 113,483 | * | ||||||||||
* Represents a decrease in excess of 100%. |
For the Quarters Ended | For the Six Months Ended | |||||||||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | June 26, 2011 | June 27, 2010 | ||||||||||||
Cash interest expense | $ | 23,215 | $ | 19,052 | $ | 46,168 | $ | 38,012 | ||||||||
Non-cash amortization of discount on debt | 2,085 | 1,937 | 4,187 | 3,941 | ||||||||||||
Capitalized interest | (27 | ) | (20 | ) | (332 | ) | (20 | ) | ||||||||
Interest income | (121 | ) | (355 | ) | (280 | ) | (735 | ) | ||||||||
Total interest expense, net | $ | 25,152 | $ | 20,614 | $ | 49,743 | $ | 41,198 |
For the Six Months Ended | ||||||||
(In thousands) | June 26, 2011 | June 27, 2010 | ||||||
Operating Activities | $ | 45,161 | $ | 60,592 | ||||
Investing Activities | $ | (236,768 | ) | $ | 5,591 | |||
Financing Activities | $ | (76 | ) | $ | 700 |
(In thousands) | Coupon Rate | June 26, 2011 | December 26, 2010 | ||||||||
Senior notes due 2015, called in 2011 | 14.053 | % | $ | 229,684 | $ | 227,680 | |||||
Senior notes due 2012 | 4.610 | % | 74,835 | 74,771 | |||||||
Senior notes due 2015 | 5.0 | % | 249,875 | 249,860 | |||||||
Senior notes due 2016 | 6.625 | % | 220,439 | 220,102 | |||||||
Option to repurchase ownership interest in headquarters building in 2019 | 219,072 | 217,306 | |||||||||
Total debt | 993,905 | 989,719 | |||||||||
Capital lease obligations | 6,713 | 6,724 | |||||||||
Total debt and capital lease obligations | $ | 1,000,618 | $ | 996,443 |
Total Number of Shares of Class A Common Stock Purchased | Average Price Paid Per Share of Class A Common Stock | Total Number of Shares of Class A Common Stock Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares of Class A Common Stock that May Yet Be Purchased Under the Plans or Programs | ||||||||||
Period | (a) | (b) | (c) | (d) | |||||||||
March 28, 2011 – May 1, 2011 | — | — | — | $ | 91,386,000 | ||||||||
May 2, 2011 – May 29, 2011 | — | — | — | $ | 91,386,000 | ||||||||
May 30, 2011 – June 26, 2011 | — | — | — | $ | 91,386,000 | ||||||||
Total for the second quarter of 2011 | — | — | — | $ | 91,386,000 |
(1) | On April 13, 2004, our Board of Directors authorized repurchases in an amount up to $400.0 million. During the second quarter of 2011, we did not purchase any shares of Class A Common Stock pursuant to our publicly announced share repurchase program. As of July 29, 2011, we had authorization from our Board of Directors to repurchase an amount of up to approximately $91 million of our Class A Common Stock. Our Board of Directors has authorized us to purchase shares from time to time as market conditions permit. There is no expiration date with respect to this authorization. |
THE NEW YORK TIMES COMPANY | |||
(Registrant) | |||
Date: August 4, 2011 | /s/ JAMES M. FOLLO | ||
James M. Follo Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
Exhibit No. | ||
10.1 | Credit Agreement, dated as of June 9, 2011, among the Company and certain of its domestic subsidiaries as borrowers, the financial institutions party thereto as lenders, SunTrust Bank, as issuing bank and administrative agent, SunTrust Robinson Humphrey, Inc., Wells Fargo Capital Finance, LLC and J.P. Morgan Securities LLC, as joint lead arrangers and joint book runners, SunTrust Robinson Humphrey, Inc. and Wells Fargo Capital Finance, LLC, as co-collateral agents, and JP Morgan Chase Bank, N.A., as syndication agent (filed as an Exhibit to the Company's Form 8-K dated June 9, 2011, and incorporated by reference herein). | |
12 | Ratio of Earnings to Fixed Charges. | |
31.1 | Rule 13a-14(a)/15d-14(a) Certification. | |
31.2 | Rule 13a-14(a)/15d-14(a) Certification. | |
32.1 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS* | XBRL Instance Document | |
101.SCH* | XBRL Taxonomy Extension Schema | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase | |
101.LAB* | XBRL Taxonomy Extension Label Linkbase | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase |
For the Six Months Ended June 26, 2011 | For the Years Ended | |||||||||||||||||||||||
(In thousands, except ratio) | December 26, 2010 | December 27, 2009 | December 28, 2008 | December 30, 2007 | December 31, 2006 | |||||||||||||||||||
(Loss)/earnings from continuing operations before fixed charges | ||||||||||||||||||||||||
(Loss)/income from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures | $ | (126,848 | ) | $ | 158,186 | $ | (16,892 | ) | $ | (88,981 | ) | $ | 146,728 | $ | (577,550 | ) | ||||||||
Distributed earnings from less than fifty-percent owned affiliates | — | 8,325 | 2,775 | 35,733 | 7,979 | 13,375 | ||||||||||||||||||
Adjusted pre-tax (loss)/earnings from continuing operations | (126,848 | ) | 166,511 | (14,117 | ) | (53,248 | ) | 154,707 | (564,175 | ) | ||||||||||||||
Fixed charges less capitalized interest | 52,721 | 92,888 | 88,608 | 55,038 | 49,228 | 68,747 | ||||||||||||||||||
(Loss)/earnings from continuing operations before fixed charges | $ | (74,127 | ) | $ | 259,399 | $ | 74,491 | $ | 1,790 | $ | 203,935 | $ | (495,428 | ) | ||||||||||
Fixed charges | ||||||||||||||||||||||||
Interest expense, net of capitalized interest (1) | $ | 50,023 | $ | 86,301 | $ | 83,124 | $ | 48,191 | $ | 43,228 | $ | 58,581 | ||||||||||||
Capitalized interest | 332 | 299 | 1,566 | 2,639 | 15,821 | 14,931 | ||||||||||||||||||
Portion of rentals representative of interest factor | 2,698 | 6,587 | 5,484 | 6,847 | 6,000 | 10,166 | ||||||||||||||||||
Total fixed charges | $ | 53,053 | $ | 93,187 | $ | 90,174 | $ | 57,677 | $ | 65,049 | $ | 83,678 | ||||||||||||
Ratio of earnings to fixed charges (2) | — | 2.78 | — | — | 3.14 | — |
(1) | The Company's policy is to classify interest expense recognized on uncertain tax positions as income tax expense. The Company has excluded interest expense recognized on uncertain tax positions from the Ratio of Earnings to Fixed Charges. |
(2) | In the first six months of 2011, earnings were inadequate to cover fixed charges by approximately $127 million mainly as a result of a non-cash impairment charge of $161.3 million at the News Media Group. In 2009, 2008 and 2006, earnings were inadequate to cover fixed charges by approximately $16 million, $56 million and $579 million, respectively, due to certain charges in each year. |
1. | I have reviewed this Quarterly Report on Form 10-Q of The New York Times Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 4, 2011 | /s/ JANET L. ROBINSON | |||
Janet L. Robinson Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of The New York Times Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 4, 2011 | /s/ JAMES M. FOLLO | |||
James M. Follo Chief Financial Officer |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ JANET L. ROBINSON |
Janet L. Robinson |
Chief Executive Officer |
August 4, 2011 |
(1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ JAMES M. FOLLO |
James M. Follo |
Chief Financial Officer |
August 4, 2011 |
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $)
In Thousands, except Share data |
Jun. 26, 2011
|
Dec. 26, 2010
|
---|---|---|
Assets | ||
Accounts receivable, allowances | $ 24,844 | $ 30,209 |
Property, plant and equipment, accumulated depreciation and amortization | 1,099,123 | 1,048,956 |
Goodwill, accumulated impairment losses | 957,311 | 805,218 |
Other intangible assets acquired, accumulated amortization | $ 68,146 | $ 69,383 |
Stockholders' Equity | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Class A Common Stock
|
||
Stockholders' Equity | ||
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 149,966,757 | 149,302,487 |
Treasury stock, shares | 3,609,238 | 3,970,238 |
Class B Common Stock
|
||
Stockholders' Equity | ||
Common stock, shares authorized | 818,885 | 819,125 |
Common stock, shares issued | 818,885 | 819,125 |
Treasury stock, shares | 0 | 0 |
Goodwill and Other Intangible Assets Acquired (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 26, 2011
|
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill balances and changes by reportable segment | The changes in the carrying amount of goodwill were as follows:
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Schedule of intangible assets acquired | Other intangible assets acquired were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of intangible assets, future amortization expense | Amortization expense for the next five years related to these intangible assets is expected to be as follows:
|
Document and Entity Information Document
|
6 Months Ended | ||
---|---|---|---|
Jun. 26, 2011
|
Jul. 29, 2011
Class A Common Stock
|
Jul. 29, 2011
Class B Common Stock
|
|
Document Information [Line Items] | |||
Entity Registrant Name | NEW YORK TIMES CO | ||
Entity Central Index Key | 0000071691 | ||
Current Fiscal Year End Date | --12-25 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-Q | ||
Document Period End Date | Jun. 26, 2011 | ||
Document Fiscal Year Focus | 2011 | ||
Document Fiscal Period Focus | Q2 | ||
Trading Symbol | NYT | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 146,625,832 | 818,885 |
Subsequent Events (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 26, 2011
|
|
Subsequent event | |
Units owned of Fenway Sports Group after sale | 310 |
Units sold in Fenway Sports Group | 390 |
Units owned of Fenway Sports Group before sale | 700 |
Fenway Sports Group [Member]
|
|
Subsequent event | |
Subsequent Event, Date | Jul. 01, 2011 |
Notes Due 2015 Called 2011 [Member]
|
|
Subsequent event | |
Interest rate on debt | 14.053% |
Notes Due 2015 Called 2011 [Member]
|
|
Subsequent event | |
Subsequent Event, Date | Jul. 11, 2011 |
Proceeds From Partial Sale of Fenway Sports Group [Member]
|
|
Subsequent event | |
Subsequent Event, Amount | $ 117,000 |
Pre Tax Gain on Partial Sale of Fenway Sports Group [Member]
|
|
Subsequent event | |
Subsequent Event, Amount | 64,000 |
Principal Amount of Notes Due 2015 Called 2011 [Member]
|
|
Subsequent event | |
Subsequent Event, Amount | 250,000 |
Prepayment Amount of Notes Due 2015 Called 2011 [Member]
|
|
Subsequent event | |
Subsequent Event, Amount | 279,000 |
Accrued and Unpaid Interest on Notes Due 2015 Called 2011 [Member]
|
|
Subsequent event | |
Subsequent Event, Amount | 3,000 |
Make Whole Premium For Prepayment of Notes Due 2015 Called 2011 [Member]
|
|
Subsequent event | |
Subsequent Event, Amount | 26,000 |
Total Estimated Charge For Prepayment of Notes Due 2015 Called 2011 [Member]
|
|
Subsequent event | |
Subsequent Event, Amount | $ 46,000 |
Interest In Fenway Sports Group After Partial Sale [Member]
|
|
Subsequent event | |
Equity Method Investment, Ownership Percentage | 7.30% |
Pension and Other Postretirement Benefits (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 26, 2011
|
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of net periodic pension cost | The components of net periodic pension cost of all Company-sponsored plans and The New York Times Newspaper Guild pension plan were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of net periodic postretirement benefit income | The components of net periodic postretirement benefit income were as follows:
|
Contingent Liabilties (Details) (USD $)
In Thousands |
Jun. 26, 2011
|
Dec. 26, 2010
|
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Restricted cash | $ 28,628 | $ 0 |
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Debt Obligations
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 26, 2011
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure | DEBT OBLIGATIONS As of June 26, 2011, our current indebtedness included senior notes; a private financing arrangement with Inmobiliaria Carso, S.A. de C.V. and Banco Inbursa S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa; and a sale-leaseback of a portion of our New York headquarters. Our total debt and capital lease obligations consisted of the following:
Current Portion of Long-Term Debt On July 11, 2011, we gave notice to the holders of our 14.053% senior unsecured notes due January 15, 2015 (the “14.053% Notes”) of our election to prepay, in full, all $250.0 million outstanding aggregate principal amount of the 14.053% Notes on August 15, 2011. As a result, the carrying value of the 14.053% Notes totaling $229.7 million is included in “Current portion of long-term debt and capital lease obligations” in our Condensed Consolidated Balance Sheet as of June 26, 2011. See Note 16 for additional information regarding our election to prepay the 14.053% Notes. Long-Term Debt Based on borrowing rates currently available for debt with similar terms and average maturities, the fair value of our long-term debt was $887 million as of June 26, 2011 and $1.1 billion as of December 26, 2010. New Revolving Credit Facility In early June 2011, we completed a new $125.0 million asset-backed 5-year revolving credit facility. This new credit facility replaced our $400.0 million revolving credit facility, which was to expire on June 21, 2011. As of June 26, 2011, there were $0 outstanding borrowings under the new credit facility. Borrowings under the new credit facility will be secured by a lien on certain advertising receivables. In addition, borrowings bear interest at specified margins based on our utilization and at rates that vary between the LIBOR and prime rates (as defined by the credit agreement) depending on the term to maturities we specify. The new credit facility contains various customary affirmative and negative covenants. Interest expense, net “Interest expense, net” in our Condensed Consolidated Statements of Operations was as follows:
|
Earnings Per Share (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 26, 2011
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share, Basic and Diluted | Basic and diluted (loss)/earnings per share have been computed as follows:
|
Debt Obligations - Interest Expense, Net (Details) (USD $)
In Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 26, 2011
|
Jun. 27, 2010
|
Jun. 26, 2011
|
Jun. 27, 2010
|
|
Debt Disclosure [Abstract] | ||||
Cash interest expense | $ 23,215 | $ 19,052 | $ 46,168 | $ 38,012 |
Non-cash amortization of discount on debt | 2,085 | 1,937 | 4,187 | 3,941 |
Capitalized interest | (27) | (20) | (332) | (20) |
Interest income | (121) | (355) | (280) | (735) |
Interest expense, net | $ 25,152 | $ 20,614 | $ 49,743 | $ 41,198 |
Debt Obligations (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 26, 2011
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of carrying value of outstanding debt | As of June 26, 2011, our current indebtedness included senior notes; a private financing arrangement with Inmobiliaria Carso, S.A. de C.V. and Banco Inbursa S.A., Institución de Banca Múltiple, Grupo Financiero Inbursa; and a sale-leaseback of a portion of our New York headquarters. Our total debt and capital lease obligations consisted of the following:
|
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Schedule of components of interest expense, net | Interest expense, net” in our Condensed Consolidated Statements of Operations was as follows:
|
Earnings Per Share
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 26, 2011
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | (LOSS)/EARNINGS PER SHARE Basic and diluted (loss)/earnings per share have been computed as follows:
The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our stock options and warrants could have the most significant impact on diluted shares. Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Common Stock, because their inclusion results in an anti-dilutive effect on per share amounts. The number of stock options that were excluded from the computation of diluted earnings per share because they were anti-dilutive due to a loss from continuing operations were approximately 22 million in the second quarter and first six months of 2011. The number of stock options that were excluded from the computation of diluted earnings per share because their exercise price exceeded the market value of our Common Stock was approximately 25 million in the second quarter and first six months of 2010. |
Short-Term Investments
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6 Months Ended |
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Jun. 26, 2011
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Short-term Investments [Abstract] | |
Short-Term Investments | SHORT-TERM INVESTMENTS We have short-term investments in U.S. Treasury securities and commercial paper as of June 26, 2011, and in U.S. Treasury securities as of December 26, 2010. Since we have the intention and ability to hold these investments to maturity, they are classified as held-to-maturity and are reported at amortized cost. The changes in the value of these securities are not reported in our Condensed Consolidated Financial Statements. The carrying value of the short-term investments (which approximated the fair value) was approximately $210 million in U.S. Treasury securities and approximately $15 million in commercial paper as of June 26, 2011 and approximately $30 million in U.S. Treasury securities as of December 26, 2010. The U.S. Treasury securities have maturities of 3.5 months to 1 year, from the date of purchase. The commercial paper has maturities of 3.2 months to 6.5 months, from the date of purchase. |
Investments in Joint Ventures (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||
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Jun. 26, 2011
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Jun. 27, 2010
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Jun. 26, 2011
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Jun. 27, 2010
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Equity method investments | ||||||||
Revenue | $ 374,632 | $ 314,404 | $ 573,812 | $ 430,323 | ||||
Cost and expenses | 345,335 | 258,040 | 563,636 | 377,564 | ||||
Operating profit | 29,297 | 56,364 | 10,176 | 52,759 | ||||
Other (loss)/income | (5,838) | 434 | (9,321) | 26,031 | ||||
Pre-tax income | 23,459 | 56,798 | 855 | 78,790 | ||||
Income tax expense/(benefit) | 217 | 36 | (874) | (1,008) | ||||
Net income | 23,242 | 56,762 | 1,729 | 79,798 | ||||
Net income attributable to noncontrolling interest | 5,281 | 6,468 | 10,695 | 11,539 | ||||
Net income/(loss) less noncontrolling interest | $ 17,961 | $ 50,294 | $ (8,966) | $ 68,259 | ||||
Metro Boston LLC [Member]
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Equity method investments | ||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | ||||||
Donohue Malbaie Inc. [Member]
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Equity method investments | ||||||||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | ||||||
Madison Paper Industries [Member]
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Equity method investments | ||||||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | ||||||
quadrantONE LLC [Member]
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Equity method investments | ||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 25.00% | ||||||
Fenway Sports Group [Member]
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Equity method investments | ||||||||
Equity Method Investment, Ownership Percentage | 16.57% | [1] | 16.57% | [1] | ||||
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Pension and Other Postretirement Benefits
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 26, 2011
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS Pension We sponsor several pension plans, the majority of which have been frozen; participate in The New York Times Newspaper Guild pension plan, a joint Company and Guild-sponsored plan; and make contributions to several multiemployer plans in connection with collective bargaining agreements. These plans cover the majority of our employees. In the second quarter of 2011, certain employees of The Boston Globe (the “Globe”) represented by a union, ratified amendments to their collective bargaining agreement which resulted in a partial withdrawal from a multiemployer pension plan. We recorded an estimated $4.2 million charge for our withdrawal obligation under this multiemployer pension plan. Our Company-sponsored defined benefit pension plans include qualified plans (funded) as well as non-qualified plans (unfunded). These plans provide participating employees with retirement benefits in accordance with benefit formulas detailed in each plan. Our non-qualified plans provide enhanced retirement benefits to select members of management. The components of net periodic pension cost of all Company-sponsored plans and The New York Times Newspaper Guild pension plan were as follows:
In the first six months of 2011, we made contributions of approximately $62 million to certain qualified pension plans. The majority of these contributions were discretionary. Based on our contractual obligations, we expect to make 2011 contributions of approximately $32 million (of which approximately $18 million was made in the first six months of 2011) to The New York Times Newspaper Guild pension plan. Except for contractual contributions to The New York Times Newspaper Guild pension plan, we do not expect to have material mandatory contributions through 2012, although we may make additional discretionary contributions in 2011 or 2012 to our Company-sponsored qualified pension plans based on cash flows, pension asset performance, interest rates and other factors. Postretirement Benefits We provide health benefits to retired employees (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we no longer provide post-age 65 retiree medical benefits for employees who retire on or after March 1, 2009. We also contribute to a postretirement plan under the provisions of a collective bargaining agreement. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from our general corporate assets. The components of net periodic postretirement benefit income were as follows:
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Segment Information
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Jun. 26, 2011
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION Our reportable segments consist of the News Media Group and the About Group. These segments are evaluated regularly by key management in assessing performance and allocating resources. Below is a description of our reportable segments: News Media Group The News Media Group consists of The New York Times Media Group, which includes The New York Times, the International Herald Tribune, NYTimes.com, and related businesses; the New England Media Group, which includes the Globe, Boston.com, the Worcester Telegram & Gazette, Telegram.com, and related businesses; and the Regional Media Group, which includes 14 daily newspapers in Alabama, California, Florida, Louisiana, North Carolina and South Carolina, their Web sites, other print publications and related businesses. About Group The About Group consists of About.com, ConsumerSearch.com, CalorieCount.com and related businesses. In February 2011, we sold UCompareHealthCare.com. Our Statements of Operations by segment and Corporate were as follows:
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Income Taxes
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6 Months Ended |
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Jun. 26, 2011
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Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We had an income tax benefit of $16.6 million (effective tax rate of 12.2%) on a pre-tax loss of $136.4 million in the second quarter of 2011 and an income tax benefit of $15.2 million (effective tax rate of 11.7%) on a pre-tax loss of $129.8 million in the first six months of 2011. The effective tax rate in the second quarter and first six months of 2011 was unfavorably affected because a portion of the charge for the impairment of the Regional Media Group's goodwill is non-deductible. We had an effective income tax rate of 44.6% in the second quarter of 2010. The effective tax rate for the first six months of 2010 was 53.4%, primarily because of a $10.9 million tax charge for the reduction in future tax benefits for certain retiree health benefits resulting from the federal health care reform legislation enacted in March 2010. |
Other
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6 Months Ended |
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Jun. 26, 2011
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Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure | OTHER Gain on sale of investment In the first quarter of 2011, we sold a minor portion of our interest in Indeed.com, a job listing aggregator, resulting in a gain of $5.9 million. We still retain a substantial portion of our initial interest in Indeed.com. Severance Costs We recognized severance costs of $1.9 million in the second quarter of 2011 and $2.7 million in the first six months of 2011. These costs were primarily recognized at the News Media Group related to various initiatives and are primarily recorded in “Selling, general and administrative costs” in our Condensed Consolidated Statements of Operations. As of June 26, 2011, we had a severance liability of approximately $7 million included in “Accrued expenses” in our Condensed Consolidated Balance Sheet. |
Basis of Presentation
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6 Months Ended |
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Jun. 26, 2011
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION In the opinion of The New York Times Company's (the “Company”) management, the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of June 26, 2011, and December 26, 2010, and the results of operations and cash flows of the Company for the periods ended June 26, 2011, and June 27, 2010. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. For comparability, certain prior-year amounts have been reclassified to conform to the current period presentation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 26, 2010. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks for the second-quarter periods and 26 weeks for the six-month periods. |
Impairment of Assets
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6 Months Ended |
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Jun. 26, 2011
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Goodwill and Intangible Asset Impairment [Abstract] | |
Asset Impairment Charges | IMPAIRMENT OF ASSETS In the second quarter of 2011, we recorded a $161.3 million charge for the impairment of assets at the News Media Group. The impairment consisted of the write-down of goodwill at the Regional Media Group of $152.1 million and the write-down of certain assets held for sale of $9.2 million. Regional Media Group Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our policy is to perform our annual goodwill impairment test in the fourth quarter of our fiscal year. However, due to certain impairment indicators at the Regional Media Group, including lower-than-expected operating results, we performed an interim impairment test of goodwill as of June 26, 2011. The Regional Media Group is part of the News Media Group reportable segment. The interim test resulted in an impairment of goodwill of $152.1 million mainly from lower projected long-term operating results and cash flows of the Regional Media Group primarily due to the continued decline in print advertising revenues. These factors resulted in the carrying value of the net assets being greater than their fair value, and therefore a write-down to fair value was required. The impairment charge reduced the carrying value of goodwill at the Regional Media Group to $0. In determining the fair value of the Regional Media Group, we made significant judgments and estimates regarding the expected severity and duration of the uneven economic environment and the secular changes affecting the newspaper industry in the Regional Media Group markets. The effect of these assumptions on projected long-term revenues, along with the continued benefits from reductions to the group’s cost structure, play a significant role in calculating the fair value of the Regional Media Group. The fair value of the Regional Media Group’s goodwill was the residual fair value after allocating the total fair value of the Regional Media Group to its other assets, net of liabilities. The total fair value of the Regional Media Group was determined using a combination of a discounted cash flow model (present value of future cash flows) and a market approach model based on comparable businesses. The resulting fair value is considered a Level 3 fair value measurement (significant unobservable inputs for the asset or liabilities). We estimated a flat annual growth rate to arrive at a residual year representing the perpetual cash flows of the Regional Media Group. The residual year cash flow was capitalized to arrive at the terminal value of the Regional Media Group. Utilizing a discount rate of 10.7%, the present value of the cash flows during the projection period and terminal value were aggregated to estimate the fair value of the Regional Media Group. We assumed a flat annual growth rate and a discount rate of 10.7% in the discounted cash flow analysis for the interim impairment test compared with a 2.0% annual growth rate and a 10.5% discount rate used in the 2010 annual impairment test. In determining the appropriate discount rate, we considered the weighted average cost of capital for comparable companies. Property, plant and equipment is tested for impairment if certain circumstances indicate a possible impairment may exist. Due to the factors discussed above, we completed an interim impairment test of property, plant and equipment as of June 26, 2011. The impairment test was completed at each newspaper (asset group level with the lowest level of cash flows) in the Regional Media Group. Our test did not result in an impairment because the sum of the future undiscounted cash flows at each newspaper was greater than the carrying value of property, plant and equipment. Assets Held for Sale In the second quarter of 2011, we classified certain assets as held for sale. The carrying value of these assets was greater than their fair value, less cost to sell, resulting in an impairment of certain intangible assets and property totaling $9.2 million. The impairment charge reduced the carrying value of intangible assets to $0 and the property to a nominal value. The fair value for these assets was determined by estimating the most likely sale price with a third-party buyer based on market data. The resulting fair value is considered a Level 3 fair value measurement. |
Pension and Other Postretirement Benefits (Details) (USD $)
In Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 26, 2011
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Jun. 27, 2010
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Jun. 26, 2011
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Jun. 27, 2010
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Dec. 26, 2010
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Pension | |||||
Pension withdrawal expense | $ 4,228 | $ 0 | $ 4,228 | $ 0 | |
Net periodic benefit cost/(income) | |||||
Contributions to certain qualified pension plans | 62,000 | ||||
Contributions to pension plans based on contractual obligations | 32,000 | ||||
Pension Plans, Defined Benefit [Member]
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Net periodic benefit cost/(income) | |||||
Service cost | 3,396 | 3,083 | 6,792 | 6,199 | |
Interest cost | 28,284 | 29,369 | 56,568 | 58,624 | |
Expected return on plan assets | (27,953) | (28,392) | (55,906) | (56,785) | |
Amortization of prior service cost | 201 | 201 | 402 | 402 | |
Recognized actuarial loss | 7,249 | 6,606 | 14,498 | 11,300 | |
Net periodic benefit cost/(income) | 11,177 | 10,867 | 22,354 | 19,740 | |
Qualified Plans [Member]
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Net periodic benefit cost/(income) | |||||
Service cost | 3,019 | 3,055 | 6,038 | 6,169 | |
Interest cost | 24,998 | 25,943 | 49,996 | 51,899 | |
Expected return on plan assets | (27,953) | (28,392) | (55,906) | (56,785) | |
Amortization of prior service cost | 201 | 201 | 402 | 402 | |
Recognized actuarial loss | 6,445 | 4,147 | 12,890 | 8,328 | |
Net periodic benefit cost/(income) | 6,710 | 4,954 | 13,420 | 10,013 | |
Non-Qualified Plans [Member]
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Net periodic benefit cost/(income) | |||||
Service cost | 377 | 28 | 754 | 30 | |
Interest cost | 3,286 | 3,426 | 6,572 | 6,725 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization of prior service cost | 0 | 0 | 0 | 0 | |
Recognized actuarial loss | 804 | 2,459 | 1,608 | 2,972 | |
Net periodic benefit cost/(income) | 4,467 | 5,913 | 8,934 | 9,727 | |
Other Postretirement Benefit Plans, Defined Benefit [Member]
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Net periodic benefit cost/(income) | |||||
Service cost | 290 | 269 | 580 | 538 | |
Interest cost | 1,825 | 2,335 | 3,650 | 4,670 | |
Amortization of prior service cost | (3,901) | (3,900) | (7,802) | (7,800) | |
Recognized actuarial loss | 481 | 782 | 962 | 1,564 | |
Net periodic benefit cost/(income) | (1,305) | (514) | (2,610) | (1,028) | |
Contributions to New York Times Newspaper Guild Pension Plan[Member]
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|||||
Net periodic benefit cost/(income) | |||||
Contributions to certain qualified pension plans | $ 18,000 |
Impairment of Assets (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 26, 2011
|
Jun. 27, 2010
|
Dec. 27, 2009
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Jun. 26, 2011
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Jun. 27, 2010
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Dec. 26, 2010
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Impairment of assets | ||||||
Impairment of assets | $ 161,318 | $ 0 | $ 161,318 | $ 0 | ||
Write-down of goodwill at the Regional Media Group | 152,093 | 152,093 | ||||
Goodwill (less accumulated impairment losses) | 496,105 | 496,105 | 644,464 | |||
Write-down of certain assets held for sale | 9,225 | |||||
Impairment testing growth rate assumption | 2.00% | |||||
Impairment testing discount rate assumption | 10.50% | 10.70% | ||||
Other intangible assets acquired | 23,944 | 23,944 | 35,415 | |||
Regional Media Group
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Impairment of assets | ||||||
Goodwill (less accumulated impairment losses) | 0 | 0 | ||||
Assets Held-for-sale
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Impairment of assets | ||||||
Other intangible assets acquired | $ 0 | $ 0 |
Goodwill and Other Intangible Assets Acquired
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 26, 2011
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets Acquired | GOODWILL AND OTHER INTANGIBLE ASSETS ACQUIRED Goodwill is the excess of cost over the fair value of tangible and other intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Other intangible assets acquired consist primarily of trade names on various acquired properties, content, customer lists and other assets. Other intangible assets acquired that have indefinite lives (trade names) are not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Certain other intangible assets acquired (content, customer lists and other assets) are amortized over their estimated useful lives and tested for impairment if certain circumstances indicate a possible impairment may exist. The tables below include goodwill and other intangible assets impaired during the second quarter of 2011 (see Note 4). In addition, the tables below include goodwill and other intangible assets disposed of during the first quarter of 2011 related to the sale of UCompareHealthCare.com, which was part of the About Group. The changes in the carrying amount of goodwill were as follows:
Other intangible assets acquired were as follows:
Amortization expense related to other intangible assets acquired that are subject to amortization was $3.9 million in the first six months of 2011 and is expected to be $3.2 million for the remainder of fiscal year 2011. Amortization expense for the next five years related to these intangible assets is expected to be as follows:
|
Discontinued Operations (Details) (WQXR FM Radio Station [Member], USD $)
In Thousands |
3 Months Ended | |
---|---|---|
Jun. 27, 2010
|
Dec. 27, 2009
|
|
WQXR FM Radio Station [Member]
|
||
Discontinued operations | ||
Proceeds from sale of WQXR-FM | $ 45,000 | |
Pre-tax gain from sale of WQXR-FM | 35,000 | |
After-tax gain from sale of WQXR-FM | 19,000 | |
Post-closing adjustment from sale of WQXR-FM | $ 200 |
Supplemental Stockholders' Equity Information (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 26, 2011
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes of stockholders equity | Stockholders' equity is summarized as follows:
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Schedule of comprehensive (loss)/income (Loss) | Comprehensive (loss)/income was as follows:
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Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 26, 2011
|
Jun. 27, 2010
|
Jun. 26, 2011
|
Jun. 27, 2010
|
|
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit)/expense | $ (16,615) | $ 25,435 | $ (15,209) | $ 52,462 |
Effective tax rate, continuing operations | 12.20% | 44.60% | 11.70% | 53.40% |
(Loss)/income from continuing operations before income taxes | (136,438) | 57,017 | (129,806) | 98,202 |
Tax charge for reduction in future tax benefits for certain retiree health benefits | $ 10,900 |
Short-Term Investments (Details) (USD $)
In Thousands |
6 Months Ended | |
---|---|---|
Jun. 26, 2011
|
Dec. 26, 2010
|
|
US Treasury securities
|
||
Short-Term Investments | ||
Carrying value of short-term investments | $ 210,000 | $ 30,000 |
Maturities of short-term investments, date range, low | 3.5 months | |
Maturities of short-term investments, date range, high | 1 year | |
Commercial paper
|
||
Short-Term Investments | ||
Carrying value of short-term investments | $ 15,000 | |
Maturities of short-term investments, date range, low | 3.2 months | |
Maturities of short-term investments, date range, high | 6.5 months |
Supplemental Stockholders' Equity Information
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 26, 2011
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Stockholders' Equity Information | SUPPLEMENTAL STOCKHOLDERS' EQUITY INFORMATION Stockholders' equity is summarized as follows:
Comprehensive (loss)/income was as follows:
The “Accumulated other comprehensive loss, net of income taxes” in our Condensed Consolidated Balance Sheets was net of a deferred income tax benefit of approximately $276 million as of June 26, 2011, and $280 million as of December 26, 2010. |
Investments in Joint Ventures
|
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Jun. 26, 2011
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Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Joint Ventures | INVESTMENTS IN JOINT VENTURES As of June 26, 2011, our investments in joint ventures consisted of equity ownership interests in the following entities:
(1) On July 1, 2011, we sold a portion of our interest in Fenway Sports Group. See Note 16 for additional information regarding the sale. The following table presents summarized unaudited condensed combined income statements for our unconsolidated joint ventures.
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Subsequent Events
|
6 Months Ended |
---|---|
Jun. 26, 2011
|
|
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Partial Sale of Fenway Sports Group On July 1, 2011, we sold 390 of our remaining 700 units in Fenway Sports Group for $117.0 million. We expect an estimated pre-tax gain of approximately $64 million from the sale, which will be recorded in the third quarter of 2011. Following the sale, we own 310 units, or 7.3% of Fenway Sports Group. We intend to continue to explore the sale of our remaining interest in Fenway Sports Group, in whole or in parts. Election to Prepay 14.053% Notes On July 11, 2011, we gave notice to the holders of our 14.053% Notes of our election to prepay, in full, all $250.0 million outstanding aggregate principal amount of the 14.053% Notes on August 15, 2011. We are estimating a prepayment of approximately $279 million, comprising (1) the $250.0 million aggregate principal amount of the 14.053% Notes, (2) approximately $3 million representing all interest that will be accrued and unpaid on the 14.053% Notes to August 15, 2011, and (3) a make-whole premium amount of approximately $26 million due in connection with the prepayment (the actual amount of the make-whole premium will be computed 2 days prior to the prepayment). We will fund the prepayment from available cash. We expect an estimated charge of approximately $46 million in the third quarter of 2011 as a result of this prepayment. |
Other (Details) (USD $)
In Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 26, 2011
|
Mar. 27, 2011
|
Jun. 26, 2011
|
|
Other Income and Expenses [Abstract] | |||
Gain on sale of investment | $ 5,898 | ||
Severance costs | 1,900 | 2,700 | |
Severance liability | $ 7,000 | $ 7,000 |
Segment Information (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 26, 2011
|
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Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information | Our Statements of Operations by segment and Corporate were as follows:
|
Basis of Presentation Basis of Presentation (Policies)
|
6 Months Ended |
---|---|
Jun. 26, 2011
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal Period Policy | The fiscal periods included herein comprise 13 weeks for the second-quarter periods and 26 weeks for the six-month periods. |
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