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Prior Period Adjustments
6 Months Ended
Jun. 30, 2013
Accounting Changes and Error Corrections [Abstract]  
Accounting Changes and Error Corrections
PRIOR PERIOD ADJUSTMENTS

During the second quarter of 2013, we determined that due to an error in the actuarial valuation of accrued benefits for approximately 800 participants primarily in The New York Times Companies Pension Plan, our pension benefit obligation was overstated by approximately $50.4 million as of December 31, 2012 and $50.9 million as of March 31, 2013. The New York Times Companies Pension Plan (which was frozen as of December 31, 2009) provides for certain offsetting credits for plan participants who are also entitled to benefits under another qualified pension plan to which we contribute, primarily from The New York Times Newspaper Guild Pension Plan or the Boston Globe Retirement Plan for employees represented by the Boston Newspaper Guild. We determined that those offsetting credits were not properly recorded in prior interim and annual periods, on our balance sheet from December 30, 2007 through March 31, 2013 and on our income statement from the fiscal year ended December 28, 2008 through the quarter ended March 31, 2013.
In accordance with the provisions of SEC Staff Accounting Bulletin No. 108, we assessed the impact of these adjustments on prior period financial statements and concluded that these errors were not material individually or in the aggregate to any of the prior reporting periods from an income statement and balance sheet perspective. However, the correction of the error in the current period would be considered material and would impact comparisons to prior periods.
Accordingly, we have adjusted our consolidated financial statements for the periods ended December 25, 2011 through March 31, 2013 to correct the errors and will make adjustments for future Form 10-Q and 10-K filings that include financial statements for the periods affected. The adjustment primarily resulted in a reduction in pension expense, other comprehensive income and pension liability in each of the periods presented.
The cumulative effect, net of tax, on the opening retained earnings and opening accumulated comprehensive income as of December 27, 2010 were $6.0 million and $14.5 million, respectively. There was no impact on cash flows for the periods indicated. The following tables show the adjusted financial statements for those periods indicated:
(In thousands)
 
March 31, 2013
 
2012 by quarter
 
December 25,
2011
 
 
December 30,
2012

September 23,
2012

June 24,
2012

March 25,
2012
 
 As previously reported:
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
308,014

 
$
820,489

 
$
334,374

 
$
290,292

 
$
206,468

 
$
175,151

Short-term marketable securities
 
366,805

 
134,820

 
279,740

 
279,858

 
224,878

 
104,846

Accounts receivable (net of allowances)
 
190,813

 
237,932

 
195,489

 
227,932

 
230,042

 
247,436

Inventories:
 
 
 
 
 
 
 
 
 
 
 
 
Newsprint and magazine paper
 
9,235

 
8,038

 
11,536

 
13,589

 
16,643

 
14,567

Other inventory
 
2,213

 
2,376

 
2,373

 
2,817

 
3,144

 
3,213

Total inventories
 
11,448

 
10,414

 
13,909

 
16,406

 
19,787

 
17,780

Deferred income taxes
 
58,214

 
58,214

 
73,055

 
73,055

 
73,055

 
73,055

Other current assets
 
56,038

 
46,539

 
49,883

 
50,556

 
66,743

 
55,665

Assets held for sale
 

 

 
223,887

 

 

 
590,002

Total current assets
 
991,332

 
1,308,408

 
1,170,337

 
938,099

 
820,973

 
1,263,935

Other assets
 
 
 
 
 
 
 
 
 
 
 
 
Long-term marketable securities
 
190,841

 
4,444

 

 

 

 

Investments in joint ventures
 
40,169

 
42,702

 
43,151

 
43,541

 
45,138

 
82,019

Property, plant and equipment (less accumulated depreciation and amortization)
 
842,383

 
860,385

 
877,883

 
896,093

 
912,338

 
937,140

Goodwill (less accumulated impairment losses)
 
120,275

 
122,691

 
121,251

 
306,087

 
506,160

 
121,618

Deferred income taxes
 
300,364

 
301,078

 
344,062

 
348,101

 
295,373

 
280,283

Miscellaneous assets
 
165,613

 
166,627

 
168,881

 
184,885

 
237,798

 
198,455

Total assets
 
$
2,650,977

 
$
2,806,335

 
$
2,725,565

 
$
2,716,806

 
$
2,817,780

 
$
2,883,450

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
88,513

 
$
96,962

 
$
94,315

 
$
90,616

 
$
93,126

 
$
98,385

Accrued payroll and other related liabilities
 
60,959

 
95,180

 
97,401

 
81,920

 
80,945

 
112,024

Unexpired subscriptions
 
69,114

 
66,850

 
66,537

 
65,776

 
67,863

 
63,103

Accrued expenses and other
 
119,405

 
124,653

 
204,847

 
205,414

 
205,993

 
240,464

Accrued income taxes
 

 
38,932

 

 

 

 

Total current liabilities
 
337,991

 
422,577

 
463,100

 
443,726

 
447,927

 
513,976

Other liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt and capital lease obligations
 
698,071

 
696,914

 
701,678

 
700,820

 
699,349

 
698,220

Pension benefits obligation
 
714,505

 
788,268

 
830,868

 
848,669

 
860,836

 
880,504

Postretirement benefits obligation
 
109,500

 
110,347

 
100,248

 
101,397

 
102,689

 
104,192

Other
 
144,576

 
152,418

 
154,537

 
155,353

 
151,048

 
177,049

Total other liabilities
 
1,666,652

 
1,747,947

 
1,787,331

 
1,806,239

 
1,813,922

 
1,859,965

Stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
 
Common stock of $.10 par value:
 
 
 
 
 
 
 
 
 
 
 
 
Class A
 
15,045

 
15,027

 
15,023

 
15,009

 
15,005

 
15,001

Class B
 
82

 
82

 
82

 
82

 
82

 
82

Additional paid-in capital
 
27,656

 
25,610

 
31,181

 
34,278

 
35,820

 
32,024

Retained earnings
 
1,222,936

 
1,219,798

 
1,042,888

 
1,040,606

 
1,128,755

 
1,086,625

Common stock held in treasury, at cost
 
(93,506
)
 
(96,278
)
 
(102,690
)
 
(107,572
)
 
(110,827
)
 
(110,974
)
Accumulated other comprehensive loss, net of income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
9,858

 
11,327

 
10,418

 
8,286

 
12,382

 
10,928

Unrealized (loss)/gain on available-for-sale security
 
(1,242
)
 
(431
)
 
732

 
2,102

 
4,109

 
(652
)
Funded status of benefit plans
 
(537,557
)
 
(542,635
)
 
(525,548
)
 
(529,019
)
 
(532,491
)
 
(526,674
)
Total accumulated other comprehensive loss, net of income taxes
 
(528,941
)
 
(531,739
)
 
(514,398
)
 
(518,631
)
 
(516,000
)
 
(516,398
)
Total New York Times Company stockholders’ equity
 
643,272

 
632,500

 
472,086

 
463,772

 
552,835

 
506,360

Noncontrolling interest
 
3,062

 
3,311

 
3,048

 
3,069

 
3,096

 
3,149

Total stockholders’ equity
 
646,334

 
635,811

 
475,134

 
466,841

 
555,931

 
509,509

Total liabilities and stockholders’ equity
 
$
2,650,977

 
$
2,806,335

 
$
2,725,565

 
$
2,716,806

 
$
2,817,780

 
$
2,883,450


(In thousands)
 
March 31, 2013
 
2012 by quarter
 
December 25,
2011
 
 
December 30,
2012
 
September 23,
2012
 
June 24,
2012
 
March 25,
2012
 
Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$

 
$

 
$

 
$

 
$

 
$

Short-term marketable securities
 

 

 

 

 

 

Accounts receivable (net of allowances)
 

 

 

 

 

 

Inventories:
 
 
 
 
 
 
 
 
 
 
 
 
Newsprint and magazine paper
 

 

 

 

 

 

Other inventory
 

 

 

 

 

 

Total inventories
 

 

 

 

 

 

Deferred income taxes
 

 

 

 

 

 

Other current assets
 

 

 

 

 

 

Assets held for sale
 

 

 

 

 

 

Total current assets
 

 

 

 

 

 

Other assets
 
 
 
 
 
 
 
 
 
 
 
 
Long-term marketable securities
 

 

 

 

 

 

Investments in joint ventures
 

 

 

 

 

 

Property, plant and equipment (less accumulated depreciation and amortization)
 

 

 

 

 

 

Goodwill (less accumulated impairment losses)
 

 

 

 

 

 

Deferred income taxes
 
(20,438
)
 
(20,555
)
 
(19,862
)
 
(19,493
)
 
(19,185
)
 
(18,820
)
Miscellaneous assets
 

 

 

 

 

 

Total assets
 
$
(20,438
)
 
$
(20,555
)
 
$
(19,862
)
 
$
(19,493
)
 
$
(19,185
)
 
$
(18,820
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$

 
$

 
$

 
$

 
$

 
$

Accrued payroll and other related liabilities
 

 

 

 

 

 

Unexpired subscriptions
 

 

 

 

 

 

Accrued expenses and other
 

 

 

 

 

 

Accrued income taxes
 
360

 

 

 

 

 

Total current liabilities
 
360

 

 

 

 

 

Other liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt and capital lease obligations
 

 

 

 

 

 

Pension benefits obligation
 
(50,888
)
 
(50,379
)
 
(48,515
)
 
(47,723
)
 
(46,931
)
 
(46,138
)
Postretirement benefits obligation
 

 

 

 

 

 

Other
 

 

 

 

 

 

Total other liabilities
 
(50,888
)
 
(50,379
)
 
(48,515
)
 
(47,723
)
 
(46,931
)
 
(46,138
)
Stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
 
Common stock of $.10 par value:
 
 
 
 
 
 
 
 
 
 
 
 
Class A
 

 

 

 

 

 

Class B
 

 

 

 

 

 

Additional paid-in capital
 

 

 

 

 

 

Retained earnings
 
11,087

 
10,652

 
9,439

 
8,974

 
8,448

 
7,978

Common stock held in treasury, at cost
 

 

 

 

 

 

Accumulated other comprehensive gain, net of income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 

 

 

 

 

 

Unrealized (loss)/gain on available-for-sale security
 

 

 

 

 

 

Funded status of benefit plans
 
19,003

 
19,172

 
19,214

 
19,256

 
19,298

 
19,340

Total accumulated other comprehensive gain, net of income taxes
 
19,003

 
19,172

 
19,214

 
19,256

 
19,298

 
19,340

Total New York Times Company stockholders’ equity
 
30,090

 
29,824

 
28,653

 
28,230

 
27,746

 
27,318

Noncontrolling interest
 

 

 

 

 

 

Total stockholders’ equity
 
30,090

 
29,824

 
28,653

 
28,230

 
27,746

 
27,318

Total liabilities and stockholders’ equity
 
$
(20,438
)
 
$
(20,555
)
 
$
(19,862
)
 
$
(19,493
)
 
$
(19,185
)
 
$
(18,820
)
(In thousands)
 
March 31, 2013
 
2012 by quarter
 
December 25,
2011
 
 
December 30,
2012
 
September 23,
2012
 
June 24,
2012
 
March 25,
2012
 
As adjusted:
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Current assets
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
308,014

 
$
820,489

 
$
334,374

 
$
290,292

 
$
206,468

 
$
175,151

Short-term marketable securities
 
366,805

 
134,820

 
279,740

 
279,858

 
224,878

 
104,846

Accounts receivable (net of allowances)
 
190,813

 
237,932

 
195,489

 
227,932

 
230,042

 
247,436

Inventories:
 
 
 
 
 
 
 
 
 
 
 
 
Newsprint and magazine paper
 
9,235

 
8,038

 
11,536

 
13,589

 
16,643

 
14,567

Other inventory
 
2,213

 
2,376

 
2,373

 
2,817

 
3,144

 
3,213

Total inventories
 
11,448

 
10,414

 
13,909

 
16,406

 
19,787

 
17,780

Deferred income taxes
 
58,214

 
58,214

 
73,055

 
73,055

 
73,055

 
73,055

Other current assets
 
56,038

 
46,539

 
49,883

 
50,556

 
66,743

 
55,665

Assets held for sale
 

 

 
223,887

 

 

 
590,002

Total current assets
 
991,332

 
1,308,408

 
1,170,337

 
938,099

 
820,973

 
1,263,935

Other assets
 
 
 
 
 
 
 
 
 
 
 
 
Long-term marketable securities
 
190,841

 
4,444

 

 

 

 

Investments in joint ventures
 
40,169

 
42,702

 
43,151

 
43,541

 
45,138

 
82,019

Property, plant and equipment (less accumulated depreciation and amortization)
 
842,383

 
860,385

 
877,883

 
896,093

 
912,338

 
937,140

Goodwill (less accumulated impairment losses)
 
120,275

 
122,691

 
121,251

 
306,087

 
506,160

 
121,618

Deferred income taxes
 
279,926

 
280,523

 
324,200

 
328,608

 
276,188

 
261,463

Miscellaneous assets
 
165,613

 
166,627

 
168,881

 
184,885

 
237,798

 
198,455

Total assets
 
$
2,630,539

 
$
2,785,780

 
$
2,705,703

 
$
2,697,313

 
$
2,798,595

 
$
2,864,630

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities and stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
 
$
88,513

 
$
96,962

 
$
94,315

 
$
90,616

 
$
93,126

 
$
98,385

Accrued payroll and other related liabilities
 
60,959

 
95,180

 
97,401

 
81,920

 
80,945

 
112,024

Unexpired subscriptions
 
69,114

 
66,850

 
66,537

 
65,776

 
67,863

 
63,103

Accrued expenses and other
 
119,405

 
124,653

 
204,847

 
205,414

 
205,993

 
240,464

Accrued income taxes
 
360

 
38,932

 

 

 

 

Total current liabilities
 
338,351

 
422,577

 
463,100

 
443,726

 
447,927

 
513,976

Other liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt and capital lease obligations
 
698,071

 
696,914

 
701,678

 
700,820

 
699,349

 
698,220

Pension benefits obligation
 
663,617

 
737,889

 
782,353

 
800,946

 
813,905

 
834,366

Postretirement benefits obligation
 
109,500

 
110,347

 
100,248

 
101,397

 
102,689

 
104,192

Other
 
144,576

 
152,418

 
154,537

 
155,353

 
151,048

 
177,049

Total other liabilities
 
1,615,764

 
1,697,568

 
1,738,816

 
1,758,516

 
1,766,991

 
1,813,827

Stockholders’ equity
 
 
 
 
 
 
 
 
 
 
 
 
Common stock of $.10 par value:
 
 
 
 
 
 
 
 
 
 
 
 
Class A
 
15,045

 
15,027

 
15,023

 
15,009

 
15,005

 
15,001

Class B
 
82

 
82

 
82

 
82

 
82

 
82

Additional paid-in capital
 
27,656

 
25,610

 
31,181

 
34,278

 
35,820

 
32,024

Retained earnings
 
1,234,023

 
1,230,450

 
1,052,327

 
1,049,580

 
1,137,203

 
1,094,603

Common stock held in treasury, at cost
 
(93,506
)
 
(96,278
)
 
(102,690
)
 
(107,572
)
 
(110,827
)
 
(110,974
)
Accumulated other comprehensive loss, net of income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
9,858

 
11,327

 
10,418

 
8,286

 
12,382

 
10,928

Unrealized (loss)/gain on available-for-sale security
 
(1,242
)
 
(431
)
 
732

 
2,102

 
4,109

 
(652
)
Funded status of benefit plans
 
(518,554
)
 
(523,463
)
 
(506,334
)
 
(509,763
)
 
(513,193
)
 
(507,334
)
Total accumulated other comprehensive loss, net of income taxes
 
(509,938
)
 
(512,567
)
 
(495,184
)
 
(499,375
)
 
(496,702
)
 
(497,058
)
Total New York Times Company stockholders’ equity
 
673,362

 
662,324

 
500,739

 
492,002

 
580,581

 
533,678

Noncontrolling interest
 
3,062

 
3,311

 
3,048

 
3,069

 
3,096

 
3,149

Total stockholders’ equity
 
676,424

 
665,635

 
503,787

 
495,071

 
583,677

 
536,827

Total liabilities and stockholders’ equity
 
$
2,630,539

 
$
2,785,780

 
$
2,705,703

 
$
2,697,313

 
$
2,798,595

 
$
2,864,630


(In thousands, except per share data)
 
March 31, 2013
 
Full Year 2012
 
2012 by quarter
 
Full Year 2011
 
 
 
December 30,
2012

September 23,
2012

June 24,
2012

March 25,
2012
 
 As previously reported:
 
 












Condensed Consolidated Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
Revenues

$
465,933


$
1,990,080


$
575,818


$
449,028


$
489,802


$
475,432


$
1,952,630

Operating costs

 
 
 
 
 
 
 
 
 
 
 
 
 
Production costs

196,874


832,228


224,110


201,577


203,206


203,335


810,569

Selling, general and administrative costs

224,389


901,405


235,114


216,457


220,473


229,361


886,232

Depreciation and amortization

21,800


96,758


21,237


22,485


22,920


30,116


94,224

Total operating costs

443,063


1,830,391


480,461


440,519


446,599


462,812


1,791,025

Pension settlement expense
 

 
48,729

 
48,729

 

 

 

 

Other expense
 

 
2,620

 
2,620

 

 

 

 
4,500

Impairment of assets
 

 

 

 

 

 

 
9,225

Pension withdrawal expense
 

 

 

 

 

 

 
4,228

Operating profit

22,870


108,340


44,008


8,509


43,203


12,620


143,652

Gain on sale of investment



220,275


164,630




37,797


17,848


71,171

Impairment of investments



5,500




600




4,900



(Loss)/income from joint ventures

(2,940
)

3,004


927


1,027


1,079


(29
)

28

Premium on debt redemption
 

 

 

 

 

 

 
46,381

Interest expense, net

14,074


62,815


16,402


15,497


15,464


15,452


85,243

Income/(loss) from continuing operations before income taxes

5,856


263,304


193,163


(6,561
)

66,615


10,087


83,227

Income tax expense/(benefit)

2,967


103,482


75,775


(2,796
)

29,102


1,401


31,932

Income/(loss) from continuing operations

2,889


159,822


117,388


(3,765
)

37,513


8,686


51,295

(Loss)/income from discontinued operations, net of income taxes



(26,483
)

59,789


6,026


(125,689
)

33,391


(91,519
)
Net income/(loss)

2,889


133,339


177,177


2,261


(88,176
)

42,077


(40,224
)
Net loss/(income) attributable to the noncontrolling interest

249


(166
)

(267
)

21


27


53


555

Net income/(loss) attributable to The New York Times Company common stockholders

$
3,138


$
133,173


$
176,910


$
2,282


$
(88,149
)

$
42,130


$
(39,669
)
Amounts attributable to The New York Times Company common stockholders:

 
 
 
 
 
 
 
 
 
 
 
 
 
Income/(loss) from continuing operations

$
3,138


$
159,656


$
117,121


$
(3,744
)

$
37,540


$
8,739


$
51,850

(Loss)/income from discontinued operations, net of income taxes



(26,483
)

59,789


6,026


(125,689
)

33,391


(91,519
)
Net income/(loss)

$
3,138


$
133,173


$
176,910


$
2,282


$
(88,149
)

$
42,130


$
(39,669
)
Average number of common shares outstanding:

 
 
 
 
 
 
 
 
 
 
 
 
 
Basic

148,710


148,147


148,461


148,254


148,005


147,867


147,190

Diluted

155,270


152,693


154,685


148,254


149,799


151,468


152,007

Basic earnings per share attributable to The New York Times Company common stockholders:

 
 
 
 
 
 
 
 
 
 
 
 
 
Income/(loss) from continuing operations

$
0.02


$
1.08


$
0.79


$
(0.02
)

$
0.25


$
0.06


$
0.35

(Loss)/income from discontinued operations, net of income taxes



(0.18
)

0.40


0.04


(0.85
)

0.22


(0.62
)
Net income/(loss)

$
0.02


$
0.90


$
1.19


$
0.02


$
(0.60
)

$
0.28


$
(0.27
)
Diluted earnings per share attributable to The New York Times Company common stockholders:

 
 
 
 
 
 
 
 
 
 
 
 
 
Income/(loss) from continuing operations

$
0.02


$
1.04


$
0.76


$
(0.02
)

$
0.25


$
0.06


$
0.34

(Loss)/income from discontinued operations, net of income taxes



(0.17
)

0.38


0.04


(0.84
)

0.22


(0.60
)
Net income/(loss)

$
0.02


$
0.87


$
1.14


$
0.02


$
(0.59
)

$
0.28


$
(0.26
)
(In thousands, except per share data)
 
March 31, 2013

Full Year 2012

2012 by quarter

Full Year 2011
 


December 30,
2012

September 23,
2012

June 24,
2012

March 25,
2012

Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
$

 
$

 
$

 
$

 
$

 
$

 
$

Operating costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Production costs
 
(607
)
 
(2,565
)
 
(676
)
 
(633
)
 
(628
)
 
(628
)
 
(2,113
)
Selling, general and administrative costs
 
(188
)
 
(889
)
 
(185
)
 
(230
)
 
(237
)
 
(237
)
 
(786
)
Depreciation and amortization
 

 

 

 

 

 

 

Total operating costs
 
(795
)
 
(3,454
)
 
(861
)
 
(863
)
 
(865
)
 
(865
)
 
(2,899
)
Pension settlement expense
 

 
(1,072
)
 
(1,072
)
 

 

 

 

Other expense
 

 

 

 

 

 

 

Impairment of assets
 

 

 

 

 

 

 

Pension withdrawal expense
 

 

 

 

 

 

 

Operating profit
 
795

 
4,526

 
1,933

 
863

 
865

 
865

 
2,899

Gain on sale of investment
 

 

 

 

 

 

 

Impairment of investments
 

 

 

 

 

 

 

(Loss)/income from joint ventures
 

 

 

 

 

 

 

Premium on debt redemption
 

 

 

 

 

 

 

Interest expense, net
 

 

 

 

 

 

 

Income from continuing operations before income taxes
 
795

 
4,526

 
1,933

 
863

 
865

 
865

 
2,899

Income tax expense
 
361

 
1,852

 
722

 
400

 
338

 
392

 
878

Income from continuing operations
 
434

 
2,674

 
1,211

 
463

 
527

 
473

 
2,021

(Loss)/income from discontinued operations, net of income taxes
 

 

 

 

 

 

 

Net income
 
434

 
2,674

 
1,211

 
463

 
527

 
473

 
2,021

Net loss/(income) attributable to the noncontrolling interest
 

 

 

 

 

 

 

Net income attributable to The New York Times Company common stockholders
 
$
434

 
$
2,674

 
$
1,211

 
$
463

 
$
527

 
$
473

 
$
2,021

Amounts attributable to The New York Times Company common stockholders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$
434

 
$
2,674

 
$
1,211

 
$
463

 
$
527

 
$
473

 
$
2,021

(Loss)/income from discontinued operations, net of income taxes
 

 

 

 

 

 

 

Net income
 
$
434

 
$
2,674

 
$
1,211

 
$
463

 
$
527

 
$
473

 
$
2,021

Average number of common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
148,710

 
148,147

 
148,461

 
148,254

 
148,005

 
147,867

 
147,190

Diluted
 
155,270

 
152,693

 
154,685

 
148,254

 
149,799

 
151,468

 
152,007

Basic earnings per share attributable to The New York Times Company common stockholders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$

 
$
0.02

 
$
0.01

 
$

 
$
0.01

 
$

 
$
0.01

(Loss)/income from discontinued operations, net of income taxes
 

 

 

 


 

 

 

Net income
 
$

 
$
0.02

 
$
0.01

 
$

 
$
0.01

 
$

 
$
0.01

Diluted earnings per share attributable to The New York Times Company common stockholders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
$

 
$
0.02

 
$

 
$

 
$

 
$

 
$
0.01

(Loss)/income from discontinued operations, net of income taxes
 

 

 

 

 

 

 

Net income
 
$

 
$
0.02

 
$

 
$

 
$

 
$

 
$
0.01


(In thousands, except per share data)
 
March 31, 2013
 
Full Year 2012
 
2012 by quarter
 
Full Year 2011
 
 
 
December 30,
2012
 
September 23,
2012
 
June 24,
2012
 
March 25,
2012
 
As adjusted:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Statements of Operations
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
$
465,933

 
$
1,990,080

 
$
575,818

 
$
449,028

 
$
489,802

 
$
475,432

 
$
1,952,630

Operating costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Production costs
 
196,267

 
829,663

 
223,434

 
200,944

 
202,578

 
202,707

 
808,456

Selling, general and administrative costs
 
224,201

 
900,516

 
234,929

 
216,227

 
220,236

 
229,124

 
885,446

Depreciation and amortization
 
21,800

 
96,758

 
21,237

 
22,485

 
22,920

 
30,116

 
94,224

Total operating costs
 
442,268

 
1,826,937

 
479,600

 
439,656

 
445,734

 
461,947

 
1,788,126

Pension settlement expense
 

 
47,657

 
47,657

 

 

 

 

Other expense
 

 
2,620

 
2,620

 

 

 

 
4,500

Impairment of assets
 

 

 

 

 

 

 
9,225

Pension withdrawal expense
 

 

 

 

 

 

 
4,228

Operating profit
 
23,665

 
112,866

 
45,941

 
9,372

 
44,068

 
13,485

 
146,551

Gain on sale of investment
 

 
220,275

 
164,630

 

 
37,797

 
17,848

 
71,171

Impairment of investments
 

 
5,500

 

 
600

 

 
4,900

 

(Loss)/income from joint ventures
 
(2,940
)
 
3,004

 
927

 
1,027

 
1,079

 
(29
)
 
28

Premium on debt redemption
 

 

 

 

 

 

 
46,381

Interest expense, net
 
14,074

 
62,815

 
16,402

 
15,497

 
15,464

 
15,452

 
85,243

Income/(loss) from continuing operations before income taxes
 
6,651

 
267,830

 
195,096

 
(5,698
)
 
67,480

 
10,952

 
86,126

Income tax expense/(benefit)
 
3,328

 
105,334

 
76,497

 
(2,396
)
 
29,440

 
1,793

 
32,810

Income/(loss) from continuing operations
 
3,323

 
162,496

 
118,599

 
(3,302
)
 
38,040

 
9,159

 
53,316

(Loss)/income from discontinued operations, net of income taxes
 

 
(26,483
)
 
59,789

 
6,026

 
(125,689
)
 
33,391

 
(91,519
)
Net income/(loss)
 
3,323

 
136,013

 
178,388

 
2,724

 
(87,649
)
 
42,550

 
(38,203
)
Net loss/(income) attributable to the noncontrolling interest
 
249

 
(166
)
 
(267
)
 
21

 
27

 
53

 
555

Net income/(loss) attributable to The New York Times Company common stockholders
 
$
3,572

 
$
135,847

 
$
178,121

 
$
2,745

 
$
(87,622
)
 
$
42,603

 
$
(37,648
)
Amounts attributable to The New York Times Company common stockholders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income/(loss) from continuing operations
 
$
3,572

 
$
162,330

 
$
118,332

 
$
(3,281
)
 
$
38,067

 
$
9,212

 
$
53,871

(Loss)/income from discontinued operations, net of income taxes
 

 
(26,483
)
 
59,789

 
6,026

 
(125,689
)
 
33,391

 
(91,519
)
Net income/(loss)
 
$
3,572

 
$
135,847

 
$
178,121

 
$
2,745

 
$
(87,622
)
 
$
42,603

 
$
(37,648
)
Average number of common shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
148,710

 
148,147

 
148,461

 
148,254

 
148,005

 
147,867

 
147,190

Diluted
 
155,270

 
152,693

 
154,685

 
148,254

 
149,799

 
151,468

 
152,007

Basic earnings per share attributable to The New York Times Company common stockholders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income/(loss) from continuing operations
 
$
0.02

 
$
1.10

 
$
0.80

 
$
(0.02
)
 
$
0.26

 
$
0.06

 
$
0.36

(Loss)/income from discontinued operations, net of income taxes
 

 
(0.18
)
 
0.40

 
0.04

 
(0.85
)
 
0.23

 
(0.62
)
Net income/(loss)
 
$
0.02

 
$
0.92

 
$
1.20

 
$
0.02

 
$
(0.59
)
 
$
0.29

 
$
(0.26
)
Diluted earnings per share attributable to The New York Times Company common stockholders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income/(loss) from continuing operations
 
$
0.02

 
$
1.06

 
$
0.76

 
$
(0.02
)
 
$
0.25

 
$
0.06

 
$
0.35

(Loss)/income from discontinued operations, net of income taxes
 

 
(0.17
)
 
0.39

 
0.04

 
(0.83
)
 
0.22

 
(0.60
)
Net income/(loss)
 
$
0.02

 
$
0.89

 
$
1.15

 
$
0.02

 
$
(0.58
)
 
$
0.28

 
$
(0.25
)




 
 
 
 
 

2012 by quarter

 
(In thousands)
 
March 31, 2013
 
Full Year 2012

December 30,
2012

September 23,
2012

June 24,
2012

March 25,
2012

Full Year 2011
As previously reported:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income/(Loss)
 
 
 
 
 
 
 
 
Net income/(loss)
 
$
2,889

 
$
133,339

 
$
177,177

 
$
2,261

 
$
(88,176
)
 
$
42,077

 
$
(40,224
)
Other comprehensive income/(loss), before tax:
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
(2,477
)
 
536

 
1,684

 
3,251

 
(6,712
)
 
2,313

 
(523
)
Unrealized derivative gain on cash-flow hedge of equity method investment
 

 
1,143

 

 

 

 
1,143

 
839

Unrealized (loss)/gain on available-for-sale security
 
(1,374
)
 
(729
)
 
(1,980
)
 
(2,338
)
 
(3,425
)
 
7,014

 

Pension and postretirement benefits obligation
 
8,546

 
(26,938
)
 
(28,507
)
 
5,888

 
5,888

 
(10,207
)
 
(219,590
)
Other comprehensive income/(loss), before tax
 
4,695

 
(25,988
)
 
(28,803
)
 
6,801

 
(4,249
)
 
263

 
(219,274
)
Income tax expense/(benefit)
 
1,897

 
(10,643
)
 
(11,458
)
 
2,568

 
(1,618
)
 
(135
)
 
(89,502
)
Other comprehensive income/(loss), net of tax
 
2,798

 
(15,345
)
 
(17,345
)
 
4,233

 
(2,631
)
 
398

 
(129,772
)
Comprehensive income/(loss)
 
5,687

 
117,994

 
159,832

 
6,494

 
(90,807
)
 
42,475

 
(169,996
)
Comprehensive loss/(income) attributable to the noncontrolling interest
 
249

 
(162
)
 
(263
)
 
21

 
27

 
53

 
1,000

Comprehensive income/(loss) attributable to The New York Times Company common stockholders
 
$
5,936

 
$
117,832

 
$
159,569

 
$
6,515

 
$
(90,780
)
 
$
42,528

 
$
(168,996
)
 
 
 
 
 
 
2012 by quarter
 
 
(In thousands)
 
March 31, 2013
 
Full Year 2012
 
December 30,
2012
 
September 23,
2012
 
June 24,
2012
 
March 25,
2012
 
Full Year 2011
Adjustments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income/(Loss)
 
 
 
 
 
 
 
 
 
 
Net income
 
$
434

 
$
2,674

 
$
1,211

 
$
463

 
$
527

 
$
473

 
$
2,021

Other comprehensive income, before tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 

 

 

 

 

 

 

Unrealized derivative gain on cash-flow hedge of equity method investment
 

 

 

 

 

 

 

Unrealized (loss)/gain on available-for-sale security
 

 

 

 

 

 

 

Pension and postretirement benefits obligation
 
(287
)
 
(284
)
 
(71
)
 
(71
)
 
(71
)
 
(71
)
 
8,301

Other comprehensive (loss)/income, before tax
 
(287
)
 
(284
)
 
(71
)
 
(71
)
 
(71
)
 
(71
)
 
8,301

Income tax expense/(benefit)
 
(117
)
 
(117
)
 
(34
)
 
(29
)
 
(29
)
 
(25
)
 
3,437

Other comprehensive (loss)/income, net of tax
 
(170
)
 
(167
)
 
(37
)
 
(42
)
 
(42
)
 
(46
)
 
4,864

Comprehensive income
 
264

 
2,507

 
1,174

 
421

 
485

 
427

 
6,885

Comprehensive loss/(income) attributable to the noncontrolling interest
 

 

 

 

 

 

 

Comprehensive income attributable to The New York Times Company common stockholders
 
$
264

 
$
2,507

 
$
1,174

 
$
421

 
$
485

 
$
427

 
$
6,885

 
 
 
 
 
 
2012 by quarter
 
 
(In thousands)
 
March 31, 2013
 
Full Year 2012
 
December 30,
2012
 
September 23,
2012
 
June 24,
2012
 
March 25,
2012
 
Full Year 2011
As adjusted:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed Consolidated Statements of Comprehensive Income/(Loss)
 
 
 
 
 
 
 
 
 
 
Net income/(loss)
 
$
3,323

 
$
136,013

 
$
178,388

 
$
2,724

 
$
(87,649
)
 
$
42,550

 
$
(38,203
)
Other comprehensive income/(loss), before tax:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
(2,477
)
 
536

 
1,684

 
3,251

 
(6,712
)
 
2,313

 
(523
)
Unrealized derivative gain on cash-flow hedge of equity method investment
 

 
1,143

 

 

 

 
1,143

 
839

Unrealized (loss)/gain on available-for-sale security
 
(1,374
)
 
(729
)
 
(1,980
)
 
(2,338
)
 
(3,425
)
 
7,014

 

Pension and postretirement benefits obligation
 
8,259

 
(27,222
)
 
(28,578
)
 
5,817

 
5,817

 
(10,278
)
 
(211,289
)
Other comprehensive income/(loss), before tax
 
4,408

 
(26,272
)
 
(28,874
)
 
6,730

 
(4,320
)
 
192

 
(210,973
)
Income tax expense/(benefit)
 
1,780

 
(10,760
)
 
(11,492
)
 
2,539

 
(1,647
)
 
(160
)
 
(86,065
)
Other comprehensive income/(loss), net of tax
 
2,628

 
(15,512
)
 
(17,382
)
 
4,191

 
(2,673
)
 
352

 
(124,908
)
Comprehensive income/(loss)
 
5,951

 
120,501

 
161,006

 
6,915

 
(90,322
)
 
42,902

 
(163,111
)
Comprehensive loss/(income) attributable to the noncontrolling interest
 
249

 
(162
)
 
(263
)
 
21

 
27

 
53

 
1,000

Comprehensive income/(loss) attributable to The New York Times Company common stockholders
 
$
6,200

 
$
120,339

 
$
160,743

 
$
6,936

 
$
(90,295
)
 
$
42,955

 
$
(162,111
)