Income Taxes

9 Months Ended

Sep. 29, 2013

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

We had an income tax expense of $2.6 million on a pre-tax loss of $2.7 million in the third quarter of 2013 and income tax expense of $21.5 million (effective tax rate of 54.2%) in the first nine months of 2013. Included in the tax expense for the third quarter of 2013 is a charge of $1.5 million related to the remeasurement of deferred tax assets in connection with the sale of the New England Media Group.

The Company had an income tax benefit of $3.2 million (effective tax rate of 51.7%) in the third quarter of 2012 and income tax expense of $28.4 million (effective tax rate of 38.4%) in the first nine months of 2012.

It is reasonably possible that certain income tax examinations may be concluded, or statutes of limitation may lapse, during the next 12 months, which could result in a decrease in unrecognized tax benefits of approximately $16 million that would, if recognized, impact the effective tax rate.