| Prior Period Adjustments |
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 second quarter of 2013 would have been 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 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 | As previously reported: | December 30,
2012 | September 23,
2012 | June 24,
2012 | March 25,
2012 | Condensed Consolidated Balance Sheets | | | | | | Assets | | | | | | Current assets | | | | | | Cash and cash equivalents | $ | 308,014 |
| $ | 820,490 |
| $ | 334,374 |
| $ | 290,292 |
| $ | 206,468 |
| Short-term marketable securities | 366,805 |
| 134,820 |
| 279,740 |
| 279,858 |
| 224,878 |
| Accounts receivable (net of allowances) | 159,344 |
| 197,589 |
| 160,998 |
| 170,904 |
| 180,406 |
| Inventories: |
|
|
|
|
| Newsprint and magazine paper | 6,952 |
| 5,608 |
| 9,857 |
| 9,695 |
| 12,129 |
| Other inventory | 1,697 |
| 1,729 |
| 1,689 |
| 1,954 |
| 2,076 |
| Total inventories | 8,649 |
| 7,337 |
| 11,546 |
| 11,649 |
| 14,205 |
| Deferred income taxes | 58,214 |
| 58,214 |
| 73,055 |
| 73,055 |
| 73,055 |
| Other current assets | 49,824 |
| 42,068 |
| 45,491 |
| 42,886 |
| 59,404 |
| Assets held for sale | 127,529 |
| 137,050 |
| 356,030 |
| 361,358 |
| 550,836 |
| Total current assets | 1,078,379 |
| 1,397,568 |
| 1,261,234 |
| 1,230,002 |
| 1,309,252 |
| Other assets |
|
|
|
|
| Long-term marketable securities | 190,841 |
| 4,444 |
| — |
| — |
| — |
| Investments in joint ventures | 38,409 |
| 40,872 |
| 41,401 |
| 41,809 |
| 43,420 |
| Property, plant and equipment (less accumulated depreciation and amortization) | 757,507 |
| 773,469 |
| 789,147 |
| 804,189 |
| 819,586 |
| Goodwill (less accumulated impairment losses) | 120,275 |
| 122,691 |
| 121,251 |
| 118,825 |
| 123,061 |
| Deferred income taxes | 322,222 |
| 322,767 |
| 365,666 |
| 369,439 |
| 316,446 |
| Miscellaneous assets | 165,202 |
| 166,214 |
| 168,470 |
| 173,880 |
| 227,088 |
| Total assets | $ | 2,672,835 |
| $ | 2,828,025 |
| $ | 2,747,169 |
| $ | 2,738,144 |
| $ | 2,838,853 |
| Liabilities and stockholders’ equity |
|
|
|
|
| Current liabilities |
|
|
|
|
| Accounts payable | $ | 80,687 |
| $ | 88,990 |
| $ | 86,104 |
| $ | 80,754 |
| $ | 83,192 |
| Accrued payroll and other related liabilities | 52,288 |
| 86,772 |
| 87,753 |
| 72,641 |
| 66,826 |
| Unexpired subscriptions | 59,549 |
| 57,336 |
| 57,050 |
| 55,725 |
| 57,870 |
| Accrued expenses and other | 112,316 |
| 118,753 |
| 197,934 |
| 198,719 |
| 198,809 |
| Accrued income taxes | — |
| 38,932 |
| — |
| — |
| — |
| Liabilities held for sale | 33,302 |
| 32,373 |
| 34,611 |
| 36,479 |
| 41,407 |
| Total current liabilities | 338,142 |
| 423,156 |
| 463,452 |
| 444,318 |
| 448,104 |
| Other liabilities |
|
|
|
|
| Long-term debt and capital lease obligations | 697,920 |
| 696,752 |
| 701,518 |
| 700,614 |
| 699,349 |
| Pension benefits obligation | 714,505 |
| 788,268 |
| 830,868 |
| 848,669 |
| 860,836 |
| Postretirement benefits obligation | 109,500 |
| 110,347 |
| 100,248 |
| 101,397 |
| 102,689 |
| Other | 166,434 |
| 173,690 |
| 175,949 |
| 176,305 |
| 171,944 |
| Total other liabilities | 1,688,359 |
| 1,769,057 |
| 1,808,583 |
| 1,826,985 |
| 1,834,818 |
| Stockholders’ equity |
|
|
|
|
|
|
|
|
|
| Common stock of $.10 par value: |
|
|
|
|
|
|
|
|
|
| Class A | 15,045 |
| 15,027 |
| 15,023 |
| 15,009 |
| 15,005 |
| Class B | 82 |
| 82 |
| 82 |
| 82 |
| 82 |
| Additional paid-in capital | 27,656 |
| 25,610 |
| 31,181 |
| 34,278 |
| 35,820 |
| Retained earnings | 1,222,936 |
| 1,219,798 |
| 1,042,888 |
| 1,040,606 |
| 1,128,755 |
| Common stock held in treasury, at cost | (93,506 | ) | (96,278 | ) | (102,690 | ) | (107,572 | ) | (110,827 | ) | Accumulated other comprehensive loss, net of income taxes: |
|
|
|
|
| Foreign currency translation adjustments | 9,858 |
| 11,327 |
| 10,418 |
| 8,286 |
| 12,382 |
| Unrealized (loss)/gain on available-for-sale security | (1,242 | ) | (431 | ) | 732 |
| 2,102 |
| 4,109 |
| Funded status of benefit plans | (537,557 | ) | (542,634 | ) | (525,548 | ) | (529,019 | ) | (532,491 | ) | Total accumulated other comprehensive loss, net of income taxes | (528,941 | ) | (531,738 | ) | (514,398 | ) | (518,631 | ) | (516,000 | ) | Total New York Times Company stockholders’ equity | 643,272 |
| 632,501 |
| 472,086 |
| 463,772 |
| 552,835 |
| Noncontrolling interest | 3,062 |
| 3,311 |
| 3,048 |
| 3,069 |
| 3,096 |
| Total stockholders’ equity | 646,334 |
| 635,812 |
| 475,134 |
| 466,841 |
| 555,931 |
| Total liabilities and stockholders’ equity | $ | 2,672,835 |
| $ | 2,828,025 |
| $ | 2,747,169 |
| $ | 2,738,144 |
| $ | 2,838,853 |
|
| | | | | | | | | | | | | | | | | (In thousands) | March 31, 2013 | 2012 by quarter | Adjustments: | December 30,
2012 | September 23,
2012 | June 24,
2012 | March 25,
2012 | 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 | ) | Miscellaneous assets | — |
| — |
| — |
| — |
| — |
| Total assets | $ | (20,438 | ) | $ | (20,555 | ) | $ | (19,862 | ) | $ | (19,493 | ) | $ | (19,185 | ) | Liabilities and stockholders’ equity |
|
|
|
|
| Current liabilities |
|
|
|
|
| Accounts payable | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| Accrued payroll and other related liabilities | — |
| — |
| — |
| — |
| — |
| Unexpired subscriptions | — |
| — |
| — |
| — |
| — |
| Accrued expenses and other | — |
| — |
| — |
| — |
| — |
| Accrued income taxes | 360 |
| — |
| — |
| — |
| — |
| Liabilities held for sale | — |
| — |
| — |
| — |
| — |
| 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 | ) | Postretirement benefits obligation | — |
| — |
| — |
| — |
| — |
| Other | — |
| — |
| — |
| — |
| — |
| Total other liabilities | (50,888 | ) | (50,379 | ) | (48,515 | ) | (47,723 | ) | (46,931 | ) | 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 |
| 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 |
| Total accumulated other comprehensive gain, net of income taxes | 19,003 |
| 19,172 |
| 19,214 |
| 19,256 |
| 19,298 |
| Total New York Times Company stockholders’ equity | 30,090 |
| 29,824 |
| 28,653 |
| 28,230 |
| 27,746 |
| Noncontrolling interest | — |
| — |
| — |
| — |
| — |
| Total stockholders’ equity | 30,090 |
| 29,824 |
| 28,653 |
| 28,230 |
| 27,746 |
| Total liabilities and stockholders’ equity | $ | (20,438 | ) | $ | (20,555 | ) | $ | (19,862 | ) | $ | (19,493 | ) | $ | (19,185 | ) |
| | | | | | | | | | | | | | | | | (In thousands) | March 31, 2013 | 2012 by quarter | As adjusted: | December 30,
2012 | September 23,
2012 | June 24,
2012 | March 25,
2012 | Condensed Consolidated Balance Sheets | | | | | | Assets | | | | | | Current assets | | | | | | Cash and cash equivalents | $ | 308,014 |
| $ | 820,490 |
| $ | 334,374 |
| $ | 290,292 |
| $ | 206,468 |
| Short-term marketable securities | 366,805 |
| 134,820 |
| 279,740 |
| 279,858 |
| 224,878 |
| Accounts receivable (net of allowances) | 159,344 |
| 197,589 |
| 160,998 |
| 170,904 |
| 180,406 |
| Inventories: | | | | | | Newsprint and magazine paper | 6,952 |
| 5,608 |
| 9,857 |
| 9,695 |
| 12,129 |
| Other inventory | 1,697 |
| 1,729 |
| 1,689 |
| 1,954 |
| 2,076 |
| Total inventories | 8,649 |
| 7,337 |
| 11,546 |
| 11,649 |
| 14,205 |
| Deferred income taxes | 58,214 |
| 58,214 |
| 73,055 |
| 73,055 |
| 73,055 |
| Other current assets | 49,824 |
| 42,068 |
| 45,491 |
| 42,886 |
| 59,404 |
| Assets held for sale | 127,529 |
| 137,050 |
| 356,030 |
| 361,358 |
| 550,836 |
| Total current assets | 1,078,379 |
| 1,397,568 |
| 1,261,234 |
| 1,230,002 |
| 1,309,252 |
| Other assets | | | | | | Long-term marketable securities | 190,841 |
| 4,444 |
| — |
| — |
| — |
| Investments in joint ventures | 38,409 |
| 40,872 |
| 41,401 |
| 41,809 |
| 43,420 |
| Property, plant and equipment (less accumulated depreciation and amortization) | 757,507 |
| 773,469 |
| 789,147 |
| 804,189 |
| 819,586 |
| Goodwill (less accumulated impairment losses) | 120,275 |
| 122,691 |
| 121,251 |
| 118,825 |
| 123,061 |
| Deferred income taxes | 301,784 |
| 302,212 |
| 345,804 |
| 349,946 |
| 297,261 |
| Miscellaneous assets | 165,202 |
| 166,214 |
| 168,470 |
| 173,880 |
| 227,088 |
| Total assets | $ | 2,652,397 |
| $ | 2,807,470 |
| $ | 2,727,307 |
| $ | 2,718,651 |
| $ | 2,819,668 |
| Liabilities and stockholders’ equity | | | | | | Current liabilities | | | | | | Accounts payable | $ | 80,687 |
| $ | 88,990 |
| $ | 86,104 |
| $ | 80,754 |
| $ | 83,192 |
| Accrued payroll and other related liabilities | 52,288 |
| 86,772 |
| 87,753 |
| 72,641 |
| 66,826 |
| Unexpired subscriptions | 59,549 |
| 57,336 |
| 57,050 |
| 55,725 |
| 57,870 |
| Accrued expenses and other | 112,316 |
| 118,753 |
| 197,934 |
| 198,719 |
| 198,809 |
| Accrued income taxes | 360 |
| 38,932 |
| — |
| — |
| — |
| Liabilities held for sale | 33,302 |
| 32,373 |
| 34,611 |
| 36,479 |
| 41,407 |
| Total current liabilities | 338,502 |
| 423,156 |
| 463,452 |
| 444,318 |
| 448,104 |
| Other liabilities | | | | | | Long-term debt and capital lease obligations | 697,920 |
| 696,752 |
| 701,518 |
| 700,614 |
| 699,349 |
| Pension benefits obligation | 663,617 |
| 737,889 |
| 782,353 |
| 800,946 |
| 813,905 |
| Postretirement benefits obligation | 109,500 |
| 110,347 |
| 100,248 |
| 101,397 |
| 102,689 |
| Other | 166,434 |
| 173,690 |
| 175,949 |
| 176,305 |
| 171,944 |
| Total other liabilities | 1,637,471 |
| 1,718,678 |
| 1,760,068 |
| 1,779,262 |
| 1,787,887 |
| Stockholders’ equity | | | | | | Common stock of $.10 par value: | | | | | | Class A | 15,045 |
| 15,027 |
| 15,023 |
| 15,009 |
| 15,005 |
| Class B | 82 |
| 82 |
| 82 |
| 82 |
| 82 |
| Additional paid-in capital | 27,656 |
| 25,610 |
| 31,181 |
| 34,278 |
| 35,820 |
| Retained earnings | 1,234,023 |
| 1,230,450 |
| 1,052,327 |
| 1,049,580 |
| 1,137,203 |
| Common stock held in treasury, at cost | (93,506 | ) | (96,278 | ) | (102,690 | ) | (107,572 | ) | (110,827 | ) | Accumulated other comprehensive loss, net of income taxes: | | | | | | Foreign currency translation adjustments | 9,858 |
| 11,327 |
| 10,418 |
| 8,286 |
| 12,382 |
| Unrealized (loss)/gain on available-for-sale security | (1,242 | ) | (431 | ) | 732 |
| 2,102 |
| 4,109 |
| Funded status of benefit plans | (518,554 | ) | (523,462 | ) | (506,334 | ) | (509,763 | ) | (513,193 | ) | Total accumulated other comprehensive loss, net of income taxes | (509,938 | ) | (512,566 | ) | (495,184 | ) | (499,375 | ) | (496,702 | ) | Total New York Times Company stockholders’ equity | 673,362 |
| 662,325 |
| 500,739 |
| 492,002 |
| 580,581 |
| Noncontrolling interest | 3,062 |
| 3,311 |
| 3,048 |
| 3,069 |
| 3,096 |
| Total stockholders’ equity | 676,424 |
| 665,636 |
| 503,787 |
| 495,071 |
| 583,677 |
| Total liabilities and stockholders’ equity | $ | 2,652,397 |
| $ | 2,807,470 |
| $ | 2,727,307 |
| $ | 2,718,651 |
| $ | 2,819,668 |
|
| | | | | | | | | | | | | | | | | | | | | | | (In thousands, except per share data) | March 31, 2013 | Full Year 2012 | 2012 by quarter | Full Year 2011 | As previously reported: | December 30,
2012 | September 23,
2012 | June 24,
2012 | March 25,
2012 | Condensed Consolidated Statements of Operations | | | | | | | Revenues | $ | 380,675 |
| $ | 1,595,341 |
| $ | 468,114 |
| $ | 355,337 |
| $ | 387,841 |
| $ | 384,049 |
| $ | 1,554,574 |
| Operating costs | | | | | | | | Production costs | 157,341 |
| 653,883 |
| 178,116 |
| 158,003 |
| 158,802 |
| 158,962 |
| 642,374 |
| Selling, general and administrative costs | 177,060 |
| 712,001 |
| 186,686 |
| 169,689 |
| 173,057 |
| 182,569 |
| 688,344 |
| Depreciation and amortization | 18,938 |
| 78,980 |
| 18,492 |
| 19,594 |
| 20,212 |
| 20,682 |
| 83,833 |
| Total operating costs | 353,339 |
| 1,444,864 |
| 383,294 |
| 347,286 |
| 352,071 |
| 362,213 |
| 1,414,551 |
| Pension settlement expense | — |
| 48,729 |
| 48,729 |
| — |
| — |
| — |
| — |
| Other expense | — |
| 2,620 |
| 2,620 |
| — |
| — |
| — |
| 4,500 |
| Impairment of assets | — |
| — |
| — |
| — |
| — |
| — |
| 7,458 |
| Pension withdrawal expense | — |
| — |
| — |
| — |
| — |
| — |
| 4,228 |
| Operating profit | 27,336 |
| 99,128 |
| 33,471 |
| 8,051 |
| 35,770 |
| 21,836 |
| 123,837 |
| 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 | (2,870 | ) | 2,936 |
| 847 |
| 1,010 |
| 1,064 |
| 15 |
| (270 | ) | Premium on debt redemption | — |
| — |
| — |
| — |
| — |
| — |
| 46,381 |
| Interest expense, net | 14,071 |
| 62,808 |
| 16,402 |
| 15,490 |
| 15,464 |
| 15,452 |
| 85,243 |
| Income/(loss) from continuing operations before income taxes | 10,395 |
| 254,031 |
| 182,546 |
| (7,029 | ) | 59,167 |
| 19,347 |
| 63,114 |
| Income tax expense/(benefit) | 4,721 |
| 92,765 |
| 65,449 |
| (3,587 | ) | 25,443 |
| 5,460 |
| 20,539 |
| Income/(loss) from continuing operations | 5,674 |
| 161,266 |
| 117,097 |
| (3,442 | ) | 33,724 |
| 13,887 |
| 42,575 |
| (Loss)/income from discontinued operations, net of income taxes | (2,785 | ) | (27,927 | ) | 60,080 |
| 5,703 |
| (121,900 | ) | 28,190 |
| (82,799 | ) | 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 | $ | 5,923 |
| $ | 161,100 |
| $ | 116,830 |
| $ | (3,421 | ) | $ | 33,751 |
| $ | 13,940 |
| $ | 43,130 |
| (Loss)/income from discontinued operations, net of income taxes | (2,785 | ) | (27,927 | ) | 60,080 |
| 5,703 |
| (121,900 | ) | 28,190 |
| (82,799 | ) | 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 | $ | 0.04 |
| $ | 1.09 |
| $ | 0.79 |
| $ | (0.02 | ) | $ | 0.22 |
| $ | 0.09 |
| $ | 0.29 |
| (Loss)/income from discontinued operations, net of income taxes | (0.02 | ) | (0.19 | ) | 0.40 |
| 0.04 |
| (0.82 | ) | 0.19 |
| (0.56 | ) | 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 | $ | 0.04 |
| $ | 1.05 |
| $ | 0.76 |
| $ | (0.02 | ) | $ | 0.23 |
| $ | 0.09 |
| $ | 0.28 |
| (Loss)/income from discontinued operations, net of income taxes | (0.02 | ) | (0.18 | ) | 0.39 |
| 0.04 |
| (0.81 | ) | 0.19 |
| (0.54 | ) | Net income/(loss) | $ | 0.02 |
| $ | 0.87 |
| $ | 1.15 |
| $ | 0.02 |
| $ | (0.58 | ) | $ | 0.28 |
| $ | (0.26 | ) |
| | | | | | | | | | | | | | | | | | | | | | | (In thousands, except per share data) | March 31, 2013 | Full Year 2012 | 2012 by quarter | Full Year 2011 | Adjustments: | December 30,
2012 | September 23,
2012 | June 24,
2012 | March 25,
2012 | 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 | As adjusted: | December 30,
2012 | September 23,
2012 | June 24,
2012 | March 25,
2012 | Condensed Consolidated Statements of Operations | | | | | | | Revenues | $ | 380,675 |
| $ | 1,595,341 |
| $ | 468,114 |
| $ | 355,337 |
| $ | 387,841 |
| $ | 384,049 |
| $ | 1,554,574 |
| Operating costs | | | | | | | | Production costs | 156,734 |
| 651,318 |
| 177,440 |
| 157,370 |
| 158,174 |
| 158,334 |
| 640,261 |
| Selling, general and administrative costs | 176,872 |
| 711,112 |
| 186,501 |
| 169,459 |
| 172,820 |
| 182,332 |
| 687,558 |
| Depreciation and amortization | 18,938 |
| 78,980 |
| 18,492 |
| 19,594 |
| 20,212 |
| 20,682 |
| 83,833 |
| Total operating costs | 352,544 |
| 1,441,410 |
| 382,433 |
| 346,423 |
| 351,206 |
| 361,348 |
| 1,411,652 |
| Pension settlement expense | — |
| 47,657 |
| 47,657 |
| — |
| — |
| — |
| — |
| Other expense | — |
| 2,620 |
| 2,620 |
| — |
| — |
| — |
| 4,500 |
| Impairment of assets | — |
| — |
| — |
| — |
| — |
| — |
| 7,458 |
| Pension withdrawal expense | — |
| — |
| — |
| — |
| — |
| — |
| 4,228 |
| Operating profit | 28,131 |
| 103,654 |
| 35,404 |
| 8,914 |
| 36,635 |
| 22,701 |
| 126,736 |
| 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 | (2,870 | ) | 2,936 |
| 847 |
| 1,010 |
| 1,064 |
| 15 |
| (270 | ) | Premium on debt redemption | — |
| — |
| — |
| — |
| — |
| — |
| 46,381 |
| Interest expense, net | 14,071 |
| 62,808 |
| 16,402 |
| 15,490 |
| 15,464 |
| 15,452 |
| 85,243 |
| Income/(loss) from continuing operations before income taxes | 11,190 |
| 258,557 |
| 184,479 |
| (6,166 | ) | 60,032 |
| 20,212 |
| 66,013 |
| Income tax expense/(benefit) | 5,082 |
| 94,617 |
| 66,171 |
| (3,187 | ) | 25,781 |
| 5,852 |
| 21,417 |
| Income/(loss) from continuing operations | 6,108 |
| 163,940 |
| 118,308 |
| (2,979 | ) | 34,251 |
| 14,360 |
| 44,596 |
| (Loss)/income from discontinued operations, net of income taxes | (2,785 | ) | (27,927 | ) | 60,080 |
| 5,703 |
| (121,900 | ) | 28,190 |
| (82,799 | ) | 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 | $ | 6,357 |
| $ | 163,774 |
| $ | 118,041 |
| $ | (2,958 | ) | $ | 34,278 |
| $ | 14,413 |
| $ | 45,151 |
| (Loss)/income from discontinued operations, net of income taxes | (2,785 | ) | (27,927 | ) | 60,080 |
| 5,703 |
| (121,900 | ) | 28,190 |
| (82,799 | ) | 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 | $ | 0.04 |
| $ | 1.11 |
| $ | 0.80 |
| $ | (0.02 | ) | $ | 0.23 |
| $ | 0.10 |
| $ | 0.31 |
| (Loss)/income from discontinued operations, net of income taxes | (0.02 | ) | (0.19 | ) | 0.40 |
| 0.04 |
| (0.82 | ) | 0.19 |
| (0.57 | ) | 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 | $ | 0.04 |
| $ | 1.07 |
| $ | 0.76 |
| $ | (0.02 | ) | $ | 0.23 |
| $ | 0.10 |
| $ | 0.30 |
| (Loss)/income from discontinued operations, net of income taxes | (0.02 | ) | (0.18 | ) | 0.39 |
| 0.04 |
| (0.81 | ) | 0.18 |
| (0.55 | ) | Net income/(loss) | $ | 0.02 |
| $ | 0.89 |
| $ | 1.15 |
| $ | 0.02 |
| $ | (0.58 | ) | $ | 0.28 |
| $ | (0.25 | ) |
| | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | | 2012 by quarter | | As previously reported: | March 31, 2013 | Full Year 2012 | December 30,
2012 | September 23,
2012 | June 24,
2012 | March 25,
2012 | Full Year 2011 | 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 | ) |
| | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | | 2012 by quarter | | Adjustments: | March 31, 2013 | Full Year 2012 | December 30,
2012 | September 23,
2012 | June 24,
2012 | March 25,
2012 | Full Year 2011 | 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 |
|
| | | | | | | | | | | | | | | | | | | | | | | (In thousands) | | | 2012 by quarter | | As adjusted: | March 31, 2013 | Full Year 2012 | December 30,
2012 | September 23,
2012 | June 24,
2012 | March 25,
2012 | Full Year 2011 | 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 | ) |
|