Stockholders' Equity

12 Months Ended

Dec. 29, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Shares of our Company’s Class A and Class B Common Stock are entitled to equal participation in the event of liquidation and in dividend declarations. The Class B Common Stock is convertible at the holders’ option on a share-for-share basis into Class A Common Stock. Upon conversion, the previously outstanding shares of Class B Common Stock are automatically and immediately retired, resulting in a reduction of authorized Class B Common Stock. As provided for in our Company’s Certificate of Incorporation, the Class A Common Stock has limited voting rights, including the right to elect 30% of the Board of Directors, and the Class A and Class B Common Stock have the right to vote together on the reservation of our Company shares for stock options and other stock-based plans, on the ratification of the selection of a registered public accounting firm and, in certain circumstances, on acquisitions of the stock or assets of other companies. Otherwise, except as provided by the laws of the State of New York, all voting power is vested solely and exclusively in the holders of the Class B Common Stock.

There were 818,061 shares as of December 29, 2013 and 818,385 shares as of December 30, 2012 of Class B Common Stock available for conversion into shares of Class A Common Stock.

The Adolph Ochs family trust holds approximately 90% of the Class B Common Stock and, as a result, has the ability to elect 70% of the Board of Directors and to direct the outcome of any matter that does not require a vote of the Class A Common Stock.

In January 2009, pursuant to a securities purchase agreement, we issued unsecured notes and detachable warrants to purchase 15.9 million shares of our Class A Common Stock at a price of $6.3572 per share. The warrants are exercisable at the holder’s option at any time and from time to time, in whole or in part, until January 15, 2015. See Note 8 for additional information regarding our debt obligations.

We can repurchase Class A Common Stock under our stock repurchase program from time to time either in the open market or through private transactions. These repurchases may be suspended from time to time or discontinued. In 2013 and 2012, we did not repurchase any shares of Class A Common Stock pursuant to our stock repurchase program.

We may issue preferred stock in one or more series. The Board of Directors is authorized to set the distinguishing characteristics of each series of preferred stock prior to issuance, including the granting of limited or full voting rights; however, the consideration received must be at least $100 per share. No shares of preferred stock were issued or outstanding as of December 29, 2013.

The following table summarizes the changes in AOCI by component as of December 29, 2013:

(In thousands)	Foreign Currency Translation Adjustments		Unrealized Loss on Available-For-Sale Security			Funded Status of Benefit Plans			Total Accumulated Other Comprehensive Loss
Balance, December 30, 2012	$	11,327	$	(431	)	$	(523,462	)	$	(512,566	)
Other comprehensive income before reclassifications, before tax(1)	2,613		—			197,081			199,694
Amounts reclassified from accumulated other comprehensive loss, before tax(1)	—		729			(17,303		)	(16,574		)
Income tax expense(1)	1,266		298			71,601			73,165
Net current-period other comprehensive income, net of tax	1,347		431			108,177			109,955
Balance, December 29, 2013	$	12,674	$	—		$	(415,285	)	$	(402,611	)

(1) All amounts are shown net of noncontrolling interest.

The following table summarizes the reclassifications from AOCI for the periods ended December 29, 2013

Detail about accumulated other comprehensive loss components	Amounts reclassified from accumulated other comprehensive loss			Affect line item in the statement where net income is presented
Funded status of benefit plans:
Amortization of prior service credit(1)	$	(14,996	)	Selling, general & administrative costs
Recognized actuarial loss(1)	43,457			Selling, general & administrative costs
Curtailment	(49,122		)	Discontinued operations: gain on sale, net of tax
Settlement	3,358			Pension settlement expense
Total reclassification, before tax(2)	(17,303		)
Income tax expense	(7,091		)	Tax expense
Total reclassification, net of tax	$	(10,212	)
Unrealized gains and losses on available for sale securities
Realized gain on sale of securities, before tax	$	729		Selling, general & administrative costs
Tax expense	298			Tax expense
Net of tax	$	431

(1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 11 and 12 for additional information.

(2) There were no reclassifications relating to noncontrolling interest for the year ended December 29, 2013.