Discontinued Operations (Tables)

3 Months Ended

Mar. 29, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations, Unaudited Summarized Results

Summarized unaudited results of the Company’s discontinued operations and the impact of associated Publishing Spin-off adjustments are as follows (in thousands):

	Three Months Ended  March 30, 2014
Operating revenues	$	406,110
Operating profit	24,087
Loss on equity investments, net	(335		)
Interest expense (1)	(2,783		)
Reorganization items, net	(9		)
Income before income taxes	20,960
Income tax expense (2)	8,359
Income from discontinued operations, net of taxes	$	12,601

(1) In connection with the Publishing Spin-off on August 4, 2014, the Company received a $275 million cash dividend from Tribune Publishing utilizing borrowings of $350 million under a senior term loan facility entered into by Tribune Publishing prior to the Publishing Spin-off. The full amount of the $275 million cash dividend was used to permanently repay $275 million of outstanding borrowings under the Company’s Term Loan Facility (as defined and described in Note 6). Interest expense associated with the Company’s outstanding debt was allocated to discontinued operations based on the ratio of the $275 million cash dividend received from Tribune Publishing to the total outstanding indebtedness under the outstanding credit facilities in effect in each respective period prior to the Publishing Spin-off and totaled $3 million for three months ended March 30, 2014.

(2) The effective tax rate on pretax income from discontinued operations was for 39.9% for the three months ended March 30, 2014. This rate differs from the U.S. federal statutory rate of 35% primarily due to state income taxes (net of federal benefit) and the impact of certain nondeductible transaction costs.