Supplemental Guarantor Information

12 Months Ended

Dec. 31, 2012

Supplemental Guarantor Information [Abstract]

Supplemental Guarantor Information

Note 10: Supplemental Guarantor Information

The Company issued 8.0% Senior Notes due 2016 that are fully and unconditionally guaranteed by each of the Company’s 100%-owned subsidiaries as of the date of issuance. Accordingly, the following condensed consolidating financial statements present the consolidated balance sheets, consolidated statements of operations, consolidated statement of comprehensive income (loss) and consolidated statements of cash flows of Belo as parent, the guarantor subsidiaries consisting of Belo’s 100%-owned subsidiaries as of the date of issuance, non-guarantor subsidiaries consisting of subsidiaries established by Belo subsequent to issuance, and eliminations necessary to arrive at the Company’s information on a consolidated basis. These statements are presented in accordance with the disclosure requirements under Securities and Exchange Commission Regulation S-X, Rule 3-10.

Condensed Consolidating Statement of Operations

For the Year Ended December 31, 2012

	Parent			Guarantors			Non- Guarantors			Eliminations			Total
Net Operating Revenues	$	–		$	714,709		$	10		$	–		$	714,719
Operating Costs and Expenses
Station salaries, wages and employee benefits		–			224,072			276			–			224,348
Station programming and other operating costs		–			196,697			1,098			–			197,795
Corporate operating costs		27,534			4,055			1,804			–			33,393
Depreciation		1,235			28,025			843			–			30,103
Total operating costs and expenses		28,769			452,849			4,021			–			485,639
Earnings (loss) from operations		(28,769	)		261,860			(4,011	)		–			229,080
Other Income and (Expense)
Interest expense		(69,672	)		(33	)		–			–			(69,705	)
Intercompany interest		2,994			(2,994	)		–			–			–
Other income (expense), net		(5,819	)		3,103			–			–			(2,716	)
Total other income and (expense)		(72,497	)		76			–			–			(72,421	)
Earnings (loss) before income taxes		(101,266	)		261,936			(4,011	)		–			156,659
Income tax benefit (expense)		37,887			(96,273	)		1,457			–			(56,929	)
Equity in earnings (loss) of subsidiaries		163,549			–			–			(163,549	)		–
Net earnings (loss)	$	100,170		$	165,663		$	(2,554	)	$	(163,549	)	$	99,730
Less: Net (loss) from noncontrolling interests		–			–			(440	)		–			(440	)
Net earnings (loss) attributable to Belo Corp.	$	100,170		$	165,663		$	(2,114	)	$	(163,549	)	$	100,170

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Year Ended December 31, 2012

	Parent			Guarantors		Non- Guarantors			Eliminations			Total
Net earnings (loss)	$	100,170		$	165,663	$	(2,554	)	$	(163,549	)	$	99,730
Amortization of net actuarial loss, net of tax		2,521			–		–			–			2,521
Pension funded status adjustment, net of tax		(9,544	)		–		–			–			(9,544	)
Comprehensive income (loss)		93,147			165,663		(2,554	)		(163,549	)		92,707
Less: comprehensive (loss) attributable to noncontrolling interests		–			–		(440	)		–			(440	)
Comprehensive income (loss) attributable to Belo Corp.	$	93,147		$	165,663	$	(2,114	)	$	(163,549	)	$	93,147

Condensed Consolidating Statement of Operations

For the Year Ended December 31, 2011

	Parent			Guarantors			Eliminations			Total
Net Operating Revenues	$	–		$	650,142		$	–		$	650,142
Operating Costs and Expenses
Station salaries, wages and employee benefits		–			214,861			–			214,861
Station programming and other operating costs		–			204,973			–			204,973
Corporate operating costs		21,731			3,607			–			25,338
Pension settlement charge and contribution reimbursements		20,466			–			–			20,466
Depreciation		1,247			29,549			–			30,796
Total operating costs and expenses		43,444			452,990			–			496,434
Earnings (loss) from operations		(43,444	)		197,152			–			153,708
Other Income and (Expense)
Interest expense		(72,312	)		(81	)		–			(72,393	)
Intercompany interest		4,463			(4,463	)		–			–
Other income, net		4,204			2,337			–			6,541
Total other income and (expense)		(63,645	)		(2,207	)		–			(65,852	)
Earnings (loss) before income taxes		(107,089	)		194,945			–			87,856
Income tax (expense) benefit		37,962			(67,860	)		–			(29,898	)
Equity in earnings (loss) of subsidiaries		127,085			–			(127,085	)		–
Net earnings (loss)	$	57,958		$	127,085		$	(127,085	)	$	57,958

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Year Ended December 31, 2011

	Parent			Guarantors		Eliminations			Total
Net earnings (loss)	$	57,958		$	127,085	$	(127,085	)	$	57,958
Amortization of net actuarial loss, net of tax		1,771			–		–			1,771
Pension funded status adjustment, net of tax		(31,611	)		–		–			(31,611	)
Split of Pension Plan with A. H. Belo, net of tax		85,222			–		–			85,222
Comprehensive income (loss)	$	113,340		$	127,085	$	(127,085	)	$	113,340

Condensed Consolidating Statement of Operations

For the Year Ended December 31, 2010

	Parent			Guarantors			Eliminations			Total
Net Operating Revenues	$	–		$	687,395		$	–		$	687,395
Operating Costs and Expenses
Station salaries, wages and employee benefits		–			209,945			–			209,945
Station programming and other operating costs		–			199,304			–			199,304
Corporate operating costs		32,676			3,811			–			36,487
Pension contribution reimbursements		(8,572	)		–			–			(8,572	)
Depreciation		1,766			32,927			–			34,693
Total operating costs and expenses		25,870			445,987			–			471,857
Earnings (loss) from operations		(25,870	)		241,408			–			215,538
Other Income and (Expense)
Interest expense		(77,778	)		(117	)		–			(77,895	)
Intercompany interest		6,850			(6,850	)		–			–
Other income, net		1,080			297			–			1,377
Total other income and (expense)		(69,848	)		(6,670	)		–			(76,518	)
Earnings (loss) before income taxes		(95,718	)		234,738			–			139,020
Income tax (expense) benefit		38,449			(90,563	)		–			(52,114	)
Equity in earnings (loss) of subsidiaries		144,175			–			(144,175	)		–
Net earnings (loss)	$	86,906		$	144,175		$	(144,175	)	$	86,906

Condensed Consolidating Statement of Comprehensive Income (Loss)

For the Year Ended December 31, 2010

	Parent			Guarantors		Eliminations			Total
Net earnings (loss)	$	86,906		$	144,175	$	(144,175	)	$	86,906
Amortization of net actuarial loss, net of tax		2,969			–		–			2,969
Pension funded status adjustment, net of tax		(6,107	)		–		–			(6,107	)
Comprehensive income (loss)	$	83,768		$	144,175	$	(144,175	)	$	83,768

Condensed Consolidating Balance Sheet

As of December 31, 2012

	Parent		Guarantors		Non- Guarantors		Eliminations			Total
Assets
Current assets:
Cash and temporary cash investments	$	6,833	$	2,500	$	104	$	–		$	9,437
Accounts receivable, net		487		140,107		11		–			140,605
Prepaid and other current assets		4,017		13,674		66		–			17,757
Total current assets		11,337		156,281		181		–			167,799
Property, plant and equipment, net		2,865		129,262		14,395		–			146,522
Intangible assets, net		–		725,399		–		–			725,399
Goodwill		–		423,873		–		–			423,873
Deferred income taxes		42,528		–		–		(42,528	)		–
Intercompany receivable		636,455		–		–		(636,455	)		–
Investment in subsidiaries		483,181		–		–		(483,181	)		–
Other assets		18,297		17,635		67		–			35,999
Total assets	$	1,194,663	$	1,452,450	$	14,643	$	(1,162,164	)	$	1,499,592
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	8,154	$	11,812	$	382	$	–		$	20,348
Accrued expenses		16,202		25,432		423		–			42,057
Short-term pension obligation		20,000		–		–		–			20,000
Income taxes payable		9,043		–		–		–			9,043
Deferred revenue		–		2,911		–		–			2,911
Dividends payable		8,331		–		–		–			8,331
Accrued interest payable		9,123		–		–		–			9,123
Total current liabilities		70,853		40,155		805		–			111,813
Long-term debt		733,025		–		–		–			733,025
Deferred income taxes		–		299,552		840		(42,528	)		257,864
Pension obligation		86,590		–		–		–			86,590
Intercompany payable		–		632,543		3,912		(636,455	)		–
Other liabilities		4,471		6,105		–		–			10,576
Total shareholders’ equity		299,724		474,095		9,086		(483,181	)		299,724
Total liabilities and shareholders’ equity	$	1,194,663	$	1,452,450	$	14,643	$	(1,162,164	)	$	1,499,592

Condensed Consolidating Balance Sheet

As of December 31, 2011

	Parent		Guarantors		Non- Guarantors		Eliminations			Total
Assets
Current assets:
Cash and temporary cash investments	$	59,339	$	1,755	$	24	$	–		$	61,118
Accounts receivable, net		166		149,418		–		–			149,584
Income tax receivable		31,629		–		–		–			31,629
Other current assets		4,621		12,071		–		–			16,692
Total current assets		95,755		163,244		24		–			259,023
Property, plant and equipment, net		3,683		139,335		14,097		–			157,115
Intangible assets, net		–		725,399		–		–			725,399
Goodwill		–		423,873		–		–			423,873
Deferred income taxes		45,831		–		–		(45,831	)		–
Intercompany receivable		687,324		–		–		(687,324	)		–
Investment in subsidiaries		463,580		–		–		(463,580	)		–
Other assets		23,908		22,220		67		–			46,195
Total assets	$	1,320,081	$	1,474,071	$	14,188	$	(1,196,735	)	$	1,611,605
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	8,387	$	11,266	$	24	$	–		$	19,677
Accrued expenses		12,975		21,986		–		–			34,961
Short-term pension obligation		19,300		–		–		–			19,300
Income taxes payable		12,922		–		–		–			12,922
Deferred revenue		–		3,435		–		–			3,435
Dividends payable		5,189		–		–		–			5,189
Accrued interest payable		10,378		–		–		–			10,378
Total current liabilities		69,151		36,687		24		–			105,862
Long-term debt		887,003		–		–		–			887,003
Deferred income taxes		–		290,192		–		(45,831	)		244,361
Pension obligation		93,012		–		–		–			93,012
Intercompany payable		–		687,324		–		(687,324	)		–
Other liabilities		3,712		10,452		–		–			14,164
Total shareholders’ equity		267,203		449,416		14,164		(463,580	)		267,203
Total liabilities and shareholders’ equity	$	1,320,081	$	1,474,071	$	14,188	$	(1,196,735	)	$	1,611,605

Condensed Consolidating Statement of Cash Flows

For the Year Ended December 31, 2012

	Parent			Guarantors			Non- Guarantors			Total
Operations
Net cash provided (used for) by operations	$	13,334		$	178,367		$	(2,144	)	$	189,557
Investments
Capital expenditures		(6,223	)		(14,736	)		(330	)		(21,289	)
Other investments, net		(857	)		2,777			–			1,920
Net cash used for investments		(7,080	)		(11,959	)		(330	)		(19,369	)
Financing
Net proceeds from revolving debt		23,000			–			–			23,000
Payments on revolving debt		(2,000	)		–			–			(2,000	)
Extinguishment of debt		(181,454	)		–			–			(181,454	)
Dividends on common stock		(56,290	)		–			–			(56,290	)
Common stock repurchased		(5,964	)		–			–			(5,964	)
Net proceeds from exercise of stock options		421			–			–			421
Excess tax benefit from option exercises		418			–			–			418
Intercompany activity		163,109			(165,663	)		2,554			–
Net cash provided by (used for) financing		(58,760	)		(165,663	)		2,554			(221,869	)
Net increase (decrease) in cash and temporary cash investments		(52,506	)		745			80			(51,681	)
Cash and temporary cash investments at beginning of period		59,339			1,755			24			61,118
Cash and temporary cash investments at end of period	$	6,833		$	2,500		$	104		$	9,437

Condensed Consolidating Statement of Cash Flows

For the Year Ended December 31, 2011

	Parent			Guarantors			Non- Guarantors		Total
Operations
Net cash provided by operations	$	8,607		$	72,843		$	–	$	81,450
Investments
Capital expenditures		(4,822	)		(10,936	)		–		(15,758	)
Proceeds from disposition of real estate		–			5,919			–		5,919
Other investments, net		(797	)		2,898			–		2,101
Net cash used for investments		(5,619	)		(2,119	)		–		(7,738	)
Financing
Net proceeds from revolving debt		32,000			–			–		32,000
Payments on revolving debt		(43,000	)		–			–		(43,000	)
Dividends on common stock		(10,369	)		–			–		(10,369	)
Net proceeds from exercise of stock options		300			–			–		300
Excess tax benefit from option exercises		166			–			–		166
Intercompany activity		71,964			(71,988	)		24		–
Net cash provided by (used for) financing		51,061			(71,988	)		24		(20,903	)
Net increase (decrease) in cash and temporary cash investments		54,049			(1,264	)		24		52,809
Cash and temporary cash investments at beginning of period		5,290			3,019			–		8,309
Cash and temporary cash investments at end of period	$	59,339		$	1,755		$	24	$	61,118

Condensed Consolidating Statement of Cash Flows

For the Year Ended December 31, 2010

	Parent			Guarantors			Total
Operations
Net cash provided by (used for) operations	$	(12,561	)	$	156,026		$	143,465
Investments
Capital expenditures		(1,686	)		(13,282	)		(14,968	)
Other investments, net		3,524			3,296			6,820
Net cash provided by (used for) investments		1,838			(9,986	)		(8,148	)
Financing
Net proceeds from revolving debt		49,700			–			49,700
Payments on revolving debt		(181,700	)		–			(181,700	)
Net proceeds from exercise of stock options		99			–			99
Excess tax benefit from option exercises		93			–			93
Intercompany activity		144,175			(144,175	)		–
Net cash provided by (used for) financing		12,367			(144,175	)		(131,808	)
Net increase in cash and temporary cash investments		1,644			1,865			3,509
Cash and temporary cash investments at beginning of period		3,646			1,154			4,800
Cash and temporary cash investments at end of period	$	5,290		$	3,019		$	8,309