Washington Post 2008 Annual Report Download - page 91

newspaper, and 231 employees accepted the offer. Early
retirement program expense of $79.8 million was recorded in the
second quarter of 2008, which is being funded mostly from the
assets of the Company’s pension plans.
The magazine publishing division consists of the publication of a
weekly newsmagazine, Newsweek, which has one domestic and
three English-language international editions (and, in conjunction
with others, publishes seven foreign-language editions around the
world) and the publication of Arthur Frommer’s Budget Travel. The
magazine publishing division also includes certain online media
publishing businesses (newsweek.com and budgettravel.com).
Newsweek offered a Voluntary Retirement Incentive Program to
certain employees in the first quarter of 2008, and 117 employees
accepted the offer. The early retirement program expense totaled
$28.3 million, which is being funded mostly from the assets of the
Company’s pension plans. In November 2008, Newsweek
announced another Voluntary Retirement Incentive Program, which
was offered to certain Newsweek employees. The program
includes enhanced retirement benefits and will be completed by the
end of the first quarter of 2009. A total of 43 employees accepted
the offer; the cost is estimated at $6.5 million and will be funded
mostly from the assets of the Company’s pension plans. The 2006
results of the magazine publishing division include revenue of
$23.4 million and an operating loss of $8.8 million for
PostNewsweek Tech Media, up to the sale date of December 22,
2006.
Revenues from both newspaper and magazine publishing
operations are derived from advertising and, to a lesser extent, from
circulation.
Television broadcasting operations are conducted through six VHF
television stations serving the Detroit, Houston, Miami, San Antonio,
Orlando and Jacksonville television markets. All stations are network-
affiliated (except for WJXT in Jacksonville), with revenues derived
primarily from sales of advertising time.
In 2008 and 2007, other businesses and corporate office includes
the expenses associated with the Company’s corporate office and
the operating results of CourseAdvisor since its October 2007
acquisition. In 2006, other businesses and corporate office includes
expenses of the Company’s corporate office. CourseAdvisor is a
lead generation provider for the post-secondary education market.
The Company’s foreign revenues in 2008, 2007 and 2006
totaled approximately $582 million, $488 million and $347
million, respectively, principally from Kaplan’s foreign operations
and the publication of the international editions of Newsweek. The
Company’s long-lived assets in foreign countries (excluding goodwill
and other intangible assets), principally in the United Kingdom,
totaled approximately $56 million at December 28, 2008 and
$62 million at December 30, 2007.
Income from operations is the excess of operating revenues over
operating expenses. In computing income from operations by
segment, the effects of equity in earnings of affiliates, interest
income, interest expense, other non-operating income and expense
items and income taxes are not included.
Identifiable assets by segment are those assets used in the
Company’s operations in each business segment. Investments in
marketable equity securities are discussed in Note D.
2008 FORM 10-K 79