Washington Post 2015 Annual Report Download - page 99

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service periods of the unvested restricted stock awards through the end of 2018. The modification of some of the
stock options resulted in an incremental stock compensation expense of $23.5 million, of which $18.8 million
related to fully vested stock options was recognized as a one-time expense in the third quarter of 2015, with the
remaining $4.7 million to be recognized over the remaining service periods of the unvested stock options through
the end of 2018. The $18.8 million expense is included in the Company’s corporate office segment results and in
selling, general and administrative in the Company’s Consolidated Statements of Operations.
As a result of the spin-off, Cable ONE assumed the liability related to their employees participating in the
Company’s Supplemental Executive Retirement Plan (SERP), and the Company eliminated the accrual of
pension benefits for all Cable ONE employees related to their future service. As a result, the Company
remeasured the accumulated and projected benefit obligation of the pension and SERP as of July 1, 2015. A
pension curtailment gain of $2.2 million was recorded in the third quarter of 2015 in income from discontinued
operations, net of tax.
On July 1, 2015, the Company divested the following assets and liabilities which net to $406.5 million, or $312.3
million net of cash retained by Cable ONE on the Distribution Date:
(in thousands)
As of
July 1, 2015
Cash and cash equivalents .......................... $ 94,115
Accounts receivable, net ........................... 29,778
Other current assets ............................... 14,182
Total current assets .......................... 138,075
Property, plant and equipment, net ................... 612,812
Goodwill, net .................................... 85,488
Indefinite-lived intangible assets, net ................. 496,321
Amortized intangible assets, net ..................... 510
Deferred charges and other assets .................... 22,541
Total Assets ................................ $1,355,747
Accounts payable and accrued liabilities .............. $ 70,920
Income taxes payable ............................. 2,962
Deferred revenue ................................. 21,883
Short-term borrowings ............................ 2,500
Total current liabilities ....................... 98,265
Accrued compensation and related benefits ............ 24,227
Other liabilities .................................. 57
Deferred income taxes ............................. 279,245
Long-term debt .................................. 547,500
Total Liabilities ............................. $ 949,294
Net assets divested in the Spin-Off ................. $ 406,453
Cash flows from Cable ONE for the years ended December 31, 2015, 2014 and 2013 are combined with the cash
flows from operations within each of the categories presented. Cash flows from Cable ONE are as follows:
Year Ended December 31
(in thousands) 2015 2014 2013
Net Cash Provided by Operating Activities ........ $109,772 $251,506 $ 228,605
Net Cash Used in Investing Activities ............ (74,416) (78,405) (140,181)
2015 FORM 10-K 84