Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |||
Sep. 29, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | Oct. 25, 2013 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | Class C Common Stock [Member] | ||
Entity Information [Line Items] | ' | ' | ' | ' |
Entity Registrant Name | 'JOURNAL COMMUNICATIONS INC | ' | ' | ' |
Entity Central Index Key | '0001232241 | ' | ' | ' |
Current Fiscal Year End Date | '--12-29 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 44,623,231 | 6,342,468 | 0 |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' | ' |
Document Type | '10-Q | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 29-Sep-13 | ' | ' | ' |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Balance Sheets (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,749 | $2,430 |
Receivables, net | 62,892 | 65,265 |
Inventories, net | 2,021 | 2,944 |
Prepaid expenses and other current assets | 3,934 | 3,980 |
Syndicated programs | 3,163 | 2,446 |
Deferred income taxes | 2,610 | 3,053 |
TOTAL CURRENT ASSETS | 76,369 | 80,118 |
Property and equipment, at cost, less accumulated depreciation of $251,867 and $247,782, respectively | 164,160 | 171,354 |
Syndicated programs | 6,172 | 5,200 |
Goodwill | 124,430 | 125,818 |
Broadcast licenses | 135,409 | 129,566 |
Other intangible assets, net | 60,452 | 62,734 |
Deferred income taxes | 34,899 | 43,019 |
Other assets | 6,620 | 7,994 |
TOTAL ASSETS | 608,511 | 625,803 |
Current liabilities: | ' | ' |
Accounts payable | 20,042 | 26,861 |
Accrued compensation | 11,742 | 10,715 |
Accrued employee benefits | 6,021 | 5,155 |
Deferred revenue | 16,985 | 16,277 |
Syndicated programs | 2,576 | 2,686 |
Accrued income taxes | 112 | 3,756 |
Other current liabilities | 6,717 | 6,821 |
Current portion of unsecured subordinated notes payable | 2,656 | 2,656 |
Current portion of long-term liabilities | 80 | 126 |
TOTAL CURRENT LIABILITIES | 66,931 | 75,053 |
Accrued employee benefits | 88,890 | 92,907 |
Syndicated programs | 6,759 | 5,477 |
Long-term notes payable to banks | 205,160 | 230,095 |
Unsecured subordinated notes payable | 13,279 | 13,279 |
Other long-term liabilities | 3,946 | 3,491 |
Equity: | ' | ' |
Preferred stock, $0.01 par - authorized 10,000,000 shares; no shares outstanding at September 29, 2013 and December 30, 2012 | 0 | 0 |
Additional paid-in capital | 256,367 | 254,437 |
Accumulated other comprehensive loss | -54,567 | -55,739 |
Retained earnings | 21,242 | 6,302 |
TOTAL EQUITY | 223,546 | 205,501 |
TOTAL LIABILITIES AND EQUITY | 608,511 | 625,803 |
Class A [Member] | ' | ' |
Equity: | ' | ' |
Common stock value (in dollars) | 446 | 438 |
Class B [Member] | ' | ' |
Equity: | ' | ' |
Common stock value (in dollars) | 58 | 63 |
Class C [Member] | ' | ' |
Equity: | ' | ' |
Common stock value (in dollars) | $0 | $0 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Property and equipment, accumulated depreciation | $251,867 | $247,782 |
Equity: | ' | ' |
Preferred stock, par (in dollars per share) | $0.01 | $0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par (in dollars per share) | $0.01 | $0.01 |
Class A [Member] | ' | ' |
Equity: | ' | ' |
Common stock authorized (in shares) | 170,000,000 | 170,000,000 |
Common stock issued (in shares) | 44,561,517 | 43,750,920 |
Common stock outstanding (in shares) | 44,561,517 | 43,750,920 |
Class B [Member] | ' | ' |
Equity: | ' | ' |
Common stock authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock issued (in shares) | 6,402,718 | 6,905,955 |
Common stock outstanding (in shares) | 6,402,718 | 6,905,955 |
Class C [Member] | ' | ' |
Equity: | ' | ' |
Common stock authorized (in shares) | 0 | 0 |
Common stock issued (in shares) | 0 | 0 |
Common stock outstanding (in shares) | 0 | 0 |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Revenue: | ' | ' | ' | ' |
Total revenue | $97,691 | $97,755 | $293,598 | $275,528 |
Operating costs and expenses: | ' | ' | ' | ' |
Operating costs and expenses | 57,426 | 53,052 | 165,764 | 150,737 |
Selling and administrative expenses | 30,733 | 31,135 | 96,734 | 92,023 |
Total operating costs and expenses and selling and administrative expenses | 88,159 | 84,187 | 262,498 | 242,760 |
Operating earnings | 9,532 | 13,568 | 31,100 | 32,768 |
Other income and (expense): | ' | ' | ' | ' |
Interest income | 0 | 11 | 0 | 22 |
Interest expense | -1,889 | -998 | -5,929 | -2,415 |
Other | 0 | 0 | -188 | 0 |
Net total other income and (expense) | -1,889 | -987 | -6,117 | -2,393 |
Earnings from continuing operations before income taxes | 7,643 | 12,581 | 24,983 | 30,375 |
Provision for income taxes | 3,097 | 4,883 | 10,043 | 12,147 |
Net earnings | 4,546 | 7,698 | 14,940 | 18,228 |
Common Stock Class A and B [Member] | ' | ' | ' | ' |
Earnings per share: | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | $0.09 | $0.14 | $0.30 | $0.32 |
Diluted net earnings per share (in dollars per share) | $0.09 | $0.14 | $0.30 | $0.32 |
Class C [Member] | ' | ' | ' | ' |
Earnings per share: | ' | ' | ' | ' |
Basic earnings per share (in dollars per share) | ' | $0.15 | ' | $0.63 |
Basic and diluted Earnings per share (in dollars per share) | $0 | $0.15 | $0 | $0.63 |
Broadcasting [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 60,389 | 58,810 | 181,463 | 157,726 |
Operating costs and expenses: | ' | ' | ' | ' |
Operating costs and expenses | 32,964 | 27,243 | 91,142 | 72,639 |
Operating earnings | 8,097 | 12,975 | 29,945 | 32,813 |
Publishing [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 37,739 | 39,193 | 112,717 | 118,267 |
Operating costs and expenses: | ' | ' | ' | ' |
Operating costs and expenses | 24,900 | 26,057 | 75,202 | 78,563 |
Operating earnings | 3,203 | 2,234 | 7,141 | 5,391 |
Corporate Eliminations [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | -437 | -248 | -582 | -465 |
Operating costs and expenses: | ' | ' | ' | ' |
Operating costs and expenses | ($438) | ($248) | ($580) | ($465) |
Unaudited_Condensed_Consolidat3
Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Unaudited Condensed Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $4,546 | $7,698 | $14,940 | $18,228 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Change in pension and postretirement liabilities, net of tax of $248, $251, $745 and $752, respectively | 391 | 386 | 1,172 | 1,156 |
Comprehensive income | $4,937 | $8,084 | $16,112 | $19,384 |
Unaudited_Condensed_Consolidat4
Unaudited Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Change in pension and postretirement, tax | $248 | $251 | $745 | $752 |
Unaudited_Condensed_Consolidat5
Unaudited Condensed Consolidated Statement of Equity (USD $) | Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in-Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings (Deficit) [Member] | Non-controlling Interests [Member] | Total | Class C [Member] |
In Thousands, unless otherwise specified | Class C [Member] | Class B [Member] | Class A [Member] | ||||||||
Balance at Dec. 25, 2011 | $0 | ' | $33 | $66 | $438 | $257,552 | ($52,982) | ($83) | $1,164 | $206,188 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | ' | ' | ' | ' | ' | 2,919 | ' | 2,919 | ' |
Comprehensive income, net of tax | ' | ' | ' | ' | ' | ' | 384 | ' | ' | 384 | ' |
Class C minimum dividends | ' | ' | ' | ' | ' | ' | ' | -464 | ' | -464 | ' |
Issuance of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of class B to class A | ' | ' | ' | -2 | 2 | ' | ' | ' | ' | 0 | ' |
Stock grants | ' | ' | ' | 3 | ' | 15 | ' | ' | ' | 18 | ' |
Employee stock purchase plan | ' | ' | ' | ' | ' | 148 | ' | ' | ' | 148 | ' |
Shares purchased and retired | ' | ' | ' | ' | -6 | -2,926 | ' | ' | ' | -2,932 | ' |
Shares withheld from employees for tax withholding | ' | ' | ' | -1 | ' | -507 | ' | ' | ' | -508 | ' |
Stock-based compensation | ' | ' | ' | ' | ' | 278 | ' | ' | ' | 278 | ' |
Income tax benefits from vesting of restricted stock | ' | ' | ' | ' | ' | 255 | ' | ' | ' | 255 | ' |
Balance at Mar. 25, 2012 | 0 | ' | 33 | 66 | 434 | 254,815 | -52,598 | 2,372 | 1,164 | 206,286 | ' |
Balance at Dec. 25, 2011 | 0 | ' | 33 | ' | ' | ' | ' | ' | 1,164 | 206,188 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,228 | ' |
Comprehensive income, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,156 | ' |
Class C minimum dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,145 |
Balance at Sep. 23, 2012 | 0 | ' | ' | ' | ' | ' | ' | ' | 1,164 | 196,252 | ' |
Balance at Mar. 25, 2012 | 0 | ' | 33 | 66 | 434 | 254,815 | -52,598 | 2,372 | 1,164 | 206,286 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | ' | ' | ' | ' | ' | 7,611 | ' | 7,611 | ' |
Comprehensive income, net of tax | ' | ' | ' | ' | ' | ' | 386 | ' | ' | 386 | ' |
Class C minimum dividends | ' | ' | ' | ' | ' | ' | ' | -464 | ' | -464 | ' |
Issuance of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of class B to class A | ' | ' | ' | -1 | 1 | ' | ' | ' | ' | 0 | ' |
Stock grants | ' | ' | ' | 1 | ' | 309 | ' | ' | ' | 310 | ' |
Shares purchased and retired | ' | ' | ' | ' | -1 | -632 | ' | ' | ' | -633 | ' |
Shares withheld from employees for tax withholding | ' | ' | ' | ' | ' | -8 | ' | ' | ' | -8 | ' |
Stock-based compensation | ' | ' | ' | ' | ' | 350 | ' | ' | ' | 350 | ' |
Income tax benefits from vesting of restricted stock | ' | ' | ' | ' | ' | -3 | ' | ' | ' | -3 | ' |
Balance at Jun. 24, 2012 | 0 | ' | 33 | 66 | 434 | 254,831 | -52,212 | 9,519 | 1,164 | 213,835 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | ' | ' | ' | ' | ' | 7,698 | ' | 7,698 | ' |
Comprehensive income, net of tax | ' | ' | ' | ' | ' | ' | 386 | ' | ' | 386 | ' |
Class C minimum dividends | ' | ' | ' | ' | ' | ' | ' | -218 | ' | -218 | -218 |
Issuance of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of class B to class A | ' | ' | ' | -2 | 2 | ' | ' | ' | ' | 0 | ' |
Stock grants | ' | ' | ' | ' | ' | 22 | ' | ' | ' | 22 | ' |
Employee stock purchase plan | ' | ' | ' | ' | ' | 123 | ' | ' | ' | 123 | ' |
Class C shares repurchase | ' | ' | -33 | ' | ' | -117 | ' | -25,783 | ' | -25,933 | ' |
Shares withheld from employees for tax withholding | ' | ' | ' | ' | ' | -36 | ' | ' | ' | -36 | ' |
Stock-based compensation | ' | ' | ' | ' | ' | 349 | ' | ' | ' | 349 | ' |
Income tax benefits from vesting of restricted stock | ' | ' | ' | ' | ' | 26 | ' | ' | ' | 26 | ' |
Balance at Sep. 23, 2012 | 0 | ' | 0 | 64 | 436 | 255,198 | -51,826 | -8,784 | 1,164 | 196,252 | ' |
Balance at Dec. 30, 2012 | 0 | ' | 0 | 63 | 438 | 254,437 | -55,739 | 6,302 | ' | 205,501 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | ' | ' | ' | ' | ' | 3,793 | ' | 3,793 | ' |
Comprehensive income, net of tax | ' | ' | ' | ' | ' | ' | 391 | ' | ' | 391 | ' |
Issuance of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of class B to class A | ' | ' | ' | -3 | 2 | ' | ' | ' | ' | -1 | ' |
Stock grants | ' | ' | ' | 2 | ' | 16 | ' | ' | ' | 18 | ' |
Employee stock purchase plan | ' | ' | ' | ' | ' | 144 | ' | ' | ' | 144 | ' |
Shares withheld from employees for tax withholding | ' | ' | ' | ' | ' | -371 | ' | ' | ' | -371 | ' |
Stock-based compensation | ' | ' | ' | ' | ' | 553 | ' | ' | ' | 553 | ' |
Income tax benefits from vesting of restricted stock | ' | ' | ' | ' | ' | 57 | ' | ' | ' | 57 | ' |
Other | ' | ' | ' | ' | ' | 533 | ' | ' | ' | 533 | ' |
Balance at Mar. 31, 2013 | 0 | ' | 0 | 62 | 440 | 255,369 | -55,348 | 10,095 | ' | 210,618 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | ' | ' | ' | ' | ' | 6,601 | ' | 6,601 | ' |
Comprehensive income, net of tax | ' | ' | ' | ' | ' | ' | 390 | ' | ' | 390 | ' |
Issuance of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of class B to class A | ' | ' | ' | -3 | 3 | ' | ' | ' | ' | 0 | ' |
Stock grants | ' | ' | ' | 1 | ' | 334 | ' | ' | ' | 335 | ' |
Shares withheld from employees for tax withholding | ' | ' | ' | ' | ' | -11 | ' | ' | ' | -11 | ' |
Stock-based compensation | ' | ' | ' | ' | ' | 372 | ' | ' | ' | 372 | ' |
Income tax benefits from vesting of restricted stock | ' | ' | ' | ' | ' | 3 | ' | ' | ' | 3 | ' |
Balance at Jun. 30, 2013 | 0 | ' | 0 | 60 | 443 | 256,067 | -54,958 | 16,696 | ' | 218,308 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | ' | ' | ' | ' | ' | 4,546 | ' | 4,546 | ' |
Comprehensive income, net of tax | ' | ' | ' | ' | ' | ' | 391 | ' | ' | 391 | ' |
Issuance of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of class B to class A | ' | ' | ' | -3 | 3 | ' | ' | ' | ' | 0 | ' |
Stock grants | ' | ' | ' | 1 | ' | 10 | ' | ' | ' | 11 | ' |
Employee stock purchase plan | ' | ' | ' | ' | ' | 135 | ' | ' | ' | 135 | ' |
Shares withheld from employees for tax withholding | ' | ' | ' | ' | ' | -212 | ' | ' | ' | -212 | ' |
Stock-based compensation | ' | ' | ' | ' | ' | 378 | ' | ' | ' | 378 | ' |
Income tax benefits from vesting of restricted stock | ' | ' | ' | ' | ' | -11 | ' | ' | ' | -11 | ' |
Balance at Sep. 29, 2013 | $0 | $0 | ' | $58 | $446 | $256,367 | ($54,567) | $21,242 | ' | $223,546 | ' |
Unaudited_Condensed_Consolidat6
Unaudited Condensed Consolidated Statement of Equity (Parenthetical) (Class C [Member], USD $) | 3 Months Ended | ||
Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | |
Class C [Member] | ' | ' | ' |
Comprehensive income (loss): | ' | ' | ' |
Class C minimum dividends (in dollars per share) | $0.14 | $0.14 | $0.14 |
Unaudited_Condensed_Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Cash flow from operating activities: | ' | ' |
Net earnings | $14,940 | $18,228 |
Adjustments for non-cash items: | ' | ' |
Depreciation | 15,292 | 15,907 |
Amortization | 2,282 | 1,312 |
Provision for doubtful accounts | 112 | 372 |
Deferred income taxes | 8,400 | 9,214 |
Non-cash stock-based compensation | 1,689 | 1,327 |
Net (gain) loss from disposal of assets | -209 | 31 |
Insurance recoveries, net | -283 | 0 |
Impairment of long-lived assets | 238 | 493 |
Net changes in operating assets and liabilities, excluding effect of sales and acquisitions: | ' | ' |
Receivables | 2,261 | -1,208 |
Inventories | 923 | -787 |
Accounts payable | -6,819 | 1,463 |
Other assets and liabilities | -1,356 | -4,734 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 37,470 | 41,618 |
Cash flow from investing activities: | ' | ' |
Capital expenditures for property and equipment | -8,516 | -8,123 |
Insurance proceeds and proceeds from sales of assets | 671 | 392 |
Proceeds from sale of businesses | 0 | 884 |
Acquisition of business | -5,655 | -11,728 |
NET CASH USED FOR INVESTING ACTIVITIES | -13,500 | -18,575 |
Cash flow from financing activities: | ' | ' |
Payments of financing costs | 0 | -1,234 |
Proceeds from long-term notes payable to banks | 139,275 | 92,845 |
Payments on long-term notes payable to banks | -164,210 | -103,815 |
Payments on unsecured subordinated notes payable | 0 | -1,340 |
Principal payments under capital lease obligations | -43 | -243 |
Proceeds from issuance of common stock, net | 259 | 245 |
Income tax benefits from vesting of restricted stock | 68 | 315 |
Redemption of common stock, net | 0 | -3,899 |
Payment of cash equivalent of accrued dividends | 0 | -6,246 |
NET CASH USED FOR FINANCING ACTIVITIES | -24,651 | -23,372 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -681 | -329 |
Cash and cash equivalents: | ' | ' |
Beginning of year | 2,430 | 2,418 |
At September 29, 2013 and September 23, 2012 | $1,749 | $2,089 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended | |
Sep. 29, 2013 | ||
BASIS OF PRESENTATION [Abstract] | ' | |
BASIS OF PRESENTATION | ' | |
1 | BASIS OF PRESENTATION | |
The accompanying unaudited condensed consolidated financial statements have been prepared by Journal Communications, Inc. and its wholly owned subsidiaries in accordance with U.S. generally accepted accounting principles and pursuant to the rules and regulations of the Securities and Exchange Commission and reflect normal and recurring adjustments, which we believe to be necessary for a fair presentation. As permitted by these regulations, these statements do not include all of the information and footnotes required by U.S. generally accepted accounting principles for annual financial statements. However, we believe that the disclosures are adequate to make the information presented not misleading. The condensed consolidated balance sheet at December 30, 2012 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The operating results for the third quarter and three quarters ended September 29, 2013 are not necessarily indicative of the operating results that may be expected for the fiscal year ending December 29, 2013. You should read these unaudited condensed consolidated financial statements in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 30, 2012. |
ACCOUNTING_PERIODS
ACCOUNTING PERIODS | 9 Months Ended | |
Sep. 29, 2013 | ||
ACCOUNTING PERIODS [Abstract] | ' | |
ACCOUNTING PERIODS | ' | |
2 | ACCOUNTING PERIODS | |
We report on a 52-53 week fiscal year ending on the last Sunday of December in each year. In addition, we have four quarterly reporting periods, each consisting of 13 weeks and ending on a Sunday, provided that once every six years, the fourth quarterly reporting period will be 14 weeks. The fourth quarterly reporting period in our 2012 fiscal year consisted of 14 weeks. |
NEW_ACCOUNTING_STANDARDS
NEW ACCOUNTING STANDARDS | 9 Months Ended | |
Sep. 29, 2013 | ||
NEW ACCOUNTING STANDARDS [Abstract] | ' | |
NEW ACCOUNTING STANDARDS | ' | |
3 | NEW ACCOUNTING STANDARDS | |
In February 2013, the Financial Accounting Standards Board (FASB) issued guidance related to items reclassified from accumulated other comprehensive income. The new guidance requires either in a single note or parenthetically on the face of the financial statements: (i) the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its sources and (ii) the income statement line items affected by the reclassification. This guidance is effective for fiscal years beginning January 1, 2013 with early adoption permitted. We adopted this guidance in the first quarter of 2013. | ||
In July 2012, the FASB issued amended guidance for impairment of indefinite-lived intangible assets. The guidance allows for an option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the indefinite-lived intangible asset exceeds its carrying amount. If the qualitative factors lead us to conclude it is more likely than not that the fair value exceeds the carrying value of the indefinite-lived intangible asset, then the fair value does not need to be calculated. This update is effective for annual and interim impairment tests performed for the fiscal years beginning after September 15, 2012, with early adoption permitted. We adopted this guidance in 2012. | ||
In September 2011, the FASB issued amended guidance for goodwill impairment. The guidance simplifies how entities test goodwill for impairment. The new guidance allows an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under these amendments, an entity will be required to perform the two-step impairment test only if it concludes that the fair value of a reporting unit is more likely than not, less than its carrying value. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. We adopted this guidance in the first quarter of 2012. | ||
In June 2011, the FASB issued amended guidance for comprehensive income. The guidance requires an entity to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The new guidance eliminates the option to present the components of other comprehensive income as part of the statement of shareholders’ equity. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. We adopted this guidance in the first quarter of 2012 and opted to present the total of comprehensive income in two separate but consecutive statements. | ||
In May 2011, the FASB issued amended guidance for fair value measurement and disclosure requirements between U.S. generally accepted accounting principles and International Financial Reporting Standards (IFRS). The new guidance includes amendments to clarify the definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. generally accepted accounting principles and IFRS. The guidance also changes certain fair value measurement principles and enhances the disclosure requirements particularly for level 3 fair value measurements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We adopted this guidance in the first quarter of 2012. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||
EARNINGS PER SHARE | ' | ||||||||
4 | EARNINGS PER SHARE | ||||||||
Basic | |||||||||
For all periods during which the Company’s class C common stock is not issued and outstanding (see Note 15 “Notes Payable” regarding the Company’s repurchase of all 3,264 shares of the Company’s class C common stock issued and outstanding in 2012), basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the period. | |||||||||
For all periods during which the Company’s class C common stock was issued and outstanding, we applied the two-class method for calculating and presenting our basic earnings per share. As noted in the FASB’s guidance for earnings per share, the two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under that method: | |||||||||
a) | Income (loss) from continuing operations (“net earnings (loss)”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid or accrued during the current period. | ||||||||
b) | The remaining earnings, which may include earnings from discontinued operations (“undistributed earnings”), are allocated to each class of common stock to the extent that each class of stock may share in earnings if all of the earnings for the period were distributed. | ||||||||
c) | The remaining losses (“undistributed losses”) are allocated to the class A and B common stock. Undistributed losses are not allocated to the class C common stock and non-vested restricted stock because the class C common stock and the non-vested restricted stock are not contractually obligated to share in the losses. Losses from discontinued operations are allocated to class A and B shares and may be allocated to class C shares and non-vested restricted stock if there is undistributed earnings after deducting earnings distributed to class C shares from income from continuing operations. | ||||||||
d) | The total earnings (loss) allocated to each class of common stock are then divided by the number of weighted average shares outstanding of the class of common stock to which the earnings (loss) are allocated to determine the earnings (loss) per share for that class of common stock. | ||||||||
e) | Basic earnings (loss) per share data are presented for class A and B common stock in the aggregate and for class C common stock. The basic earnings (loss) per share for class A and B common stock are the same; hence, these classes are reported together. | ||||||||
In applying the two-class method, we have determined that undistributed earnings should be allocated equally on a per share basis among each class of common stock due to the lack of any contractual participation rights of any class to those undistributed earnings. Undistributed losses are allocated to only the class A and B common stock for the reason stated above. | |||||||||
Diluted | |||||||||
For all periods during which the Company’s class C common stock is not issued and outstanding, diluted earnings per share is computed similarly to basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional shares outstanding that would have been outstanding if the potentially dilutive common shares had been issued. | |||||||||
For all periods during which the Company’s class C common stock was issued and outstanding, diluted earnings per share is computed based upon the assumption that common shares are issued upon exercise of our stock appreciation rights when the exercise price is less than the average market price of our common shares and common shares will be outstanding upon expiration of the vesting periods for our non-vested restricted stock and performance-based restricted stock units. | |||||||||
The following table sets forth the computation of basic and diluted earnings per share as of September 29, 2013 for class A and B common stock: | |||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||
29-Sep-13 | 29-Sep-13 | ||||||||
Net earnings | $ | 4,546 | $ | 14,940 | |||||
Weighted average shares outstanding - Class A and B: | |||||||||
Basic | 50,310 | 50,231 | |||||||
Impact of non-vested restricted shares and performance-based restricted stock units | 280 | 279 | |||||||
Adjusted weighted average shares outstanding - Class A and B | 50,590 | 50,510 | |||||||
Net earnings per share: | |||||||||
Basic - Class A and B common stock: | $ | 0.09 | $ | 0.3 | |||||
Diluted - Class A and B common stock: | $ | 0.09 | $ | 0.3 | |||||
The following table sets forth the computation of basic earnings per share as of September 23, 2012 under the two-class method: | |||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||
23-Sep-12 | 23-Sep-12 | ||||||||
Numerator for basic net earnings for each class of common stock: | |||||||||
Net earnings | $ | 7,698 | $ | 18,228 | |||||
Less dividends: | |||||||||
Class A and B | - | - | |||||||
Minimum class C | 218 | 1,145 | |||||||
Non-vested restricted stock | - | - | |||||||
Total undistributed net earnings | $ | 7,480 | $ | 17,083 | |||||
Undistributed net earnings: | |||||||||
Class A and B | $ | 7,169 | $ | 16,064 | |||||
Class C | 268 | 897 | |||||||
Non-vested restricted stock | 43 | 122 | |||||||
Total undistributed net earnings | $ | 7,480 | $ | 17,083 | |||||
Numerator for basic net earnings per class A and B common stock: | |||||||||
Dividends on class A and B | $ | - | $ | - | |||||
Class A and B undistributed net earnings | 7,169 | 16,064 | |||||||
Numerator for basic net earnings per class A and B common stock | $ | 7,169 | $ | 16,064 | |||||
Numerator for basic net earnings per class C common stock: | |||||||||
Minimum dividends on class C | $ | 218 | $ | 1,145 | |||||
Class C undistributed net earnings | 268 | 897 | |||||||
Numerator for basic net earnings per class C | |||||||||
common stock | $ | 486 | $ | 2,042 | |||||
Denominator for basic net earnings for each class of common stock: | |||||||||
Weighted average shares outstanding - | |||||||||
Class A and B | 49,981 | 50,120 | |||||||
Class C | 3,264 | -1 | 3,264 | -1 | |||||
Basic net earnings per share: | |||||||||
Class A and B | $ | 0.14 | $ | 0.32 | |||||
Class C | $ | 0.15 | $ | 0.63 | |||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||
The following table sets forth the computation of diluted net earnings per share as of September 23, 2012 for class A and B common stock: | |||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||
23-Sep-12 | 23-Sep-12 | ||||||||
Numerator for diluted net earnings per share: | |||||||||
Dividends on class A and B common stock | $ | - | $ | - | |||||
Total undistributed earnings | 7,169 | 16,064 | |||||||
Net earnings | $ | 7,169 | $ | 16,064 | |||||
Denominator for diluted net earnings per share: | |||||||||
Weighted average shares outstanding | 49,981 | 50,120 | |||||||
Diluted net earnings per share | $ | 0.14 | $ | 0.32 | |||||
For the third quarter and three quarters of 2013, 629 and 629 non-vested restricted class B common shares and performance-based restricted stock units are not included in the computation of diluted earnings per share because they are anti-dilutive. The class C shares are not converted into class A and B shares because they are anti-dilutive for all periods presented, and therefore are not included in the diluted weighted average shares outstanding. Diluted earnings per share for the class C common stock is the same as basic earnings per share for class C common stock because there are no class C common stock equivalents. | |||||||||
Prior to the repurchase of the class C common stock in 2012, each of the 3,264 class C shares outstanding was convertible at any time at the option of the holder into either (i) 1.363970 class A shares (or a total of 4,452 class A shares) or (ii) 0.248243 class A shares (or a total of 810 class A shares) and 1.115727 class B shares (or a total of 3,642 class B shares). |
VARIABLE_INTEREST_ENTITY
VARIABLE INTEREST ENTITY | 9 Months Ended | |
Sep. 29, 2013 | ||
VARIABLE INTEREST ENTITY [Abstract] | ' | |
VARIABLE INTEREST ENTITY | ' | |
5 | VARIABLE INTEREST ENTITY | |
We had an affiliation agreement with ACE TV, Inc. for the rights under a local marketing agreement for WACY-TV in Appleton, Wisconsin and to acquire certain assets of ACE TV, Inc. including the broadcast license of WACY-TV for a purchase price of $2,038, pending FCC rule changes and approval. In May 2012, we filed an application with the FCC to convert the local marketing agreement into an ownership interest through a failed station waiver, which was pending approval. Under the affiliation agreement, ACE TV, Inc. provided the programming for WACY-TV and we sold advertising time, provided all other television operating activities and owned certain assets used by WACY-TV. Based on our power to direct certain activities and our right to ultimately acquire certain additional assets, including the broadcast license, we determined that ACE TV, Inc. was a variable interest entity (VIE) and that we were the primary beneficiary of the variable interests of WACY-TV. As a result, we consolidated the net assets of ACE TV, Inc., aggregating $1,164 which consisted primarily of a broadcast license and investments. The investments of ACE TV, Inc. could be used only to settle obligations of ACE TV, Inc. Creditors of ACE TV, Inc. had no recourse to our general credit. We did not provide financial or other support that we were not contractually required to provide. On October 22, 2012, we closed on the acquisition of the remaining assets used in the operation of WACY-TV from ACE TV, Inc. The affiliate agreement was terminated, and ACE TV, Inc. is no longer a VIE. |
INVENTORIES
INVENTORIES | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
INVENTORIES [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
6 | INVENTORIES | ||||||||
Inventories are stated at the lower of cost (first in, first out method) or market. Inventories as of September 29, 2013 and December 30, 2012 consisted of the following: | |||||||||
29-Sep-13 | 30-Dec-12 | ||||||||
Paper and supplies | $ | 2,079 | $ | 2,950 | |||||
Work in process | 33 | 84 | |||||||
Less obsolescence reserve | (91 | ) | (90 | ) | |||||
Inventories, net | $ | 2,021 | $ | 2,944 |
RECEIVABLES
RECEIVABLES | 9 Months Ended | |
Sep. 29, 2013 | ||
RECEIVABLES [Abstract] | ' | |
RECEIVABLES | ' | |
7 | RECEIVABLES | |
Our non-interest bearing accounts receivable arise primarily from the sale of advertising, commercial printing, commercial distribution and the retransmission of our television programs by Multichannel Video Programming Distributors (MVPDs). We record accounts receivable at original invoice amounts. The accounts receivable balance is reduced by an estimated allowance for doubtful accounts. We evaluate the collectability of our accounts receivable based on a combination of factors. We specifically review historical write-off activity by market, large customer concentrations, customer creditworthiness and changes in our customer payment patterns and terms when evaluating the adequacy of the allowance for doubtful accounts. In circumstances where we are aware of a specific customer’s inability to meet its financial obligations, we record a specific reserve to reduce the amounts recorded to what we believe will be collected. For all other customers, we recognize allowances for bad debts based on historical experience of bad debts as a percent of accounts receivable and/or sales for each business unit. We write off uncollectible accounts against the allowance for doubtful accounts after collection efforts have been exhausted. The allowance for doubtful accounts at September 29, 2013 and December 30, 2012 was $2,575 and $2,468, respectively. | ||
In partial consideration for the sale of certain publishing assets of Journal Community Publishing Group, Inc. in December 2012, we received a $772 promissory note bearing interest at 3% and repayable over three years. At the time of the sale, we recorded a $738 receivable representing the estimated fair value of the note discounted at 6.25%. These fair value measurements fall within Level 2 of the fair value hierarchy. The notes receivable balance at September 29, 2013 and December 30, 2012 was $594 and $772, respectively. | ||
Interest income and the unamortized discount on our notes receivable are recorded using the effective interest method. |
IMPAIRMENT_OF_LONGLIVED_ASSETS
IMPAIRMENT OF LONG-LIVED ASSETS | 9 Months Ended | |
Sep. 29, 2013 | ||
IMPAIRMENT OF LONG-LIVED ASSETS [Abstract] | ' | |
IMPAIRMENT OF LONG-LIVED ASSETS | ' | |
8 | IMPAIRMENT OF LONG-LIVED ASSETS | |
Property and equipment and other definite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If an asset is considered impaired, a charge is recognized for the difference between the fair value and carrying value of the asset or group of assets. Such analyses necessarily involve significant judgment. During the first quarter of 2013, we recorded a property impairment charge of $238 at our broadcasting segment, representing the excess of indicated fair value over the carrying value of the assets held for sale. Fair value was determined pursuant to an offer to purchase the property. This fair value measurement is considered a level 3 measurement under the fair value hierarchy. The charges are reported in selling and administrative expenses in the consolidated statement of operations. | ||
In June 2013, one of Journal’s broadcast towers in Wichita, Kansas endured storm damage. The Company is in discussions with its insurance carrier on valuing the loss and the insurance proceeds to which the Company believes it is entitled. The Company recorded a gain in the third quarter of 2013 of $283, representing the difference between the property insurance proceeds received to date and the carrying value of the tower at the time of the storm. The amount and timing of any additional insurance proceeds will be dependent on final repair and/or replacement costs and the related adjudication of the Company’s insurance claim with its carrier. |
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | ' | ||||||||||||
9 | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||
Definite-lived Intangibles | |||||||||||||
Our definite-lived intangible assets consist primarily of network affiliation agreements, customer lists, non-compete agreements and trade names. We amortize the network affiliation agreements over a period of 25 years based on our good relationships with the networks, our long history of renewing these agreements and because 25 years is deemed to be the length of time before a material modification of the underlying contract would occur. We amortize the customer lists over a period of five to 15 years, the non-compete agreements and franchise agreement fees over the terms of the contracts and the trade names over a period of 25 years. Management determined there were no significant adverse changes in the value of these assets as of September 29, 2013. | |||||||||||||
Amortization expense was $758 and $2,282 for the third quarter and three quarters ended September 29, 2013, respectively and $363 and $1,312 for the third quarter and three quarters ended September 23, 2012. Estimated amortization expense for our next five fiscal years is $3,102 for 2013, $3,008 for 2014, and $2,999 for 2015, 2016 and 2017. | |||||||||||||
The gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets as of September 29, 2013 and December 30, 2012 are as follows: | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated | Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
29-Sep-13 | |||||||||||||
Network affiliation agreements | $ | 70,430 | $ | (11,617 | ) | $ | 58,813 | ||||||
Customer lists | 4,209 | (3,689 | ) | 520 | |||||||||
Non-compete agreements | 8,710 | (8,710 | ) | - | |||||||||
Other | 2,726 | (1,607 | ) | 1,119 | |||||||||
Total | $ | 86,075 | $ | (25,623 | ) | $ | 60,452 | ||||||
30-Dec-12 | |||||||||||||
Network affiliation agreements | $ | 70,430 | $ | (9,499 | ) | $ | 60,931 | ||||||
Customer lists | 4,209 | (3,583 | ) | 626 | |||||||||
Non-compete agreements | 8,710 | (8,701 | ) | 9 | |||||||||
Other | 2,726 | (1,558 | ) | 1,168 | |||||||||
Total | $ | 86,075 | $ | (23,341 | ) | $ | 62,734 | ||||||
Indefinite-lived Intangibles | |||||||||||||
Broadcast licenses are deemed to have indefinite useful lives because we have renewed these agreements without issue in the past and we intend to renew them indefinitely in the future. Accordingly, we expect the cash flows from our broadcast licenses to continue indefinitely. The net carrying amount of our broadcast licenses as of September 29, 2013 and December 30, 2012 was $135,409 and $129,566, respectively. | |||||||||||||
The costs incurred to renew or extend the term of our broadcast licenses and certain customer relationships are expensed as incurred. | |||||||||||||
Goodwill | |||||||||||||
Goodwill recorded at our broadcasting and community newspapers reporting units was $122,884 and $2,934, respectively, as of December 30, 2012. Broadcasting goodwill related to the NewsChannel 5 Network, LLC (NewsChannel 5) acquisition in December 2012 was reduced by $1,500 during the first quarter of 2013. In addition, we recorded $112 of goodwill in connection with our purchase of WNOX 100.3 FM in the second quarter of 2013. As of September 29, 2013, we have $121,496 of goodwill recorded at our broadcasting reporting unit and $2,934 of goodwill recorded at our community newspapers reporting unit. The valuation methodology used to estimate the fair value of our reporting units for purposes of testing goodwill for impairment requires inputs and assumptions (i.e. market growth, operating cash flow margins and discount rates) that reflect current market conditions as well as management judgment. These assumptions may change due to changes in market conditions and such changes may result in an impairment of our goodwill. |
WORKFORCE_REDUCTIONS_AND_BUSIN
WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS [Abstract] | ' | ||||||||||||||||
WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS | ' | ||||||||||||||||
10 | WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS | ||||||||||||||||
During the third quarter and three quarters of 2013, we recorded a pre-tax charge of $80 and $828 for workforce separation benefits in our broadcasting and publishing operations, respectively. These charges are recorded in operating costs and expenses and selling and administrative expenses in the consolidated statement of operations. Activity associated with the workforce reduction and business initiatives during the three quarters of 2013 is as follows: | |||||||||||||||||
Balance as of | Charge for | Payments for | Balance as of | ||||||||||||||
30-Dec-12 | Separation | Separation | 29-Sep-13 | ||||||||||||||
Benefits | Benefits | ||||||||||||||||
Broadcasting | $ | - | $ | 56 | $ | - | $ | 56 | |||||||||
Publishing | 809 | 772 | (1,027 | ) | 554 | ||||||||||||
Total | $ | 809 | $ | 828 | $ | (1,027 | ) | $ | 610 |
INCOME_TAXES
INCOME TAXES | 9 Months Ended | |
Sep. 29, 2013 | ||
INCOME TAXES [Abstract] | ' | |
INCOME TAXES | ' | |
11 | INCOME TAXES | |
We file tax returns in the United States federal jurisdiction, as well as in approximately 15 state and local jurisdictions. The statute of limitations for assessing additional taxes is three years for federal purposes and typically between three and four years for state and local purposes. Accordingly, our 2010 through 2012 tax returns are open for federal purposes, and our 2008 through 2012 tax returns remain open for state tax purposes, unless the statute of limitations has been previously extended. Currently, we are under audit by the Internal Revenue Service for our 2010 and 2011 tax returns, in Wisconsin for our 2004 through 2007 tax returns, in Illinois for our 2006 and 2007 tax returns, and in Michigan for our 2009 through 2011 tax returns. | ||
As of September 29, 2013, our liability for unrecognized tax benefits was $745, which, if recognized, would have an impact on our effective tax rate. We recognize interest income/expense and penalties related to unrecognized tax benefits in our provision for income taxes. As of September 29, 2013, we had $267 accrued for interest expense and penalties. During the third quarter of 2013, we recognized $26 in net tax expense and related interest. | ||
As of September 29, 2013, it is reasonably possible for $108 of unrecognized tax benefits and related interest to be recognized within the next 12 months due to settlements with taxing authorities. |
GUARANTEES
GUARANTEES | 9 Months Ended | |
Sep. 29, 2013 | ||
GUARANTEES [Abstract] | ' | |
GUARANTEES | ' | |
12 | GUARANTEES | |
We provided a guarantee to the landlord of our former New England community newspapers and shopper business, which was sold in 2007, with respect to tenant liabilities and obligations associated with a lease which expires in December 2016. As of September 29, 2013, our potential obligation pursuant to the guarantee was $593, plus costs of collection, attorney fees and other charges incurred if the tenant defaults. As part of the sales transaction, we received a guarantee from the parent entity of the buyer of our New England business that the buyer will satisfy all the liabilities and obligations of the assigned lease. In the event that the buyer fails to satisfy its liabilities and obligations and the landlord invokes our guarantee, we have a right to indemnification from the buyer’s parent entity. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ' | ||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||
13 | EMPLOYEE BENEFIT PLANS | ||||||||||||||||
The components of our net periodic benefit costs for our defined benefit and non-qualified pension plans and our postretirement health benefit plan are as follows: | |||||||||||||||||
Pension Benefits | Pension Benefits | ||||||||||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||||||||||
29-Sep-13 | 23-Sep-12 | 29-Sep-13 | 23-Sep-12 | ||||||||||||||
Service cost | $ | - | $ | - | $ | - | $ | - | |||||||||
Interest cost | 1,752 | 1,895 | 5,258 | 5,683 | |||||||||||||
Expected return on plan assets | (1,831 | ) | (2,114 | ) | (5,493 | ) | (6,341 | ) | |||||||||
Amortization of: | |||||||||||||||||
Unrecognized prior service cost | (3 | ) | (3 | ) | (8 | ) | (8 | ) | |||||||||
Unrecognized net loss | 697 | 510 | 2,090 | 1,529 | |||||||||||||
Net periodic benefit cost included in total operating costs and expenses and selling and administrative expenses | $ | 615 | $ | 288 | $ | 1,847 | $ | 863 | |||||||||
We have generally funded our defined benefit pension plan at the minimum amount required by the Pension Protection Act of 2006. During the first quarter of 2013, we contributed $400 to our qualified defined benefit pension plan and non-qualified pension plan. During the third quarter of 2013, we contributed $2,300 to our qualified benefit pension plan and non-qualified pension plan. Based on the current projections and after giving effect to our election under the recently enacted Moving Ahead for Progress in the 21st Century Act (MAP-21) pension legislation, we have made total contributions of $2,710 to our qualified defined benefit pension plan in 2013, of which $910 was the minimum amount required and $1,800 was a voluntary additional payment. We expect to contribute an additional $476 to our unfunded non-qualified pension plan in 2013. | |||||||||||||||||
Other Postretirement Benefits | Other Postretirement Benefits | ||||||||||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||||||||||
29-Sep-13 | 23-Sep-12 | 29-Sep-13 | 23-Sep-12 | ||||||||||||||
Service cost | $ | 14 | $ | 3 | $ | 42 | $ | 10 | |||||||||
Interest cost | 95 | 158 | 285 | 473 | |||||||||||||
Amortization of: | |||||||||||||||||
Unrecognized prior service cost | (55 | ) | (55 | ) | (165 | ) | (164 | ) | |||||||||
Unrecognized net loss | - | 47 | - | 141 | |||||||||||||
Unrecognized net transition obligation | - | 138 | - | 410 | |||||||||||||
Net periodic benefit cost included in total operating costs and expenses and selling and administrative expenses | $ | 54 | $ | 291 | $ | 162 | $ | 870 |
NOTES_PAYABLE
NOTES PAYABLE | 9 Months Ended | ||
Sep. 29, 2013 | |||
NOTES PAYABLE [Abstract] | ' | ||
NOTES PAYABLE | ' | ||
14 | NOTES PAYABLE | ||
Long-term Notes Payable to Banks | |||
During 2012, we entered into an amended and restated credit agreement for a secured term loan facility and a secured revolving credit facility with initial aggregate commitments of $350,000, including the term loan commitment of $150,000 and the revolving credit facility commitment of $200,000, both of which mature on December 5, 2017. The secured term loan facility amortizes at 10% per annum payable quarterly with the balance due at maturity. As of September 29, 2013, the outstanding principal amount of revolving loans drawn under the credit agreement was $62,660, and the outstanding principal amount of term loans drawn under the credit agreement was $142,500. Amounts under the secured revolving credit facility may be borrowed, repaid and reborrowed by us from time to time until the maturity date of the revolving loan facility. Voluntary prepayments and commitment reductions are permitted at any time without fee upon proper notice and subject to a minimum dollar requirement. Voluntary prepayments of the secured term loan facility represent a permanent reduction in credit available. At our option, the commitments under the credit agreement may be increased from time to time by an aggregate amount not to exceed $100,000. The increase option is subject to the satisfaction of certain conditions, including, without limitation, the identification of lenders (which may include existing lenders or new lenders) willing to provide the additional commitments. | |||
Our borrowings under the secured credit facility incur interest at either (a) LIBOR plus a margin that ranges from 150.0 basis points to 250.0 basis points, depending on our net debt ratio, or (b) (i) the base rate, which equals the highest of the prime rate set by U.S. Bank National Association, the Federal Funds Rate plus 50.0 basis points or one-month LIBOR plus 100.0 basis points, plus (ii) a margin that ranges from 50.0 basis points to 150.0 basis points, depending on our net debt ratio. The initial pricing spread above LIBOR was 225.0 basis points. The third quarter pricing spread above LIBOR was 200.0 basis points. | |||
Our obligations under the credit agreement are currently guaranteed by certain of our subsidiaries. Subject to certain exceptions, the credit agreement is secured by liens on certain of our assets and contains affirmative, negative and financial covenants which are customary for financings of this type, including, among other things, limits on the creation of liens, limits on the incurrence of indebtedness, restrictions on dispositions and restrictions on the payment of dividends. The senior secured credit facilities contain the following financial covenants which remain constant over the term of the agreement: | |||
· | A consolidated funded debt ratio of not greater than 3.75-to-1, as of the end of each fiscal quarter, as determined for the four fiscal quarters then ended. This ratio compares, as of the date of determination, our consolidated funded debt on such date to consolidated EBITDA, defined in the credit agreement as earnings before interest, taxes, depreciation, amortization, restructuring charges, gains/losses on asset disposals, non-cash charges and certain other adjustments. | ||
· | A minimum interest coverage ratio of not less than 3-to-1, as of the end of each fiscal quarter, as determined for the four fiscal quarters then ended. This ratio compares, for any period, our consolidated EBITDA, defined in the credit agreement as earnings before interest, taxes, depreciation, amortization, restructuring charges, gains/losses on asset disposals, non-cash charges and certain other adjustments. | ||
As of September 29, 2013 and December 30, 2012, we had borrowings of $205,160 and $230,095, respectively, under our credit facilities at currently effective blended interest rates of 2.25% and 2.53%, respectively. Remaining unamortized fees in connection with the credit facilities of $4,011, which are included in other assets, are being amortized over the term of the senior secured credit facilities using the straight-line method. | |||
We estimate the fair value of our senior secured credit facilities at September 29, 2013 to be $197,764, based on discounted cash flows using an interest rate of 3.22%. We estimated the fair value of our secured credit facility at December 30, 2012 to be $224,752, based on discounted cash flows using an interest rate of 3.08%. Interest rates utilized are estimated based on observed market rates of interest for debt with similar maturities and seniority. These fair value measurements fall within Level 2 of the fair value hierarchy. | |||
Scheduled remaining minimum principal repayments of the secured term loan facility as of September 29, 2013 are $3,750 in 2013, $15,000 in 2014, $15,000 in 2015, $15,000 in 2016 and $93,750 thereafter. | |||
Unsecured Subordinated Notes Payable | |||
On August 13, 2012, the Company repurchased all 3,264 outstanding shares of our class C common stock, including all rights associated with such shares of class C common stock, in exchange for $6,246 in cash and the issuance of 15 unsecured subordinated promissory notes with an aggregate principal amount of $25,599 and bearing interest at a rate of 7.25% per annum. The cash payment equaled the amount of the minimum unpaid and undeclared dividend on the class C common stock through August 12, 2012. | |||
The aggregate principal amount of the subordinated notes was determined by multiplying the volume weighted average price of our class A common stock on the New York Stock Exchange over the five consecutive trading days ending on (and including) August 10, 2012 of $5.75 by the number of fully diluted shares of class C common stock (each class C share was convertible into 1.363970 shares of class A common stock pursuant to the Company’s Articles of Incorporation for a total of 4,452 shares on a class A-equivalent basis). | |||
One subordinated note of $1,340 was repaid in full on September 21, 2012. Six of the remaining subordinated notes, with an aggregate principal amount of $8,324, were paid on December 21, 2012. The remaining eight subordinated notes, with an aggregate principal amount of approximately $15,935, are payable in six equal annual installments on September 30 of each of 2013, 2014, 2015, 2016, 2017 and 2018, with no prepayment right. Interest on the notes is payable quarterly. | |||
We estimate the fair value of the subordinated notes at September 29, 2013 to be $16,270, based on discounted cash flows using an interest rate of 7.05%. We estimated the fair value of the subordinated notes at December 30, 2012 to be $16,188, based on discounted cash flows using an interest rate of 7.26%. Interest rates utilized are estimated based on observed market rates of interest for debt with similar maturities and seniority. These fair value measurements fall within Level 2 of the fair value hierarchy. As of September 29, 2013 and December 30, 2012, $15,935 of the subordinated notes remains outstanding. | |||
Scheduled minimum principal repayments of the unsecured subordinated notes payable are $2,656 in 2013, $2,656 in 2014, $2,656 in 2015, $2,656 in 2016 and $5,311 thereafter. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||
15 | STOCK-BASED COMPENSATION | ||||||||||||
2007 Journal Communications, Inc. Omnibus Incentive Plan | |||||||||||||
The purpose of the 2007 Journal Communications, Inc. Omnibus Incentive Plan (2007 Plan) is to promote our success by linking personal interests of our employees, officers and non-employee directors to those of our shareholders, and by providing participants with an incentive for outstanding performance. The 2007 Plan is also intended to enhance our ability to attract, motivate and retain the services of employees, officers and directors upon whose judgment, interest and special effort the successful conduct of our operation is largely dependent. | |||||||||||||
Subject to adjustment as provided in the 2007 Plan, the aggregate number of shares of class A common stock or class B common stock reserved and available for issuance pursuant to awards granted under the 2007 Plan is 4,800 shares, which may be awarded in the form of nonstatutory or incentive stock options, stock appreciation rights, restricted stock, restricted or deferred stock units, performance awards, dividend equivalents or other stock-based awards. The 2007 Plan also provides for the issuance of cash-based awards. The 2007 Plan replaced the 2003 Equity Incentive Plan (2003 Plan) and, as of May 3, 2007, all equity grants are made from the 2007 Plan. We will not grant any additional awards under the 2003 Plan. As of September 29, 2013, there were 2,279 shares available for issuance under the 2007 Plan. | |||||||||||||
During the third quarter and three quarters ended September 29, 2013 we recognized $396 and $1,689 in stock-based compensation expense. Total income tax benefit recognized related to stock-based compensation for the third quarter and three quarters ended September 29, 2013 was $161 and $678. During the third quarter and three quarters ended September 23, 2012, we recognized $372 and $1,346, respectively, in stock-based compensation expense. The total income tax benefit recognized related to stock-based compensation for the third quarter and three quarters ended September 23, 2012 was $144 and $538, respectively. | |||||||||||||
We recognize stock-based compensation expense on a straight-line basis over the service period based upon the fair value of the award on the grant date. As of September 29, 2013, total unrecognized compensation cost related to stock-based compensation awards was $2,214, net of estimated forfeitures, which we expect to recognize over a weighted average period of 1.3 years. Stock-based compensation expense is reported in selling and administrative expenses in our condensed consolidated statements of operations. | |||||||||||||
Stock Grants | |||||||||||||
The compensation committee of our board of directors has granted class B common stock to employees and non-employee directors under our 2007 Plan. Each stock grant may have been accompanied by restrictions, or may have been made without any restrictions, as the compensation committee of our board of directors determined. Such restrictions may have included requirements that the participant remain in our continuous employment for a specified period of time, or that we or the participant meet designated performance goals. We value non-vested restricted stock grants at the closing market prices of our class A common stock on the grant date. | |||||||||||||
A summary of stock grant activity during the three quarters of 2013 is: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested at December 30, 2012 | 538 | $ | 5.3 | ||||||||||
Granted | 226 | 6.4 | |||||||||||
Vested | (276 | ) | 5.3 | ||||||||||
Forfeited | (10 | ) | 5.53 | ||||||||||
Non-vested at September 29, 2013 | 478 | 5.82 | |||||||||||
Our non-vested restricted stock grants vest from one to four years from the grant date. The total grant date fair value of shares vesting during the three quarters of 2013 was $1,462. There was an aggregate of 241 unrestricted and non-vested restricted stock grants issued to our non-employee directors (79 shares) and employees (162 shares) in the three quarters of 2012 at a weighted average fair value of $4.92 per share, of which 140 of the non-vested restricted shares have since vested. | |||||||||||||
Performance Units | |||||||||||||
In the first quarters of 2012 and 2013, the compensation committee of our board of directors approved the grant of performance-based restricted stock units (performance units) under our 2007 Plan, which represent the right to earn shares of class B common stock based on continued employment and the achievement of specified targets for adjusted cumulative EBITDA over specified fiscal year performance periods. We value performance unit awards at the closing market price of our class A common stock on the grant date. | |||||||||||||
A summary of stock grant activity during the three quarters of 2013 is: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested at December 30, 2012 | 77 | $ | 5.59 | ||||||||||
Granted | 74 | 6.33 | |||||||||||
Vested | - | - | |||||||||||
Forfeited | - | - | |||||||||||
Non-vested at September 29, 2013 | 151 | 5.95 | |||||||||||
Stock Appreciation Rights | |||||||||||||
A stock appreciation right, or SAR, is an award granted under our 2007 Plan and represents the right to receive an amount equal to the excess of the fair value of a share of our class B common stock on the exercise date over the base value of the SAR, which shall not be less than the fair value of a share of our class B common stock on the grant date. Each SAR is settled only in shares of our class B common stock. The term during which any SAR may be exercised is 10 years from the grant date, or such shorter period as determined by the compensation committee of our board of directors. | |||||||||||||
Our SARs vest over a three year graded vesting schedule and it is our policy to recognize compensation cost for awards with graded vesting on a straight-line basis over the vesting period for the entire award. We ensure the compensation cost recognized at any date is at least equal to the portion of the grant-date value of the award that is vested at that date. The fixed price SARs have a fixed base value equal to the closing price of our class A common stock on the date of grant. The escalating price SARs have an escalating base value that starts with the closing price of our class A common stock on the date of grant and increases by six percent per year for each year that the SARs remain outstanding, starting on the first anniversary of the grant date. | |||||||||||||
A summary of SAR activity during the three quarters of 2013 is: | |||||||||||||
SARS | Weighted | Weighted | |||||||||||
Average | Average | ||||||||||||
Exercise Price | Contractual Term | ||||||||||||
Remaining | |||||||||||||
(years) | |||||||||||||
Outstanding and exercisable at December 30, 2012 | 1,083 | $ | 11.26 | 4.6 | |||||||||
Granted | - | ||||||||||||
Exercised | (341 | ) | 7.57 | ||||||||||
Forfeited | - | ||||||||||||
Expired | - | ||||||||||||
Outstanding and exercisable at September 29, 2013 | 742 | 13.3 | 3.9 | ||||||||||
All SARs have vested. The aggregate intrinsic value of the SARs exercised during the third quarter of 2013 is $563. The aggregate intrinsic value of the SARS outstanding and exercisable at the end of the third quarter of 2013 is $18. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
The 2003 Employee Stock Purchase Plan permits eligible employees to purchase our class B common stock at 90% of the fair market value measured as of the closing market price of our class A common stock on the day of purchase. We recognize compensation expense equal to the 10% discount of the fair market value. Subject to certain adjustments, 3,000 shares of our class B common stock are authorized for sale under this plan. There were 27 class B common shares sold to employees under this plan in the three quarters of 2013 at a weighted average fair value of $6.74. As of September 29, 2013, there are 2,162 shares available for sale under the plan. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | |
Sep. 29, 2013 | ||
RELATED PARTY TRANSACTIONS [Abstract] | ' | |
RELATED PARTY TRANSACTIONS | ' | |
16 | RELATED PARTY TRANSACTIONS | |
On August 13, 2012, we repurchased all 3,264 outstanding shares of our class C common stock, all of which were held by Matex Inc., members of the family of our former chairman Harry J. Grant, trusts for the benefit of members of the family, and Proteus Fund, Inc., a non-profit organization. Pursuant to the terms of the agreement, we paid $6,246 in cash and issued 15 unsecured subordinated promissory notes with an aggregate principal amount of $25,599. The notes bear interest at a rate of 7.25% per annum and interest is payable quarterly. One of the unsecured subordinated promissory notes, with a principal amount of $7,617, was issued to the Judith Abert Meissner Marital Trust, a beneficial owner of more than 5% of the issued and outstanding shares of our class B common stock. David G. Meissner, who was a member of our Board of Directors until May 7, 2013, is a beneficiary and trustee of this trust. An additional three of the unsecured subordinated promissory notes, with an aggregate principal amount of $752, were issued to trusts for the benefit of Mr. Meissner’s children in which Mr. Meissner serves as trustee. All four of these notes are payable in six equal annual installments on September 30 of each of 2013, 2014, 2015, 2016, 2017 and 2018. Of the $6,246 paid in cash for the repurchase, $2,042 went to the Judith Abert Meissner Marital Trust and the trusts for the benefit of Mr. Meissner’s children in which Mr. Meissner serves as trustee. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | ' | ||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||||
17 | ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||
The changes in accumulated other comprehensive loss by component, net of tax, for the first three quarters of 2013 are as follows: | |||||||||
Defined Benefit | Total | ||||||||
Pension and | |||||||||
Postretirement | |||||||||
Plans | |||||||||
Balance as of December 30, 2012 | $ | (55,739 | ) | $ | (55,739 | ) | |||
Other comprehensive income before reclassifications | - | - | |||||||
Amounts reclassified from accumulated other comprehensive loss | 391 | 391 | |||||||
Net other comprehensive income (loss) | 391 | 391 | |||||||
Balance as of March 31, 2013 | $ | (55,348 | ) | $ | (55,348 | ) | |||
Other comprehensive income before reclassifications | - | - | |||||||
Amounts reclassified from accumulated other comprehensive loss | 390 | 390 | |||||||
Net other comprehensive income (loss) | 390 | 390 | |||||||
Balance as of June 30, 2013 | $ | (54,958 | ) | $ | (54,958 | ) | |||
Other comprehensive income before reclassifications | - | - | |||||||
Amounts reclassified from accumulated other comprehensive loss | 391 | 391 | |||||||
Net other comprehensive income (loss) | 391 | 391 | |||||||
Balance as of September 29, 2013 | $ | (54,567 | ) | $ | (54,567 | ) | |||
The reclassification of accumulated other comprehensive loss is as follows: | |||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | |||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||
29-Sep-13 | 29-Sep-13 | ||||||||
Amortization of defined benefit pension and postretirement plan items: | |||||||||
Prior service cost and unrecognized loss(1) | $ | (639 | ) | $ | (1,917 | ) | |||
Income tax expense | 248 | 745 | |||||||
Total reclassifications for the period | $ | (391 | ) | $ | (1,172 | ) | |||
-1 | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 13 “Employee Benefit Plans” for more information. Of the costs for the third quarter ended September 29, 2013, $116 is included in broadcasting operating costs and expenses, $288 is included in publishing operating costs and expenses, and $235 is included in selling and administrative expenses. Of the costs for the three quarters ended September 29, 2013, $332 is included in broadcasting operating costs and expenses, $876 is included in publishing operating costs and expenses, and $709 is included in selling and administrative expenses. |
SEGMENT_REPORTING
SEGMENT REPORTING | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | ||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||
18 | SEGMENT REPORTING | ||||||||||||||||
Our business segments are based on the organizational structure used by management for making operating and investment decisions and for assessing performance. Our reportable business segments are: (i) broadcasting; (ii) publishing; and (iii) corporate. Our broadcasting segment consists of 15 television stations and 35 radio stations in 12 states. Our publishing segment consists of the Milwaukee Journal Sentinel, which serves as the only major daily newspaper for the Milwaukee metropolitan area, and a number of community newspapers, primarily in southeastern Wisconsin. Our corporate segment consists of unallocated corporate expenses and revenue eliminations. | |||||||||||||||||
The following tables summarize revenue, operating earnings (loss), depreciation and amortization, and capital expenditures for the third quarter and three quarters ended September 29, 2013 and September 23, 2012 and identifiable total assets as of September 29, 2013 and December 30, 2012: | |||||||||||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||||||||||
29-Sep-13 | 23-Sep-12 | 29-Sep-13 | 23-Sep-12 | ||||||||||||||
Revenue | |||||||||||||||||
Broadcasting | $ | 60,389 | $ | 58,810 | $ | 181,463 | $ | 157,726 | |||||||||
Publishing | 37,739 | 39,193 | 112,717 | 118,267 | |||||||||||||
Corporate eliminations | (437 | ) | (248 | ) | (582 | ) | (465 | ) | |||||||||
$ | 97,691 | $ | 97,755 | $ | 293,598 | $ | 275,528 | ||||||||||
Operating earnings (loss) | |||||||||||||||||
Broadcasting | $ | 8,097 | $ | 12,975 | $ | 29,945 | $ | 32,813 | |||||||||
Publishing | 3,203 | 2,234 | 7,141 | 5,391 | |||||||||||||
Corporate | (1,768 | ) | (1,641 | ) | (5,986 | ) | (5,436 | ) | |||||||||
$ | 9,532 | $ | 13,568 | $ | 31,100 | $ | 32,768 | ||||||||||
Depreciation and amortization | |||||||||||||||||
Broadcasting | $ | 3,938 | $ | 3,172 | $ | 11,798 | $ | 9,549 | |||||||||
Publishing | 1,772 | 2,265 | 5,257 | 7,171 | |||||||||||||
Corporate | 174 | 168 | 519 | 499 | |||||||||||||
$ | 5,884 | $ | 5,605 | $ | 17,574 | $ | 17,219 | ||||||||||
Capital expenditures | |||||||||||||||||
Broadcasting | $ | 2,576 | $ | 2,327 | $ | 6,191 | $ | 6,634 | |||||||||
Publishing | 318 | 495 | 2,251 | 865 | |||||||||||||
Corporate | 42 | 167 | 74 | 624 | |||||||||||||
$ | 2,936 | $ | 2,989 | $ | 8,516 | $ | 8,123 | ||||||||||
29-Sep-13 | 30-Dec-12 | ||||||||||||||||
Identifiable total assets | |||||||||||||||||
Broadcasting | $ | 474,975 | $ | 523,179 | |||||||||||||
Publishing | 96,986 | 104,162 | |||||||||||||||
Corporate (1) | 36,550 | (1,538 | ) | ||||||||||||||
$ | 608,511 | $ | 625,803 | ||||||||||||||
-1 | In the second quarter of 2013, we revised our internal management reports to allocate deferred income tax assets entirely to our Corporate segment. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended | |
Sep. 29, 2013 | ||
SUBSEQUENT EVENTS [Abstract] | ' | |
SUBSEQUENT EVENTS | ' | |
19 | SUBSEQUENT EVENTS | |
On October 4, 2013, Journal Broadcast Corporation and Journal Broadcast Group, Inc., subsidiaries of Journal Communications, Inc., agreed to the sale of stations KMIR-TV and My 13 KPSE-TV in Palm Springs, California to OTA Broadcasting, LLC, an affiliate of Virginia based OTA Broadcasting, LLC for $17,000 in cash and certain other contingent considerations. The transaction is subject to FCC approval. On closing, we expect to record a pre-tax book gain in excess of $9,000. |
NEW_ACCOUNTING_STANDARDS_Polic
NEW ACCOUNTING STANDARDS (Policies) | 9 Months Ended | |
Sep. 29, 2013 | ||
NEW ACCOUNTING STANDARDS [Abstract] | ' | |
New Accounting Standards | ' | |
NEW ACCOUNTING STANDARDS | ||
In February 2013, the Financial Accounting Standards Board (FASB) issued guidance related to items reclassified from accumulated other comprehensive income. The new guidance requires either in a single note or parenthetically on the face of the financial statements: (i) the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its sources and (ii) the income statement line items affected by the reclassification. This guidance is effective for fiscal years beginning January 1, 2013 with early adoption permitted. We adopted this guidance in the first quarter of 2013. | ||
In July 2012, the FASB issued amended guidance for impairment of indefinite-lived intangible assets. The guidance allows for an option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of the indefinite-lived intangible asset exceeds its carrying amount. If the qualitative factors lead us to conclude it is more likely than not that the fair value exceeds the carrying value of the indefinite-lived intangible asset, then the fair value does not need to be calculated. This update is effective for annual and interim impairment tests performed for the fiscal years beginning after September 15, 2012, with early adoption permitted. We adopted this guidance in 2012. | ||
In September 2011, the FASB issued amended guidance for goodwill impairment. The guidance simplifies how entities test goodwill for impairment. The new guidance allows an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step quantitative goodwill impairment test. Under these amendments, an entity will be required to perform the two-step impairment test only if it concludes that the fair value of a reporting unit is more likely than not, less than its carrying value. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. We adopted this guidance in the first quarter of 2012. | ||
In June 2011, the FASB issued amended guidance for comprehensive income. The guidance requires an entity to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The new guidance eliminates the option to present the components of other comprehensive income as part of the statement of shareholders’ equity. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011, with early adoption permitted. We adopted this guidance in the first quarter of 2012 and opted to present the total of comprehensive income in two separate but consecutive statements. | ||
In May 2011, the FASB issued amended guidance for fair value measurement and disclosure requirements between U.S. generally accepted accounting principles and International Financial Reporting Standards (IFRS). The new guidance includes amendments to clarify the definition of fair value and ensure that the fair value measurement and disclosure requirements are similar between U.S. generally accepted accounting principles and IFRS. The guidance also changes certain fair value measurement principles and enhances the disclosure requirements particularly for level 3 fair value measurements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We adopted this guidance in the first quarter of 2012. |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||
Computation of basic and diluted earnings per share | ' | ||||||||
The following table sets forth the computation of basic and diluted earnings per share as of September 29, 2013 for class A and B common stock: | |||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||
29-Sep-13 | 29-Sep-13 | ||||||||
Net earnings | $ | 4,546 | $ | 14,940 | |||||
Weighted average shares outstanding - Class A and B: | |||||||||
Basic | 50,310 | 50,231 | |||||||
Impact of non-vested restricted shares and performance-based restricted stock units | 280 | 279 | |||||||
Adjusted weighted average shares outstanding - Class A and B | 50,590 | 50,510 | |||||||
Net earnings per share: | |||||||||
Basic - Class A and B common stock: | $ | 0.09 | $ | 0.3 | |||||
Diluted - Class A and B common stock: | $ | 0.09 | $ | 0.3 | |||||
Computation of basic earnings per share under the two-class method | ' | ||||||||
The following table sets forth the computation of basic earnings per share as of September 23, 2012 under the two-class method: | |||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||
23-Sep-12 | 23-Sep-12 | ||||||||
Numerator for basic net earnings for each class of common stock: | |||||||||
Net earnings | $ | 7,698 | $ | 18,228 | |||||
Less dividends: | |||||||||
Class A and B | - | - | |||||||
Minimum class C | 218 | 1,145 | |||||||
Non-vested restricted stock | - | - | |||||||
Total undistributed net earnings | $ | 7,480 | $ | 17,083 | |||||
Undistributed net earnings: | |||||||||
Class A and B | $ | 7,169 | $ | 16,064 | |||||
Class C | 268 | 897 | |||||||
Non-vested restricted stock | 43 | 122 | |||||||
Total undistributed net earnings | $ | 7,480 | $ | 17,083 | |||||
Numerator for basic net earnings per class A and B common stock: | |||||||||
Dividends on class A and B | $ | - | $ | - | |||||
Class A and B undistributed net earnings | 7,169 | 16,064 | |||||||
Numerator for basic net earnings per class A and B common stock | $ | 7,169 | $ | 16,064 | |||||
Numerator for basic net earnings per class C common stock: | |||||||||
Minimum dividends on class C | $ | 218 | $ | 1,145 | |||||
Class C undistributed net earnings | 268 | 897 | |||||||
Numerator for basic net earnings per class C | |||||||||
common stock | $ | 486 | $ | 2,042 | |||||
Denominator for basic net earnings for each class of common stock: | |||||||||
Weighted average shares outstanding - | |||||||||
Class A and B | 49,981 | 50,120 | |||||||
Class C | 3,264 | -1 | 3,264 | -1 | |||||
Basic net earnings per share: | |||||||||
Class A and B | $ | 0.14 | $ | 0.32 | |||||
Class C | $ | 0.15 | $ | 0.63 | |||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||
Computation of diluted net earnings per share for class A and B common stock | ' | ||||||||
The following table sets forth the computation of diluted net earnings per share as of September 23, 2012 for class A and B common stock: | |||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||
23-Sep-12 | 23-Sep-12 | ||||||||
Numerator for diluted net earnings per share: | |||||||||
Dividends on class A and B common stock | $ | - | $ | - | |||||
Total undistributed earnings | 7,169 | 16,064 | |||||||
Net earnings | $ | 7,169 | $ | 16,064 | |||||
Denominator for diluted net earnings per share: | |||||||||
Weighted average shares outstanding | 49,981 | 50,120 | |||||||
Diluted net earnings per share | $ | 0.14 | $ | 0.32 |
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
INVENTORIES [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories are stated at the lower of cost (first in, first out method) or market. Inventories as of September 29, 2013 and December 30, 2012 consisted of the following: | |||||||||
29-Sep-13 | 30-Dec-12 | ||||||||
Paper and supplies | $ | 2,079 | $ | 2,950 | |||||
Work in process | 33 | 84 | |||||||
Less obsolescence reserve | (91 | ) | (90 | ) | |||||
Inventories, net | $ | 2,021 | $ | 2,944 |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||
Gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets | ' | ||||||||||||
The gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets as of September 29, 2013 and December 30, 2012 are as follows: | |||||||||||||
Gross | Net | ||||||||||||
Carrying | Accumulated | Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
29-Sep-13 | |||||||||||||
Network affiliation agreements | $ | 70,430 | $ | (11,617 | ) | $ | 58,813 | ||||||
Customer lists | 4,209 | (3,689 | ) | 520 | |||||||||
Non-compete agreements | 8,710 | (8,710 | ) | - | |||||||||
Other | 2,726 | (1,607 | ) | 1,119 | |||||||||
Total | $ | 86,075 | $ | (25,623 | ) | $ | 60,452 | ||||||
30-Dec-12 | |||||||||||||
Network affiliation agreements | $ | 70,430 | $ | (9,499 | ) | $ | 60,931 | ||||||
Customer lists | 4,209 | (3,583 | ) | 626 | |||||||||
Non-compete agreements | 8,710 | (8,701 | ) | 9 | |||||||||
Other | 2,726 | (1,558 | ) | 1,168 | |||||||||
Total | $ | 86,075 | $ | (23,341 | ) | $ | 62,734 |
WORKFORCE_REDUCTIONS_AND_BUSIN1
WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS [Abstract] | ' | ||||||||||||||||
Ongoing activity of liability for workforce separation benefits | ' | ||||||||||||||||
Activity associated with the workforce reduction and business initiatives during the three quarters of 2013 is as follows: | |||||||||||||||||
Balance as of | Charge for | Payments for | Balance as of | ||||||||||||||
30-Dec-12 | Separation | Separation | 29-Sep-13 | ||||||||||||||
Benefits | Benefits | ||||||||||||||||
Broadcasting | $ | - | $ | 56 | $ | - | $ | 56 | |||||||||
Publishing | 809 | 772 | (1,027 | ) | 554 | ||||||||||||
Total | $ | 809 | $ | 828 | $ | (1,027 | ) | $ | 610 |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ' | ||||||||||||||||
Components of net periodic benefit cost | ' | ||||||||||||||||
The components of our net periodic benefit costs for our defined benefit and non-qualified pension plans and our postretirement health benefit plan are as follows: | |||||||||||||||||
Pension Benefits | Pension Benefits | ||||||||||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||||||||||
29-Sep-13 | 23-Sep-12 | 29-Sep-13 | 23-Sep-12 | ||||||||||||||
Service cost | $ | - | $ | - | $ | - | $ | - | |||||||||
Interest cost | 1,752 | 1,895 | 5,258 | 5,683 | |||||||||||||
Expected return on plan assets | (1,831 | ) | (2,114 | ) | (5,493 | ) | (6,341 | ) | |||||||||
Amortization of: | |||||||||||||||||
Unrecognized prior service cost | (3 | ) | (3 | ) | (8 | ) | (8 | ) | |||||||||
Unrecognized net loss | 697 | 510 | 2,090 | 1,529 | |||||||||||||
Net periodic benefit cost included in total operating costs and expenses and selling and administrative expenses | $ | 615 | $ | 288 | $ | 1,847 | $ | 863 | |||||||||
Other Postretirement Benefits | Other Postretirement Benefits | ||||||||||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||||||||||
29-Sep-13 | 23-Sep-12 | 29-Sep-13 | 23-Sep-12 | ||||||||||||||
Service cost | $ | 14 | $ | 3 | $ | 42 | $ | 10 | |||||||||
Interest cost | 95 | 158 | 285 | 473 | |||||||||||||
Amortization of: | |||||||||||||||||
Unrecognized prior service cost | (55 | ) | (55 | ) | (165 | ) | (164 | ) | |||||||||
Unrecognized net loss | - | 47 | - | 141 | |||||||||||||
Unrecognized net transition obligation | - | 138 | - | 410 | |||||||||||||
Net periodic benefit cost included in total operating costs and expenses and selling and administrative expenses | $ | 54 | $ | 291 | $ | 162 | $ | 870 |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||
Sep. 29, 2013 | |||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||
Summary of stock grant activity | ' | ||||||||||||
A summary of stock grant activity during the three quarters of 2013 is: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested at December 30, 2012 | 538 | $ | 5.3 | ||||||||||
Granted | 226 | 6.4 | |||||||||||
Vested | (276 | ) | 5.3 | ||||||||||
Forfeited | (10 | ) | 5.53 | ||||||||||
Non-vested at September 29, 2013 | 478 | 5.82 | |||||||||||
Summary of performance units stock grant activity | ' | ||||||||||||
A summary of stock grant activity during the three quarters of 2013 is: | |||||||||||||
Shares | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Non-vested at December 30, 2012 | 77 | $ | 5.59 | ||||||||||
Granted | 74 | 6.33 | |||||||||||
Vested | - | - | |||||||||||
Forfeited | - | - | |||||||||||
Non-vested at September 29, 2013 | 151 | 5.95 | |||||||||||
Summary of SAR activity | ' | ||||||||||||
A summary of SAR activity during the three quarters of 2013 is: | |||||||||||||
SARS | Weighted | Weighted | |||||||||||
Average | Average | ||||||||||||
Exercise Price | Contractual Term | ||||||||||||
Remaining | |||||||||||||
(years) | |||||||||||||
Outstanding and exercisable at December 30, 2012 | 1,083 | $ | 11.26 | 4.6 | |||||||||
Granted | - | ||||||||||||
Exercised | (341 | ) | 7.57 | ||||||||||
Forfeited | - | ||||||||||||
Expired | - | ||||||||||||
Outstanding and exercisable at September 29, 2013 | 742 | 13.3 | 3.9 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | ' | ||||||||
Changes in accumulated other comprehensive loss and Reclassification of accumulated other comprehensive loss | ' | ||||||||
The changes in accumulated other comprehensive loss by component, net of tax, for the first three quarters of 2013 are as follows: | |||||||||
Defined Benefit | Total | ||||||||
Pension and | |||||||||
Postretirement | |||||||||
Plans | |||||||||
Balance as of December 30, 2012 | $ | (55,739 | ) | $ | (55,739 | ) | |||
Other comprehensive income before reclassifications | - | - | |||||||
Amounts reclassified from accumulated other comprehensive loss | 391 | 391 | |||||||
Net other comprehensive income (loss) | 391 | 391 | |||||||
Balance as of March 31, 2013 | $ | (55,348 | ) | $ | (55,348 | ) | |||
Other comprehensive income before reclassifications | - | - | |||||||
Amounts reclassified from accumulated other comprehensive loss | 390 | 390 | |||||||
Net other comprehensive income (loss) | 390 | 390 | |||||||
Balance as of June 30, 2013 | $ | (54,958 | ) | $ | (54,958 | ) | |||
Other comprehensive income before reclassifications | - | - | |||||||
Amounts reclassified from accumulated other comprehensive loss | 391 | 391 | |||||||
Net other comprehensive income (loss) | 391 | 391 | |||||||
Balance as of September 29, 2013 | $ | (54,567 | ) | $ | (54,567 | ) | |||
Reclassification of Accumulated Other Comprehensive Loss | ' | ||||||||
The reclassification of accumulated other comprehensive loss is as follows: | |||||||||
Amount Reclassified from Accumulated Other Comprehensive Loss | |||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||
29-Sep-13 | 29-Sep-13 | ||||||||
Amortization of defined benefit pension and postretirement plan items: | |||||||||
Prior service cost and unrecognized loss(1) | $ | (639 | ) | $ | (1,917 | ) | |||
Income tax expense | 248 | 745 | |||||||
Total reclassifications for the period | $ | (391 | ) | $ | (1,172 | ) | |||
-1 | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 13 “Employee Benefit Plans” for more information. Of the costs for the third quarter ended September 29, 2013, $116 is included in broadcasting operating costs and expenses, $288 is included in publishing operating costs and expenses, and $235 is included in selling and administrative expenses. Of the costs for the three quarters ended September 29, 2013, $332 is included in broadcasting operating costs and expenses, $876 is included in publishing operating costs and expenses, and $709 is included in selling and administrative expenses. |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | ||||||||||||||||
Summary of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets | ' | ||||||||||||||||
The following tables summarize revenue, operating earnings (loss), depreciation and amortization, and capital expenditures for the third quarter and three quarters ended September 29, 2013 and September 23, 2012 and identifiable total assets as of September 29, 2013 and December 30, 2012: | |||||||||||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||||||||||
29-Sep-13 | 23-Sep-12 | 29-Sep-13 | 23-Sep-12 | ||||||||||||||
Revenue | |||||||||||||||||
Broadcasting | $ | 60,389 | $ | 58,810 | $ | 181,463 | $ | 157,726 | |||||||||
Publishing | 37,739 | 39,193 | 112,717 | 118,267 | |||||||||||||
Corporate eliminations | (437 | ) | (248 | ) | (582 | ) | (465 | ) | |||||||||
$ | 97,691 | $ | 97,755 | $ | 293,598 | $ | 275,528 | ||||||||||
Operating earnings (loss) | |||||||||||||||||
Broadcasting | $ | 8,097 | $ | 12,975 | $ | 29,945 | $ | 32,813 | |||||||||
Publishing | 3,203 | 2,234 | 7,141 | 5,391 | |||||||||||||
Corporate | (1,768 | ) | (1,641 | ) | (5,986 | ) | (5,436 | ) | |||||||||
$ | 9,532 | $ | 13,568 | $ | 31,100 | $ | 32,768 | ||||||||||
Depreciation and amortization | |||||||||||||||||
Broadcasting | $ | 3,938 | $ | 3,172 | $ | 11,798 | $ | 9,549 | |||||||||
Publishing | 1,772 | 2,265 | 5,257 | 7,171 | |||||||||||||
Corporate | 174 | 168 | 519 | 499 | |||||||||||||
$ | 5,884 | $ | 5,605 | $ | 17,574 | $ | 17,219 | ||||||||||
Capital expenditures | |||||||||||||||||
Broadcasting | $ | 2,576 | $ | 2,327 | $ | 6,191 | $ | 6,634 | |||||||||
Publishing | 318 | 495 | 2,251 | 865 | |||||||||||||
Corporate | 42 | 167 | 74 | 624 | |||||||||||||
$ | 2,936 | $ | 2,989 | $ | 8,516 | $ | 8,123 | ||||||||||
29-Sep-13 | 30-Dec-12 | ||||||||||||||||
Identifiable total assets | |||||||||||||||||
Broadcasting | $ | 474,975 | $ | 523,179 | |||||||||||||
Publishing | 96,986 | 104,162 | |||||||||||||||
Corporate (1) | 36,550 | (1,538 | ) | ||||||||||||||
$ | 608,511 | $ | 625,803 | ||||||||||||||
-1 | In the second quarter of 2013, we revised our internal management reports to allocate deferred income tax assets entirely to our Corporate segment. |
ACCOUNTING_PERIODS_Details
ACCOUNTING PERIODS (Details) | 9 Months Ended |
Sep. 29, 2013 | |
Week | |
Period | |
Accounting periods [Line Items] | ' |
Number of quarterly reporting periods | 4 |
Number of weeks in each quarterly reporting period | 13 |
Period in which the fourth quarter reporting period is 14 weeks | '6 years |
Number of weeks in fourth quarter of every 6 years | 14 |
Number of weeks in 2012 fiscal year fourth quarter | 14 |
Minimum [Member] | ' |
Accounting periods [Line Items] | ' |
Number of weeks in a fiscal reporting period | 52 |
Maximum [Member] | ' |
Accounting periods [Line Items] | ' |
Number of weeks in a fiscal reporting period | 53 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Sep. 23, 2012 | Sep. 23, 2012 | ||
Common Stock Class A and B [Member] | Common Stock Class A and B [Member] | Common Stock Class A and B [Member] | Common Stock Class A and B [Member] | Class C [Member] | Class C [Member] | Class C [Member] | Class C [Member] | Non-vested restricted stock [Member] | Non-vested restricted stock [Member] | |||||||||||
Earnings Per Share Basic And Diluted [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Stock repurchased during period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,264 | 3,264 | ' | ' | ' | ' | ||
Computation of basic and diluted earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net earnings | $4,546 | ' | ' | ' | ' | ' | $14,940 | ' | ' | $7,169 | ' | $16,064 | $486 | ' | $2,042 | ' | ' | ' | ||
Weighted average shares outstanding - Class A and B [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Basic (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 50,310 | 49,981 | 50,231 | 50,120 | 3,264 | [1] | ' | 3,264 | [1] | 3,264 | ' | ' |
Impact of non-vested restricted shares and performance-based restricted stock units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 280 | ' | 279 | ' | ' | ' | ' | ' | ' | ' | ||
Adjusted weighted average shares outstanding - Class A and B (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 50,590 | 49,981 | 50,510 | 50,120 | ' | ' | ' | ' | ' | ' | ||
Net earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Basic earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.09 | $0.14 | $0.30 | $0.32 | $0.15 | ' | $0.63 | ' | ' | ' | ||
Diluted - Class A and B common stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.09 | $0.14 | $0.30 | $0.32 | ' | ' | ' | ' | ' | ' | ||
Numerator for basic net earnings for each class of common stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net earnings | 4,546 | 6,601 | 3,793 | 7,698 | 7,611 | 2,919 | 14,940 | 18,228 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Minimum dividend | ' | ' | ' | 218 | 464 | 464 | ' | ' | ' | 0 | ' | 0 | 218 | ' | 1,145 | ' | 0 | 0 | ||
Total undistributed net earnings | ' | ' | ' | $7,480 | ' | ' | ' | $17,083 | ' | $7,169 | ' | $16,064 | $268 | ' | $897 | ' | $43 | $122 | ||
Denominator for basic earnings for each class of common stock [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 50,310 | 49,981 | 50,231 | 50,120 | 3,264 | [1] | ' | 3,264 | [1] | 3,264 | ' | ' |
Basic net earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Basic earnings per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.09 | $0.14 | $0.30 | $0.32 | $0.15 | ' | $0.63 | ' | ' | ' | ||
[1] | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. |
EARNINGS_PER_SHARE_DILUTED_Det
EARNINGS PER SHARE, DILUTED (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Sep. 23, 2012 | Dec. 30, 2012 | ||
Class A and B [Member] | Class A and B [Member] | Class A and B [Member] | Class A and B [Member] | Class A [Member] | Class A [Member] | Class A [Member] | Class B [Member] | Class B [Member] | Class B [Member] | Class C [Member] | Class C [Member] | Class C [Member] | |||
Option One [Member] | Option Two [Member] | Option Two [Member] | |||||||||||||
Numerator for diluted net earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Dividends on class A and B common stock | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Total undistributed earnings | ' | 7,169 | ' | 16,064 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Net earnings | ' | $7,169 | ' | $16,064 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Denominator for diluted net earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average shares outstanding (in shares) | 50,590,000 | 49,981,000 | 50,510,000 | 50,120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Diluted net earnings per share (in dollars per share) | $0.09 | $0.14 | $0.30 | $0.32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | 629,000 | 629,000 | ' | ' | ' | ' | ||
Class C common stock equivalents (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ||
Conversion of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Weighted average shares outstanding (in shares) | 50,310,000 | 49,981,000 | 50,231,000 | 50,120,000 | ' | ' | ' | ' | ' | ' | 3,264,000 | [1] | 3,264,000 | [1] | 3,264,000 |
Number of shares that could be issued in stock conversion (in shares) | ' | ' | ' | ' | 1.36397 | 1.36397 | 0.248243 | ' | ' | 1.115727 | ' | ' | ' | ||
Aggregate number of shares that could be issued in stock conversion (in shares) | ' | ' | ' | ' | 4,452,000 | 4,452,000 | 810,000 | ' | ' | 3,642,000 | ' | ' | ' | ||
[1] | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. |
VARIABLE_INTEREST_ENTITY_Detai
VARIABLE INTEREST ENTITY (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
VARIABLE INTEREST ENTITY [Abstract] | ' |
Purchase price of assets of variable interest entity | $2,038 |
Consolidation of net assets of variable interest entity | $1,164 |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Inventory, net [Abstract] | ' | ' |
Paper and supplies | $2,079 | $2,950 |
Work in process | 33 | 84 |
Less obsolescence reserve | -91 | -90 |
Inventories, net | $2,021 | $2,944 |
RECEIVABLES_Details
RECEIVABLES (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Allowance for doubtful accounts | $2,575 | $2,468 |
Discounted rate of note estimated fair value (in hundredths) | 3.22% | 3.08% |
Notes Receivable [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Note receivable | 594 | 772 |
Notes receivable estimated fair value | ' | 738 |
Discounted rate of note estimated fair value (in hundredths) | ' | 6.25% |
Promissory Note [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Note receivable | ' | $772 |
Bearing interest rate (in hundredths) | ' | 3.00% |
Promissory note repayable period | ' | '3 years |
IMPAIRMENT_OF_LONGLIVED_ASSETS1
IMPAIRMENT OF LONG-LIVED ASSETS (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Impairment of Long-Lived Assets [Line Items] | ' | ' |
Impairment of long-lived assets | $238 | $493 |
Broadcasting [Member] | ' | ' |
Impairment of Long-Lived Assets [Line Items] | ' | ' |
Impairment of long-lived assets | $238 | ' |
GOODWILL_AND_OTHER_INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 |
Publishing [Member] | Publishing [Member] | Broadcasting [Member] | Broadcasting [Member] | Broadcasting [Member] | Broadcasting [Member] | Network Affiliation Agreements [Member] | Network Affiliation Agreements [Member] | Customer Lists [Member] | Customer Lists [Member] | Customer Lists [Member] | Customer Lists [Member] | Non-compete Agreements [Member] | Non-compete Agreements [Member] | Trade Names [Member] | Other [Member] | Other [Member] | ||||||
WNOX FM [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||
Finite-Lived Intangibles [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' | ' | '5 years | '15 years | ' | ' | '25 years | ' | ' |
Significant adverse changes in value of assets | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense | 758 | 363 | 2,282 | 1,312 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense for 2013 | 3,102 | ' | 3,102 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense for 2014 | 3,008 | ' | 3,008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense for 2015 | 2,999 | ' | 2,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense for 2016 | 2,999 | ' | 2,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense for 2017 | 2,999 | ' | 2,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | 86,075 | ' | 86,075 | ' | 86,075 | ' | ' | ' | ' | ' | ' | 70,430 | 70,430 | 4,209 | 4,209 | ' | ' | 8,710 | 8,710 | ' | 2,726 | 2,726 |
Accumulated Amortization | -25,623 | ' | -25,623 | ' | -23,341 | ' | ' | ' | ' | ' | ' | -11,617 | -9,499 | -3,689 | -3,583 | ' | ' | -8,710 | -8,701 | ' | -1,607 | -1,558 |
Net Carrying Amount | 60,452 | ' | 60,452 | ' | 62,734 | ' | ' | ' | ' | ' | ' | 58,813 | 60,931 | 520 | 626 | ' | ' | 0 | 9 | ' | 1,119 | 1,168 |
Indefinite-lived Intangibles [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net carrying value of broadcast licenses | 135,409 | ' | 135,409 | ' | 129,566 | ' | ' | ' | 135,409 | 129,566 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 124,430 | ' | 124,430 | ' | 125,818 | 2,934 | 2,934 | ' | 121,496 | 122,844 | 112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill adjustments during the period | ' | ' | ' | ' | ' | ' | ' | $1,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
WORKFORCE_REDUCTIONS_AND_BUSIN2
WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 29, 2013 |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance as of December 30, 2012 | ' | $809 |
Charge for Separation Benefits | 80 | 828 |
Payments for Separation Benefits | ' | -1,027 |
Balance as of September 29, 2013 | 610 | 610 |
Broadcasting [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance as of December 30, 2012 | ' | 0 |
Charge for Separation Benefits | ' | 56 |
Payments for Separation Benefits | ' | 0 |
Balance as of September 29, 2013 | 56 | 56 |
Publishing [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance as of December 30, 2012 | ' | 809 |
Charge for Separation Benefits | ' | 772 |
Payments for Separation Benefits | ' | -1,027 |
Balance as of September 29, 2013 | $554 | $554 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Jurisdiction | |
Income Tax Contingency [Line Items] | ' |
Number of state and local jurisdictions | 15 |
Unrecognized tax benefits that would impact effective tax rate | $745 |
Accrued income tax expense and penalties | 267 |
Interest on income taxes expense | 26 |
Unrecognized tax benefits and related interest to be recognized due to settlements with income tax authorities | $108 |
Unrecognized tax benefits and related interest to be recognized due to settlements with income tax authorities period | '12 months |
Federal Jurisdiction [Member] | ' |
Income Tax Contingency [Line Items] | ' |
Statute of limitations for assessing additional taxes | '3 years |
State and Local Jurisdiction [Member] | Minimum [Member] | ' |
Income Tax Contingency [Line Items] | ' |
Statute of limitations for assessing additional taxes | '3 years |
State and Local Jurisdiction [Member] | Maximum [Member] | ' |
Income Tax Contingency [Line Items] | ' |
Statute of limitations for assessing additional taxes | '4 years |
GUARANTEES_Details
GUARANTEES (Details) (USD $) | Sep. 29, 2013 |
In Thousands, unless otherwise specified | |
GUARANTEES [Abstract] | ' |
Potential obligation pursuant to guarantee | $593 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Mar. 31, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Pension Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Other Postretirement Benefits [Member] | Qualified Defined Benefit Pension Plan [Member] | Qualified Defined Benefit Pension Plan [Member] | Unfunded Non-Qualified Pension Plan [Member] | |||
Minimum [Member] | |||||||||||||
Components of net periodic benefit (income) costs for our defined benefit and non-qualified pension plans and our postretirement health benefit plan [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | $0 | $0 | $0 | $0 | $14 | $3 | $42 | $10 | ' | ' | ' |
Interest cost | ' | ' | 1,752 | 1,895 | 5,258 | 5,683 | 95 | 158 | 285 | 473 | ' | ' | ' |
Expected return on plan assets | ' | ' | -1,831 | -2,114 | -5,493 | -6,341 | ' | ' | ' | ' | ' | ' | ' |
Amortization of: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized prior service cost | ' | ' | -3 | -3 | -8 | -8 | -55 | -55 | -165 | -164 | ' | ' | ' |
Unrecognized net loss | ' | ' | 697 | 510 | 2,090 | 1,529 | 0 | 47 | 0 | 141 | ' | ' | ' |
Unrecognized net transition obligation | ' | ' | ' | ' | ' | ' | 0 | 138 | 0 | 410 | ' | ' | ' |
Net periodic benefit cost included in total operating costs included in total operating costs and expenses and selling and administrative expenses | ' | ' | 615 | 288 | 1,847 | 863 | 54 | 291 | 162 | 870 | ' | ' | ' |
Employer contributions to defined benefit pension plan | 2,300 | 400 | ' | ' | ' | ' | ' | ' | ' | ' | 2,710 | 910 | ' |
Employer voluntary additional contributions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,800 | ' | ' |
Expected future benefit payments in the remainder of fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $476 |
NOTES_PAYABLE_Details
NOTES PAYABLE (Details) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 30, 2012 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Aug. 13, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 |
Period | Note | Class A [Member] | Class C [Member] | Class C [Member] | Unsecured Subordinated Notes Payable [Member] | Unsecured Subordinated Notes Payable [Member] | Unsecured Subordinated Notes Payable [Member] | LIBOR [Member] | LIBOR [Member] | Federal Funds Rate [Member] | One Month LIBOR [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |
Note | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | LIBOR [Member] | LIBOR [Member] | Federal Funds Rate [Member] | One Month LIBOR [Member] | ||||||||||||||||
Installment | ||||||||||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $350,000 | ' | ' | ' | ' | ' | ' | ' | $150,000 | ' | $200,000 |
Expiration date of secured credit facility | ' | 5-Dec-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured term loan facility amortized percentage (in hundredths) | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Line of Credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,500 | ' | 62,660 | ' |
Incremental commitments, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | 'Federal Funds Rate | 'one-month LIBOR | ' | ' | ' | ' |
Debt instruments basis spread on variable rate (in basis points) | ' | ' | ' | ' | ' | ' | ' | ' | 0.015 | 0.025 | 0.005 | 0.01 | ' | ' | 0.005 | 0.015 | 0.02 | 0.023 | ' | ' | ' | ' | ' | ' |
Consolidated funded debt ratio of financial covenant as a multiple | 3.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum interest coverage ratio of financial covenant as a multiple | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fiscal quarter period preceding the date of determination of ratio | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings | 205,160 | 230,095 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility's weighted average interest rate (in hundredths) | 2.25% | 2.53% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fees in connection with the credit facility | 4,011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of secured credit facility | 197,764 | 224,752 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discounted cash flows interest rate for fair value of debt (in hundredths) | 3.22% | 3.08% | ' | ' | ' | 7.05% | 7.26% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled minimum repayments of secured loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2013 | ' | ' | ' | ' | ' | 2,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,750 | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | 2,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | 2,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | 2,656 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' |
Thereafter | ' | ' | ' | ' | ' | 5,311 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,750 | ' | ' | ' |
Stock repurchased during period (in shares) | ' | ' | ' | 3,264,000 | 3,264,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for repurchase of common stock | ' | ' | ' | ' | 6,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of promissory notes issued | ' | 4 | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of promissory notes | ' | ' | ' | ' | ' | ' | ' | 25,599 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of notes issued (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 7.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trading days to consider weighted average price | ' | ' | ' | ' | ' | ' | '5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average price of shares (in dollars per share) | ' | ' | $5.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares that could be issued in stock conversion (in shares) | ' | ' | 1.36397 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate number of shares that could be issued in stock conversion (in shares) | ' | ' | 4,452,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note payable repaid on September 21, 2012 | ' | ' | ' | ' | ' | 1,340 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of remaining subordinated notes | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total remaining principle amount of eight subordinated notes | 13,279 | 13,279 | ' | ' | ' | 15,935 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of installments payable for remaining eight notes | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of unsecured subordinated notes payable | ' | ' | ' | ' | ' | 15,955 | 16,188 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note payable due on December 31, 2012 | ' | ' | ' | ' | ' | ' | 8,324 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured subordinated notes payable | ' | ' | ' | ' | ' | $15,935 | $15,935 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $396 | $372 | $1,689 | $1,346 |
Total income tax benefit recognized related to stock-based compensation | 161 | 144 | 678 | 538 |
Total unrecognized compensation cost related to stock-based compensation awards | 2,214 | ' | 2,214 | ' |
Total unrecognized compensation cost, period for recognition | ' | ' | '1 year 3 months 18 days | ' |
Common Stock Class A and B [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares available for issuance under the 2007 Plan | 4,800 | ' | 4,800 | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Shares [Abstract] | ' | ' | ' | ' |
Non-vested at December 30, 2012 (in shares) | ' | ' | 538 | ' |
Granted (in shares) | ' | ' | 226 | ' |
Vested (in shares) | ' | ' | -276 | ' |
Forfeited (in shares) | ' | ' | -10 | ' |
Non-vested at September 29, 2013 (in shares) | 478 | ' | 478 | ' |
Weighted Average Fair Value [Abstract] | ' | ' | ' | ' |
Non-vested at December 30, 2012 (in dollars per share) | ' | ' | $5.30 | ' |
Granted (in dollars per share) | ' | ' | $6.40 | ' |
Vested (in dollars per share) | ' | ' | $5.30 | ' |
Forfeited (in dollars per share) | ' | ' | $5.53 | ' |
Non-vested at September 29, 2013 (in dollars per share) | $5.82 | ' | $5.82 | ' |
Total fair value of shares vesting | ' | ' | 1,462 | ' |
SAR [Abstract] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | 226 | ' |
Forfeited (in shares) | ' | ' | 10 | ' |
Restricted Stock [Member] | Minimum [Member] | ' | ' | ' | ' |
Weighted Average Fair Value [Abstract] | ' | ' | ' | ' |
Award vesting period (in years) | ' | ' | '1 year | ' |
Restricted Stock [Member] | Maximum [Member] | ' | ' | ' | ' |
Weighted Average Fair Value [Abstract] | ' | ' | ' | ' |
Award vesting period (in years) | ' | ' | '4 years | ' |
Performance Units [Member] | ' | ' | ' | ' |
Shares [Abstract] | ' | ' | ' | ' |
Non-vested at December 30, 2012 (in shares) | ' | ' | 77 | ' |
Granted (in shares) | ' | ' | 74 | ' |
Vested (in shares) | ' | ' | 0 | ' |
Forfeited (in shares) | ' | ' | 0 | ' |
Non-vested at September 29, 2013 (in shares) | 151 | ' | 151 | ' |
Weighted Average Fair Value [Abstract] | ' | ' | ' | ' |
Non-vested at December 30, 2012 (in dollars per share) | ' | ' | $5.59 | ' |
Granted (in dollars per share) | ' | ' | $6.33 | ' |
Vested (in dollars per share) | ' | ' | $0 | ' |
Forfeited (in dollars per share) | ' | ' | $0 | ' |
Non-vested at September 29, 2013 (in dollars per share) | $5.95 | ' | $5.95 | ' |
SAR [Abstract] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | 74 | ' |
Forfeited (in shares) | ' | ' | 0 | ' |
Stock Appreciation Rights [Member] | ' | ' | ' | ' |
Shares [Abstract] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | 0 | ' |
Forfeited (in shares) | ' | ' | 0 | ' |
Weighted Average Fair Value [Abstract] | ' | ' | ' | ' |
Award vesting period (in years) | ' | ' | '3 years | ' |
Stock appreciation rights [Abstract] | ' | ' | ' | ' |
Term during which any SAR may be exercised | ' | ' | '10 years | ' |
Escalating price per year on outstanding stock based payment awards (in hundredths) | ' | ' | 6.00% | ' |
SAR [Abstract] | ' | ' | ' | ' |
Outstanding and exercisable (in shares) | ' | ' | 1,083 | ' |
Granted (in shares) | ' | ' | 0 | ' |
Exercised (in shares) | ' | ' | -341 | ' |
Forfeited (in shares) | ' | ' | 0 | ' |
Expired (in shares) | ' | ' | 0 | ' |
Outstanding and exercisable (in shares) | 742 | ' | 742 | ' |
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' |
Outstanding and exercisable (in dollars per share) | ' | ' | $11.26 | ' |
Exercised (in dollars per share) | ' | ' | $7.57 | ' |
Outstanding and exercisable (in dollars per share) | $13.30 | ' | $13.30 | ' |
Weighted Average Contractual Term Remaining (years) [Abstract] | ' | ' | ' | ' |
Outstanding and exercisable | ' | ' | '4 years 7 months 6 days | ' |
Outstanding and exercisable | '3 years 10 months 24 days | ' | '3 years 10 months 24 days | ' |
Aggregate intrinsic value of the SARs exercised | 563 | ' | 563 | ' |
Aggregate intrinsic value of the SARs outstanding and exercisable | $18 | ' | $18 | ' |
Unrestricted and Non-Vested Restricted Stock Grants [Member] | ' | ' | ' | ' |
Shares [Abstract] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 241 |
Vested (in shares) | ' | ' | ' | -140 |
Weighted Average Fair Value [Abstract] | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | ' | $4.92 |
SAR [Abstract] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 241 |
Unrestricted and Non-Vested Restricted Stock Grants [Member] | Non-Employee Directors [Member] | ' | ' | ' | ' |
Shares [Abstract] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 79 |
SAR [Abstract] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 79 |
Unrestricted and Non-Vested Restricted Stock Grants [Member] | Employees [Member] | ' | ' | ' | ' |
Shares [Abstract] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 162 |
SAR [Abstract] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | ' | 162 |
2007 Journal Communications, Inc. Omnibus Incentive Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares available for issuance under the 2007 Plan | 2,279 | ' | 2,279 | ' |
Employee Stock Purchase Plan [Member] | ' | ' | ' | ' |
Shares [Abstract] | ' | ' | ' | ' |
Non-vested at September 29, 2013 (in shares) | 2,162 | ' | 2,162 | ' |
Weighted Average Contractual Term Remaining (years) [Abstract] | ' | ' | ' | ' |
Purchase price of common stock percent (in hundredths) | ' | ' | 90.00% | ' |
Employee stock purchase plan discount percent (in hundredths) | ' | ' | 10.00% | ' |
Employee Stock Purchase Plan [Member] | Class B Common Stock [Member] | ' | ' | ' | ' |
Shares [Abstract] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | 27 | ' |
Weighted Average Fair Value [Abstract] | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | $6.74 | ' |
SAR [Abstract] | ' | ' | ' | ' |
Granted (in shares) | ' | ' | 27 | ' |
Weighted Average Contractual Term Remaining (years) [Abstract] | ' | ' | ' | ' |
Common stock authorized for sale under the plan | 3,000 | ' | 3,000 | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Sep. 23, 2012 | Sep. 29, 2013 | Dec. 30, 2012 |
Note | Unsecured Subordinated Promissory Notes [Member] | Unsecured Subordinated Promissory Notes [Member] | Unsecured Subordinated Promissory Notes [Member] | Class C [Member] | Class C [Member] | Class B [Member] | |
Note | Judith Abert Meissner Marital Trust [Member] | Mr. Meissner [Member] | Judith Abert Meissner Marital Trust [Member] | ||||
Note | Note | Minimum [Member] | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock repurchased during period (in shares) | ' | ' | ' | ' | 3,264 | 3,264 | ' |
Payments for repurchase of common stock | ' | ' | ' | ' | ' | $6,246 | ' |
Number of promissory notes issued | 4 | 15 | 1 | 3 | ' | ' | ' |
Aggregate principal amount of promissory notes | ' | 25,599 | 7,617 | 752 | ' | ' | ' |
Interest rate of notes issued (in hundredths) | ' | 7.25% | ' | ' | ' | ' | ' |
Beneficial ownership percentage (in hundredths) | ' | ' | ' | ' | ' | ' | 5.00% |
Frequency of periodic payment | 'six equal annual installments on September 30 of each of 2013, 2014, 2015, 2016, 2017 and 2018 | ' | ' | ' | ' | ' | ' |
Related party transaction amounts | $2,042 | ' | ' | ' | ' | ' | ' |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | ||
Changes in accumulated other comprehensive loss [Roll Forward] | ' | ' | ' | ' | ' | ' | ||
Beginning balance | ($54,958) | ($55,348) | ($55,739) | ' | ($55,739) | ' | ||
Other comprehensive income before reclassifications | 0 | 0 | 0 | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss | 391 | 390 | 391 | ' | ' | ' | ||
Net other comprehensive income (loss) | 391 | 390 | 391 | ' | ' | ' | ||
Ending balance | -54,567 | -54,958 | -55,348 | ' | -54,567 | ' | ||
Reclassification of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ' | ' | ' | ||
Operating costs and expenses | 57,426 | ' | ' | 53,052 | 165,764 | 150,737 | ||
Selling and administrative expenses | 30,733 | ' | ' | 31,135 | 96,734 | 92,023 | ||
Total reclassifications for the period | -391 | -390 | -391 | ' | ' | ' | ||
Broadcasting [Member] | ' | ' | ' | ' | ' | ' | ||
Reclassification of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ' | ' | ' | ||
Operating costs and expenses | 32,964 | ' | ' | 27,243 | 91,142 | 72,639 | ||
Publishing [Member] | ' | ' | ' | ' | ' | ' | ||
Reclassification of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ' | ' | ' | ||
Operating costs and expenses | 24,900 | ' | ' | 26,057 | 75,202 | 78,563 | ||
Defined Benefit Pension and Postretirement Plans [Member] | ' | ' | ' | ' | ' | ' | ||
Changes in accumulated other comprehensive loss [Roll Forward] | ' | ' | ' | ' | ' | ' | ||
Beginning balance | -54,958 | -55,348 | -55,739 | ' | -55,739 | ' | ||
Other comprehensive income before reclassifications | 0 | 0 | 0 | ' | ' | ' | ||
Amounts reclassified from accumulated other comprehensive loss | 391 | 390 | 391 | ' | 1,172 | ' | ||
Net other comprehensive income (loss) | 391 | 390 | 391 | ' | ' | ' | ||
Ending balance | -54,567 | -54,958 | -55,348 | ' | -54,567 | ' | ||
Reclassification of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ' | ' | ' | ||
Total reclassifications for the period | -391 | -390 | -391 | ' | -1,172 | ' | ||
Defined Benefit Pension and Postretirement Plans [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | ' | ' | ' | ' | ' | ' | ||
Reclassification of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ' | ' | ' | ||
Prior service cost and unrecognized loss | -639 | [1] | ' | ' | ' | -1,917 | [1] | ' |
Selling and administrative expenses | 235 | ' | ' | ' | 709 | ' | ||
Income tax expense | 248 | ' | ' | ' | 745 | ' | ||
Defined Benefit Pension and Postretirement Plans [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | Broadcasting [Member] | ' | ' | ' | ' | ' | ' | ||
Reclassification of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ' | ' | ' | ||
Operating costs and expenses | 116 | ' | ' | ' | 332 | ' | ||
Defined Benefit Pension and Postretirement Plans [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | Publishing [Member] | ' | ' | ' | ' | ' | ' | ||
Reclassification of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ' | ' | ' | ||
Operating costs and expenses | $288 | ' | ' | ' | $876 | ' | ||
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 13 bEmployee Benefit Plansb for more information. Of the costs for the third quarter ended September 29, 2013, $116 is included in broadcasting operating costs and expenses, $288 is included in publishing operating costs and expenses, and $235 is included in selling and administrative expenses. Of the costs for the three quarters ended September 29, 2013, $332 is included in broadcasting operating costs and expenses, $876 is included in publishing operating costs and expenses, and $709 is included in selling and administrative expenses. |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | |||
Station | Station | |||||||
State | ||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||
Number of television stations | ' | ' | 15 | ' | ' | |||
Number of radio stations | 35 | ' | 35 | ' | ' | |||
Number of states where broadcasting segment operates | ' | ' | 12 | ' | ' | |||
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | ' | ' | ' | ' | ' | |||
Revenue | $97,691 | $97,755 | $293,598 | $275,528 | ' | |||
Operating earnings (loss) | 9,532 | 13,568 | 31,100 | 32,768 | ' | |||
Depreciation and amortization | 5,884 | 5,605 | 17,574 | 17,219 | ' | |||
Capital expenditures | 2,936 | 2,989 | 8,516 | 8,123 | ' | |||
Identifiable total assets | 608,511 | ' | 608,511 | ' | 625,803 | |||
Broadcasting [Member] | ' | ' | ' | ' | ' | |||
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | ' | ' | ' | ' | ' | |||
Revenue | 60,389 | 58,810 | 181,463 | 157,726 | ' | |||
Operating earnings (loss) | 8,097 | 12,975 | 29,945 | 32,813 | ' | |||
Depreciation and amortization | 3,938 | 3,172 | 11,798 | 9,549 | ' | |||
Capital expenditures | 2,576 | 2,327 | 6,191 | 6,634 | ' | |||
Identifiable total assets | 474,975 | ' | 474,975 | ' | 523,179 | |||
Publishing [Member] | ' | ' | ' | ' | ' | |||
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | ' | ' | ' | ' | ' | |||
Revenue | 37,739 | 39,193 | 112,717 | 118,267 | ' | |||
Operating earnings (loss) | 3,203 | 2,234 | 7,141 | 5,391 | ' | |||
Depreciation and amortization | 1,772 | 2,265 | 5,257 | 7,171 | ' | |||
Capital expenditures | 318 | 495 | 2,251 | 865 | ' | |||
Identifiable total assets | 96,986 | ' | 96,986 | ' | 104,162 | |||
Corporate Eliminations [Member] | ' | ' | ' | ' | ' | |||
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | ' | ' | ' | ' | ' | |||
Revenue | -437 | -248 | -582 | -465 | ' | |||
Corporate [Member] | ' | ' | ' | ' | ' | |||
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | ' | ' | ' | ' | ' | |||
Operating earnings (loss) | -1,768 | -1,641 | -5,986 | -5,436 | ' | |||
Depreciation and amortization | 174 | 168 | 519 | 499 | ' | |||
Capital expenditures | 42 | 167 | 74 | 624 | ' | |||
Identifiable total assets | $36,550 | [1] | ' | $36,550 | [1] | ' | ($1,538) | [1] |
[1] | In the second quarter of 2013, we revised our internal management reports to allocate deferred income tax assets entirely to our Corporate segment. |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Oct. 04, 2013 |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Amount of station sold as per agreement | $17,000 |
Pre-tax gain on sale | $9,000 |