Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 28, 2014 | Oct. 24, 2014 | Oct. 24, 2014 | |
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Entity Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'JOURNAL COMMUNICATIONS INC | ' | ' |
Entity Central Index Key | '0001232241 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
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 | ' | 45,140,605 | 5,772,575 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Sep-14 | ' | ' |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $1,738 | $1,912 |
Receivables, net | 68,621 | 66,670 |
Inventories, net | 2,390 | 2,191 |
Prepaid expenses and other current assets | 3,842 | 3,305 |
Syndicated programs | 2,644 | 2,816 |
Deferred income taxes | 2,449 | 2,508 |
Current assets of discontinued operations | 0 | 7,048 |
TOTAL CURRENT ASSETS | 81,684 | 86,450 |
Property and equipment, at cost, less accumulated depreciation of $251,890 and $246,531, respectively | 152,552 | 160,549 |
Syndicated programs | 3,311 | 5,162 |
Goodwill | 121,987 | 124,702 |
Broadcast licenses | 135,166 | 135,166 |
Other intangible assets, net | 55,648 | 57,763 |
Deferred income taxes | 13,566 | 20,125 |
Other assets | 5,258 | 6,101 |
TOTAL ASSETS | 569,172 | 596,018 |
Current liabilities: | ' | ' |
Accounts payable | 25,447 | 22,154 |
Accrued compensation | 11,341 | 9,134 |
Accrued employee benefits | 5,214 | 4,865 |
Deferred revenue | 18,221 | 15,459 |
Syndicated programs | 2,293 | 2,247 |
Accrued income taxes | 3,105 | 3,286 |
Other current liabilities | 5,767 | 5,560 |
Current portion of unsecured subordinated notes payable | 2,656 | 2,656 |
Current portion of long-term notes payable to banks | 15,000 | 15,000 |
Current portion of long-term liabilities | 261 | 276 |
Current liabilities of discontinued operations | 0 | 885 |
TOTAL CURRENT LIABILITIES | 89,305 | 81,522 |
Accrued employee benefits | 64,105 | 64,541 |
Syndicated programs | 3,837 | 5,741 |
Long-term notes payable to banks | 115,510 | 179,950 |
Unsecured subordinated notes payable | 10,623 | 10,623 |
Other long-term liabilities | 3,747 | 3,554 |
Equity: | ' | ' |
Additional paid-in capital | 258,194 | 256,734 |
Accumulated other comprehensive loss | -38,790 | -39,654 |
Retained earnings | 62,136 | 32,503 |
TOTAL EQUITY | 282,045 | 250,087 |
TOTAL LIABILITIES AND EQUITY | 569,172 | 596,018 |
Class B [Member] | ' | ' |
Equity: | ' | ' |
Common stock value | 55 | 57 |
Class A [Member] | ' | ' |
Equity: | ' | ' |
Common stock value | $450 | $447 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Property and equipment, accumulated depreciation | $251,890 | $246,531 |
Class B [Member] | ' | ' |
Equity: | ' | ' |
Common stock, authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock, issued (in shares) | 5,821,926 | 6,134,093 |
Common stock, outstanding (in shares) | 5,821,926 | 6,134,093 |
Class A [Member] | ' | ' |
Equity: | ' | ' |
Common stock, authorized (in shares) | 170,000,000 | 170,000,000 |
Common stock, issued (in shares) | 45,099,084 | 44,669,851 |
Common stock, outstanding (in shares) | 45,099,084 | 44,669,851 |
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. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Revenue: | ' | ' | ' | ' |
Total revenue | $105,138 | $96,920 | $306,449 | $289,901 |
Operating costs and expenses: | ' | ' | ' | ' |
Total operating costs and expenses | 57,596 | 56,643 | 165,612 | 163,412 |
Selling and administrative expenses | 33,384 | 30,190 | 97,266 | 95,097 |
Total operating costs and expenses and selling and administrative expenses | 90,980 | 86,833 | 262,878 | 258,509 |
Operating earnings | 14,158 | 10,087 | 43,571 | 31,392 |
Other income and (expense): | ' | ' | ' | ' |
Interest expense | -1,436 | -1,889 | -4,656 | -5,929 |
Other | 0 | 0 | 0 | -188 |
Net total other income and (expense) | -1,436 | -1,889 | -4,656 | -6,117 |
Earnings from continuing operations before income taxes | 12,722 | 8,198 | 38,915 | 25,275 |
Provision for income taxes | 5,676 | 3,214 | 15,259 | 10,104 |
Earnings from continuing operations | 7,046 | 4,984 | 23,656 | 15,171 |
Earnings from discontinued operations, net of ($46), ($117), $4,047 and ($61) applicable income tax provision, respectively | -23 | -438 | 5,977 | -231 |
Net earnings | 7,023 | 4,546 | 29,633 | 14,940 |
Basic - Class A and B common stock: [Abstract] | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.14 | $0.10 | $0.47 | $0.30 |
Discontinued operations (in dollars per share) | $0 | ($0.01) | $0.12 | $0 |
Net earnings per share - basic (in dollars per share) | $0.14 | $0.09 | $0.59 | $0.30 |
Diluted - Class A and B common stock: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.14 | $0.10 | $0.47 | $0.30 |
Discontinued operations (in dollars per share) | $0 | ($0.01) | $0.12 | $0 |
Net earnings per share - diluted (in dollars per share) | $0.14 | $0.09 | $0.59 | $0.30 |
Television [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 47,952 | 39,050 | 140,868 | 121,478 |
Operating costs and expenses: | ' | ' | ' | ' |
Total operating costs and expenses | 24,429 | 22,478 | 69,516 | 64,493 |
Radio [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 21,616 | 20,568 | 57,021 | 56,288 |
Operating costs and expenses: | ' | ' | ' | ' |
Total operating costs and expenses | 9,796 | 9,703 | 24,073 | 24,297 |
Publishing [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 35,684 | 37,739 | 108,920 | 112,717 |
Operating costs and expenses: | ' | ' | ' | ' |
Total operating costs and expenses | 23,485 | 24,900 | 72,383 | 75,202 |
Operating earnings | 2,594 | 3,203 | 5,823 | 7,141 |
Corporate Eliminations [Member] | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | -114 | -437 | -360 | -582 |
Operating costs and expenses: | ' | ' | ' | ' |
Total operating costs and expenses | ($114) | ($438) | ($360) | ($580) |
Unaudited_Condensed_Consolidat3
Unaudited Condensed Consolidated Statements of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Unaudited Condensed Consolidated Statements of Operations [Abstract] | ' | ' | ' | ' |
Income tax provision (benefit) applied from discontinued operations | ($46) | ($117) | $4,047 | ($61) |
Unaudited_Condensed_Consolidat4
Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Unaudited Condensed Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $7,023 | $4,546 | $29,633 | $14,940 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Change in pension and postretirement liabilities, net of tax of $183, $248, $555, and $745, respectively | 290 | 391 | 864 | 1,172 |
Comprehensive income | $7,313 | $4,937 | $30,497 | $16,112 |
Unaudited_Condensed_Consolidat5
Unaudited Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Other comprehensive income, net of tax: | ' | ' | ' | ' |
Change in pension and postretirement liabilities, tax | $183 | $248 | $555 | $745 |
Unaudited_Condensed_Consolidat6
Unaudited Condensed Consolidated Statements of Equity (USD $) | Common Stock [Member] | Common Stock [Member] | Additional Paid-in-Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings (Deficit) [Member] | Total |
In Thousands, unless otherwise specified | Class B [Member] | Class A [Member] | ||||
Balance at Dec. 30, 2012 | $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 | 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 | 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 | 58 | 446 | 256,367 | -54,567 | 21,242 | 223,546 |
Balance at Dec. 29, 2013 | 57 | 447 | 256,734 | -39,654 | 32,503 | 250,087 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | ' | ' | 12,187 | 12,187 |
Comprehensive income, net of tax | ' | ' | ' | 285 | ' | 285 |
Issuance of shares: | ' | ' | ' | ' | ' | ' |
Conversion of class B to class A | -1 | 1 | ' | ' | ' | 0 |
Stock grants | 2 | ' | 7 | ' | ' | 9 |
Employee stock purchase plan | ' | ' | 150 | ' | ' | 150 |
Shares withheld from employees for tax withholding | -1 | ' | -589 | ' | ' | -590 |
Stock-based compensation | ' | ' | 548 | ' | ' | 548 |
Income tax benefits from vesting of restricted stock | ' | ' | 227 | ' | ' | 227 |
Balance at Mar. 30, 2014 | 57 | 448 | 257,077 | -39,369 | 44,690 | 262,903 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | ' | ' | 10,423 | 10,423 |
Comprehensive income, net of tax | ' | ' | ' | 289 | ' | 289 |
Issuance of shares: | ' | ' | ' | ' | ' | ' |
Conversion of class B to class A | -1 | 1 | ' | ' | ' | 0 |
Stock grants | ' | ' | 315 | ' | ' | 315 |
Shares withheld from employees for tax withholding | ' | ' | -4 | ' | ' | -4 |
Stock-based compensation | ' | ' | 333 | ' | ' | 333 |
Income tax benefits from vesting of restricted stock | ' | ' | 2 | ' | ' | 2 |
Balance at Jun. 29, 2014 | 56 | 449 | 257,723 | -39,080 | 55,113 | 274,261 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net earnings | ' | ' | ' | ' | 7,023 | 7,023 |
Comprehensive income, net of tax | ' | ' | ' | 290 | ' | 290 |
Issuance of shares: | ' | ' | ' | ' | ' | ' |
Conversion of class B to class A | -1 | 1 | ' | ' | ' | 0 |
Stock grants | ' | ' | 13 | ' | ' | 13 |
Employee stock purchase plan | ' | ' | 152 | ' | ' | 152 |
Shares withheld from employees for tax withholding | ' | ' | -47 | ' | ' | -47 |
Stock-based compensation | ' | ' | 334 | ' | ' | 334 |
Income tax benefits from vesting of restricted stock | ' | ' | 19 | ' | ' | 19 |
Balance at Sep. 28, 2014 | $55 | $450 | $258,194 | ($38,790) | $62,136 | $282,045 |
Unaudited_Condensed_Consolidat7
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 |
Cash flow from operating activities: | ' | ' |
Net earnings | $29,633 | $14,940 |
Less earnings from discontinued operations | 5,977 | -231 |
Earnings from continuing operations | 23,656 | 15,171 |
Adjustments for non-cash items: | ' | ' |
Depreciation | 14,339 | 14,922 |
Amortization | 2,115 | 2,146 |
Provision for doubtful accounts | 226 | 112 |
Deferred income taxes | 6,310 | 8,400 |
Non-cash stock-based compensation | 1,583 | 1,689 |
Net (gain) loss from disposal of assets | -44 | -209 |
Insurance recoveries, net | 0 | -283 |
Impairment of long-lived assets | 0 | 238 |
Net changes in operating assets and liabilities, excluding effect of sales and acquisitions: | ' | ' |
Receivables | -1,028 | 2,263 |
Inventories | -199 | 923 |
Accounts payable | 3,293 | -6,833 |
Other assets and liabilities | 6,147 | -3,210 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 56,398 | 35,329 |
Cash flow from investing activities: | ' | ' |
Capital expenditures for property and equipment | -6,433 | -8,406 |
Proceeds from sales of assets | 136 | 671 |
Acquisition of business | 0 | -5,655 |
NET CASH USED FOR INVESTING ACTIVITIES | -6,297 | -13,390 |
Cash flow from financing activities: | ' | ' |
Proceeds from long-term notes payable to banks | 157,365 | 139,275 |
Payments on long-term notes payable to banks | -221,805 | -164,210 |
Principal payments under capital lease obligations | -59 | -43 |
Proceeds from issuance of common stock, net | 271 | 259 |
Income tax benefits from vesting of restricted stock | 248 | 68 |
NET CASH USED FOR FINANCING ACTIVITIES | -63,980 | -24,651 |
Cash flow from discontinued operations: | ' | ' |
Net operating activities | -2,869 | 1,771 |
Net investing activities | 16,574 | 260 |
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 13,705 | 2,031 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -174 | -681 |
Cash and cash equivalents: | ' | ' |
Beginning of year | 1,912 | 2,429 |
At September 28, 2014 and September 29, 2013 | $1,738 | $1,748 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended | |
Sep. 28, 2014 | ||
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 29, 2013 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 28, 2014 are not necessarily indicative of the operating results that may be expected for the fiscal year ending December 28, 2014. 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 29, 2013. | ||
On July 30, 2014, we entered into an agreement with The E.W. Scripps Company ("Scripps") to merge our broadcast operations and spin-off and then merge our newspaper businesses, creating two separately traded public companies. The merged broadcast and digital media company, based in Cincinnati, Ohio, will retain the Scripps name. The newspaper company will be called Journal Media Group and will combine Scripps' daily newspapers, community publications and related digital products in 13 markets with Journal Communications' Milwaukee Journal Sentinel, Wisconsin community publications and affiliated digital products. The company will be headquartered in Milwaukee, Wisconsin. | ||
In connection with the transactions, each share of our then outstanding class A and class B common stock will receive 0.5176 Scripps class A common shares and 0.1950 shares of Journal Media Group common stock, and each Scripps class A common share and common voting share then outstanding will receive 0.2500 shares of Journal Media Group common stock. Immediately following consummation of the transactions, holders of our common stock will own approximately 41% of the common shares of Journal Media Group and approximately 31% of the common shares of Scripps, in the form of Scripps class A common shares. Scripps shareholders will retain approximately 69% ownership in Scripps, with the Scripps family retaining its controlling interest in Scripps through its ownership of common voting shares. Scripps shareholders will own approximately 59% of the common shares of Journal Media Group. Journal Media Group will have one class of stock and no controlling shareholder. | ||
The boards of directors of both companies have approved the transactions, which are subject to customary regulatory and shareholder approvals. The deal is expected to close in the first half of 2015. For more information regarding the transaction, please see our Current Report on Form 8-K dated July 30, 2014, which was filed with the Securities and Exchange Commission (the "SEC") on July 31, 2014. | ||
During the first quarter of 2014, we made an organizational change to our leadership team in our broadcasting segment reflecting focus on our two primary businesses: television and radio. As a result of this organizational change, we now have four reportable segments: television, radio, publishing and corporate. Our television segment consists of 14 television stations in 8 states that we own or to which we provide services. Our radio segment consists of 35 radio stations in 8 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 publications, primarily in southeastern Wisconsin. Our corporate segment consists of unallocated corporate expenses and revenue eliminations. Prior periods have been updated to reflect our new segment structure. See Note 20 - "Segment Reporting". For more information concerning the change in our reportable segments, please see our Current Report on Form 8-K dated and filed with the SEC on October 24, 2014. | ||
ACCOUNTING_PERIODS
ACCOUNTING PERIODS | 9 Months Ended | |
Sep. 28, 2014 | ||
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. |
NEW_ACCOUNTING_STANDARDS
NEW ACCOUNTING STANDARDS | 9 Months Ended | |
Sep. 28, 2014 | ||
NEW ACCOUNTING STANDARDS [Abstract] | ' | |
NEW ACCOUNTING STANDARDS | ' | |
3 | NEW ACCOUNTING STANDARDS | |
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-08 (ASU 2014-08) "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. It is effective for annual periods beginning on or after December 15, 2014. Early adoption is permitted but only for disposals that have not been reported in financial statements previously issued. We adopted this guidance in the third quarter of 2014. | ||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09) amending revenue recognition guidance and requiring more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for annual and interim reporting periods beginning after December 15, 2016, with early adoption prohibited. We are currently in the process of evaluating the impact of the adoption on our consolidated financial statements. | ||
In June 2014, the FASB issued Accounting Standards Update No. 2014-12 (ASU 2014-12) amending the requirement that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The guidance is effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. We are currently in the process of evaluating the impact of the adoption on our consolidated financial statements. | ||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||||||
4 | EARNINGS PER SHARE | ||||||||||||||||
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. 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. | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share as of September 28, 2014 and September 29, 2013 for class A and B common stock: | |||||||||||||||||
Third Quarter Ended | Third Quarter Ended | Three Quarters Ended | Three Quarters Ended | ||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Earnings from continuing operations | $ | 7,046 | $ | 4,984 | $ | 23,656 | $ | 15,171 | |||||||||
Earnings from discontinued operations, net of tax | (23 | ) | (438 | ) | 5,977 | (231 | ) | ||||||||||
Net earnings | $ | 7,023 | $ | 4,546 | $ | 29,633 | $ | 14,940 | |||||||||
Weighted average shares outstanding - Class A and B: | |||||||||||||||||
Basic | 50,573 | 50,310 | 50,510 | 50,231 | |||||||||||||
Impact of non-vested restricted shares and performance-based restricted stock units | 202 | 280 | 202 | 279 | |||||||||||||
Adjusted weighted average shares outstanding - Class A and B | 50,775 | 50,590 | 50,712 | 50,510 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic - Class A and B common stock: | |||||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.1 | $ | 0.47 | $ | 0.3 | |||||||||
Discontinued operations | - | (0.01 | ) | 0.12 | - | ||||||||||||
Net earnings per share - basic | $ | 0.14 | $ | 0.09 | $ | 0.59 | $ | 0.3 | |||||||||
Diluted - Class A and B common stock: | |||||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.1 | $ | 0.47 | $ | 0.3 | |||||||||
Discontinued operations | - | (0.01 | ) | 0.12 | - | ||||||||||||
Net earnings per share - diluted | $ | 0.14 | $ | 0.09 | $ | 0.59 | $ | 0.3 | |||||||||
For the third quarter and three quarters of 2014, 336 non-vested restricted class B common shares and 202 performance-based restricted stock units are not included in the computation of diluted earnings per share because they are anti-dilutive. |
VARIABLE_INTEREST_ENTITY
VARIABLE INTEREST ENTITY | 9 Months Ended | |
Sep. 28, 2014 | ||
VARIABLE INTEREST ENTITY [Abstract] | ' | |
VARIABLE INTEREST ENTITY | ' | |
5 | VARIABLE INTEREST ENTITY | |
In March 2014, Journal Broadcast Group entered into agreements with Spartan-TV, L.L.C. ("Spartan"), which is the licensee of television station WHTV in Lansing, Michigan. Under a joint sales agreement, we sell the advertising time on WHTV and provide sales-related services. We also provide Spartan with studio and office space to use in the operation of WHTV pursuant to a separate agreement. Spartan maintains complete responsibility for and control over the programming, finances, personnel and operations of WHTV. We will continue to provide services to WHTV under these agreements until the termination of such agreements. The initial term of these agreements is three years, unless terminated earlier in accordance with their terms. In addition, we have an option to purchase the assets and assume the liabilities of WHTV under certain circumstances in the future. As a result of rule changes recently announced by the FCC relating to joint sales agreements, these agreements will need to be modified or terminated prior to the end of their initial term unless a waiver can be obtained from the FCC. | ||
We have determined that we have a variable interest in WHTV. We have evaluated our arrangements with Spartan and determined that we are not the primary beneficiary of the variable interests because we do not have the ultimate power to direct the activities that most significantly impact the economic performance of the station, including the establishment of advertising rates, programming and editorial policies. Therefore, we have not consolidated WHTV under the authoritative guidance related to the consolidation of variable interest entities. | ||
INVENTORIES
INVENTORIES | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
INVENTORIES [Abstract] | ' | ||||||||
INVENTORIES | ' | ||||||||
6 | INVENTORIES | ||||||||
Inventories are stated at the lower of cost (first in, first out method) or market. Inventories as of September 28, 2014 and December 29, 2013 consisted of the following: | |||||||||
28-Sep-14 | 29-Dec-13 | ||||||||
Paper and supplies | $ | 2,417 | $ | 2,224 | |||||
Work in process | 36 | 59 | |||||||
Less obsolescence reserve | (63 | ) | (92 | ) | |||||
Inventories, net | $ | 2,390 | $ | 2,191 |
RECEIVABLES
RECEIVABLES | 9 Months Ended | |
Sep. 28, 2014 | ||
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 28, 2014 and December 29, 2013 was $2,029 and $1,688, 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 28, 2014 and December 29, 2013 was $313 and $524, 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. 28, 2014 | ||
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 radio segment, representing the excess of indicated fair value over the carrying value of a building 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 were reported in selling and administrative expenses in the consolidated statement of operations. | ||
GOODWILL_AND_OTHER_INTANGIBLE_
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
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 customer lists over a period of five to 15 years, non-compete agreements and franchise agreement fees over the terms of the contracts and 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 28, 2014. | |||||||||||||
Amortization expense was $702 and $2,115 for the third quarter and three quarters ended September 28, 2014, respectively, and $714 and $2,146 for the third quarter and three quarters ended September 29, 2013, respectively. Estimated amortization expense for our next five fiscal years is $2,818 for 2014, $2,809 for both 2015 and 2016, and $2,784 for both 2017 and 2018. | |||||||||||||
The gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets as of September 28, 2014 and December 29, 2013 are as follows: | |||||||||||||
GrossCarryingAmount | AccumulatedAmortization | NetCarryingAmount | |||||||||||
28-Sep-14 | |||||||||||||
Network affiliation agreements | $ | 66,078 | $ | (11,887 | ) | $ | 54,191 | ||||||
Customer lists | 4,149 | (3,746 | ) | 403 | |||||||||
Other | 2,726 | (1,672 | ) | 1,054 | |||||||||
Total | $ | 72,953 | $ | (17,305 | ) | $ | 55,648 | ||||||
29-Dec-13 | |||||||||||||
Network affiliation agreements | $ | 66,078 | $ | (9,905 | ) | $ | 56,173 | ||||||
Customer lists | 4,149 | (3,661 | ) | 488 | |||||||||
Other | 2,726 | (1,624 | ) | 1,102 | |||||||||
Total | $ | 72,953 | $ | (15,190 | ) | $ | 57,763 | ||||||
Indefinite-lived Intangibles | |||||||||||||
Television and radio 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 television and radio broadcast licenses to continue indefinitely. The net carrying amount of our television and radio broadcast licenses was $73,904 and $61,262, respectively as of both September 28, 2014 and December 29, 2013. | |||||||||||||
The costs incurred to renew or extend the term of our broadcast licenses and certain customer relationships are expensed as incurred. | |||||||||||||
Goodwill | |||||||||||||
In the first quarter of 2014, we made an organizational change to our leadership team in our broadcasting segment reflecting focus on our two primary businesses: television and radio. We reallocated goodwill to our television and radio segments based upon the relative fair value of each reporting unit as of December 29, 2013. We considered this change a triggering event and have determined there was no impairment of goodwill in the first quarter of 2014. | |||||||||||||
Goodwill recorded at our television, radio and publishing reporting units was $88,759, $33,009 and $2,934, respectively, as of December 29, 2013. Television goodwill was reduced by $2,715 during the first quarter of 2014, related to the sale of stations KMIR-TV and KPSE-TV in Palm Springs, California. As of September 28, 2014, we have $86,044 of goodwill recorded at our television reporting unit, $33,009 of goodwill recorded at our radio reporting unit, and $2,934 of goodwill recorded at our publishing 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. | |||||||||||||
We determined that the fair value of television, radio and publishing segments was significantly in excess of the respective carrying value and that there was no impairment of goodwill in the third quarter of 2014. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
DISCONTINUED OPERATIONS [Abstract] | ' | ||||||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||||||
10 | DISCONTINUED OPERATIONS | ||||||||||||||||
On October 4, 2013, our television business agreed to the sale of stations KMIR-TV and 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 closed effective January 1, 2014. We recorded a pre-tax book gain of $10,177 in the first quarter of 2014. | |||||||||||||||||
The following table summarized KMIR-TV and KPSE-TV's revenue and earnings before income taxes as reported in the earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statements of operations for all periods presented: | |||||||||||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Revenue | $ | - | $ | 772 | $ | 49 | $ | 3,697 | |||||||||
Earnings (loss) before income taxes | $ | (39 | ) | $ | (555 | ) | $ | 10,024 | $ | (292 | ) | ||||||
There were no assets or liabilities reported as discontinued operations at September 28, 2014. KMIR-TV and KPSE-TV's current assets and current liabilities reported as discontinued operations in the consolidated balance sheet at December 29, 2013 consisted of the following: | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 1 | |||||||||||||||
Receivables, net | 1,149 | ||||||||||||||||
Prepaid expenses and other current assets | 11 | ||||||||||||||||
Program and barter rights | 620 | ||||||||||||||||
Deferred income taxes | 713 | ||||||||||||||||
Property and equipment, net | 1,852 | ||||||||||||||||
Network affiliations, net | 1,935 | ||||||||||||||||
Income tax receivable | 767 | ||||||||||||||||
Total assets | $ | 7,048 | |||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 37 | |||||||||||||||
Accrued compensation | 133 | ||||||||||||||||
Deferred revenue | 57 | ||||||||||||||||
Syndicated programs | 640 | ||||||||||||||||
Other current liabilities | 18 | ||||||||||||||||
Total liabilities | $ | 885 |
WORKFORCE_REDUCTIONS_AND_BUSIN
WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS [Abstract] | ' | ||||||||||||||||
WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS | ' | ||||||||||||||||
11 | WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS | ||||||||||||||||
During the third quarter and three quarters of 2014, we recorded a pre-tax charge of $171 and $784, respectively, for workforce reduction costs in our radio and publishing operations. Of the costs recorded in the third quarter of 2014, $24 is included in publishing operating costs and expenses and $147 is included in publishing selling and administrative expenses. Of the costs recorded in the three quarters of 2014, $11 is included in radio operating costs and expenses, $2 is included in television operating costs and expenses, $1 is included in television selling and administrative expenses, $404 is included in publishing operating costs and expenses, and $366 is included in publishing selling and administrative expenses. We expect payments of all such costs to be completed by the third quarter of 2015. | |||||||||||||||||
Activity associated with the workforce reduction and business improvements during the three quarters of 2014 is as follows: | |||||||||||||||||
Balance as of December 29, 2013 | Charge for | Payments for Separation Benefits | Balance as of September 28, 2014 | ||||||||||||||
Separation | |||||||||||||||||
Benefits | |||||||||||||||||
Television | $ | 43 | $ | 3 | $ | (46 | ) | $ | - | ||||||||
Radio | - | 11 | (11 | ) | - | ||||||||||||
Publishing | 330 | 770 | (521 | ) | 579 | ||||||||||||
Total | $ | 373 | $ | 784 | $ | (578 | ) | $ | 579 | ||||||||
INCOME_TAXES
INCOME TAXES | 9 Months Ended | |
Sep. 28, 2014 | ||
INCOME TAXES [Abstract] | ' | |
INCOME TAXES | ' | |
12 | INCOME TAXES | |
We file tax returns in the United States federal jurisdiction, as well as in approximately 14 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 2011 through 2013 tax returns are open for federal purposes, and our 2009 through 2013 tax returns remain open for state tax purposes, unless the statute of limitations has been previously extended. | ||
As of September 28, 2014, our liability for unrecognized tax benefits was $681, 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 28, 2014, we had $245 accrued for interest expense and penalties. During the third quarter of 2014, we recognized $8 in net tax expense and related interest. | ||
As of September 28, 2014, it is reasonably possible for $926 of unrecognized tax benefits and related interest to be recognized within the next 12 months due to either settlements with taxing authorities or expiration of statutes of limitations. During 2014 we settled two state tax refund cases and recorded refunds totaling $1,411. | ||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended | |
Sep. 28, 2014 | ||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | |
Commitments and Contingencies [Text Block] | ' | |
13 | COMMITMENTS AND CONTINGENCIES | |
Transactions with Scripps | ||
Contingent upon the consummation of the transactions, we will incur an advisory fee up to $7,000. We have not yet accrued for this advisory fee as of September 28, 2014 as it is contingent upon closing of the transactions. In the case that we breach our obligation to consummate the Transactions, the Master Transaction Agreement may require us to pay liquidation damages of $15,800 plus expenses, subject to an overall limit of $23,500. For more information regarding the transaction, please see the Current Report on Form 8-K dated July 30, 2014, which was filed with the SEC on July 31, 2014. | ||
In order to obtain approval from the Federal Communications Commission for Journal/Scripps transaction, Journal will be required to divest two of its broadcast stations – an FM radio station in the Wichita market and a television station in the Boise market. Journal has requested the FCC's approval to transfer these stations to a divestiture trust in the event that the required divestitures have not been completed by the closing of the Journal/Scripps transaction. On October 9, 2013, Journal entered into an agreement to sell one of its Wichita FM radio stations. | ||
Journal and Scripps have also requested a waiver from the FCC to permit Scripps to continue to own WACY-TV, one of Journal's two television stations in the Green Bay market, which Journal currently owns pursuant to a waiver. | ||
Litigation | ||
On August 11, 2014, a putative class action suit styled Goldfinger v. Journal Communications, Inc., et al. (Case No. 14-CV-6910, State of Wisconsin, Milwaukee County) was filed against us, our Board of Directors and certain of our subsidiaries. The suit alleges that our directors breached their fiduciary duty in connection with a proposed stock-for-stock merger between us and Scripps and the spin-off of our respective newspaper businesses into a new publicly traded company. The complaint also purports to assert a claim against Scripps, certain of its subsidiaries, and certain affiliates of us and Scripps for allegedly aiding and abetting the breach of fiduciary duty by our directors. The complaint seeks to enjoin the transaction or, alternatively, damages for the alleged breach of fiduciary duty. We intend to vigorously defend against the allegations in the complaint. | ||
GUARANTEES
GUARANTEES | 9 Months Ended | |
Sep. 28, 2014 | ||
GUARANTEES [Abstract] | ' | |
GUARANTEES | ' | |
14 | GUARANTEES | |
We provided a guarantee to the landlord of our former New England publishing 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 28, 2014, our potential obligation pursuant to the guarantee was $413, 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. 28, 2014 | |||||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | ' | ||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||
15 | 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 | ||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Interest cost | $ | 1,899 | $ | 1,752 | $ | 5,696 | $ | 5,258 | |||||||||
Expected return on plan assets | (1,756 | ) | (1,831 | ) | (5,267 | ) | (5,493 | ) | |||||||||
Amortization of: | |||||||||||||||||
Unrecognized prior service cost | (3 | ) | (3 | ) | (8 | ) | (8 | ) | |||||||||
Unrecognized net loss | 531 | 697 | 1,592 | 2,090 | |||||||||||||
Net periodic benefit cost included in total operating costs and expenses and selling and administrative expenses | $ | 671 | $ | 615 | $ | 2,013 | $ | 1,847 | |||||||||
We have generally funded our defined benefit pension plan at the minimum amount required by the Pension Protection Act of 2006. During the first three quarters of 2014, we contributed $302 to our non-qualified pension plan and did not contribute to our 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 pension legislation, we do not expect to contribute to our qualified defined benefit pension plan in 2014 or 2015. We expect to contribute a total of $491 to our unfunded, non-qualified pension plan in 2014. | |||||||||||||||||
Other Postretirement Benefits | Other Postretirement Benefits | ||||||||||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Service cost | $ | 14 | $ | 14 | $ | 42 | $ | 42 | |||||||||
Interest cost | 109 | 95 | 327 | 285 | |||||||||||||
Amortization of: | |||||||||||||||||
Unrecognized prior service cost | (55 | ) | (55 | ) | (165 | ) | (165 | ) | |||||||||
Net periodic benefit cost included in total operating costs and expenses and selling and administrative expenses | $ | 68 | $ | 54 | $ | 204 | $ | 162 | |||||||||
NOTES_PAYABLE
NOTES PAYABLE | 9 Months Ended | ||
Sep. 28, 2014 | |||
NOTES PAYABLE [Abstract] | ' | ||
NOTES PAYABLE | ' | ||
16 | NOTES PAYABLE | ||
Long-term Notes Payable to Banks | |||
On December 5, 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 28, 2014, the outstanding principal amount of revolving loans drawn under the credit agreement was $3,010, and the outstanding principal amount of term loans drawn under the credit agreement was $127,500. 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 senior secured credit facility incur interest at either (a) London Interbank Offered Rate ("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. As of September 28, 2014, the pricing spread above LIBOR was 175.0 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 28, 2014 and December 29, 2013, we had borrowings of $130,510 and $194,950, respectively, under our credit facilities at an effective blended interest rate of 1.99% and 2.23%, respectively. Remaining unamortized fees in connection with the credit facilities of $3,060, which are included in other assets, are being amortized over the term of the senior secured credit facilities using the straight-line method, which is not materially different than the result utilizing the effective interest method. | |||
We estimate the fair value of our senior secured credit facilities at September 28, 2014 to be $125,709, based on discounted cash flows using an interest rate of 3.26%. We estimated the fair value of our senior secured credit facility at December 29, 2013 to be $187,469, based on discounted cash flows using an interest rate of 3.36%. 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 senior secured term loan facility as of September 28, 2014 are $3,750 in 2014, $15,000 in 2015, $15,000 in 2016, and $93,750 in 2017. | |||
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. | |||
Seven of the subordinated notes, with an aggregate principal amount of approximately $9,664 were repaid through 2013. On September 30, 2013, we paid the first annual installment on the remaining eight subordinated notes. As of September 28, 2014, the remaining aggregate principal amount of these eight subordinated notes is approximately $13,279. The remaining subordinated notes are payable in equal annual installments on September 30 of each of 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 28, 2014 to be $13,713, based on discounted cash flows using an interest rate of 6.36%. We estimated the fair value of the subordinated notes at December 29, 2013 to be $13,515, based on discounted cash flows using an interest rate of 7.19%. 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 28, 2014, $13,279 of the subordinated notes remains outstanding. | |||
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||
17 | 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 28, 2014, there were 2,062 shares available for issuance under the 2007 Plan, though the planned transaction with Scripps prohibits the issuance of additional equity prior to close. | |||||||||||||
During the third quarter and three quarters ended September 28, 2014 we recognized $362 and $1,583 in stock-based compensation expense. Total income tax benefit recognized related to stock-based compensation for the third quarter and three quarters ended September 28, 2014 was $161 and $622. During the third quarter and three quarters ended September 29, 2013, we recognized $396 and $1,689 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 29, 2013 was $161 and $678. 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 28, 2014, total unrecognized compensation cost related to stock-based compensation awards was $2,041, net of estimated forfeitures, which we expect to recognize over a weighted average period of 1.1 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 third quarter of 2014 is: | |||||||||||||
Shares | WeightedAverageGrant DateFair Value | ||||||||||||
Non-vested at December 29, 2013 | 435 | $ | 5.58 | ||||||||||
Granted | 162 | 9.09 | |||||||||||
Vested | (237 | ) | 6.31 | ||||||||||
Forfeited | (24 | ) | 6.7 | ||||||||||
Non-vested at September 28, 2014 | 336 | $ | 7.11 | ||||||||||
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 2014 was $1,475. There was an aggregate of 226 unrestricted and non-vested restricted stock grants issued to our non-employee directors (54 shares) and employees (172 shares) in the three quarters of 2013 at a weighted average fair value of $6.40 per share, of which 107 of the non-vested restricted shares have since vested. | |||||||||||||
Performance Units | |||||||||||||
In the first quarters of 2012, 2013 and 2014, 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 2014 is: | |||||||||||||
Shares | WeightedAverageGrant DateFair Value | ||||||||||||
Non-vested at December 29, 2013 | 151 | $ | 5.95 | ||||||||||
Granted | 48 | 9.47 | |||||||||||
Vested | - | - | |||||||||||
Forfeited | - | - | |||||||||||
Non-vested at September 28, 2014 | 199 | $ | 6.8 | ||||||||||
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 third quarter of 2014 is: | |||||||||||||
SARS | Weighted AverageExercise Price | WeightedAverageContractual TermRemaining (years) | |||||||||||
Outstanding and exercisable at December 29, 2013 | 742 | $ | 13.3 | 3.9 | |||||||||
Granted | - | ||||||||||||
Exercised | (38 | ) | 8.66 | ||||||||||
Forfeited | - | ||||||||||||
Expired | - | ||||||||||||
Outstanding and exercisable at September 28, 2014 | 705 | $ | 13.56 | 2.7 | |||||||||
All SARs have vested. The aggregate intrinsic value of the SARs outstanding and exercisable at the end of the third quarter of 2014 is zero because the fair market value of our class B common stock on September 28, 2014 was lower than the respective exercise price of the SARs. | |||||||||||||
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 33 class B common shares sold to employees under this plan in the three quarters of 2014 at a weighted average fair value of $8.17. As of September 28, 2014, there are 2,129 shares available for sale under the plan. Our employee stock purchase plan has been suspended as of July 30, 2014. | |||||||||||||
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | |
Sep. 28, 2014 | ||
RELATED PARTY TRANSACTIONS [Abstract] | ' | |
RELATED PARTY TRANSACTIONS | ' | |
18 | 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. Seven of the subordinated notes, with an aggregate principal amount of approximately $9,664 were repaid in 2012. On September 28, 2014, we paid the first annual installment on the remaining eight subordinated notes. As of September 28, 2014, the remaining aggregate principal amount of these eight subordinated notes is approximately $13,279. The remaining subordinated notes are payable in equal annual installments on September 30 of each of 2014, 2015, 2016, 2017 and 2018, with no prepayment right. Interest on the notes is payable quarterly. One of the remaining subordinated notes, with an original principal amount of $7,617, was issued to the Judith Abert Meissner Marital Trust, a beneficial owner of more than 5.0% of the issued and outstanding shares of our class B common stock. David G. Meissner, a former member of the Board, who did not stand for reelection to the Board of Directors at the 2013 Annual Meeting of Shareholders, is a beneficiary and trustee of this trust. An additional three of the remaining subordinated notes, with an original aggregate principal amount of $752, were originally issued to trusts for the benefit of Mr. Meissner's children in which Mr. Meissner serves or previously served as trustee. The cash used for the repurchase and delivered to the Judith Abert Meissner Marital Trust and the trusts for the benefit of Mr. Meissner's children in which Mr. Meissner serves or previously served as trustee was $2,042. | ||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | ' | ||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ' | ||||||||
19 | ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||||||
The changes in accumulated other comprehensive loss by component, net of tax, for the three quarters of 2014 and 2013 are as follows: | |||||||||
Defined Benefit | Total | ||||||||
Pension and Postretirement | |||||||||
Plans | |||||||||
Balance as of December 29, 2013 | $ | (39,654 | ) | $ | (39,654 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 285 | 285 | |||||||
Balance as of March 30, 2014 | $ | (39,369 | ) | $ | (39,369 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 289 | 289 | |||||||
Balance as of June 29, 2014 | $ | (39,080 | ) | $ | (39,080 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 290 | 290 | |||||||
Balance as of September 28, 2014 | $ | (38,790 | ) | $ | (38,790 | ) | |||
Defined Benefit | Total | ||||||||
Pension and Postretirement | |||||||||
Plans | |||||||||
Balance as of December 30, 2012 | $ | (55,739 | ) | $ | (55,739 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 391 | 391 | |||||||
Balance as of March 31, 2013 | $ | (55,348 | ) | $ | (55,348 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 390 | 390 | |||||||
Balance as of June 30, 2013 | $ | (54,958 | ) | $ | (54,958 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 391 | 391 | |||||||
Balance as of September 29, 2013 | $ | (54,567 | ) | $ | (54,567 | ) | |||
The reclassification of accumulated other comprehensive loss for the third quarter of 2014 and 2013 is as follows: | |||||||||
Amount Reclassified from Accumulated | |||||||||
Other Comprehensive Loss | |||||||||
Third Quarter Ended | |||||||||
28-Sep-14 | 29-Sep-13 | ||||||||
Amortization of defined benefit pension and postretirement plan items: | |||||||||
Prior service cost and unrecognized loss (1) | $ | (473 | ) | $ | (639 | ) | |||
Income tax expense | 183 | 248 | |||||||
Total reclassifications for the period | $ | (290 | ) | $ | (391 | ) | |||
-1 | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 14 "Employee Benefit Plans" for more information. Of the costs for the third quarter ended September 28, 2014, $46 is included in television operating costs and expenses, $21 is included in radio operating costs and expenses, $211 is included in publishing operating costs and expenses, and $194 is included in selling and administrative expenses. Of the costs for the third quarter ended September 29, 2013, $70 is included in television operating costs and expenses, $46 is included in radio operating costs and expenses, $288 is included in publishing operating costs and expenses, and $235 is included in selling and administrative expenses. | ||||||||
The reclassification of accumulated other comprehensive loss for the three quarters of 2014 and 2013 is as follows: | |||||||||
Amount Reclassified from Accumulated | |||||||||
Other Comprehensive Loss | |||||||||
Three Quarters Ended | |||||||||
28-Sep-14 | 29-Sep-13 | ||||||||
Amortization of defined benefit pension and postretirement plan items: | |||||||||
Prior service cost and unrecognized loss (1) | $ | (1,419 | ) | $ | (1,917 | ) | |||
Income tax expense | 555 | 745 | |||||||
Total reclassifications for the period | $ | (864 | ) | $ | (1,172 | ) | |||
-1 | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 14 "Employee Benefit Plans" for more information. Of the costs for the three quarters ended September 28, 2014, $145 is included in television operating costs and expenses, $66 is included in radio operating costs and expenses, $634 is included in publishing operating costs and expenses, and $573 is included in selling and administrative expenses. Of the costs for the three quarters ended September 29, 2013, $199 is included in television operating costs and expenses, $133 is included in radio 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. 28, 2014 | |||||||||||||||||
SEGMENT REPORTING [Abstract] | ' | ||||||||||||||||
SEGMENT REPORTING | ' | ||||||||||||||||
20 | SEGMENT REPORTING | ||||||||||||||||
Effective January 22, 2014, we made an organizational change to our leadership team in our broadcasting segment reflecting focus on our two primary businesses: television and radio. As a result of this organizational change, we now have four reportable segments: television, radio, publishing and corporate. Prior periods have been updated to reflect our new segment structure. | |||||||||||||||||
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) television; (ii) radio; (iii) publishing; and (iv) corporate. Our television segment consists of 14 television stations in 8 states that we own or provide services to. Our radio segment consists of 35 radio stations in 8 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 publications, 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 28, 2014 and September 29, 2013 and identifiable total assets as of September 28, 2014 and December 29, 2013: | |||||||||||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Revenue | |||||||||||||||||
Television | $ | 47,952 | $ | 39,050 | $ | 140,868 | $ | 121,478 | |||||||||
Radio | 21,616 | 20,568 | 57,021 | 56,288 | |||||||||||||
Publishing | 35,684 | 37,739 | 108,920 | 112,717 | |||||||||||||
Corporate eliminations | (114 | ) | (437 | ) | (360 | ) | (582 | ) | |||||||||
$ | 105,138 | $ | 96,920 | $ | 306,449 | $ | 289,901 | ||||||||||
Operating earnings (loss) | |||||||||||||||||
Television | $ | 12,107 | $ | 5,156 | $ | 36,010 | $ | 20,501 | |||||||||
Radio | 4,058 | 3,496 | 10,246 | 9,736 | |||||||||||||
Publishing | 2,594 | 3,203 | 5,823 | 7,141 | |||||||||||||
Corporate | (4,601 | ) | (1,768 | ) | (8,508 | ) | (5,986 | ) | |||||||||
$ | 14,158 | $ | 10,087 | $ | 43,571 | $ | 31,392 | ||||||||||
Depreciation and amortization | |||||||||||||||||
Television | $ | 3,196 | $ | 3,228 | $ | 9,635 | $ | 9,650 | |||||||||
Radio | 506 | 539 | 1,480 | 1,642 | |||||||||||||
Publishing | 1,612 | 1,772 | 4,984 | 5,257 | |||||||||||||
Corporate | 119 | 174 | 355 | 519 | |||||||||||||
$ | 5,433 | $ | 5,713 | $ | 16,454 | $ | 17,068 | ||||||||||
Capital expenditures | |||||||||||||||||
Television | $ | 1,738 | $ | 2,164 | $ | 4,488 | $ | 5,367 | |||||||||
Radio | 649 | 353 | 1,418 | 714 | |||||||||||||
Publishing | 18 | 317 | 461 | 2,251 | |||||||||||||
Corporate | 60 | 42 | 66 | 74 | |||||||||||||
$ | 2,465 | $ | 2,876 | $ | 6,433 | $ | 8,406 | ||||||||||
28-Sep-14 | 29-Dec-13 | ||||||||||||||||
Identifiable total assets | |||||||||||||||||
Television | $ | 340,173 | $ | 356,032 | |||||||||||||
Radio | 113,967 | 111,473 | |||||||||||||||
Publishing | 90,114 | 96,991 | |||||||||||||||
Corporate & discontinued operations | 24,918 | 31,522 | |||||||||||||||
$ | 569,172 | $ | 596,018 | ||||||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended | |
Sep. 28, 2014 | ||
SUBSEQUENT EVENTS [Abstract] | ' | |
SUBSEQUENT EVENTS | ' | |
21 | SUBSEQUENT EVENTS | |
On October 10, 2014, we entered into an agreement with Envision Broadcast Network, LLC in Wichita, Kansas to sell radio station KFTI-FM. Journal Broadcast Group is required to divest one FM station in its Wichita cluster as a result of the announced transaction between Journal Communications and The E.W. Scripps Company, in order to comply with the FCC's ownership limits. As part of that transaction, Journal Broadcast Group's TV and radio stations will become part of Scripps, and both companies' newspaper operations will be spun off and then merge to form a new public company called Journal Media Group. The transaction is expected to close in 2015. The sale of KFTI-FM is contingent on FCC approval. | ||
In the fourth quarter of 2014, we implemented a voluntary severance program within our publishing reportable segment. We expect to record a workforce reduction charge of approximately $2,200 to $2,500 in the fourth quarter of 2014. | ||
ACCOUNTING_PERIODS_Policies
ACCOUNTING PERIODS (Policies) | 9 Months Ended |
Sep. 28, 2014 | |
ACCOUNTING PERIODS [Abstract] | ' |
Fiscal Period [Policy Text Block] | ' |
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. |
NEW_ACCOUNTING_STANDARDS_Polic
NEW ACCOUNTING STANDARDS (Policies) | 9 Months Ended |
Sep. 28, 2014 | |
NEW ACCOUNTING STANDARDS [Abstract] | ' |
New Accounting Standards | ' |
In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-08 (ASU 2014-08) "Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. It is effective for annual periods beginning on or after December 15, 2014. Early adoption is permitted but only for disposals that have not been reported in financial statements previously issued. We adopted this guidance in the third quarter of 2014. | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09) amending revenue recognition guidance and requiring more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The guidance is effective for annual and interim reporting periods beginning after December 15, 2016, with early adoption prohibited. We are currently in the process of evaluating the impact of the adoption on our consolidated financial statements. | |
In June 2014, the FASB issued Accounting Standards Update No. 2014-12 (ASU 2014-12) amending the requirement that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The guidance is effective for annual and interim reporting periods beginning after December 15, 2015, with early adoption permitted. We are currently in the process of evaluating the impact of the adoption on our consolidated financial statements. | |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
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 28, 2014 and September 29, 2013 for class A and B common stock: | |||||||||||||||||
Third Quarter Ended | Third Quarter Ended | Three Quarters Ended | Three Quarters Ended | ||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Earnings from continuing operations | $ | 7,046 | $ | 4,984 | $ | 23,656 | $ | 15,171 | |||||||||
Earnings from discontinued operations, net of tax | (23 | ) | (438 | ) | 5,977 | (231 | ) | ||||||||||
Net earnings | $ | 7,023 | $ | 4,546 | $ | 29,633 | $ | 14,940 | |||||||||
Weighted average shares outstanding - Class A and B: | |||||||||||||||||
Basic | 50,573 | 50,310 | 50,510 | 50,231 | |||||||||||||
Impact of non-vested restricted shares and performance-based restricted stock units | 202 | 280 | 202 | 279 | |||||||||||||
Adjusted weighted average shares outstanding - Class A and B | 50,775 | 50,590 | 50,712 | 50,510 | |||||||||||||
Earnings per share: | |||||||||||||||||
Basic - Class A and B common stock: | |||||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.1 | $ | 0.47 | $ | 0.3 | |||||||||
Discontinued operations | - | (0.01 | ) | 0.12 | - | ||||||||||||
Net earnings per share - basic | $ | 0.14 | $ | 0.09 | $ | 0.59 | $ | 0.3 | |||||||||
Diluted - Class A and B common stock: | |||||||||||||||||
Continuing operations | $ | 0.14 | $ | 0.1 | $ | 0.47 | $ | 0.3 | |||||||||
Discontinued operations | - | (0.01 | ) | 0.12 | - | ||||||||||||
Net earnings per share - diluted | $ | 0.14 | $ | 0.09 | $ | 0.59 | $ | 0.3 | |||||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
INVENTORIES [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories are stated at the lower of cost (first in, first out method) or market. Inventories as of September 28, 2014 and December 29, 2013 consisted of the following: | |||||||||
28-Sep-14 | 29-Dec-13 | ||||||||
Paper and supplies | $ | 2,417 | $ | 2,224 | |||||
Work in process | 36 | 59 | |||||||
Less obsolescence reserve | (63 | ) | (92 | ) | |||||
Inventories, net | $ | 2,390 | $ | 2,191 |
GOODWILL_AND_OTHER_INTANGIBLE_1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | ' | ||||||||||||
Gross Carrying Amount, 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 28, 2014 and December 29, 2013 are as follows: | |||||||||||||
GrossCarryingAmount | AccumulatedAmortization | NetCarryingAmount | |||||||||||
28-Sep-14 | |||||||||||||
Network affiliation agreements | $ | 66,078 | $ | (11,887 | ) | $ | 54,191 | ||||||
Customer lists | 4,149 | (3,746 | ) | 403 | |||||||||
Other | 2,726 | (1,672 | ) | 1,054 | |||||||||
Total | $ | 72,953 | $ | (17,305 | ) | $ | 55,648 | ||||||
29-Dec-13 | |||||||||||||
Network affiliation agreements | $ | 66,078 | $ | (9,905 | ) | $ | 56,173 | ||||||
Customer lists | 4,149 | (3,661 | ) | 488 | |||||||||
Other | 2,726 | (1,624 | ) | 1,102 | |||||||||
Total | $ | 72,953 | $ | (15,190 | ) | $ | 57,763 |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
DISCONTINUED OPERATIONS [Abstract] | ' | ||||||||||||||||
Revenue and Earnings Reported as Discontinued Operations | ' | ||||||||||||||||
The following table summarized KMIR-TV and KPSE-TV's revenue and earnings before income taxes as reported in the earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statements of operations for all periods presented: | |||||||||||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Revenue | $ | - | $ | 772 | $ | 49 | $ | 3,697 | |||||||||
Earnings (loss) before income taxes | $ | (39 | ) | $ | (555 | ) | $ | 10,024 | $ | (292 | ) | ||||||
There were no assets or liabilities reported as discontinued operations at September 28, 2014. KMIR-TV and KPSE-TV's current assets and current liabilities reported as discontinued operations in the consolidated balance sheet at December 29, 2013 consisted of the following: | |||||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 1 | |||||||||||||||
Receivables, net | 1,149 | ||||||||||||||||
Prepaid expenses and other current assets | 11 | ||||||||||||||||
Program and barter rights | 620 | ||||||||||||||||
Deferred income taxes | 713 | ||||||||||||||||
Property and equipment, net | 1,852 | ||||||||||||||||
Network affiliations, net | 1,935 | ||||||||||||||||
Income tax receivable | 767 | ||||||||||||||||
Total assets | $ | 7,048 | |||||||||||||||
Liabilities: | |||||||||||||||||
Accounts payable | $ | 37 | |||||||||||||||
Accrued compensation | 133 | ||||||||||||||||
Deferred revenue | 57 | ||||||||||||||||
Syndicated programs | 640 | ||||||||||||||||
Other current liabilities | 18 | ||||||||||||||||
Total liabilities | $ | 885 |
WORKFORCE_REDUCTIONS_AND_BUSIN1
WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS [Abstract] | ' | ||||||||||||||||
Ongoing activity of liability for workforce separation benefitsOngoing Activity of Liability for Workforce Separation Benefits | ' | ||||||||||||||||
Activity associated with the workforce reduction and business improvements during the three quarters of 2014 is as follows: | |||||||||||||||||
Balance as of December 29, 2013 | Charge for | Payments for Separation Benefits | Balance as of September 28, 2014 | ||||||||||||||
Separation | |||||||||||||||||
Benefits | |||||||||||||||||
Television | $ | 43 | $ | 3 | $ | (46 | ) | $ | - | ||||||||
Radio | - | 11 | (11 | ) | - | ||||||||||||
Publishing | 330 | 770 | (521 | ) | 579 | ||||||||||||
Total | $ | 373 | $ | 784 | $ | (578 | ) | $ | 579 | ||||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
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 | ||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Interest cost | $ | 1,899 | $ | 1,752 | $ | 5,696 | $ | 5,258 | |||||||||
Expected return on plan assets | (1,756 | ) | (1,831 | ) | (5,267 | ) | (5,493 | ) | |||||||||
Amortization of: | |||||||||||||||||
Unrecognized prior service cost | (3 | ) | (3 | ) | (8 | ) | (8 | ) | |||||||||
Unrecognized net loss | 531 | 697 | 1,592 | 2,090 | |||||||||||||
Net periodic benefit cost included in total operating costs and expenses and selling and administrative expenses | $ | 671 | $ | 615 | $ | 2,013 | $ | 1,847 | |||||||||
Other Postretirement Benefits | Other Postretirement Benefits | ||||||||||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Service cost | $ | 14 | $ | 14 | $ | 42 | $ | 42 | |||||||||
Interest cost | 109 | 95 | 327 | 285 | |||||||||||||
Amortization of: | |||||||||||||||||
Unrecognized prior service cost | (55 | ) | (55 | ) | (165 | ) | (165 | ) | |||||||||
Net periodic benefit cost included in total operating costs and expenses and selling and administrative expenses | $ | 68 | $ | 54 | $ | 204 | $ | 162 | |||||||||
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2014 | |||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||
Summary of Stock Grant Activity | ' | ||||||||||||
A summary of stock grant activity during the third quarter of 2014 is: | |||||||||||||
Shares | WeightedAverageGrant DateFair Value | ||||||||||||
Non-vested at December 29, 2013 | 435 | $ | 5.58 | ||||||||||
Granted | 162 | 9.09 | |||||||||||
Vested | (237 | ) | 6.31 | ||||||||||
Forfeited | (24 | ) | 6.7 | ||||||||||
Non-vested at September 28, 2014 | 336 | $ | 7.11 | ||||||||||
Summary of Performance Units Stock Grant Activity | ' | ||||||||||||
A summary of stock grant activity during the three quarters of 2014 is: | |||||||||||||
Shares | WeightedAverageGrant DateFair Value | ||||||||||||
Non-vested at December 29, 2013 | 151 | $ | 5.95 | ||||||||||
Granted | 48 | 9.47 | |||||||||||
Vested | - | - | |||||||||||
Forfeited | - | - | |||||||||||
Non-vested at September 28, 2014 | 199 | $ | 6.8 | ||||||||||
Summary of SAR Activity | ' | ||||||||||||
A summary of SAR activity during the third quarter of 2014 is: | |||||||||||||
SARS | Weighted AverageExercise Price | WeightedAverageContractual TermRemaining (years) | |||||||||||
Outstanding and exercisable at December 29, 2013 | 742 | $ | 13.3 | 3.9 | |||||||||
Granted | - | ||||||||||||
Exercised | (38 | ) | 8.66 | ||||||||||
Forfeited | - | ||||||||||||
Expired | - | ||||||||||||
Outstanding and exercisable at September 28, 2014 | 705 | $ | 13.56 | 2.7 | |||||||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | ' | ||||||||
Changes in Accumulated Other Comprehensive Loss | ' | ||||||||
The changes in accumulated other comprehensive loss by component, net of tax, for the three quarters of 2014 and 2013 are as follows: | |||||||||
Defined Benefit | Total | ||||||||
Pension and Postretirement | |||||||||
Plans | |||||||||
Balance as of December 29, 2013 | $ | (39,654 | ) | $ | (39,654 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 285 | 285 | |||||||
Balance as of March 30, 2014 | $ | (39,369 | ) | $ | (39,369 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 289 | 289 | |||||||
Balance as of June 29, 2014 | $ | (39,080 | ) | $ | (39,080 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 290 | 290 | |||||||
Balance as of September 28, 2014 | $ | (38,790 | ) | $ | (38,790 | ) | |||
Defined Benefit | Total | ||||||||
Pension and Postretirement | |||||||||
Plans | |||||||||
Balance as of December 30, 2012 | $ | (55,739 | ) | $ | (55,739 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 391 | 391 | |||||||
Balance as of March 31, 2013 | $ | (55,348 | ) | $ | (55,348 | ) | |||
Amounts reclassified from accumulated other comprehensive loss | 390 | 390 | |||||||
Balance as of June 30, 2013 | $ | (54,958 | ) | $ | (54,958 | ) | |||
Amounts reclassified from accumulated other comprehensive 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 for the third quarter of 2014 and 2013 is as follows: | |||||||||
Amount Reclassified from Accumulated | |||||||||
Other Comprehensive Loss | |||||||||
Third Quarter Ended | |||||||||
28-Sep-14 | 29-Sep-13 | ||||||||
Amortization of defined benefit pension and postretirement plan items: | |||||||||
Prior service cost and unrecognized loss (1) | $ | (473 | ) | $ | (639 | ) | |||
Income tax expense | 183 | 248 | |||||||
Total reclassifications for the period | $ | (290 | ) | $ | (391 | ) | |||
-1 | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 14 "Employee Benefit Plans" for more information. Of the costs for the third quarter ended September 28, 2014, $46 is included in television operating costs and expenses, $21 is included in radio operating costs and expenses, $211 is included in publishing operating costs and expenses, and $194 is included in selling and administrative expenses. Of the costs for the third quarter ended September 29, 2013, $70 is included in television operating costs and expenses, $46 is included in radio operating costs and expenses, $288 is included in publishing operating costs and expenses, and $235 is included in selling and administrative expenses. | ||||||||
The reclassification of accumulated other comprehensive loss for the three quarters of 2014 and 2013 is as follows: | |||||||||
Amount Reclassified from Accumulated | |||||||||
Other Comprehensive Loss | |||||||||
Three Quarters Ended | |||||||||
28-Sep-14 | 29-Sep-13 | ||||||||
Amortization of defined benefit pension and postretirement plan items: | |||||||||
Prior service cost and unrecognized loss (1) | $ | (1,419 | ) | $ | (1,917 | ) | |||
Income tax expense | 555 | 745 | |||||||
Total reclassifications for the period | $ | (864 | ) | $ | (1,172 | ) | |||
-1 | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 14 "Employee Benefit Plans" for more information. Of the costs for the three quarters ended September 28, 2014, $145 is included in television operating costs and expenses, $66 is included in radio operating costs and expenses, $634 is included in publishing operating costs and expenses, and $573 is included in selling and administrative expenses. Of the costs for the three quarters ended September 29, 2013, $199 is included in television operating costs and expenses, $133 is included in radio 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. 28, 2014 | |||||||||||||||||
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 28, 2014 and September 29, 2013 and identifiable total assets as of September 28, 2014 and December 29, 2013: | |||||||||||||||||
Third Quarter Ended | Three Quarters Ended | ||||||||||||||||
28-Sep-14 | 29-Sep-13 | 28-Sep-14 | 29-Sep-13 | ||||||||||||||
Revenue | |||||||||||||||||
Television | $ | 47,952 | $ | 39,050 | $ | 140,868 | $ | 121,478 | |||||||||
Radio | 21,616 | 20,568 | 57,021 | 56,288 | |||||||||||||
Publishing | 35,684 | 37,739 | 108,920 | 112,717 | |||||||||||||
Corporate eliminations | (114 | ) | (437 | ) | (360 | ) | (582 | ) | |||||||||
$ | 105,138 | $ | 96,920 | $ | 306,449 | $ | 289,901 | ||||||||||
Operating earnings (loss) | |||||||||||||||||
Television | $ | 12,107 | $ | 5,156 | $ | 36,010 | $ | 20,501 | |||||||||
Radio | 4,058 | 3,496 | 10,246 | 9,736 | |||||||||||||
Publishing | 2,594 | 3,203 | 5,823 | 7,141 | |||||||||||||
Corporate | (4,601 | ) | (1,768 | ) | (8,508 | ) | (5,986 | ) | |||||||||
$ | 14,158 | $ | 10,087 | $ | 43,571 | $ | 31,392 | ||||||||||
Depreciation and amortization | |||||||||||||||||
Television | $ | 3,196 | $ | 3,228 | $ | 9,635 | $ | 9,650 | |||||||||
Radio | 506 | 539 | 1,480 | 1,642 | |||||||||||||
Publishing | 1,612 | 1,772 | 4,984 | 5,257 | |||||||||||||
Corporate | 119 | 174 | 355 | 519 | |||||||||||||
$ | 5,433 | $ | 5,713 | $ | 16,454 | $ | 17,068 | ||||||||||
Capital expenditures | |||||||||||||||||
Television | $ | 1,738 | $ | 2,164 | $ | 4,488 | $ | 5,367 | |||||||||
Radio | 649 | 353 | 1,418 | 714 | |||||||||||||
Publishing | 18 | 317 | 461 | 2,251 | |||||||||||||
Corporate | 60 | 42 | 66 | 74 | |||||||||||||
$ | 2,465 | $ | 2,876 | $ | 6,433 | $ | 8,406 | ||||||||||
28-Sep-14 | 29-Dec-13 | ||||||||||||||||
Identifiable total assets | |||||||||||||||||
Television | $ | 340,173 | $ | 356,032 | |||||||||||||
Radio | 113,967 | 111,473 | |||||||||||||||
Publishing | 90,114 | 96,991 | |||||||||||||||
Corporate & discontinued operations | 24,918 | 31,522 | |||||||||||||||
$ | 569,172 | $ | 596,018 | ||||||||||||||
BASIS_OF_PRESENTATION_Details
BASIS OF PRESENTATION (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 28, 2014 | Mar. 30, 2014 | Sep. 28, 2014 | |
Market | Station | State | |
Station | Segment | Station | |
Segment | State | Segment | |
Business | Business | Business | |
Business Acquisition [Line Items] | ' | ' | ' |
Number of markets in Milwaukee | 13 | ' | ' |
Number of businesses in broadcasting segment | 2 | 2 | 2 |
Number of reportable segments | ' | 4 | 4 |
Number of radio stations | 35 | 35 | 35 |
Number of television stations | ' | 14 | 14 |
Number of states where broadcasting segment operates | ' | 8 | 8 |
Number of traded public companies created | 2 | 2 | 2 |
Journal Media Group [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Percentage of shares owned (in hundredths) | ' | ' | 59.00% |
Journal Communications Class A and Class B Shareholders [Member] | Journal Media Group [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Percentage of shares owned (in hundredths) | ' | ' | 41.00% |
Journal Communications Class A and Class B Shareholders [Member] | Journal Media Group [Member] | Common Stock [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Shares to be received (in shares) | ' | ' | 0.195 |
Scripps Shareholders [Member] | Journal Media Group [Member] | Common Stock [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Shares to be received (in shares) | ' | ' | 0.25 |
Scripps [Member] | Journal Communications Class A and Class B Shareholders [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Percentage of shares owned (in hundredths) | ' | ' | 31.00% |
Scripps [Member] | Journal Communications Class A and Class B Shareholders [Member] | Class A Common Stock [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Shares to be received (in shares) | ' | ' | 0.5176 |
Scripps [Member] | Scripps Shareholders [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Percentage of shares owned (in hundredths) | ' | ' | 69.00% |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Computation of basic and diluted earnings per share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings from continuing operations | $7,046 | ' | ' | $4,984 | ' | ' | $23,656 | $15,171 |
Earnings from discontinued operations, net of tax | -23 | ' | ' | -438 | ' | ' | 5,977 | -231 |
Net earnings | $7,023 | $10,423 | $12,187 | $4,546 | $6,601 | $3,793 | $29,633 | $14,940 |
Weighted average shares outstanding - Class A and B [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in shares) | 50,573 | ' | ' | 50,310 | ' | ' | 50,510 | 50,231 |
Impact of non-vested restricted shares and performance-based restricted stock units (in shares) | 202 | ' | ' | 280 | ' | ' | 202 | 279 |
Adjusted weighted average shares outstanding - Class A and B (in shares) | 50,775 | ' | ' | 50,590 | ' | ' | 50,712 | 50,510 |
Basic - Class A and B common stock: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.14 | $0.14 | ' | $0.10 | $0.10 | ' | $0.47 | $0.30 |
Discontinued operations (in dollars per share) | $0 | $0 | ' | ($0.01) | ($0.01) | ' | $0.12 | $0 |
Net earnings per share - basic (in dollars per share) | $0.14 | ' | ' | $0.09 | ' | ' | $0.59 | $0.30 |
Diluted - Class A and B common stock: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.14 | $0.14 | ' | $0.10 | $0.10 | ' | $0.47 | $0.30 |
Discontinued operations (in dollars per share) | $0 | $0 | ' | ($0.01) | ($0.01) | ' | $0.12 | $0 |
Net earnings per share - diluted (in dollars per share) | $0.14 | ' | ' | $0.09 | ' | ' | $0.59 | $0.30 |
EARNINGS_PER_SHARE_Diluted_Det
EARNINGS PER SHARE, Diluted (Details) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 28, 2014 |
Class B [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 336 | 336 |
Performance-based Restricted Stock Units [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 202 | 202 |
VARIABLE_INTEREST_ENTITY_Detai
VARIABLE INTEREST ENTITY (Details) | 3 Months Ended |
Sep. 28, 2014 | |
VARIABLE INTEREST ENTITY [Abstract] | ' |
Initial term of agreements | '3 years |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Sep. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, net [Abstract] | ' | ' |
Paper and supplies | $2,417 | $2,224 |
Work in process | 36 | 59 |
Less obsolescence reserve | -63 | -92 |
Inventories, net | $2,390 | $2,191 |
RECEIVABLES_Details
RECEIVABLES (Details) (USD $) | 9 Months Ended | 12 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Sep. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Notes Receivable [Member] | Notes Receivable [Member] | Notes Receivable [Member] | Promissory Note [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Allowance for doubtful accounts | $2,029 | $1,688 | ' | ' | ' | ' |
Note receivable | ' | ' | ' | 313 | 524 | 772 |
Bearing interest rate (in hundredths) | ' | ' | ' | ' | ' | 3.00% |
Promissory note repayable period | ' | ' | ' | ' | ' | '3 years |
Notes receivable estimated fair value | ' | ' | $738 | ' | ' | ' |
Discounted rate of note estimated fair value (in hundredths) | 3.26% | 3.36% | 6.25% | ' | ' | ' |
IMPAIRMENT_OF_LONGLIVED_ASSETS1
IMPAIRMENT OF LONG-LIVED ASSETS (Details) (USD $) | 9 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Mar. 31, 2013 |
Radio [Member] | |||
Impairment of Long-Lived Assets [Line Items] | ' | ' | ' |
Impairment of long-lived assets | $0 | $238 | $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 | |||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 29, 2013 |
Business | Business | Business | Publishing [Member] | Publishing [Member] | Broadcasting [Member] | Broadcasting [Member] | Television [Member] | Television [Member] | Television [Member] | Radio [Member] | Radio [Member] | Network Affiliation Agreements [Member] | Network Affiliation Agreements [Member] | Customer Lists [Member] | Customer Lists [Member] | Customer Lists [Member] | Customer Lists [Member] | Trade Names [Member] | Other [Member] | Other [Member] | ||||
Segment | Segment | Minimum [Member] | Maximum [Member] | |||||||||||||||||||||
Definite-lived Intangibles [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' | ' | '5 years | '15 years | '25 years | ' | ' |
Amortization expense | $702 | $714 | $2,115 | $2,146 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense for 2014 | 2,818 | ' | 2,818 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense for 2015 | 2,809 | ' | 2,809 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense for 2016 | 2,809 | ' | 2,809 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense for 2017 | 2,784 | ' | 2,784 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated amortization expense for 2018 | 2,784 | ' | 2,784 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Carrying Amount | 72,953 | ' | 72,953 | ' | ' | 72,953 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,078 | 66,078 | 4,149 | 4,149 | ' | ' | ' | 2,726 | 2,726 |
Accumulated Amortization | -17,305 | ' | -17,305 | ' | ' | -15,190 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,887 | -9,905 | -3,746 | -3,661 | ' | ' | ' | -1,672 | -1,624 |
Net Carrying Amount | 55,648 | ' | 55,648 | ' | ' | 57,763 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,191 | 56,173 | 403 | 488 | ' | ' | ' | 1,054 | 1,102 |
Indefinite-lived Intangibles [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net carrying value of broadcast licenses | 135,166 | ' | 135,166 | ' | ' | 135,166 | ' | ' | 73,904 | 61,262 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of primary businesses | 2 | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 121,987 | ' | 121,987 | ' | ' | 124,702 | 2,934 | 2,934 | ' | ' | ' | 86,044 | 88,759 | 33,009 | 33,009 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill adjustments during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,715 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 29, 2013 |
Assets [Abstract] | ' | ' | ' | ' | ' |
Network affiliations, net | $130,510 | ' | $130,510 | ' | $194,950 |
KMIR-TV and My 13 KPSE-TV [Member] | ' | ' | ' | ' | ' |
Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Proceeds from sale of businesses | 17,000 | ' | ' | ' | ' |
Pre-tax gain on the sale | 10,177 | ' | ' | ' | ' |
Palm Springs [Member] | ' | ' | ' | ' | ' |
Revenue and Earnings [Abstract] | ' | ' | ' | ' | ' |
Revenue | 0 | 772 | 49 | 3,697 | ' |
Earnings (Loss) before income taxes | -39 | -555 | 10,024 | -292 | ' |
Assets [Abstract] | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | 1 |
Receivables, net | ' | ' | ' | ' | 1,149 |
Prepaid expenses and other current assets | ' | ' | ' | ' | 11 |
Program and barter rights | ' | ' | ' | ' | 620 |
Deferred income taxes | ' | ' | ' | ' | 713 |
Property and equipment, net | ' | ' | ' | ' | 1,852 |
Network affiliations, net | ' | ' | ' | ' | 1,935 |
Income tax receivable | ' | ' | ' | ' | 767 |
Total assets | ' | ' | ' | ' | 7,048 |
Liabilities [Abstract] | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | 37 |
Accrued compensation | ' | ' | ' | ' | 133 |
Deferred revenue | ' | ' | ' | ' | 57 |
Syndicated programs | ' | ' | ' | ' | 640 |
Other current liabilities | ' | ' | ' | ' | 18 |
Total liabilities | ' | ' | ' | ' | $885 |
WORKFORCE_REDUCTIONS_AND_BUSIN2
WORKFORCE REDUCTIONS AND BUSINESS IMPROVEMENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 28, 2014 | Sep. 28, 2014 | |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance as of December 29, 2013 | ' | $373,000 |
Charge for Separation Benefits | 171,000 | 784,000 |
Payments for Separation Benefits | ' | -578,000 |
Balance as of June 29, 2014 | 579,000 | 579,000 |
Television [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance as of December 29, 2013 | ' | 43,000 |
Charge for Separation Benefits | ' | 3,000 |
Payments for Separation Benefits | ' | -46,000 |
Balance as of June 29, 2014 | 0 | 0 |
Television [Member] | Operating Costs and Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Charge for Separation Benefits | 0 | 2,000 |
Television [Member] | Selling and Administrative Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Charge for Separation Benefits | 0 | 1,000 |
Radio [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance as of December 29, 2013 | ' | 0 |
Charge for Separation Benefits | ' | 11,000 |
Payments for Separation Benefits | ' | -11,000 |
Balance as of June 29, 2014 | 0 | 0 |
Radio [Member] | Operating Costs and Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Charge for Separation Benefits | ' | 11,000 |
Publishing [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Balance as of December 29, 2013 | ' | 330,000 |
Charge for Separation Benefits | ' | 770,000 |
Payments for Separation Benefits | ' | -521,000 |
Balance as of June 29, 2014 | 579,000 | 579,000 |
Publishing [Member] | Operating Costs and Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Charge for Separation Benefits | 24,000 | 404,000 |
Publishing [Member] | Selling and Administrative Expenses [Member] | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' |
Charge for Separation Benefits | $147,000 | $366,000 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 |
Jurisdiction | |
Income Tax Contingency [Line Items] | ' |
Number of state and local jurisdictions | 14 |
Unrecognized tax benefits that would impact effective tax rate | $681 |
Accrued income tax expense and penalties | 245 |
Interest on income taxes expense | 8 |
Unrecognized tax benefits and related interest to be recognized due to settlements with income tax authorities | 926 |
Unrecognized tax benefits and related interest to be recognized due to settlements with income tax authorities period | '12 months |
Tax refund case refunds | $1,411 |
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 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 28, 2014 |
Station | |
Loss Contingencies [Line Items] | ' |
Number of broadcast stations to be divested | 2 |
Number of radio stations to be sold | 1 |
Number of television stations in Green Bay market | 2 |
Number of television stations included in waiver | 1 |
Transactions with Scripps [Member] | ' |
Loss Contingencies [Line Items] | ' |
Advisory fee not accrued | 7,000 |
Estimated liquidation damages | 15,800 |
Overall limit for liquidation damages | 23,500 |
GUARANTEES_Details
GUARANTEES (Details) (USD $) | Sep. 28, 2014 |
In Thousands, unless otherwise specified | |
GUARANTEES [Abstract] | ' |
Potential obligation pursuant to guarantee | $413 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Amortization of [Abstract] | ' | ' | ' | ' |
Employer contributions to defined benefit pension plan | ' | ' | $302 | ' |
Pension Benefits [Member] | ' | ' | ' | ' |
Components of net periodic benefit (income) costs for our defined benefit and non-qualified pension plans and our postretirement health benefit plan [Abstract] | ' | ' | ' | ' |
Interest cost | 1,899 | 1,752 | 5,696 | 5,258 |
Expected return on plan assets | -1,756 | -1,831 | -5,267 | -5,493 |
Amortization of [Abstract] | ' | ' | ' | ' |
Unrecognized prior service cost | -3 | -3 | -8 | -8 |
Unrecognized net loss | 531 | 697 | 1,592 | 2,090 |
Net periodic benefit cost included in total operating costs and expenses and selling and administrative expenses | 671 | 615 | 2,013 | 1,847 |
Other Postretirement Benefits [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 | 14 | 14 | 42 | 42 |
Interest cost | 109 | 95 | 327 | 285 |
Amortization of [Abstract] | ' | ' | ' | ' |
Unrecognized prior service cost | -55 | -55 | -165 | -165 |
Net periodic benefit cost included in total operating costs and expenses and selling and administrative expenses | 68 | 54 | 204 | 162 |
Unfunded Non-Qualified Pension Plan [Member] | ' | ' | ' | ' |
Amortization of [Abstract] | ' | ' | ' | ' |
Expected future benefit payments in the remainder of fiscal year | $491 | ' | $491 | ' |
NOTES_PAYABLE_Details
NOTES PAYABLE (Details) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Dec. 30, 2012 | Aug. 13, 2012 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 05, 2012 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 05, 2012 | Sep. 28, 2014 | Dec. 05, 2012 |
Period | 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] | 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 | Note | Note | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | LIBOR [Member] | Federal Funds Rate [Member] | One Month LIBOR [Member] | |||||||||||
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 127,500 | ' | 3,010 | ' |
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 hundredths) | ' | ' | ' | ' | ' | ' | ' | 1.50% | 2.50% | ' | ' | 0.50% | 1.50% | 1.75% | 0.50% | 1.00% | ' | ' | ' | ' |
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 | 130,510 | 194,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility's weighted average interest rate (in hundredths) | 1.99% | 2.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized fees in connection with the credit facility | 3,060 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of secured credit facility | 125,709 | 187,469 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discounted cash flows interest rate for fair value of debt (in hundredths) | 3.26% | 3.36% | ' | ' | ' | 6.36% | 7.19% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Scheduled minimum repayments of secured loan facility [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,750 | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,750 | ' | ' | ' |
Stock repurchased during period (in shares) | ' | ' | 3,264 | 3,264 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for repurchase of common stock | ' | ' | 6,246 | 6,246 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of promissory notes issued | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of promissory notes | ' | ' | ' | ' | 25,599 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of notes issued (in hundredths) | ' | ' | ' | ' | 7.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subordinate notes repaid during the period | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note payable repaid during period | ' | ' | ' | ' | ' | ' | 9,664 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of remaining subordinated notes | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total remaining principle amount of eight subordinated notes | 10,623 | 10,623 | ' | ' | ' | 13,279 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of unsecured subordinated notes payable | ' | ' | ' | ' | ' | $13,713 | $13,515 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 |
Common Stock Class A and B [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Units [Member] | Stock Appreciation Rights [Member] | Stock Appreciation Rights [Member] | Stock Appreciation Rights [Member] | Unrestricted and Non-Vested Restricted Stock Grants [Member] | Unrestricted and Non-Vested Restricted Stock Grants [Member] | Unrestricted and Non-Vested Restricted Stock Grants [Member] | 2007 Journal Communications, Inc. Omnibus Incentive Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | |||||
Minimum [Member] | Maximum [Member] | Non-Employee Directors [Member] | Employees [Member] | Class B Common Stock [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance (in shares) | ' | ' | ' | ' | 4,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,062 | 2,129 | ' |
Stock-based compensation expense | $362 | $396 | $1,583 | $1,689 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income tax benefit recognized related to stock-based compensation | 161 | 161 | 622 | 678 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to stock-based compensation awards | ' | ' | 2,041 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost, period for recognition | ' | ' | '1 year 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at beginning of period (in shares) | ' | ' | 435 | ' | ' | ' | ' | ' | 151 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | 162 | ' | ' | ' | ' | ' | 48 | ' | 0 | ' | 226 | 54 | 172 | ' | ' | 33 |
Vested (in shares) | ' | ' | -237 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | -107 | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | -24 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Non-vested at end of period (in shares) | ' | ' | 336 | ' | ' | ' | ' | ' | 199 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Fair Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at beginning of period (in dollars per share) | ' | ' | $5.58 | ' | ' | ' | ' | ' | $5.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (in dollars per share) | ' | ' | $9.09 | ' | ' | ' | ' | ' | $9.47 | ' | ' | ' | $6.40 | ' | ' | ' | ' | $8.17 |
Vested (in dollars per share) | ' | ' | $6.31 | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in dollars per share) | ' | ' | $6.70 | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-vested at end of period (in dollars per share) | ' | ' | $7.11 | ' | ' | ' | ' | ' | $6.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | '1 year | '4 years | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Total fair value of shares vesting | ' | ' | ' | ' | ' | 1,475 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 at beginning of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 742 | ' | ' | ' | ' | ' | ' | ' |
Granted (in shares) | ' | ' | 162 | ' | ' | ' | ' | ' | 48 | ' | 0 | ' | 226 | 54 | 172 | ' | ' | 33 |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -38 | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | 24 | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Expired (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Outstanding and exercisable (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 705 | 705 | 742 | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding and exercisable (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.30 | ' | ' | ' | ' | ' | ' | ' |
Outstanding and exercisable (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.56 | $13.56 | $13.30 | ' | ' | ' | ' | ' | ' |
Weighted Average Contractual Term Remaining (years) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding and exercisable at beginning of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 8 months 12 days | ' | '3 years 10 months 24 days | ' | ' | ' | ' | ' | ' |
Outstanding and exercisable at end of period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 8 months 12 days | ' | '3 years 10 months 24 days | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of the SARs outstanding and exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' |
Purchase price of common stock percent (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' |
Employee stock purchase plan discount percent (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Common stock authorized for sale under the plan (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2014 | Dec. 30, 2012 | Sep. 28, 2014 | Jun. 29, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 30, 2012 | Sep. 28, 2014 | Sep. 28, 2014 |
Unsecured Subordinated Promissory Notes [Member] | Unsecured Subordinated Promissory Notes [Member] | Unsecured Subordinated Promissory Notes [Member] | Unsecured Subordinated Promissory Notes [Member] | Unsecured Subordinated Promissory Notes [Member] | Class C [Member] | Class C [Member] | Class B [Member] | Class B [Member] | |
Note | Note | Judith Abert Meissner Marital Trust [Member] | Judith Abert Meissner Marital Trust [Member] | Mr. Meissner [Member] | Judith Abert Meissner Marital Trust [Member] | Subordinated Promissory Notes [Member] | |||
Note | Note | Minimum [Member] | Judith Abert Meissner Marital Trust [Member] | ||||||
Minimum [Member] | |||||||||
Note | |||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchased during period (in shares) | ' | ' | ' | ' | ' | 3,264 | 3,264 | ' | ' |
Payments for repurchase of common stock | ' | ' | ' | ' | ' | $6,246 | $6,246 | ' | ' |
Number of promissory notes issued | 8 | 15 | 1 | ' | 3 | ' | ' | ' | 1 |
Aggregate principal amount of promissory notes | ' | 25,599 | ' | 7,617 | 752 | ' | ' | ' | 13,279 |
Number of promissory notes repaid | 7 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of promissory notes repaid | 9,664 | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of notes issued (in hundredths) | ' | 7.25% | ' | ' | ' | ' | ' | ' | ' |
Beneficial ownership percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' |
Frequency of periodic payment | 'equal annual installments on September 30 of each of 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. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Changes in accumulated other comprehensive loss [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning balance | ($39,080) | ($39,369) | ($39,654) | ($54,958) | ($55,348) | ($55,739) | ($39,654) | ($55,739) | ||||
Net actuarial gain and amounts reclassified from accumulated other comprehensive loss | 290 | 289 | 285 | 391 | 390 | 391 | ' | ' | ||||
Ending balance | -38,790 | -39,080 | -39,369 | -54,567 | -54,958 | -55,348 | -38,790 | -54,567 | ||||
Reclassification of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Selling and administrative expenses | 33,384 | ' | ' | 30,190 | ' | ' | 97,266 | 95,097 | ||||
Total reclassifications for the period | -290 | -289 | -285 | -391 | -390 | -391 | ' | ' | ||||
Defined Benefit Pension and Postretirement Plans [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Changes in accumulated other comprehensive loss [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Beginning balance | -39,080 | -39,369 | -39,654 | -54,958 | -55,348 | -55,739 | -39,654 | -55,739 | ||||
Net actuarial gain and amounts reclassified from accumulated other comprehensive loss | 290 | 289 | 285 | 391 | 390 | 391 | ' | ' | ||||
Ending balance | -38,790 | -39,080 | -39,369 | -54,567 | -54,958 | -55,348 | -38,790 | -54,567 | ||||
Reclassification of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total reclassifications for the period | -290 | -289 | -285 | -391 | -390 | -391 | ' | ' | ||||
Defined Benefit Pension and Postretirement Plans [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Changes in accumulated other comprehensive loss [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net actuarial gain and amounts reclassified from accumulated other comprehensive loss | 290 | ' | ' | 391 | ' | ' | 864 | 1,172 | ||||
Reclassification of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Prior service cost and unrecognized loss | -473 | [1] | ' | ' | -639 | [1] | ' | ' | -1,419 | [2] | -1,917 | [2] |
Selling and administrative expenses | 194 | ' | ' | 235 | ' | ' | 573 | 709 | ||||
Income tax expense | 183 | ' | ' | 248 | ' | ' | 555 | 745 | ||||
Total reclassifications for the period | -290 | ' | ' | -391 | ' | ' | -864 | -1,172 | ||||
Defined Benefit Pension and Postretirement Plans [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | Television [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reclassification of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Selling and administrative expenses | 46 | ' | ' | 70 | ' | ' | 145 | 199 | ||||
Defined Benefit Pension and Postretirement Plans [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | Radio [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Reclassification of accumulated other comprehensive loss [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Selling and administrative expenses | 21 | ' | ' | 46 | ' | ' | 66 | 133 | ||||
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] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Selling and administrative expenses | $211 | ' | ' | $288 | ' | ' | $634 | $876 | ||||
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 14 "Employee Benefit Plans" for more information. Of the costs for the third quarter ended September 28, 2014, $46 is included in television operating costs and expenses, $21 is included in radio operating costs and expenses, $211 is included in publishing operating costs and expenses, and $194 is included in selling and administrative expenses. Of the costs for the third quarter ended September 29, 2013, $70 is included in television operating costs and expenses, $46 is included in radio operating costs and expenses, $288 is included in publishing operating costs and expenses, and $235 is included in selling and administrative expenses. | |||||||||||
[2] | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 14 "Employee Benefit Plans" for more information. Of the costs for the three quarters ended September 28, 2014, $145 is included in television operating costs and expenses, $66 is included in radio operating costs and expenses, $634 is included in publishing operating costs and expenses, and $573 is included in selling and administrative expenses. Of the costs for the three quarters ended September 29, 2013, $199 is included in television operating costs and expenses, $133 is included in radio 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. 28, 2014 | Mar. 30, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 29, 2013 |
Segment | Segment | State | ||||
Station | Station | Station | ||||
Business | State | Segment | ||||
Business | Business | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' |
Number of primary businesses | 2 | 2 | ' | 2 | ' | ' |
Number of reportable segments | ' | 4 | ' | 4 | ' | ' |
Number of television stations | ' | 14 | ' | 14 | ' | ' |
Number of radio stations | 35 | 35 | ' | 35 | ' | ' |
Number of states where broadcasting segment operates | ' | 8 | ' | 8 | ' | ' |
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | ' | ' | ' | ' | ' | ' |
Revenue | $105,138 | ' | $96,920 | $306,449 | $289,901 | ' |
Operating earnings (loss) | 14,158 | ' | 10,087 | 43,571 | 31,392 | ' |
Depreciation and amortization | 5,433 | ' | 5,713 | 16,454 | 17,068 | ' |
Capital expenditures | 2,465 | ' | 2,876 | 6,433 | 8,406 | ' |
Identifiable total assets | 569,172 | ' | ' | 569,172 | ' | 596,018 |
Television [Member] | ' | ' | ' | ' | ' | ' |
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | ' | ' | ' | ' | ' | ' |
Revenue | 47,952 | ' | 39,050 | 140,868 | 121,478 | ' |
Operating earnings (loss) | 12,107 | ' | 5,156 | 36,010 | 20,501 | ' |
Depreciation and amortization | 3,196 | ' | 3,228 | 9,635 | 9,650 | ' |
Capital expenditures | 1,738 | ' | 2,164 | 4,488 | 5,367 | ' |
Identifiable total assets | 340,173 | ' | ' | 340,173 | ' | 356,032 |
Radio [Member] | ' | ' | ' | ' | ' | ' |
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | ' | ' | ' | ' | ' | ' |
Revenue | 21,616 | ' | 20,568 | 57,021 | 56,288 | ' |
Operating earnings (loss) | 4,058 | ' | 3,496 | 10,246 | 9,736 | ' |
Depreciation and amortization | 506 | ' | 539 | 1,480 | 1,642 | ' |
Capital expenditures | 649 | ' | 353 | 1,418 | 714 | ' |
Identifiable total assets | 113,967 | ' | ' | 113,967 | ' | 111,473 |
Publishing [Member] | ' | ' | ' | ' | ' | ' |
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | ' | ' | ' | ' | ' | ' |
Revenue | 35,684 | ' | 37,739 | 108,920 | 112,717 | ' |
Operating earnings (loss) | 2,594 | ' | 3,203 | 5,823 | 7,141 | ' |
Depreciation and amortization | 1,612 | ' | 1,772 | 4,984 | 5,257 | ' |
Capital expenditures | 18 | ' | 317 | 461 | 2,251 | ' |
Identifiable total assets | 90,114 | ' | ' | 90,114 | ' | 96,991 |
Corporate Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | ' | ' | ' | ' | ' | ' |
Revenue | -114 | ' | -437 | -360 | -582 | ' |
Corporate [Member] | ' | ' | ' | ' | ' | ' |
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | ' | ' | ' | ' | ' | ' |
Operating earnings (loss) | -4,601 | ' | -1,768 | -8,508 | -5,986 | ' |
Depreciation and amortization | 119 | ' | 174 | 355 | 519 | ' |
Capital expenditures | 60 | ' | 42 | 66 | 74 | ' |
Corporate And Discontinued Operations [Member] | ' | ' | ' | ' | ' | ' |
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | ' | ' | ' | ' | ' | ' |
Identifiable total assets | $24,918 | ' | ' | $24,918 | ' | $31,522 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 28, 2014 | Sep. 28, 2014 | |
Subsequent Event [Line Items] | ' | ' |
Workforce reduction charge | $171,000 | $784,000 |
Subsequent Event [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Number of stations required to be divested | ' | 1 |
Subsequent Event [Member] | Minimum [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Workforce reduction charge | ' | 2,200 |
Subsequent Event [Member] | Maximum [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Workforce reduction charge | ' | $2,500 |