Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Jun. 27, 2014 | Feb. 27, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | JOURNAL COMMUNICATIONS INC | ||
Entity Central Index Key | 1232241 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $394,601,097 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 28-Dec-14 | ||
Class A Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 45,386,936 | ||
Class B Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 5,507,908 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $13,233 | $1,912 |
Receivables, net | 66,061 | 66,670 |
Inventories, net | 1,852 | 2,191 |
Prepaid expenses and other current assets | 3,569 | 3,305 |
Syndicated programs | 2,598 | 2,816 |
Deferred income taxes | 3,122 | 2,508 |
Current assets of discontinued operations | 0 | 7,048 |
TOTAL CURRENT ASSETS | 90,435 | 86,450 |
Property and equipment: | ||
Land and land improvements | 36,733 | 37,026 |
Buildings and building improvements | 131,230 | 131,209 |
Equipment | 237,484 | 236,588 |
Construction in progress | 1,218 | 2,257 |
Gross property and equipment | 406,665 | 407,080 |
Less accumulated depreciation | 256,269 | 246,531 |
Net property and equipment | 150,396 | 160,549 |
Syndicated programs | 3,424 | 5,162 |
Goodwill | 121,740 | 124,702 |
Broadcast licenses | 134,055 | 135,166 |
Other intangible assets, net | 54,945 | 57,763 |
Deferred income taxes | 20,557 | 20,125 |
Other assets | 4,928 | 6,101 |
TOTAL ASSETS | 580,480 | 596,018 |
Current liabilities: | ||
Accounts payable | 24,930 | 22,154 |
Accrued compensation | 11,665 | 9,134 |
Accrued employee benefits | 5,149 | 4,865 |
Deferred revenue | 14,812 | 15,459 |
Syndicated programs | 2,356 | 2,247 |
Accrued income taxes | 5,487 | 3,286 |
Other current liabilities | 4,486 | 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 | 259 | 276 |
Current liabilities of discontinued operations | 0 | 885 |
TOTAL CURRENT LIABILITIES | 86,800 | 81,522 |
Accrued employee benefits | 93,460 | 64,541 |
Syndicated programs | 3,866 | 5,741 |
Long-term notes payable to banks | 105,000 | 179,950 |
Unsecured subordinated notes payable | 7,968 | 10,623 |
Other long-term liabilities | 3,678 | 3,554 |
Equity: | ||
Additional paid-in capital | 258,366 | 256,734 |
Accumulated other comprehensive loss | -56,856 | -39,654 |
Retained earnings | 77,693 | 32,503 |
TOTAL EQUITY | 279,708 | 250,087 |
TOTAL LIABILITIES AND EQUITY | 580,480 | 596,018 |
Class B [Member] | ||
Equity: | ||
Common stock value | 53 | 57 |
TOTAL EQUITY | 53 | 57 |
Class A [Member] | ||
Equity: | ||
Common stock value | 452 | 447 |
TOTAL EQUITY | $452 | $447 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) | Dec. 31, 2014 | Dec. 29, 2013 |
Class B [Member] | ||
Equity: | ||
Common stock authorized (in shares) | 120,000,000 | 120,000,000 |
Common stock issued (in shares) | 5,595,235 | 6,134,093 |
Common stock outstanding (in shares) | 5,595,235 | 6,134,093 |
Class A [Member] | ||
Equity: | ||
Common stock authorized (in shares) | 170,000,000 | 170,000,000 |
Common stock issued (in shares) | 45,305,975 | 44,669,851 |
Common stock outstanding (in shares) | 45,305,975 | 44,669,851 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Revenue: | |||
Total revenue | $428,436 | $397,267 | $393,118 |
Operating costs and expenses: | |||
Total operating costs and expenses | 224,805 | 219,237 | 205,249 |
Selling and administrative expenses | 131,673 | 126,714 | 127,522 |
Broadcast license impairment | 211 | 0 | 1,616 |
Total operating costs and expenses and selling and administrative expenses | 356,689 | 345,951 | 334,387 |
Operating earnings | 71,747 | 51,316 | 58,731 |
Other income and (expense): | |||
Interest income | 0 | 0 | 22 |
Interest expense | -5,935 | -7,706 | -4,483 |
Other | 0 | -188 | 0 |
Total other income and (expense) | -5,935 | -7,894 | -4,461 |
Earnings from continuing operations before income taxes | 65,812 | 43,422 | 54,270 |
Provision for income taxes | 26,494 | 17,172 | 21,688 |
Earnings from continuing operations | 39,318 | 26,250 | 32,582 |
Earnings from discontinued operations, net of applicable income tax expense of $4,114, ($13) and $518, respectively | 5,872 | -49 | 743 |
Net earnings | 45,190 | 26,201 | 33,325 |
Basic - Class A and B common stock: | |||
Net earnings (in dollars per share) | $0.90 | $0.52 | |
Diluted - Class A and B common stock: | |||
Net earnings (in dollars per share) | $0.89 | $0.52 | $0.61 |
Class A and B Common Stock [Member] | |||
Other income and (expense): | |||
Net earnings | 45,190 | 26,201 | 30,701 |
Basic - Class A and B common stock: | |||
Continuing operations (in dollars per share) | $0.78 | $0.52 | $0.60 |
Discontinued operations (in dollars per share) | $0.12 | $0 | $0.01 |
Net earnings (in dollars per share) | $0.90 | $0.52 | $0.61 |
Diluted - Class A and B common stock: | |||
Continuing operations (in dollars per share) | $0.77 | $0.52 | $0.60 |
Discontinued operations (in dollars per share) | $0.12 | $0 | $0.01 |
Net earnings (in dollars per share) | $0.89 | $0.52 | $0.61 |
Class C Common Stock [Member] | |||
Other income and (expense): | |||
Net earnings | 0 | 0 | 2,407 |
Basic - Class A and B common stock: | |||
Net earnings (in dollars per share) | $0 | $0 | $0.74 |
Basic and diluted - Class C common stock: | |||
Continuing operations (in dollars per share) | $0 | $0 | $0.73 |
Discontinued operations (in dollars per share) | $0 | $0 | $0.01 |
Net earnings (in dollars per share) | $0 | $0 | $0.74 |
Television [Member] | |||
Revenue: | |||
Total revenue | 200,847 | 166,616 | 152,444 |
Operating costs and expenses: | |||
Total operating costs and expenses | 93,516 | 85,945 | 67,451 |
Broadcast license impairment | 0 | 0 | 664 |
Operating earnings | 59,459 | 31,395 | 41,005 |
Radio [Member] | |||
Revenue: | |||
Total revenue | 79,120 | 76,816 | 76,259 |
Operating costs and expenses: | |||
Total operating costs and expenses | 33,095 | 33,040 | 31,041 |
Broadcast license impairment | 211 | 0 | 952 |
Operating earnings | 14,937 | 14,017 | 13,962 |
Publishing [Member] | |||
Revenue: | |||
Total revenue | 148,958 | 154,558 | 164,947 |
Operating costs and expenses: | |||
Total operating costs and expenses | 98,683 | 100,973 | 107,289 |
Operating earnings | 10,242 | 13,778 | 11,622 |
Corporate [Member] | |||
Revenue: | |||
Total revenue | -489 | -723 | -532 |
Operating costs and expenses: | |||
Total operating costs and expenses | ($489) | ($721) | ($532) |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | |||
Income tax provision (benefit) applied from discontinued operations | $4,114 | ($13) | $518 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net earnings | $45,190 | $26,201 | $33,325 |
Other comprehensive income, net of tax: | |||
Change in pension and postretirement, net of tax expense (benefit) of ($10,865), $10,176 and $1,792, respectively | -17,202 | 16,085 | -2,757 |
Comprehensive income | $27,988 | $42,286 | $30,568 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Other comprehensive income, net of tax: | |||
Change in pension and postretirement, tax | ($10,865) | $10,176 | $1,792 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Additional Paid-in-Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings (Deficit) [Member] | Noncontrolling Interests [Member] | Total | Class C [Member] | Class B [Member] | Class A [Member] |
In Thousands, unless otherwise specified | ||||||||
Balance at Dec. 25, 2011 | $257,552 | ($52,982) | ($83) | $1,164 | $206,188 | $33 | $66 | $438 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 33,325 | 33,325 | 2,407 | |||||
Comprehensive income (loss) | -2,757 | -2,757 | ||||||
Class C minimum dividends | -1,146 | -1,146 | -1,146 | |||||
Issuance of shares: | ||||||||
Conversion of class B to class A | 0 | -7 | 7 | |||||
Stock grants | 384 | 389 | 5 | |||||
Employee stock purchase plan | 271 | 271 | ||||||
Class C shares repurchase | -117 | -25,794 | -25,944 | -33 | ||||
Shares purchased and retired | -3,558 | -3,565 | -7 | |||||
Shares withheld from employees for tax withholding | -654 | -655 | -1 | |||||
Stock-based compensation | 1,639 | 1,639 | ||||||
Income tax benefits from vesting of restricted stock | 293 | 293 | ||||||
Purchase of noncontrolling interest | -1,373 | -1,164 | -2,537 | |||||
Balance at Dec. 30, 2012 | 254,437 | -55,739 | 6,302 | 0 | 205,501 | 0 | 63 | 438 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 26,201 | 26,201 | 0 | |||||
Comprehensive income (loss) | 16,085 | 16,085 | ||||||
Class C minimum dividends | 0 | |||||||
Issuance of shares: | ||||||||
Conversion of class B to class A | 0 | -9 | 9 | |||||
Stock grants | 375 | 379 | 4 | |||||
Employee stock purchase plan | 279 | 279 | ||||||
Shares withheld from employees for tax withholding | -683 | -684 | -1 | |||||
Stock-based compensation | 1,681 | 1,681 | ||||||
Income tax benefits from vesting of restricted stock | 112 | 112 | ||||||
Other | 533 | 533 | ||||||
Balance at Dec. 29, 2013 | 256,734 | -39,654 | 32,503 | 0 | 250,087 | 0 | 57 | 447 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 45,190 | 45,190 | 0 | |||||
Comprehensive income (loss) | -17,202 | -17,202 | ||||||
Class C minimum dividends | 0 | |||||||
Issuance of shares: | ||||||||
Conversion of class B to class A | 0 | -5 | 5 | |||||
Stock grants | 335 | 337 | 2 | |||||
Employee stock purchase plan | 302 | 302 | ||||||
Shares withheld from employees for tax withholding | -732 | -733 | -1 | |||||
Stock-based compensation | 1,405 | 1,405 | ||||||
Income tax benefits from vesting of restricted stock | 322 | 322 | ||||||
Balance at Dec. 31, 2014 | $258,366 | ($56,856) | $77,693 | $0 | $279,708 | $0 | $53 | $452 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (Class C [Member], USD $) | 12 Months Ended |
Dec. 30, 2012 | |
Class C [Member] | |
Comprehensive income (loss): | |
Class C minimum dividends (in dollars per share) | $0.35 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Cash flow from operating activities: | |||
Net earnings | $45,190 | $26,201 | $33,325 |
Less earnings from discontinued operations | 5,872 | -49 | 743 |
Earnings from continuing operations | 39,318 | 26,250 | 32,582 |
Adjustments for non-cash items: | |||
Depreciation | 19,141 | 20,058 | 20,590 |
Amortization | 2,818 | 2,855 | 1,448 |
Provision for doubtful accounts | 324 | 314 | 503 |
Deferred income taxes | 10,141 | 12,441 | 16,104 |
Non-cash stock-based compensation | 1,742 | 2,089 | 2,028 |
Net (gain) loss from disposal of assets | -47 | -402 | 493 |
Net loss on sale of business | 369 | 0 | 0 |
Impairment of broadcast licenses | 211 | 0 | 1,616 |
Impairment of long-lived assets | 69 | 238 | 493 |
Net changes in operating assets and liabilities, excluding effect of sales and acquisitions: | |||
Receivables | 1,434 | -2,823 | -2,090 |
Inventories | 339 | 753 | -1,178 |
Accounts payable | 2,038 | -4,589 | 5,936 |
Accrued employee benefits | 1,135 | -2,105 | -1,818 |
Other assets and liabilities | 3,203 | -1,663 | -1,451 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 82,235 | 53,416 | 75,256 |
Cash flow from investing activities: | |||
Capital expenditures for property and equipment | -9,074 | -12,440 | -12,305 |
Proceeds from sales of assets | 151 | 720 | 1,244 |
Proceeds from sale of businesses | 1,500 | 0 | 2,892 |
Insurance recoveries | 0 | 645 | 0 |
Acquisition of businesses | 0 | -5,955 | -231,728 |
NET CASH USED FOR INVESTING ACTIVITIES | -7,423 | -17,030 | -239,897 |
Cash flow from financing activities: | |||
Payments of financing costs | 0 | 0 | -4,583 |
Proceeds from long-term notes payable to banks | 170,825 | 194,805 | 349,955 |
Payments on long-term notes payable to banks | -245,775 | -229,950 | -161,165 |
Payments on unsecured subordinated notes payable | -2,655 | -2,656 | -9,664 |
Principal payments under capital lease obligations | -79 | -74 | -258 |
Proceeds from issuance of common stock, net | 271 | 259 | 245 |
Income tax benefits from vesting of restricted stock | 322 | 112 | 330 |
Redemption of common stock, net | 0 | 0 | -3,910 |
Purchase of noncontrolling interest | 0 | 0 | -2,038 |
Payment of cash equivalent of accrued dividends | 0 | 0 | -6,246 |
NET CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES | -77,091 | -37,504 | 162,666 |
Cash flow from discontinued operations: | |||
Net operating activities | -2,974 | 726 | 2,418 |
Net investing activities | 16,574 | -125 | -431 |
NET CASH PROVIDED BY DISCONTINUED OPERATIONS | 13,600 | 601 | 1,987 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 11,321 | -517 | 12 |
Cash and cash equivalents: | |||
Beginning of year | 1,912 | 2,429 | 2,417 |
End of Year | 13,233 | 1,912 | 2,429 |
SUPPLEMENTAL CASH FLOW INFORMATION | |||
Cash paid for income taxes | 18,205 | 6,087 | 4,317 |
Cash paid for interest | $5,247 | $5,552 | $1,521 |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | 1 SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||
Basis of presentation and consolidation—On November 10, 2014, we changed our fiscal year-end from a 52-53 week fiscal year ending on the last Sunday of December of each year to a December 31 fiscal year-end. Per Securities and Exchange Commission guidance, our change from a 52-53 week fiscal year to a December 31 fiscal year-end is not deemed a change in fiscal year-end and a separate transition report is not required. The consolidated financial statements include December 30, 2013 through December 31, 2014. | |||||||||||||
The consolidated financial statements include the accounts of Journal Communications, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. | |||||||||||||
Palm Springs television results of operations have been reflected as discontinued operations in our consolidated statements of operations. | |||||||||||||
On July 30, 2014, we entered into an agreement with 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 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 34 radio stations in 8 states, after the divestiture of an FM station in December 2014. 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. | |||||||||||||
Use of estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Revenue recognition—Our principal sources of revenue are the sale of airtime on television and radio stations, the sale of advertising in newspapers and the sale of newspapers to individual subscribers and distributors. In addition, we sell advertising on our newspaper, television and radio websites and derive revenue from other online activities. Advertising revenue is recognized in the publishing, television and radio businesses when advertisements are published, aired or displayed, or when related advertising services are rendered. Circulation revenue is recognized on a pro-rata basis over the term of the newspaper subscription or when the newspaper is delivered to the customer. Amounts we receive from customers in advance of revenue recognition are deferred as liabilities. Deferred revenue to be earned more than one year from the balance sheet date is included in other long-term liabilities in the consolidated balance sheets. | |||||||||||||
Printing revenue from external customers as well as third-party distribution revenue is recognized when the product is delivered in accordance with the customers’ instructions. | |||||||||||||
We also derive revenues from retransmission of our television programs by MVPDs. Retransmission revenues from MVPDs are recognized based on average monthly subscriber counts and contractual rates over the terms of the agreements. | |||||||||||||
Multiple-deliverable revenue arrangements— We sell airtime on television and radio stations and online advertising bundled arrangements, where multiple products are involved. Significant deliverables within these arrangements include advertising on television and radio stations and advertising placed on various company websites, each of which are considered separate units of accounting. Our daily newspaper sells print and online advertising in bundled arrangements, where multiple products are involved. Significant deliverables within these arrangements include advertising in the printed daily newspaper and advertising placed on various company websites, each of which are considered separate units of accounting. There were no significant changes in units of accounting, the allocation process or the pattern and timing of revenue recognition upon adoption of the amended guidance related to revenue recognition for arrangements with multiple deliverables. | |||||||||||||
Shipping and handling costs—Shipping and handling costs, including postage, billed to customers are included in revenue and the related costs are included in operating costs and expenses. | |||||||||||||
Advertising expense—We expense our advertising costs as incurred. Advertising expense totaled $5,861, $6,645 and $7,438 in 2014, 2013 and 2012, respectively. | |||||||||||||
Interest expense—All interest incurred during the years ended December 31, 2014, December 29, 2013 and December 30, 2012 was expensed. | |||||||||||||
Income taxes—Deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Valuation allowances are established when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. | |||||||||||||
We recognize an uncertain tax position when it is more likely than not to be sustained upon examination by taxing authorities and we measure the tax benefit as the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement. | |||||||||||||
Fair values—The carrying amount of cash and cash equivalents, receivables, accounts payable, accrued severance and barter programming assets and liabilities approximates fair value as of December 31, 2014 and December 29, 2013. | |||||||||||||
Cash and Cash equivalents—Cash equivalents are highly liquid investments with maturities of three months or less when purchased. Cash equivalents are stated at cost, which approximates market value. The cash balance at December 31, 2014 and December 29, 2013 was $13,233 and $1,912, respectively. The increase in cash was a result of our decision to maintain the maximum debt capacity under the term loan as voluntary prepayments of the secured term loan facility would represent a permanent reduction in credit available. | |||||||||||||
Receivables, net— 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 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 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 December 31, 2014 and December 29, 2013 was $1,807 and $1,688, respectively. | |||||||||||||
Concentration of credit risk—Generally, credit is extended based upon an evaluation of the customer’s financial position, and advance payment is not required. Credit losses are provided for in the financial statements and have been within management’s expectations. Given the current economic environment, credit losses may increase in the future. | |||||||||||||
Inventories—Inventories are stated at the lower of cost (first in, first out method) or market. A summary of inventories follows: | |||||||||||||
2014 | 2013 | ||||||||||||
December 31 and December 29 | |||||||||||||
Paper and supplies | $ | 1,862 | $ | 2,224 | |||||||||
Work in process | 73 | 59 | |||||||||||
Less obsolescence reserve | (83 | ) | (92 | ) | |||||||||
Inventories, net | $ | 1,852 | $ | 2,191 | |||||||||
Television programming—We have agreements with distributors for the rights to television programming over contract periods, which generally run for one to five years. Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first showing. The portion of program contracts that become payable within one year is reflected as a current liability in the accompanying consolidated balance sheets. The rights to program materials are carried at the lower of unamortized cost or estimated net realizable value or in the case of programming obtained by an acquisition, at estimated fair value. The cost for the rights of first-run and sports programming are recorded as the episodes and games are broadcast. We do not record an asset and liability for such rights when the license period begins because the programming is not available for broadcast. Certain of our agreements require us to provide barter advertising time to our distributors. Barter advertising revenue and expense was $7,940, $7,210 and $5,393 in 2014, 2013 and 2012, respectively. | |||||||||||||
Property and equipment—Property and equipment are recorded at cost. Depreciation of property and equipment is provided, using the straight-line method, over the estimated useful lives, which are as follows: | |||||||||||||
Years | |||||||||||||
Building and land improvements | 10 | ||||||||||||
Buildings | 30 | ||||||||||||
Newspaper printing presses | 25 | ||||||||||||
Broadcasting equipment | 20-May | ||||||||||||
Other printing presses | 10 | ||||||||||||
Other | 10-Mar | ||||||||||||
Depreciation expense totaled $19,141, $20,058 and $20,590 in 2014, 2013 and 2012, respectively. As of December 31, 2014, we have $150,396 of net property and equipment secured by our credit facility. | |||||||||||||
Capital leases—We charge amortization expense of assets recorded under capital leases to depreciation expense in our consolidated statements of operations and accumulated depreciation in our consolidated balance sheets. At December 31, 2014 we recorded $474 for capital leases in equipment, $241 in accumulated depreciation, $82 in current portion of long-term liabilities and $162 in other long-term liabilities in our consolidated balance sheet. At December 29, 2013 we recorded $474 for capital leases in equipment, $162 in accumulated depreciation, $79 in current portion of long-term liabilities and $244 in other long-term liabilities in our consolidated balance sheet. | |||||||||||||
Intangible assets—Indefinite-lived intangible assets, which consist of television and radio broadcast licenses and goodwill, are reviewed for impairment at least annually or more frequently if impairment indicators are present. We continue to amortize definite-lived intangible assets on a straight-line basis over periods of five to 25 years. The costs incurred to renew or extend the term of our television and radio broadcast licenses and certain customer relationships are expensed as incurred. See Note 9, “Goodwill, Broadcast Licenses and Other Intangible Assets,” for additional disclosures on our intangible assets. | |||||||||||||
Notes receivable — In partial consideration for the sale of certain publishing assets of Journal Community Publishing Groups, 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 December 31, 2014 and December 29, 2013 was $266 and $524, respectively. | |||||||||||||
Interest income and the unamortized discount on our notes receivable are recorded using the effective interest method. | |||||||||||||
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. In 2014, we recorded an impairment charge of $32 and $37 at our television and radio segments, respectively, representing the excess in indicated fair value over the carrying value of syndicated contracts. In 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 accepted offer to sell the building. This fair value measurement is considered a level 3 measurement under the fair value hierarchy. | |||||||||||||
Share Repurchases—Shares repurchased under our July 2011 share repurchase program remain authorized but unissued. In December 2013, our board of directors extended our share repurchase program until the end of fiscal 2015. The cost of the class A shares repurchased under the program was greater than par value and we recorded a charge to par value and additional paid in capital. In connection with the transactions with Scripps, we are precluded from repurchasing any further shares unless it would not materially impair, impede or delay the transactions. | |||||||||||||
Earnings per share | |||||||||||||
Basic | |||||||||||||
For all periods during which our class C common stock was issued and outstanding (see Note 2 “Notes Payable” regarding the Company’s repurchase of all 3,264 shares of the Company’s class C common stock issued and outstanding in August 2012), we apply the two-class method for calculating and presenting our basic earnings per share. As noted in the FASB’s guidance for earnings per share, the two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under that method: | |||||||||||||
(a) | Income (loss) from continuing operations (“net earnings (loss)”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid or accrued during the current period. | ||||||||||||
(b) | The remaining earnings, which may include earnings from discontinued operations (“undistributed earnings”), are allocated to each class of common stock to the extent that each class of stock may share in earnings if all of the earnings for the period were distributed. | ||||||||||||
(c) | The remaining losses (“undistributed losses”) are allocated to the class A and B common stock. Undistributed losses are not allocated to the class C common stock and non-vested restricted stock because the class C common stock and the non-vested restricted stock are not contractually obligated to share in the losses. Losses from discontinued operations are allocated to class A and B common stock and may be allocated to class C common stock and non-vested restricted stock if there is undistributed earnings after deducting earnings distributed to class C common stock from income from continuing operations. | ||||||||||||
(d) | The total earnings (loss) allocated to each class of common stock are then divided by the number of weighted average shares outstanding of the class of common stock to which the earnings (loss) are allocated to determine the earnings (loss) per share for that class of common stock. | ||||||||||||
(e) | Basic earnings (loss) per share data are presented for class A and B common stock in the aggregate and for class C common stock. The basic earnings (loss) per share for class A and B common stock are the same; hence, these classes are reported together. | ||||||||||||
In applying the two-class method, we have determined that undistributed earnings should be allocated equally on a per share basis among each class of common stock due to the lack of any contractual participation rights of any class to those undistributed earnings. Undistributed losses are allocated to only the class A and B common stock for the reason stated above. | |||||||||||||
The following table sets forth the computation of basic earnings per share under the two-class method: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic earnings from continuing operations for each class of common stock and non-vested restricted stock: | |||||||||||||
Earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 32,582 | |||||||
Less dividends: | |||||||||||||
Class A and B | - | - | - | ||||||||||
Minimum class C | - | - | 1,146 | ||||||||||
Non-vested restricted stock | - | - | - | ||||||||||
Total undistributed earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 31,436 | |||||||
Undistributed earnings from continuing operations: | |||||||||||||
Class A and B | $ | 39,318 | $ | 26,250 | $ | 29,991 | |||||||
Class C | - | - | 1,233 | ||||||||||
Non-vested restricted stock | - | - | 212 | ||||||||||
Total undistributed earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 31,436 | |||||||
Numerator for basic earnings from continuing operations per class A and B common stock: | |||||||||||||
Minimum dividends on class A and B | $ | - | $ | - | $ | - | |||||||
Class A and B undistributed earnings | 39,318 | 26,250 | 29,991 | ||||||||||
Numerator for basic earnings from continuing operations per class A and B common stock | $ | 39,318 | $ | 26,250 | $ | 29,991 | |||||||
Numerator for basic earnings from continuing operations per class C common stock: | |||||||||||||
Minimum dividends on class C | $ | - | $ | - | $ | 1,146 | |||||||
Class C undistributed earnings | - | - | 1,233 | ||||||||||
Numerator for basic earnings from continuing operations per class C common stock | $ | - | $ | - | $ | 2,379 | |||||||
Denominator for basic earnings from continuing operations for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic earnings per share from continuing operations: | |||||||||||||
Class A and B | $ | 0.78 | $ | 0.52 | $ | 0.6 | |||||||
Class C | $ | - | $ | - | $ | 0.73 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic earnings from discontinued operations for each class of common stock and non-vested restricted stock: | |||||||||||||
Total undistributed earnings from discontinued operations | $ | 5,872 | $ | (49 | ) | $ | 743 | ||||||
Undistributed earnings from discontinued operations: | |||||||||||||
Class A and B | 5,872 | (49 | ) | 709 | |||||||||
Class C | - | - | 29 | ||||||||||
Non-vested restricted stock | - | - | 5 | ||||||||||
Total undistributed earnings from discontinued operations | $ | 5,872 | $ | (49 | ) | $ | 743 | ||||||
Denominator for basic earnings from discontinued operations for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic earnings per share from discontinued operations: | |||||||||||||
Class A and B | $ | 0.12 | $ | - | $ | 0.01 | |||||||
Class C | $ | - | $ | - | $ | 0.01 | |||||||
Numerator for basic net earnings for each class of common stock: | |||||||||||||
Net earnings | $ | 45,190 | $ | 26,201 | $ | 33,325 | |||||||
Less dividends: | |||||||||||||
Class A and B | - | - | - | ||||||||||
Minimum class C | - | - | 1,146 | ||||||||||
Non-vested restricted stock | - | - | - | ||||||||||
Total undistributed net earnings | $ | 45,190 | $ | 26,201 | $ | 32,179 | |||||||
Undistributed net earnings: | |||||||||||||
Class A and B | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
Class C | - | - | 1,261 | ||||||||||
Non-vested restricted stock | - | - | 217 | ||||||||||
Total undistributed net earnings | $ | 45,190 | $ | 26,201 | $ | 32,179 | |||||||
Numerator for basic net earnings per class A and B common stock: | |||||||||||||
Dividends on class A and B | $ | - | $ | - | $ | - | |||||||
Class A and B undistributed net earnings | 45,190 | 26,201 | 30,701 | ||||||||||
Numerator for basic net earnings per class A and B common stock | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic net earnings per class C common stock: | |||||||||||||
Minimum dividends on class C | $ | - | $ | - | $ | 1,146 | |||||||
Class C undistributed net earnings | - | - | 1,261 | ||||||||||
Numerator for basic net earnings per class C common stock | $ | - | $ | - | $ | 2,407 | |||||||
Denominator for basic net earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic net earnings per share: | |||||||||||||
Class A and B | $ | 0.9 | $ | 0.52 | $ | 0.61 | |||||||
Class C | $ | - | $ | - | $ | 0.74 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
Diluted | |||||||||||||
The following table sets forth the computation of basic earnings per share under the two-class method: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic earnings from continuing operations for each class of common stock and non-vested restricted stock: | |||||||||||||
Earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 32,582 | |||||||
Less dividends: | |||||||||||||
Class A and B | - | - | - | ||||||||||
Minimum class C | - | - | 1,146 | ||||||||||
Non-vested restricted stock | - | - | - | ||||||||||
Total undistributed earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 31,436 | |||||||
Undistributed earnings from continuing operations: | |||||||||||||
Class A and B | $ | 39,318 | $ | 26,250 | $ | 29,991 | |||||||
Class C | - | - | 1,233 | ||||||||||
Non-vested restricted stock | - | - | 212 | ||||||||||
Total undistributed earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 31,436 | |||||||
Numerator for basic earnings from continuing operations per class A and B common stock: | |||||||||||||
Minimum dividends on class A and B | $ | - | $ | - | $ | - | |||||||
Class A and B undistributed earnings | 39,318 | 26,250 | 29,991 | ||||||||||
Numerator for basic earnings from continuing operations per class A and B common stock | $ | 39,318 | $ | 26,250 | $ | 29,991 | |||||||
Numerator for basic earnings from continuing operations per class C common stock: | |||||||||||||
Minimum dividends on class C | $ | - | $ | - | $ | 1,146 | |||||||
Class C undistributed earnings | - | - | 1,233 | ||||||||||
Numerator for basic earnings from continuing operations per class C common stock | $ | - | $ | - | $ | 2,379 | |||||||
Denominator for basic earnings from continuing operations for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic earnings per share from continuing operations: | |||||||||||||
Class A and B | $ | 0.78 | $ | 0.52 | $ | 0.6 | |||||||
Class C | $ | - | $ | - | $ | 0.73 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
67 | |||||||||||||
Index | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic earnings from discontinued operations for each class of common stock and non-vested restricted stock: | |||||||||||||
Total undistributed earnings from discontinued operations | $ | 5,872 | $ | (49 | ) | $ | 743 | ||||||
Undistributed earnings from discontinued operations: | |||||||||||||
Class A and B | 5,872 | (49 | ) | 709 | |||||||||
Class C | - | - | 29 | ||||||||||
Non-vested restricted stock | - | - | 5 | ||||||||||
Total undistributed earnings from discontinued operations | $ | 5,872 | $ | (49 | ) | $ | 743 | ||||||
Denominator for basic earnings from discontinued operations for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic earnings per share from discontinued operations: | |||||||||||||
Class A and B | $ | 0.12 | $ | - | $ | 0.01 | |||||||
Class C | $ | - | $ | - | $ | 0.01 | |||||||
Numerator for basic net earnings for each class of common stock: | |||||||||||||
Net earnings | $ | 45,190 | $ | 26,201 | $ | 33,325 | |||||||
Less dividends: | |||||||||||||
Class A and B | - | - | - | ||||||||||
Minimum class C | - | - | 1,146 | ||||||||||
Non-vested restricted stock | - | - | - | ||||||||||
Total undistributed net earnings | $ | 45,190 | $ | 26,201 | $ | 32,179 | |||||||
Undistributed net earnings: | |||||||||||||
Class A and B | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
Class C | - | - | 1,261 | ||||||||||
Non-vested restricted stock | - | - | 217 | ||||||||||
Total undistributed net earnings | $ | 45,190 | $ | 26,201 | $ | 32,179 | |||||||
Numerator for basic net earnings per class A and B common stock: | |||||||||||||
Dividends on class A and B | $ | - | $ | - | $ | - | |||||||
Class A and B undistributed net earnings | 45,190 | 26,201 | 30,701 | ||||||||||
Numerator for basic net earnings per class A and B common stock | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
68 | |||||||||||||
Index | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic net earnings per class C common stock: | |||||||||||||
Minimum dividends on class C | $ | - | $ | - | $ | 1,146 | |||||||
Class C undistributed net earnings | - | - | 1,261 | ||||||||||
Numerator for basic net earnings per class C common stock | $ | - | $ | - | $ | 2,407 | |||||||
Denominator for basic net earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic net earnings per share: | |||||||||||||
Class A and B | $ | 0.9 | $ | 0.52 | $ | 0.61 | |||||||
Class C | $ | - | $ | - | $ | 0.74 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
Diluted earnings per share is computed based upon the assumption that common shares are issued upon exercise of our stock appreciation rights when the exercise price is less than the average market price of our common shares and common shares will be outstanding upon expiration of the vesting periods for our non-vested restricted stock and performance-based restricted stock units. For the year ended December 31, 2014, 220 non-vested restricted class B common shares and performance-based restricted stock units are not included in the computation of diluted earnings per share because they are anti-dilutive. For the year ended December 29, 2013, 177 non-vested restricted class B common shares are not included in the computation of diluted earnings per share because they are anti-dilutive. The class C shares are not converted into class A and B shares because they are anti-dilutive for all periods presented, and therefore are not included in the diluted weighted average shares outstanding. | |||||||||||||
The following table sets forth the computation of diluted net earnings (loss) per share for class A and B common stock: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for diluted net earnings per share: | |||||||||||||
Dividends on class A and B common stock | $ | - | $ | - | $ | - | |||||||
Total undistributed earnings from continuing operations | 39,318 | 26,250 | 29,991 | ||||||||||
Total undistributed earnings from discontinued operations | 5,872 | (49 | ) | 710 | |||||||||
Net earnings | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
Denominator for diluted net earnings per share: | |||||||||||||
Weighted average shares outstanding | 50,749 | 50,436 | 50,091 | ||||||||||
Diluted earnings per share: | |||||||||||||
Continuing operations | $ | 0.77 | $ | 0.52 | $ | 0.6 | |||||||
Discontinued operations | 0.12 | - | 0.01 | ||||||||||
Net earnings | $ | 0.89 | $ | 0.52 | $ | 0.61 | |||||||
Diluted earnings per share for the class C common stock is the same as basic earnings per share for the class C common stock because there are no class C common stock equivalents. | |||||||||||||
Prior to the repurchase of the class C common stock, each of the 3,264 class C shares outstanding was convertible at any time at the option of the holder into either (i) 1.363970 class A shares (or a total of 4,452 class A shares) or (ii) 0.248243 class A shares (or a total of 810 class A shares) and 1.115727 class B shares (or a total of 3,642 class B shares). | |||||||||||||
New accounting standards | |||||||||||||
In April 2014, the 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. |
NOTES_PAYABLE
NOTES PAYABLE | 12 Months Ended | ||
Dec. 31, 2014 | |||
NOTES PAYABLE [Abstract] | |||
NOTES PAYABLE | 2 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 December 31, 2014, there was no outstanding principal on revolving loans drawn under the credit agreement, and the outstanding principal amount of term loans drawn under the credit agreement was $120,000. 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 credit agreement incur interest at either (a) LIBOR plus a margin that ranges from 150.0 basis points to 250.0 basis points, depending on our net debt ratio, or (b) (i) the base rate, which equals the highest of the prime rate set by U.S. Bank National Association, the Federal Funds Rate plus 50.0 basis points or one-month LIBOR plus 100.0 basis points, plus (ii) a margin that ranges from 50.0 basis points to 150.0 basis points, depending on our net debt ratio. As of December 31, 2014, the pricing spread above LIBOR was 175.0 basis points. | |||
Our obligations under the credit agreement are currently guaranteed by certain of our domestic 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 contains 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 December 31, 2014 and December 29, 2013, we had borrowings of $120,000 and $194,950, respectively, under our credit facilities at a currently effective blended interest rate of 1.92% and 2.23%, respectively. Remaining unamortized fees in connection with the credit facilities of $2,843, 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 December 31, 2014 to be $118,531, based on discounted cash flows using an interest rate of 2.90%. We estimated the fair value of our secured credit facility at December 29, 2013 to be $191,127, 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 minimum principal repayments of the secured term loan facility are $15,000 in 2015, $15,000 in 2016 and $90,000 in 2017. | |||
Unsecured Subordinated Notes Payable | |||
On August 13, 2012, we 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 notes with an aggregate principal amount of $9,664 were repaid in 2012. On September 30, 2014 and September 30, 2013, we paid the first two annual principal installments on the remaining eight subordinated notes. As of December 31, 2014, the remaining aggregate principal amount of these eight subordinated notes is approximately $10,624. The remaining subordinated notes are payable in equal annual installments on September 30 of each of 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 December 31, 2014 to be $10,846 based on discounted cash flows using an interest rate of 6.18%. 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 December 31, 2014, $10,624 of the principal amount of the subordinated notes remains outstanding. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | |||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | 3 EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||||||
We have a defined benefit pension plan covering certain employees. The defined benefit plan benefit accruals were suspended July 1, 2009. The defined benefit plan was permanently frozen effective January 1, 2011. The plan provides benefits based on years of service and the average compensation for the employee’s last five years of employment. Plan assets consist primarily of listed stocks and government and other bonds. | |||||||||||||||||||||||||
We also sponsor an unfunded non-qualified pension plan for certain employees whose benefits under the pension plan and the 401(k) plan may be restricted due to limitations imposed by the Internal Revenue Service. The unfunded non-qualified pension plan was permanently frozen effective January 1, 2011. The disclosure for the unfunded non-qualified pension plan for all years presented is combined with the defined benefit pension plan. | |||||||||||||||||||||||||
In addition, we provide postretirement health benefits to certain retirees and their eligible spouses and certain full-time active employees who did not attain age 50 by December 31, 2006. Full-time active employees who retire after April 1, 2007 do not receive an employer contribution for health benefits after attaining age 65. Due to certain plan changes, we do not expect the plan will qualify for actuarial equivalent pharmaceutical benefits under the Medicare Part D federal subsidy. | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
Years ended December 31 and December 29 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligations | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 164,492 | $ | 182,004 | $ | 13,097 | $ | 14,608 | |||||||||||||||||
Service cost | - | - | 55 | 55 | |||||||||||||||||||||
Interest cost | 7,593 | 7,009 | 437 | 380 | |||||||||||||||||||||
Actuarial (gain) loss | 32,023 | (15,365 | ) | (1,417 | ) | (277 | ) | ||||||||||||||||||
Benefits paid | (9,248 | ) | (9,156 | ) | (1,307 | ) | (1,669 | ) | |||||||||||||||||
Benefit obligation at end of year | $ | 194,860 | $ | 164,492 | $ | 10,865 | $ | 13,097 | |||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
Years ended December 31 and December 29 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 111,946 | $ | 102,602 | $ | - | $ | - | |||||||||||||||||
Actual gain on plan assets | 7,667 | 15,386 | - | - | |||||||||||||||||||||
Company contributions | 399 | 3,114 | 1,307 | 1,669 | |||||||||||||||||||||
Benefits paid | (9,248 | ) | (9,156 | ) | (1,307 | ) | (1,669 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 110,764 | $ | 111,946 | $ | - | $ | - | |||||||||||||||||
Funded status | $ | (84,096 | ) | $ | (52,546 | ) | $ | (10,865 | ) | $ | (13,097 | ) | |||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
Years ended December 31 and December 29 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Amounts recognized in consolidated balance sheets | |||||||||||||||||||||||||
Current liabilities | $ | (494 | ) | $ | (491 | ) | $ | (1,170 | ) | $ | (1,568 | ) | |||||||||||||
Noncurrent liabilities | (83,602 | ) | (52,055 | ) | (9,695 | ) | (11,529 | ) | |||||||||||||||||
Total | $ | (84,096 | ) | $ | (52,546 | ) | $ | (10,865 | ) | $ | (13,097 | ) | |||||||||||||
Pension Benefits | |||||||||||||||||||||||||
Actuarial Loss, Net | Prior Service | Deferred Income | Total | ||||||||||||||||||||||
Credit | Taxes | ||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss | |||||||||||||||||||||||||
As of December 29, 2013 | $ | 67,004 | $ | (38 | ) | $ | (26,900 | ) | $ | 40,066 | |||||||||||||||
Current year change | 29,255 | 10 | (11,328 | ) | 17,937 | ||||||||||||||||||||
As of December 31, 2014 | $ | 96,259 | $ | (28 | ) | $ | (38,228 | ) | $ | 58,003 | |||||||||||||||
The accumulated benefit obligation for the pension plans was $194,860 and $164,492 at December 31, 2014 and December 29, 2013, respectively. | |||||||||||||||||||||||||
Other Postretirement Benefits | |||||||||||||||||||||||||
Actuarial Gain, Net | Prior Service | Deferred Income | Total | ||||||||||||||||||||||
Credit | Taxes | ||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss | |||||||||||||||||||||||||
As of December 29, 2013 | $ | (564 | ) | $ | (94 | ) | $ | 246 | $ | (412 | ) | ||||||||||||||
Current year change | (947 | ) | (251 | ) | 463 | (735 | ) | ||||||||||||||||||
As of December 31, 2014 | $ | (1,511 | ) | $ | (345 | ) | $ | 709 | $ | (1,147 | ) | ||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
Years ended December 31, December 29 and December 30 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | - | $ | - | $ | - | |||||||||||||||||||
Interest cost | 7,593 | 7,009 | 7,578 | ||||||||||||||||||||||
Expected return on plan assets | (7,022 | ) | (7,325 | ) | (8,454 | ) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Unrecognized prior service credit | (10 | ) | (10 | ) | (10 | ) | |||||||||||||||||||
Unrecognized net loss | 2,122 | 2,787 | 2,038 | ||||||||||||||||||||||
Net periodic benefit cost included in operating costs and expenses and selling and administrative expenses | $ | 2,683 | $ | 2,461 | $ | 1,152 | |||||||||||||||||||
Other Postretirement Benefits | |||||||||||||||||||||||||
Years ended December 31, December 29 and December 30 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | 55 | $ | 55 | $ | 14 | |||||||||||||||||||
Interest cost | 437 | 380 | 630 | ||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Unrecognized prior service credit | (219 | ) | (219 | ) | (219 | ) | |||||||||||||||||||
Unrecognized net transition obligation | - | - | 546 | ||||||||||||||||||||||
Unrecognized net loss | - | - | 188 | ||||||||||||||||||||||
Net periodic benefit cost included in selling and administrative expenses | $ | 273 | $ | 216 | $ | 1,159 | |||||||||||||||||||
The unrecognized net loss and prior service credit for the defined benefit pension plans that is expected to be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $2,939 and ($10), respectively. The unrecognized net gain and prior service credit for the other postretirement pension plan that is expected to be amortized from other accumulated comprehensive income into net periodic benefit cost over the next fiscal year is ($165) and ($219), respectively. | |||||||||||||||||||||||||
The costs for our pension benefits and other postretirement benefits are actuarially determined. Key assumptions utilized at the measurement dates of December 31, 2014 and December 29, 2013 for pension benefits and for other postretirement benefits include the following: | |||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
December 31 and December 29 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 4 | % | 4.75 | % | 3.25 | % | 3.55 | % | |||||||||||||||||
Rate of compensation increases | - | - | - | - | |||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
December 31, December 29 and December 30 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 4.75 | % | 3.95 | % | 4.55 | % | 3.55 | % | 2.75 | % | 3.85 | % | |||||||||||||
Expected return on plan assets | 6.75 | % | 7.25 | % | 7.75 | % | - | - | - | ||||||||||||||||
Rate of compensation increases | - | - | - | - | - | - | |||||||||||||||||||
To determine the discount rate assumptions for the pension and the postretirement benefit plans, we studied our plans’ specific discount rate by matching our projected benefit payments to a yield curve developed from high grade corporate bonds. The results of those studies were used as the benchmark to determine the discount rate assumptions. | |||||||||||||||||||||||||
We studied historical markets to determine the long-term rate of return assumption for plan assets. We preserved the long-term historical relationships between equities and fixed-income securities, consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. We evaluate current market factors such as inflation and interest rates before we determine long-term capital market assumptions. We review peer data and historical returns to check for reasonableness and appropriateness. | |||||||||||||||||||||||||
The assumed health care cost trend rate used in measuring the postretirement benefit obligation for retirees for 2014 is 8.50%, grading down to 5.00% in the year 2021 and thereafter. The assumed health care cost trend rates have a significant effect on the amounts reported for other postretirement benefits. A 1% change in the assumed health care cost trend rate would have the following effects: | |||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components in 2014 | $ | 10 | $ | (9 | ) | ||||||||||||||||||||
Effect on postretirement benefit obligation as of December 31, 2014 | $ | 92 | $ | (88 | ) | ||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
The following tables present the fair value of our plan assets by level of the fair value hierarchy. In accordance with the FASB’s guidance for fair value measurements, level 1 inputs are quoted prices in active markets for identical assets; level 2 inputs are significant other observable inputs; and level 3 inputs are significant unobservable inputs. | |||||||||||||||||||||||||
Our pension plan weighted average asset allocations at December 31, 2014 and December 29, 2013 by asset category are as follows: | |||||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Privately offered commingled funds(1) | $ | - | $ | 110,023 | $ | - | $ | 110,023 | |||||||||||||||||
Cash | 741 | - | - | 741 | |||||||||||||||||||||
Fair value of plan assets | $ | 741 | $ | 110,023 | $ | - | $ | 110,764 | |||||||||||||||||
(1) The plan holds units of various Aon Hewitt Group Trust Funds (AHGT Funds) offered through a private placement. The AHGT Funds are valued on the fair value of the underlying securities within the funds, represented by the daily net asset value (NAV), a practical expedient to fair value. | |||||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total | ||||||||||||||||||||||
29-Dec-13 | |||||||||||||||||||||||||
Mutual funds | $ | 111,205 | $ | - | $ | - | $ | 111,205 | |||||||||||||||||
Money-market fund | - | 740 | - | 740 | |||||||||||||||||||||
Fair value of plan assets | $ | 111,205 | $ | 740 | $ | - | $ | 111,945 | |||||||||||||||||
Plan Assets | Plan Assets | ||||||||||||||||||||||||
December 31 and December 29 | 2014 | 2013 | |||||||||||||||||||||||
Equity securities | 32.3 | % | 42.2 | % | |||||||||||||||||||||
Fixed-income securities | 61.5 | 57.2 | |||||||||||||||||||||||
Other | 6.2 | 0.6 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
In 2014, we employed a dynamic investment strategy, changing the allocation between return-seeking and liability hedging assets to de-risk the plan as the funded ratio improves. We believe the strategy provides a reasonable probability of achieving growth of assets that will assist in closing the Plan’s funding gap, while removing risk systematically as we reach our long-term goal of being fully-funded. Based on an assessment of our long-term goals and desired risk levels, we developed a glide path that adjusts the target allocation to return-seeking assets as well as the corresponding minimum and maximum allocations as the Plan’s funded status improves. The funded status is monitored on a daily basis. We seek to maintain a diversified portfolio within the return-seeking asset portfolio and the liability hedging portfolio using a diversified blend of equity and debt investments. The return-seeking component is diversified across U.S. and non-U.S. stocks, both actively and passively managed, high yield bonds and Real Estate Investment Trusts ("REITs"). The liability hedging component is diversified across the maturity, quality and sector spectrum. To achieve an appropriate level of expected return, value-added potential, and risk, we adopted the following target allocations within the return-seeking segment: | |||||||||||||||||||||||||
Percent of Total Portfolio | |||||||||||||||||||||||||
Target | |||||||||||||||||||||||||
U.S. Equity | 25 | % | |||||||||||||||||||||||
Non- U.S. Equity (Developed and Emerging Markets) | 25 | ||||||||||||||||||||||||
Global Equity | 25 | ||||||||||||||||||||||||
High Yield Bonds | 15 | ||||||||||||||||||||||||
REITs | 10 | ||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||
We fund our defined benefit pension plan at the minimum amount required by the Pension Protection Act of 2006. During 2014, we contributed $0 to our qualified defined benefit pension plan and $399 to our non-qualified pension plan, respectively. Based on the most recent current projections and after giving effect to our election under the recently enacted Moving Ahead for Progress in the 21st Century Act (MAP-21) pension legislation, we do not expect to contribute to our qualified defined benefit pension plan in 2015. We expect to contribute $494 to our unfunded non-qualified pension plan in 2015. | |||||||||||||||||||||||||
Benefit Payments | |||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid with future contributions to the plan or directly from plan assets, as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
2015 | $ | 9,657 | $ | 1,170 | |||||||||||||||||||||
2016 | 9,904 | 1,169 | |||||||||||||||||||||||
2017 | 10,060 | 1,145 | |||||||||||||||||||||||
2018 | 10,224 | 1,092 | |||||||||||||||||||||||
2019 | 10,448 | 1,010 | |||||||||||||||||||||||
2020-2024 | 55,446 | 3,390 | |||||||||||||||||||||||
The 401(k) plan is a defined contribution benefit plan covering substantially all employees. The plan allows employees to defer up to 50% of their eligible wages, up to the IRS limit, on a pre-tax basis. In addition, employees can contribute up to 50% of their eligible wages after taxes. The maximum combined total contribution may not exceed 50% of each employee’s eligible wages. Each employee who elects to participate is eligible to receive company matching contributions. The matching contributions, recorded as an operating expense, were $2,664, $2,436, and $1,979 in 2014, 2013, and 2012, respectively. We contribute $0.50 for each dollar contributed by the 401(k) participant, up to 7% of their eligible wages, for a maximum match of 3.5% of eligible wages, as defined by the 401(k) plan. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
INCOME TAXES [Abstract] | |||||||||||||
INCOME TAXES | 4 INCOME TAXES | ||||||||||||
The components of the provision (benefit) for income taxes consist of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Years ended December 31, December 29 and December 30 | |||||||||||||
Continuing operations | |||||||||||||
Current: | |||||||||||||
Federal | $ | 15,882 | $ | 3,864 | $ | 5,290 | |||||||
State | 471 | 867 | 294 | ||||||||||
Total current | 16,353 | 4,731 | 5,584 | ||||||||||
Deferred: | |||||||||||||
Federal | 7,665 | 10,438 | 12,828 | ||||||||||
State | 2,476 | 2,003 | 3,276 | ||||||||||
Total deferred | 10,141 | 12,441 | 16,104 | ||||||||||
Total provision for income taxes for continuing operations | $ | 26,494 | $ | 17,172 | $ | 21,688 | |||||||
Discontinued operations | |||||||||||||
Current: | |||||||||||||
Federal | $ | 2,353 | $ | (649 | ) | $ | (210 | ) | |||||
State | 1,048 | (118 | ) | (11 | ) | ||||||||
Total current | 3,401 | (767 | ) | (221 | ) | ||||||||
Deferred: | |||||||||||||
Federal | 808 | 628 | 617 | ||||||||||
State | (95 | ) | 126 | 122 | |||||||||
Total deferred | 713 | 754 | 739 | ||||||||||
Total provision (benefit) for income taxes for discontinued operations | $ | 4,114 | $ | (13 | ) | $ | 518 | ||||||
The significant differences between the statutory federal income tax rates and the effective income tax rates are as follows: | |||||||||||||
Years ended December 31, December 29 and December 30 | 2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal tax benefit | 4.8 | 4.5 | 5 | ||||||||||
Reorganization costs | 2.8 | - | - | ||||||||||
FIN 48 reserve | (2.7 | ) | - | - | |||||||||
Other | 0.4 | 0.1 | - | ||||||||||
Effective income tax rate | 40.3 | % | 39.6 | % | 40 | % | |||||||
Temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2014 and December 29, 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Current assets | |||||||||||||
Receivables | $ | 234 | $ | 388 | |||||||||
Inventories | 31 | 33 | |||||||||||
Other assets | 601 | 676 | |||||||||||
Accrued compensation | 696 | 549 | |||||||||||
Accrued state taxes | 268 | - | |||||||||||
State deferred income taxes | 528 | - | |||||||||||
Accrued employee benefits | 792 | 930 | |||||||||||
Total current deferred tax assets | 3,150 | 2,576 | |||||||||||
Current liabilities | |||||||||||||
Accrued state taxes | - | (68 | ) | ||||||||||
Valuation allowance | (28 | ) | - | ||||||||||
Total current deferred tax liability | (28 | ) | (68 | ) | |||||||||
Total net current deferred tax assets | $ | 3,122 | $ | 2,508 | |||||||||
Non-current assets | |||||||||||||
Accrued employee benefits | $ | 34,858 | $ | 24,530 | |||||||||
State deferred income taxes | 1,457 | 2,251 | |||||||||||
State net operating loss | 1,868 | 2,192 | |||||||||||
Intangible assets | - | 9,813 | |||||||||||
Other assets | 431 | 484 | |||||||||||
Total non-current deferred tax assets | 38,614 | 39,270 | |||||||||||
Non-current liabilities | |||||||||||||
Property and equipment | (17,556 | ) | (18,584 | ) | |||||||||
Intangible assets | (72 | ) | - | ||||||||||
Valuation allowances | (156 | ) | (184 | ) | |||||||||
Other liabilities | (273 | ) | (377 | ) | |||||||||
Total non-current deferred tax assets | (18,057 | ) | (19,145 | ) | |||||||||
Total net non-current deferred tax assets | $ | 20,557 | $ | 20,125 | |||||||||
We deduct television and radio broadcast licenses and tax-deductible goodwill over a period of 15 years from the date of acquisition. The non-cash radio broadcast license impairment charge recorded in 2014 is not currently deductible for income tax purposes and has caused us to recognize a deferred tax asset. We believe it is more likely than not that we will realize a tax benefit for our deferred tax assets and we believe that they will be utilized to offset future taxable income over the next 20 years in accordance with current income tax law. In the future, we may be required to record a valuation allowance against our deferred tax assets if we have future operating losses or reductions in our expected future profitability which would cause us to believe we would be unable to utilize them. | |||||||||||||
At December 31, 2014, we have $1,868 of tax-effected state net operating loss carryforwards available to offset against future taxable income over the next 20 years. The net operating losses begin expiring in 2029 if not utilized. To the extent we believe it is more likely than not that certain of the net operating loss carryforwards will expire unused, we have recorded $0 in valuation allowances. There are also $184 of capital loss carryforwards that will expire in 2017. We have $184 in valuation allowances for these capital loss carryforwards due to uncertainties surrounding their use. | |||||||||||||
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 2010 through 2013 tax returns remain open for state tax purposes, unless the statute of limitations has been previously extended. | |||||||||||||
As of December 31, 2014, our liability for unrecognized tax benefits was $16, which, if recognized, would have an impact on our effective tax rate. As of December 31, 2014, it is reasonably possible for $20 of unrecognized tax benefits and related interest to be recognized within the next 12 months due to settlements with taxing authorities. | |||||||||||||
The following table summarizes the activity related to our unrecognized tax benefits during 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 727 | $ | 762 | $ | 885 | |||||||
Increases due to prior year tax provisions | 16 | - | - | ||||||||||
Decreases related to prior year tax provisions | (687 | ) | - | - | |||||||||
Decreases due to the expiration of statutes of limitations | - | (8 | ) | (7 | ) | ||||||||
Decreases due to settlements | (40 | ) | (27 | ) | (116 | ) | |||||||
Ending Balance | $ | 16 | $ | 727 | $ | 762 | |||||||
We recognize interest income/expense and penalties related to unrecognized tax benefits in our provision for income taxes. At December 31, 2014 and December 29 2013, we had $4 and $276, respectively, accrued for interest expense and penalties. During 2014 and 2013, we recognized $215 of interest income and $56 of interest expense related to unrecognized tax benefits. Our liability for interest and penalties decreased by $58 due to settlements with taxing authorities. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
COMMITMENTS AND CONTINGENCIES [Abstract] | |||||
COMMITMENTS AND CONTINGENCIES | 5 COMMITMENTS AND CONTINGENCIES | ||||
We lease office space, certain broadcasting facilities, distribution centers, delivery vehicles and equipment under both short-term and long-term leases accounted for as operating leases. Some of the lease agreements contain renewal options and rental escalation clauses, as well as provisions for the payment of utilities, maintenance and taxes. | |||||
As of December 31, 2014, our future minimum rental payments due under noncancellable operating lease agreements consist of the following: | |||||
Due In Year Ending | |||||
December 31, | |||||
2015 | $ | 3,188 | |||
2016 | 2,244 | ||||
2017 | 1,624 | ||||
2018 | 896 | ||||
2019 | 637 | ||||
Thereafter | 2,470 | ||||
Total | $ | 11,059 | |||
Our publishing businesses lease delivery trucks accounted for as capital leases. As of December 31, 2014, our future minimum rental payments due under capital lease agreements consist of the following: | |||||
Due In Year Ending | |||||
December 31, | |||||
2015 | $ | 82 | |||
2016 | 57 | ||||
2017 | 37 | ||||
2018 | 38 | ||||
2019 | 30 | ||||
Thereafter | - | ||||
Total | $ | 244 | |||
Rent expense charged to our continuing operations for 2014, 2013 and 2012 was $4,188, $4,333 and $4,545, respectively. We amortize rent expense on a straight-line basis for leases with rent escalation clauses. Rental income from subleases included in our continuing operations for 2014, 2013 and 2012 was $282, $222, and $218, respectively. There were no noncancellable subleases as of December 31, 2014. | |||||
We have $1,729 of standby letters of credit for business insurance purposes. | |||||
Over the next three years, we are committed to purchase and provide advertising time in the amount of $9,126 for television program rights that currently are not available for broadcast, including programs not yet produced. If such programs are not produced, our corresponding commitment would expire without obligation. Over the next two years, we are committed to television and radio sports rights in the amount of $18,998. | |||||
We provided a guarantee to the landlord of our former New England community publications business, which was sold in 2007, with respect to tenant liabilities and obligations associated with a lease which expires in December 2016. As of December 31, 2014, our potential obligation pursuant to the guarantee was $367, 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. | |||||
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 December 31, 2014 as it is contingent upon closing of the transactions. 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 and the Joint Proxy Statement/Prospectus dated February 6, 2015. | |||||
In order to obtain approval from the FCC for our transactions with Scripps, we are required to divest two of our broadcast stations – an FM radio station in the Wichita market and a television station in the Boise market. Wichita's KFTI-FM radio station was sold on December 12, 2014. We received the FCC's approval to transfer one Boise television station to a divestiture trust in the event that the required divestiture has not been completed by the closing of the transactions. | |||||
Journal and Scripps have also received a waiver from the FCC to permit Scripps to continue to own WACY-TV, one of our two television stations in the Green Bay market, which we currently own pursuant to a waiver. | |||||
Litigation | |||||
Members of our Board of Directors, and the parties to the Master Agreement, including us and Scripps, were defendants in a class action lawsuit filed in Circuit Court, Milwaukee County, Wisconsin (Howard Goldfinger v. Journal Communications, Inc., et al.). The plaintiff in the lawsuit alleged that our directors breached their fiduciary duties to our shareholders in connection with the transactions and that the other parties to the lawsuit aided and abetted such alleged breaches of fiduciary duty. The plaintiff alleged that our directors breached their fiduciary duties by, among other things, (i) agreeing to enter into the Master Agreement for inadequate consideration, (ii) having certain conflicts of interest, (iii) not negotiating a “collar” mechanism on the share exchange ratio, and (iv) agreeing to certain deal protection provisions, such as a termination fee, a “no-shop” provision, and a “matching rights” provision. The plaintiff also challenged the qualifications of our financial advisor and asserted that it has a conflict because the founder and managing partner, who is the lead investment banker for us in the transactions, was employed by Lazard Fréres & Co. LLC (“Lazard”) prior to 2010 as a managing director, where he had responsibility for Lazard’s relationship with Scripps. On August 29, 2014, the defendants filed Motions to Dismiss asking the Circuit Court to dismiss the lawsuit. On November 12, 2014, the Circuit Court entered an Order granting the defendants’ Motions to Dismiss and dismissing the lawsuit. | |||||
On January 6, 2015, the plaintiff in the above-referenced lawsuit filed a putative class action lawsuit in the United States District Court for the Eastern District of Wisconsin (Howard Goldfinger v. Journal Communications, Inc., et al. (Case No. 2:15-cv-00012-JPS)), naming us, our Board of Directors, Scripps, and the other parties to the Master Agreement as defendants. The plaintiff asserts disclosure claims under Sections 14(a) and 20(a) of the Securities Exchange Act of 1934, as well as state common law claims for breaches of fiduciary duty and aiding and abetting breaches of fiduciary duty. The complaint seeks, among other remedies, injunctive relief enjoining the transactions and damages. On February 6, 2015, the plaintiff filed a motion to permit expedited discovery and to set a briefing scheduling on a future motion for preliminary injunction. On February 11, 2015, the defendants filed Motions to Dismiss asking the Court to dismiss the lawsuit, and on February 12, 2015, the defendants filed oppositions to the plaintiff’s expedited discovery motion. Both the plaintiff’s expedited discovery motion and the defendants’ Motions to Dismiss are currently pending. The outcome of this lawsuit is uncertain. An adverse judgment for monetary damages could have an adverse effect on the operations and liquidity of us and Scripps. A preliminary injunction could delay or jeopardize the completion of the transactions, and an adverse judgment grating permanent injunctive relief could indefinitely enjoin completion of the transactions. We, Scripps, and the other defendants named in the lawsuit believe the claims asserted are without merit and intend to continue to vigorously defend against them. | |||||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
SHAREHOLDERS' EQUITY [Abstract] | |||||||||||||
SHAREHOLDERS' EQUITY | 6 SHAREHOLDERS’ EQUITY | ||||||||||||
On August 13, 2012, we 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 conjunction with the repurchase, we paid $6,246 in cash equal to the amount of the minimum unpaid and undeclared dividend on the class C common stock through August 12, 2012. We currently have two classes of common stock outstanding. | |||||||||||||
Class B shares are held by our current and former employees, our non-employee directors and Grant family shareholders. These shares are entitled to ten votes per share, and are convertible to class A shares at the option of the holder after first offering to sell them to other eligible purchasers through the offer procedures set forth in our articles of incorporation. Dividends on class B shares are equal to those declared on the class A shares. Class A shares are publicly traded on the NYSE under the symbol “JRN”. | |||||||||||||
The changes in the number of shares of our common stock during 2014, 2013 and 2012 are as follows (in thousands): | |||||||||||||
Common Stock | Common Stock | Common Stock | |||||||||||
Class C | Class B | Class A | |||||||||||
Balance at December 25, 2011 | 3,264 | 7,214 | 43,779 | ||||||||||
Conversion of class B shares to class A shares | - | (682 | ) | 682 | |||||||||
Shares repurchased | (3,264 | ) | - | (710 | ) | ||||||||
Net shares issued under equity incentive and employee stock purchase plans | - | 374 | - | ||||||||||
Balance at December 30, 2012 | - | 6,906 | 43,751 | ||||||||||
Conversion of class B shares to class A shares | - | (919 | ) | 919 | |||||||||
Shares repurchased | - | - | - | ||||||||||
Net shares issued under equity incentive and employee stock purchase plans | - | 147 | - | ||||||||||
Balance at December 29, 2013 | - | 6,134 | 44,670 | ||||||||||
Conversion of class B shares to class A shares | - | (636 | ) | 636 | |||||||||
Shares repurchased | - | - | - | ||||||||||
Net shares issued under equity incentive and employee stock purchase plans | - | 97 | - | ||||||||||
Balance at December 31, 2014 | - | 5,595 | 45,306 |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
STOCK-BASED COMPENSATION [Abstract] | |||||||||||||
STOCK-BASED COMPENSATION | 7 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 December 31, 2014, there are 2,057 shares available for issuance under the 2007 Plan, though our grant of additional shares is prohibited in connection with the transactions with Scripps. | |||||||||||||
During the years ended December 31, 2014, December 29, 2013 and December 30, 2012, we recognized $1,775, $2,089 and $2,056, respectively, in stock-based compensation expense. Total income tax benefit recognized related to stock-based compensation for the years ended December 31, 2014, December 29, 2013 and December 30, 2012 was $714, $826 and $822, respectively. We recognize stock-based compensation expense on a straight-line basis over the service period based upon the fair value of the award on the grant date. As of December 31, 2014, total unrecognized compensation cost related to stock-based awards was $1,657, net of estimated forfeitures, which we expect to recognize over a weighted average period of 0.8 years. Stock-based compensation expense is reported in selling and administrative expenses and the net gain on discontinued operations in our 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 2003 Plan and 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 could 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 2014 is: | |||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||
Non-vested at December 29, 2013 | 435 | $ | 5.85 | ||||||||||
Granted | 162 | 9.09 | |||||||||||
Vested | (276 | ) | 6.11 | ||||||||||
Forfeited | (27 | ) | 6.91 | ||||||||||
Non-vested at December 31, 2014 | 294 | $ | 7.3 | ||||||||||
Our non-vested restricted stock grants vest from one to four years from the grant date. Non-employee directors have unrestricted shares exclusively. The total grant date fair value of shares vesting during 2014 was $1,684. There was an aggregate of 162 unrestricted and non-vested restricted stock grants issued to our non-employee directors (42 shares) and employees (120 shares) in 2014 at a weighted average fair value of $9.09 per share, of which 41 shares are vested as of December 31, 2014 with a total grant date fair value of $337. There was an aggregate 228 unrestricted and non-vested restricted stock grants issued to our non-employee directors (57 shares) and employees (171 shares) in 2013 at a weighted average fair value of $6.42 per share, of which 108 shares are vested as of December 31, 2014 with a total grant date fair value of $708. There were 382 unrestricted and non-vested restricted stock grants issued to our directors (90 shares) and employees (292 shares) during 2012 at a weighted average fair value of $5.12 per share, of which 289 shares are vested as of December 31, 2014 with a total grant date fair value of $1,450. | |||||||||||||
Performance Units | |||||||||||||
In 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. The number of shares received by an employee could range from 0% to 200% of the target amount of shares originally granted. We value performance unit awards at the closing market price of our class A common stock on the grant date. | |||||||||||||
A summary of performance unit activity during 2014 is presented below (awards are shown at 100% of the shares originally granted): | |||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||
Non-vested at December 29, 2013 | 151 | $ | 5.95 | ||||||||||
Granted | 48 | 9.47 | |||||||||||
Vested | - | - | |||||||||||
Forfeited | - | - | |||||||||||
Non-vested at December 31, 2014 | 199 | $ | 6.8 | ||||||||||
Stock appreciation rights | |||||||||||||
A stock appreciation right ("SAR") 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 2014 is: | |||||||||||||
SARS | Average Weighted | Weighted Average Contractual Term | |||||||||||
Exercise Price | Remaining (years) | ||||||||||||
Outstanding and exercisable at December 29, 2013 | 742 | $ | 13.3 | 3.9 | |||||||||
Granted | - | ||||||||||||
Exercised | (37 | ) | 8.66 | ||||||||||
Forfeited | - | ||||||||||||
Expired | - | ||||||||||||
Outstanding and exercisable at December 31, 2014 | 705 | $ | 13.92 | 2.4 | |||||||||
All SARs have vested. The aggregate intrinsic value of the SARs exercised during 2014 was $87. The aggregate intrinsic value of the SARs outstanding and exercisable at the end of 2014 is $125. | |||||||||||||
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 2014 at a weighted average fair value of $8.17. As of December 31, 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. |
VARIABLE_INTEREST_ENTITY
VARIABLE INTEREST ENTITY | 12 Months Ended |
Dec. 31, 2014 | |
VARIABLE INTEREST ENTITY [Abstract] | |
VARIABLE INTEREST ENTITY | 8 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. |
GOODWILL_BROADCAST_LICENSES_AN
GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS [Abstract] | |||||||||||||||||
GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS | 9 GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS | ||||||||||||||||
Definite-Lived Intangibles | |||||||||||||||||
Our definite-lived intangible assets consist primarily of network affiliation agreements, customer lists, non-compete agreements and trade names. We amortize the network affiliation agreements over a period of 25 years based on our good relationships with the networks, our long history of renewing these agreements and because 25 years is deemed to be the length of time before a material modification of the underlying contract would occur. We amortize the customer lists over a period of five to 15 years, the non-compete agreements and franchise agreement fees over the terms of the contracts and the trade names over a period of 25 years. Management determined there were no significant adverse changes in the value of these assets as of December 31, 2014. | |||||||||||||||||
Amortization expense was $2,818, $2,855 and $1,601 for 2014, 2013 and 2012, respectively. Estimated amortization expense for our next five fiscal years is $2,809 for both 2015 and 2016, $2,784 for both 2017 and 2018, and $2,723 for 2019. | |||||||||||||||||
The gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets as of December 31, 2014 and December 29, 2013 is as follows: | |||||||||||||||||
Gross | Accumulated | Net Carrying | |||||||||||||||
Carrying | Amortization | Amount | |||||||||||||||
Amount | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Network affiliation agreements | $ | 66,078 | $ | (12,548 | ) | $ | 53,530 | ||||||||||
Customer lists | 4,149 | (3,771 | ) | 378 | |||||||||||||
Other | 2,726 | (1,689 | ) | 1,037 | |||||||||||||
Total | $ | 72,953 | $ | (18,008 | ) | $ | 54,945 | ||||||||||
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 | ||||||||||
Weighted-average amortization period: | Years | ||||||||||||||||
Network affiliation agreements | 25 | ||||||||||||||||
Customer lists | 9 | ||||||||||||||||
Other | 16 | ||||||||||||||||
Broadcast Licenses | |||||||||||||||||
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 carrying value of our broadcast licenses was $134,055 as of December 31, 2014 and $135,166 as of December 29, 2013. | |||||||||||||||||
2014 Annual Impairment Test | |||||||||||||||||
For broadcast licenses at individual television and radio stations, we use the Greenfield Method, an income approach commonly used in the broadcast sector, to estimate fair value. This approach assumes the start up of a new station by an independent market participant, and incorporates assumptions that are based on past experiences and judgments about future market performance. These variables include, but are not limited to: the forecasted growth rate of each market (including market population, household income and retail sales), estimated market share, profit margins and operating cash flows of an independent station within a market, estimated capital expenditures and start up costs, risk-adjusted discount rate, likely media competition within the market and expected growth rates into perpetuity to estimate terminal values. Adverse changes in significant assumptions such as an increase in discount rates, or a decrease in projected market revenues, market share or operating cash flows could result in additional non-cash impairment charges on our television and radio broadcast licenses in future periods, which could have a material impact on our financial condition and results of operations. | |||||||||||||||||
The fair value measurements determined for purposes of performing our impairment tests are considered level 3 under the fair value hierarchy because they require significant unobservable inputs to be developed using estimates and assumptions which we determine and reflect those that a market participant would use. | |||||||||||||||||
Our annual impairment test on broadcast licenses was performed at individual television and radio stations as of September 29, 2014. The impairment tests indicated that our radio broadcast licenses for KHTT-FM and KBEZ-FM were impaired due to declines in revenue share, declines in projected long-term market revenues, and a reduction in radio perpetuity growth rates. In accordance with the FASB's guidance for goodwill and intangible assets, our broadcast licenses were written down to their estimated fair value, resulting in a $211 non-cash impairment charge in our radio business in the fourth quarter of 2014. The ending book value of our radio broadcast licenses was $60,150. | |||||||||||||||||
2013 Annual Impairment Test | |||||||||||||||||
Our annual impairment test on broadcast licenses was performed at individual television and radio stations as of September 30, 2013. The fair value of the FCC licenses of our Tulsa radio stations KHTT-FM and KBEZ-FM, both acquired in 2012, were within 1% of the book value. The impairment tests indicated none of our television and radio broadcast licenses were impaired. | |||||||||||||||||
2012 Annual Impairment Test | |||||||||||||||||
Our annual impairment test on broadcast licenses was performed at individual television and radio stations as of September 24, 2012. The impairment tests indicated one of our television broadcast licenses and two of our radio broadcast licenses were impaired due to declines in revenue share, declines in projected long-term market revenues, and a reduction in radio perpetuity growth rates. In accordance with the FASB's guidance for goodwill and intangible assets, our broadcast licenses were written down to their estimated fair value, resulting in a $664 non-cash impairment charge in our television business and a $952 non-cash impairment charge in our radio business in the fourth quarter of 2012. The ending book value of our radio broadcast licenses was $46,059 and the ending value of our television broadcast licenses was $33,807 (excludes the broadcast license acquired in December 2012 with the acquisition of NewsChannel 5 Network, LLC). | |||||||||||||||||
Goodwill | |||||||||||||||||
2014 Annual Impairment Test | |||||||||||||||||
Our annual impairment test on goodwill as of September 29, 2014 indicated there was no impairment of our goodwill at our radio, television or combined publishing reporting units. | |||||||||||||||||
For purposes of testing the carrying value of goodwill related to our combined publishing reporting unit, we determine fair value using an income and a market valuation approach. The income approach uses expected cash flows of the reporting unit. The cash flows are discounted for risk and time value. In addition, the present value of the projected residual value is estimated and added to the present value of the cash flows. The market approach is based on price multiples of publicly traded stocks of comparable companies to estimate fair value. Each approach estimated a fair value exceeding carrying value. We base our fair value estimates on various assumptions about our projected operating results, including continuing declines in publishing revenues as well as an expectation that we will achieve cash flow benefits from our continuing cost cutting measures. The valuation methodology used to estimate the fair value of our reporting unit 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. Actual operating results may not achieve these assumptions in the near term and such results may result in future impairment. | |||||||||||||||||
2013 Annual Impairment Test | |||||||||||||||||
In 2013, we determined our community publishing and daily newspaper reporting units have similar economic characteristics and therefore were combined for the 2013 annual impairment test. Our annual impairment test on goodwill as of September 30, 2013 indicated there was no impairment of our goodwill at our radio, television or combined publishing reporting units. | |||||||||||||||||
2012 Annual Impairment Test | |||||||||||||||||
Our annual impairment test on goodwill as of September 24, 2012 indicated there was no impairment of our goodwill at our television, radio or community publications reporting units. | |||||||||||||||||
The changes in the carrying amount of goodwill by reporting segment during the years ended December 31, 2014 and December 29, 2013 are as follows: | |||||||||||||||||
Television | Radio | Publishing | Total | ||||||||||||||
Goodwill | $ | 285,142 | $ | 66,905 | $ | 19,656 | $ | 371,703 | |||||||||
Accumulated impairment losses | (164,205 | ) | (64,958 | ) | (16,722 | ) | (245,885 | ) | |||||||||
Balance as of December 30, 2012 | 120,937 | 1,947 | 2,934 | 125,818 | |||||||||||||
Adjustment of Nashville NewsChannel 5 Network, LLC Goodwill | (1,447 | ) | - | - | (1,447 | ) | |||||||||||
Goodwill related to the purchase of a business | - | 331 | - | 331 | |||||||||||||
Goodwill | 283,695 | 67,236 | 19,656 | 370,587 | |||||||||||||
Accumulated impairment losses | (164,205 | ) | (64,958 | ) | (16,722 | ) | (245,885 | ) | |||||||||
Accumulated impairment loss adjustment for segment reporting | (30,731 | ) | 30,731 | - | - | ||||||||||||
Balance as of December 29, 2013 | 88,759 | 33,009 | 2,934 | 124,702 | |||||||||||||
Goodwill related to the sale of a business | (2,715 | ) | (247 | ) | - | (2,962 | ) | ||||||||||
Goodwill related to the purchase of a business | - | - | - | - | |||||||||||||
Goodwill | 280,980 | 66,989 | 19,656 | 367,625 | |||||||||||||
Accumulated impairment losses | (194,936 | ) | (34,227 | ) | (16,722 | ) | (245,885 | ) | |||||||||
Balance as of December 31, 2014 | $ | 86,044 | $ | 32,762 | $ | 2,934 | $ | 121,740 |
ACQUISITIONS_AND_DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
ACQUISITIONS AND DIVESTITURES [Abstract] | |||||||||
ACQUISITIONS AND DIVESTITURES | 10 ACQUISITIONS AND DIVESTITURES | ||||||||
2014 | |||||||||
Journal Broadcast Group is required to divest two broadcast stations – an FM radio station in the Wichita market and a television station in the Boise market, as a result of the announced transactions between us and Scripps, in order to comply with the FCC's ownership limits. | |||||||||
Effective December 12, 2014, Journal Broadcast Group, Inc. closed on the sale of radio station KFTI-FM in Wichita, Kansas to Envision Broadcast Network, LLC for $1,550 in cash and certain other contingent consideration. We recorded a pre-tax book loss of $369 in the fourth quarter of 2014. Journal Broadcast Group was required to divest one FM station in its Wichita cluster as a result of the announced transactions between us and Scripps, in order to comply with the FCC's ownership limits. | |||||||||
We received the FCC's approval to transfer our KNIN-TV Boise television station to a divestiture trust in the event that the required divestiture has not been completed by the closing of the transactions. Our KNIN-TV Boise station has goodwill of $2,247, net property plant and equipment of $1,733, broadcast licenses of $1,203, net receivables of $1,152, syndicated program assets of $1,013, syndicated program liabilities of $1,129 and other liabilities of $152. | |||||||||
On January 1, 2014, our television business closed on the sale of stations KMIR-TV and My 13 KPSE-TV in Palm Springs, California to OTA Broadcasting, LLC, an affiliate of Virginia based OTA Broadcasting, LLC for $17,000 in cash and certain other contingent considerations. We recorded a pre-tax book gain of $10,177 in the first quarter of 2014. The Palm Springs stations have been reported as discontinued operations. | |||||||||
2013 | |||||||||
On May 3, 2013, our radio business completed the asset purchase of WNOX-FM, licensed to Oak Ridge, Tennessee, in the Knoxville, Tennessee, market from Oak Ridge FM, Inc., for $5,955. We now own four radio stations in Knoxville, Tennessee. The goodwill of $331 arising from the acquisition is attributable to the synergies expected from aligning WNOX-FM with our cluster of radio stations within the Knoxville market. | |||||||||
The estimated fair values of identifiable assets acquired and liabilities assumed for WNOX-FM at the acquisition date are as follows: | |||||||||
WNOX - FM Knoxville, TN | |||||||||
Property and equipment | $ | 24 | |||||||
Goodwill | 331 | ||||||||
Broadcast licenses | 5,600 | ||||||||
Total purchase price | $ | 5,955 | |||||||
The WNOX-FM broadcast license expires in 2020. We expect to renew the license without issue. The goodwill and broadcast licenses which we acquired are not subject to amortization for financial reporting purposes, but are expected to be entirely deductible for income tax purposes. | |||||||||
The acquisition was accounted for using the purchase method. The operating results and cash flows of the acquired business are included in our consolidated financial statements from May 3, 2013, the effective date we acquired control of WNOX-FM. | |||||||||
2012 | |||||||||
On June 25, 2012, our radio business completed the asset purchase of KHTT-FM and KBEZ-FM in Tulsa, Oklahoma from Renda Broadcasting Corporation for $11,728 in cash. We now own five radio stations in Tulsa, Oklahoma. | |||||||||
The goodwill of $1,947 arising from the acquisition is attributable to the synergies expected from aligning our radio stations in a cluster within the Tulsa, Oklahoma market. The purchase of KHTT-FM and KBEZ-FM builds our existing Tulsa, Oklahoma cluster, and creates a strong group that will continue to serve our listeners, customers and the entire Tulsa, Oklahoma community, and enhances our scale in this existing market. This clustering strategy has allowed us to target our stations’ formats and sales efforts to better serve advertisers and listeners as well as leverage operating expenses to maximize the performance of each station and the cluster. | |||||||||
The estimated fair values of identifiable assets acquired and liabilities assumed for KHTT-FM and KBEZ-FM at the acquisition date are as follows: | |||||||||
KHTT-FM and KBEZ-FM Tulsa, OK | |||||||||
Property and equipment | $ | 181 | |||||||
Goodwill | 1,947 | ||||||||
Broadcast licenses | 9,600 | ||||||||
Total purchase price | $ | 11,728 | |||||||
The goodwill and broadcast licenses which we acquired are not subject to amortization for financial reporting purposes, but are expected to be entirely deductible for income tax purposes. | |||||||||
The acquisition was accounted for using the purchase method. The operating results and cash flows of the acquired business are included in our consolidated financial statements from March 26, 2012, the date we entered into the local marketing agreement with Renda Broadcasting Corporation. | |||||||||
We had an affiliation agreement with ACE TV, Inc. for the rights under a local marketing agreement for WACY-TV in Appleton, Wisconsin and to purchase certain assets of ACE TV, Inc. including the broadcast license of WACY-TV for a purchase price of $2,038. On October 22, 2012, we closed on the purchase of the remaining assets used in the operation of WACY-TV from ACE TV, Inc. | |||||||||
On December 3, 2012, our radio business completed the sale of certain assets (including the FCC licenses) of WKTI-AM in Knoxville, Tennessee for $65. We recorded a pre-tax gain on the sale, net of transaction expenses, of $48. | |||||||||
On December 3, 2012, Journal Community Publishing Group, Inc., our community publications business, completed the sale of Hodag Buyers’ Guide, North Star Journal, Merrill Foto News, Wausau Buyers’ Guide, Stevens Point Buyers’ Guide, Wood County Buyers’ Guide, Waupaca Buyers’ Guide, Waupaca County Post East, Waupaca County Post West, Clintonville Shoppers’ Guide, New London Buyers’ Guide, Silent Sports, Waupacanow.com, Merrillfotonews.com, Starjournalnow.com, Silentsports.net, Wibuyersguide.com and a single copy distribution network based in Rhinelander, WI for $1,200 in cash and a promissory note of $772. We recorded a pre-tax loss on the sale, net of transaction expenses, of $319. | |||||||||
On December 6, 2012, our television business completed the acquisition of NewsChannel 5 Network, LLC from a subsidiary of Landmark Media Enterprises, LLC in Nashville, Tennessee. The purchase price was $220,000 including a working capital adjustment of $5,000. | |||||||||
NewsChannel 5 Network, LLC contributed revenue of $2,917 and earnings from continuing operations before taxes of $1,730 for the period from December 7, 2012 to December 30, 2012. The following unaudited pro forma information presents the combined results of operations of Journal and NewsChannel 5 Network, LLC as if the acquisition of NewsChannel 5 Network, LLC had occurred on December 27, 2010: | |||||||||
2012 | 2011 | ||||||||
Pro Forma Results of Operations | |||||||||
Revenue | $ | 439,732 | $ | 399,313 | |||||
Earnings per share from continuing operations, diluted | $ | 0.71 | $ | 0.47 | |||||
The unaudited pro forma results reflect certain adjustments related to the acquisition, such as increased depreciation and amortization expense resulting from the fair valuation of assets acquired and the impact of financing the acquisition. The pro forma results exclude any planned revenue or cost synergies or other effects of the planned integration of NewsChannel 5 Network, LLC. The pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred if we had completed this acquisition as of the periods shown above or the results that will be attained in the future. | |||||||||
The goodwill of $114,677 arising from the acquisition is attributable to significant tax deductions we expect to realize related to the step up in basis of certain assets that will provide cash tax savings and, to a lesser extent, certain revenue and cost synergies expected to be realized. | |||||||||
The fair values of identifiable assets acquired and liabilities assumed for NewsChannel 5 Network, LLC at the acquisition date are as follows: | |||||||||
NewsChannel 5 | |||||||||
Tangible assets | $ | 13,383 | |||||||
Long-term assets, other | 48 | ||||||||
Working capital | 8,292 | ||||||||
Network affiliation agreements | 43,500 | ||||||||
FCC licenses | 40,100 | ||||||||
Goodwill | 114,677 | ||||||||
Total purchase price | $ | 220,000 | |||||||
The goodwill and broadcast licenses which we acquired are not subject to amortization for financial reporting purposes, but are expected to be entirely deductible for income tax purposes. | |||||||||
Acquisition related costs with respect to the foregoing transactions were $2,152 and $3,145 for the fourth quarter ended and four quarters ended December 30, 2012, respectively, and are included in selling and administrative expenses in the condensed consolidated statements of operations. | |||||||||
The acquisition has been accounted for under the acquisition method of accounting which requires the total purchase price to be allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over the amounts assigned to tangible and intangible assets acquired and liabilities assumed is recognized as goodwill. The operating results and cash flows of the acquired business are included in our consolidated financial statements from December 7, 2012, the effective date we acquired control of NewsChannel 5 Network, LLC. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
DISCONTINUED OPERATIONS [Abstract] | |||||||||||||
DISCONTINUED OPERATIONS | 11 DISCONTINUED OPERATIONS | ||||||||||||
KMIR-TV and My 13 KPSE-TV | |||||||||||||
On October 4, 2013, our television business agreed to the sale of stations KMIR-TV and My 13 KPSE-TV in Palm Springs, California to OTA Broadcasting, LLC, an affiliate of Virginia based OTA Broadcasting, LLC for $17,000 in cash and certain other contingent considerations. The transaction closed effective January 1, 2014. We recorded a pre-tax book gain of $10,177 in the first quarter of 2014. | |||||||||||||
The following table summarizes KMIR-TV and KPSE-TV's revenue and earnings before income taxes as reported in earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statements of operations for all periods presented: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Years ended December 31, December 29 and December 30 | |||||||||||||
Revenue | $ | 48 | $ | 5,483 | $ | 6,924 | |||||||
Earnings before income taxes | $ | 9,985 | $ | (62 | ) | $ | 1,262 | ||||||
The following table presents the aggregate carrying amounts of the major classes of assets divested: | |||||||||||||
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 | |||||||||||
Accounts payable | $ | 37 | |||||||||||
Accrued compensation | 133 | ||||||||||||
Deferred revenue | 57 | ||||||||||||
Syndicated programs | 640 | ||||||||||||
Other current liabilities | 18 | ||||||||||||
Total liabilities | $ | 885 |
WORKFORCE_REDUCTION
WORKFORCE REDUCTION | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
WORKFORCE REDUCTION [Abstract] | |||||||||||||||||
WORKFORCE REDUCTION | 12 WORKFORCE REDUCTION | ||||||||||||||||
During 2014, we recorded a pre-tax charge of $2,738 for workforce separation benefits across our television, radio and publishing businesses. Of the costs recorded for the year ended December 31, 2014, $3 is included in television selling and administrative expenses, $9 is included in radio operating costs and expenses, $2 is included in radio selling and administrative expenses, $1,730 is included in publishing operating costs and expenses, and $994 is included in publishing selling and administrative expenses. We expect payments to be completed during 2015. In 2014, the number of full-time and part-time employees decreased by approximately 5.0 % compared to 2013. | |||||||||||||||||
Activity associated with workforce reductions during the years ended December 31, 2014 and December 29, 2013 was as follows: | |||||||||||||||||
Balance as of December | Charge for Separation | Payments for Separation | Balance as of December | ||||||||||||||
29, 2013 | Benefits | Benefits | 31, 2014 | ||||||||||||||
Television | $ | 43 | $ | 3 | $ | (46 | ) | $ | - | ||||||||
Radio | - | 11 | (11 | ) | - | ||||||||||||
Publishing | 330 | 2,724 | (873 | ) | 2,181 | ||||||||||||
Total | $ | 373 | $ | 2,738 | $ | (930 | ) | $ | 2,181 | ||||||||
Balance as of December | Charge for Separation | Payments for Separation | Balance as of December | ||||||||||||||
30, 2012 | Benefits | Benefits | 29, 2013 | ||||||||||||||
Television | $ | - | $ | 56 | $ | (13 | ) | $ | 43 | ||||||||
Publishing | 809 | 807 | (1,286 | ) | 330 | ||||||||||||
Total | $ | 809 | $ | 863 | $ | (1,299 | ) | $ | 373 |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2014 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | 13 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 and 2013. On September 30, 2014 and September 30, 2013, we paid the first two annual principal installments on the remaining eight subordinated notes. As of December 31, 2014, the remaining aggregate principal amount of these eight subordinated notes is approximately $10,624. The remaining subordinated notes are payable in equal annual installments on September 30 of each of 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 5.00% of the issued and outstanding shares of our class B common stock. David G. Meissner, a former member of the Board, 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 for the repurchase 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. |
SEGMENT_REPORTING
SEGMENT REPORTING | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
SEGMENT REPORTING [Abstract] | |||||||||||||
SEGMENT REPORTING | 14 SEGMENT REPORTING | ||||||||||||
Our business segments are based on the organizational structure used by management for making operating and investment decisions and for assessing performance. Effective January 22, 2014 our reportable business segments are: (i) television; (ii) radio; (iii) publishing; and (iv) corporate. Prior periods have been updated to reflect these four segments. Our television segment consists of 14 television stations in 8 states that we own or provide services to. Our radio segment consists of 34 radio stations in 8 states, after the divestiture of an FM station in December 2014. Results from our digital media assets are included in our television, radio and publishing segments. Our publishing segment consists of the Milwaukee Journal Sentinel, which serves as the only major daily newspaper for the Milwaukee metropolitan area, and several community publications, distributed primarily in southeastern Wisconsin. Our corporate segment consists of unallocated corporate expenses and revenue eliminations. | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | |||||||||||||
Television | $ | 200,847 | $ | 166,616 | $ | 152,444 | |||||||
Radio | 79,120 | 76,816 | 76,259 | ||||||||||
Publishing | 148,958 | 154,558 | 164,947 | ||||||||||
Corporate eliminations | (489 | ) | (723 | ) | (532 | ) | |||||||
$ | 428,436 | $ | 397,267 | $ | 393,118 | ||||||||
Operating earnings (loss) | |||||||||||||
Television | $ | 59,459 | $ | 31,395 | $ | 41,005 | |||||||
Radio | 14,937 | 14,017 | 13,962 | ||||||||||
Publishing | 10,242 | 13,778 | 11,622 | ||||||||||
Corporate | (12,891 | ) | (7,874 | ) | (7,858 | ) | |||||||
$ | 71,747 | $ | 51,316 | $ | 58,731 | ||||||||
Broadcast license impairment | |||||||||||||
Television | $ | - | $ | - | $ | 664 | |||||||
Radio | 211 | - | 952 | ||||||||||
$ | 211 | $ | - | $ | 1,616 | ||||||||
Depreciation and amortization | |||||||||||||
Television | $ | 12,905 | $ | 13,192 | $ | 9,925 | |||||||
Radio | 1,993 | 2,002 | 2,276 | ||||||||||
Publishing | 6,597 | 7,058 | 9,170 | ||||||||||
Corporate | 464 | 661 | 667 | ||||||||||
$ | 21,959 | $ | 22,913 | $ | 22,038 | ||||||||
Capital expenditures | |||||||||||||
Television | $ | 6,104 | $ | 8,360 | $ | 8,656 | |||||||
Radio | 2,016 | 1,508 | 1,663 | ||||||||||
Publishing | 884 | 2,498 | 1,240 | ||||||||||
Corporate | 70 | 74 | 746 | ||||||||||
$ | 9,074 | $ | 12,440 | $ | 12,305 | ||||||||
2014 | 2013 | ||||||||||||
Identifiable total assets | |||||||||||||
Television | $ | 336,058 | $ | 356,032 | |||||||||
Radio | 108,467 | 111,473 | |||||||||||
Publishing | 89,229 | 96,991 | |||||||||||
Corporate & discontinued operations | 46,726 | 31,522 | |||||||||||
$ | 580,480 | $ | 596,018 |
QUARTERLY_FINANCIAL_INFORMATIO
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract] | |||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 15 QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | ||||||||||||||||||||
2014 Quarters | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
Revenue | $ | 96,612 | $ | 104,699 | $ | 105,138 | $ | 121,987 | $ | 428,436 | |||||||||||
Gross profit | 42,719 | 50,576 | 47,542 | 62,794 | 203,631 | ||||||||||||||||
Net earnings | 12,187 | 10,423 | 7,023 | 15,557 | 45,190 | ||||||||||||||||
Earnings per share | |||||||||||||||||||||
Basic - class A and B common stock | 0.24 | 0.21 | 0.14 | 0.31 | 0.9 | ||||||||||||||||
Diluted - class A and B common stock | 0.24 | 0.21 | 0.14 | 0.31 | 0.89 | ||||||||||||||||
2013 Quarters | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
Revenue | $ | 93,204 | $ | 99,778 | $ | 96,919 | $ | 107,366 | $ | 397,267 | |||||||||||
Gross profit | 40,801 | 45,411 | 40,277 | 51,541 | 178,030 | ||||||||||||||||
Net earnings | 3,793 | 6,602 | 4,546 | 11,260 | 26,201 | ||||||||||||||||
Earnings per share | |||||||||||||||||||||
Basic - class A and B common stock | 0.08 | 0.13 | 0.09 | 0.22 | 0.52 | ||||||||||||||||
Diluted - class A and B common stock | 0.08 | 0.13 | 0.09 | 0.22 | 0.52 | ||||||||||||||||
The first quarter of 2014 includes a pre-tax charge of $56 for separation benefits at our radio and publishing businesses. The second quarter of 2014 includes a pre-tax charge of $557 for separation benefits at our television and publishing businesses. The third quarter of 2014 includes a pre-tax charge of $171 for separation benefits at our publishing business. The fourth quarter of 2014 includes a pre-tax charge of $1,954 for separation benefits at our publishing business, a $369 pre-tax loss on the sale of KFTI-FM in Wichita, Kansas, and a pre-tax radio broadcast license impairment charge of $211. | |||||||||||||||||||||
The first quarter of 2013 includes a pre-tax charge of $32 for separation benefits at our publishing business. The second quarter of 2013 includes a pre-tax charge of $716 for separation benefits at our television and publishing businesses. The third quarter of 2013 includes a pre-tax charge of $80 for separation benefits at our television and publishing businesses. The fourth quarter of 2013 includes a pre-tax charge of $35 for separation benefits at our television and publishing businesses. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | 16 ACCUMULATED OTHER COMPREHENSIVE LOSS | ||||
The changes in accumulated other comprehensive loss by component, net of tax, is as follows: | |||||
Defined Benefit Pension and Postretirement Plans | |||||
Balance as of December 30, 2012 | $ | (55,739 | ) | ||
Net actuarial gain and amounts reclassified from accumulated other comprehensive loss | 16,085 | ||||
Net other comprehensive income | 16,085 | ||||
Balance as of December 29, 2013 | $ | (39,654 | ) | ||
Balance as of December 29, 2013 | $ | (39,654 | ) | ||
Net actuarial loss and amounts reclassified from accumulated other comprehensive loss | (17,202 | ) | |||
Net other comprehensive loss | (17,202 | ) | |||
Balance as of December 31, 2014 | $ | (56,856 | ) | ||
The reclassification of accumulated other comprehensive loss is as follows: | |||||
Amount Reclassified from Accumulated Other | |||||
Comprehensive Loss | |||||
2013 | |||||
Amortization of defined benefit pension and postretirement plan items: | |||||
Prior service cost and unrecognized loss (1) | $ | (2,558 | ) | ||
Income tax expense | 10,176 | ||||
Net actuarial gain | (23,703 | ) | |||
Total reclassifications for the period | $ | (16,085 | ) | ||
-1 | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 3 “Employee Benefit Plans” for more information. Of the costs for the year ended December 29, 2013, $263 is included in television operating costs and expenses, $176 is included in radio operating costs and expenses $1,163 is included in publishing operating costs and expenses, and $956 is included in selling and administrative expenses. | ||||
Amount Reclassified from Accumulated Other | |||||
Comprehensive Loss | |||||
2014 | |||||
Amortization of defined benefit pension and postretirement plan items: | |||||
Prior service cost and unrecognized loss (2) | $ | (1,892 | ) | ||
Income tax benefit | (10,865 | ) | |||
Net actuarial loss | 29,959 | ||||
Total reclassifications for the period | $ | 17,202 | |||
-2 | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 3 “Employee Benefit Plans” for more information. Of the costs for the year ended December 31, 2014, $203 is included in television operating costs and expenses, $95 is included in radio operating costs and expenses $846 is included in publishing operating costs and expenses, and $748 is included in selling and administrative expenses. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2014 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | 17 SUBSEQUENT EVENTS |
On March 11, 2015, our shareholders voted to approve the proposed transactions with Scripps. On the same date, the shareholders of Scripps also voted to approve the transactions. |
SCHEDULE_II_CONSOLIDATED_VALUA
SCHEDULE II CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS [Abstract] | |||||||||||||||||||||||||
SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II - CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||||||||||
Years ended December 31, 2014, December 29, 2013 and December 30, 2012 | |||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||
Description | Balance at | Additions | Additions | Other | Deductions | Balance | |||||||||||||||||||
Beginning of | Charged to | Charged to | Additions | at End of | |||||||||||||||||||||
Year | Expense | Revenue | (Deductions) | Year | |||||||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||||||||||
2014 | $ | 1,688 | $ | 324 | $ | 1,594 | $ | - | $ | 1,799 | -2 | $ | 1,807 | ||||||||||||
2013 | $ | 2,377 | $ | 314 | $ | 2,042 | $ | - | $ | 3,045 | -2 | $ | 1,688 | ||||||||||||
2012 | $ | 1,811 | $ | 503 | $ | 1,964 | $ | 346 | -1 | $ | 2,247 | -2 | $ | 2,377 | |||||||||||
Deferred income taxes | |||||||||||||||||||||||||
Valuation allowances on state net operating loss and tax credit carryforwards: | |||||||||||||||||||||||||
2014 | $ | 184 | $ | - | $ | - | $ | - | $ | - | $ | 184 | |||||||||||||
2013 | $ | 199 | $ | - | $ | - | $ | - | $ | 15 | -4 | $ | 184 | ||||||||||||
2012 | $ | 57 | $ | - | $ | - | $ | 195 | -3 | $ | 53 | -4 | $ | 199 | |||||||||||
-1 | Includes write off of accounts receivable against the allowance for doubtful accounts of $15 related to the northern Wisconsin community publications sold in 2012, and the addition of $361 related to the NewsChannel 5 Network, LLC purchase in 2012. | ||||||||||||||||||||||||
-2 | Deductions from the accounts receivable written off, less recoveries, against the allowances. | ||||||||||||||||||||||||
-3 | Includes state net operating loss and tax credit carryforwards related to the northern Wisconsin community publications sold in 2012. | ||||||||||||||||||||||||
-4 | Deductions from the valuation allowances on state net operating loss and tax credit carryforwards equal expired, utilized or re-valued state net operating loss and tax credit carryforwards. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||||||||||||
Basis of presentation and consolidation | Basis of presentation and consolidation—On November 10, 2014, we changed our fiscal year-end from a 52-53 week fiscal year ending on the last Sunday of December of each year to a December 31 fiscal year-end. Per Securities and Exchange Commission guidance, our change from a 52-53 week fiscal year to a December 31 fiscal year-end is not deemed a change in fiscal year-end and a separate transition report is not required. The consolidated financial statements include December 30, 2013 through December 31, 2014. | ||||||||||||
The consolidated financial statements include the accounts of Journal Communications, Inc. and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. | |||||||||||||
Palm Springs television results of operations have been reflected as discontinued operations in our consolidated statements of operations. | |||||||||||||
On July 30, 2014, we entered into an agreement with 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 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 34 radio stations in 8 states, after the divestiture of an FM station in December 2014. 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. | |||||||||||||
Use of estimates | Use of estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||||||
Revenue recognition | Revenue recognition—Our principal sources of revenue are the sale of airtime on television and radio stations, the sale of advertising in newspapers and the sale of newspapers to individual subscribers and distributors. In addition, we sell advertising on our newspaper, television and radio websites and derive revenue from other online activities. Advertising revenue is recognized in the publishing, television and radio businesses when advertisements are published, aired or displayed, or when related advertising services are rendered. Circulation revenue is recognized on a pro-rata basis over the term of the newspaper subscription or when the newspaper is delivered to the customer. Amounts we receive from customers in advance of revenue recognition are deferred as liabilities. Deferred revenue to be earned more than one year from the balance sheet date is included in other long-term liabilities in the consolidated balance sheets. | ||||||||||||
Printing revenue from external customers as well as third-party distribution revenue is recognized when the product is delivered in accordance with the customers’ instructions. | |||||||||||||
We also derive revenues from retransmission of our television programs by MVPDs. Retransmission revenues from MVPDs are recognized based on average monthly subscriber counts and contractual rates over the terms of the agreements. | |||||||||||||
Multiple-deliverable revenue arrangements | Multiple-deliverable revenue arrangements— We sell airtime on television and radio stations and online advertising bundled arrangements, where multiple products are involved. Significant deliverables within these arrangements include advertising on television and radio stations and advertising placed on various company websites, each of which are considered separate units of accounting. Our daily newspaper sells print and online advertising in bundled arrangements, where multiple products are involved. Significant deliverables within these arrangements include advertising in the printed daily newspaper and advertising placed on various company websites, each of which are considered separate units of accounting. There were no significant changes in units of accounting, the allocation process or the pattern and timing of revenue recognition upon adoption of the amended guidance related to revenue recognition for arrangements with multiple deliverables. | ||||||||||||
Shipping and handling costs | Shipping and handling costs—Shipping and handling costs, including postage, billed to customers are included in revenue and the related costs are included in operating costs and expenses. | ||||||||||||
Advertising expense | Advertising expense—We expense our advertising costs as incurred. Advertising expense totaled $5,861, $6,645 and $7,438 in 2014, 2013 and 2012, respectively. | ||||||||||||
Interest expense | Interest expense—All interest incurred during the years ended December 31, 2014, December 29, 2013 and December 30, 2012 was expensed. | ||||||||||||
Income taxes | Income taxes—Deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. Valuation allowances are established when management determines that it is more likely than not that some portion or all of a deferred tax asset will not be realized. | ||||||||||||
We recognize an uncertain tax position when it is more likely than not to be sustained upon examination by taxing authorities and we measure the tax benefit as the largest amount of benefit, determined on a cumulative probability basis, which is more likely than not to be realized upon ultimate settlement. | |||||||||||||
Fair values | Fair values—The carrying amount of cash and cash equivalents, receivables, accounts payable, accrued severance and barter programming assets and liabilities approximates fair value as of December 31, 2014 and December 29, 2013. | ||||||||||||
Cash and Cash equivalents | Cash and Cash equivalents—Cash equivalents are highly liquid investments with maturities of three months or less when purchased. Cash equivalents are stated at cost, which approximates market value. The cash balance at December 31, 2014 and December 29, 2013 was $13,233 and $1,912, respectively. The increase in cash was a result of our decision to maintain the maximum debt capacity under the term loan as voluntary prepayments of the secured term loan facility would represent a permanent reduction in credit available. | ||||||||||||
Receivables, net | Receivables, net— 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 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 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 December 31, 2014 and December 29, 2013 was $1,807 and $1,688, respectively. | ||||||||||||
Concentration of credit risk | Concentration of credit risk—Generally, credit is extended based upon an evaluation of the customer’s financial position, and advance payment is not required. Credit losses are provided for in the financial statements and have been within management’s expectations. Given the current economic environment, credit losses may increase in the future. | ||||||||||||
Inventories | Inventories—Inventories are stated at the lower of cost (first in, first out method) or market. A summary of inventories follows: | ||||||||||||
2014 | 2013 | ||||||||||||
December 31 and December 29 | |||||||||||||
Paper and supplies | $ | 1,862 | $ | 2,224 | |||||||||
Work in process | 73 | 59 | |||||||||||
Less obsolescence reserve | (83 | ) | (92 | ) | |||||||||
Inventories, net | $ | 1,852 | $ | 2,191 | |||||||||
Television programming | Television programming—We have agreements with distributors for the rights to television programming over contract periods, which generally run for one to five years. Each contract is recorded as an asset and a liability at an amount equal to its gross contractual commitment when the license period begins and the program is available for its first showing. The portion of program contracts that become payable within one year is reflected as a current liability in the accompanying consolidated balance sheets. The rights to program materials are carried at the lower of unamortized cost or estimated net realizable value or in the case of programming obtained by an acquisition, at estimated fair value. The cost for the rights of first-run and sports programming are recorded as the episodes and games are broadcast. We do not record an asset and liability for such rights when the license period begins because the programming is not available for broadcast. Certain of our agreements require us to provide barter advertising time to our distributors. Barter advertising revenue and expense was $7,940, $7,210 and $5,393 in 2014, 2013 and 2012, respectively. | ||||||||||||
Property and equipment | Property and equipment—Property and equipment are recorded at cost. Depreciation of property and equipment is provided, using the straight-line method, over the estimated useful lives, which are as follows: | ||||||||||||
Years | |||||||||||||
Building and land improvements | 10 | ||||||||||||
Buildings | 30 | ||||||||||||
Newspaper printing presses | 25 | ||||||||||||
Broadcasting equipment | 20-May | ||||||||||||
Other printing presses | 10 | ||||||||||||
Other | 10-Mar | ||||||||||||
Depreciation expense totaled $19,141, $20,058 and $20,590 in 2014, 2013 and 2012, respectively. As of December 31, 2014, we have $150,396 of net property and equipment secured by our credit facility. | |||||||||||||
Capital leases | Capital leases—We charge amortization expense of assets recorded under capital leases to depreciation expense in our consolidated statements of operations and accumulated depreciation in our consolidated balance sheets. At December 31, 2014 we recorded $474 for capital leases in equipment, $241 in accumulated depreciation, $82 in current portion of long-term liabilities and $162 in other long-term liabilities in our consolidated balance sheet. At December 29, 2013 we recorded $474 for capital leases in equipment, $162 in accumulated depreciation, $79 in current portion of long-term liabilities and $244 in other long-term liabilities in our consolidated balance sheet. | ||||||||||||
Intangible assets | Intangible assets—Indefinite-lived intangible assets, which consist of television and radio broadcast licenses and goodwill, are reviewed for impairment at least annually or more frequently if impairment indicators are present. We continue to amortize definite-lived intangible assets on a straight-line basis over periods of five to 25 years. The costs incurred to renew or extend the term of our television and radio broadcast licenses and certain customer relationships are expensed as incurred. See Note 9, “Goodwill, Broadcast Licenses and Other Intangible Assets,” for additional disclosures on our intangible assets. | ||||||||||||
Notes receivable | Notes receivable — In partial consideration for the sale of certain publishing assets of Journal Community Publishing Groups, 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 December 31, 2014 and December 29, 2013 was $266 and $524, respectively. | ||||||||||||
Interest income and the unamortized discount on our notes receivable are recorded using the effective interest method. | |||||||||||||
Impairment of long-lived assets | 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. In 2014, we recorded an impairment charge of $32 and $37 at our television and radio segments, respectively, representing the excess in indicated fair value over the carrying value of syndicated contracts. In 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 accepted offer to sell the building. This fair value measurement is considered a level 3 measurement under the fair value hierarchy. | ||||||||||||
Share Repurchases | Share Repurchases—Shares repurchased under our July 2011 share repurchase program remain authorized but unissued. In December 2013, our board of directors extended our share repurchase program until the end of fiscal 2015. The cost of the class A shares repurchased under the program was greater than par value and we recorded a charge to par value and additional paid in capital. In connection with the transactions with Scripps, we are precluded from repurchasing any further shares unless it would not materially impair, impede or delay the transactions. | ||||||||||||
Earnings per share | Earnings per share | ||||||||||||
Basic | |||||||||||||
For all periods during which our class C common stock was issued and outstanding (see Note 2 “Notes Payable” regarding the Company’s repurchase of all 3,264 shares of the Company’s class C common stock issued and outstanding in August 2012), we apply the two-class method for calculating and presenting our basic earnings per share. As noted in the FASB’s guidance for earnings per share, the two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under that method: | |||||||||||||
(a) | Income (loss) from continuing operations (“net earnings (loss)”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid or accrued during the current period. | ||||||||||||
(b) | The remaining earnings, which may include earnings from discontinued operations (“undistributed earnings”), are allocated to each class of common stock to the extent that each class of stock may share in earnings if all of the earnings for the period were distributed. | ||||||||||||
(c) | The remaining losses (“undistributed losses”) are allocated to the class A and B common stock. Undistributed losses are not allocated to the class C common stock and non-vested restricted stock because the class C common stock and the non-vested restricted stock are not contractually obligated to share in the losses. Losses from discontinued operations are allocated to class A and B common stock and may be allocated to class C common stock and non-vested restricted stock if there is undistributed earnings after deducting earnings distributed to class C common stock from income from continuing operations. | ||||||||||||
(d) | The total earnings (loss) allocated to each class of common stock are then divided by the number of weighted average shares outstanding of the class of common stock to which the earnings (loss) are allocated to determine the earnings (loss) per share for that class of common stock. | ||||||||||||
(e) | Basic earnings (loss) per share data are presented for class A and B common stock in the aggregate and for class C common stock. The basic earnings (loss) per share for class A and B common stock are the same; hence, these classes are reported together. | ||||||||||||
In applying the two-class method, we have determined that undistributed earnings should be allocated equally on a per share basis among each class of common stock due to the lack of any contractual participation rights of any class to those undistributed earnings. Undistributed losses are allocated to only the class A and B common stock for the reason stated above. | |||||||||||||
The following table sets forth the computation of basic earnings per share under the two-class method: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic earnings from continuing operations for each class of common stock and non-vested restricted stock: | |||||||||||||
Earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 32,582 | |||||||
Less dividends: | |||||||||||||
Class A and B | - | - | - | ||||||||||
Minimum class C | - | - | 1,146 | ||||||||||
Non-vested restricted stock | - | - | - | ||||||||||
Total undistributed earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 31,436 | |||||||
Undistributed earnings from continuing operations: | |||||||||||||
Class A and B | $ | 39,318 | $ | 26,250 | $ | 29,991 | |||||||
Class C | - | - | 1,233 | ||||||||||
Non-vested restricted stock | - | - | 212 | ||||||||||
Total undistributed earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 31,436 | |||||||
Numerator for basic earnings from continuing operations per class A and B common stock: | |||||||||||||
Minimum dividends on class A and B | $ | - | $ | - | $ | - | |||||||
Class A and B undistributed earnings | 39,318 | 26,250 | 29,991 | ||||||||||
Numerator for basic earnings from continuing operations per class A and B common stock | $ | 39,318 | $ | 26,250 | $ | 29,991 | |||||||
Numerator for basic earnings from continuing operations per class C common stock: | |||||||||||||
Minimum dividends on class C | $ | - | $ | - | $ | 1,146 | |||||||
Class C undistributed earnings | - | - | 1,233 | ||||||||||
Numerator for basic earnings from continuing operations per class C common stock | $ | - | $ | - | $ | 2,379 | |||||||
Denominator for basic earnings from continuing operations for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic earnings per share from continuing operations: | |||||||||||||
Class A and B | $ | 0.78 | $ | 0.52 | $ | 0.6 | |||||||
Class C | $ | - | $ | - | $ | 0.73 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic earnings from discontinued operations for each class of common stock and non-vested restricted stock: | |||||||||||||
Total undistributed earnings from discontinued operations | $ | 5,872 | $ | (49 | ) | $ | 743 | ||||||
Undistributed earnings from discontinued operations: | |||||||||||||
Class A and B | 5,872 | (49 | ) | 709 | |||||||||
Class C | - | - | 29 | ||||||||||
Non-vested restricted stock | - | - | 5 | ||||||||||
Total undistributed earnings from discontinued operations | $ | 5,872 | $ | (49 | ) | $ | 743 | ||||||
Denominator for basic earnings from discontinued operations for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic earnings per share from discontinued operations: | |||||||||||||
Class A and B | $ | 0.12 | $ | - | $ | 0.01 | |||||||
Class C | $ | - | $ | - | $ | 0.01 | |||||||
Numerator for basic net earnings for each class of common stock: | |||||||||||||
Net earnings | $ | 45,190 | $ | 26,201 | $ | 33,325 | |||||||
Less dividends: | |||||||||||||
Class A and B | - | - | - | ||||||||||
Minimum class C | - | - | 1,146 | ||||||||||
Non-vested restricted stock | - | - | - | ||||||||||
Total undistributed net earnings | $ | 45,190 | $ | 26,201 | $ | 32,179 | |||||||
Undistributed net earnings: | |||||||||||||
Class A and B | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
Class C | - | - | 1,261 | ||||||||||
Non-vested restricted stock | - | - | 217 | ||||||||||
Total undistributed net earnings | $ | 45,190 | $ | 26,201 | $ | 32,179 | |||||||
Numerator for basic net earnings per class A and B common stock: | |||||||||||||
Dividends on class A and B | $ | - | $ | - | $ | - | |||||||
Class A and B undistributed net earnings | 45,190 | 26,201 | 30,701 | ||||||||||
Numerator for basic net earnings per class A and B common stock | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic net earnings per class C common stock: | |||||||||||||
Minimum dividends on class C | $ | - | $ | - | $ | 1,146 | |||||||
Class C undistributed net earnings | - | - | 1,261 | ||||||||||
Numerator for basic net earnings per class C common stock | $ | - | $ | - | $ | 2,407 | |||||||
Denominator for basic net earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic net earnings per share: | |||||||||||||
Class A and B | $ | 0.9 | $ | 0.52 | $ | 0.61 | |||||||
Class C | $ | - | $ | - | $ | 0.74 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
Diluted | |||||||||||||
The following table sets forth the computation of basic earnings per share under the two-class method: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic earnings from continuing operations for each class of common stock and non-vested restricted stock: | |||||||||||||
Earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 32,582 | |||||||
Less dividends: | |||||||||||||
Class A and B | - | - | - | ||||||||||
Minimum class C | - | - | 1,146 | ||||||||||
Non-vested restricted stock | - | - | - | ||||||||||
Total undistributed earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 31,436 | |||||||
Undistributed earnings from continuing operations: | |||||||||||||
Class A and B | $ | 39,318 | $ | 26,250 | $ | 29,991 | |||||||
Class C | - | - | 1,233 | ||||||||||
Non-vested restricted stock | - | - | 212 | ||||||||||
Total undistributed earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 31,436 | |||||||
Numerator for basic earnings from continuing operations per class A and B common stock: | |||||||||||||
Minimum dividends on class A and B | $ | - | $ | - | $ | - | |||||||
Class A and B undistributed earnings | 39,318 | 26,250 | 29,991 | ||||||||||
Numerator for basic earnings from continuing operations per class A and B common stock | $ | 39,318 | $ | 26,250 | $ | 29,991 | |||||||
Numerator for basic earnings from continuing operations per class C common stock: | |||||||||||||
Minimum dividends on class C | $ | - | $ | - | $ | 1,146 | |||||||
Class C undistributed earnings | - | - | 1,233 | ||||||||||
Numerator for basic earnings from continuing operations per class C common stock | $ | - | $ | - | $ | 2,379 | |||||||
Denominator for basic earnings from continuing operations for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic earnings per share from continuing operations: | |||||||||||||
Class A and B | $ | 0.78 | $ | 0.52 | $ | 0.6 | |||||||
Class C | $ | - | $ | - | $ | 0.73 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
67 | |||||||||||||
Index | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic earnings from discontinued operations for each class of common stock and non-vested restricted stock: | |||||||||||||
Total undistributed earnings from discontinued operations | $ | 5,872 | $ | (49 | ) | $ | 743 | ||||||
Undistributed earnings from discontinued operations: | |||||||||||||
Class A and B | 5,872 | (49 | ) | 709 | |||||||||
Class C | - | - | 29 | ||||||||||
Non-vested restricted stock | - | - | 5 | ||||||||||
Total undistributed earnings from discontinued operations | $ | 5,872 | $ | (49 | ) | $ | 743 | ||||||
Denominator for basic earnings from discontinued operations for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic earnings per share from discontinued operations: | |||||||||||||
Class A and B | $ | 0.12 | $ | - | $ | 0.01 | |||||||
Class C | $ | - | $ | - | $ | 0.01 | |||||||
Numerator for basic net earnings for each class of common stock: | |||||||||||||
Net earnings | $ | 45,190 | $ | 26,201 | $ | 33,325 | |||||||
Less dividends: | |||||||||||||
Class A and B | - | - | - | ||||||||||
Minimum class C | - | - | 1,146 | ||||||||||
Non-vested restricted stock | - | - | - | ||||||||||
Total undistributed net earnings | $ | 45,190 | $ | 26,201 | $ | 32,179 | |||||||
Undistributed net earnings: | |||||||||||||
Class A and B | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
Class C | - | - | 1,261 | ||||||||||
Non-vested restricted stock | - | - | 217 | ||||||||||
Total undistributed net earnings | $ | 45,190 | $ | 26,201 | $ | 32,179 | |||||||
Numerator for basic net earnings per class A and B common stock: | |||||||||||||
Dividends on class A and B | $ | - | $ | - | $ | - | |||||||
Class A and B undistributed net earnings | 45,190 | 26,201 | 30,701 | ||||||||||
Numerator for basic net earnings per class A and B common stock | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
68 | |||||||||||||
Index | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic net earnings per class C common stock: | |||||||||||||
Minimum dividends on class C | $ | - | $ | - | $ | 1,146 | |||||||
Class C undistributed net earnings | - | - | 1,261 | ||||||||||
Numerator for basic net earnings per class C common stock | $ | - | $ | - | $ | 2,407 | |||||||
Denominator for basic net earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic net earnings per share: | |||||||||||||
Class A and B | $ | 0.9 | $ | 0.52 | $ | 0.61 | |||||||
Class C | $ | - | $ | - | $ | 0.74 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
Diluted earnings per share is computed based upon the assumption that common shares are issued upon exercise of our stock appreciation rights when the exercise price is less than the average market price of our common shares and common shares will be outstanding upon expiration of the vesting periods for our non-vested restricted stock and performance-based restricted stock units. For the year ended December 31, 2014, 220 non-vested restricted class B common shares and performance-based restricted stock units are not included in the computation of diluted earnings per share because they are anti-dilutive. For the year ended December 29, 2013, 177 non-vested restricted class B common shares are not included in the computation of diluted earnings per share because they are anti-dilutive. The class C shares are not converted into class A and B shares because they are anti-dilutive for all periods presented, and therefore are not included in the diluted weighted average shares outstanding. | |||||||||||||
The following table sets forth the computation of diluted net earnings (loss) per share for class A and B common stock: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for diluted net earnings per share: | |||||||||||||
Dividends on class A and B common stock | $ | - | $ | - | $ | - | |||||||
Total undistributed earnings from continuing operations | 39,318 | 26,250 | 29,991 | ||||||||||
Total undistributed earnings from discontinued operations | 5,872 | (49 | ) | 710 | |||||||||
Net earnings | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
Denominator for diluted net earnings per share: | |||||||||||||
Weighted average shares outstanding | 50,749 | 50,436 | 50,091 | ||||||||||
Diluted earnings per share: | |||||||||||||
Continuing operations | $ | 0.77 | $ | 0.52 | $ | 0.6 | |||||||
Discontinued operations | 0.12 | - | 0.01 | ||||||||||
Net earnings | $ | 0.89 | $ | 0.52 | $ | 0.61 | |||||||
Diluted earnings per share for the class C common stock is the same as basic earnings per share for the class C common stock because there are no class C common stock equivalents. | |||||||||||||
Prior to the repurchase of the class C common stock, each of the 3,264 class C shares outstanding was convertible at any time at the option of the holder into either (i) 1.363970 class A shares (or a total of 4,452 class A shares) or (ii) 0.248243 class A shares (or a total of 810 class A shares) and 1.115727 class B shares (or a total of 3,642 class B shares). | |||||||||||||
New accounting standards | New accounting standards | ||||||||||||
In April 2014, the 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. |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||||||||||||
Summary of inventories | A summary of inventories follows: | ||||||||||||
2014 | 2013 | ||||||||||||
December 31 and December 29 | |||||||||||||
Paper and supplies | $ | 1,862 | $ | 2,224 | |||||||||
Work in process | 73 | 59 | |||||||||||
Less obsolescence reserve | (83 | ) | (92 | ) | |||||||||
Inventories, net | $ | 1,852 | $ | 2,191 | |||||||||
Property and equipment | Depreciation of property and equipment is provided, using the straight-line method, over the estimated useful lives, which are as follows: | ||||||||||||
Years | |||||||||||||
Building and land improvements | 10 | ||||||||||||
Buildings | 30 | ||||||||||||
Newspaper printing presses | 25 | ||||||||||||
Broadcasting equipment | 20-May | ||||||||||||
Other printing presses | 10 | ||||||||||||
Other | 10-Mar | ||||||||||||
Computation of basic earnings per share | The following table sets forth the computation of basic earnings per share under the two-class method: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic earnings from continuing operations for each class of common stock and non-vested restricted stock: | |||||||||||||
Earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 32,582 | |||||||
Less dividends: | |||||||||||||
Class A and B | - | - | - | ||||||||||
Minimum class C | - | - | 1,146 | ||||||||||
Non-vested restricted stock | - | - | - | ||||||||||
Total undistributed earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 31,436 | |||||||
Undistributed earnings from continuing operations: | |||||||||||||
Class A and B | $ | 39,318 | $ | 26,250 | $ | 29,991 | |||||||
Class C | - | - | 1,233 | ||||||||||
Non-vested restricted stock | - | - | 212 | ||||||||||
Total undistributed earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 31,436 | |||||||
Numerator for basic earnings from continuing operations per class A and B common stock: | |||||||||||||
Minimum dividends on class A and B | $ | - | $ | - | $ | - | |||||||
Class A and B undistributed earnings | 39,318 | 26,250 | 29,991 | ||||||||||
Numerator for basic earnings from continuing operations per class A and B common stock | $ | 39,318 | $ | 26,250 | $ | 29,991 | |||||||
Numerator for basic earnings from continuing operations per class C common stock: | |||||||||||||
Minimum dividends on class C | $ | - | $ | - | $ | 1,146 | |||||||
Class C undistributed earnings | - | - | 1,233 | ||||||||||
Numerator for basic earnings from continuing operations per class C common stock | $ | - | $ | - | $ | 2,379 | |||||||
Denominator for basic earnings from continuing operations for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic earnings per share from continuing operations: | |||||||||||||
Class A and B | $ | 0.78 | $ | 0.52 | $ | 0.6 | |||||||
Class C | $ | - | $ | - | $ | 0.73 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic earnings from discontinued operations for each class of common stock and non-vested restricted stock: | |||||||||||||
Total undistributed earnings from discontinued operations | $ | 5,872 | $ | (49 | ) | $ | 743 | ||||||
Undistributed earnings from discontinued operations: | |||||||||||||
Class A and B | 5,872 | (49 | ) | 709 | |||||||||
Class C | - | - | 29 | ||||||||||
Non-vested restricted stock | - | - | 5 | ||||||||||
Total undistributed earnings from discontinued operations | $ | 5,872 | $ | (49 | ) | $ | 743 | ||||||
Denominator for basic earnings from discontinued operations for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic earnings per share from discontinued operations: | |||||||||||||
Class A and B | $ | 0.12 | $ | - | $ | 0.01 | |||||||
Class C | $ | - | $ | - | $ | 0.01 | |||||||
Numerator for basic net earnings for each class of common stock: | |||||||||||||
Net earnings | $ | 45,190 | $ | 26,201 | $ | 33,325 | |||||||
Less dividends: | |||||||||||||
Class A and B | - | - | - | ||||||||||
Minimum class C | - | - | 1,146 | ||||||||||
Non-vested restricted stock | - | - | - | ||||||||||
Total undistributed net earnings | $ | 45,190 | $ | 26,201 | $ | 32,179 | |||||||
Undistributed net earnings: | |||||||||||||
Class A and B | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
Class C | - | - | 1,261 | ||||||||||
Non-vested restricted stock | - | - | 217 | ||||||||||
Total undistributed net earnings | $ | 45,190 | $ | 26,201 | $ | 32,179 | |||||||
Numerator for basic net earnings per class A and B common stock: | |||||||||||||
Dividends on class A and B | $ | - | $ | - | $ | - | |||||||
Class A and B undistributed net earnings | 45,190 | 26,201 | 30,701 | ||||||||||
Numerator for basic net earnings per class A and B common stock | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic net earnings per class C common stock: | |||||||||||||
Minimum dividends on class C | $ | - | $ | - | $ | 1,146 | |||||||
Class C undistributed net earnings | - | - | 1,261 | ||||||||||
Numerator for basic net earnings per class C common stock | $ | - | $ | - | $ | 2,407 | |||||||
Denominator for basic net earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic net earnings per share: | |||||||||||||
Class A and B | $ | 0.9 | $ | 0.52 | $ | 0.61 | |||||||
Class C | $ | - | $ | - | $ | 0.74 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
Computation of diluted net earnings (loss) per share | The following table sets forth the computation of basic earnings per share under the two-class method: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic earnings from continuing operations for each class of common stock and non-vested restricted stock: | |||||||||||||
Earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 32,582 | |||||||
Less dividends: | |||||||||||||
Class A and B | - | - | - | ||||||||||
Minimum class C | - | - | 1,146 | ||||||||||
Non-vested restricted stock | - | - | - | ||||||||||
Total undistributed earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 31,436 | |||||||
Undistributed earnings from continuing operations: | |||||||||||||
Class A and B | $ | 39,318 | $ | 26,250 | $ | 29,991 | |||||||
Class C | - | - | 1,233 | ||||||||||
Non-vested restricted stock | - | - | 212 | ||||||||||
Total undistributed earnings from continuing operations | $ | 39,318 | $ | 26,250 | $ | 31,436 | |||||||
Numerator for basic earnings from continuing operations per class A and B common stock: | |||||||||||||
Minimum dividends on class A and B | $ | - | $ | - | $ | - | |||||||
Class A and B undistributed earnings | 39,318 | 26,250 | 29,991 | ||||||||||
Numerator for basic earnings from continuing operations per class A and B common stock | $ | 39,318 | $ | 26,250 | $ | 29,991 | |||||||
Numerator for basic earnings from continuing operations per class C common stock: | |||||||||||||
Minimum dividends on class C | $ | - | $ | - | $ | 1,146 | |||||||
Class C undistributed earnings | - | - | 1,233 | ||||||||||
Numerator for basic earnings from continuing operations per class C common stock | $ | - | $ | - | $ | 2,379 | |||||||
Denominator for basic earnings from continuing operations for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic earnings per share from continuing operations: | |||||||||||||
Class A and B | $ | 0.78 | $ | 0.52 | $ | 0.6 | |||||||
Class C | $ | - | $ | - | $ | 0.73 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
67 | |||||||||||||
Index | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic earnings from discontinued operations for each class of common stock and non-vested restricted stock: | |||||||||||||
Total undistributed earnings from discontinued operations | $ | 5,872 | $ | (49 | ) | $ | 743 | ||||||
Undistributed earnings from discontinued operations: | |||||||||||||
Class A and B | 5,872 | (49 | ) | 709 | |||||||||
Class C | - | - | 29 | ||||||||||
Non-vested restricted stock | - | - | 5 | ||||||||||
Total undistributed earnings from discontinued operations | $ | 5,872 | $ | (49 | ) | $ | 743 | ||||||
Denominator for basic earnings from discontinued operations for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic earnings per share from discontinued operations: | |||||||||||||
Class A and B | $ | 0.12 | $ | - | $ | 0.01 | |||||||
Class C | $ | - | $ | - | $ | 0.01 | |||||||
Numerator for basic net earnings for each class of common stock: | |||||||||||||
Net earnings | $ | 45,190 | $ | 26,201 | $ | 33,325 | |||||||
Less dividends: | |||||||||||||
Class A and B | - | - | - | ||||||||||
Minimum class C | - | - | 1,146 | ||||||||||
Non-vested restricted stock | - | - | - | ||||||||||
Total undistributed net earnings | $ | 45,190 | $ | 26,201 | $ | 32,179 | |||||||
Undistributed net earnings: | |||||||||||||
Class A and B | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
Class C | - | - | 1,261 | ||||||||||
Non-vested restricted stock | - | - | 217 | ||||||||||
Total undistributed net earnings | $ | 45,190 | $ | 26,201 | $ | 32,179 | |||||||
Numerator for basic net earnings per class A and B common stock: | |||||||||||||
Dividends on class A and B | $ | - | $ | - | $ | - | |||||||
Class A and B undistributed net earnings | 45,190 | 26,201 | 30,701 | ||||||||||
Numerator for basic net earnings per class A and B common stock | $ | 45,190 | $ | 26,201 | $ | 30,701 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. | ||||||||||||
68 | |||||||||||||
Index | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator for basic net earnings per class C common stock: | |||||||||||||
Minimum dividends on class C | $ | - | $ | - | $ | 1,146 | |||||||
Class C undistributed net earnings | - | - | 1,261 | ||||||||||
Numerator for basic net earnings per class C common stock | $ | - | $ | - | $ | 2,407 | |||||||
Denominator for basic net earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding - | |||||||||||||
Class A and B | 50,529 | 50,259 | 50,091 | ||||||||||
Class C | - | - | 3,264 | -1 | |||||||||
Basic net earnings per share: | |||||||||||||
Class A and B | $ | 0.9 | $ | 0.52 | $ | 0.61 | |||||||
Class C | $ | - | $ | - | $ | 0.74 | |||||||
-1 | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. |
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS [Abstract] | |||||||||||||||||||||||||
Change in benefit obligations | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
Years ended December 31 and December 29 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligations | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 164,492 | $ | 182,004 | $ | 13,097 | $ | 14,608 | |||||||||||||||||
Service cost | - | - | 55 | 55 | |||||||||||||||||||||
Interest cost | 7,593 | 7,009 | 437 | 380 | |||||||||||||||||||||
Actuarial (gain) loss | 32,023 | (15,365 | ) | (1,417 | ) | (277 | ) | ||||||||||||||||||
Benefits paid | (9,248 | ) | (9,156 | ) | (1,307 | ) | (1,669 | ) | |||||||||||||||||
Benefit obligation at end of year | $ | 194,860 | $ | 164,492 | $ | 10,865 | $ | 13,097 | |||||||||||||||||
Change in plan assets | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
Years ended December 31 and December 29 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 111,946 | $ | 102,602 | $ | - | $ | - | |||||||||||||||||
Actual gain on plan assets | 7,667 | 15,386 | - | - | |||||||||||||||||||||
Company contributions | 399 | 3,114 | 1,307 | 1,669 | |||||||||||||||||||||
Benefits paid | (9,248 | ) | (9,156 | ) | (1,307 | ) | (1,669 | ) | |||||||||||||||||
Fair value of plan assets at end of year | $ | 110,764 | $ | 111,946 | $ | - | $ | - | |||||||||||||||||
Funded status | $ | (84,096 | ) | $ | (52,546 | ) | $ | (10,865 | ) | $ | (13,097 | ) | |||||||||||||
Amounts recognized in consolidated balance sheets | Pension Benefits | Other Postretirement Benefits | |||||||||||||||||||||||
Years ended December 31 and December 29 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Amounts recognized in consolidated balance sheets | |||||||||||||||||||||||||
Current liabilities | $ | (494 | ) | $ | (491 | ) | $ | (1,170 | ) | $ | (1,568 | ) | |||||||||||||
Noncurrent liabilities | (83,602 | ) | (52,055 | ) | (9,695 | ) | (11,529 | ) | |||||||||||||||||
Total | $ | (84,096 | ) | $ | (52,546 | ) | $ | (10,865 | ) | $ | (13,097 | ) | |||||||||||||
Amounts recognized in accumulated other comprehensive loss | Pension Benefits | ||||||||||||||||||||||||
Actuarial Loss, Net | Prior Service | Deferred Income | Total | ||||||||||||||||||||||
Credit | Taxes | ||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss | |||||||||||||||||||||||||
As of December 29, 2013 | $ | 67,004 | $ | (38 | ) | $ | (26,900 | ) | $ | 40,066 | |||||||||||||||
Current year change | 29,255 | 10 | (11,328 | ) | 17,937 | ||||||||||||||||||||
As of December 31, 2014 | $ | 96,259 | $ | (28 | ) | $ | (38,228 | ) | $ | 58,003 | |||||||||||||||
Other Postretirement Benefits | |||||||||||||||||||||||||
Actuarial Gain, Net | Prior Service | Deferred Income | Total | ||||||||||||||||||||||
Credit | Taxes | ||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss | |||||||||||||||||||||||||
As of December 29, 2013 | $ | (564 | ) | $ | (94 | ) | $ | 246 | $ | (412 | ) | ||||||||||||||
Current year change | (947 | ) | (251 | ) | 463 | (735 | ) | ||||||||||||||||||
As of December 31, 2014 | $ | (1,511 | ) | $ | (345 | ) | $ | 709 | $ | (1,147 | ) | ||||||||||||||
Components of net periodic benefit cost | Pension Benefits | ||||||||||||||||||||||||
Years ended December 31, December 29 and December 30 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | - | $ | - | $ | - | |||||||||||||||||||
Interest cost | 7,593 | 7,009 | 7,578 | ||||||||||||||||||||||
Expected return on plan assets | (7,022 | ) | (7,325 | ) | (8,454 | ) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Unrecognized prior service credit | (10 | ) | (10 | ) | (10 | ) | |||||||||||||||||||
Unrecognized net loss | 2,122 | 2,787 | 2,038 | ||||||||||||||||||||||
Net periodic benefit cost included in operating costs and expenses and selling and administrative expenses | $ | 2,683 | $ | 2,461 | $ | 1,152 | |||||||||||||||||||
Other Postretirement Benefits | |||||||||||||||||||||||||
Years ended December 31, December 29 and December 30 | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Components of net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | 55 | $ | 55 | $ | 14 | |||||||||||||||||||
Interest cost | 437 | 380 | 630 | ||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||
Unrecognized prior service credit | (219 | ) | (219 | ) | (219 | ) | |||||||||||||||||||
Unrecognized net transition obligation | - | - | 546 | ||||||||||||||||||||||
Unrecognized net loss | - | - | 188 | ||||||||||||||||||||||
Net periodic benefit cost included in selling and administrative expenses | $ | 273 | $ | 216 | $ | 1,159 | |||||||||||||||||||
Weighted-average assumptions used | Weighted-average assumptions used to determine benefit obligations: | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
December 31 and December 29 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 4 | % | 4.75 | % | 3.25 | % | 3.55 | % | |||||||||||||||||
Rate of compensation increases | - | - | - | - | |||||||||||||||||||||
Weighted-average assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
December 31, December 29 and December 30 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 4.75 | % | 3.95 | % | 4.55 | % | 3.55 | % | 2.75 | % | 3.85 | % | |||||||||||||
Expected return on plan assets | 6.75 | % | 7.25 | % | 7.75 | % | - | - | - | ||||||||||||||||
Rate of compensation increases | - | - | - | - | - | - | |||||||||||||||||||
Effect of 1% change in assumed health care cost trend rates | The assumed health care cost trend rate used in measuring the postretirement benefit obligation for retirees for 2014 is 8.50%, grading down to 5.00% in the year 2021 and thereafter. The assumed health care cost trend rates have a significant effect on the amounts reported for other postretirement benefits. A 1% change in the assumed health care cost trend rate would have the following effects: | ||||||||||||||||||||||||
1% Increase | 1% Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components in 2014 | $ | 10 | $ | (9 | ) | ||||||||||||||||||||
Effect on postretirement benefit obligation as of December 31, 2014 | $ | 92 | $ | (88 | ) | ||||||||||||||||||||
Fair value of plan assets by level of the fair value hierarchy | The following tables present the fair value of our plan assets by level of the fair value hierarchy. In accordance with the FASB’s guidance for fair value measurements, level 1 inputs are quoted prices in active markets for identical assets; level 2 inputs are significant other observable inputs; and level 3 inputs are significant unobservable inputs. | ||||||||||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Privately offered commingled funds(1) | $ | - | $ | 110,023 | $ | - | $ | 110,023 | |||||||||||||||||
Cash | 741 | - | - | 741 | |||||||||||||||||||||
Fair value of plan assets | $ | 741 | $ | 110,023 | $ | - | $ | 110,764 | |||||||||||||||||
Level 1 Inputs | Level 2 Inputs | Level 3 Inputs | Total | ||||||||||||||||||||||
29-Dec-13 | |||||||||||||||||||||||||
Mutual funds | $ | 111,205 | $ | - | $ | - | $ | 111,205 | |||||||||||||||||
Money-market fund | - | 740 | - | 740 | |||||||||||||||||||||
Fair value of plan assets | $ | 111,205 | $ | 740 | $ | - | $ | 111,945 | |||||||||||||||||
Pension plan weighted average asset allocations | Our pension plan weighted average asset allocations at December 31, 2014 and December 29, 2013 by asset category are as follows: | ||||||||||||||||||||||||
Plan Assets | Plan Assets | ||||||||||||||||||||||||
December 31 and December 29 | 2014 | 2013 | |||||||||||||||||||||||
Equity securities | 32.3 | % | 42.2 | % | |||||||||||||||||||||
Fixed-income securities | 61.5 | 57.2 | |||||||||||||||||||||||
Other | 6.2 | 0.6 | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Percent of total portfolio | In 2014, we employed a dynamic investment strategy, changing the allocation between return-seeking and liability hedging assets to de-risk the plan as the funded ratio improves. We believe the strategy provides a reasonable probability of achieving growth of assets that will assist in closing the Plan’s funding gap, while removing risk systematically as we reach our long-term goal of being fully-funded. Based on an assessment of our long-term goals and desired risk levels, we developed a glide path that adjusts the target allocation to return-seeking assets as well as the corresponding minimum and maximum allocations as the Plan’s funded status improves. The funded status is monitored on a daily basis. We seek to maintain a diversified portfolio within the return-seeking asset portfolio and the liability hedging portfolio using a diversified blend of equity and debt investments. The return-seeking component is diversified across U.S. and non-U.S. stocks, both actively and passively managed, high yield bonds and Real Estate Investment Trusts ("REITs"). The liability hedging component is diversified across the maturity, quality and sector spectrum. To achieve an appropriate level of expected return, value-added potential, and risk, we adopted the following target allocations within the return-seeking segment: | ||||||||||||||||||||||||
Percent of Total Portfolio | |||||||||||||||||||||||||
Target | |||||||||||||||||||||||||
U.S. Equity | 25 | % | |||||||||||||||||||||||
Non- U.S. Equity (Developed and Emerging Markets) | 25 | ||||||||||||||||||||||||
Global Equity | 25 | ||||||||||||||||||||||||
High Yield Bonds | 15 | ||||||||||||||||||||||||
REITs | 10 | ||||||||||||||||||||||||
Expected benefit payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid with future contributions to the plan or directly from plan assets, as follows: | ||||||||||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||||
2015 | $ | 9,657 | $ | 1,170 | |||||||||||||||||||||
2016 | 9,904 | 1,169 | |||||||||||||||||||||||
2017 | 10,060 | 1,145 | |||||||||||||||||||||||
2018 | 10,224 | 1,092 | |||||||||||||||||||||||
2019 | 10,448 | 1,010 | |||||||||||||||||||||||
2020-2024 | 55,446 | 3,390 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
INCOME TAXES [Abstract] | |||||||||||||
Components of the provision (benefit) for income taxes | The components of the provision (benefit) for income taxes consist of the following: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Years ended December 31, December 29 and December 30 | |||||||||||||
Continuing operations | |||||||||||||
Current: | |||||||||||||
Federal | $ | 15,882 | $ | 3,864 | $ | 5,290 | |||||||
State | 471 | 867 | 294 | ||||||||||
Total current | 16,353 | 4,731 | 5,584 | ||||||||||
Deferred: | |||||||||||||
Federal | 7,665 | 10,438 | 12,828 | ||||||||||
State | 2,476 | 2,003 | 3,276 | ||||||||||
Total deferred | 10,141 | 12,441 | 16,104 | ||||||||||
Total provision for income taxes for continuing operations | $ | 26,494 | $ | 17,172 | $ | 21,688 | |||||||
Discontinued operations | |||||||||||||
Current: | |||||||||||||
Federal | $ | 2,353 | $ | (649 | ) | $ | (210 | ) | |||||
State | 1,048 | (118 | ) | (11 | ) | ||||||||
Total current | 3,401 | (767 | ) | (221 | ) | ||||||||
Deferred: | |||||||||||||
Federal | 808 | 628 | 617 | ||||||||||
State | (95 | ) | 126 | 122 | |||||||||
Total deferred | 713 | 754 | 739 | ||||||||||
Total provision (benefit) for income taxes for discontinued operations | $ | 4,114 | $ | (13 | ) | $ | 518 | ||||||
Federal income tax rates and the effective income tax (benefit) rates | The significant differences between the statutory federal income tax rates and the effective income tax rates are as follows: | ||||||||||||
Years ended December 31, December 29 and December 30 | 2014 | 2013 | 2012 | ||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State income taxes, net of federal tax benefit | 4.8 | 4.5 | 5 | ||||||||||
Reorganization costs | 2.8 | - | - | ||||||||||
FIN 48 reserve | (2.7 | ) | - | - | |||||||||
Other | 0.4 | 0.1 | - | ||||||||||
Effective income tax rate | 40.3 | % | 39.6 | % | 40 | % | |||||||
Schedule of deferred tax assets and liabilities | Temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2014 and December 29, 2013 are as follows: | ||||||||||||
2014 | 2013 | ||||||||||||
Current assets | |||||||||||||
Receivables | $ | 234 | $ | 388 | |||||||||
Inventories | 31 | 33 | |||||||||||
Other assets | 601 | 676 | |||||||||||
Accrued compensation | 696 | 549 | |||||||||||
Accrued state taxes | 268 | - | |||||||||||
State deferred income taxes | 528 | - | |||||||||||
Accrued employee benefits | 792 | 930 | |||||||||||
Total current deferred tax assets | 3,150 | 2,576 | |||||||||||
Current liabilities | |||||||||||||
Accrued state taxes | - | (68 | ) | ||||||||||
Valuation allowance | (28 | ) | - | ||||||||||
Total current deferred tax liability | (28 | ) | (68 | ) | |||||||||
Total net current deferred tax assets | $ | 3,122 | $ | 2,508 | |||||||||
Non-current assets | |||||||||||||
Accrued employee benefits | $ | 34,858 | $ | 24,530 | |||||||||
State deferred income taxes | 1,457 | 2,251 | |||||||||||
State net operating loss | 1,868 | 2,192 | |||||||||||
Intangible assets | - | 9,813 | |||||||||||
Other assets | 431 | 484 | |||||||||||
Total non-current deferred tax assets | 38,614 | 39,270 | |||||||||||
Non-current liabilities | |||||||||||||
Property and equipment | (17,556 | ) | (18,584 | ) | |||||||||
Intangible assets | (72 | ) | - | ||||||||||
Valuation allowances | (156 | ) | (184 | ) | |||||||||
Other liabilities | (273 | ) | (377 | ) | |||||||||
Total non-current deferred tax assets | (18,057 | ) | (19,145 | ) | |||||||||
Total net non-current deferred tax assets | $ | 20,557 | $ | 20,125 | |||||||||
Activity related to unrecognized tax benefits | The following table summarizes the activity related to our unrecognized tax benefits during 2014, 2013 and 2012: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 727 | $ | 762 | $ | 885 | |||||||
Increases due to prior year tax provisions | 16 | - | - | ||||||||||
Decreases related to prior year tax provisions | (687 | ) | - | - | |||||||||
Decreases due to the expiration of statutes of limitations | - | (8 | ) | (7 | ) | ||||||||
Decreases due to settlements | (40 | ) | (27 | ) | (116 | ) | |||||||
Ending Balance | $ | 16 | $ | 727 | $ | 762 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
COMMITMENTS AND CONTINGENCIES [Abstract] | |||||
Future minimum rental payments due under noncancellable operating lease agreements | As of December 31, 2014, our future minimum rental payments due under noncancellable operating lease agreements consist of the following: | ||||
Due In Year Ending | |||||
December 31, | |||||
2015 | $ | 3,188 | |||
2016 | 2,244 | ||||
2017 | 1,624 | ||||
2018 | 896 | ||||
2019 | 637 | ||||
Thereafter | 2,470 | ||||
Total | $ | 11,059 | |||
Future minimum rental payments due under capital lease agreements | Our publishing businesses lease delivery trucks accounted for as capital leases. As of December 31, 2014, our future minimum rental payments due under capital lease agreements consist of the following: | ||||
Due In Year Ending | |||||
December 31, | |||||
2015 | $ | 82 | |||
2016 | 57 | ||||
2017 | 37 | ||||
2018 | 38 | ||||
2019 | 30 | ||||
Thereafter | - | ||||
Total | $ | 244 |
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
SHAREHOLDERS' EQUITY [Abstract] | |||||||||||||
Changes in the number of shares of our common stock | The changes in the number of shares of our common stock during 2014, 2013 and 2012 are as follows (in thousands): | ||||||||||||
Common Stock | Common Stock | Common Stock | |||||||||||
Class C | Class B | Class A | |||||||||||
Balance at December 25, 2011 | 3,264 | 7,214 | 43,779 | ||||||||||
Conversion of class B shares to class A shares | - | (682 | ) | 682 | |||||||||
Shares repurchased | (3,264 | ) | - | (710 | ) | ||||||||
Net shares issued under equity incentive and employee stock purchase plans | - | 374 | - | ||||||||||
Balance at December 30, 2012 | - | 6,906 | 43,751 | ||||||||||
Conversion of class B shares to class A shares | - | (919 | ) | 919 | |||||||||
Shares repurchased | - | - | - | ||||||||||
Net shares issued under equity incentive and employee stock purchase plans | - | 147 | - | ||||||||||
Balance at December 29, 2013 | - | 6,134 | 44,670 | ||||||||||
Conversion of class B shares to class A shares | - | (636 | ) | 636 | |||||||||
Shares repurchased | - | - | - | ||||||||||
Net shares issued under equity incentive and employee stock purchase plans | - | 97 | - | ||||||||||
Balance at December 31, 2014 | - | 5,595 | 45,306 |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
STOCK-BASED COMPENSATION [Abstract] | |||||||||||||
Summary of non-vested restricted stock grant activity | A summary of stock grant activity during 2014 is: | ||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||
Non-vested at December 29, 2013 | 435 | $ | 5.85 | ||||||||||
Granted | 162 | 9.09 | |||||||||||
Vested | (276 | ) | 6.11 | ||||||||||
Forfeited | (27 | ) | 6.91 | ||||||||||
Non-vested at December 31, 2014 | 294 | $ | 7.3 | ||||||||||
Summary of performance units stock grant activity | A summary of performance unit activity during 2014 is presented below (awards are shown at 100% of the shares originally granted): | ||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||
Non-vested at December 29, 2013 | 151 | $ | 5.95 | ||||||||||
Granted | 48 | 9.47 | |||||||||||
Vested | - | - | |||||||||||
Forfeited | - | - | |||||||||||
Non-vested at December 31, 2014 | 199 | $ | 6.8 | ||||||||||
Summary of SAR activity | A summary of SAR activity during 2014 is: | ||||||||||||
SARS | Average Weighted | Weighted Average Contractual Term | |||||||||||
Exercise Price | Remaining (years) | ||||||||||||
Outstanding and exercisable at December 29, 2013 | 742 | $ | 13.3 | 3.9 | |||||||||
Granted | - | ||||||||||||
Exercised | (37 | ) | 8.66 | ||||||||||
Forfeited | - | ||||||||||||
Expired | - | ||||||||||||
Outstanding and exercisable at December 31, 2014 | 705 | $ | 13.92 | 2.4 |
GOODWILL_BROADCAST_LICENSES_AN1
GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS [Abstract] | |||||||||||||||||
Gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets | The gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets as of December 31, 2014 and December 29, 2013 is as follows: | ||||||||||||||||
Gross | Accumulated | Net Carrying | |||||||||||||||
Carrying | Amortization | Amount | |||||||||||||||
Amount | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Network affiliation agreements | $ | 66,078 | $ | (12,548 | ) | $ | 53,530 | ||||||||||
Customer lists | 4,149 | (3,771 | ) | 378 | |||||||||||||
Other | 2,726 | (1,689 | ) | 1,037 | |||||||||||||
Total | $ | 72,953 | $ | (18,008 | ) | $ | 54,945 | ||||||||||
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 | ||||||||||
Weighted average amortization period | Weighted-average amortization period: | Years | |||||||||||||||
Network affiliation agreements | 25 | ||||||||||||||||
Customer lists | 9 | ||||||||||||||||
Other | 16 | ||||||||||||||||
Changes in the carrying amount of goodwill by reporting segment | The changes in the carrying amount of goodwill by reporting segment during the years ended December 31, 2014 and December 29, 2013 are as follows: | ||||||||||||||||
Television | Radio | Publishing | Total | ||||||||||||||
Goodwill | $ | 285,142 | $ | 66,905 | $ | 19,656 | $ | 371,703 | |||||||||
Accumulated impairment losses | (164,205 | ) | (64,958 | ) | (16,722 | ) | (245,885 | ) | |||||||||
Balance as of December 30, 2012 | 120,937 | 1,947 | 2,934 | 125,818 | |||||||||||||
Adjustment of Nashville NewsChannel 5 Network, LLC Goodwill | (1,447 | ) | - | - | (1,447 | ) | |||||||||||
Goodwill related to the purchase of a business | - | 331 | - | 331 | |||||||||||||
Goodwill | 283,695 | 67,236 | 19,656 | 370,587 | |||||||||||||
Accumulated impairment losses | (164,205 | ) | (64,958 | ) | (16,722 | ) | (245,885 | ) | |||||||||
Accumulated impairment loss adjustment for segment reporting | (30,731 | ) | 30,731 | - | - | ||||||||||||
Balance as of December 29, 2013 | 88,759 | 33,009 | 2,934 | 124,702 | |||||||||||||
Goodwill related to the sale of a business | (2,715 | ) | (247 | ) | - | (2,962 | ) | ||||||||||
Goodwill related to the purchase of a business | - | - | - | - | |||||||||||||
Goodwill | 280,980 | 66,989 | 19,656 | 367,625 | |||||||||||||
Accumulated impairment losses | (194,936 | ) | (34,227 | ) | (16,722 | ) | (245,885 | ) | |||||||||
Balance as of December 31, 2014 | $ | 86,044 | $ | 32,762 | $ | 2,934 | $ | 121,740 |
ACQUISITIONS_AND_DIVESTITURES_
ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Acquisition [Line Items] | |||||||||
Schedule of pro forma information | The following unaudited pro forma information presents the combined results of operations of Journal and NewsChannel 5 Network, LLC as if the acquisition of NewsChannel 5 Network, LLC had occurred on December 27, 2010: | ||||||||
2012 | 2011 | ||||||||
Pro Forma Results of Operations | |||||||||
Revenue | $ | 439,732 | $ | 399,313 | |||||
Earnings per share from continuing operations, diluted | $ | 0.71 | $ | 0.47 | |||||
WNOX-FM Knoxville, TN [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated fair values of identified assets acquired and liabilities assumed | The estimated fair values of identifiable assets acquired and liabilities assumed for WNOX-FM at the acquisition date are as follows: | ||||||||
WNOX - FM Knoxville, TN | |||||||||
Property and equipment | $ | 24 | |||||||
Goodwill | 331 | ||||||||
Broadcast licenses | 5,600 | ||||||||
Total purchase price | $ | 5,955 | |||||||
KHTT-FM and KBEZ-FM Tulsa, OK [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated fair values of identified assets acquired and liabilities assumed | The estimated fair values of identifiable assets acquired and liabilities assumed for KHTT-FM and KBEZ-FM at the acquisition date are as follows: | ||||||||
KHTT-FM and KBEZ-FM Tulsa, OK | |||||||||
Property and equipment | $ | 181 | |||||||
Goodwill | 1,947 | ||||||||
Broadcast licenses | 9,600 | ||||||||
Total purchase price | $ | 11,728 | |||||||
NewsChannel 5 Network, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Estimated fair values of identified assets acquired and liabilities assumed | The fair values of identifiable assets acquired and liabilities assumed for NewsChannel 5 Network, LLC at the acquisition date are as follows: | ||||||||
NewsChannel 5 | |||||||||
Tangible assets | $ | 13,383 | |||||||
Long-term assets, other | 48 | ||||||||
Working capital | 8,292 | ||||||||
Network affiliation agreements | 43,500 | ||||||||
FCC licenses | 40,100 | ||||||||
Goodwill | 114,677 | ||||||||
Total purchase price | $ | 220,000 |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
DISCONTINUED OPERATIONS [Abstract] | |||||||||||||
Revenue and earnings before income taxes as reported in earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statement of operations | The following table summarizes KMIR-TV and KPSE-TV's revenue and earnings before income taxes as reported in earnings (loss) from discontinued operations, net of applicable income taxes in the consolidated statements of operations for all periods presented: | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Years ended December 31, December 29 and December 30 | |||||||||||||
Revenue | $ | 48 | $ | 5,483 | $ | 6,924 | |||||||
Earnings before income taxes | $ | 9,985 | $ | (62 | ) | $ | 1,262 | ||||||
The following table presents the aggregate carrying amounts of the major classes of assets divested: | |||||||||||||
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 | |||||||||||
Accounts payable | $ | 37 | |||||||||||
Accrued compensation | 133 | ||||||||||||
Deferred revenue | 57 | ||||||||||||
Syndicated programs | 640 | ||||||||||||
Other current liabilities | 18 | ||||||||||||
Total liabilities | $ | 885 |
WORKFORCE_REDUCTION_Tables
WORKFORCE REDUCTION (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
WORKFORCE REDUCTION [Abstract] | |||||||||||||||||
Activity associated with workforce reductions | Activity associated with workforce reductions during the years ended December 31, 2014 and December 29, 2013 was as follows: | ||||||||||||||||
Balance as of December | Charge for Separation | Payments for Separation | Balance as of December | ||||||||||||||
29, 2013 | Benefits | Benefits | 31, 2014 | ||||||||||||||
Television | $ | 43 | $ | 3 | $ | (46 | ) | $ | - | ||||||||
Radio | - | 11 | (11 | ) | - | ||||||||||||
Publishing | 330 | 2,724 | (873 | ) | 2,181 | ||||||||||||
Total | $ | 373 | $ | 2,738 | $ | (930 | ) | $ | 2,181 | ||||||||
Balance as of December | Charge for Separation | Payments for Separation | Balance as of December | ||||||||||||||
30, 2012 | Benefits | Benefits | 29, 2013 | ||||||||||||||
Television | $ | - | $ | 56 | $ | (13 | ) | $ | 43 | ||||||||
Publishing | 809 | 807 | (1,286 | ) | 330 | ||||||||||||
Total | $ | 809 | $ | 863 | $ | (1,299 | ) | $ | 373 |
SEGMENT_REPORTING_Tables
SEGMENT REPORTING (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
SEGMENT REPORTING [Abstract] | |||||||||||||
Summary of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets | Our corporate segment consists of unallocated corporate expenses and revenue eliminations. | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | |||||||||||||
Television | $ | 200,847 | $ | 166,616 | $ | 152,444 | |||||||
Radio | 79,120 | 76,816 | 76,259 | ||||||||||
Publishing | 148,958 | 154,558 | 164,947 | ||||||||||
Corporate eliminations | (489 | ) | (723 | ) | (532 | ) | |||||||
$ | 428,436 | $ | 397,267 | $ | 393,118 | ||||||||
Operating earnings (loss) | |||||||||||||
Television | $ | 59,459 | $ | 31,395 | $ | 41,005 | |||||||
Radio | 14,937 | 14,017 | 13,962 | ||||||||||
Publishing | 10,242 | 13,778 | 11,622 | ||||||||||
Corporate | (12,891 | ) | (7,874 | ) | (7,858 | ) | |||||||
$ | 71,747 | $ | 51,316 | $ | 58,731 | ||||||||
Broadcast license impairment | |||||||||||||
Television | $ | - | $ | - | $ | 664 | |||||||
Radio | 211 | - | 952 | ||||||||||
$ | 211 | $ | - | $ | 1,616 | ||||||||
Depreciation and amortization | |||||||||||||
Television | $ | 12,905 | $ | 13,192 | $ | 9,925 | |||||||
Radio | 1,993 | 2,002 | 2,276 | ||||||||||
Publishing | 6,597 | 7,058 | 9,170 | ||||||||||
Corporate | 464 | 661 | 667 | ||||||||||
$ | 21,959 | $ | 22,913 | $ | 22,038 | ||||||||
Capital expenditures | |||||||||||||
Television | $ | 6,104 | $ | 8,360 | $ | 8,656 | |||||||
Radio | 2,016 | 1,508 | 1,663 | ||||||||||
Publishing | 884 | 2,498 | 1,240 | ||||||||||
Corporate | 70 | 74 | 746 | ||||||||||
$ | 9,074 | $ | 12,440 | $ | 12,305 | ||||||||
2014 | 2013 | ||||||||||||
Identifiable total assets | |||||||||||||
Television | $ | 336,058 | $ | 356,032 | |||||||||
Radio | 108,467 | 111,473 | |||||||||||
Publishing | 89,229 | 96,991 | |||||||||||
Corporate & discontinued operations | 46,726 | 31,522 | |||||||||||
$ | 580,480 | $ | 596,018 | ||||||||||
QUARTERLY_FINANCIAL_INFORMATIO1
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) [Abstract] | |||||||||||||||||||||
Quarterly financial information | 2014 Quarters | ||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
Revenue | $ | 96,612 | $ | 104,699 | $ | 105,138 | $ | 121,987 | $ | 428,436 | |||||||||||
Gross profit | 42,719 | 50,576 | 47,542 | 62,794 | 203,631 | ||||||||||||||||
Net earnings | 12,187 | 10,423 | 7,023 | 15,557 | 45,190 | ||||||||||||||||
Earnings per share | |||||||||||||||||||||
Basic - class A and B common stock | 0.24 | 0.21 | 0.14 | 0.31 | 0.9 | ||||||||||||||||
Diluted - class A and B common stock | 0.24 | 0.21 | 0.14 | 0.31 | 0.89 | ||||||||||||||||
2013 Quarters | |||||||||||||||||||||
First | Second | Third | Fourth | Total | |||||||||||||||||
Revenue | $ | 93,204 | $ | 99,778 | $ | 96,919 | $ | 107,366 | $ | 397,267 | |||||||||||
Gross profit | 40,801 | 45,411 | 40,277 | 51,541 | 178,030 | ||||||||||||||||
Net earnings | 3,793 | 6,602 | 4,546 | 11,260 | 26,201 | ||||||||||||||||
Earnings per share | |||||||||||||||||||||
Basic - class A and B common stock | 0.08 | 0.13 | 0.09 | 0.22 | 0.52 | ||||||||||||||||
Diluted - class A and B common stock | 0.08 | 0.13 | 0.09 | 0.22 | 0.52 |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract] | |||||
Changes in accumulated other comprehensive loss by component, net of tax | The changes in accumulated other comprehensive loss by component, net of tax, is as follows: | ||||
Defined Benefit Pension and Postretirement Plans | |||||
Balance as of December 30, 2012 | $ | (55,739 | ) | ||
Net actuarial gain and amounts reclassified from accumulated other comprehensive loss | 16,085 | ||||
Net other comprehensive income | 16,085 | ||||
Balance as of December 29, 2013 | $ | (39,654 | ) | ||
Balance as of December 29, 2013 | $ | (39,654 | ) | ||
Net actuarial loss and amounts reclassified from accumulated other comprehensive loss | (17,202 | ) | |||
Net other comprehensive loss | (17,202 | ) | |||
Balance as of December 31, 2014 | $ | (56,856 | ) | ||
Reclassification of accumulated other comprehensive loss | The reclassification of accumulated other comprehensive loss is as follows: | ||||
Amount Reclassified from Accumulated Other | |||||
Comprehensive Loss | |||||
2013 | |||||
Amortization of defined benefit pension and postretirement plan items: | |||||
Prior service cost and unrecognized loss (1) | $ | (2,558 | ) | ||
Income tax expense | 10,176 | ||||
Net actuarial gain | (23,703 | ) | |||
Total reclassifications for the period | $ | (16,085 | ) | ||
-1 | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 3 “Employee Benefit Plans” for more information. Of the costs for the year ended December 29, 2013, $263 is included in television operating costs and expenses, $176 is included in radio operating costs and expenses $1,163 is included in publishing operating costs and expenses, and $956 is included in selling and administrative expenses. | ||||
Amount Reclassified from Accumulated Other | |||||
Comprehensive Loss | |||||
2014 | |||||
Amortization of defined benefit pension and postretirement plan items: | |||||
Prior service cost and unrecognized loss (2) | $ | (1,892 | ) | ||
Income tax benefit | (10,865 | ) | |||
Net actuarial loss | 29,959 | ||||
Total reclassifications for the period | $ | 17,202 | |||
-2 | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 3 “Employee Benefit Plans” for more information. Of the costs for the year ended December 31, 2014, $203 is included in television operating costs and expenses, $95 is included in radio operating costs and expenses $846 is included in publishing operating costs and expenses, and $748 is included in selling and administrative expenses. |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | ||
Business | Segment | ||||||||||||
Station | Market | ||||||||||||
State | |||||||||||||
Station | |||||||||||||
Business | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Number of traded public companies created | 2 | 2 | |||||||||||
Number of markets | 13 | ||||||||||||
Number of reportable segments | 4 | ||||||||||||
Number of television stations | 14 | ||||||||||||
Number of radio stations | 34 | 34 | |||||||||||
Number of states where broadcasting segment operates | 8 | ||||||||||||
Revenue recognition [Abstract] | |||||||||||||
Period over which if deferred revenue is be earned is included in other long term liabilities, maximum | 1 year | ||||||||||||
Advertising expense [Abstract] | |||||||||||||
Advertising expense | $5,861,000 | $6,645,000 | $7,438,000 | ||||||||||
Cash and Cash equivalents [Abstract] | |||||||||||||
Maximum period of maturity for cash equivalents | 3 months | ||||||||||||
Cash balance | 13,233,000 | 1,912,000 | 13,233,000 | 1,912,000 | 2,429,000 | 2,417,000 | |||||||
Receivables [Abstract] | |||||||||||||
Accounts receivable against the allowance for doubtful accounts | 1,807,000 | 1,688,000 | 1,807,000 | 1,688,000 | |||||||||
Inventories [Abstract] | |||||||||||||
Paper and supplies | 1,862,000 | 2,224,000 | 1,862,000 | 2,224,000 | |||||||||
Work in process | 73,000 | 59,000 | 73,000 | 59,000 | |||||||||
Less obsolescence reserve | -83,000 | -92,000 | -83,000 | -92,000 | |||||||||
Inventories, net | 1,852,000 | 2,191,000 | 1,852,000 | 2,191,000 | |||||||||
Television programming [Abstract] | |||||||||||||
Minimum contract period for rights to television programming | 1 year | ||||||||||||
Maximum contract period for rights to television programming | 5 years | ||||||||||||
Barter advertising revenue and expense | 7,940,000 | 7,210,000 | 5,393,000 | ||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Depreciation expenses | 19,141,000 | 20,058,000 | 20,590,000 | ||||||||||
Net property and equipment secured by credit facility | 150,396 | 150,396 | |||||||||||
Capital leases [Abstract] | |||||||||||||
Accumulated depreciation | 256,269,000 | 246,531,000 | 256,269,000 | 246,531,000 | |||||||||
Other long-term liabilities | 3,678,000 | 3,554,000 | 3,678,000 | 3,554,000 | |||||||||
Impairment of long-lived assets [Abstract] | |||||||||||||
Impairment of long-lived assets | 69,000 | 238,000 | 493,000 | ||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Note receivable | 266,000 | 524,000 | 266,000 | 524,000 | |||||||||
Fair value of notes discounted (in hundredths) | 2.90% | 3.36% | |||||||||||
Earnings per share [Abstract] | |||||||||||||
Stock repurchased during period (in shares) | 3,264,000 | ||||||||||||
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract] | |||||||||||||
Earnings from continuing operations | 39,318,000 | 26,250,000 | 32,582,000 | ||||||||||
Net earnings | 15,557,000 | 7,023,000 | 10,423,000 | 12,187,000 | 11,260,000 | 4,546,000 | 6,602,000 | 3,793,000 | 45,190,000 | 26,201,000 | 33,325,000 | ||
Minimum dividend | 1,146,000 | ||||||||||||
Undistributed net earnings | 45,190,000 | 26,201,000 | 32,179,000 | ||||||||||
Denominator for basic earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding (in shares) | 3,264,000 | ||||||||||||
Basic earnings per share: | |||||||||||||
Basic earnings per share (in dollars per share) | $0.31 | $0.14 | $0.21 | $0.24 | $0.22 | $0.09 | $0.13 | $0.08 | $0.90 | $0.52 | |||
Continuing Operations [Member] | |||||||||||||
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract] | |||||||||||||
Earnings from continuing operations | 39,318,000 | 26,250,000 | 32,582,000 | ||||||||||
Undistributed net earnings | 39,318,000 | 26,250,000 | 31,436,000 | ||||||||||
Discontinued Operations [Member] | |||||||||||||
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract] | |||||||||||||
Undistributed net earnings | 5,872,000 | -49,000 | 743,000 | ||||||||||
Promissory Note [Member] | |||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||
Note receivable | 772,000 | ||||||||||||
Interest rate on notes receivables (in hundredths) | 3.00% | ||||||||||||
Period over which note is repayable | 3 years | ||||||||||||
Fair value of notes | 738,000 | ||||||||||||
Fair value of notes discounted (in hundredths) | 6.25% | ||||||||||||
Television [Member] | |||||||||||||
Impairment of long-lived assets [Abstract] | |||||||||||||
Impairment of long-lived assets | 32,000 | ||||||||||||
Radio [Member] | |||||||||||||
Impairment of long-lived assets [Abstract] | |||||||||||||
Impairment of long-lived assets | 37,000 | 238,000 | |||||||||||
Minimum [Member] | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Amortization period | 5 years | ||||||||||||
Maximum [Member] | |||||||||||||
Finite-Lived Intangible Assets [Line Items] | |||||||||||||
Amortization period | 25 years | ||||||||||||
Building and Land Improvements [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property and equipment, useful life | 10 years | ||||||||||||
Buildings [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property and equipment, useful life | 30 years | ||||||||||||
Newspaper Printing Presses [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property and equipment, useful life | 25 years | ||||||||||||
Broadcasting Equipment [Member] | Minimum [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property and equipment, useful life | 5 years | ||||||||||||
Broadcasting Equipment [Member] | Maximum [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property and equipment, useful life | 20 years | ||||||||||||
Other Printing Presses [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property and equipment, useful life | 10 years | ||||||||||||
Other [Member] | Minimum [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property and equipment, useful life | 3 years | ||||||||||||
Other [Member] | Maximum [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Property and equipment, useful life | 10 years | ||||||||||||
Capital Leases [Member] | |||||||||||||
Capital leases [Abstract] | |||||||||||||
Capital leased assets | 474,000 | 474,000 | 474,000 | 474,000 | |||||||||
Accumulated depreciation | 241,000 | 162,000 | 241,000 | 162,000 | |||||||||
Current portion of long-term liabilities | 82,000 | 79,000 | 82,000 | 79,000 | |||||||||
Other long-term liabilities | 162,000 | 244,000 | 162,000 | 244,000 | |||||||||
Class A and B [Member] | |||||||||||||
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract] | |||||||||||||
Net earnings | 45,190,000 | 26,201,000 | 30,701,000 | ||||||||||
Minimum dividend | 0 | 0 | 0 | ||||||||||
Undistributed net earnings | 45,190,000 | 26,201,000 | 30,701,000 | ||||||||||
Denominator for basic earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding (in shares) | 50,529 | 50,259 | 50,091 | ||||||||||
Basic earnings per share: | |||||||||||||
Continuing operations (in dollars per share) | $0.78 | $0.52 | $0.60 | ||||||||||
Discontinued operations (in dollars per share) | $0.12 | $0 | $0.01 | ||||||||||
Basic earnings per share (in dollars per share) | $0.90 | $0.52 | $0.61 | ||||||||||
Class A and B [Member] | Continuing Operations [Member] | |||||||||||||
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract] | |||||||||||||
Earnings from continuing operations | 39,318,000 | 26,250,000 | 29,991,000 | ||||||||||
Minimum dividend | 0 | 0 | 0 | ||||||||||
Undistributed net earnings | 39,318,000 | 26,250,000 | 29,991,000 | ||||||||||
Denominator for basic earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding (in shares) | 50,529 | 50,259 | 50,091 | ||||||||||
Basic earnings per share: | |||||||||||||
Continuing operations (in dollars per share) | $0.78 | $0.52 | $0.60 | ||||||||||
Class A and B [Member] | Discontinued Operations [Member] | |||||||||||||
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract] | |||||||||||||
Undistributed net earnings | 5,872,000 | -49,000 | 709,000 | ||||||||||
Denominator for basic earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding (in shares) | 50,529 | 50,259 | 50,091 | ||||||||||
Basic earnings per share: | |||||||||||||
Discontinued operations (in dollars per share) | $0.12 | $0 | $0.01 | ||||||||||
Class C [Member] | |||||||||||||
Earnings per share [Abstract] | |||||||||||||
Stock repurchased during period (in shares) | 3,264,000 | ||||||||||||
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract] | |||||||||||||
Net earnings | 0 | 0 | 2,407,000 | ||||||||||
Minimum dividend | 0 | 0 | 1,146,000 | ||||||||||
Undistributed net earnings | 0 | 0 | 1,261,000 | ||||||||||
Denominator for basic earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding (in shares) | 0 | 0 | 3,264 | [1] | |||||||||
Basic earnings per share: | |||||||||||||
Basic earnings per share (in dollars per share) | $0 | $0 | $0.74 | ||||||||||
Class C [Member] | Continuing Operations [Member] | |||||||||||||
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract] | |||||||||||||
Earnings from continuing operations | 0 | 0 | 2,379,000 | ||||||||||
Minimum dividend | 0 | 0 | 1,146,000 | ||||||||||
Undistributed net earnings | 0 | 0 | 1,233,000 | ||||||||||
Denominator for basic earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding (in shares) | 0 | 0 | 3,264 | [1] | |||||||||
Basic earnings per share: | |||||||||||||
Continuing operations (in dollars per share) | $0 | $0 | $0.73 | ||||||||||
Class C [Member] | Discontinued Operations [Member] | |||||||||||||
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract] | |||||||||||||
Undistributed net earnings | 0 | 0 | 29,000 | ||||||||||
Denominator for basic earnings for each class of common stock: | |||||||||||||
Weighted average shares outstanding (in shares) | 0 | 0 | 3,264 | [1] | |||||||||
Basic earnings per share: | |||||||||||||
Discontinued operations (in dollars per share) | $0 | $0 | $0.01 | ||||||||||
Non-Vested Restricted Stock [Member] | |||||||||||||
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract] | |||||||||||||
Minimum dividend | 0 | 0 | 0 | ||||||||||
Undistributed net earnings | 0 | 0 | 217,000 | ||||||||||
Non-Vested Restricted Stock [Member] | Continuing Operations [Member] | |||||||||||||
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract] | |||||||||||||
Minimum dividend | 0 | 0 | 0 | ||||||||||
Undistributed net earnings | 0 | 0 | 212,000 | ||||||||||
Non-Vested Restricted Stock [Member] | Discontinued Operations [Member] | |||||||||||||
Numerator for basic earnings for each class of common stock and non-vested restricted stock [Abstract] | |||||||||||||
Undistributed net earnings | $0 | $0 | $5,000 | ||||||||||
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% | ||||||||||||
[1] | The weighted average number of shares is calculated only for the period of time which the class C common stock was outstanding during the period, not the entire period. |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES, Earnings Per Share, Diluted (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 220,000 | 177,000 | |||||||||
Numerator for diluted net earnings per share: | |||||||||||
Dividends on class A and B common stock | $0 | $0 | $0 | ||||||||
Net earnings | 45,190 | 26,201 | 30,701 | ||||||||
Denominator for diluted net earnings per share: | |||||||||||
Weighted average shares outstanding (in shares) | 50,749,000 | 50,436,000 | 50,091,000 | ||||||||
Diluted earnings per share: | |||||||||||
Net earnings (in dollars per share) | $0.31 | $0.14 | $0.21 | $0.24 | $0.22 | $0.09 | $0.13 | $0.08 | $0.89 | $0.52 | $0.61 |
Class C common stock equivalents (in shares) | 0 | ||||||||||
Conversion of class C shares (in shares) | 3,264,000 | ||||||||||
Continuing Operations [Member] | |||||||||||
Numerator for diluted net earnings per share: | |||||||||||
Total undistributed earnings | 39,318 | 26,250 | 29,991 | ||||||||
Diluted earnings per share: | |||||||||||
Continuing operations (in dollars per share) | $0.77 | $0.52 | $0.60 | ||||||||
Discontinued Operations [Member] | |||||||||||
Numerator for diluted net earnings per share: | |||||||||||
Total undistributed earnings | $5,872 | ($49) | $710 | ||||||||
Diluted earnings per share: | |||||||||||
Discontinued operations (in dollars per share) | $0.12 | $0 | $0.01 | ||||||||
Class A [Member] | |||||||||||
Diluted earnings per share: | |||||||||||
Ratio of class C shares convertible into Class A under option one | 1.36397 | ||||||||||
Number of Class A shares resulting from conversion of class C shares under option one (in shares) | 4,452,000 | ||||||||||
Ratio of class C shares convertible under option two | 0.248243 | ||||||||||
Number of shares resulting from conversion of class C shares under option two (in shares) | 810,000 | ||||||||||
Class B [Member] | |||||||||||
Diluted earnings per share: | |||||||||||
Ratio of class C shares convertible under option two | 1.115727 | ||||||||||
Number of shares resulting from conversion of class C shares under option two (in shares) | 3,642,000 |
NOTES_PAYABLE_Details
NOTES PAYABLE (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Aug. 13, 2012 | Dec. 05, 2012 |
Quarter | Note | ||||
Line of Credit Facility [Line Items] | |||||
Expiration date of secured credit facility | 5-Dec-17 | ||||
Secured term loan facility amortized percentage (in hundredths) | 10.00% | ||||
Long-term line of credit | $120,000 | $194,950 | |||
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 | 120,000 | 194,950 | |||
Credit facility's weighted average interest rate (in hundredths) | 1.92% | 2.23% | |||
Unamortized fees in connection with the credit facility | 2,843 | ||||
Fair value of our secured credit facility | 118,531 | 191,127 | |||
Discounted cash flows interest rate for fair value of debt (in hundredths) | 2.90% | 3.36% | |||
Scheduled minimum repayments of secured loan facility [Abstract] | |||||
Stock repurchased during period (in shares) | 3,264 | ||||
Payments for repurchase of common stock | 0 | 0 | 6,246 | ||
Total remaining principle amount of subordinated notes | 7,968 | 10,623 | |||
Class C [Member] | |||||
Scheduled minimum repayments of secured loan facility [Abstract] | |||||
Stock repurchased during period (in shares) | 3,264 | ||||
Payments for repurchase of common stock | 6,246 | ||||
Unsecured Subordinated Notes Payable [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Discounted cash flows interest rate for fair value of debt (in hundredths) | 6.18% | 7.19% | |||
Scheduled minimum repayments of secured loan facility [Abstract] | |||||
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 remaining subordinated notes | 8 | ||||
Note payable repaid during period | 9,664 | ||||
Number of subordinate notes repaid during the period | 7 | ||||
Total remaining principle amount of subordinated notes | 10,624 | ||||
Fair value of unsecured subordinated notes payable | 10,846 | 13,515 | |||
LIBOR [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instruments basis spread on variable rate (in hundredths) | 1.50% | ||||
LIBOR [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instruments basis spread on variable rate (in hundredths) | 2.50% | ||||
Federal Funds Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instruments basis spread on variable rate (in hundredths) | 0.50% | ||||
One Month LIBOR [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instruments basis spread on variable rate (in hundredths) | 1.00% | ||||
Secured Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Secured credit facility | 350,000 | ||||
Secured Debt [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt instruments basis spread on variable rate (in hundredths) | 0.50% | ||||
Secured Debt [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Incremental commitments | 100,000 | ||||
Debt instruments basis spread on variable rate (in hundredths) | 1.50% | ||||
Secured Debt [Member] | LIBOR [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Description of variable rate basis | LIBOR | ||||
Debt instruments basis spread on variable rate (in hundredths) | 1.75% | ||||
Secured Debt [Member] | Federal Funds Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Description of variable rate basis | Federal Funds Rate plus | ||||
Secured Debt [Member] | One Month LIBOR [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Description of variable rate basis | one-month LIBOR | ||||
Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Secured credit facility | 150,000 | ||||
Long-term line of credit | 120,000 | ||||
Borrowings | 120,000 | ||||
Scheduled minimum repayments of secured loan facility [Abstract] | |||||
2015 | 15,000 | ||||
2016 | 15,000 | ||||
2017 | 90,000 | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Secured credit facility | 200,000 | ||||
Long-term line of credit | 0 | ||||
Borrowings | $0 |
EMPLOYEE_BENEFIT_PLANS_Details
EMPLOYEE BENEFIT PLANS (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Number of years taken for calculation of benefit plan | 5 years | |||
Age of employees before 2006 to take post retirement health benefits | 50 years | |||
Age of employees who retire after 2007 | 65 years | |||
Change in plan assets [Roll Forward] | ||||
Company contributions | $2,664,000 | $2,436,000 | $1,979,000 | |
Amounts recognized in accumulated other comprehensive loss [Abstract] | ||||
Current year change, Total | 17,202,000 | -16,085,000 | 2,757,000 | |
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | ||||
Rate of compensation increases (in hundredths) | 6.25% | |||
Assumed health care cost trend rate used in measuring the postretirement benefit obligation for retirees (in hundredths) | 8.50% | |||
Assumed health care cost trend rate, grading down (in hundredths) | 5.00% | |||
1% change in the assumed health care cost trend rate [Abstract] | ||||
Effect of 1% increase on total of service and interest cost components | 10,000 | |||
Effect of 1% decrease on total of service and interest cost components | -9,000 | |||
Effect of 1% increase on postretirement benefit obligation | 92,000 | |||
Effect of 1% decrease on postretirement benefit obligation | -88,000 | |||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Net | 110,764,000 | 111,945,000 | ||
Pension plan weighted average asset allocations, by asset category [Abstract] | ||||
Pension plan weighted average asset allocations (in hundredths) | 100.00% | 100.00% | ||
Asset mix guidelines for the plan [Abstract] | ||||
Contributions to defined benefit pension plan | 2,664,000 | 2,436,000 | 1,979,000 | |
Benefit payments, which are expected to be paid with future contributions | ||||
Percentage of eligible wages of employees, on pre-tax basis (in hundredths) | 50.00% | |||
Percentage of eligible wages of employees, on after-tax basis (in hundredths) | 50.00% | |||
Maximum combined total contribution for employees wages (in hundredths) | 50.00% | |||
Contribution of each dollar by the participant | 0.5 | |||
Contributions recorded as operating expense | 2,664,000 | 2,436,000 | 1,979,000 | |
Pension Benefits [Member] | ||||
Change in benefit obligations [Roll Forward] | ||||
Benefit obligation at beginning of year | 164,492,000 | 182,004,000 | ||
Service cost | 0 | 0 | 0 | |
Interest cost | 7,593,000 | 7,009,000 | 7,578,000 | |
Actuarial (gain) loss | 32,023,000 | -15,365,000 | ||
Benefits paid | -9,248,000 | -9,156,000 | ||
Benefit obligation at end of year | 194,860,000 | 164,492,000 | 182,004,000 | |
Change in plan assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 111,946,000 | 102,602,000 | ||
Actual gain on plan assets | 7,667,000 | 15,386,000 | ||
Company contributions | 399,000 | 3,114,000 | ||
Benefits paid | -9,248,000 | -9,156,000 | ||
Fair value of plan assets at end of year | 110,764,000 | 111,946,000 | 102,602,000 | |
Funded status | -84,096,000 | -52,546,000 | ||
Amounts recognized in consolidated balance sheets [Abstract] | ||||
Current liabilities | -494,000 | -491,000 | ||
Noncurrent liabilities | -83,602,000 | -52,055,000 | ||
Total | -84,096,000 | -52,546,000 | ||
Amounts recognized in accumulated other comprehensive loss [Abstract] | ||||
Actuarial Gain (Loss), Net | 96,259,000 | 67,004,000 | ||
Current year change, Actuarial (Gain) Loss Net | 29,255,000 | |||
Prior Service Credit | -28,000 | -38,000 | ||
Current year change, Prior Service Credit | 10,000 | |||
Deferred Income Taxes | -38,228,000 | -26,900,000 | ||
Current year change, Deferred Income Taxes | -11,328,000 | |||
Total | 58,003,000 | 40,066,000 | ||
Current year change, Total | 17,937,000 | |||
Accumulated benefit obligation for pension plans | 194,860,000 | 164,492,000 | ||
Components of net periodic benefit costs [Abstract] | ||||
Service cost | 0 | 0 | 0 | |
Interest cost | 7,593,000 | 7,009,000 | 7,578,000 | |
Expected return on plan assets | -7,022,000 | -7,325,000 | -8,454,000 | |
Amortization of: | ||||
Unrecognized prior service credit | -10,000 | -10,000 | -10,000 | |
Unrecognized net loss | 2,122,000 | 2,787,000 | 2,038,000 | |
Net periodic benefit cost included in operating costs and expenses and selling and administrative expenses, Total | 2,683,000 | 2,461,000 | 1,152,000 | |
Unrecognized net loss and prior service credit for, accumulated other comprehensive income into net periodic benefit cost over the next fiscal year | 2,939,000 | -10,000 | ||
Weighted-average assumptions used to determine benefit obligations [Abstract] | ||||
Discount rate (in hundredths) | 4.00% | 4.75% | ||
Rate of compensation increases (in hundredths) | 0.00% | 0.00% | ||
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | ||||
Discount rate (in hundredths) | 4.75% | 3.95% | 4.55% | |
Expected return on plan assets (in hundredths) | 6.75% | 7.25% | 7.75% | |
Rate of compensation increases (in hundredths) | 0.00% | 0.00% | 0.00% | |
Asset mix guidelines for the plan [Abstract] | ||||
Contributions to defined benefit pension plan | 399,000 | 3,114,000 | ||
Benefit payments, which are expected to be paid with future contributions | ||||
2015 | 9,657,000 | |||
2016 | 9,904,000 | |||
2017 | 10,060,000 | |||
2018 | 10,224,000 | |||
2019 | 10,448,000 | |||
2020-2024 | 55,446,000 | |||
Contributions recorded as operating expense | 399,000 | 3,114,000 | ||
Other Postretirement Benefits [Member] | ||||
Change in benefit obligations [Roll Forward] | ||||
Benefit obligation at beginning of year | 13,097,000 | 14,608,000 | ||
Service cost | 55,000 | 55,000 | 14,000 | |
Interest cost | 437,000 | 380,000 | 630,000 | |
Actuarial (gain) loss | -1,417,000 | -277,000 | ||
Benefits paid | -1,307,000 | -1,669,000 | ||
Benefit obligation at end of year | 10,865,000 | 13,097,000 | 14,608,000 | |
Change in plan assets [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Actual gain on plan assets | 0 | 0 | ||
Company contributions | 1,307,000 | 1,669,000 | ||
Benefits paid | -1,307,000 | -1,669,000 | ||
Fair value of plan assets at end of year | 0 | 0 | 0 | |
Funded status | -10,865,000 | -13,097,000 | ||
Amounts recognized in consolidated balance sheets [Abstract] | ||||
Current liabilities | -1,170,000 | -1,568,000 | ||
Noncurrent liabilities | -9,695,000 | -11,529,000 | ||
Total | -10,865,000 | -13,097,000 | ||
Amounts recognized in accumulated other comprehensive loss [Abstract] | ||||
Actuarial Gain (Loss), Net | -1,511,000 | -564,000 | ||
Current year change, Actuarial (Gain) Loss Net | -947,000 | |||
Prior Service Credit | -345,000 | -94,000 | ||
Current year change, Prior Service Credit | -251,000 | |||
Deferred Income Taxes | 709,000 | 246,000 | ||
Current year change, Deferred Income Taxes | 463,000 | |||
Total | -1,147,000 | -412,000 | ||
Current year change, Total | -735,000 | |||
Components of net periodic benefit costs [Abstract] | ||||
Service cost | 55,000 | 55,000 | 14,000 | |
Interest cost | 437,000 | 380,000 | 630,000 | |
Amortization of: | ||||
Unrecognized prior service credit | -219,000 | -219,000 | -219,000 | |
Unrecognized net transition obligation | 0 | 0 | 546,000 | |
Unrecognized net loss | 0 | 0 | 188,000 | |
Net periodic benefit cost included in operating costs and expenses and selling and administrative expenses, Total | 273,000 | 216,000 | 1,159,000 | |
Unrecognized net gain and prior service credit other accumulated comprehensive income into net periodic benefit cost over the next fiscal year | -165,000 | -219,000 | ||
Weighted-average assumptions used to determine benefit obligations [Abstract] | ||||
Discount rate (in hundredths) | 3.25% | 3.55% | ||
Rate of compensation increases (in hundredths) | 0.00% | 0.00% | ||
Weighted-average assumptions used to determine net periodic benefit cost [Abstract] | ||||
Discount rate (in hundredths) | 3.55% | 2.75% | 3.85% | |
Expected return on plan assets (in hundredths) | 0.00% | 0.00% | 0.00% | |
Rate of compensation increases (in hundredths) | 0.00% | 0.00% | 0.00% | |
Asset mix guidelines for the plan [Abstract] | ||||
Contributions to defined benefit pension plan | 1,307,000 | 1,669,000 | ||
Benefit payments, which are expected to be paid with future contributions | ||||
2015 | 1,170,000 | |||
2016 | 1,169,000 | |||
2017 | 1,145,000 | |||
2018 | 1,092,000 | |||
2019 | 1,010,000 | |||
2020-2024 | 3,390,000 | |||
Contributions recorded as operating expense | 1,307,000 | 1,669,000 | ||
Qualified Defined Benefit Pension Plan [Member] | ||||
Change in plan assets [Roll Forward] | ||||
Company contributions | 0 | |||
Asset mix guidelines for the plan [Abstract] | ||||
Contributions to defined benefit pension plan | 0 | |||
Benefit payments, which are expected to be paid with future contributions | ||||
Contributions recorded as operating expense | 0 | |||
Unfunded Non-Qualified Pension Plan [Member] | ||||
Change in plan assets [Roll Forward] | ||||
Company contributions | 399,000 | |||
Asset mix guidelines for the plan [Abstract] | ||||
Contributions to defined benefit pension plan | 399,000 | |||
Expected contribution to pension plan in 2014 | 494,000 | |||
Benefit payments, which are expected to be paid with future contributions | ||||
Contributions recorded as operating expense | 399,000 | |||
Cash [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 741,000 | |||
Mutual Funds [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 111,205,000 | |||
Privately Offered Commingled Funds [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 110,023,000 | [1] | ||
Money-market fund [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 740,000 | |||
Equity securities [Member] | ||||
Pension plan weighted average asset allocations, by asset category [Abstract] | ||||
Pension plan weighted average asset allocations (in hundredths) | 32.30% | 42.20% | ||
U.S. Equity [Member] | ||||
Asset mix guidelines for the plan [Abstract] | ||||
Target (in hundredths) | 25.00% | |||
Non- U.S. Equity [Member] | ||||
Asset mix guidelines for the plan [Abstract] | ||||
Target (in hundredths) | 25.00% | |||
Global Equity [Member] | ||||
Asset mix guidelines for the plan [Abstract] | ||||
Target (in hundredths) | 25.00% | |||
Fixed-income securities [Member] | ||||
Pension plan weighted average asset allocations, by asset category [Abstract] | ||||
Pension plan weighted average asset allocations (in hundredths) | 61.50% | 57.20% | ||
High Yield Bonds [Member] | ||||
Asset mix guidelines for the plan [Abstract] | ||||
Target (in hundredths) | 15.00% | |||
REITs [Member] | ||||
Asset mix guidelines for the plan [Abstract] | ||||
Target (in hundredths) | 10.00% | |||
Other [Member] | ||||
Pension plan weighted average asset allocations, by asset category [Abstract] | ||||
Pension plan weighted average asset allocations (in hundredths) | 6.20% | 0.60% | ||
Minimum [Member] | ||||
Benefit payments, which are expected to be paid with future contributions | ||||
Percentage of eligible wages of employees, on pre-tax basis (in hundredths) | 3.50% | |||
Maximum [Member] | ||||
Benefit payments, which are expected to be paid with future contributions | ||||
Percentage of eligible wages of employees, on pre-tax basis (in hundredths) | 7.00% | |||
Level 1 Inputs [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Net | 741,000 | 111,205,000 | ||
Level 1 Inputs [Member] | Cash [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 741,000 | |||
Level 1 Inputs [Member] | Mutual Funds [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 111,205,000 | |||
Level 1 Inputs [Member] | Privately Offered Commingled Funds [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 0 | [1] | ||
Level 1 Inputs [Member] | Money-market fund [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 0 | |||
Level 2 Inputs [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Net | 110,023,000 | 740,000 | ||
Level 2 Inputs [Member] | Cash [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 0 | |||
Level 2 Inputs [Member] | Mutual Funds [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 0 | |||
Level 2 Inputs [Member] | Privately Offered Commingled Funds [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 110,023,000 | [1] | ||
Level 2 Inputs [Member] | Money-market fund [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 740,000 | |||
Level 3 Inputs [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Net | 0 | 0 | ||
Level 3 Inputs [Member] | Cash [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 0 | |||
Level 3 Inputs [Member] | Mutual Funds [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 0 | |||
Level 3 Inputs [Member] | Privately Offered Commingled Funds [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | 0 | [1] | ||
Level 3 Inputs [Member] | Money-market fund [Member] | ||||
Fair value of our plan assets by level of fair value hierarchy [Abstract] | ||||
Fair value of plan assets, Gross | $0 | |||
[1] | The plan holds units of various Aon Hewitt Group Trust Funds (AHGT Funds) offered through a private placement. The AHGT Funds are valued on the fair value of the underlying securities within the funds, represented by the daily net asset value (NAV), a practical expedient to fair value. |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Jurisdiction | |||
Current [Abstract] | |||
Federal | $15,882 | $3,864 | $5,290 |
State | 471 | 867 | 294 |
Total current | 16,353 | 4,731 | 5,584 |
Deferred [Abstract] | |||
Federal | 7,665 | 10,438 | 12,828 |
State | 2,476 | 2,003 | 3,276 |
Total deferred | 10,141 | 12,441 | 16,104 |
Total provision for income taxes for continuing operations | 26,494 | 17,172 | 21,688 |
Current [Abstract] | |||
Federal | 2,353 | -649 | -210 |
State | 1,048 | -118 | -11 |
Total current | 3,401 | -767 | -221 |
Deferred [Abstract] | |||
Federal | 808 | 628 | 617 |
State | -95 | 126 | 122 |
Total deferred | 713 | 754 | 739 |
Total provision (benefit) for income taxes for discontinued operations | 4,114 | -13 | 518 |
Federal income tax rates and the effective income tax (benefit) rates [Abstract] | |||
Statutory federal income tax rate (in hundredths) | 35.00% | 35.00% | 35.00% |
State income taxes, net of federal tax benefit (in hundredths) | 4.80% | 4.50% | 5.00% |
Reorganization costs (in hundredths) | 2.80% | 0.00% | 0.00% |
FIN 48 reserve (in hundredths) | -2.70% | 0.00% | 0.00% |
Other (in hundredths) | 0.40% | 0.10% | 0.00% |
Effective income tax rate (in hundredths) | 40.30% | 39.60% | 40.00% |
Current assets [Abstract] | |||
Receivables | 234 | 388 | |
Inventories | 31 | 33 | |
Other assets | 601 | 676 | |
Accrued compensation | 696 | 549 | |
Accrued state taxes | 268 | 0 | |
State deferred income taxes | 528 | 0 | |
Accrued employee benefits | 792 | 930 | |
Total current deferred tax assets | 3,150 | 2,576 | |
Current liabilities [Abstract] | |||
Accrued state taxes | 0 | -68 | |
Valuation allowances | -28 | 0 | |
Total current deferred tax liability | -28 | -68 | |
Total net current deferred tax assets | 3,122 | 2,508 | |
Non-current assets [Abstract] | |||
Accrued employee benefits | 34,858 | 24,530 | |
State deferred income taxes | 1,457 | 2,251 | |
State net operating loss | 1,868 | 2,192 | |
Intangible assets | 0 | 9,813 | |
Other assets | 431 | 484 | |
Total non-current deferred tax assets | 38,614 | 39,270 | |
Non-current liabilities [Abstract] | |||
Property and equipment | -17,556 | -18,584 | |
Intangible assets | -72 | 0 | |
Valuation allowance | -156 | -184 | |
Other liabilities | -273 | -377 | |
Total non-current deferred tax assets | -18,057 | -19,145 | |
Total net non-current deferred tax assets | 20,557 | 20,125 | |
Period over which broadcast licenses and tax deductible goodwill deduct | 15 years | ||
Period over which deferred tax assets and will be utilized to offset future taxable income | 20 years | ||
Valuation allowance | 0 | ||
Capital loss carryforwards | 184 | ||
Number of state and local jurisdictions | 14 | ||
Activity related to unrecognized tax benefits [Roll Forward] | |||
Beginning balance | 727 | 762 | 885 |
Increases due to prior year tax provisions | 16 | 0 | 0 |
Decreases related to prior year tax provisions | -687 | 0 | 0 |
Decreases due to the expiration of statutes of limitations | 0 | -8 | -7 |
Decreases due to settlements | -40 | -27 | -116 |
Ending balance | 16 | 727 | 762 |
Unrecognized tax benefits that would impact effective tax rate | 16 | ||
Unrecognized tax benefits and related interest to be recognized within the next twelve months due to settlements with taxing authorities | 20 | ||
Accrued interest expense and penalties | 4 | 276 | |
Interest income related to unrecognized tax benefits | 215 | ||
Interest expense related to unrecognized tax benefits | 56 | ||
Liability for interest and penalties decreased due to a reduction for the expiration of statutes of limitations | $58 | ||
Federal Jurisdiction [Member] | |||
Non-current liabilities [Abstract] | |||
Statute of limitations for assessing additional taxes | 3 years | ||
Open tax year for examinations | 2011 through 2013 | ||
State and Local Jurisdiction [Member] | |||
Non-current liabilities [Abstract] | |||
Open tax year for examinations | 2010 through 2013 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Non-current liabilities [Abstract] | |||
Statute of limitations for assessing additional taxes | 3 years | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Non-current liabilities [Abstract] | |||
Statute of limitations for assessing additional taxes | 4 years |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Station | |||
Future minimum rental payments due under noncancellable operating lease agreements [Abstract] | |||
2015 | $3,188 | ||
2016 | 2,244 | ||
2017 | 1,624 | ||
2018 | 896 | ||
2019 | 637 | ||
Thereafter | 2,470 | ||
Total | 11,059 | ||
Future minimum rental payments due under capital lease agreements [Abstract] | |||
2015 | 82 | ||
2016 | 57 | ||
2017 | 37 | ||
2018 | 38 | ||
2019 | 30 | ||
Thereafter | 0 | ||
Total | 244 | ||
Rent expense | 4,188 | 4,333 | 4,545 |
Rental income from subleases | 282 | 222 | 218 |
Standby letters of credit | 1,729 | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Lease expiration date | 31-Dec-16 | ||
Potential obligation pursuant to the guarantee | 367 | ||
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 | ||
Advertising Time [Member] | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Number of years for which purchase commitment is given | 3 years | ||
Purchase commitment | 9,126 | ||
Television and radio sports rights | 18,998 | ||
Number of years for which sports rights commitment is given | 2 years | ||
Transactions with Scripps [Member] | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Advisory fee not accrued | $7,000 |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Class of Stock [Line Items] | |||
Number of classes of common stock | 2 | ||
Class C [Member] | |||
Class of Stock [Line Items] | |||
Stock repurchase | $6,246 | ||
Changes in number of shares of common stock [Roll Forward] | |||
Balance (in shares) | 0 | 0 | 3,264,000 |
Conversion of class B shares to class A shares (in shares) | 0 | 0 | 0 |
Shares repurchased (in shares) | 0 | 0 | -3,264,000 |
Shares issued under equity incentive and employee stock purchase plans (in shares) | 0 | 0 | 0 |
Balance (in shares) | 0 | 0 | 0 |
Class B [Member] | |||
Class of Stock [Line Items] | |||
Number of votes per share | 10 | ||
Changes in number of shares of common stock [Roll Forward] | |||
Balance (in shares) | 6,134,093 | 6,906,000 | 7,214,000 |
Conversion of class B shares to class A shares (in shares) | -636,000 | -919,000 | -682,000 |
Shares repurchased (in shares) | 0 | 0 | 0 |
Shares issued under equity incentive and employee stock purchase plans (in shares) | 97,000 | 147,000 | 374,000 |
Balance (in shares) | 5,595,235 | 6,134,093 | 6,906,000 |
Class A [Member] | |||
Changes in number of shares of common stock [Roll Forward] | |||
Balance (in shares) | 44,669,851 | 43,751,000 | 43,779,000 |
Conversion of class B shares to class A shares (in shares) | 636,000 | 919,000 | 682,000 |
Shares repurchased (in shares) | 0 | 0 | -710,000 |
Shares issued under equity incentive and employee stock purchase plans (in shares) | 0 | 0 | 0 |
Balance (in shares) | 45,305,975 | 44,669,851 | 43,751,000 |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $1,775 | $2,089 | $2,056 |
Total income tax benefit recognized related to stock-based compensation | 714 | 826 | 822 |
Total unrecognized compensation cost related to stock-based compensation awards | 1,657 | ||
Total unrecognized compensation cost, period for recognition | 0 years 9 months 18 days | ||
Class A and B Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for issuance under the 2007 Plan (in shares) | 4,800 | ||
Restricted Stock [Member] | |||
Shares [Abstract] | |||
Non-vested at beginning of period (in shares) | 435 | ||
Granted (in shares) | 162 | ||
Vested (in shares) | -276 | ||
Forfeited (in shares) | -27 | ||
Non-vested at end of period (in shares) | 294 | ||
Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested at beginning of period (in dollars per share) | $5.85 | ||
Granted (in dollars per share) | $9.09 | ||
Vested (in dollars per share) | $6.11 | ||
Forfeited (in dollars per share) | $6.91 | ||
Non-vested at end of period (in dollars per share) | $7.30 | ||
Total fair value of shares vesting | 1,684 | ||
SARS [Abstract] | |||
Granted (in shares) | 162 | ||
Forfeited (in shares) | 27 | ||
Weighted Average Contractual Term Remaining (years) [Abstract] | |||
Total grant date fair value | 1,684 | ||
Restricted Stock [Member] | Minimum [Member] | |||
Weighted Average Grant Date Fair Value [Abstract] | |||
Award vesting period | 1 year | ||
Restricted Stock [Member] | Maximum [Member] | |||
Weighted Average Grant Date Fair Value [Abstract] | |||
Award vesting period | 4 years | ||
Performance Units [Member] | |||
Shares [Abstract] | |||
Non-vested at beginning of period (in shares) | 151 | ||
Granted (in shares) | 48 | ||
Vested (in shares) | 0 | ||
Forfeited (in shares) | 0 | ||
Non-vested at end of period (in shares) | 199 | ||
Weighted Average Grant Date Fair Value [Abstract] | |||
Non-vested at beginning of period (in dollars per share) | $5.95 | ||
Granted (in dollars per share) | $9.47 | ||
Vested (in dollars per share) | $0 | ||
Forfeited (in dollars per share) | $0 | ||
Non-vested at end of period (in dollars per share) | $6.80 | ||
SARS [Abstract] | |||
Granted (in shares) | 48 | ||
Forfeited (in shares) | 0 | ||
Performance Units [Member] | Minimum [Member] | |||
Weighted Average Grant Date Fair Value [Abstract] | |||
Percentage of shares received by an employee (in hundredths) | 0.00% | ||
Performance Units [Member] | Maximum [Member] | |||
Weighted Average Grant Date Fair Value [Abstract] | |||
Percentage of shares received by an employee (in hundredths) | 200.00% | ||
Stock Appreciation Rights [Member] | |||
Shares [Abstract] | |||
Granted (in shares) | 0 | ||
Forfeited (in shares) | 0 | ||
Weighted Average Grant Date Fair Value [Abstract] | |||
Award vesting period | 3 years | ||
Stock appreciation rights [Abstract] | |||
Term during which any SAR may be exercised | 10 years | ||
Escalating price per year on outstanding stock based payment awards (in hundredths) | 6.00% | ||
SARS [Abstract] | |||
Outstanding and exercisable at beginning of period (in shares) | 742 | ||
Granted (in shares) | 0 | ||
Exercised (in shares) | -37 | ||
Forfeited (in shares) | 0 | ||
Expired (in shares) | 0 | ||
Outstanding and exercisable at end of period (in shares) | 705 | 742 | |
Average Weighted Exercise Price [Abstract] | |||
Outstanding and exercisable at beginning of period (in dollars per share) | $13.30 | ||
Exercised (in dollars per share) | $8.66 | ||
Outstanding and exercisable at end of period (in dollars per share) | $13.92 | $13.30 | |
Weighted Average Contractual Term Remaining (years) [Abstract] | |||
Outstanding and exercisable at beginning of period | 2 years 4 months 24 days | 3 years 10 months 24 days | |
Outstanding and exercisable at end of period | 2 years 4 months 24 days | 3 years 10 months 24 days | |
Aggregate intrinsic value of the SARs exercised | 87 | ||
Aggregate intrinsic value of the SARs outstanding and exercisable | 125 | ||
Unrestricted and Non-Vested Restricted Stock Grants [Member] | |||
Shares [Abstract] | |||
Granted (in shares) | 162 | 228 | 382 |
Vested (in shares) | 41 | 108 | 289 |
Weighted Average Grant Date Fair Value [Abstract] | |||
Granted (in dollars per share) | $9.09 | $6.42 | $5.12 |
Total fair value of shares vesting | 337 | 708 | 1,450 |
SARS [Abstract] | |||
Granted (in shares) | 162 | 228 | 382 |
Weighted Average Contractual Term Remaining (years) [Abstract] | |||
Total grant date fair value | $337 | $708 | $1,450 |
Unrestricted and Non-Vested Restricted Stock Grants [Member] | Non-Employee Directors [Member] | |||
Shares [Abstract] | |||
Granted (in shares) | 42 | 57 | 90 |
SARS [Abstract] | |||
Granted (in shares) | 42 | 57 | 90 |
Unrestricted and Non-Vested Restricted Stock Grants [Member] | Employees [Member] | |||
Shares [Abstract] | |||
Granted (in shares) | 120 | 171 | 292 |
SARS [Abstract] | |||
Granted (in shares) | 120 | 171 | 292 |
2007 Journal Communications, Inc. Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for issuance under the 2007 Plan (in shares) | 2,057 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for issuance under the 2007 Plan (in shares) | 2,129 | ||
Weighted Average Contractual Term Remaining (years) [Abstract] | |||
Purchase price of common stock percent (in hundredths) | 90.00% | ||
Employee stock purchase plan discount percent (in hundredths) | 10.00% | ||
Employee Stock Purchase Plan [Member] | Class B Common Stock [Member] | |||
Shares [Abstract] | |||
Granted (in shares) | 33 | ||
SARS [Abstract] | |||
Granted (in shares) | 33 | ||
Weighted Average Contractual Term Remaining (years) [Abstract] | |||
Common stock authorized for sale under the plan (in shares) | 3,000 | ||
Employee Stock Purchase Plan [Member] | Employees [Member] | Class B Common Stock [Member] | |||
Weighted Average Grant Date Fair Value [Abstract] | |||
Granted (in dollars per share) | $8.17 |
VARIABLE_INTEREST_ENTITY_Detai
VARIABLE INTEREST ENTITY (Details) | 12 Months Ended |
Dec. 31, 2014 | |
VARIABLE INTEREST ENTITY [Abstract] | |
Initial terms of agreement | 3 years |
GOODWILL_BROADCAST_LICENSES_AN2
GOODWILL, BROADCAST LICENSES AND OTHER INTANGIBLE ASSETS (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 30, 2012 |
Licenses | |||||
Finite-Lived Intangibles [Abstract] | |||||
Significant adverse changes in value of assets | $0 | ||||
Amortization expense | 2,818 | 2,855 | 1,601 | ||
Period of estimation of amortization expense | 5 years | ||||
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 | |||
Estimated amortization expense for 2019 | 2,723 | 2,723 | |||
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 | ||
Accumulated Amortization | -18,008 | -18,008 | -15,190 | ||
Net Carrying Amount | 54,945 | 54,945 | 57,763 | ||
Broadcast Licenses [Abstract] | |||||
Net carrying value of broadcast licenses | 134,055 | 134,055 | 135,166 | ||
Number of television broadcast licenses that were impaired | 1 | ||||
Number of radio broadcast licenses that were impaired | 2 | ||||
Non-cash impairment charge | 211 | 211 | 0 | 1,616 | |
Goodwill impairment | 0 | 0 | 0 | ||
Goodwill [Abstract] | |||||
Adjustment of Nashville NewsChannel 5 Network, LLC Goodwill | -1,447 | ||||
Goodwill related to the sale of a business | -2,962 | ||||
Goodwill related to the purchase of a business | 0 | 331 | |||
Goodwill | 367,625 | 367,625 | 370,587 | 371,703 | 371,703 |
Accumulated impairment losses | -245,885 | -245,885 | -245,885 | -245,885 | -245,885 |
Accumulated impairment loss adjustment for segment reporting | 0 | ||||
Goodwill, balance | 121,740 | 121,740 | 124,702 | 125,818 | 125,818 |
Publishing [Member] | |||||
Goodwill [Abstract] | |||||
Adjustment of Nashville NewsChannel 5 Network, LLC Goodwill | 0 | ||||
Goodwill related to the sale of a business | 0 | ||||
Goodwill related to the purchase of a business | 0 | 0 | |||
Goodwill | 19,656 | 19,656 | 19,656 | 19,656 | 19,656 |
Accumulated impairment losses | -16,722 | -16,722 | -16,722 | -16,722 | -16,722 |
Accumulated impairment loss adjustment for segment reporting | 0 | ||||
Goodwill, balance | 2,934 | 2,934 | 2,934 | 2,934 | 2,934 |
Broadcasting [Member] | |||||
Broadcast Licenses [Abstract] | |||||
Net carrying value of broadcast licenses | 134,055 | 134,055 | 135,166 | ||
Television [Member] | |||||
Broadcast Licenses [Abstract] | |||||
Net carrying value of broadcast licenses | 33,807 | 33,807 | |||
Non-cash impairment charge | 664 | ||||
Goodwill [Abstract] | |||||
Adjustment of Nashville NewsChannel 5 Network, LLC Goodwill | -1,447 | ||||
Goodwill related to the sale of a business | -2,715 | ||||
Goodwill related to the purchase of a business | 0 | 0 | |||
Goodwill | 280,980 | 280,980 | 283,695 | 285,142 | 285,142 |
Accumulated impairment losses | -194,936 | -194,936 | -164,205 | -164,205 | -164,205 |
Accumulated impairment loss adjustment for segment reporting | -30,731 | ||||
Goodwill, balance | 86,044 | 86,044 | 88,759 | 120,937 | 120,937 |
Radio [Member] | |||||
Broadcast Licenses [Abstract] | |||||
Net carrying value of broadcast licenses | 60,150 | 60,150 | 46,059 | 46,059 | |
Non-cash impairment charge | 211 | 952 | |||
Goodwill [Abstract] | |||||
Adjustment of Nashville NewsChannel 5 Network, LLC Goodwill | 0 | ||||
Goodwill related to the sale of a business | -247 | ||||
Goodwill related to the purchase of a business | 0 | 331 | |||
Goodwill | 66,989 | 66,989 | 67,236 | 66,905 | 66,905 |
Accumulated impairment losses | -34,227 | -34,227 | -64,958 | -64,958 | -64,958 |
Accumulated impairment loss adjustment for segment reporting | 30,731 | ||||
Goodwill, balance | 32,762 | 32,762 | 33,009 | 1,947 | 1,947 |
Minimum [Member] | |||||
Finite-Lived Intangibles [Abstract] | |||||
Amortization period | 5 years | ||||
Maximum [Member] | |||||
Finite-Lived Intangibles [Abstract] | |||||
Amortization period | 25 years | ||||
Network Affiliation Agreements [Member] | |||||
Finite-Lived Intangibles [Abstract] | |||||
Amortization period | 25 years | ||||
Gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets [Abstract] | |||||
Gross Carrying Amount | 66,078 | 66,078 | 66,078 | ||
Accumulated Amortization | -12,548 | -12,548 | -9,905 | ||
Net Carrying Amount | 53,530 | 53,530 | 56,173 | ||
Weighted average amortization period [Abstract] | |||||
Weighted average amortization period | 25 years | ||||
Customer Lists [Member] | |||||
Gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets [Abstract] | |||||
Gross Carrying Amount | 4,149 | 4,149 | 4,149 | ||
Accumulated Amortization | -3,771 | -3,771 | -3,661 | ||
Net Carrying Amount | 378 | 378 | 488 | ||
Weighted average amortization period [Abstract] | |||||
Weighted average amortization period | 9 years | ||||
Customer Lists [Member] | Minimum [Member] | |||||
Finite-Lived Intangibles [Abstract] | |||||
Amortization period | 5 years | ||||
Customer Lists [Member] | Maximum [Member] | |||||
Finite-Lived Intangibles [Abstract] | |||||
Amortization period | 15 years | ||||
Other [Member] | |||||
Gross carrying amount, accumulated amortization and net carrying amount of the major classes of definite-lived intangible assets [Abstract] | |||||
Gross Carrying Amount | 2,726 | 2,726 | 2,726 | ||
Accumulated Amortization | -1,689 | -1,689 | -1,624 | ||
Net Carrying Amount | $1,037 | $1,037 | $1,102 | ||
Weighted average amortization period [Abstract] | |||||
Weighted average amortization period | 16 years | ||||
Trade Names [Member] | |||||
Finite-Lived Intangibles [Abstract] | |||||
Amortization period | 25 years |
ACQUISITIONS_AND_DIVESTITURES_1
ACQUISITIONS AND DIVESTITURES (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | |||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 30, 2012 | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 12, 2014 | Mar. 30, 2014 | Dec. 30, 2012 | 3-May-13 | Jun. 26, 2012 | Dec. 06, 2012 |
Station | Station | |||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from sale of businesses | $1,500 | $0 | $2,892 | |||||||||
Pre-tax gain (loss) on sale, net of transaction expenses | -369 | -369 | 0 | 0 | ||||||||
Number of broadcast stations to be divested | 2 | |||||||||||
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract] | ||||||||||||
Syndicated program liabilities | 3,866 | 3,866 | 5,741 | |||||||||
Other liabilties | 3,678 | 3,678 | 3,554 | |||||||||
Number of radio stations | 34 | 34 | ||||||||||
Identifiable Assets acquired and Liabilities assumed [Abstract] | ||||||||||||
Goodwill | 121,740 | 125,818 | 121,740 | 124,702 | 125,818 | 125,818 | ||||||
Earnings from continuing operations before income taxes | 65,812 | 43,422 | 54,270 | |||||||||
Pro Forma Results of Operations [Abstract] | ||||||||||||
Revenue | 439,732 | 399,313 | ||||||||||
Earnings per share from continuing operations, diluted (in dollars per share) | $0.71 | $0.47 | ||||||||||
Acquisition related costs | 2,152 | 3,145 | ||||||||||
Broadcasting [Member] | ||||||||||||
Identifiable Assets acquired and Liabilities assumed [Abstract] | ||||||||||||
License expiration year | 2020 | |||||||||||
Knoxville, Tennessee [Member] | ||||||||||||
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract] | ||||||||||||
Number of radio stations | 4 | 4 | ||||||||||
Tulsa, Oklahoma [Member] | ||||||||||||
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract] | ||||||||||||
Number of radio stations | 5 | 5 | ||||||||||
KFTI-FM in Wichita, Kansas [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from sale of businesses | 1,550 | |||||||||||
Pre-tax gain (loss) on sale, net of transaction expenses | -369 | |||||||||||
Number of broadcast stations to be divested | 1 | |||||||||||
Divestiture trust of KNIN-TV Boise [Member] | ||||||||||||
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract] | ||||||||||||
Goodwill | 2,247 | 2,247 | ||||||||||
Net property plant and equipment | 1,733 | 1,733 | ||||||||||
Broadcast license | 1,203 | 1,203 | ||||||||||
Net receivables | 1,152 | 1,152 | ||||||||||
Syndicated programs | 1,013 | 1,013 | ||||||||||
Syndicated program liabilities | 1,129 | 1,129 | ||||||||||
Other liabilties | 152 | 152 | ||||||||||
KMIR-TV and My 13 KPSE-TV [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from sale of businesses | 17,000 | 17,000 | ||||||||||
Pre-tax gain (loss) on sale, net of transaction expenses | 10,177 | |||||||||||
WNOX FM 100.3 [Member] | ||||||||||||
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract] | ||||||||||||
Effective date of business acquisition | 3-May-13 | |||||||||||
Identifiable Assets acquired and Liabilities assumed [Abstract] | ||||||||||||
Property and equipment | 24 | |||||||||||
Goodwill | 331 | |||||||||||
Broadcast licenses | 5,600 | |||||||||||
Total purchase price | 5,955 | |||||||||||
KHTT-FM and KBEZ-FM [Member] | ||||||||||||
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract] | ||||||||||||
Effective date of business acquisition | 25-Jun-12 | |||||||||||
Identifiable Assets acquired and Liabilities assumed [Abstract] | ||||||||||||
Property and equipment | 181 | |||||||||||
Goodwill | 1,947 | |||||||||||
Broadcast licenses | 9,600 | |||||||||||
Total purchase price | 11,728 | |||||||||||
WKTI-AM in Knoxville, Tennessee [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from sale of businesses | 65 | |||||||||||
Pre-tax gain (loss) on sale, net of transaction expenses | 48 | |||||||||||
Hodag Buyers' Guide and Other Miscellaneous [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Pre-tax gain (loss) on sale, net of transaction expenses | 319 | |||||||||||
Hodag Buyers' Guide and Other Miscellaneous [Member] | Cash [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from sale of businesses | 1,200 | |||||||||||
Hodag Buyers' Guide and Other Miscellaneous [Member] | Promissory Note [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Proceeds from sale of businesses | 772 | |||||||||||
NewsChannel 5 Network, LLC [Member] | ||||||||||||
Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract] | ||||||||||||
Effective date of business acquisition | 6-Dec-12 | |||||||||||
Identifiable Assets acquired and Liabilities assumed [Abstract] | ||||||||||||
Tangible assets | 13,383 | |||||||||||
Long-term assets, other | 48 | |||||||||||
Working capital | 8,292 | |||||||||||
Network affiliation agreements | 43,500 | |||||||||||
FCC licenses | 40,100 | |||||||||||
Goodwill | 114,677 | |||||||||||
Total purchase price | 220,000 | |||||||||||
Maximum working capital adjustment | 5,000 | |||||||||||
Revenue contributed | 2,917 | |||||||||||
Earnings from continuing operations before income taxes | 1,730 | |||||||||||
Affiliation Agreement ACE TV [Member] | ||||||||||||
Identifiable Assets acquired and Liabilities assumed [Abstract] | ||||||||||||
Total purchase price | $2,038 | $2,038 | $2,038 |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 30, 2014 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of businesses | $1,500 | $0 | $2,892 | ||
Pre-tax loss on the sale | -369 | -369 | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [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 | ||||
Accounts payable | 37 | ||||
Accrued compensation | 133 | ||||
Deferred revenue | 57 | ||||
Syndicated programs | 640 | ||||
Other current liabilities | 18 | ||||
Total liabilities | 885 | ||||
Palm Springs [Member] | |||||
Revenue and Earnings [Abstract] | |||||
Revenue | 48 | 5,483 | 6,924 | ||
Earnings before income taxes | 9,985 | -62 | 1,262 | ||
KMIR-TV and My 13 KPSE-TV [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of businesses | 17,000 | 17,000 | |||
Pre-tax loss on the sale | $10,177 |
WORKFORCE_REDUCTION_Details
WORKFORCE REDUCTION (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 |
Restructuring Reserve [Roll Forward] | ||
Balance | $373 | $809 |
Charge for Separation Benefits | 2,738 | 863 |
Payments for Separation Benefits | -930 | -1,299 |
Balance | 2,181 | 373 |
Decrease in employees (in hundredths) | 5.00% | |
Television [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balance | 43 | 0 |
Charge for Separation Benefits | 3 | 56 |
Payments for Separation Benefits | -46 | -13 |
Balance | 0 | 43 |
Radio [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balance | 0 | |
Charge for Separation Benefits | 11 | |
Payments for Separation Benefits | -11 | |
Balance | 0 | |
Publishing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balance | 330 | 809 |
Charge for Separation Benefits | 2,724 | 807 |
Payments for Separation Benefits | -873 | -1,286 |
Balance | 2,181 | 330 |
Operating Costs and Expenses [Member] | Radio [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Charge for Separation Benefits | 9 | |
Operating Costs and Expenses [Member] | Publishing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Charge for Separation Benefits | 1,730 | |
Selling and Administrative Expenses [Member] | Television [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Charge for Separation Benefits | 3 | |
Selling and Administrative Expenses [Member] | Radio [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Charge for Separation Benefits | 2 | |
Selling and Administrative Expenses [Member] | Publishing [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Charge for Separation Benefits | $994 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | 24 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 31, 2014 |
Note | Note | ||||
Related Party Transaction [Line Items] | |||||
Stock repurchased during period (in shares) | 3,264 | ||||
Payments for repurchase of common stock | $0 | $0 | $6,246 | ||
Frequency of periodic payment | equal annual installments on September 30 of each of 2015, 2016, 2017 and 2018 | ||||
Related party transaction amounts | 2,042 | ||||
Unsecured Subordinated Promissory Notes [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of promissory notes issued | 15 | ||||
Aggregate principal amount of promissory notes repaid | 25,599 | ||||
Interest rate of notes issued (in hundredths) | 7.25% | 7.25% | |||
Unsecured Subordinated Promissory Notes [Member] | Judith Abert Meissner Marital Trust [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of promissory notes issued | 1 | 7 | |||
Aggregate principal amount of promissory notes repaid | 7,617 | 9,664 | |||
Unsecured Subordinated Promissory Notes [Member] | Mr. Meissner [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of promissory notes issued | 3 | ||||
Aggregate principal amount of promissory notes repaid | 752 | ||||
Subordinated Promissory Notes [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of promissory notes issued | 8 | ||||
Aggregate principal amount of promissory notes repaid | 10,624 | ||||
Class C [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock repurchased during period (in shares) | 3,264 | ||||
Payments for repurchase of common stock | $6,246 | ||||
Class B [Member] | Judith Abert Meissner Marital Trust [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Beneficial ownership percentage (in hundredths) | 5.00% | 5.00% |
SEGMENT_REPORTING_Details
SEGMENT REPORTING (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Station | Station | ||||||||||
State | |||||||||||
Segment | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Number of radio stations | 34 | 34 | |||||||||
Number of reportable segments | 4 | ||||||||||
Number of television stations | 14 | ||||||||||
Number of states where broadcasting segment operates | 8 | ||||||||||
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | |||||||||||
Revenue | $121,987 | $105,138 | $104,699 | $96,612 | $107,366 | $96,919 | $99,778 | $93,204 | $428,436 | $397,267 | $393,118 |
Operating earnings (loss) | 71,747 | 51,316 | 58,731 | ||||||||
Broadcast license impairment | 211 | 211 | 0 | 1,616 | |||||||
Depreciation and amortization | 21,959 | 22,913 | 22,038 | ||||||||
Capital expenditures | 9,074 | 12,440 | 12,305 | ||||||||
Identifiable total assets | 580,480 | 596,018 | 580,480 | 596,018 | |||||||
Television [Member] | |||||||||||
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | |||||||||||
Revenue | 200,847 | 166,616 | 152,444 | ||||||||
Operating earnings (loss) | 59,459 | 31,395 | 41,005 | ||||||||
Broadcast license impairment | 0 | 0 | 664 | ||||||||
Depreciation and amortization | 12,905 | 13,192 | 9,925 | ||||||||
Capital expenditures | 6,104 | 8,360 | 8,656 | ||||||||
Identifiable total assets | 336,058 | 356,032 | 336,058 | 356,032 | |||||||
Radio [Member] | |||||||||||
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | |||||||||||
Revenue | 79,120 | 76,816 | 76,259 | ||||||||
Operating earnings (loss) | 14,937 | 14,017 | 13,962 | ||||||||
Broadcast license impairment | 211 | 0 | 952 | ||||||||
Depreciation and amortization | 1,993 | 2,002 | 2,276 | ||||||||
Capital expenditures | 2,016 | 1,508 | 1,663 | ||||||||
Identifiable total assets | 108,467 | 111,473 | 108,467 | 111,473 | |||||||
Publishing [Member] | |||||||||||
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | |||||||||||
Revenue | 148,958 | 154,558 | 164,947 | ||||||||
Operating earnings (loss) | 10,242 | 13,778 | 11,622 | ||||||||
Depreciation and amortization | 6,597 | 7,058 | 9,170 | ||||||||
Capital expenditures | 884 | 2,498 | 1,240 | ||||||||
Identifiable total assets | 89,229 | 96,991 | 89,229 | 96,991 | |||||||
Corporate Elimination [Member] | |||||||||||
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | |||||||||||
Revenue | -489 | -723 | -532 | ||||||||
Corporate [Member] | |||||||||||
Summarization of revenue, operating earnings (loss), depreciation and amortization and capital expenditures and identifiable total assets [Abstract] | |||||||||||
Operating earnings (loss) | -12,891 | -7,874 | -7,858 | ||||||||
Depreciation and amortization | 464 | 661 | 667 | ||||||||
Capital expenditures | 70 | 74 | 746 | ||||||||
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 | $46,726 | $31,522 | $46,726 | $31,522 |
QUARTERLY_FINANCIAL_INFORMATIO2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenue | $121,987 | $105,138 | $104,699 | $96,612 | $107,366 | $96,919 | $99,778 | $93,204 | $428,436 | $397,267 | $393,118 |
Gross profit | 62,794 | 47,542 | 50,576 | 42,719 | 51,541 | 40,277 | 45,411 | 40,801 | 203,631 | 178,030 | |
Net earnings | 15,557 | 7,023 | 10,423 | 12,187 | 11,260 | 4,546 | 6,602 | 3,793 | 45,190 | 26,201 | 33,325 |
Earnings per share | |||||||||||
Basic - class A and B common stock (in dollars per share) | $0.31 | $0.14 | $0.21 | $0.24 | $0.22 | $0.09 | $0.13 | $0.08 | $0.90 | $0.52 | |
Diluted - class A and B common stock (in dollars per share) | $0.31 | $0.14 | $0.21 | $0.24 | $0.22 | $0.09 | $0.13 | $0.08 | $0.89 | $0.52 | $0.61 |
Pre-tax charge for separation benefits | 1,954 | 171 | 557 | 56 | 35 | 80 | 716 | 32 | |||
Pre-tax loss on the sale | -369 | -369 | 0 | 0 | |||||||
Broadcast license impairment | $211 | $211 | $0 | $1,616 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | ||
Changes in accumulated other comprehensive loss [Roll Forward] | |||||
Beginning balance | ($39,654) | ||||
Ending balance | -56,856 | -39,654 | |||
Reclassification of accumulated other comprehensive loss [Abstract] | |||||
Operating costs and expenses | 224,805 | 219,237 | 205,249 | ||
Selling and administrative expenses | 131,673 | 126,714 | 127,522 | ||
Publishing [Member] | |||||
Reclassification of accumulated other comprehensive loss [Abstract] | |||||
Operating costs and expenses | 98,683 | 100,973 | 107,289 | ||
Defined Benefit Pension and Postretirement Plans [Member] | |||||
Changes in accumulated other comprehensive loss [Roll Forward] | |||||
Beginning balance | -39,654 | -55,739 | |||
Net actuarial gain and amounts reclassified from accumulated other comprehensive loss | -17,202 | 16,085 | |||
Net other comprehensive income (loss) | -17,202 | 16,085 | |||
Ending balance | -56,856 | -39,654 | |||
Reclassification of accumulated other comprehensive loss [Abstract] | |||||
Total reclassifications for the period | 17,202 | -16,085 | |||
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 | -17,202 | 16,085 | |||
Reclassification of accumulated other comprehensive loss [Abstract] | |||||
Prior service cost and unrecognized loss | -1,892 | [1] | -2,558 | [2] | |
Income tax expense | -10,865 | 10,176 | |||
Net actuarial (gain) loss | 29,959 | -23,703 | |||
Total reclassifications for the period | 17,202 | -16,085 | |||
Selling and administrative expenses | 748 | 956 | |||
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] | |||||
Operating costs and expenses | 203 | 263 | |||
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] | |||||
Operating costs and expenses | 95 | 176 | |||
Defined Benefit Pension and Postretirement Plans [Member] | Amounts reclassified from accumulated other comprehensive income to: [Member] | Publishing [Member] | |||||
Reclassification of accumulated other comprehensive loss [Abstract] | |||||
Operating costs and expenses | $846 | $1,163 | |||
[1] | These accumulated other comprehensive loss components are included in the computation of net periodic pension and postretirement cost. See Note 3 "Employee Benefit Plans" for more information. Of the costs for the year ended December 31, 2014, $203 is included in television operating costs and expenses, $95 is included in radio operating costs and expenses $846 is included in publishing operating costs and expenses, and $748 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 3 "Employee Benefit Plans" for more information. Of the costs for the year ended December 29, 2013, $263 is included in television operating costs and expenses, $176 is included in radio operating costs and expenses $1,163 is included in publishing operating costs and expenses, and $956 is included in selling and administrative expenses. |
SCHEDULE_II_CONSOLIDATED_VALUA1
SCHEDULE II CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Accounts receivable against the allowance for doubtful accounts | $1,807 | $1,688 | ||||
Northern Community Newspapers and Shoppers Publications [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Accounts receivable against the allowance for doubtful accounts | 15 | |||||
NewsChannel 5 Network, LLC [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Accounts receivable against the allowance for doubtful accounts | 361 | |||||
Allowance for Doubtful Accounts [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | 1,688 | 2,377 | 1,811 | |||
Additions Charged to Expenses | 324 | 314 | 503 | |||
Additions Charged to Revenue | 1,594 | 2,042 | 1,964 | |||
Other Additions (Deductions) | 0 | 0 | 346 | [1] | ||
Deductions | 1,799 | [2] | 3,045 | [2] | 2,247 | [2] |
Balance at End of Year | 1,807 | 1,688 | 2,377 | |||
Deferred Income Taxes Valuation Allowances on State Net Operating Loss and Tax Credit Carryforwards [Member] | ||||||
Movement in Valuation Allowances and Reserves [Roll Forward] | ||||||
Balance at Beginning of Year | 184 | 199 | 57 | |||
Additions Charged to Expenses | 0 | 0 | 0 | |||
Additions Charged to Revenue | 0 | 0 | 0 | |||
Other Additions (Deductions) | 0 | 0 | 195 | [3] | ||
Deductions | 0 | 15 | [4] | 53 | [4] | |
Balance at End of Year | $184 | $184 | $199 | |||
[1] | Includes write off of accounts receivable against the allowance for doubtful accounts of $15 related to the northern Wisconsin community publications sold in 2012, and the addition of $361 related to the NewsChannel 5 Network, LLC purchase in 2012. | |||||
[2] | Deductions from the accounts receivable written off, less recoveries, against the allowances. | |||||
[3] | Includes state net operating loss and tax credit carryforwards related to the northern Wisconsin community publications sold in 2012. | |||||
[4] | Deductions from the valuation allowances on state net operating loss and tax credit carryforwards equal expired, utilized or re-valued state net operating loss and tax credit carryforwards. |