Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 30, 2014 | Apr. 28, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'New Media Investment Group Inc. | ' |
Trading Symbol | 'NEWM | ' |
Entity Central Index Key | '0001579684 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Well Known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock Shares Outstanding | ' | 30,015,870 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $21,947 | $31,811 |
Restricted cash | 6,477 | 6,477 |
Accounts receivable, net of allowance for doubtful accounts of $695 and $349 at March 30, 2014 and December 29, 2013, respectively | 61,551 | 71,401 |
Inventory | 8,209 | 7,697 |
Prepaid expenses | 8,439 | 7,986 |
Other current assets | 12,661 | 11,799 |
Total current assets | 119,284 | 137,171 |
Property, plant, and equipment, net of accumulated depreciation of $13,755 and $5,539 at March 30, 2014 and December 29, 2013, respectively | 267,289 | 270,187 |
Goodwill | 126,571 | 125,911 |
Intangible assets, net of accumulated amortization of $2,642 and $1,049 at March 30, 2014 and December 29, 2013, respectively | 146,098 | 145,401 |
Deferred financing costs, net | 8,144 | 8,297 |
Other assets | 3,274 | 2,986 |
Total assets | 670,660 | 689,953 |
Current liabilities: | ' | ' |
Current portion of long-term liabilities | 655 | 699 |
Current portion of long-term debt | 4,687 | 4,312 |
Accounts payable | 8,684 | 10,973 |
Accrued expenses | 44,539 | 55,818 |
Deferred revenue | 31,865 | 30,620 |
Total current liabilities | 90,430 | 102,422 |
Long-term liabilities: | ' | ' |
Long-term debt | 177,290 | 177,703 |
Long-term liabilities, less current portion | 4,512 | 4,405 |
Pension and other postretirement benefit obligations | 9,754 | 10,061 |
Total liabilities | 281,986 | 294,591 |
Stockholders' equity: | ' | ' |
Common stock, $0.01 par value, 2,000,000,000 shares authorized at March 30, 2014 and December 29, 2013; 30,015,870 and 30,000,000 issued and 30,015,870 and 30,000,000 outstanding at March 30, 2014 and December 29, 2013, respectively | 300 | 300 |
Additional paid-in capital | 387,401 | 387,398 |
Accumulated other comprehensive income | 458 | 458 |
Retained earnings | 515 | 7,206 |
Total stockholders' equity | 388,674 | 395,362 |
Total liabilities and stockholders' equity | $670,660 | $689,953 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Condensed Consolidated Balance Sheets [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $695 | $349 |
Property, Plant, and equipment, accumulated depreciation | 13,755 | 5,539 |
Intangible assets, accumulated amortization | $2,642 | $1,049 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 30,015,870 | 30,000,000 |
Common stock, shares outstanding | 30,015,870 | 30,000,000 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Successor [Member] | Predecessor [Member] | |
Revenues: | ' | ' |
Advertising | $82,623 | $71,339 |
Circulation | 44,368 | 32,466 |
Commercial printing and other | 15,042 | 6,777 |
Total revenues | 142,033 | 110,582 |
Operating costs and expenses: | ' | ' |
Operating costs | 84,855 | 65,021 |
Selling, general, and administrative | 50,016 | 37,566 |
Depreciation and amortization | 9,810 | 9,846 |
Integration and reorganization costs | 425 | 217 |
Gain (loss) on sale of assets | -1 | 393 |
Operating loss | -3,072 | -2,461 |
Interest expense | 3,806 | 14,430 |
Amortization of deferred financing costs | 425 | 261 |
(Gain) loss on derivative instruments | -25 | 5 |
Other (income) expense | -1 | 271 |
Loss from continuing operations before income taxes | -7,277 | -17,428 |
Income tax benefit | -586 | 0 |
Loss from continuing operations | -6,691 | -17,428 |
Loss from discontinued operations, net of income taxes | 0 | -87 |
Net loss | -6,691 | -17,515 |
Loss per share, basic and diluted: | ' | ' |
Loss from continuing operations | ($0.22) | ($0.30) |
Loss from discontinued operations, net of income taxes | $0 | $0 |
Net loss | ($0.22) | ($0.30) |
Basic weighted average shares outstanding | 30,000,000 | 58,051,607 |
Diluted weighted average shares outstanding | 30,000,000 | 58,051,607 |
Comprehensive loss | ($6,691) | ($9,928) |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Statement of Stockholders' Equity (USD $) | Total | Common stock [Member] | Additional paid-in capital [Member] | Accumulated other comprehensive loss [Member] | Retained earnings [Member] |
In Thousands, except Share data | |||||
Balance at Dec. 29, 2013 | $395,362 | $300 | $387,398 | $458 | $7,206 |
Common stock shares at Dec. 29, 2013 | 30,000,000 | 30,000,000 | ' | ' | ' |
Net loss | -6,691 | ' | ' | ' | -6,691 |
Restricted share grants | ' | 15,870 | ' | ' | ' |
Non-cash compensation expense | 3 | ' | 3 | ' | ' |
Balance at Mar. 30, 2014 | $388,674 | $300 | $387,401 | $458 | $515 |
Common stock shares at Mar. 30, 2014 | 30,015,870 | 30,015,870 | ' | ' | ' |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Successor [Member] | Predecessor [Member] | |
Cash flows from operating activities: | ' | ' |
Net loss | ($6,691) | ($17,515) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 9,810 | 9,880 |
Amortization of deferred financing costs | 425 | 261 |
(Gain) loss on derivative instruments | -25 | 5 |
Non-cash compensation expense | 3 | 24 |
Non-cash interest expense | 40 | 0 |
Gain (loss) on sale of assets | -1 | 402 |
Pension and other postretirement benefit obligations | -313 | -215 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable, net | 10,554 | 5,857 |
Inventory | -354 | 312 |
Prepaid expenses | -231 | 1,032 |
Other assets | -764 | -386 |
Accounts payable | -2,437 | -170 |
Accrued expenses | -9,326 | 344 |
Deferred revenue | 713 | 661 |
Other long-term liabilities | 107 | -305 |
Net cash provided by operating activities | 1,510 | 187 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant, and equipment | -778 | -442 |
Proceeds from sale of assets | 141 | 143 |
Acquisitions, net of cash acquired | -8,028 | 0 |
Net cash used in investing activities | -8,665 | -299 |
Cash flows from financing activities: | ' | ' |
Payment of debt issuance costs | -2,631 | 0 |
Borrowings under revolving credit facility | 4,068 | 0 |
Repayments under current portion of long-term debt | -1,078 | -6,648 |
Repayments under revolving credit facility | -3,068 | 0 |
Net cash used in financing activities | -2,709 | -6,648 |
Net decrease in cash and cash equivalents | -9,864 | -6,760 |
Cash and cash equivalents at beginning of period | 31,811 | 34,527 |
Cash and cash equivalents at end of period | $21,947 | $27,767 |
Unaudited_Financial_Statements
Unaudited Financial Statements | 3 Months Ended | |||||||||||||
Mar. 30, 2014 | ||||||||||||||
Unaudited Financial Statements [Abstract] | ' | |||||||||||||
Unaudited Financial Statements | ' | |||||||||||||
(1) Unaudited Financial Statements | ||||||||||||||
The accompanying unaudited condensed consolidated financial statements of New Media Investment Group Inc. and its subsidiaries (together, the “Company” or “New Media”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and applicable provisions of Regulation S-X, each as promulgated by the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in comprehensive annual financial statements presented in accordance with GAAP have generally been condensed or omitted pursuant to SEC rules and regulations. | ||||||||||||||
Management believes that the accompanying condensed consolidated financial statements contain all adjustments (which include normal recurring adjustments) that, in the opinion of management, are necessary to present fairly the Company's consolidated financial condition, results of operations and cash flows for the periods presented. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 29, 2013, included in the Company's Annual Report on Form 10-K. | ||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||
New Media, formerly known as GateHouse Media, Inc. (“GateHouse” or “Predecessor”), was formed as a Delaware corporation on June 18, 2013. New Media was capitalized and issued 1,000 common shares to Newcastle Investment Corp. (“Newcastle”). Newcastle owned approximately 84.6% of New Media until February 13, 2014, upon which date Newcastle distributed the shares that it held in New Media to its shareholders on a pro rata basis. New Media had no operations until November 26, 2013, when it assumed control of GateHouse and Local Media Group Holdings LLC (“Local Media Parent”). The Predecessor and certain of its subsidiaries (collectively, the “Debtors”) filed voluntary petitions under Chapter 11 of title 11 of the U.S. Bankruptcy Code (the “Bankruptcy Code”), in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) on September 27, 2013. On November 6, 2013 (the “Confirmation Date”), the Bankruptcy Court confirmed the plan of reorganization (the “Plan” or “Plan of Reorganization”) and on November 26, 2013 (the “Effective Date”), the Debtors emerged from Chapter 11. | ||||||||||||||
As discussed in Note 2, upon emerging from Chapter 11 protection, the Debtors adopted fresh start accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), Topic 852, “Reorganizations” (“ASC 852”). The adoption of fresh start accounting resulted in the Company becoming a new entity for financial reporting purposes as of November 6, 2013. Accordingly, the consolidated financial statements on November 7, 2013 and subsequent periods are not comparable, in various material respects, to the Company's consolidated financial statements prior to that date. | ||||||||||||||
GateHouse was determined to be the predecessor to New Media, as the operations of GateHouse comprise substantially all of the business operations of the combined entities. As such, the consolidated financial statements presented herein for all periods prior to November 6, 2013 reflect the historical consolidated financial statements of the Predecessor and its subsidiaries. Further, the Reorganization Value, as defined below, of the Predecessor at the Confirmation Date, approximated fair value as of November 26, 2013. | ||||||||||||||
The “Company,” when used in reference to the period subsequent to the application of fresh start accounting on November 6, 2013, refers to the “Successor Company,” and when used in reference to periods prior to fresh start accounting, refers to the “Predecessor Company.” | ||||||||||||||
The Company's operating segments (Large Community Newspapers, Small Community Newspapers, Local Media Newspapers and Directories) are aggregated into one reportable segment. | ||||||||||||||
The newspaper industry and the Predecessor have experienced declining same store revenue and profitability over the past several years. As a result, the Company's Predecessor previously implemented, and the Company continues to implement, plans to reduce costs and preserve cash flow. This includes cost reduction programs and the sale of non-core assets. The Company believes these initiatives will provide it with the financial resources necessary to invest in the business and provide sufficient cash flow to enable the Company to meet its commitments for the next year. | ||||||||||||||
For the three months ended March 30, 2014 and March 31, 2013 the Company excluded 1,362,479 and 0 common stock warrants and 15,870 and 24,424 restricted stock grants, respectively, from the computation of diluted income per share because their effect would have been antidilutive. | ||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
The changes in accumulated other comprehensive income (loss) by component for the three months ended March 30, 2014 are outlined below. | ||||||||||||||
Gain (loss) on | Net actuarial loss | Total | ||||||||||||
derivative | and prior service | |||||||||||||
instruments | cost (1) | |||||||||||||
For the three months ended March 31, 2013, Predecessor Company: | ||||||||||||||
Balance at December 30, 2012, Predecessor Company | $ | (45,651 | ) | $ | (6,991 | ) | $ | (52,642 | ) | |||||
Other comprehensive income before reclassifications | 168 | — | 168 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 7,533 | (114 | ) | 7,419 | ||||||||||
Net current period other comprehensive income, net of taxes | 7,701 | (114 | ) | 7,587 | ||||||||||
Balance at March 31, 2013, Predecessor Company | $ | (37,950 | ) | $ | (7,105 | ) | $ | (45,055 | ) | |||||
For the three months ended March 30, 2014, Successor Company: | ||||||||||||||
Balance at December 29, 2013, Successor Company | $ | — | $ | 458 | $ | 458 | ||||||||
Other comprehensive income before reclassifications | — | — | — | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||||
Net current period other comprehensive income, net of taxes | — | — | — | |||||||||||
Balance at March 30, 2014, Successor Company | $ | — | $ | 458 | $ | 458 | ||||||||
-1 | This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost and there was no amortization for the Successor Company during the three months ended March 30, 2014 due to the impact of fresh start accounting. See Note 11. | |||||||||||||
The following table presents reclassifications out of accumulated other comprehensive income (loss) for the Successor Company for the three months ended March 30, 2014 and the Predecessor Company for the three months ended March 31, 2013. | ||||||||||||||
Amounts Reclassified from | ||||||||||||||
Accumulated Other | ||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||
Successor | Predecessor | Affected Line Item in the Consolidated | ||||||||||||
Company | Company | Statements of Operations and | ||||||||||||
Three months | Three months | Comprehensive Income (Loss) | ||||||||||||
ended March 30, | ended March 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Gain on interest rate swap agreements, designated as cash flow hedges | $ | — | $ | 7,533 | Interest expense | |||||||||
Amortization of prior service cost | — | (114 | ) | (1 | ) | |||||||||
Amortization of unrecognized loss | — | 131 | (1 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 7,550 | Loss from continuing operations before income taxes | |||||||||||
Income tax benefit | — | — | Income tax benefit | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of taxes | $ | — | $ | 7,550 | Net loss | |||||||||
-1 | This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 11. | |||||||||||||
Recently Issued Accounting Pronouncements | ||||||||||||||
In July 2013, the FASB issued Accounting Standard Update (“ASU”) No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” which requires an unrecognized tax benefit to be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward that the entity intends to use as of the reporting date. The Company adopted the provisions of ASU No. 2013-11 in fiscal year 2014. The amendments in ASU No. 2013-11 do not have a material impact on the financial statements. | ||||||||||||||
In April 2014, FASB issued ASU No. 2014-08, “Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. ASU 2014-08 changes the criteria for reporting discontinued operations while enhancing disclosures in this area and is effective for annual and interim periods beginning after December 15, 2014. The amendments in ASU No. 2014-08 are not expected to have a material impact on the financial statements. |
Voluntary_Reorganization_Under
Voluntary Reorganization Under Chapter 11 | 3 Months Ended |
Mar. 30, 2014 | |
Bankruptcy Proceedings | ' |
Voluntary Reorganization Under Chapter 11 | ' |
(2) Voluntary Reorganization Under Chapter 11 | |
Predecessor and certain of its subsidiaries commenced voluntary Chapter 11 bankruptcy proceedings in the Bankruptcy Court on September 27, 2013 (the “Petition Date”). Concurrent with the bankruptcy filing, the Predecessor filed and requested confirmation of the Plan. | |
The Plan restructured the Predecessor debt as follows: | |
(a) Each holder of the Predecessor debt (“Creditors”) received, in full and final satisfaction of its respective claim, at its election (with respect to all or any portion of its claims) to be made in connection with solicitation of the Plan, its pro rata share of either: | |
i. Cash pursuant to the Cash-Out Offer (the “Cash-Out Option”). In connection with the Plan, Newcastle (or its designated affiliates) offered to purchase, in cash, an amount equal to 40% of the sum of (a) $1,167,450 of principal of the claims under the 2007 Credit Facility, plus (b) accrued and unpaid interest at the applicable contract non-default rate with respect thereto, plus (c) all amounts due under and subject to the terms of the interest rate swaps secured under the 2007 Credit Facility (for the avoidance of doubt, excluding any default interest) on the Effective Date of the Plan; or | |
ii. (A) New Media Common Stock (subject to dilution as discussed herein) and (B) the net proceeds, net of certain transaction costs (collectively, the “New Media Equity Option”). Creditors who elected the New Media Equity Option received in satisfaction of their claims, a pro rata share of New Media Common Stock and the net proceeds from the Successor Credit Facilities entered into on November 26, 2013, net of certain transaction costs. | |
(b) Pension, trade and all other unsecured claims were unimpaired by the Plan. | |
(c) The interest of holders of equity interests in the Predecessor Company, including warrants, rights and options to acquire such equity interests (“Former Equity Holders”), were cancelled, and Former Equity Holders received 10-year warrants, collectively representing the right to acquire, in the aggregate, equity equal to 5% of the issued and outstanding shares of New Media (the “New Media Warrants”) (subject to dilution) as of the Effective Date. | |
Contribution of Local Media Group Holdings LLC | |
Newcastle acquired Local Media Group, Inc. (“Local Media”), a publisher of daily and weekly newspaper publications, on September 3, 2013. Subject to the terms of the Plan, Newcastle contributed Local Media Parent and assigned its rights under the related stock purchase agreement to New Media on the Effective Date (the “Local Media Contribution”) in exchange for shares of New Media Common Stock equal in value to the cost of the Local Media Acquisition (as defined below) (as adjusted pursuant to the Plan) based upon the equity value of New Media as of the Effective Date prior to the contribution. | |
Fresh Start Accounting | |
Upon confirmation of the Plan by the Bankruptcy Court on the Effective Date, the Company satisfied the remaining material conditions to complete the implementation of the Plan, and as a result, the Company adopted fresh start accounting as (i) the reorganization value of the assets of the Successor Company immediately before the date of confirmation of the Plan was less than the total of all post-petition liabilities and allowed claims and (ii) the holders of the Predecessor's voting shares immediately before confirmation of the Plan received less than 50% of the voting shares of the emerging entity. | |
The Bankruptcy Court confirmed the Plan based upon an estimated enterprise value of the Company between $385,000 and $515,000, which was estimated using various valuation methods, including (i) a comparison of the Company and its projected performance to the market values of comparable companies; (ii) a review and analysis of several recent transactions of companies in similar industries to the Company; and (iii) a calculation of the present value of the future cash flows of the Company based on its projections. The Company concluded the enterprise value was $489,931 based upon the Cash-Out Offer and equity distribution plus estimated transaction fees. | |
The determination of the estimated reorganization value was based on a discounted cash flow analysis. This value was reconciled to the transaction value as outlined within the Plan and was within a reasonable range of comparable market multiples. The assumptions used in the calculations for the discounted cash flow analysis included projected revenue, costs, and cash flows through 2016 and represented the Company's best estimates at the time the analysis was prepared. While the Company considers such estimates and assumptions reasonable, they are inherently subject to significant business, economic and competitive uncertainties, many of which are beyond the Company's control and, therefore, may not be realized. | |
Upon adoption of fresh start accounting, the recorded amounts of assets and liabilities were adjusted to reflect their estimated fair values (the “Reorganization Value”). Accordingly, the reported historical financial statements of the Predecessor prior to the adoption of fresh start accounting for periods ended on or prior to November 6, 2013 are not comparable to those of the Successor Company. | |
In applying fresh start accounting, the Company followed these principles: | |
The Reorganization Value, which represents the concluded enterprise value plus excess cash and cash equivalents and non-interesting bearing liabilities, of the Predecessor was allocated to the entity's net assets in conformity with FASB ASC Topic 805, “Business Combinations” (“ASC 805”) . The Reorganization Value exceeded the sum of the fair value assigned to assets and liabilities. This excess was recorded as Successor Company goodwill as of November 6, 2013. | |
Each liability existing as of the fresh start accounting date, other than deferred taxes, has been stated at the fair value, and determined at appropriate risk adjusted interest rates. Deferred taxes were reported in conformity with applicable income tax accounting standards, principally FASB ASC Topic 740, “Income Taxes” (“ASC 740”). |
Business_Combinations
Business Combinations | 3 Months Ended | ||||
Mar. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combinations | ' | ||||
(3) Business Combinations | |||||
Local Media | |||||
On September 3, 2013, Newcastle acquired Local Media. GateHouse entered into a management and advisory agreement with Local Media Parent, which was assigned to Local Media, to manage the operations of Local Media. In return, GateHouse receives compensation including an annual fee and is eligible to earn an annual incentive pay out equal to 12.5% of the EBITDA of Local Media in excess of budget. Although Newcastle owned 100.0% of the equity of Local Media, GateHouse manages the daily operations of Local Media. GateHouse determined that the management and advisory agreement resulted in Local Media being a variable interest entity and GateHouse has the power to direct the activities that most significantly affect the economic performance of the entity. As a result, GateHouse is the primary beneficiary and therefore consolidated Local Media's financial position and results of operations beginning on September 3, 2013. As 100% of Local Media was owned by Newcastle, the net income (loss) of Local Media was reflected in noncontrolling interest through the Confirmation Date as Newcastle contributed the net assets of Local Media Parent to New Media as part of the Plan. | |||||
The Predecessor accounted for the consolidation of Local Media under the purchase method of accounting. Accordingly, the net assets, including noncontrolling interest, were recorded at their fair values. The transaction costs were incurred by Newcastle not GateHouse. The net assets, including goodwill of Local Media were recorded in the consolidated balance sheet at their estimated fair value in accordance with ASC 805. The value allocated in consolidating Local Media, was approximately $83,450 and $2,089 of acquisition related costs were recognized. Local Media Parent contributed a net amount of $53,323 of equity and Local Media entered into a long-term debt agreement for $33,000. Local Media consists of eight daily and fifteen weekly newspapers as well as ten shopper publications, serving areas of New York, Massachusetts, California, Pennsylvania, Oregon and New Hampshire. The results of operations for Local Media were included in the Predecessor's consolidated financial statements from September 3, 2013. | |||||
The following table summarizes estimated fair values of the Local Media assets and liabilities as of September 3, 2013: | |||||
Current assets | $ | 18,349 | |||
Property, plant and equipment | 73,718 | ||||
Mastheads | 4,100 | ||||
Goodwill | 462 | ||||
Total assets | 96,629 | ||||
Current liabilities | 13,179 | ||||
Total liabilities | 13,179 | ||||
Net assets | $ | 83,450 | |||
The Predecessor obtained third party independent appraisals to assist in the determination of the fair values of property, plant and equipment and intangible assets. The property, plant and equipment appraisal included an analysis of recent comparable sales and offerings of land parcels in each of the subject's markets. The appraised value is supported with consideration and use of standard accepted appraisal practices and valuation procedures. The appraiser used the three basic approaches to value: the cost approach (used for equipment where an active secondary market is not available and building improvements), the direct sales comparison (market) approach (used for land and equipment where an active secondary market is available) and the income approach (used for intangible assets). These approaches used are based on the cost to reproduce assets, market exchanges for comparable assets and the capitalization of income. Useful lives range from 1 to 7 years for personal property and 17 to 38 years for real property. | |||||
The appraisal utilized a relief from royalty method, an income approach, to determine the fair value of mastheads. Key assumptions utilized in this valuation include revenue projections, a royalty rate of 1.5%, long term growth rate of 0%, tax rate of 39.2% and discount rate of 25.0%. Based on estimated discount rates, attrition levels and other available data, the advertiser and subscriber relationships were determined to have a fair value of $0. | |||||
Trade accounts receivable, having an estimated fair value of $13,427, were included in the acquired assets. The gross contractual amount of these receivables was $14,937 and the contractual cash flows not expected to be collected was estimated at $1,510 as of the acquisition date. | |||||
Local Media accounted for inventory using a weighted cost methodology, which was deemed to approximate fair value. The FIFO valuation method is used and is consistent with the Company's inventory valuation. The difference between the weighted average and FIFO methodology does not have a material effect on the results of operations. | |||||
For tax purposes, the amount of goodwill that is expected to be deductible is $1,187 as of March 30, 2014. This amount includes goodwill adjustments related to fresh start accounting. | |||||
Other Acquisition | |||||
During the three months ended March 30, 2014 the Company acquired two daily and three weekly publications in Victorville, CA for an aggregate purchase price, including estimated working capital, of $7,885. The rationale for the acquisition was primarily due to the attractive nature of the community newspaper assets with stable revenues and cash flows combined with cost saving opportunities available by clustering with the Company's nearby newspapers. | |||||
The Company has accounted for this acquisition under the purchase method of accounting. Accordingly, the assets acquired and liabilities assumed are recorded at their fair values. The net assets, including goodwill have been recorded in the condensed consolidated balance sheet at their estimated fair value in accordance with ASC 805. | |||||
The following table summarizes estimated fair values of the assets and liabilities: | |||||
Current assets | $ | 940 | |||
Property, plant and equipment | 5,050 | ||||
Advertiser relationships | 980 | ||||
Subscriber relationships | 600 | ||||
Customer relationships | 180 | ||||
Mastheads | 530 | ||||
Goodwill | 660 | ||||
Total assets | 8,940 | ||||
Current liabilities | 1,055 | ||||
Total liabilities | 1,055 | ||||
Net assets | $ | 7,885 | |||
The Company obtained third party independent appraisals to assist in the determination of the fair values of property, plant and equipment and intangible assets. The appraisal used the three basic approaches: the Cost Approach (used for equipment where an active secondary market is not available and building improvements), the Direct Sales Comparison (Market) Approach (used for land and equipment where an active secondary market is available) and the Income Approach (used for subscriber relationships, advertiser relationships, customer relationships and mastheads). | |||||
For tax purposes, the amount of goodwill that is expected to be deductible is $660 as of March 30, 2014. | |||||
The estimated fair values are preliminary pending the finalization of the valuation. | |||||
Pro-Forma Results | |||||
The unaudited pro forma condensed consolidated statement of operations information for 2013, set forth below, presents the results of operations as if the consolidation of the newspapers from Local Media had occurred on December 31, 2012. These amounts are not necessarily indicative of future results or actual results that would have been achieved had the acquisitions occurred as of the beginning of such period. | |||||
Three Months | |||||
ended | |||||
31-Mar-13 | |||||
Revenues | $ | 146,087 | |||
Loss from continuing operations | $ | (17,475 | ) | ||
Loss from continuing operations per common share: | |||||
Basic | $ | (0.30 | ) | ||
Diluted | $ | (0.30 | ) | ||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||||
Mar. 30, 2014 | |||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||
Share-Based Compensation | ' | ||||||||||
(4) Share-Based Compensation | |||||||||||
The Company and Predecessor recognized compensation cost for share-based payments of $3 and $24 during the three months ended March 30, 2014 and March 31, 2013, respectively. The total compensation cost not yet recognized related to non-vested awards as of March 30, 2014 was $203, which is expected to be recognized over a weighted average period of 2.96 years through March 2017. | |||||||||||
On February 3, 2014, the Board of Directors of New Media adopted the New Media Investment Group Inc. Nonqualified Stock Option and Incentive Award Plan (the “Incentive Plan”) that authorized up to 15,000,000 shares that can be granted under the Incentive Plan. On the same date, the New Media Board adopted a form of the New Media Investment Group Inc. Non-Officer Director Restricted Stock Grant Agreement (the “Form Grant Agreement”) to govern the terms of awards of restricted stock (“New Media Restricted Stock”) granted under the Incentive Plan to directors who are not officers or employees of New Media (the “Non-Officer Directors”). The Form Grant Agreement provides for the grant of New Media Restricted Stock that vests in equal annual installments on each of the first, second and third anniversaries of the grant date, subject to the Non-Officer Director's continued service as a member of the New Media Board, and immediate vesting in full upon his or her death or disability. If the non-officer director's service terminates for any other reason, all unvested shares of New Media Restricted Stock will be forfeited. Any dividends or other distributions that are declared with respect to the shares of New Media Restricted Stock will be paid to the Non-Officer Director at the time such shares vest. During the period prior to the lapse and removal of the vesting restrictions, a grantee of a Restricted Share Grant (“RSG”) will have all the rights of a stockholder, including without limitation, the right to vote and the right to receive all dividends or other distributions. As a result, the RSGs are reflected as outstanding common stock. The value of the Non-Officer Director RSGs on the date of issuance is recognized as selling, general and administrative expense over the vesting period with an increase to additional paid-in-capital. On March 14, 2014, a grant of restricted shares totaling 15,870 was made to the Company's Non-Officer Directors. | |||||||||||
Under the Predecessor's GateHouse Media, Inc. Omnibus Stock Incentive Plan (the “Predecessor RSG Plan”), 266,795 RSGs were granted to Company directors, management and employees, 42,535 of which were both granted and forfeited during the year ended December 31, 2008. An additional 100,000 RSGs were granted to Company management during the year ended December 31, 2009. The majority of the RSGs issued under the Predecessor RSG Plan vested in increments of one-third on each of the first, second and third anniversaries of the grant date. All Predecessor RSGs vested prior to the Predecessor filing for bankruptcy. | |||||||||||
As of March 30, 2014 and March 31, 2013, there were 15,870 and 25,424 RSGs, respectively, issued and outstanding with a weighted average grant date fair value of $14.18 and $6.04, respectively. As of March 30, 2014, the aggregate intrinsic value of unvested RSGs was $238. During the three months ended March 30, 2014, the aggregate fair value of vested RSGs was $0. | |||||||||||
RSG activity during the three months ended March 30, 2014 was as follows: | |||||||||||
Number of RSGs | Weighted-Average | ||||||||||
Grant Date | |||||||||||
Fair Value | |||||||||||
Unvested at December 29, 2013 | — | $ | — | ||||||||
Granted | 15,870 | 14.18 | |||||||||
Unvested at March 30, 2014 | 15,870 | $ | 14.18 | ||||||||
FASB ASC Topic 718, “Compensation - Stock Compensation”, requires the recognition of share-based compensation for the number of awards that are ultimately expected to vest. The Company's estimated forfeitures are based on the Company's historical forfeiture rates. Estimated forfeitures are reassessed periodically and the estimate may change based on new facts and circumstances. | |||||||||||
Restructuring
Restructuring | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Restructuring [Abstract] | ' | ||||||||||||
Restructuring | ' | ||||||||||||
(5) Restructuring | |||||||||||||
Over the past several years, and in furtherance of the Company's cost reduction and cash flow preservation plans outlined in Note 1, the Company has engaged in a series of individual restructuring programs, designed primarily to right size the Company's employee base, consolidate facilities and improve its operations. These initiatives impact all of the Company's geographic regions and are often influenced by the terms of union contracts within each region. All costs related to these programs, which primarily reflect severance expense, are accrued at the time of announcement. | |||||||||||||
Information related to restructuring program activity for the Successor Company for the three months ended March 30, 2014 and the two months ended December 29, 2013, and for the Predecessor Company for the ten months ended November 6, 2013 is outlined below. | |||||||||||||
Severance and | Other | Total | |||||||||||
Related Costs | Costs (1) | ||||||||||||
Balance at December 30, 2012, Predecessor Company | $ | 684 | $ | 164 | $ | 848 | |||||||
Restructuring provision included in integration and reorganization | 1,539 | 38 | 1,577 | ||||||||||
Cash payments | (1,738 | ) | (207 | ) | (1,945 | ) | |||||||
Balance at November 6, 2013, Predecessor Company | $ | 485 | $ | (5 | ) | $ | 480 | ||||||
Restructuring provision included in Integration and Reorganization (2) | 1,758 | — | 1,758 | ||||||||||
Cash payments | (501 | ) | — | (501 | ) | ||||||||
Balance at December 29, 2013, Successor Company | $ | 1,742 | $ | (5 | ) | $ | 1,737 | ||||||
Restructuring provision included in Integration and Reorganization | 425 | — | 425 | ||||||||||
Cash payments | (804 | ) | — | (804 | ) | ||||||||
Balance at March 30, 2014, Successor Company | $ | 1,363 | $ | (5 | ) | $ | 1,358 | ||||||
-1 | Other costs primarily included costs to consolidate operations. | ||||||||||||
-2 | Included above are amounts that were initially recognized in integration and reorganization and were subsequently reclassified to discontinued operations expense at the time the affected operations ceased. | ||||||||||||
The restructuring reserve balance as of March 30, 2014, for all programs was $1,358, which is expected to be paid out over the next twelve months. | |||||||||||||
The following table summarizes the costs incurred and cash paid in connection with these restructuring programs for the three months ended March 30, 2014 and March 31, 2013. | |||||||||||||
Successor Company | Predecessor Company | ||||||||||||
Three months ended | Three months ended | ||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||
Severance and related costs | $ | 425 | $ | 194 | |||||||||
Other costs | — | 23 | |||||||||||
Cash payments | (804 | ) | (650 | ) | |||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
(6) Goodwill and Intangible Assets | |||||||||||||
Goodwill and intangible assets consisted of the following: | |||||||||||||
30-Mar-14 | |||||||||||||
Gross carrying | Accumulated | Net carrying | |||||||||||
amount | amortization | amount | |||||||||||
Amortized intangible assets: | |||||||||||||
Advertiser relationships | $ | 59,500 | $ | 1,537 | $ | 57,963 | |||||||
Customer relationships | 5,870 | 150 | 5,720 | ||||||||||
Subscriber relationships | 36,720 | 944 | 35,776 | ||||||||||
Trade name | 270 | 11 | 259 | ||||||||||
Total | $ | 102,360 | $ | 2,642 | $ | 99,718 | |||||||
Nonamortized intangible assets: | |||||||||||||
Goodwill | $ | 126,571 | |||||||||||
Mastheads | 46,380 | ||||||||||||
Total | $ | 172,951 | |||||||||||
29-Dec-13 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Carrying | Amortization | Carrying | |||||||||||
Amount | Amount | ||||||||||||
Amortized intangible assets: | |||||||||||||
Advertiser relationships | $ | 58,520 | $ | 610 | $ | 57,910 | |||||||
Customer relationships | 5,690 | 59 | 5,631 | ||||||||||
Subscriber relationships | 36,120 | 375 | 35,745 | ||||||||||
Trade name | 270 | 5 | 265 | ||||||||||
Total | $ | 100,600 | $ | 1,049 | $ | 99,551 | |||||||
Nonamortized intangible assets: | |||||||||||||
Goodwill | $ | 125,911 | |||||||||||
Mastheads | 45,850 | ||||||||||||
Total | $ | 171,761 | |||||||||||
As of March 30, 2014, the weighted average amortization periods for amortizable intangible assets are 15.9 years for advertiser relationships, 15.9 years for customer relationships, 16.0 years for subscriber relationships and 10.0 years for trade names. The weighted average amortization period in total for all amortizable intangible assets is 15.9 years. | |||||||||||||
Amortization expense for the Successor Company for the three months ended March 30, 2014 and for the Predecessor Company for the three months ended March 31, 2013 was $1,593 and $5,845, respectively. Estimated future amortization expense as of March 30, 2014 is as follows: | |||||||||||||
For the years ending the Sunday closest to December 31: | |||||||||||||
2014 | $ | 4,828 | |||||||||||
2015 | 6,438 | ||||||||||||
2016 | 6,438 | ||||||||||||
2017 | 6,438 | ||||||||||||
2018 | 6,438 | ||||||||||||
Thereafter | 69,138 | ||||||||||||
Total | $ | 99,718 | |||||||||||
The changes in the carrying amount of goodwill for the period from December 29, 2013 to March 30, 2014 are as follows: | |||||||||||||
Balance at December 29, 2013 | $ | 125,911 | |||||||||||
Goodwill acquired in business combination | 660 | ||||||||||||
Balance at March 30, 2014 | $ | 126,571 | |||||||||||
The Company's annual impairment assessment is made on the last day of its fiscal second quarter. | |||||||||||||
As of March 30, 2014 and December 29, 2013, a review of impairment indicators was performed with the Company noting that its financial results and forecast had not changed materially since the fresh start accounting on November 6, 2013 and it was determined that no indicators of impairment were present. | |||||||||||||
The newspaper industry and the Company have experienced declining same store revenue and profitability over the past several years. Should general economic, market or business conditions decline, and have a negative impact on estimates of future cash flow and market transaction multiples, the Company may be required to record additional impairment charges in the future. | |||||||||||||
Indebtedness
Indebtedness | 3 Months Ended | ||||
Mar. 30, 2014 | |||||
Indebtedness [Abstract] | ' | ||||
Indebtedness | ' | ||||
(7) Indebtedness | |||||
Successor Company | |||||
GateHouse Credit Facilities | |||||
The Revolving Credit, Term Loan and Security Agreement (the “First Lien Credit Facility”) dated November 26, 2013 by and among GateHouse, GateHouse Media Intermediate Holdco, LLC formerly known as GateHouse Media Intermediate Holdco, Inc. (“GMIH”), certain wholly-owned subsidiaries of GMIH, all of which are wholly owned subsidiaries of New Media (collectively with GMIH and GateHouse, the “Loan Parties”), PNC Bank, National Association, as the administrative agent, Crystal Financial LLC, as term loan B agent, and each of the lenders party thereto provides for (i) a term loan A in the aggregate principal amount of $25,000, a term loan B in the aggregate principal amount of $50,000, and a revolving credit facility in an aggregate principal amount of up to $40,000 (of which $22,000 was drawn as of March 30, 2014). Borrowings under the First Lien Credit Facility bear interest at a rate per annum equal to (i) with respect to the revolving credit facility, the applicable Revolving Interest Rate (as defined the First Lien Credit Agreement), (ii) with respect to the term loan A, the Term Loan A Rate (as defined in the First Lien Credit Agreement), and (iii) with respect to the term loan B, the Term Loan B Rate (as defined in the First Lien Credit Agreement). Amounts outstanding under the term loans and revolving credit facility will be fully due and payable on November 26, 2018. | |||||
The Term Loan and Security Agreement (the “Second Lien Credit Facility” and together with the First Lien Credit Facility, the “GateHouse Credit Facilities”) dated November 26, 2013 by and among the Loan Parties, Mutual Quest Fund and each of the lenders party thereto provides for a term loan in an aggregate principal amount of $50,000. Borrowings under the Second Lien Credit Facility bear interest, at the Loan Parties' option, equal to (i) the LIBOR Rate (as defined in the Second Lien Credit Facility) plus 11.00% or (ii) the Alternate Base Rate (as defined in the Second Lien Credit Facility) plus 10.00%. The outstanding principal will be fully due and payable on the maturity date of November 26, 2019. The GateHouse Credit Facilities are secured by a first and second priority security interest in substantially all assets of Loan Parties. In addition, the loans and other obligations of the Loan Parties under the GateHouse Credit Facilities are guaranteed by GateHouse Media, LLC. Under the revolving credit facility, the borrowers will also pay a quarterly commitment fee of 0.50% per annum on the unused portion of the revolving credit facility. | |||||
No principal payments are due on the revolving credit facility until the maturity date. Principal amounts outstanding under Term Loan A and Term Loan B of the First Lien Credit Facility will be payable in quarterly installments as follows: (I) four consecutive quarterly installments each in the amount of $875, commencing on January 1, 2014, (II) four consecutive quarterly installments each in the amount of $1,250, commencing on January 1, 2015, and (III) twelve consecutive quarterly installments each in the amount $2,000, commencing on January 1, 2016, followed by a final payment of all unpaid principal, accrued and unpaid interest and all unpaid fees and expenses which will be fully due and payable on November 26, 2018. The principal payments will be applied against Term Loan A until fully paid, and then to Term Loan B. The outstanding principal of the Second Lien Credit Facility will be fully due and payable on the maturity date of November 26, 2019. Only interest payments are due under the Second Lien Credit Facility until maturity. The Loan Parties are required to prepay borrowings under the GateHouse Credit Facilities in an amount equal to: (i) 100% of Excess Cash Flow (as defined in the GateHouse Credit Facilities) earned during any fiscal year quarter if the Leverage Ratio (as defined in the GateHouse Credit Facilities) as of the end of such fiscal quarter was greater than or equal to 2.75 to 1.0; (ii) 50% of Excess Cash Flow earned during any fiscal quarter if the Leverage Ratio of the Loan Parties as of the end of such fiscal quarter was less than 2.75 to 1.0 and greater than or equal to 2.5 to 1.0; and (iii) 0% of Excess Cash Flow earned during any fiscal quarter if the Leverage Ratio of the Loan Parties as of the end of such fiscal quarter was not more than 2.5 to 1.0. In addition, in the event of certain asset sales, borrowings or casualty events, the GateHouse Credit Facilities require the Loan Parties to prepay borrowings with the proceeds. | |||||
The GateHouse Credit Facilities impose upon GateHouse certain financial and operating covenants, including, among others, requirements that GateHouse satisfy certain financial tests, including a minimum fixed charge coverage ratio of not less than 1.0 to 1.0, a maximum leverage ratio of not greater than 3.25 to 1.0, a minimum EBITDA and a limitation on capital expenditures, and restrictions on GateHouse's ability to incur additional debt, incur liens and encumbrances, consolidate, amalgamate or merge with any other person, pay dividends, dispose of assets, make certain restricted payments, engage in transactions with affiliates, materially alter the business it conducts and taking certain other corporate actions. As of March 30, 2014 the revolving credit facility had a weighted average interest rate of 3.8%. | |||||
As of March 30, 2014, GateHouse is in compliance with all of the covenants and obligations under the GateHouse Credit Facilities. | |||||
Local Media Credit Facility | |||||
Certain of Local Media Parent's subsidiaries (together, the “Borrowers”) and Local Media Parent entered into a Credit Agreement, dated as of September 3, 2013, with a syndicate of financial institutions with Credit Suisse AG, Cayman Islands Branch, as administrative agent (the “Local Media Credit Facility”). | |||||
The Local Media Credit Facility provided for: (a) a $33,000 term loan facility that matures on September 4, 2018; and (b) a $10,000 revolving credit facility (of which $4,000 was drawn as of March 30, 2014) (subject to the activation condition that Credit Suisse Loan Funding LLC, as lead arranger, assigns the revolving loan commitment to an unaffiliated lender), with a $3,000 sub-facility for letters of credit and a $4,000 sub-facility for swing loans, that matures on September 4, 2018. The revolving credit facility was activated on October 25, 2013. The Borrowers used the proceeds of the Local Media Credit Facility to (a) fund a portion of the acquisition of Dow Jones Local Media Group, Inc., a Delaware corporation (the “Local Media Acquisition”), (b) provide for working capital and other general corporate purposes of the Borrowers and (c) fund certain fees, costs and expenses associated with the transactions contemplated by the Local Media Credit Facility and consummation of the Local Media Acquisition. The Local Media Credit Facility is secured by a first priority security interest in substantially all assets of the Borrowers and Local Media Parent. In addition, the loans and other obligations of the Borrowers under the Local Media Credit Facility are guaranteed by Local Media Group Holdings LLC. | |||||
Borrowings under the Local Media Credit Facility bear interest, at the borrower's option, equal to the LIBOR Rate (as defined in the Local Media Credit Facility) plus 6.5% per annum for a LIBOR Rate Loan (as defined in the Local Media Credit Facility), or the Base Rate (as defined in the Local Media Credit Facility) plus 5.5% per annum for a Base Rate Loan (as defined in the Local Media Credit Facility). Under the revolving credit facility, the Borrowers will also pay a monthly commitment fee of 0.75% per annum on the unused portion of the revolving credit facility and a fee of 6.0% on the aggregate amount of outstanding letters of credit. As of December 29, 2013, the revolving credit facility had a weighted average interest rate of 7.5%. | |||||
No principal payments are due on the revolving credit facility until the maturity date. Principal payments are due on the term loan facility as follows: (a) $203 at the end of each fiscal quarter beginning with the fiscal quarter ending December 31, 2013 through the fiscal quarter ending September 30, 2015; and (b) $406 beginning with the fiscal quarter ending December 31, 2015 and at the end of each fiscal quarter thereafter with the remaining balance of principal becoming fully due and payable on the maturity date. The Borrowers are required to prepay borrowings under the Local Media Credit Facility in an amount equal to: (i) 100% of expected Excess Cash Flow (as defined in the Local Media Credit Facility) with respect to a fiscal quarter if the Leverage Ratio (as defined in the Local Media Credit Facility) of Local Media and the Borrowers as of the end of such fiscal quarter was greater than or equal to 2.0 to 1.0; (ii) 50% of expected Excess Cash Flow with respect to a fiscal quarter if the Leverage Ratio of Local Media and the Borrowers as of the end of such fiscal quarter was less than 2.0 to 1.0 and greater than or equal to 1.75 to 1.0; and (iii) 0% of expected Excess Cash Flow with respect to a fiscal quarter if the Leverage Ratio of Local Media and the Borrowers as of the end of such fiscal quarter was less than 1.75 to 1.0, in each case subject to an annual audit adjustment. In addition, the Borrowers are required to prepay borrowings under the Local Media Credit Facility with (A) net cash proceeds of certain asset dispositions, (B) 100% of Extraordinary Receipts (as defined in the Local Media Credit Facility), (C) 100% of net cash proceeds of funded indebtedness (other than indebtedness permitted by the Local Media Credit Facility), and (D) 100% of all Specified Equity Contributions (as defined in the Local Media Credit Facility) to Local Media. | |||||
The Local Media Credit Facility contains financial covenants that require Local Media Parent and the Borrowers to maintain (a) a Leverage Ratio of not more than 2.5 to 1.0 and a Fixed Charge Coverage Ratio (as defined in the Local Media Credit Facility) of at least 2.0 to 1.0, each measured at the end of each fiscal quarter for the four-quarter period then ended. The Local Media Credit Facility contains affirmative and negative covenants applicable to Local Media and the Borrowers customarily found in loan agreements for similar transactions, including, but not limited to, restrictions on their ability to incur indebtedness, create liens on assets, engage in certain lines of business, engage in mergers or consolidations, dispose of assets, make investments or acquisitions, engage in transactions with affiliates, pay dividends or make other restricted payments. The Local Media Credit Facility contains customary events of default, including, but not limited to, defaults based on a failure to pay principal, interest, fees or other obligations, subject to specified grace periods (other than with respect to principal); any material inaccuracy of representation or warranty; breach of covenants; default in other material indebtedness; a Change of Control (as defined in the Local Media Credit Facility); bankruptcy and insolvency events; material judgments; certain ERISA events; and impairment of collateral. The Local Media Credit Facility was amended on October 17, 2013 and February 28, 2014. The October 17, 2013 amendment corrected a typographical mistake. The February 28, 2014 amendment provided that among other things, sales of real property collateral and reinvestment of the proceeds from such sale could only be made with the consent of the Administrative Agent, modified the properties included in the real property collateral, and set forth in detail the documentary post-closing requirements with respect to the real property collateral. | |||||
As of March 30, 2014, Local Media Parent is in compliance with all of the covenants and obligations under the Local Media Credit Facility. | |||||
Fair Value | |||||
The fair value of long-term debt under the GateHouse Credit Facilities was estimated at $146,125 as of March 30, 2014, based on discounted future contractual cash flows and a market interest rate adjusted for necessary risks, including the Company's own credit risk as there are no rates currently observable in publically traded debt markets of risk with similar terms and average maturities. Accordingly, the Company's long-term debt under the GateHouse Credit Facilities is classified within Level 3 of the fair value hierarchy. | |||||
The fair value of long-term debt under the Local Media Credit Facility was estimated at $36,797 as of March 30, 2014, based on discounted future contractual cash flows and a market interest rate adjusted for necessary risks, including the Company's own credit risk as there are no rates currently observable in publically traded debt markets of risk with similar terms and average maturities. Accordingly, the Company's long-term debt under the Local Media Credit Facility is classified within Level 3 of the fair value hierarchy. | |||||
Payment Schedule | |||||
As of March 30, 2014, scheduled principal payments of outstanding debt are as follows: | |||||
2014 | 3,234 | ||||
2015 | 5,813 | ||||
2016 | 9,625 | ||||
2017 | 10,031 | ||||
2018 | 104,219 | ||||
2019 | 50,000 | ||||
$ | 182,922 | ||||
Less: Short-term debt | 4,687 | ||||
Less: Remaining original issue discount | 945 | ||||
Long-term debt | $ | 177,290 | |||
Predecessor Company | |||||
As part of the Restructuring, the Predecessor's previous long term debt was extinguished pursuant to the Support Agreement on the Effective Date of the Plan. | |||||
2007 Credit Facility | |||||
GateHouse Media Operating, Inc. formerly known as GateHouse Media Operating, LLC (“Operating”), an indirect wholly-owned subsidiary of the Company, GateHouse Media Holdco, Inc. formerly known as GateHouse Media Holdco, LLC (“Holdco”), an indirect wholly-owned subsidiary of the Company, and certain of their subsidiaries (together, the “Borrowers”) entered into an Amended and Restated Credit Agreement, dated as of February 27, 2007, with a syndicate of financial institutions with Wells Fargo Bank, N.A., successor-by-merger to Wachovia Bank, National Association (“Wells Fargo Bank”), as administrative agent (the “2007 Credit Facility”). | |||||
The 2007 Credit Facility, prior to execution of the Second Amendment (defined below), provided for: (a) a $670,000 term loan facility which would have matured on August 28, 2014; (b) a delayed draw term loan facility of up to $250,000 which would have matured on August 28, 2014, and (c) a revolving credit facility with a $40,000 aggregate loan commitment amount available, including a $15,000 sub-facility for letters of credit and a $10,000 swingline facility, which would have matured on February 28, 2014. The Borrowers used the proceeds of the 2007 Credit Facility to refinance existing indebtedness and for working capital and other general corporate purposes, including, without limitation, financing acquisitions permitted under the 2007 Credit Facility. The 2007 Credit Facility was secured by a first priority security interest in substantially all of the tangible and intangible assets of Holdco, Operating and their present and future direct and indirect domestic restricted subsidiaries. In addition, the loans and other obligations of the Borrowers under the 2007 Credit Facility were guaranteed, subject to specified limitations, by Holdco, Operating and their present and future direct and indirect domestic restricted subsidiaries. | |||||
The 2007 Credit Facility also contained a financial covenant that required Holdco to maintain a Total Leverage Ratio of less than or equal to 6.5 to 1.0 at any time an extension of credit was outstanding under the revolving credit facility and other affirmative and negative covenants applicable to Holdco, Operating and their restricted subsidiaries customarily found in loan agreements for similar transactions. The 2007 Credit Facility contained customary events of default, including defaults based on a failure to pay principal, reimbursement obligations, interest, fees or other obligations, subject to specified grace periods; any material inaccuracy of a representation or warranty; breach of covenant; failure to pay other indebtedness and cross-accelerations; a Change of Control (as defined in the 2007 Credit Facility); events of bankruptcy and insolvency; material judgments; failure to meet certain requirements with respect to ERISA; and impairment of collateral. | |||||
First Amendment to 2007 Credit Facility | |||||
On May 7, 2007, the Borrowers entered into the First Amendment to the 2007 Credit Facility (“the First Amendment”). The First Amendment provided, among other things, an incremental term loan facility under the 2007 Credit Facility in the amount of $275,000. As amended by the First Amendment, the 2007 Credit Facility included $1,195,000 of term loan facilities and $40,000 of a revolving credit facility. | |||||
Second Amendment to 2007 Credit Facility | |||||
On February 3, 2009, the Company entered into the Second Amendment to the 2007 Credit Facility (the “Second Amendment”). | |||||
Among other things, the Second Amendment reduced the aggregate principal amounts available under the 2007 Credit Facility, as follows: (a) for revolving loans, from $40,000 to $20,000; (b) for the letter of credit subfacility, from $15,000 to $5,000; and (c) for the swingline loan subfacility, from $10,000 to $5,000. | |||||
In addition, the Second Amendment provided that Holdco may not incur additional term debt under the 2007 Credit Facility unless the Senior Secured Incurrence Test (as defined in the Second Amendment) was less than 4.00 to 1.00 and the current Incurrence Test (as defined in the Second Amendment) was satisfied. | |||||
Agency Amendment to 2007 Credit Facility | |||||
On April 1, 2011, the Borrowers entered into an Agency Succession and Amendment Agreement, dated as of March 30, 2011, to the 2007 Credit Facility (the “Agency Amendment”). | |||||
Pursuant to the Agency Amendment, among other things, (a) Wells Fargo Bank resigned as administrative agent and (b) Gleacher Products Corp. was appointed as administrative agent. In addition, the Agency Amendment effected certain amendments to the 2007 Credit Facility that provided that (x) the administrative agent need not be a lender under the 2007 Credit Facility and (y) the lenders holding a majority of the outstanding term loans and loan commitments under the 2007 Credit Facility have (i) the right, in their discretion, to remove the administrative agent and (ii) the right to make certain decisions and exercise certain powers under the 2007 Credit Facility that had previously been within the discretion of the administrative agent. | |||||
Fourth Amendment to 2007 Credit Facility | |||||
On September 4, 2013, the Company entered into the Fourth Amendment to the Credit Facility (the “Fourth Amendment”). Pursuant to the terms of the Fourth Amendment, the Company obtained the following improvement in terms: a clarified and expanded definition of “Eligible Assignee”; an increase in the base amount in the formula used to calculate the “Permitted Investments” basket from $35,000 to a base of $50,000; the removal of the requirement that the Company's annual financial statements not have a “going concern” or like qualification to the audit; the removal of a cross default from any Secured Hedging Agreement to the 2007 Credit Facility; the removal of a Bankruptcy Default, as defined therein, arising from actions in furtherance of or indicating consent to the specified actions; and a waiver of any prior Default or Event of Default, as defined therein. | |||||
In consideration of the changes described above, the Company agreed to pay each of the lenders party to the Fourth Amendment that timely executed and delivered its signature to the Fourth Amendment and the RSA, an amendment fee equal to 3.5% multiplied by the aggregate outstanding amount of the Loans held (including through trades pending settlement) by such lender, unless waived in writing. Newcastle and certain other lenders elected to waive their amendment fee pursuant to the Fourth Amendment. Newcastle indemnified other Lenders with respect to their entry into the Fourth Amendment, subject to the limitations set forth in the Fourth Amendment for a total amendment fee paid of approximately $6,790. | |||||
2007 Credit Facility Excess Cash Flow Payment and Outstanding Balance | |||||
As required by the 2007 Credit Facility, as amended, on March 26, 2013 and March 15, 2012, the Company made principal payments of $6,648 and $4,600, respectively, which represented 50% of the Excess Cash Flow related to the fiscal years ended December 30, 2012 and January 1, 2012, respectively. As of December 29, 2013, a total of $0 was outstanding under the 2007 Credit Facility. |
Derivative_Instruments
Derivative Instruments | 3 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||||||||||||
Derivative Instruments [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||||||||||||||||||
(8) Derivative Instruments | |||||||||||||||||||||||||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations. The primary risk managed by the Company using derivative instruments is interest rate risk. On February 25, 2014, the Company entered into an interest rate swap with a notional amount of $6,250, which matures in November 2018 to economically hedge the risk of fluctuations in interest payments with respect to the First Lien Credit Facility under the GateHouse Credit Facilities. Under the swap agreement, the Company receives interest equivalent to one-month LIBOR and pays a fixed rate of 1.5%, with settlements occurring monthly. The Company did not designate this swap as a cash flow hedge for accounting purposes. As of March 30, 2014, the fair value of the swap was $25. The gains (losses) on the swap are recorded in gain (loss) on derivative instruments on the consolidated statements of operations. The counterparty on the interest rate swap is PNC Bank, N.A. | |||||||||||||||||||||||||||||||||||
The Company's derivative instruments are carried at fair value and are generally valued using models with observable market inputs that can be verified and which do not involve significant judgment. The significant observable inputs used in determining the fair value of its Level 2 derivative contracts are contractual cash flows and market based parameters such as interest rates. | |||||||||||||||||||||||||||||||||||
The bankruptcy filing on September 27, 2013 was a termination event under the Predecessor's interest rate swap agreements. The Predecessor used certain derivative financial instruments to hedge the aggregate risk of interest rate fluctuations with respect to its borrowings under the 2007 Credit Facility, which required payments based on a variable interest rate index. These risks included: increases in debt rates above the earnings of the encumbered assets, increases in debt rates resulting in the failure of certain debt ratio covenants, increases in debt rates such that assets can no longer be refinanced, and earnings volatility. | |||||||||||||||||||||||||||||||||||
In order to reduce such risks, the Predecessor primarily used interest rate swap agreements to change floating-rate long-term debt to fixed-rate long-term debt. This type of hedge was intended to qualify as a “cash-flow hedge” under ASC Topic 815 “Derivatives” (“ASC 815”). For these instruments, the effective portion of the change in the fair value of the derivative was recorded in accumulated other comprehensive loss in the consolidated statement of stockholders' equity (deficit) and recognized in the consolidated statement of operations and comprehensive income (loss) in the same period in which the hedged transaction impacts earnings. The ineffective portion of the change in the fair value of the derivative was immediately recognized in earnings. | |||||||||||||||||||||||||||||||||||
The restructuring process resulted in the dedesignation of the hedging relationship as it was not probable that the forecasted transaction would occur according to the original strategy, any related amounts previously recorded in accumulated other comprehensive income (loss), net were recognized into earnings of the Predecessor as of the Petition Date. The derivative liability balances were classified as liabilities subject to compromise at the allowed claim amount. The remaining amount of other comprehensive income totaling $26,313 was recognized through earnings for the Predecessor for the ten months ended November 6, 2013. | |||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||||||||||||||
30-Mar-14 | 29-Dec-13 | ||||||||||||||||||||||||||||||||||
Balance | Fair | Balance | Fair | ||||||||||||||||||||||||||||||||
Sheet | Value | Sheet | Value | ||||||||||||||||||||||||||||||||
Location | Location | ||||||||||||||||||||||||||||||||||
Derivative designed as non-hedging instruments under ASC 815 | |||||||||||||||||||||||||||||||||||
Interest rate swaps | Other Assets | $ | 25 | Other Assets | $ | — | |||||||||||||||||||||||||||||
Total derivatives | $ | 25 | $ | — | |||||||||||||||||||||||||||||||
The Effect of Derivative Instruments on the Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||
for the Successor Company for the Three Months Ended March 30, 2014 and for the | |||||||||||||||||||||||||||||||||||
Predecessor Company for the Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||
Derivatives in ASC 815 Fair Value Hedging | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||
Relationships | Recognized in Income on | Recognized in Income on | |||||||||||||||||||||||||||||||||
Derivative | Derivative | ||||||||||||||||||||||||||||||||||
Successor Company | Predecessor Company | ||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||
Interest rate swaps | Gain (loss) on derivative instruments | $ | 25 | $ | (5 | ) | |||||||||||||||||||||||||||||
Derivatives in ASC | Amount of Gain or (Loss) | Location of | Amount of Gain or (Loss) | Location of | Amount of Gain or (Loss) | ||||||||||||||||||||||||||||||
815 Fair Value Hedging | Recognized in Other | Gain or (Loss) | Reclassified from | Gain or (Loss) | Recognized in Income on | ||||||||||||||||||||||||||||||
Relationships | Comprehensive | Reclassified from | Accumulated | Recognized in | Derivative (Ineffective | ||||||||||||||||||||||||||||||
Income (“OCI”) | Accumulated OCI | OCI into Income | Income on | Portion and Amount | |||||||||||||||||||||||||||||||
on Derivative | into Income | (Effective Portion) | Derivative | Excluded from | |||||||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective Portion | Effectiveness Testing) | ||||||||||||||||||||||||||||||||
and Amount | |||||||||||||||||||||||||||||||||||
Excluded from | |||||||||||||||||||||||||||||||||||
Effectiveness | |||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Testing) | Successor | Predecessor | |||||||||||||||||||||||||||||
Company | Company | Company | Company | Company | Company | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 7,701 | Interest | $ | — | $ | 7,533 | Gain (loss) on | $ | 25 | $ | (5 | ) | ||||||||||||||||||||
income/ | derivative | ||||||||||||||||||||||||||||||||||
(expense) | instruments | ||||||||||||||||||||||||||||||||||
In connection with the 2007 Credit Facility, the Predecessor Company entered into and designated an interest rate swap based on a notional amount of $100,000 maturing September 2014, as a cash flow hedge. Under the swap agreement, the Predecessor Company received interest equivalent to one month LIBOR and pays a fixed rate of 5.14%, with settlements occurring monthly. | |||||||||||||||||||||||||||||||||||
In connection with the 2007 Credit Facility, the Predecessor Company entered into and designated an interest rate swap based on a notional amount of $250,000 maturing September 2014, as a cash flow hedge. Under the swap agreement, the Predecessor Company received interest equivalent to one month LIBOR and pays a fixed rate of 4.971%, with settlements occurring monthly. | |||||||||||||||||||||||||||||||||||
In connection with the First Amendment to the 2007 Credit Facility, the Predecessor Company entered into and designated an interest rate swap based on a notional amount of $200,000 maturing September 2014, as a cash flow hedge. Under the swap agreement, the Predecessor Company received interest equivalent to one month LIBOR and pays a fixed rate of 5.079% with settlements occurring monthly. | |||||||||||||||||||||||||||||||||||
In connection with the First Amendment to the 2007 Credit Facility, the Predecessor Company entered into and designated an interest rate swap based on a notional amount of $75,000 maturing September 2014, as a cash flow hedge. Under the swap agreement, the Predecessor Company received interest equivalent to one month LIBOR and pays a fixed rate of 4.941% with settlements occurring monthly. | |||||||||||||||||||||||||||||||||||
The aggregate amount of unrealized loss related to derivative instruments recognized in other comprehensive loss as of March 30, 2014 and December 29, 2013 was $0 and $0, respectively. | |||||||||||||||||||||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
(9) Related Party Transactions | |
As of December 29, 2013, Newcastle (an affiliate of FIG LLC (“Fortress”)) beneficially owned approximately 84.6% of the Company's outstanding common stock. On February 13, 2014, Newcastle completed the spin-off of the Company. On February 14, 2014 New Media became a separate, publicly traded company trading on the NYSE under the ticker symbol “NEWM”. As a result of the spin-off, the fees included in the Management Agreement with the Company's Manager became effective. As of March 30, 2014, Fortress and its affiliates owned approximately 1.48% of the Company's outstanding stock. | |
In addition, the Company's Chairman, Wesley Edens, is also the Co-Chairman of the board of directors of FIG LLC. The Company does not pay Mr. Edens a salary or any other form of compensation. | |
The Company's Chief Operating Officer owns an interest in a company that the Successor Company and the Predecessor Company received $78 and $0 during the three months ended March 30, 2014 and the three months ended March 31, 2013, respectively, for commercial printing services which is included in commercial printing and other on the consolidated statement of operations and comprehensive income (loss). | |
The Company's Chief Executive Officer and Chief Financial Officer are employees of Fortress and their salaries are paid by Fortress. | |
Management Agreement | |
On the Effective Date, the Company entered into a management agreement with FIG LLC (the “Manager”), as amended and restated, (the “Management Agreement”). The Management Agreement requires the Manager to manage the Company's business affairs subject to the supervision of the Company's Board of Directors. | |
The Management Agreement has an initial three-year term and will be automatically renewed for one-year terms thereafter unless terminated either by the Company or the Manager. From the commencement date of the Company's Common Stock trading on the “regular way” market on a major U.S. national securities exchange (the “Listing”), the Manager is (a) entitled to receive from the Company a management fee, (b) eligible to receive incentive compensation that is based on the Company's performance and (c) eligible to receive options to purchase New Media Common Stock upon the successful completion of an offering of shares of the Company's Common Stock or any shares of preferred stock with an exercise price equal to the price per share paid by the public or other ultimate purchaser in the offering. In addition, the Company is obligated to reimburse certain expenses incurred by the Manager. The Manager is also entitled to receive a termination fee from the Company under certain circumstances. | |
The Company recognized $765 for management fees within selling, general and administrative expense and $0 was paid to Fortress during the three months ended March 30, 2014. No management fees were incurred during the three months ended March 31, 2013. | |
GateHouse Management and Advisory Agreement | |
On November 26, 2013, New Media entered into the GateHouse Management and Advisory Agreement (the “GateHouse Management Agreement”) with GateHouse, pursuant to which New Media will manage the assets and the day-to-day operations of GateHouse. New Media will be responsible for, among other things (i) the purchase and sale of GateHouse's investments (ii) the financing of GateHouse's investments and (iii) investment advisory services. Such services may be performed by the Manager. | |
The GateHouse Management Agreement has an initial three-year term and will be automatically renewed for one-year terms thereafter unless terminated by New Media or Gate House. The GateHouse Management Agreement will automatically terminate if the Management Agreement between New Media and the Manager is terminated. | |
Commencing from the Listing, New Media is (a) entitled to receive a management fee equal to 1.50% per annum of GateHouse's Total Equity (as defined in the GateHouse Management Agreement) and (b) eligible to receive incentive compensation that is based on GateHouse's performance. In addition, GateHouse is obligated to reimburse certain expenses incurred by New Media in connection with the performance of its duties under the agreement. These fees eliminate in consolidation. | |
Local Media Management and Advisory Agreement | |
On August 27, 2013, GateHouse entered into the Local Media Management Agreement with Local Media Parent, which was substantially assigned to Local Media, to manage the operations of Local Media. Local Media Parent was a subsidiary of Newcastle (an affiliate of Fortress) prior to the Effective Date. | |
The agreement has a two-year term, with automatic renewal for successive two-year periods unless terminated. While the agreement is in effect, GateHouse will receive an annual management fee of $1,100, subject to adjustments (up to a maximum annual management fee of $1,200), and an annual incentive compensation fee based on exceeding EBITDA targets of Local Media. These fees eliminate in consolidation. | |
Registration Rights Agreement with Omega | |
The Company entered into a registration rights agreement with Omega Advisors, Inc. and its affiliates (collectively, “Omega”). Under the terms of the registration rights agreement, subject to customary exceptions and limitations, New Media is required to use commercially reasonable efforts to file a registration statement (the “Registration Statement”) providing for the registration and sale by Omega of its New Media Common Stock acquired pursuant to the Plan (the “Registrable Securities”) as soon as reasonably practicable, but not prior to the earlier of (i) 120 days following the Effective Date and (ii) 14 days after the required financials are completed in the ordinary course of business. During the first 12 months following the Listing, subject to customary exceptions and limitations, Omega may request one demand right with respect to some or all of the Registrable Securities under the Registration Statement (the “Demand Registration”). | |
Once the Company is eligible to use Form S-3, New Media will be required to use commercially reasonable efforts to file a resale shelf registration statement providing for the registration and sale on a continuous or delayed basis by Omega of its Registrable Securities (the “Shelf Registration”), subject to customary exceptions and limitations. Omega is entitled to initiate up to three offerings or sales with respect to some or all of the Registrable Securities pursuant to the Shelf Registration. | |
Omega may only exercise its right to request the Demand Registration and any Shelf Registrations if the Registrable Securities eligible to be sold pursuant to such Registration Statement or Shelf Registration are at least 3% of the then-outstanding New Media Common Stock. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
(10) Income Taxes | |
The Company performs a quarterly assessment of its deferred tax assets and liabilities. ASC 740 limits the ability to use future taxable income to support the realization of deferred tax assets when a company has experienced a history of losses even if future taxable income is supported by detailed forecasts and projections. | |
In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. The Company concluded that during the three months ended March 30, 2014, a net increase to the valuation allowance of $2,338 would be necessary to offset additional deferred tax assets. Of this amount, a $2,338 increase was recognized through the Condensed Consolidated Statement of Operations and Comprehensive Income (Loss). | |
The realization of the remaining deferred tax assets is primarily dependent on the scheduled reversals of deferred taxes. Any changes in the scheduled reversals of deferred taxes may require an additional valuation allowance against the remaining deferred tax assets. Any increase or decrease in the valuation allowance could result in an increase or decrease in income tax expense in the period of adjustment. | |
The computation of the annual expected effective tax rate at each interim period requires certain estimates and assumptions including, but not limited to, the expected operating income (loss) for the year, projections of the proportion of income (or loss), permanent and temporary differences, including the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is acquired, or as additional information is obtained. To the extent that the estimated annual effective tax rate changes during a quarter, the effect of the change on prior quarters is included in tax expense for the current quarter. | |
For the three months ended March 30, 2014, the expected federal tax benefit at 34% is $2,474. The difference between the expected tax and the effective tax benefit of $586 is primarily attributable to the tax effect of the federal valuation allowance of $2,031, the tax effect related to non-deductible expenses of $47, deferred tax benefits that expired of $19, and state tax benefit of $77. | |
The Company and its subsidiaries file a U.S. federal consolidated income tax return. The U.S. federal and state statute of limitations generally remains open for the 2010 tax year and beyond. | |
In accordance with ASC 740, the Company recognizes penalties and interest relating to uncertain tax positions in the provision for income taxes. As of March 30, 2014 and December 29, 2013, the Company had unrecognized tax benefits of approximately $1,109 and $1,109, respectively. The Company did not record significant amounts of interest and penalties related to unrecognized tax benefits for the periods ending March 30, 2014 and December 29, 2013. The Company does not expect significant changes in unrecognized tax benefits within the next 12 months. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 3 Months Ended | ||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||
Pension and Postretirement Benefits [Abstract] | ' | ||||||||||||||||||
Pension and Postretirement Benefits | ' | ||||||||||||||||||
(11) Pension and Postretirement Benefits | |||||||||||||||||||
The Company maintains a pension plan and several postretirement medical and life insurance plans which cover certain employees. The Company uses the accrued benefit actuarial method and best estimate assumptions to determine pension costs, liabilities and other pension information for defined benefit plans. | |||||||||||||||||||
The following provides information on the pension plan and postretirement medical and life insurance plans for the three months ended March 30, 2014 and March 31, 2013. | |||||||||||||||||||
Successor Company | Predecessor Company | ||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | ||||||||||||||||
Components of net periodic benefit costs: | |||||||||||||||||||
Service cost | $ | 75 | $ | 9 | $ | 75 | $ | 10 | |||||||||||
Interest cost | 295 | 63 | 271 | 57 | |||||||||||||||
Expected return on plan assets | (406 | ) | — | (340 | ) | — | |||||||||||||
Amortization of prior service cost | — | — | — | (114 | ) | ||||||||||||||
Amortization of unrecognized loss | — | — | 131 | — | |||||||||||||||
Total | $ | (36 | ) | $ | 72 | $ | 137 | $ | (47 | ) | |||||||||
For the Successor Company for the three months ended March 30, 2014 and for the Predecessor Company for the three months ended and March 31, 2013, the Company recognized a total of $36 and $90 in pension and postretirement benefit expense, respectively. | |||||||||||||||||||
The following assumptions were used in connection with the Company's actuarial valuation of its defined benefit pension and postretirement plans for the three months ended March 30, 2014: | |||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||
Weighted average discount rate | 5 | % | 4.47 | % | |||||||||||||||
Rate of increase in future compensation levels | — | — | |||||||||||||||||
Expected return on assets | 8 | % | — | ||||||||||||||||
Current year trend | — | 7.75 | % | ||||||||||||||||
Ultimate year trend | — | 4.75 | % | ||||||||||||||||
Year of ultimate trend | — | 2025 | |||||||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | ||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||
Fair Value Measurement [Abstract] | ' | ||||||||||||||||||
Fair Value Measurement | ' | ||||||||||||||||||
(12) Fair Value Measurement | |||||||||||||||||||
Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized as follows: | |||||||||||||||||||
• | Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||
• | Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. | ||||||||||||||||||
• | Level 3: Unobservable inputs for which there is little or no market data and which require the Company to develop their own assumptions about how market participants price the asset or liability. | ||||||||||||||||||
The valuation techniques that may be used to measure fair value are as follows: | |||||||||||||||||||
• | Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. | ||||||||||||||||||
• | Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectation about those future amounts. | ||||||||||||||||||
• | Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). | ||||||||||||||||||
The following table presents financial assets and liabilities measured or disclosed at fair value on a recurring basis for the periods presented: | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | Valuation | |||||||||||||||
Active Markets for | Observable | Unobservable | Measurements | Technique | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
As of December 29, 2013 | |||||||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 31,811 | $ | — | $ | — | $ | 31,811 | Income | ||||||||||
Restricted cash | 6,477 | — | — | 6,477 | Income | ||||||||||||||
As of March 30, 2014 | |||||||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 21,947 | $ | — | $ | — | $ | 21,947 | Income | ||||||||||
Restricted cash | 6,477 | — | — | 6,477 | Income | ||||||||||||||
Derivatives (1) | — | 25 | — | 25 | Income | ||||||||||||||
(1 | )Derivative assets and liabilities consist of interest rate swaps which are measured using the Company's estimates of the assumptions a market participant would use in pricing the derivative. The fair value of the interest rate derivative is determined based on the net cash flows discounted at the relevant market interest rates in effect at the period close and incorporates an assessment of the risk of non-performance by the interest rate derivative counterparty in valuing derivative assets and an evaluation of the Company's credit risk in valuing derivative liabilities. | ||||||||||||||||||
Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). | |||||||||||||||||||
During the quarter ended September 29, 2013, the Company consolidated the assets and liabilities of Local Media under the purchase method of accounting. Accordingly, the assets acquired and liabilities assumed were recorded at their fair value. Property plant and equipment was valued using Level 2 inputs and mastheads and goodwill were valued using Level 3 inputs. Refer to Note 3 for discussion of the valuation techniques and significant inputs and assumptions utilized and the fair value recognized. | |||||||||||||||||||
During the quarter ended December 29, 2013, the Company applied fresh start accounting which resulted in its assets and liabilities being recorded at their fair values utilizing Level 3 inputs as of November 6, 2013. | |||||||||||||||||||
During the quarter ended March 30, 2014, the Company consolidated the assets and liabilities of the other acquisition under the purchase method of accounting. Accordingly, the assets acquired and liabilities assumed were recorded at their fair value. Property plant and equipment was valued using Level 2 inputs and mastheads and goodwill were valued using Level 3 inputs. | |||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 30, 2014 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
(13) Commitments and Contingencies | |
The Company becomes involved from time to time in claims and lawsuits incidental to the ordinary course of its business, including with respect to matters such as libel, invasion of privacy, intellectual property infringement, wrongful termination actions, and complaints alleging employment discrimination. In addition, the Company is involved from time to time in governmental and administrative proceedings concerning employment, labor, environmental and other claims. Insurance coverage maintained by the Company mitigates potential loss for certain of these matters. Historically, such claims and proceedings have not had a material effect upon the Company's condensed consolidated results of operations or financial condition. While the Company is unable to predict the ultimate outcome of any currently outstanding legal actions, it is the opinion of the Company's management that it is a remote possibility that the disposition of these matters would have a material adverse effect upon the Company's condensed consolidated results of operations, financial condition or cash flows. | |
Restricted cash at March 30, 2014 and December 29, 2013, in the aggregate amount of $6,477 for both periods, is used to collateralize standby letters of credit in the name of the Company's insurers in accordance with certain insurance policies and as cash collateral for certain business operations. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended |
Mar. 30, 2014 | |
Discontinued Operations [Abstract] | ' |
Discontinued Operations | ' |
(14) Discontinued Operations | |
For the Successor Company for the three months ended March 30, 2014, no publications were discontinued. The net revenue for the Predecessor Company for the three months ended March 31, 2013 for previously discontinued operations was $331. Loss, net of income taxes of $0, for the Predecessor Company for the three months ended March 31, 2013 for previously discontinued operations was $87. |
Unaudited_Financial_Statements1
Unaudited Financial Statements (Tables) | 3 Months Ended | |||||||||||||
Mar. 30, 2014 | ||||||||||||||
Unaudited Financial Statements [Abstract] | ' | |||||||||||||
Schedule of changes in accumulated other comprehensive income (loss) | ' | |||||||||||||
The changes in accumulated other comprehensive income (loss) by component for the three months ended March 30, 2014 are outlined below. | ||||||||||||||
Gain (loss) on | Net actuarial loss | Total | ||||||||||||
derivative | and prior service | |||||||||||||
instruments | cost (1) | |||||||||||||
For the three months ended March 31, 2013, Predecessor Company: | ||||||||||||||
Balance at December 30, 2012, Predecessor Company | $ | (45,651 | ) | $ | (6,991 | ) | $ | (52,642 | ) | |||||
Other comprehensive income before reclassifications | 168 | — | 168 | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | 7,533 | (114 | ) | 7,419 | ||||||||||
Net current period other comprehensive income, net of taxes | 7,701 | (114 | ) | 7,587 | ||||||||||
Balance at March 31, 2013, Predecessor Company | $ | (37,950 | ) | $ | (7,105 | ) | $ | (45,055 | ) | |||||
For the three months ended March 30, 2014, Successor Company: | ||||||||||||||
Balance at December 29, 2013, Successor Company | $ | — | $ | 458 | $ | 458 | ||||||||
Other comprehensive income before reclassifications | — | — | — | |||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | — | |||||||||||
Net current period other comprehensive income, net of taxes | — | — | — | |||||||||||
Balance at March 30, 2014, Successor Company | $ | — | $ | 458 | $ | 458 | ||||||||
-1 | This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost and there was no amortization for the Successor Company during the three months ended March 30, 2014 due to the impact of fresh start accounting. See Note 11. | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | |||||||||||||
The following table presents reclassifications out of accumulated other comprehensive income (loss) for the Successor Company for the three months ended March 30, 2014 and the Predecessor Company for the three months ended March 31, 2013. | ||||||||||||||
Amounts Reclassified from | ||||||||||||||
Accumulated Other | ||||||||||||||
Comprehensive Income (Loss) | ||||||||||||||
Successor | Predecessor | Affected Line Item in the Consolidated | ||||||||||||
Company | Company | Statements of Operations and | ||||||||||||
Three months | Three months | Comprehensive Income (Loss) | ||||||||||||
ended March 30, | ended March 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Gain on interest rate swap agreements, designated as cash flow hedges | $ | — | $ | 7,533 | Interest expense | |||||||||
Amortization of prior service cost | — | (114 | ) | (1 | ) | |||||||||
Amortization of unrecognized loss | — | 131 | (1 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 7,550 | Loss from continuing operations before income taxes | |||||||||||
Income tax benefit | — | — | Income tax benefit | |||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of taxes | $ | — | $ | 7,550 | Net loss | |||||||||
-1 | This accumulated other comprehensive income (loss) component is included in the computation of net periodic benefit cost. See Note 11. |
Business_Combinations_Tables
Business Combinations (Tables) | 3 Months Ended | ||||
Mar. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Assets Acquired and Liabilities Assumed | ' | ||||
Local Media | |||||
The following table summarizes estimated fair values of the Local Media assets and liabilities as of September 3, 2013: | |||||
Current assets | $ | 18,349 | |||
Property, plant and equipment | 73,718 | ||||
Mastheads | 4,100 | ||||
Goodwill | 462 | ||||
Total assets | 96,629 | ||||
Current liabilities | 13,179 | ||||
Total liabilities | 13,179 | ||||
Net assets | $ | 83,450 | |||
Other Acquisition | |||||
The following table summarizes estimated fair values of the assets and liabilities: | |||||
Current assets | $ | 940 | |||
Property, plant and equipment | 5,050 | ||||
Advertiser relationships | 980 | ||||
Subscriber relationships | 600 | ||||
Customer relationships | 180 | ||||
Mastheads | 530 | ||||
Goodwill | 660 | ||||
Total assets | 8,940 | ||||
Current liabilities | 1,055 | ||||
Total liabilities | 1,055 | ||||
Net assets | $ | 7,885 | |||
Schedule of Unaudited Pro Forma Results | ' | ||||
Pro-Forma Results | |||||
The unaudited pro forma condensed consolidated statement of operations information for 2013, set forth below, presents the results of operations as if the consolidation of the newspapers from Local Media had occurred on December 31, 2012. These amounts are not necessarily indicative of future results or actual results that would have been achieved had the acquisitions occurred as of the beginning of such period. | |||||
Three Months | |||||
ended | |||||
31-Mar-13 | |||||
Revenues | $ | 146,087 | |||
Loss from continuing operations | $ | (17,475 | ) | ||
Loss from continuing operations per common share: | |||||
Basic | $ | (0.30 | ) | ||
Diluted | $ | (0.30 | ) | ||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||
Mar. 30, 2014 | |||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||
RSG Activity | ' | ||||||||||
RSG activity during the three months ended March 30, 2014 was as follows: | |||||||||||
Number of RSGs | Weighted-Average | ||||||||||
Grant Date | |||||||||||
Fair Value | |||||||||||
Unvested at December 29, 2013 | — | $ | — | ||||||||
Granted | 15,870 | 14.18 | |||||||||
Unvested at March 30, 2014 | 15,870 | $ | 14.18 | ||||||||
Restructuring_Tables
Restructuring (Tables) | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Restructuring [Abstract] | ' | ||||||||||||
Restructuring Program Activity | ' | ||||||||||||
Information related to restructuring program activity for the Successor Company for the three months ended March 30, 2014 and the two months ended December 29, 2013, and for the Predecessor Company for the ten months ended November 6, 2013 is outlined below. | |||||||||||||
Severance and | Other | Total | |||||||||||
Related Costs | Costs (1) | ||||||||||||
Balance at December 30, 2012, Predecessor Company | $ | 684 | $ | 164 | $ | 848 | |||||||
Restructuring provision included in integration and reorganization | 1,539 | 38 | 1,577 | ||||||||||
Cash payments | (1,738 | ) | (207 | ) | (1,945 | ) | |||||||
Balance at November 6, 2013, Predecessor Company | $ | 485 | $ | (5 | ) | $ | 480 | ||||||
Restructuring provision included in Integration and Reorganization (2) | 1,758 | — | 1,758 | ||||||||||
Cash payments | (501 | ) | — | (501 | ) | ||||||||
Balance at December 29, 2013, Successor Company | $ | 1,742 | $ | (5 | ) | $ | 1,737 | ||||||
Restructuring provision included in Integration and Reorganization | 425 | — | 425 | ||||||||||
Cash payments | (804 | ) | — | (804 | ) | ||||||||
Balance at March 30, 2014, Successor Company | $ | 1,363 | $ | (5 | ) | $ | 1,358 | ||||||
-1 | Other costs primarily included costs to consolidate operations. | ||||||||||||
-2 | Included above are amounts that were initially recognized in integration and reorganization and were subsequently reclassified to discontinued operations expense at the time the affected operations ceased. | ||||||||||||
Schedule of Restructuring Costs and Cash Paid | ' | ||||||||||||
The following table summarizes the costs incurred and cash paid in connection with these restructuring programs for the three months ended March 30, 2014 and March 31, 2013. | |||||||||||||
Successor Company | Predecessor Company | ||||||||||||
Three months ended | Three months ended | ||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||
Severance and related costs | $ | 425 | $ | 194 | |||||||||
Other costs | — | 23 | |||||||||||
Cash payments | (804 | ) | (650 | ) | |||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets [Abstract] | ' | ||||||||||||
Schedule of Goodwill and Intangible Assets | ' | ||||||||||||
Goodwill and intangible assets consisted of the following: | |||||||||||||
30-Mar-14 | |||||||||||||
Gross carrying | Accumulated | Net carrying | |||||||||||
amount | amortization | amount | |||||||||||
Amortized intangible assets: | |||||||||||||
Advertiser relationships | $ | 59,500 | $ | 1,537 | $ | 57,963 | |||||||
Customer relationships | 5,870 | 150 | 5,720 | ||||||||||
Subscriber relationships | 36,720 | 944 | 35,776 | ||||||||||
Trade name | 270 | 11 | 259 | ||||||||||
Total | $ | 102,360 | $ | 2,642 | $ | 99,718 | |||||||
Nonamortized intangible assets: | |||||||||||||
Goodwill | $ | 126,571 | |||||||||||
Mastheads | 46,380 | ||||||||||||
Total | $ | 172,951 | |||||||||||
29-Dec-13 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Carrying | Amortization | Carrying | |||||||||||
Amount | Amount | ||||||||||||
Amortized intangible assets: | |||||||||||||
Advertiser relationships | $ | 58,520 | $ | 610 | $ | 57,910 | |||||||
Customer relationships | 5,690 | 59 | 5,631 | ||||||||||
Subscriber relationships | 36,120 | 375 | 35,745 | ||||||||||
Trade name | 270 | 5 | 265 | ||||||||||
Total | $ | 100,600 | $ | 1,049 | $ | 99,551 | |||||||
Nonamortized intangible assets: | |||||||||||||
Goodwill | $ | 125,911 | |||||||||||
Mastheads | 45,850 | ||||||||||||
Total | $ | 171,761 | |||||||||||
Intangible Assets Future Amortization Expense | ' | ||||||||||||
Estimated future amortization expense as of March 30, 2014 is as follows: | |||||||||||||
For the years ending the Sunday closest to December 31: | |||||||||||||
2014 | $ | 4,828 | |||||||||||
2015 | 6,438 | ||||||||||||
2016 | 6,438 | ||||||||||||
2017 | 6,438 | ||||||||||||
2018 | 6,438 | ||||||||||||
Thereafter | 69,138 | ||||||||||||
Total | $ | 99,718 | |||||||||||
Summary of the Change in Goodwill | ' | ||||||||||||
The changes in the carrying amount of goodwill for the period from December 29, 2013 to March 30, 2014 are as follows: | |||||||||||||
Balance at December 29, 2013 | $ | 125,911 | |||||||||||
Goodwill acquired in business combination | 660 | ||||||||||||
Balance at March 30, 2014 | $ | 126,571 | |||||||||||
Indebtedness_Tables
Indebtedness (Tables) | 3 Months Ended | ||||
Mar. 30, 2014 | |||||
Indebtedness [Abstract] | ' | ||||
Schedule of Principal Payments of Outstanding Debt | ' | ||||
Payment Schedule | |||||
As of March 30, 2014, scheduled principal payments of outstanding debt are as follows: | |||||
2014 | 3,234 | ||||
2015 | 5,813 | ||||
2016 | 9,625 | ||||
2017 | 10,031 | ||||
2018 | 104,219 | ||||
2019 | 50,000 | ||||
$ | 182,922 | ||||
Less: Short-term debt | 4,687 | ||||
Less: Remaining original issue discount | 945 | ||||
Long-term debt | $ | 177,290 | |||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||||||||||||||||
Derivative Instruments [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Schedule of Fair Values of Derivative Instruments | ' | ||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||||||||
Asset Derivatives | |||||||||||||||||||||||||||||||||||
30-Mar-14 | 29-Dec-13 | ||||||||||||||||||||||||||||||||||
Balance | Fair | Balance | Fair | ||||||||||||||||||||||||||||||||
Sheet | Value | Sheet | Value | ||||||||||||||||||||||||||||||||
Location | Location | ||||||||||||||||||||||||||||||||||
Derivative designed as non-hedging instruments under ASC 815 | |||||||||||||||||||||||||||||||||||
Interest rate swaps | Other Assets | $ | 25 | Other Assets | $ | — | |||||||||||||||||||||||||||||
Total derivatives | $ | 25 | $ | — | |||||||||||||||||||||||||||||||
Schedule of The Effect of Derivatives Not Designated as Hedging Instruments on the Statement of Operations and Comprehensive Income (Loss) | ' | ||||||||||||||||||||||||||||||||||
The Effect of Derivative Instruments on the Statement of Operations and Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||
for the Successor Company for the Three Months Ended March 30, 2014 and for the | |||||||||||||||||||||||||||||||||||
Predecessor Company for the Three Months Ended March 31, 2013 | |||||||||||||||||||||||||||||||||||
Derivatives in ASC 815 Fair Value Hedging | Location of Gain or (Loss) | Amount of Gain or (Loss) | |||||||||||||||||||||||||||||||||
Relationships | Recognized in Income on | Recognized in Income on | |||||||||||||||||||||||||||||||||
Derivative | Derivative | ||||||||||||||||||||||||||||||||||
Successor Company | Predecessor Company | ||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||
Interest rate swaps | Gain (loss) on derivative instruments | $ | 25 | $ | (5 | ) | |||||||||||||||||||||||||||||
Derivatives in ASC | Amount of Gain or (Loss) | Location of | Amount of Gain or (Loss) | Location of | Amount of Gain or (Loss) | ||||||||||||||||||||||||||||||
815 Fair Value Hedging | Recognized in Other | Gain or (Loss) | Reclassified from | Gain or (Loss) | Recognized in Income on | ||||||||||||||||||||||||||||||
Relationships | Comprehensive | Reclassified from | Accumulated | Recognized in | Derivative (Ineffective | ||||||||||||||||||||||||||||||
Income (“OCI”) | Accumulated OCI | OCI into Income | Income on | Portion and Amount | |||||||||||||||||||||||||||||||
on Derivative | into Income | (Effective Portion) | Derivative | Excluded from | |||||||||||||||||||||||||||||||
(Effective Portion) | (Effective Portion) | (Ineffective Portion | Effectiveness Testing) | ||||||||||||||||||||||||||||||||
and Amount | |||||||||||||||||||||||||||||||||||
Excluded from | |||||||||||||||||||||||||||||||||||
Effectiveness | |||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Predecessor | Testing) | Successor | Predecessor | |||||||||||||||||||||||||||||
Company | Company | Company | Company | Company | Company | ||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Interest rate swaps | $ | — | $ | 7,701 | Interest | $ | — | $ | 7,533 | Gain (loss) on | $ | 25 | $ | (5 | ) | ||||||||||||||||||||
income/ | derivative | ||||||||||||||||||||||||||||||||||
(expense) | instruments | ||||||||||||||||||||||||||||||||||
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||
Pension and Postretirement Benefits [Abstract] | ' | ||||||||||||||||||
Pension and Postretirement Net Periodic Benefit Costs | ' | ||||||||||||||||||
The following provides information on the pension plan and postretirement medical and life insurance plans for the three months ended March 30, 2014 and March 31, 2013. | |||||||||||||||||||
Successor Company | Predecessor Company | ||||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||||
30-Mar-14 | 31-Mar-13 | ||||||||||||||||||
Pension | Postretirement | Pension | Postretirement | ||||||||||||||||
Components of net periodic benefit costs: | |||||||||||||||||||
Service cost | $ | 75 | $ | 9 | $ | 75 | $ | 10 | |||||||||||
Interest cost | 295 | 63 | 271 | 57 | |||||||||||||||
Expected return on plan assets | (406 | ) | — | (340 | ) | — | |||||||||||||
Amortization of prior service cost | — | — | — | (114 | ) | ||||||||||||||
Amortization of unrecognized loss | — | — | 131 | — | |||||||||||||||
Total | $ | (36 | ) | $ | 72 | $ | 137 | $ | (47 | ) | |||||||||
Assumptions Used to Determine Defined Benefit Pension and Postretirement Plans Costs | ' | ||||||||||||||||||
The following assumptions were used in connection with the Company's actuarial valuation of its defined benefit pension and postretirement plans for the three months ended March 30, 2014: | |||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||
Weighted average discount rate | 5 | % | 4.47 | % | |||||||||||||||
Rate of increase in future compensation levels | — | — | |||||||||||||||||
Expected return on assets | 8 | % | — | ||||||||||||||||
Current year trend | — | 7.75 | % | ||||||||||||||||
Ultimate year trend | — | 4.75 | % | ||||||||||||||||
Year of ultimate trend | — | 2025 | |||||||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||
Fair Value Measurement [Abstract] | ' | ||||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||||
The following table presents financial assets and liabilities measured or disclosed at fair value on a recurring basis for the periods presented: | |||||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||||
Quoted Prices in | Significant Other | Significant | Total Fair Value | Valuation | |||||||||||||||
Active Markets for | Observable | Unobservable | Measurements | Technique | |||||||||||||||
Identical Assets | Inputs | Inputs | |||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
As of December 29, 2013 | |||||||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 31,811 | $ | — | $ | — | $ | 31,811 | Income | ||||||||||
Restricted cash | 6,477 | — | — | 6,477 | Income | ||||||||||||||
As of March 30, 2014 | |||||||||||||||||||
Assets | |||||||||||||||||||
Cash and cash equivalents | $ | 21,947 | $ | — | $ | — | $ | 21,947 | Income | ||||||||||
Restricted cash | 6,477 | — | — | 6,477 | Income | ||||||||||||||
Derivatives (1) | — | 25 | — | 25 | Income | ||||||||||||||
(1 | )Derivative assets and liabilities consist of interest rate swaps which are measured using the Company's estimates of the assumptions a market participant would use in pricing the derivative. The fair value of the interest rate derivative is determined based on the net cash flows discounted at the relevant market interest rates in effect at the period close and incorporates an assessment of the risk of non-performance by the interest rate derivative counterparty in valuing derivative assets and an evaluation of the Company's credit risk in valuing derivative liabilities. |
Unaudited_Financial_Statements2
Unaudited Financial Statements (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 | Jun. 30, 2013 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2008 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
New Castle Investment Group, Inc. [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Gain (Loss) On Derivative Instruments [Member] | Gain (Loss) On Derivative Instruments [Member] | Net actuarial loss and prior service cost [Member] | Net actuarial loss and prior service cost [Member] | ||||
Successor [Member] | Predecessor [Member] | Interest Expense [Member] | Interest Expense [Member] | Loss From Continuing Operations Before Income Taxes [Member] | Loss From Continuing Operations Before Income Taxes [Member] | Income Tax Benefit [Member] | Income Tax Benefit [Member] | Net Loss [Member] | Net Loss [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | |||||||||
Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | |||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ($45,651) | ' | ' |
Other comprehensive income before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 168 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 7,533 | ' | ' |
Net current period other comprehensive income, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 7,701 | ' | ' |
Ending balance | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -37,950 | ' | ' |
Beginning balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 458 | -6,991 |
Other comprehensive income before reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -114 |
Net current period other comprehensive income, net of taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -114 |
Ending balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 458 | -7,105 |
Beginning balance | 458 | ' | ' | ' | 458 | -52,642 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other comprehensive income before reclassifications | ' | ' | ' | ' | 0 | 168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income | ' | ' | ' | ' | 0 | 7,419 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 7,550 | ' | ' | ' | ' |
Net current period other comprehensive income, net of taxes | ' | ' | ' | ' | 0 | 7,587 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 458 | 458 | ' | ' | 458 | -45,055 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized gain on interest rate swap agreements, designated as cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 7,533 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of prior service cost | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -114 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of unrecognized loss | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 7,550 | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Amounts reclassified from accumulated other comprehensive loss, net of tax | ' | ' | ' | ' | $0 | $7,419 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $7,550 | ' | ' | ' | ' |
Unaudited Financial Statements, Additional Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | 30,015,870 | 30,000,000 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of the Company owned by | ' | 84.60% | ' | 84.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock warrants outstanding | ' | ' | ' | ' | 1,362,479 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted share grants granted in the period | -15,870 | ' | ' | ' | 15,870 | 24,424 | 100,000 | 266,795 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Voluntary_Reorganization_Under1
Voluntary Reorganization Under Chapter 11 (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2014 |
Voluntary Reorganization Under Chapter 11 [Abstract] | ' |
Percentage of sum of debt and swap liability offered | 40.00% |
Long-term debt, 2007 Credit Facility Claims used for Cash Out Offer | $1,167,450 |
Length of warrents to be issued (in years) | 10 |
Percentage of New Media issued and outstanding shares allowed to purchase under warrants | 5.00% |
Fresh Start Accounting [Abstract] | ' |
Percent of voting shares of Successor that holder's of the Predecessor's voting shares receive after emergency from bankruptcy | 50.00% |
Minimum estimated enterprise value of the Company | 385,000 |
Maximum estimated enterprise value of the Company | 515,000 |
Enterprise value of the Company | $489,931 |
Business_Combinations_Detail
Business Combinations (Detail) (USD $) | 3 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 |
Local Media [Member] | Other Acquisition [Member] | ||
Business Combinations, Assets Acquired and Liabilities Assumed [Abstract] | ' | ' | ' |
Current assets | ' | $18,349 | $940 |
Property, plant and equipment | ' | 73,718 | 5,050 |
Advertiser relationships | ' | ' | 980 |
Subscriber relationships | ' | ' | 600 |
Customer relationships | ' | ' | 180 |
Mastheads | ' | 4,100 | 530 |
Goodwill | ' | 462 | 660 |
Total assets | ' | 96,629 | 8,940 |
Current liabilities | ' | 13,179 | 1,055 |
Total liabilities | ' | 13,179 | 1,055 |
Net assets acquired | ' | 83,450 | 7,885 |
Business Combinations, Additional Information [Abstract] | ' | ' | ' |
Annual incentive pay, percent of EBITDA of Variable Interest Entity | ' | 12.50% | ' |
Variable Interest Entity subsidiary ownership percentage | ' | 100.00% | ' |
Purchase price, including working capital | ' | 83,450 | 7,885 |
Acquisition related costs | ' | 2,089 | ' |
Equity contributed for acquisition | ' | 53,323 | ' |
Debt issued for acquistion | ' | 33,000 | ' |
Personal property useful life minimum (in years) | ' | 1 | ' |
Personal property useful life maximum (in years) | ' | 7 | ' |
Real property useful life minimum (in years) | ' | 17 | ' |
Real property useful life maximum (in years) | ' | 38 | ' |
Royalty rate used to determine fair value of mastheads | ' | 1.50% | ' |
Long term growth rate used to determine fair value of mastheads | ' | 0.00% | ' |
Tax rate used to determine fair value of mastheads | ' | 39.20% | ' |
Discount rate used to determine fair value of mastheads | ' | 25.00% | ' |
Advertiser and subscriber relationships fair value | ' | 0 | ' |
Acquired trade recievables fair value | ' | 13,427 | ' |
Acquired trade recievables contractual amount | ' | 14,937 | ' |
Acquired trade recievables estimated uncollectible | ' | 1,510 | ' |
Goodwill expected to be tax deductible | ' | 1,187 | 660 |
Number of daily publications acquired | ' | 8 | 2 |
Number of weekly publications acquired | ' | 15 | 3 |
Proforma Results [Abstract] | ' | ' | ' |
Revenues | 146,087 | ' | ' |
Loss from continuing operations | ($17,475) | ' | ' |
Loss from continuing operations per common share, basic | ($0.30) | ' | ' |
Loss from continuing operations per common share, diluted | ($0.30) | ' | ' |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2008 |
Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | ||
Share-Based Compensation Costs [Abstract] | ' | ' | ' | ' | ' |
Share-based compensation cost | $3 | $3 | $24 | ' | ' |
Share-based compensation cost, unrecognized, related to non-vested rewards | ' | $203 | ' | ' | ' |
Share-based compensation cost, unrecognized, related to non-vested rewards, weighted average period of recognition in years | ' | 2.96 | ' | ' | ' |
Restricted Share Grants [Abstract] | ' | ' | ' | ' | ' |
Restricted share grants authorized | ' | 15,000,000 | ' | ' | ' |
Restricted share grants granted in the period | -15,870 | 15,870 | 24,424 | 100,000 | 266,795 |
Restricted share grants granted in the period, granted and forfeited | ' | ' | ' | 0 | 42,535 |
Unvested RSGs | 15,870 | 15,870 | ' | ' | ' |
Unvested RSGs, weighted average grant date fair value | $14.18 | $14.18 | ' | ' | ' |
Aggregate intrinsic value, unvested RSGs | ' | $238 | ' | ' | ' |
Aggregate fair value, vested RSGs | ' | $0 | ' | ' | ' |
Number of RSGs | ' | ' | ' | ' | ' |
Unvested, beginning balance | 0 | 25,424 | ' | ' | ' |
Granted | -15,870 | 15,870 | 24,424 | 100,000 | 266,795 |
Unvested, ending balance | 15,870 | 15,870 | ' | ' | ' |
Weighted-Average Grant Date Fair Value | ' | ' | ' | ' | ' |
Unvested, beginning balance | $0 | $6.04 | ' | ' | ' |
Granted | $14.18 | ' | ' | ' | ' |
Unvested, ending balance | $14.18 | $14.18 | ' | ' | ' |
Restructuring_Detail
Restructuring (Detail) (USD $) | 2 Months Ended | 10 Months Ended | 3 Months Ended | 2 Months Ended | 10 Months Ended | 3 Months Ended | 2 Months Ended | 10 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Nov. 06, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 29, 2013 | Nov. 06, 2013 | Mar. 30, 2014 | Dec. 30, 2012 | Dec. 29, 2013 | Nov. 06, 2013 | Mar. 30, 2014 | Dec. 30, 2012 |
Successor [Member] | Predecessor [Member] | Severance and Related Costs [Member] | Severance and Related Costs [Member] | Severance and Related Costs [Member] | Severance and Related Costs [Member] | Other Costs [Member] | Other Costs [Member] | Other Costs [Member] | Other Costs [Member] | |||
Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | |||||||||
Restructuring Costs and Cash Paid [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Severance and related costs | ' | ' | $425 | $194 | ' | ' | ' | ' | ' | ' | ' | ' |
Other costs | ' | ' | 0 | 23 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments | -501 | -1,945 | -804 | -650 | -501 | -1,738 | -804 | ' | 0 | -207 | 0 | ' |
Restructuring reserve [RollForward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | 480 | ' | 1,737 | 848 | 485 | ' | 1,742 | 684 | -5 | ' | -5 | 164 |
Restructuring provision included in Integration and Reorganization | 1,758 | 1,577 | 425 | ' | 1,758 | 1,539 | 425 | ' | 0 | 38 | 0 | ' |
Cash payments | -501 | -1,945 | -804 | -650 | -501 | -1,738 | -804 | ' | 0 | -207 | 0 | ' |
Balance at end of period | ' | $480 | $1,358 | ' | ' | $485 | $1,363 | $684 | ' | ($5) | ($5) | $164 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Detail) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $102,360 | $100,600 |
Accumulated Amortization | 2,642 | 1,049 |
Net Carrying Amount | 99,718 | 99,551 |
Goodwill [Member] | ' | ' |
Goodwill and Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 126,571 | 125,911 |
Mastheads [Member] | ' | ' |
Goodwill and Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 46,380 | 45,850 |
Advertiser Relationships [Member] | ' | ' |
Goodwill and Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 59,500 | 58,520 |
Accumulated Amortization | 1,537 | 610 |
Net Carrying Amount | 57,963 | 57,910 |
Customer Relationships [Member] | ' | ' |
Goodwill and Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 5,870 | 5,690 |
Accumulated Amortization | 150 | 59 |
Net Carrying Amount | 5,720 | 5,631 |
Subscriber Relationships [Member] | ' | ' |
Goodwill and Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 36,720 | 36,120 |
Accumulated Amortization | 944 | 375 |
Net Carrying Amount | 35,776 | 35,745 |
Trade Names [Member] | ' | ' |
Goodwill and Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 270 | 270 |
Accumulated Amortization | 11 | 5 |
Net Carrying Amount | $259 | $265 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Goodwill and Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period (in years) | 15.9 | ' |
Amortization expense, intangible assets | $1,593 | $5,845 |
Estimated Future Amortization Expense [Abstract] | ' | ' |
2014 | 4,828 | ' |
2015 | 6,438 | ' |
2016 | 6,438 | ' |
2017 | 6,438 | ' |
2018 | 6,438 | ' |
Thereafter | 69,138 | ' |
Total | $99,718 | ' |
Advertiser Relationships [Member] | ' | ' |
Goodwill and Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period (in years) | 15.9 | ' |
Customer Relationships [Member] | ' | ' |
Goodwill and Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period (in years) | 15.9 | ' |
Subscriber Relationships [Member] | ' | ' |
Goodwill and Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period (in years) | 16 | ' |
Trade Names [Member] | ' | ' |
Goodwill and Intangible Assets [Line Items] | ' | ' |
Weighted average amortization period (in years) | 10 | ' |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Goodwill Rollforward (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2014 |
Goodwill Roll Forward | ' |
Goodwill, beginning balance | $125,911 |
Goodwill acquired in business combination | 660 |
Goodwill, ending balance | $126,571 |
Indebtedness_Detail
Indebtedness (Detail) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 30, 2012 | Jan. 01, 2012 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 |
In Thousands, unless otherwise specified | Successor [Member] | Predecessor [Member] | Credit Facility 2007 [Member] | Credit Facility 2007 [Member] | Credit Facility 2007 [Member] | Credit Facility 2007 [Member] | Credit Facility 2007 [Member] | Credit Facility 2007 [Member] | Credit Facility 2007 [Member] | Credit Facility 2007 [Member] | First Amendment 2007 Credit Facility [Member] | First Amendment 2007 Credit Facility [Member] | First Amendment 2007 Credit Facility [Member] | Second Amendment 2007 Credit Facility [Member] | Second Amendment 2007 Credit Facility [Member] | Second Amendment 2007 Credit Facility [Member] | Fourth Amendment 2007 Credit Facility [Member] | Local Media Credit Facility [Member] | Local Media Credit Facility [Member] | Local Media Credit Facility [Member] | Local Media Credit Facility [Member] | Local Media Credit Facility [Member] | Local Media Credit Facility [Member] | GateHouse Credit Facilities [Member] | GateHouse Credit Facilities [Member] | First Lien Credit Facility [Member] | First Lien Credit Facility [Member] | First Lien Credit Facility [Member] | First Lien Credit Facility [Member] | Second Lien Credit Facility [Member] | Second Lien Credit Facility [Member] | Second Lien Credit Facility [Member] | HoldCo [Member] | HoldCo [Member] | ||
Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Term Loan Facility [Member] | Delayed Term Loan Facility [Member] | Revolving Credit Facility [Member] | Letter Of Credit [Member] | Swingline Facility [Member] | Predecessor [Member] | Incremental Term Loan Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Letter Of Credit [Member] | Swingline Facility [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Revolving Credit Facility [Member] | Letter Of Credit [Member] | Swingline Facility [Member] | Successor [Member] | Revolving Credit Facility [Member] | Successor [Member] | Revolving Credit Facility [Member] | Term Loan A [Member] | Term Loan B [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Credit Facility 2007 [Member] | Second Amendment 2007 Credit Facility [Member] | |||||
Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | LIBOR Rate [Member] | Alternate Base Rate [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | LIBOR Rate [Member] | Alternate Base Rate [Member] | Predecessor [Member] | Predecessor [Member] | ||||||||||||||
Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, principal amount | ' | ' | ' | ' | ' | ' | ' | $670,000 | $250,000 | ' | ' | ' | $1,195,000 | $275,000 | $40,000 | $20,000 | $5,000 | $5,000 | ' | $33,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25,000 | $50,000 | $50,000 | ' | ' | ' | ' |
Maximum borrowing amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | 15,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | 3,000 | 4,000 | ' | ' | ' | 40,000 | ' | ' | ' | ' | ' | ' | ' |
Amount outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000 | ' | ' | ' | ' | ' | 22,000 | ' | ' | ' | ' | ' | ' | ' |
Contractual interest rate, spread (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | 5.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 11.00% | ' | ' |
Unused commitment fees (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | 6.00% | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | 3.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Frequency of periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Quarterly | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments due, Tranche 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 203 | ' | ' | ' | ' | ' | ' | ' | 875 | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments due, Tranche 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 406 | ' | ' | ' | ' | ' | ' | ' | 1,250 | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments due, Tranche 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of excess cash flow to be paid - alternative 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum leverage ratio - alternative 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | 275.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of excess cash flow to be paid - alternative 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum leverage ratio - alternative 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | 275.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum leverage ratio - alternative 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175.00% | ' | ' | ' | ' | ' | 250.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of excess cash flow to be paid - alternative 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum leverage ratio - alternative 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 175.00% | ' | ' | ' | ' | ' | 250.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant - minimum fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt covenant - maximum fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250.00% | ' | ' | ' | ' | ' | 325.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of extraordinary receipts that must be prepaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of net cash proceeds of funded indebtedness that must be prepaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Specified equity contributions that must be prepaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,797 | ' | ' | ' | ' | ' | 146,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | 28-Aug-14 | 28-Aug-14 | 28-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4-Sep-18 | ' | ' | ' | ' | ' | ' | ' | 26-Nov-18 | ' | ' | ' | 26-Nov-19 | ' | ' | ' | ' |
Total Leverage Ratio required to maintain at any time if an extension of credit is outstanding under the revolving credit facility, less than or equal to | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650.00% | ' |
Debt, principal amount available prior to amendment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000 | 15,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Secured Incurrence Test Ratio needed to incur additional term debt, less than | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400.00% |
Original permitted investment basket | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New permitted investment basket | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amendment fee percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement amendment fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,790 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal payments required | ' | ' | 1,078 | 6,648 | 6,648 | 4,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Excess Cash Flow rate | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $177,290 | $177,703 | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indebtedness_Outstanding_Debt_
Indebtedness, Outstanding Debt Payment Schedule (Detail) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 | $3,234 | ' |
2015 | 5,813 | ' |
2016 | 9,625 | ' |
2017 | 10,031 | ' |
2018 | 104,219 | ' |
2019 | 50,000 | ' |
Total outstanding debt | 182,922 | ' |
Less: Short-term debt | 4,687 | 4,312 |
Less: Remaining original issue discount | 945 | ' |
Total long-term debt | $177,290 | $177,703 |
Derivative_Instruments_Fair_Va
Derivative Instruments - Fair Values of Derivative Instruments (Detail) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | Successor [Member] | Predecessor [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | ||
Derivatives in ASC 815 Cash Flow Hedging Relationships [Member] | Derivatives in ASC 815 Cash Flow Hedging Relationships [Member] | Derivatives in ASC 815 Cash Flow Hedging Relationships [Member] | Derivatives in ASC 815 Cash Flow Hedging Relationships [Member] | Derivatives in ASC 815 Cash Flow Hedging Relationships [Member] | Derivatives in ASC 815 Cash Flow Hedging Relationships [Member] | Derivative designed as non-hedging instruments under ASC 815 [Member] | Derivative designed as non-hedging instruments under ASC 815 [Member] | |||||
Successor [Member] | Gain (Loss) On Derivative Instruments [Member] | Gain (Loss) On Derivative Instruments [Member] | Interest Income (Expense) [Member] | Interest Income (Expense) [Member] | ||||||||
Successor [Member] | Successor [Member] | |||||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset Derivatives | $25 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | $25 | $0 |
Amount of gain or (loss) recognized in income on derivative | ' | ' | 25 | -5 | ' | ' | -5 | 25 | ' | ' | ' | ' |
Amount of gain or (loss) recognized in other comprehensive income ("OCI") on derivative (effective portion) | ' | ' | ' | ' | 7,701 | 0 | ' | ' | ' | ' | ' | ' |
Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | ' | ' | ' | ' | ' | ' | ' | ' | 7,533 | 0 | ' | ' |
Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | ' | ' | ' | ' | ' | ' | ($5) | $25 | ' | ' | ' | ' |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 10 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 06, 2013 | Mar. 30, 2014 | Dec. 29, 2013 |
Derivative [Line Items] | ' | ' | ' |
Asset derivative, fair value | ' | $25 | $0 |
Remaining OCI balance related to the terminated swap | 26,313 | ' | ' |
Aggregate amount of unrealized loss on derivative instruments recognized in other comprehensive loss | ' | 0 | 0 |
Successor [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional amount | ' | 6,250 | ' |
Fixed interest rate | ' | 1.50% | ' |
Interest Rate Swap 1 [Member] | 2007 Credit Facility [Member] | Predecessor [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional amount | 100,000 | ' | ' |
Interest rate swap maturity date | '2014-09 | ' | ' |
Fixed interest rate | 5.14% | ' | ' |
Interest Rate Swap 1 [Member] | First Amendment 2007 Credit Facility [Member] | Predecessor [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional amount | 200,000 | ' | ' |
Interest rate swap maturity date | '2014-09 | ' | ' |
Fixed interest rate | 5.08% | ' | ' |
Interest Rate Swap 2 [Member] | 2007 Credit Facility [Member] | Predecessor [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional amount | 250,000 | ' | ' |
Interest rate swap maturity date | '2014-09 | ' | ' |
Fixed interest rate | 4.97% | ' | ' |
Interest Rate Swap 2 [Member] | First Amendment 2007 Credit Facility [Member] | Predecessor [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional amount | $75,000 | ' | ' |
Interest rate swap maturity date | '2014-09 | ' | ' |
Fixed interest rate | 4.94% | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Dec. 29, 2013 |
Successor [Member] | Predecessor [Member] | Fortress and its affiliates [Member] | New Castle Investment Group, Inc. [Member] | ||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Percentage of the Company's outstanding common stock owned by | 84.60% | ' | ' | 1.48% | 84.60% |
Commercial printing revenue for a related party | ' | $78 | $0 | ' | ' |
Management fee that was accrued for | ' | 765 | ' | ' | ' |
Paid management fee | ' | 0 | ' | ' | ' |
Percent of gross equity used to calculate the annual management fee | ' | 1.50% | ' | ' | ' |
Annual management fee | ' | 1,100 | ' | ' | ' |
Maximum annual management fee | ' | $1,200 | ' | ' | ' |
Registration Rights Agreement Terms | ' | 'The Company entered into a registration rights agreement with Omega Advisors, Inc. and its affiliates (collectively, ?Omega?). Under the terms of the registration rights agreement, subject to customary exceptions and limitations, New Media is required to use commercially reasonable efforts to file a registration statement (the ?Registration Statement?) providing for the registration and sale by Omega of its New Media Common Stock acquired pursuant to the Plan (the ?Registrable Securities?) as soon as reasonably practicable, but not prior to the earlier of (i) 120 days following the Effective Date and (ii) 14 days after the required financials are completed in the ordinary course of business. During the first 12 months following the Listing, subject to customary exceptions and limitations, Omega may request one demand right with respect to some or all of the Registrable Securities under the Registration Statement (the ?Demand Registration?). | ' | ' | ' |
Shelf Registration Rights | ' | 'Omega may only exercise its right to request the Demand Registration and any Shelf Registrations if the Registrable Securities eligible to be sold pursuant to such Registration Statement or Shelf Registration are at least 3% of the then-outstanding New Media Common Stock. | ' | ' | ' |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Dec. 29, 2013 |
Disclosure Income Taxes [Abstract] | ' | ' |
Net increase to the valuation allowance | $2,338 | ' |
Valuation allowance recognized in income | 2,338 | ' |
Federal tax rate | 34.00% | ' |
Expected federal tax benefit | 2,474 | ' |
Effective benefit | 586 | ' |
Federal valuation allowance, tax effect | 2,031 | ' |
Non-deductible expenses, tax effect | 47 | ' |
Deferred tax benefits that expired, tax effect | 19 | ' |
Unrecognized tax benefits | 1,109 | 1,109 |
State tax benefit | $77 | ' |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefits (Detail) (USD $) | 3 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2013 |
Successor [Member] | Predecessor [Member] | Pension [Member] | Pension [Member] | Pension [Member] | Postretirement [Member] | Postretirement [Member] | |
Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | ||||
Components of net periodic benefit costs [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | $75 | $75 | $9 | $10 |
Interest cost | ' | ' | ' | 295 | 271 | 63 | 57 |
Expected return on plan assets | ' | ' | ' | -406 | -340 | 0 | 0 |
Amortization of prior service cost | ' | ' | ' | 0 | 0 | 0 | -114 |
Amortization of unrecognized loss | ' | ' | ' | 0 | 131 | 0 | 0 |
Total | ' | ' | ' | -36 | 137 | 72 | -47 |
Assumptions used in connection with defined benefit plan [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Weighted average discount rate | ' | ' | ' | 5.00% | ' | 4.50% | ' |
Rate of increase in future compensation levels | ' | ' | ' | 0.00% | ' | 0.00% | ' |
Expected return on assets | ' | ' | ' | 8.00% | ' | 0.00% | ' |
Current year trend | ' | ' | ' | 0.00% | ' | 7.75% | ' |
Ultimate year trend | ' | ' | ' | 0.00% | ' | 4.75% | ' |
Year of ultimate trend | ' | ' | '2025 | ' | ' | ' | ' |
Pension and Other Postretirement Benefit Expense [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Pension and other postretirement benefit expense | $36 | $90 | ' | ' | ' | ' | ' |
Fair_Value_Measurement_Detail
Fair Value Measurement (Detail) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | $21,947 | $31,811 |
Restricted cash | 6,477 | 6,477 |
Derivatives | 25 | 0 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Cash and cash equivalents | 21,947 | 31,811 |
Restricted cash | 6,477 | 6,477 |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 2) [Member] | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivatives | $25 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Detail) (USD $) | Mar. 30, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Restricted Cash and Investments Current [Abstract] | ' | ' |
Restricted cash - Collateral standby letters of credit in the name of the Companys insurers | $6,477 | $6,477 |
Discontinued_Operations_Detail
Discontinued Operations (Detail) (Predecessor [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Predecessor [Member] | ' |
Discontinued operations revenue | $331 |
Tax effect of discontinued operations | 0 |
Loss from discontinued operations, net of income taxes | ($87) |