Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 30, 2018 | Mar. 13, 2019 | Jul. 01, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Tribune Publishing Company | ||
Entity Central Index Key | 0001593195 | ||
Current Fiscal Year End Date | --12-30 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 30, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 35,764,869 | ||
Entity Public Float | $ 446,306,181 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | Mar. 22, 2017 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 |
Income Statement [Abstract] | ||||||||||||
Operating revenues | $ 1,030,669 | $ 1,015,453 | $ 1,063,363 | |||||||||
Operating expenses: | ||||||||||||
Compensation | $ 118,102 | $ 107,762 | $ 106,455 | $ 110,765 | $ 119,971 | $ 97,304 | $ 92,609 | $ 96,395 | 443,084 | 406,279 | 443,729 | |
Newsprint and ink | 17,786 | 16,980 | 16,770 | 14,598 | 17,842 | 12,974 | 14,091 | 14,334 | 66,134 | 59,241 | 62,529 | |
Outside services | 86,455 | 81,572 | 81,818 | 98,982 | 91,609 | 78,572 | 80,526 | 80,495 | 348,827 | 331,202 | 346,690 | |
Other operating expenses | 47,482 | 47,270 | 36,297 | 32,653 | 48,669 | 37,302 | 38,760 | 37,764 | 163,702 | 162,495 | 175,949 | |
Depreciation and amortization | 15,695 | 12,179 | 12,942 | 12,446 | 12,201 | 12,124 | 12,987 | 9,994 | 53,262 | 47,306 | 51,363 | |
Impairment | 1,872 | 0 | 0 | 0 | 1,872 | 0 | 0 | |||||
Total operating expenses | 287,392 | 265,763 | 254,282 | 269,444 | 290,292 | 238,276 | 238,973 | 238,982 | 1,076,881 | 1,006,523 | 1,080,260 | |
Income (loss) from operations | (3,896) | (9,993) | (1,245) | (31,078) | 5,596 | (2,121) | 4,462 | 993 | (46,212) | 8,930 | (16,897) | |
Interest expense, net | 320 | 303 | (5,412) | (6,564) | (7,024) | (6,510) | (6,365) | (6,435) | (11,353) | (26,334) | (26,561) | |
Loss on early extinguishment of debt | 0 | 0 | (7,666) | 0 | (7,666) | 0 | 0 | |||||
Premium on stock buyback | $ (6,000) | 0 | (6,031) | 0 | ||||||||
Loss on equity investments, net | (40) | (434) | (665) | (729) | (701) | (403) | (723) | (898) | (1,868) | (2,725) | (1,487) | |
Premium on stock buyback | 0 | 0 | 0 | (6,031) | 0 | 0 | (259) | |||||
Other non-operating income | 3,570 | 3,640 | 3,640 | 3,663 | 2,882 | 86 | 284 | 283 | 14,513 | 3,535 | 265 | |
Loss from continuing operations before income taxes | (46) | (6,484) | (11,348) | (34,708) | 753 | (8,948) | (2,342) | (12,088) | (52,586) | (22,625) | (44,939) | |
Income tax expense (benefit) | (4,004) | (5,835) | 3,753 | (6,637) | 5,576 | 3,697 | (402) | (1,683) | (12,723) | 7,188 | (9,576) | |
Loss from continuing operations | 3,958 | (649) | (15,101) | (28,071) | (4,823) | (12,645) | (1,940) | (10,405) | (39,863) | (29,813) | (35,363) | |
Plus: Earnings from discontinued operations, net of taxes | (1,155) | (3,586) | 280,545 | 13,706 | 4,450 | 14,701 | 8,781 | 7,416 | 289,510 | 35,348 | 41,900 | |
Net income | 2,803 | (4,235) | 265,444 | (14,365) | (373) | 2,056 | 6,841 | (2,989) | 249,647 | 5,535 | 6,537 | |
Less: Income attributable to noncontrolling interest | 385 | (239) | 448 | 262 | 0 | 0 | 0 | 0 | 856 | 0 | 0 | |
Net income attributable to Tribune common stockholders | $ 2,418 | $ (3,996) | $ 264,996 | $ (14,627) | $ (373) | $ 2,056 | $ 6,841 | $ (2,989) | $ 248,791 | $ 5,535 | $ 6,537 | |
Loss from continuing operations per common share: | ||||||||||||
Basic (in dollars per share) | $ 0.10 | $ (0.01) | $ (0.44) | $ (0.81) | $ (0.14) | $ (0.38) | $ (0.06) | $ (0.29) | $ (1.15) | $ (0.88) | $ (1.05) | |
Diluted (in dollars per share) | 0.10 | (0.01) | (0.44) | (0.81) | (0.14) | (0.38) | (0.06) | (0.29) | (1.15) | (0.88) | (1.05) | |
Net income attributable to Tribune per common share: | ||||||||||||
Basic (in dollars per share) | 0.07 | (0.11) | 7.51 | (0.42) | (0.01) | 0.06 | 0.21 | (0.08) | 7.05 | 0.16 | 0.19 | |
Diluted (in dollars per share) | $ 0.07 | $ (0.11) | $ 7.51 | $ (0.42) | $ (0.01) | $ 0.06 | $ 0.21 | $ (0.08) | $ 7.05 | $ 0.16 | $ 0.19 | |
Weighted average shares outstanding: | ||||||||||||
Basic (in shares) | 35,268 | 33,996 | 33,788 | |||||||||
Diluted (in shares) | 35,268 | 33,996 | 33,788 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 249,647 | $ 5,535 | $ 6,537 |
Unrecognized benefit plan gains (losses): | |||
Change in unrecognized benefit plan gain (loss) arising during the period, net of taxes of $1,971, $948 and $1,182, respectively | (2,337) | 3,532 | 1,811 |
Amortization of items to periodic pension cost during the period, net of taxes of $3,670, $1,078 and $186, respectively | (9,498) | (2,220) | (284) |
Plan amendments, net of taxes of $1,623 | 0 | 4,215 | 0 |
Foreign currency translation, net of taxes | (8) | 1 | 3 |
Comprehensive income (loss) recognized in continuing operations, net of taxes | (11,843) | 5,528 | 1,530 |
Accumulated other comprehensive income (loss) recognized in discontinued operations, net of taxes of $6,784, $116, $4,203 | 25,397 | (10,241) | (6,438) |
Comprehensive income | 263,201 | 822 | 1,629 |
Comprehensive income attributable to noncontrolling interest | (856) | 0 | 0 |
Comprehensive income attributable to Tribune common stockholders | $ 262,345 | $ 822 | $ 1,629 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Taxes on change in unrecognized benefit plan gain (loss) arising during the period | $ 900 | $ 2,019 | $ 1,182 |
Taxes on amortization of items to periodic pension cost | 3,657 | 1,078 | 186 |
Taxes on negative plan amendments | 1,623 | ||
Taxes on accumulated other comprehensive income recognized in discontinued operations | $ 6,784 | $ 116 | $ 4,203 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash | $ 97,560 | $ 185,351 |
Accounts receivable (net of allowances of $11,458 and $8,988) | 145,463 | 122,501 |
Inventories | 9,587 | 7,412 |
Prepaid expenses | 18,197 | 29,663 |
Assets related to discontinued operations | 0 | 61,778 |
Total current assets | 270,807 | 406,705 |
Property, plant and equipment | ||
Machinery, equipment and furniture | 124,243 | 110,598 |
Buildings and leasehold improvements | 82,399 | 36,987 |
Property, plant and equipment, gross | 206,642 | 147,585 |
Accumulated depreciation | (74,013) | (61,473) |
Property, plant and equipment, net, excluding advance payments on property, plant and equipment | 132,629 | 86,112 |
Advance payments on property, plant and equipment | 12,334 | 8,386 |
Property, plant and equipment, net | 144,963 | 94,498 |
Other assets | ||
Goodwill | 132,146 | 45,348 |
Intangible assets, net | 77,229 | 64,996 |
Software, net | 27,117 | 40,700 |
Restricted cash included in other assets | 43,947 | 0 |
Deferred income taxes | 2,414 | 1,124 |
Other long-term assets | 28,004 | 31,163 |
Assets related to discontinued operations | 0 | 180,599 |
Total other assets | 310,857 | 363,930 |
Total assets | 726,627 | 865,133 |
Current liabilities | ||
Accounts payable | 70,555 | 65,724 |
Employee compensation and benefits | 61,001 | 49,262 |
Deferred revenue | 51,114 | 50,314 |
Current portion of long-term debt | 405 | 21,486 |
Other current liabilities | 21,203 | 18,453 |
Liabilities associated with discontinued operations | 6,249 | 55,665 |
Total current liabilities | 210,527 | 260,904 |
Non-current liabilities | ||
Pension and postretirement benefits payable | 20,150 | 23,438 |
Deferred revenue | 2,856 | 4,818 |
Long-term debt | 6,799 | 331,065 |
Workers' compensation, general liability and auto insurance payable | 30,606 | 33,452 |
Deferred rent | 25,424 | 6,038 |
Other obligations | 17,197 | 19,081 |
Liabilities associated with discontinued operations | 0 | 117,175 |
Total non-current liabilities | 103,032 | 535,067 |
Commitments and contingencies (Notes 11 and 12) | ||
Noncontrolling interest | 39,756 | 0 |
Stockholders' equity | ||
Preferred stock, $.01 par value. Authorized 30,000 shares; no shares issued or outstanding at December 30, 2018 and December 31, 2017 | 0 | 0 |
Common stock, $.01 par value. Authorized 300,000 shares, 37,551 shares issued and 35,597 shares outstanding at December 30, 2018; 37,551 shares issued and 33,684 shares outstanding at December 31, 2017 | 376 | 376 |
Additional paid-in capital | 166,668 | 150,229 |
Retained earnings (deficit) | 232,401 | (16,390) |
Accumulated other comprehensive income (loss) | 27 | (13,527) |
Treasury stock, at cost - 1,954 shares at December 30, 2018 and 3,867 shares at December 31, 2017 | (26,160) | (51,526) |
Total stockholders' equity | 373,312 | 69,162 |
Total liabilities and stockholders’ equity | $ 726,627 | $ 865,133 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowances for doubtful accounts | $ 11,458 | $ 8,988 |
Preferred stock, per value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, per value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 37,551,000 | 37,551,000 |
Common stock, shares outstanding (in shares) | 35,597,000 | 33,684,000 |
Treasury stock (in shares) | 1,954,000 | 3,867,000 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid in Capital | Retained Earnings (Deficit) | AOCI | Treasury Stock |
Balance at beginning of period at Dec. 27, 2015 | $ (14,398) | $ 264 | $ 19,251 | $ (28,639) | $ (3,906) | $ (1,368) |
Balance at beginning of period (in shares) at Dec. 27, 2015 | 26,357,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) attributable to controlling interests | 8,067 | 6,537 | 1,530 | |||
AOCI recognized in discontinued operations | (6,438) | (6,438) | ||||
Dividends declared to common stockholders | 177 | 177 | ||||
Issuance of common stock | 113,318 | $ 99 | 113,219 | |||
Issuance of stock for acquisition (in shares) | 9,920,000 | |||||
Issuance of stock from restricted stock unit conversions | $ 2 | (2) | ||||
Issuance of stock from restricted stock unit conversions (in shares) | 258,000 | |||||
Exercise of stock options | 205 | 205 | ||||
Exercise of stock options (in shares) | 14,000 | |||||
Share-based compensation | 8,424 | 8,424 | ||||
Excess tax benefit from long-term incentive plan | (653) | (653) | ||||
Withholding for taxes on RSU conversions | (821) | (821) | ||||
Balance at end of period at Dec. 25, 2016 | 107,881 | $ 365 | 139,623 | (21,925) | (8,814) | (1,368) |
Balance at end of period (in shares) at Dec. 25, 2016 | 36,549,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) attributable to controlling interests | 11,063 | 5,535 | 5,528 | |||
AOCI recognized in discontinued operations | (10,241) | (10,241) | ||||
Issuance of stock from restricted stock and restricted stock unit conversions | 0 | $ 9 | (9) | |||
Issuance of common stock (in shares) | 887,000 | |||||
Issuance of stock from restricted stock unit conversions | 1,658 | $ 2 | 1,656 | |||
Issuance of stock from restricted stock unit conversions (in shares) | 115,000 | |||||
Exercise of stock options | 11,282 | 11,282 | ||||
Withholding for taxes on RSU conversions | (2,323) | (2,323) | ||||
Purchase of treasury stock | (50,158) | (50,158) | ||||
Balance at end of period at Dec. 31, 2017 | 69,162 | $ 376 | 150,229 | (16,390) | (13,527) | (51,526) |
Balance at end of period (in shares) at Dec. 31, 2017 | 37,551,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Comprehensive income (loss) attributable to controlling interests | 236,948 | 248,791 | (11,843) | |||
AOCI recognized in discontinued operations | 25,397 | 25,397 | ||||
Issuance of common stock | 34,595 | 9,229 | 25,366 | |||
Issuance of stock from restricted stock unit conversions | $ 5 | (5) | ||||
Issuance of stock from restricted stock unit conversions (in shares) | 443,000 | |||||
Exercise of stock options | 134 | 134 | ||||
Exercise of stock options (in shares) | 7,000 | |||||
Share-based compensation | 11,118 | 11,118 | ||||
Withholding for taxes on RSU conversions | (4,042) | (4,042) | ||||
Forfeited restricted stock (in shares) | (450,000) | |||||
Forfeited restricted stock | 0 | $ (5) | 5 | |||
Balance at end of period at Dec. 30, 2018 | $ 373,312 | $ 376 | $ 166,668 | $ 232,401 | $ 27 | $ (26,160) |
Balance at end of period (in shares) at Dec. 30, 2018 | 37,551,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Operating Activities | |||
Net income (loss) | $ (39,863) | $ (29,813) | $ (35,363) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 53,262 | 47,306 | 51,363 |
Impairment | 1,872 | 0 | 0 |
Stock-based compensation expense | 10,453 | 9,255 | 7,573 |
Excess tax expense realized from exercise of stock-based awards | 0 | 0 | (653) |
Premium on stock buyback | 0 | 6,031 | 0 |
Loss on extinguishment of debt | 7,666 | 0 | 0 |
Loss on equity investments, net | 1,868 | 2,725 | 1,487 |
Deferred income taxes | (390) | 15,544 | 11,548 |
Non-current deferred revenue | (1,961) | 693 | (1,296) |
Pension contribution | (3,918) | (1,040) | 0 |
Postretirement benefit expense | (10,932) | (4,622) | (935) |
Changes in working capital items, excluding acquisitions: | |||
Accounts receivable, net | (6,259) | 22,343 | 26,960 |
Prepaid expenses, inventories and other assets | 24,704 | (4,623) | 10,356 |
Accounts payable, employee compensation and benefits, deferred revenue and current liabilities | 11,219 | (33,462) | (66,946) |
Other, net | 3,232 | 9,417 | (3,493) |
Net cash provided by operating activities | 50,953 | 39,754 | 601 |
Investing Activities | |||
Capital expenditures, including software additions | (53,168) | (23,450) | (10,737) |
Acquisitions, net of cash acquired | (70,867) | 2,556 | (4,429) |
Other, net | (4,175) | (2,281) | (2,535) |
Net cash used for investing activities | (128,210) | (23,175) | (17,701) |
Financing Activities | |||
Repayment of long-term debt | (353,253) | (26,362) | (21,090) |
Proceeds from issuance of common stock | 0 | 0 | 113,318 |
Purchase of treasury stock | 0 | (56,189) | 0 |
Withholding for taxes on RSU vesting | (4,042) | (2,324) | (820) |
Dividends paid to noncontrolling interest | (2,000) | 0 | 0 |
Repayments of capital lease obligations | (259) | (286) | (411) |
Proceeds from exercise of stock options | 134 | 1,658 | 205 |
Dividends paid to common stockholders | 0 | (150) | (4,868) |
Net cash provided by (used for) financing activities | (359,420) | (83,653) | 86,334 |
Increase (decrease) in cash attributable to continuing operations | (436,677) | (67,074) | 69,234 |
Cash Flows From Discontinued Operations | |||
Cash flows provided by (used for) operating activities of discontinued operations, net | (85,490) | 49,441 | 85,383 |
Cash flows provided by (used for) investing activities of discontinued operations, net | 478,640 | 7,393 | (13,409) |
Cash flows used for financing activities of discontinued operations, net | (317) | (545) | (400) |
Increase in cash attributable to discontinued operations | 392,833 | 56,289 | 71,574 |
Net increase (decrease) in cash | (43,844) | (10,785) | 140,808 |
Cash, cash equivalents and restricted cash beginning of period | 185,351 | 196,136 | 55,328 |
Cash, cash equivalents and restricted cash, end of period | $ 141,507 | $ 185,351 | $ 196,136 |
DESCRIPTION OF BUSINESS AND BAS
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business — Tribune Publishing Company, formerly tronc, Inc., was formed as a Delaware corporation on November 21, 2013. Tribune Publishing Company together with its subsidiaries (collectively, the “Company , ” or “Tribune”) is a media company rooted in award-winning journalism. Headquartered in Chicago, Tribune operates local media businesses in eight markets with titles including the Chicago Tribune, New York Daily News, The Baltimore Sun, Orlando Sentinel, South Florida’s Sun Sentinel , Virginia’s Daily Press and The Virginian-Pilot , The Morning Call of Lehigh Valley Pennsylvania , and Hartford Courant. Tribune also operates Tribune Content Agency and on February 6, 2018, the Company became a majority owner of BestReviews LLC (“BestReviews”). On May 28, 2018, the Company acquired Virginian-Pilot Media Companies LLC, owner of The Virginian-Pilot , a daily newspaper based in Norfolk, Virginia, and associated businesses (“Virginian-Pilot”). See Note 6 to the Consolidated Financial Statements for further information on acquisitions. On May 23, 2018, the Company completed the sale of substantially all of the assets of forsalebyowner.com and on June 18, 2018, the Company completed the sale of the Los Angeles Times, The San Diego Union-Tribune and various other titles of the Company’s California properties (“California Properties”). See Note 7 to the Consolidated Financial Statements for further information on dispositions and related discontinued operations. In October 2018, the Company changed its corporate name from tronc, Inc. to Tribune Publishing Company. The common stock of the Company began trading the morning of October 10, 2018 on Nasdaq under the ticker symbol “TPCO.” Tribune’s continuing legacy of brands, including The Virginian-Pilot , have earned a combined 60 Pulitzer Prizes and are committed to informing, inspiring and engaging local communities. Tribune ’s brands create and distribute content across its media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities. Basis of Presentation —T he accompanying Consolidated Financial Statements and notes of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could differ from these estimates. All intercompany accounts within Tribune have been eliminated in consolidation. Effective as of the sale dates, the operations of the California Properties and forsalebyowner.com qualify as discontinued operations. Accordingly, operations for all periods presented have been reflected as discontinued operations in the accompanying Consolidated Statements of Income and Consolidated Statements of Cash Flows. Additionally, assets and liabilities related to the divested properties are classified as such in all prior periods in the Consolidated Balance Sheets. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to continuing operations and exclude all discontinued operations including the California Properties and forsalebyowner.com. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 30, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Fiscal Year —The Company's fiscal year ends on the last Sunday in December. Fiscal year 2018 ended on December 30, 2018 and consisted of 52 weeks with 13 weeks in each quarter. Fiscal year 2017 ended on December 31, 2017 and consisted of 53 weeks with 13 weeks in each of the first three quarters and 14 weeks in the fourth quarter. Fiscal year 2016 ended on December 25, 2016 and consisted of 52 weeks with 13 weeks in each quarter. Use of Estimates —The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities, revenues and expenses and certain financial statement disclosures. Some of the significant estimates in these consolidated financial statements include the valuation assumptions used in allowances for doubtful accounts receivable, net realizable value of inventories, useful lives of property and identifiable intangible assets, the evaluation of recoverability of property, goodwill and identifiable intangible assets, income tax, self-insurance, pension and other postretirement benefits, stock-based compensation and purchase accounting. Actual results could differ from these estimates. Segment Presentation — The Company assesses its operating segments in accordance with ASC Topic 280, “Segment Reporting.” Subsequent to the Company’s name change in October 2018, Tribune renamed its existing segments to M and X. The Company is managed by its chief operating decision maker, as defined by ASC Topic 280, in two reportable segments, M and X. Segment M is comprised of the Company’s media groups excluding their digital revenues and related digital expenses, except digital subscription revenues when bundled with a print subscription. Segment X includes the Company’s digital revenues and related digital expenses from local Tribune websites, third party websites, mobile applications, digital only subscriptions, BestReviews and Tribune Content Agency (“TCA”). See Note 20 for additional segment information. Business Combinations —The allocation of the purchase consideration for acquisitions requires extensive use of accounting estimates and judgments to allocate the purchase consideration to the identifiable tangible and intangible assets acquired and liabilities assumed based on their respective fair values. The excess of the fair value of purchase consideration over the values of the identifiable assets and liabilities is recorded as goodwill. Critical estimates in valuing certain identifiable assets include but are not limited to expected long term revenues; future expected operating expenses; cost of capital; appropriate attrition and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Revenue Recognition —Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. Revenues are recognized as performance obligations are satisfied either at a point in time, such as when an advertisement is published, or over time, such as for content licensing. See Note 3 for additional information related to revenue recognition. Cash —Cash is stated at cost, which approximates market value. Cash includes cash equivalents which are investments with original maturities of three months or less at the time of purchase. Restricted Cash —Restricted cash is stated at cost, which approximates market value. The Company has cash held in a specified cash collateral account to secure letters of credit relating to workers compensation self-insurance. Restricted cash balances are included within cash and cash equivalents for purposes of the statements of cash flows. Accounts Receivable and Allowance for Doubtful Accounts —Tribune’s accounts receivable are primarily due from advertisers and circulation-related accounts. Payment terms vary by revenue stream including prepayment for classified advertising and home delivery circulation, and 30-60 day terms for advertising, whereby credit is evaluated in advance. Credit is extended based on an evaluation of each customer’s financial condition, and generally collateral is not required. The Company maintains an allowance for uncollectible accounts, rebates and volume discounts. The allowance for uncollectible accounts is determined based on historical write-off experience and any known specific collectability exposures. As customer balances are determined to be uncollectible, the balances are written off against the allowance for doubtful accounts. A summary of the activity with respect to the accounts receivable allowances is as follows (in thousands): Accounts receivable allowance balance at December 27, 2015 $ 10,143 2016 additions 24,369 2016 deductions (24,666 ) Accounts receivable allowance balance at December 25, 2016 9,846 2017 additions 27,291 2017 deductions (28,149 ) Accounts receivable allowance balance at December 31, 2017 8,988 2018 additions 24,564 2018 deductions (22,094 ) Accounts receivable allowance balance at December 30, 2018 $ 11,458 Trade Transactions —Tribune, in the ordinary course of business, enters into trade transactions whereby advertising in a Tribune publication is exchanged for products or services or advertising, including advertising at an event/venue. Trade transactions are generally reported at the estimated fair value of the product or services received. Revenues are recorded when the advertisement runs in a Tribune publication and expenses are generally recorded when the products or services are utilized or the advertisement runs. Inventories —Inventories consist primarily of newsprint for publishing operations. Newsprint cost is determined using the first-in, first-out (“FIFO”) basis. Properties —Property, plant and equipment are stated at cost less accumulated depreciation. The Company computes depreciation using the straight-line method over the following estimated useful lives: Building and building improvements 8 years - 40 years Leasehold improvements 3 years - 15 years Machinery and equipment 2 years - 15 years Computer hardware 3 years - 8 years Vehicles 2 years - 8 years Furniture, fixtures and other 3 years - 10 years Leasehold improvements are amortized over the shorter of the useful life or the term of the lease. Expenditures for repairs and maintenance of existing assets are charged to expense as incurred. Property, plant and equipment assets that are financed under a capital lease are amortized over the shorter of the term of the lease or the useful lives of the assets. For the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 , total depreciation expense was $46.4 million , $42.7 million , and $43.8 million , respectively. Goodwill and Other Intangible Assets —Goodwill and other intangible assets are summarized in Note 9 . Tribune reviews goodwill and other indefinite-lived intangible assets, which include only newspaper mastheads, for impairment annually, or more frequently if events or changes in circumstances indicate that an asset may be impaired, in accordance with ASC Topic 350, “Intangibles–Goodwill and Other.” Under ASC Topic 350, the impairment review of goodwill and other intangible assets not subject to amortization must be based on estimated fair values. Impairment would occur when the carrying amount of the goodwill or mastheads is greater than its fair value. The Company has determined that the reporting units at which goodwill will be evaluated are the eight newspaper media groups, TCA, BestReviews and the aggregate of its other digital businesses. The Company evaluates goodwill and indefinite-lived intangibles for impairment annually as of the first day of the fiscal fourth quarter, or when an indicator of impairment exists. For the 2018 annual impairment test, the Company did a full quantitative analysis of both goodwill and mastheads. For both goodwill and mastheads, the calculated fair value exceeded the carrying value, except as noted below. For goodwill, the calculated fair value was determined using the income approach. Estimates of fair value include Level 3 inputs as they are subjective in nature, involve uncertainties and matters of significant judgment and are made at a specific point in time. Thus, changes in key assumptions from period to period could significantly affect the estimates of fair value. Significant assumptions used in the fair value estimates include projected revenues and related growth rates over time (for the 2018 impairment test, the perpetuity growth (decline) rates used ranged from (6.1%) to 3.3% ), forecasted revenue growth rates (for the 2018 impairment test, forecasted revenue growth (decline) ranged from (19.1%) to 55.9% ), projected operating cash flow margins, estimated tax rates, depreciation expense, capital expenditures, required working capital needs, and an appropriate risk-adjusted weighted-average cost of capital (for 2018 , the weighted average cost of capital used was 10.0% for print and 12.0% to 13.5% for digital properties). For goodwill as of the measurement date, the calculated fair value exceeded the carrying value for all reporting units except the Sun Sentinel Media Group. In one of the Company’s reporting units with aggregate goodwill of $87.1 million , the estimated fair value exceeds the carrying value by approximately 10% . For the Sun Sentinel Media Group, the carrying value exceeded the fair value and the Company recorded a non-cash impairment charge of $1.9 million reflecting the reduction in fair value. The impairment charges resulted primarily from a decline in the fair value due to lower projected cash flows versus historical estimates. For mastheads, the calculated fair value includes Level 3 inputs and was determined using the royalty savings method. The key assumptions used in the fair value estimates under the royalty savings method are revenue and market growth, royalty rates for newspaper mastheads (for 2018 , the royalty rate used ranged from 1.0% to 7.3% ), estimated tax rates, an appropriate risk-adjusted weighted-average cost of capital (for 2018 , the weighted average cost of capital used was 10.0% for print and 12.0% to 13.5% for digital properties). These assumptions reflect Tribune’s best estimates, but these items involve inherent uncertainties based on market conditions generally outside of Tribune’s control. For mastheads as of the measurement date, the calculated fair value exceeded the carrying value by more than 30.0% in all instances. Adverse changes in expected operating results and/or unfavorable changes in other economic factors used to estimate fair values could result in non-cash impairment charges in the future under ASC Topic 350. Impairment Review of Long-Lived Assets —In accordance with ASC Topic 360, “Property, Plant and Equipment,” Tribune evaluates the carrying value of long-lived assets to be held and used whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset or asset group may be impaired. The carrying value of a long-lived asset or asset group may be impaired when the projected future undiscounted cash flows to be generated from the asset or asset group over its remaining depreciable life are less than its current carrying value. The Company measures impairment based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset or asset group. The fair value is determined primarily by using the projected future cash flows discounted at a rate commensurate with the risk involved as well as market valuations. Losses on long-lived assets to be disposed of are determined in a similar manner, except that the fair values are reduced for an estimate of the cost to dispose or abandon. There were no impairments recorded in any of the periods presented. Adverse changes in expected operating results and/or unfavorable changes in other economic factors used to estimate future undiscounted cash flows could result in non-cash impairment charges in the future under ASC Topic 360. Fair Value Measurements — The Company measures and records in its consolidated financial statements certain assets and liabilities at fair value. ASC Topic 820, “Fair Value Measurements and Disclosures,” establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and Tribune’s own assumptions (unobservable inputs). This hierarchy consists of the following three levels: • Level 1-Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. • Level 2-Assets and liabilities whose values are based on inputs other than those included in Level 1, including quoted market prices in markets that are not active; quoted prices of assets or liabilities with similar attributes in active markets; or valuation models whose inputs are observable or unobservable but corroborated by market data. • Level 3-Assets and liabilities whose values are based on valuation models or pricing techniques that utilize unobservable inputs that are significant to the overall fair value measurement. An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The carrying values of cash, trade accounts receivable and trade accounts payable approximate fair value due to their short term nature. 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 in certain circumstances (for example, when there is evidence of impairment). Investments —Investments in unconsolidated affiliates over which Tribune exercises significant influence, but does not control, are accounted for by the equity method. Under this method, an investment account for each unconsolidated affiliate is increased by contributions made and by Tribune’s share of net income of the unconsolidated affiliate, and decreased by the share of net losses of and distributions from the unconsolidated affiliate. Leases —Operating lease rentals are expensed on a straight-line basis over the life of the lease. The lease term is determined at lease inception by excluding renewal options that are not reasonably assured. The lease term is used to determine whether a lease is capital or operating and is used to calculate straight-line rent expense. Pension Plans —The Company is the sponsor of the pension plan for the New York Daily News (the “NYDN Pension Plan”). The Company follows accounting guidance under ASC Topic 715, “Compensation—Retirement Benefits” for single employer defined benefit plans. Plan assets and the projected benefit obligation are measured each December 31, and the Company records as an asset or liability the net funded or underfunded position of the plans. Certain changes in actuarial valuations related to returns on plan assets and projected benefit obligations are recorded to other comprehensive income (loss) and are amortized to net periodic pension expense over the weighted average remaining life of plan participants. Net periodic pension expense is recognized each period by accruing interest expense on the projected benefit obligation and accruing a return on assets associated with the plan assets. In measuring the funded status of the plans, the Company has elected to measure the single employer defined benefit plan assets and obligations as of the end of the month closest to the Company’s fiscal year-end. See Note 14 for further information on the Company’s pension plans. The projected benefit obligation of the pension plan is estimated using a theoretical zero-coupon spot curve representing the yields on high-quality corporate bonds with maturities that correlate to the timing of benefit payments to the plan’s participants. Future benefit payments are discounted to their present value at the appropriate yield curve rate to determine the projected benefit obligation outstanding at each year end. Interest expense included in net periodic pension expense was established at the beginning of the fiscal year. The long-term rate of return on the plan’s assets is based upon the investments strategies determined by the Company, less administrative expenses. Investment strategies for the plan’s assets are based upon factors such as the remaining useful life expectancy of participants and market risks. Other Postretirement Benefits —Tribune provides certain health care and life insurance benefits for retired Tribune employees through postretirement benefit plans. The plans are frozen to new participants. The expected cost of providing these benefits is accrued over the years that the employees render services. It is the Company’s policy to fund postretirement benefits as claims are incurred. In measuring the funded status of the plan, the Company has elected to measure the single employer defined benefit plan assets and obligations as of the end of the month closest to the Company’s fiscal year-end. The Company recognizes the overfunded or underfunded status of its postretirement benefit plans as an asset or liability in its consolidated balance sheets and recognizes changes in that funded status in the year in which changes occur through comprehensive income. The amounts included within these consolidated financial statements were actuarially determined based on amounts allocable to eligible Tribune employees. Contributions made to union-sponsored plans are based upon collective bargaining agreements. See Note 14 for further information. Self-Insurance —The Company self-insures for certain employee medical and disability income benefits, and insures with a high deductible for workers’ compensation, automobile and general liability claims. The recorded liabilities for self-insured risks are calculated using actuarial methods and are not discounted. The Company carries insurance coverage to limit exposure for self-insured workers’ compensation costs and automobile and general liability claims. The Company’s deductibles for the insured coverages are generally $1.0 million per occurrence, depending on the applicable policy period. The recorded liabilities for self-insured risks at December 30, 2018 and December 31, 2017 totaled $41.7 million and $45.7 million , respectively. Deferred Revenue —Deferred revenue arises in the normal course of business from advance subscription payments for newspapers, digital subscriptions and other publications, and interactive advertising sales. Deferred revenue is recognized in the period it is earned. Stock-Based Compensation —Stock-based compensation cost is measured at the grant date of the awards based on the estimated fair value of the awards. The stock-based compensation expense is recognized over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service. Forfeitures are credited to stock-based compensation expense when incurred. Income Taxes —Provisions for federal and state income taxes are calculated on reported pretax earnings based on current tax laws and also include, in the current period, the cumulative effect of any changes in tax rates, due to changes in tax laws, from those used previously in determining deferred income tax assets and liabilities. Taxable income reported to the taxing jurisdictions in which Tribune operates often differs from pretax earnings because some items of income and expense are recognized in different time periods for income tax purposes. The Company provides deferred taxes calculated on these temporary differences . Taxable income also may differ from pretax earnings due to statutory provisions under which specific revenues are exempt from taxation and specific expenses are not allowable as deductions. The Company evaluates uncertain tax positions. The Company may recognize the tax benefit of an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. If a tax benefit was recognized the Company would measure the tax benefit based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. New Accounting Standards— In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software; Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The ASU can be applied either retrospectively or prospectively. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company adopted this standard effective the beginning of fiscal 2019 and will apply the provisions of the standard prospectively.. In February 2018, the FASB issued ASU 2018-02, Topic 220, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The ASU amends ASC 220, Income Statement — Reporting Comprehensive Income, to “allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act.” In addition, under the ASU, an entity will be required to provide certain disclosures regarding stranded tax effects. The ASU is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company believes the adoption of this standard will have no material affect on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Topic 715, Compensation - Retirement Benefits; Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . ASU 2017-07 requires the disaggregation of the service cost component from other components of net periodic benefit cost, clarifies how to present the service cost component and other components of net benefit costs in the financial statements and allows only the service cost component of net benefit costs to be eligible for capitalization. The Company adopted the standard on January 1, 2018 and has applied the standard on a retrospective basis. Accordingly, prior period amounts have been adjusted. Adoption of the standard had no effect on the Company’s overall results of operations. The disclosures required by the standard can be found in Note 14 . In January 2017, the FASB issued ASU 2017-04, Topic 350, Intangibles-Goodwill and Other; Simplifying the Test for Goodwill Impairment , which eliminates Step 2 from the goodwill impairment test thereby standardizing the impairment assessment to measure a reporting unit’s carrying value against its fair value and eliminate the calculation of an implied fair value of goodwill. ASU 2017-04 is effective for interim and annual reporting periods beginning after December 15, 2019 and should be applied prospectively. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted this standard effective October 1, 2018. In January 2017, the FASB issued ASU 2017-01, Topic 805, Clarifying the Definition of a Business , which establishes criteria to determine when an integrated set of assets and activities is not a business. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017 and should be applied prospectively. The Company adopted the standard effective January 1, 2018 and has applied the standard to acquisitions or dispositions after that date. In November 2016, the FASB issued ASU 2016-18, Topic 230, Statement of Cash Flows , which clarifies how companies present and classify restricted cash in the statement of cash flows. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. The guidance is required to be applied on a retrospective basis. The Company adopted the standard effective January 1, 2018. The adoption had no retrospective effect on the Company’s consolidated financial statements as the Company had no restricted cash during 2017 or the first quarter of 2018. However, beginning in the second quarter of 2018, the Company has restricted cash and such restricted cash balances are included within cash and cash equivalents for the purposes of the statements of cash flows. See Note 21 for a reconciliation between cash balances presented on the balance sheets with the amounts presented in the statements of cash flows. In August 2016, the FASB issued ASU 2016-15, Topic 230, Statement of Cash Flows , which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. The guidance is required to be applied on a retrospective basis. The Company adopted the standard effective January 1, 2018. The adoption had no effect on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Topic 326, Financial Instruments – Credit Losses . ASU 2016-13 changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured as amortized cost. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. The Company expects to adopt the standard effective January 1, 2020. The Company is currently reviewing the requirements of the standard. In February 2016, the FASB issued ASU 2016-02, Topic 842, Leases , which requires lessees to recognize lease assets and lease liabilities for operating leases. The Company will adopt this standard effective December 31, 2018 utilizing the modified retrospective transition method whereby the Company will initially apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the first quarter of 2019. The Company expects to elect the practical expedients which allow the Company to forgo reassessing whether existing contracts are or contain leases, forgo reassessing the classification of existing leases and forgo reassessing initial direct costs of existing leases at the initial application date. Additionally, the Company did not consider any leases with original lease terms less than one year. During 2018, in preparation for the adoption of the new standard, the Company reviewed existing leases and all contracts where a lease might be embedded within the contract. The Company has substantially completed our analysis of the new guidance and expects to recognize upon adoption lease liabilities ranging from $145 million to $155 million and right-of-use assets ranging from $110 million to $120 million . The right-of-use assets have been adjusted for lease incentives and impairments as of the date of adoption as required by the standard. The Company does not expect the adoption of the new standard to have a material impact on its consolidated statements of operations or cash flows. In May 2014, the FASB issued ASU 2014-09, Topic 606, Revenue from Contracts with Customers and issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016, and December 2016 within ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, respectively. The new standard supersedes a majority of existing revenue recognition guidance under U.S. GAAP and requires a company to recognize revenue when it transfers goods or services to a customer in an amount that reflects the consideration to which a company expects to be entitled. Companies may need to use more judgment and make more estimates while recognizing revenue, which could result in additional disclosures to the financial statements. On January 1, 2018, the Company adopted ASU 2014-09 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results of operations for periods after January 1, 2018 reflect the changes under ASU 2014-09. Results of operations for periods before January 1, 2018, continue to be reported under guidance in effect at that time. The adoption did not have a material effect on the Company’s consolidated financial statements. See Note 3 for disclosures as a result of the adoption. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. Revenues are recognized as performance obligations are satisfied either at a point in time, such as when an advertisement is published, or over time, such as for content licensing. Advertising revenue Print advertising revenue is typically in the form of print display appearing in Tribune newspapers and other owned publications and preprinted advertising inserted into Tribune newspapers. Digital advertising consists of website display, banner ads, advertising widgets, coupon ads, video, search advertising and linear ads placed by customers on Tribune or other third-party websites. Customers submit ads to appear either in the print newspapers or on websites. Advertising revenue is recognized when the Company satisfies the performance obligation by transferring the promised goods or services to the customer in an amount that reflects the consideration the Company is entitled to receive. For print advertising, classified and preprint advertising, this transfer, which occurs at a point in time, occurs when the advertising appears in the newspaper. Digital advertising is typically sold on a cost-per-impression basis. An advertiser pays an amount based on the number of times their ad is displayed on the Company’s websites. Revenue is recognized at a point in time when the ad is displayed on the websites. Advertising revenue also includes digital marketing services which include development of mobile websites, search engine marketing and optimization, social media account management and content marketing for customers’ web presence for small to medium size businesses. For mobile website development, revenue is recognized when the website is live. For search engine marketing and optimization, social account management and content marketing, revenue is recognized over the period of time the service is performed for the customer. Certain customers receive cash-based incentives or credits, which are accounted for as variable consideration. The Company estimates these amounts based on the expected amount to be provided to customers and reduces revenues recognized. The Company expects there will be no significant changes to our estimates of variable consideration. Circulation revenue Circulation revenue results from the sale of print editions of newspapers to individual subscribers and to sales outlets that re-sell the newspapers. For individual subscribers, revenue is recognized at a point in time when the newspapers are delivered to the subscribers. For sales outlets, revenue is recognized at a point in time when the newspapers are delivered to the sales outlets or to an intermediary that has purchased the newspapers to resell to the sales outlets. Other revenue Other revenues are derived from commercial printing and delivery services provided to other newspapers, direct mail advertising and services, syndication and licensing revenue, ecommerce lead generation revenue and digital-only subscriptions. Digital circulation revenue results from the provision of online content to subscribers. Tribune recognizes revenue daily, per the contract term, as the customer receives access to digital content. For commercial printing and delivery services, t he Company contracts with a number of national and local newspapers to both print and/or distribute their respective publications in local markets where it is a newspaper publisher. For commercial printing, revenue is recognized as the papers are printed and available for delivery. For commercial delivery, the Company operates under two models, the buy/sell model and the fee-for-delivery model. Under the buy/sell model, the Company buys the customers newspapers and resells them to subscribers and sales outlets. Revenue the Company receives for the sale of the newspapers is recognized when the newspapers are delivered to subscribers or sales outlets. Under the fee-for-delivery model, the Company receives a fee for each newspaper delivered. Revenue is recognized at the time the newspaper is delivered either to the subscriber or to the sales outlet. For direct mail advertising and services, the Company enters into an arrangement with customers to design, print and distribute advertising materials. Revenue is recognized when the items are delivered to the postage courier. For licensing and syndication revenue, the Company enters into a sales-based royalty arrangement with the customer to provide a license to Tribune content. The Company receives a periodic royalty payment based on usage of the content or derived sales of the content. Revenue is recognized based on royalties earned. For ecommerce referral fee revenue, the Company drives customers to ecommerce sites such as Amazon.com and Walmart.com. Once the customer executes sales on these sites, the Company receives a percentage of the sales. Revenue is recognized when the customers executes sales, net of a reserve for returned items. The Company’s revenues disaggregated by type of revenue and segment are presented in Note 20 . The Company receives a significant portion of the payments from its subscribers in advance of the delivery of the content both either in print or digitally. These up-front payments and fees are recorded as deferred revenue upon receipt and generally require deferral of revenue recognition to a future period until the Company performs its obligations under the subscription agreement. The deferred revenue is recognized as revenue as the content is delivered. The deferred revenue is considered a contract liability under ASC 606. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. Therefore, the Company has no contract assets as defined under ASC 606. The balance as of December 31, 2017 and the revenue recognized during the year ended December 30, 2018 exclude amounts related to discontinued operations. The following table presents changes to the Company’s contract liabilities during the year ended December 30, 2018 (in thousands): Balance at December 31, 2017 $ 55,132 2018 Additions 46,300 2018 deductions (47,462 ) Balance at December 30, 2018 $ 53,970 The Company expenses sales commissions when incurred because the amortization period would generally have been one year or less. These costs are recorded within cost of sales. Additionally, the Company does not disclose the value of unsatisfied performance obligations because the vast majority of contracts have original expected lengths of one year or less and payment terms are generally short-term in nature unless a customer is in bankruptcy. |
CHANGES IN OPERATIONS
CHANGES IN OPERATIONS | 12 Months Ended |
Dec. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
CHANGES IN OPERATIONS | CHANGES IN OPERATIONS Employee Reductions During the year ended December 30, 2018 , the Company implemented reductions in staffing levels in its operations of 840 positions for which the Company recorded pretax charges related to these reductions totaling $45.8 million . These reductions include 190 positions identified in the fourth quarter of 2018 related to a voluntary severance incentive plan; 178 positions identified during the third quarter of 2018, of which approximately 50% were at the New York Daily News; 70 positions identified in the fourth quarter of 2018 related to the New York Daily News truck drivers’ union and 38 positions identified in the fourth quarter of 2018 related to the Chicago Tribune truck drivers’ union. In the fourth quarter of 2018, the Company offered a Voluntary Severance Incentive Plan (“VSIP”) which provides enhanced separation benefits to eligible employees with more than 10 years of service. The Company plans to fund the VSIP ratably over the payout period through salary continuation that started in the fourth quarter of 2018 and continues through the fourth quarter 2019. In the fourth quarter of 2018 the truck drivers’ union of the New York Daily News ratified a new collective bargaining agreement with the Company that extended the existing agreement from 2021 to 2024 and relinquished to NYDN the right of delivery of the remaining 60 single copy routes in New York City. The agreement allows for the separation of a total of 80 drivers. The remaining 10 drivers’ separations will occur later in the term of the contract. In addition, the Company received other rights and reductions, including reduced dock manning, a move to bi-weekly payroll and a move to Company-provided medical benefits. The Company expects to achieve savings derived from driver salaries, overtime, collection pay, medical contributions to the union welfare plan, worker’s compensation, fleet expenses, insurance and other expenses, net of the third-party cost of single copy newspaper delivery. The severance payments were in the form of lump sum payments and were paid in the first quarter of 2019. In the fourth quarter of 2018, the truck drivers’ union of the Chicago Tribune ratified a new collective bargaining agreement with the Company that extended the existing agreement to 2021 and allows the Company to reduce the number of union positions. The Company expects to achieve savings derived from driver salaries, overtime, collection pay, worker’s compensation, fleet expenses, insurance and other expenses, net of the third-party cost of single copy newspaper delivery. The Company plans to fund the severance over the payout period through salary continuation that started in the first quarter of 2019 and continues through the fourth quarter 2019. During the year ended December 31, 2017 , the Company implemented reductions in staffing levels in its operations of 484 positions for which the Company recorded pretax charges related to these reductions totaling $18.0 million . These reductions include 112 positions related to the outsourcing to a third party of the printing, packaging and delivery of the Orlando Sentinel . The related salary continuation payments began in the third quarter of 2017 and continued through the third quarter of 2018. Additionally these reductions include 86 positions identified at the New York Daily News. The related salary continuation payments began in the fourth quarter of 2017 and continued through the third quarter of 2018. A summary of the activity with respect to Tribune’s severance accrual for the years ended December 30, 2018 and December 31, 2017 is as follows (in thousands): Balance at December 25, 2016 $ 11,300 2017 Provision 18,010 2017 Payments (17,880 ) Balance at December 31, 2017 11,430 2018 Provision 45,764 2018 Payments (28,349 ) Balance at December 30, 2018 $ 28,845 Charges for severance and related expenses are included in compensation expense in the accompanying Consolidated Statements of Income. Lease Abandonment In the second quarter of 2017, the Company permanently vacated approximately 33,629 sq. ft. of office space in the Chicago area and 30,000 sq. ft. of office space in South Florida and took a charge of $1.4 million and $0.6 million , respectively, related to the abandonments. A summary of the activity with respect to the Company’s lease abandonment accrual for the years ended December 30, 2018 and December 31, 2017 is as follows (in thousands): Balance at December 25, 2016 $ 5,034 Provision 2,121 Payments and other (4,028 ) Balance at December 31, 2017 3,127 Provision 86 Payments and other (2,225 ) Balance at December 30, 2018 $ 988 These charges are included in other operating expenses in the accompanying Consolidated Statements of Income . Other Charges Additionally, as a result of the printing, packaging and delivery outsourcing in Orlando discussed above, certain assets required to print and package the Orlando Sentinel will no longer be used as of the transition to the third-party outsource provider. The first piece of equipment was idled June 12, 2017. As a result, the Company recognized $1.9 million in accelerated depreciation in the second quarter of 2017. These charges are included in depreciation and amortization expenses in the accompanying Consolidated Statements of Income . |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 30, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Transition Services Agreement with NantMedia Holdings, LLC In connection with the closing of the sale of the California Properties, the Company entered into a transition services agreement (“TSA”) with NantMedia Holdings, LLC (“NantMedia”), providing for up to twelve months of transition services between the parties at negotiated rates approximating cost. Either party may discontinue all or a portion of the services being provided to such party by providing 60 days advance notice. On January 17, 2019, the Company and NantMedia amended the TSA (“Amended TSA”). The Amended TSA extended the term of the contract to June 30, 2020, settled the working capital adjustment from the sale of the California Properties and provided an indemnity related to certain receivables. See Note 7 for additional information on the sale of the California Properties. During the year ended December 30, 2018 , the Company paid certain costs on behalf of NantMedia due to shared contracts and processes. Such costs include newsprint, rent, payroll, benefits, and other operating activities. The TSA provides for reimbursement to the Company for such charges until the contracts and processes can be separated. Additionally, the Company received certain customer payments related to comingled revenue billings and receipts that include the California Properties. These relevant amount of such payments are reimbursed to NantMedia. A summary of the activity with respect to the TSA for the year ended December 30, 2018 is as follows (in thousands): Accounts receivable from NantMedia beginning balance as of December 31, 2017 $ — Revenue for TSA services 17,174 Reimbursable costs 66,183 Amounts received for TSA services (13,390 ) Amounts received for reimbursable costs (49,918 ) Amounts paid under comingled revenue billings and receipts 9,351 Amounts collected under comingled revenue billings and receipts (11,491 ) Accounts receivable from NantMedia balance as of December 30, 2018 (1) $ 17,909 (1) The accounts receivable from NantMedia balance consists of $12.4 million of charges which have been billed and $5.5 million of charges which had not been billed as of December 30, 2018 . Merrick Consulting Agreement On December 20, 2017, the Company entered into a Consulting Agreement with Merrick Ventures LLC (“Merrick Ventures”) and solely for certain sections thereof, Michael W. Ferro, Jr. and Merrick Media, LLC (“Merrick Media”). Mr. Ferro is (1) Chairman and Chief Executive Officer of Merrick Ventures and (2) the manager of Merrick Venture Management, LLC which is the sole manager of Merrick Media. At the time the agreement was signed, Mr. Ferro was also Chairman of Tribune’s Board of Directors and, together with Merrick Ventures and Merrick Media, a significant stockholder. The Consulting Agreement provided for the engagement of Merrick Ventures on a non-exclusive basis to provide certain management expertise and technical services for an annual fee of $5 million in cash, payable in advance on the first business day of each calendar year. The Consulting Agreement provided for a rolling three -year term, with the initial term continuing through December 31, 2020. The Company made the initial $5.0 million payment in early January 2018. During the term of the Consulting Agreement, Merrick Ventures and Mr. Ferro agreed to certain non-competition covenants relating to engaging in certain other daily printed newspaper businesses, subject to certain exceptions. In addition, the Consulting Agreement amended certain terms of the Securities Purchase Agreement (“Merrick Purchase Agreement”), dated February 3, 2016 by and among the Company, Merrick Media and Mr. Ferro to provide for: (i) an extension of the restriction on acquiring more than 30% of the Company’s outstanding shares by Merrick Media or its affiliates to the later of (x) February 4, 2019 or (y) 30 days following the termination of the Consulting Agreement; (ii) the application of the transfer restrictions set forth in Section 10.2 of the Merrick Purchase Agreement to all shares held by Merrick Media and its affiliates and the extension of such restriction until the later of (x) February 4, 2019 or (y) 30 days following the termination of the Consulting Agreement; (iii) the removal of the restriction on transfers of shares of common stock of the Company by Merrick Media or its affiliates to any party that would, as a result, hold more than 4.9% of the Company’s outstanding shares; and (iv) the application to all shares owned by Merrick Media and its affiliates (rather than to only the shares purchased under the Merrick Purchase Agreement) of the right of first offer in favor of the Company on proposed transfers of at least 2% of the then-outstanding number of shares of the Company’s common stock, subject to certain notice provisions. On March 18, 2018, Mr. Ferro retired from the Company’s Board of Directors. As Mr. Ferro was no longer actively engaged in the business and the Company remained contractually committed for the future payments due under the Consulting Agreement, the Company recognized expense for the full $15.0 million due under the Consulting Agreement in outside services in the first quarter of 2018. In the second quarter of fiscal 2018, the Company amended the Consulting Agreement. The amendment reduced the total fees due under the Consulting Agreement by $2.5 million (from $15 million to $12.5 million ) and allows the Company to engage Merrick Ventures as its adviser, if it so chooses, but at no additional cost to the Company. If so engaged, the Company would indemnify Merrick Ventures if the Company requests it to meet with third parties. In June 2018, the Company paid the remaining $7.5 million in fees due under the amended Consulting Agreement in connection with the execution of the amendment. The Company recognized a credit of $2.5 million for the reduction in fees due under the Consulting Agreement in outside services in the second quarter of 2018. The non-compete covenants and amended Merrick Purchase Agreement terms contained in the Consulting Agreement were not altered by the amendment and remain in place through December 31, 2020. See Note 18 for further information concerning the Merrick Purchase Agreement. In the second quarter of 2018, the Company agreed to pay $0.3 million in legal fees incurred by Mr. Ferro while conducting the Company’s business. Such legal fees were paid directly to the legal firms. Aircraft Dry Sublease One of the Company’s subsidiaries, Tribune Publishing Company, LLC (“TPC”), entered into an Aircraft Dry Sublease Agreement, which became effective as of February 4, 2016, with Merrick Ventures. Under the agreement, TPC subleased on a non-exclusive basis, a Bombardier aircraft leased by Merrick Ventures, at a cost, including TPC’s proportionate share of the insurance premiums and maintenance expenses, of $8,500 per flight hour flown. TPC also was responsible for charges attributable to the operation of the aircraft by TPC during the lease term. The initial term of the sublease was one year , which term automatically renewed on an annual basis. Either party had the right to terminate the agreement upon 30 days written notice to the other. During the years ended December 31, 2017 and December 25, 2016 , the Company incurred $3.0 million and $2.7 million , respectively, related to the aircraft sublease, of which $4.9 million has been paid to Merrick Ventures and $0.8 million to an outside party for pilot services . The Consulting Agreement described above terminated the Aircraft Dry Sublease as of December 31, 2017. Event tickets In April 2017, the Company acquired Merrick Ventures’ interest and obligations in connection with the license of a suite and tickets to certain sporting events. The aggregate cost of the suite and regular season tickets was expected to approximate $0.3 million annually. During the first quarter of 2017, the Company paid Merrick Ventures $0.2 million for the face value of the suite and tickets for events in the fourth quarter of 2016 and the first and second quarters of 2017. There are no further obligations to Merrick Ventures for these tickets. The suite and tickets are utilized in the Company’s sales and marketing efforts and for other corporate purposes. Nucleus Marketing Solutions, LLC In April 2016, Tribune, along with other leading media companies McClatchy, Gannett and Hearst, formed Nucleus Marketing Solutions, LLC (“Nucleus”). This network will connect national advertisers to audiences across existing and emerging digital platforms. Nucleus works with its marketing partners to address their goals by offering integrated services across all platforms. The Company owns 25% of Nucleus. The Company’s interest in Nucleus is recorded as an equity method investment. During the years ended December 31, 2017 and December 25, 2016 , the Company recorded $7.1 million and $3.8 million , respectively, on a net basis for revenue related to the Nucleus agreement. The revenue recorded during the year ended December 30, 2018 was immaterial. |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 30, 2018 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS 2018 Acquisitions Virginian-Pilot On May 28, 2018, Tribune Publishing Company, LLC, a wholly-owned subsidiary of the Company, acquired Virginian-Pilot, the owner of The Virginian-Pilot daily newspaper based in Norfolk, Virginia, pursuant to a Securities Purchase Agreement, entered into on the same date (the “VP Purchase Agreement”), by and among the Company, Virginian-Pilot and Landmark Media Enterprises, LLC (“Seller”). Upon the terms and subject to the conditions set forth in the VP Purchase Agreement, the Company acquired all of the issued and outstanding membership interests in Virginian-Pilot from Seller for a cash purchase price of $34 million , less a post-closing working capital adjustment of $0.1 million (the “VP Acquisition”). As part of the VP Acquisition, the Company also acquired Virginian-Pilot’s real estate portfolio (comprised of approximately 460,000 square feet), including its headquarters building in downtown Norfolk, its printing and distribution facilities in Virginia Beach and a number of satellite offices in Norfolk and North Carolina. The VP Purchase Agreement also contains representations, warranties, covenants, and indemnities of the parties thereto. The allocation of the purchase price presented below is based upon management’s preliminary estimates. The Company has engaged a valuation firm to assist with the valuation of the assets acquired and liabilities assumed, including property, plant and equipment and intangible assets. The preliminary allocation of the purchase price is as follows (in thousands): Consideration Cash consideration for acquisition $ 33,912 Total consideration 33,912 Allocated Fair Value of Acquired Assets and Assumed Liabilities Accounts receivable and other current assets 8,257 Property, plant and equipment 29,843 Mastheads 4,700 Intangible assets subject to amortization 1,300 Accounts payable and other current liabilities (10,749 ) Other long term obligations (68 ) Total identifiable assets (liabilities), net 33,283 Goodwill 629 Total net assets acquired $ 33,912 The allocation of the purchase price is preliminary as of the filing of this report. The valuation of the intangible assets are not complete. The intangible assets currently being evaluated are mastheads, subscriber and advertiser relationships; however, the Company may identify additional intangible assets prior to finalizing the purchase price allocation. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including expected future cost and revenue synergies. The goodwill above is expected to be deductible for tax purposes pursuant to Internal Revenue Code Section 197. The Company has recorded immaterial measurement period adjustments. The results of operations of Virginian-Pilot and related assets and liabilities have been included in the Consolidated Financial Statements beginning on the closing date of the acquisition and are are reported in the Company’s two operating segments consistent with the Company’s other media groups as discussed in Note 20 . For the period from the acquisition date to December 30, 2018 , reported revenues from Virginian-Pilot were approximately $36.9 million , and reported operating expenses were approximately $36.7 million . BestReviews Acquisition Agreement On February 6, 2018, the Company acquired a 60% membership interest in BestReviews LLC (“BestReviews”), a company engaged in the business of testing, researching and reviewing consumer products, pursuant to an Acquisition Agreement, entered into on the same date (the “BestReviews Acquisition Agreement”), among the Company, BestReviews Inc., a Delaware corporation (“BR Parent”), BestReviews and the stockholders of BR Parent. Upon the terms and subject to the conditions set forth in the BestReviews Acquisition Agreement, the Company acquired 60% of BR Parent’s membership interest in BestReviews for a total purchase price of $68.3 million , consisting of $33.7 million in cash, less a post-closing working capital adjustment from the seller of $0.6 million , and $34.6 million in common stock of the Company (the “BR Acquisition”). The Company issued 1,913,438 shares of common stock in connection with the closing (the “Stock Consideration”). The Stock Consideration is subject to lock-up provisions that prohibit certain transfers of the shares and standstill provisions based upon the following schedule: 25% of the Stock Consideration ceased to be subject to the lockup provisions on the 6-month anniversary of the closing date of the BR Acquisition, an additional 50% of the Stock Consideration ceased to be subject to the lock-up provisions on the 9-month anniversary of the closing date of the BR Acquisition and an additional 25% of the Stock Consideration will cease to be subject to the lock-up provisions on the 12-month anniversary of the closing date of the BR Acquisition. The BestReviews Acquisition Agreement also contains representations, warranties, covenants, and indemnities of the parties thereto. Limited Liability Company Agreement In connection with the BR Acquisition, the Company and BR Parent also entered into an amended and restated limited liability company agreement of BestReviews (the “LLC Agreement”). Subject to the terms of the LLC Agreement, the Company currently has the right, which began six months after the closing of the BR Acquisition, to purchase all (but not less than all) of the remaining 40% of the membership interests of BestReviews (the “Call Option”) using, at the Company’s election, cash, shares of common stock of the Company, or a combination thereof, at a purchase price to be based on a pre-determined multiple of BestReviews’ trailing 12-month EBITDA, with such purchase price capped per the LLC Agreement if the Call Option is exercised prior to the third anniversary of the closing of the BR Acquisition. In addition, beginning six months after closing the BR Acquisition, the Company is entitled to exercise a one-time right to purchase 25% of the units of membership interest of BestReviews retained by BR Parent ( 10% of the issued and outstanding equity) with terms identical to those applicable to the Call Option. BR Parent also has the right, beginning three years after closing of the BR Acquisition, to cause the Company to purchase all (but not less than all) of the remaining 40% of the membership interests of BestReviews (the “Put Option”) using, at the Company’s election, cash, shares of common stock of the Company, or a combination thereof, at a purchase price to be determined in the same manner as if the Call Option was exercised. If the exercise of the Call Option or the Put Option requires that the Company seek stockholder approval prior to issuing common stock of the Company as consideration in connection with such exercise, and the Company does not obtain requisite stockholder approval, then BestReviews will initiate a sale process for disposition of a majority of the voting power interests of BestReviews or other disposition of all or substantially all of BestReviews’ assets. The LLC Agreement provides that BR Parent is entitled to certain registration rights under the Securities Act of 1933, as amended (the “Securities Act”), with respect to the Company’s common stock issued to BR Parent. The Company (1) was required to file a registration statement on Form S-3 (“Form S-3”) with the Securities and Exchange Commission (“SEC”) to register the resale of the Stock Consideration within 90 days following the closing date of the BR Acquisition, which filing was completed, and (2) the Company is required to file a Form S-3 with the SEC to register the resale of any shares of common stock of the Company issued in connection with an exercise of the Call Option or the Put Option within 60 days after the issuance of such shares. The LLC Agreement contains other terms and conditions, including transfer restrictions, tag-along and drag-along rights, and indemnification obligations. The determination of the fair value of the assets acquired, including intangible assets and noncontrolling interest, and liabilities assumed has been completed and the final allocation of the purchase price is as follows (in thousands): Consideration Cash consideration for acquisition $ 33,085 Fair value of noncontrolling interest 40,900 Value of shares issued for acquisition 34,595 Total consideration 108,580 Allocated Fair Value of Acquired Assets and Assumed Liabilities Accounts receivable and other current assets 9,945 Property, plant and equipment 36 Intangible assets 12,540 Accounts payable and other current liabilities (993 ) Total identifiable assets (liabilities), net 21,528 Goodwill 87,052 Total net assets acquired $ 108,580 Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including access to the Company’s subscriber base and non-contractual relationships, as well as expected future cost and revenue synergies. The entire amount of purchase price allocated to intangible assets and 60% of goodwill is expected to be deductible for tax purposes pursuant to Internal Revenue Code Section 197. To determine the fair value of the noncontrolling interest, the Company applied a blended 7.5% discount to the calculated 40% interest in the fair value of BestReviews as a whole. The discount rate represents the lack of marketability resulting from the Company’s implicit right of first refusal related to the Call Option. The results of operations and related assets and liabilities of BestReviews have been included in the Consolidated Financial Statements beginning on the closing date of the acquisition and are included in the results of the Company’s segment X. For the period from the date of acquisition to December 30, 2018 , reported revenues from BestReviews were $25.0 million , and reported operating expenses were $ 22.9 million , respectively. Pro Forma Results The pro forma results relate to continuing operations and exclude all discontinued operations including the California Properties and forsalebyowner.com. The pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the date indicated or that may result in the future. The following pro forma results of continuing operations have been prepared as if the Virginia-Pilot and BestReviews acquisitions occurred as of December 26, 2016 (amounts in thousands, except per share data): Year Ended December 30, December 31, Total operating revenues $ 1,060,112 $ 1,114,996 Income (loss) from continuing operations $ (39,057 ) $ (22,202 ) Loss from continuing operations per common share - Basic $ (1.11 ) $ (0.65 ) Loss from continuing operations per common share - Diluted $ (1.11 ) $ (0.65 ) 2017 Acquisitions New York Daily News On September 3, 2017, the Company completed the acquisition of 100% of the partnership interests in Daily News, L. P. (“DNLP”), the owner of the New York Daily News in New York City, pursuant to the Partnership Interest Purchase Agreement dated September 3, 2017, for a cash purchase price of one dollar and assumption of various liabilities, subject to a post-closing working capital adjustment. During the second quarter of 2018, the Company finalized the working capital calculation which resulted in an immaterial adjustment. DNLP’s assets include, among others, (1) the assets associated with the New York Daily News brand (including mastheads, resources, technology and archives), (2) net working capital, (3) plant and equipment assets and (4) certain real property rights (as described below). DNLP’s liabilities that remain with the acquired entity include, among others, (1) an existing single employer defined benefit pension obligation that provides benefits to certain current and former employees of the New York Daily News, (2) certain multi-employer pension obligations, (3) workers’ compensation and automobile insurance liabilities and (4) various outstanding letters of credit. DNLP retained its lease with the New Jersey Economic Development Authority with respect to approximately 18 acres of real property on which its printing facilities are located (the “New Jersey Lease”). Under the New Jersey Lease, DNLP is required to purchase the real property at the end of the lease term in 2021 (and may acquire it prior to such date at any time) for up to $6.9 million . The sellers in the DNLP transaction may, at any time, require DNLP to exercise the real property purchase option. Upon the exercise of the real property purchase option , the real property will be held by a partnership (the “Real Estate Partnership”) owned 49.9% by DNLP and 50.1% by New DN Company, an affiliate of the sellers in the DNLP transaction. New DN Company will control the management of the partnership. Due to the ownership structure of the Real Estate Partnership, DNLP’s net portion of the real property purchase price is approximately 49.9% (or up to $3.5 million ), after reimbursement from New DN Company of its 50.1% portion of the real property purchase price. After the exercise of the real property purchase option and transfer of such property to the Real Estate Partnership, DNLP: (1) will have the option to lease it for one dollar per year, compared to the current lease rate of $100,000 per year under the New Jersey Lease, for up to 15 years and (2) may at any time, at its option, require sellers to acquire DNLP’s interest in the property based on its then-current fair market value. Should the Company discontinue printing operations on the property, the rent for the property would increase to a fair market rate and the sellers could purchase the Company’s 49.9% share of the Real Estate Partnership based on its then-current fair market value. Additionally, DNLP owns approximately four acres of real property contiguous to the New Jersey Lease property, currently used as parking facilities, that it was obligated to transfer ownership to the Real Estate Partnership either prior to or concurrent with exercise of the real property purchase option. In the fourth quarter of 2018, the Company completed the transfer of the four acres to the Real Estate Partnership. During the third quarter of 2018, the final determination of the fair value of assets acquired and liabilities assumed has been completed. The final assigned values are presented in the table below(in thousands): Allocated Fair Value of Acquired Assets and Assumed Liabilities Cash acquired as part of the purchase $ 2,555 Accounts receivable and other current assets 17,703 Property, plant and equipment, including assets under capital leases 48,099 Mastheads 3,400 Other long-term assets 9,565 Accounts payable and other current liabilities (20,271 ) Pension and postemployment benefits liability (25,446 ) Workers compensation and auto insurance liability (25,116 ) Other long-term liabilities (10,489 ) Total net assets acquired $ — The results of operations of DNLP and related assets and liabilities have been included in the Consolidated Financial Statements beginning on the closing date of the acquisition and are reported in the Company’s two operating segments consistent with the Company’s other media groups as discussed in Note 20 . For the period from the date of acquisition to December 31, 2017 , reported revenues from DNLP were approximately $40.2 million and reported operating expenses were approximately $47.8 million . The pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the date indicated or that may result in the future. The following pro forma consolidated results of operations have been prepared as if the DNLP acquisition occurred as of December 27, 2015 (amounts in thousands, except per share data): Year ended December 31, December 25, Total operating revenues $ 1,612,059 $ 1,751,155 Income from continuing operations $ 52,186 $ 26,281 Loss from continuing operations per common share - Basic $ (0.27 ) $ (0.22 ) Loss from continuing operations per common share - Diluted $ (0.27 ) $ (0.22 ) 2016 Acquisitions Spanfeller Media In December 2016, the Company completed acquisitions totaling $7.6 million , including Spanfeller Media, a digital platform which includes The Daily Meal and The Active Times, and other immaterial properties. The results of the acquisitions and the related transaction costs were not material to the Company’s Consolidated Financial Statements and are included in the Consolidated Statements of Income since their respective dates of acquisition. |
DISPOSITIONS AND DISCONTINUED O
DISPOSITIONS AND DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS AND DISCONTINUED OPERATIONS | DISPOSITIONS AND DISCONTINUED OPERATIONS California Properties On February 7, 2018, the Company entered into a Membership Interest Purchase Agreement (“MIPA”) by and between the Company and Nant Capital, LLC (“Nant Capital”) pursuant to which the Company agreed to sell the California Properties to Nant Capital for an aggregate purchase price of $500 million in cash; less an initial working capital adjustment of $12.6 million , plus the assumption of unfunded pension liabilities related to the San Diego Pension Plan, subject to a customary post-closing working capital adjustment from the buyer in the amount of $2.1 million (the "Nant Transaction"). The Nant Transaction closed on June 18, 2018 and resulted in a pre-tax gain of $404.8 million . The operations of the California Properties were previously included in both the M and X segments. The sale of the California Properties represents a strategic shift that will have a major effect on our operations and financial results. As a result, and as discussed in Note 1 , effective as of the date of the sale, the California Properties are reflected as discontinued operations on the consolidated balance sheets in accordance with ASC 360 and the results of operations of the California Properties are presented as discontinued operations in the statements of income in accordance with ASC 205-20 for all periods presented. Dr. Patrick Soon-Shiong, a former director of the Company, together with Nant Capital, beneficially own 8,743,619 shares of Tribune common stock, which represented 24.6% of the outstanding shares of Tribune common stock as of December 30, 2018 . Nant Capital, LLC In connection with the private placement to Nant Capital described in Note 18 , the Company entered into a term sheet with NantWorks, LLC pursuant to which the Company would receive access to certain patents as well as studio space, subject to definitive documentation and approval from Tribune Media Company. If the transactions contemplated by the term sheet were consummated, the Company would issue to NantStudio, LLC 333,333 shares of common stock and in exchange, would be entitled to retain the first $80 million in revenues derived from the licensed patents royalty free, after which the Company would pay to NantWorks a 6% royalty on subsequent revenues. With the completion of the Nant Transaction, the term sheet was terminated. CIPS Marketing Group Inc. The Company previously utilized the services of CIPS Marketing Group, Inc. (“CIPS”) for local marketing efforts such as distribution, door-to-door marketing and total market coverage. Prior to July 2017, the Company owned 50% of CIPS, which was recorded as an equity investment. In July 2017, the Company sold its interest in CIPS for approximately $7.3 million , resulting in a gain of $5.7 million which is recorded in Gain (Loss) on Equity Investments in the Consolidated Statement of Income, and entered into a long-term agreement with the buyer to utilize CIPS for certain distribution efforts. During the year ended December 31, 2017 , the Company recorded $0.6 million in revenue and $4.2 million in other operating expenses related to such marketing services. During the year ended December 25, 2016 , the Company recorded $1.0 million in revenue and $11.5 million in other operating expenses related to such marketing services. The CIPS revenue and marketing services expenses are included in discontinued operations. forsalebyowner.com On May 23, 2018, the Company sold substantially all of the assets of forsalebyowner.com in an asset sale for $2.5 million , less a post closing working capital payment to the buyer of $0.1 million , plus an advertising sales commitment of $4.5 million over a term of two years. The forsalebyowner.com balances are reflected as related to discontinued operations on the consolidated balance sheets for all periods presented and the results of operations are included in discontinued operations for all periods presented. In prior filings, forsalebyowner.com was part of segment X. Earnings from discontinued operations through the respective transaction dates, included in the Consolidated Statements of Income, are comprised of the following (in thousands): Year ended December 30, 2018 December 31, 2017 December 25, 2016 Operating revenues $ 211,522 $ 508,566 $ 543,016 Operating expenses: Compensation 58,819 146,605 156,129 Newsprint and ink 14,357 35,099 41,378 Outside services 61,892 136,843 147,787 Other operating expenses 57,290 126,490 124,139 Depreciation and amortization 3,531 9,390 6,137 Total operating expenses 195,889 454,427 475,570 Income from operations 15,633 54,139 67,446 Gain (loss) on sale 404,783 — — Interest expense, net (52 ) (147 ) (143 ) Gain on equity investments, net — 5,842 797 Other income, net 1,338 7 2,300 Income tax expense (132,192 ) (24,493 ) (28,500 ) Income from discontinued operations, net of tax $ 289,510 $ 35,348 $ 41,900 Discontinued operations by segment are presented below (in thousands): Year ended December 30, 2018 December 31, 2017 December 25, 2016 Operating revenues M $ 185,822 $ 432,379 $ 465,643 X 25,638 76,001 77,175 Corporate and eliminations 62 186 198 $ 211,522 $ 508,566 $ 543,016 Income from operations M $ 9,803 $ 31,743 $ 45,200 X 5,793 22,635 22,264 Corporate and eliminations 37 (239 ) (18 ) $ 15,633 $ 54,139 $ 67,446 Depreciation and amortization M $ 3,427 $ 9,130 $ 6,027 X 104 260 110 Corporate and eliminations $ 3,531 $ 9,390 $ 6,137 The following table presents the aggregate carrying amounts of assets and liabilities related to discontinued operations in the Consolidated Balance Sheets (in thousands): December 30, 2018 December 31, Carrying amount of assets related to discontinued operations: Accounts receivable, (net of allowances of $7,388) $ — $ 51,200 All other current assets — 10,578 Property, plant and equipment, net — 14,635 Goodwill — 76,559 Intangibles — 60,181 Deferred income taxes — 28,787 All other long term assets — 437 Total assets related to discontinued operations $ — $ 242,377 Carrying amount of liabilities associated with discontinued operations: Accounts payable and employee compensation and benefits $ — $ 27,140 Income Tax Payable 6,249 — Deferred revenue — 26,362 Other current liabilities — 2,487 Pensions and postretirement benefits payable — 90,155 Insurance — 12,271 All other long term liabilities — 14,425 Total liabilities associated with discontinued operations $ 6,249 $ 172,840 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 30, 2018 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories at December 30, 2018 and December 31, 2017 consisted of the following (in thousands): December 30, 2018 December 31, 2017 Newsprint $ 9,273 $ 7,072 Supplies and other 314 340 Total inventories $ 9,587 $ 7,412 Inventories are stated at the lower of cost or net realizable value determined using the first-in, first-out (“FIFO”) basis for all inventories. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets at December 30, 2018 and December 31, 2017 consisted of the following (in thousands): December 30, 2018 December 31, 2017 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Other intangible assets subject to amortization Subscribers (useful life of 2 to 10 years) $ 7,312 $ (4,730 ) $ 2,582 $ 7,312 $ (3,762 ) $ 3,550 Advertiser relationships (useful life of 2 to 13 years) 27,648 (12,497 ) 15,151 26,348 (10,013 ) 16,335 Trade names (useful life of 20 years) 15,100 (3,343 ) 11,757 15,100 (2,583 ) 12,517 Other (useful life of 1 to 20 years) 17,744 (4,831 ) 12,913 5,379 (2,243 ) 3,136 Total other intangible assets subject to amortization $ 67,804 $ (25,401 ) 42,403 $ 54,139 $ (18,601 ) 35,538 Software (useful life of 2 to 10 years) 136,005 (108,888 ) 27,117 129,795 (89,095 ) 40,700 Goodwill and other intangible assets not subject to amortization Goodwill 132,146 45,348 Newspaper mastheads 34,826 29,458 Total goodwill and intangible assets $ 236,492 $ 151,044 As disclosed in Note 2 , Tribune reviews goodwill and other indefinite-lived intangible assets for impairment annually on the first day of the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset may be impaired, in accordance with ASC Topic 350, “Intangibles-Goodwill and Other.” In the year ended December 30, 2018 , f or the Sun Sentinel Media Group, the carrying value exceeded the fair value and the Company recorded a non-cash impairment charge of $1.9 million reflecting the reduction in fair value. The impairment charge resulted primarily from a decline in the fair value due to lower projected cash flows versus historical estimates. The changes in the carrying amounts of goodwill during the years ended December 30, 2018 and December 31, 2017 were as follows (in thousands): M X Total Balance at December 25, 2016 $ 29,454 $ 16,456 $ 45,910 Acquisitions — 171 171 Other (733 ) — (733 ) Balance at December 31, 2017 28,721 16,627 45,348 Acquisitions 629 87,052 87,681 Impairment (1,872 ) — (1,872 ) Other 733 256 989 Balance at December 30, 2018 $ 28,211 $ 103,935 $ 132,146 See Note 6 for further information on the acquisitions and the additions related to goodwill. The changes in the carrying amounts of intangible assets excluding goodwill during the years ended December 30, 2018 and December 31, 2017 were as follows (in thousands): Intangible assets subject to amortization Other intangible assets not subject to amortization Total Balance at December 25, 2016 $ 40,271 $ 26,700 $ 66,971 Acquisitions — 2,758 2,758 Dispositions (78 ) — (78 ) Amortization expense (4,655 ) — (4,655 ) Balance at December 31, 2017 $ 35,538 $ 29,458 $ 64,996 Acquisitions 13,840 5,368 19,208 Dispositions (108 ) — (108 ) Amortization expense (6,867 ) — (6,867 ) Balance at December 30, 2018 $ 42,403 $ 34,826 $ 77,229 The changes in the carrying amounts of software during the years ended December 30, 2018 and December 31, 2017 were as follows (in thousands): Balance at December 25, 2016 $ 52,130 Purchases and capitalized development costs 14,830 Retirements 240 Amortization expense (26,500 ) Balance at December 31, 2017 40,700 Purchases and capitalized development costs 13,822 Retirements 227 Amortization expense (27,632 ) Balance at December 30, 2018 27,117 The estimated amortization expense relating to amortizable intangible assets and software for the next five years are approximately (in thousands): Year Ended Intangible assets subject to amortization Software 2019 $ 7,262 $ 14,932 2020 7,213 7,068 2021 6,942 3,117 2022 5,045 709 2023 4,355 396 Total $ 30,817 $ 26,222 |
DEBT
DEBT | 12 Months Ended |
Dec. 30, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT On June 21, 2018, the Company used a portion of the proceeds received from the Nant Transaction to repay all the amounts outstanding under the Senior Term Facility and terminated the Senior ABL Facility. Senior Term Facility On August 4, 2014, the Company entered into a credit agreement (as amended, amended and restated or supplemented) with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders party thereto (the “Senior Term Facility”). The Senior Term Facility originally provided for secured loans (the “Term Loans”) in an aggregate principal amount of $350.0 million , which were issued at a discount of $3.5 million . Subject to certain conditions, without the consent of the then existing lenders (but subject to the receipt of commitments), the Senior Term Facility initially provided that it could be expanded (or a new term loan facility, revolving credit facility or letter of credit facility added) by an amount up to (i) the greater of $100.0 million , and an amount as would not cause the net senior secured leverage ratio after giving effect to such incurrence to exceed 2 :1, plus (ii) an amount equal to all voluntary prepayments of the term loans borrowed under the Senior Term Facility and refinancing debt in respect of such loans, subject to certain conditions. On May 21, 2015, the Company entered into a lender joinder agreement with Citicorp North America, Inc. and JPMorgan Chase Bank, N.A. to partially finance an acquisition. This joinder agreement expanded the borrowings under the Senior Term Facility by $70 million issued at a discount of $1.1 million . This borrowing had the same interest rate and had the same maturity date as the existing loans under the Senior Term Facility. The interest rates applicable to the Term Loans were based on a fluctuating rate of interest measured by reference to either, at the Company’s option, (i) the greater of (x) an adjusted London inter-bank offered rate (adjusted for reserve requirements) and (y) 1.00% , plus a borrowing margin of 4.75% , or (ii) an alternate base rate, plus a borrowing margin of 3.75% . Tribune was the borrower under the Senior Term Facility. Each of Tribune’s wholly-owned domestic subsidiaries, subject to certain exceptions (collectively, the “Subsidiary Guarantors”), guaranteed the payment obligations under the Senior Term Facility. On June 21, 2018, the Company repaid the outstanding principal balance of $348.0 million under the Senior Term Facility and terminated the agreement. As a result of the early extinguishment of debt, the Company incurred a $7.7 million loss to expense the remaining balance of original issue discount and debt origination fees. Senior ABL Facility On August 4, 2014, Tribune and the Subsidiary Guarantors, in their capacities as borrowers thereunder, entered into a credit agreement with Bank of America, N.A., as administrative agent, collateral agent, swing line lender and letter of credit issuer and the lenders party thereto (the “Senior ABL Facility”). The Senior ABL Facility provided for senior secured revolving loans and letters of credit of up to a maximum aggregate principal amount of $140.0 million (subject to availability under a borrowing base). Extensions of credit under the Senior ABL Facility were limited by a borrowing base calculated periodically. Up to $75.0 million of availability under the Senior ABL Facility was available for letters of credit and up to $15.0 million of availability under the Senior ABL Facility was available for swing line loans. Tribune and the Subsidiary Guarantors were the borrowers under the Senior ABL Facility and guaranteed the payment obligations under the Senior ABL Facility. The interest rates applicable to the loans under the Senior ABL Facility were based on either (i) an adjusted London inter-bank offered rate (adjusted for reserve requirements), plus a borrowing margin of 1.50% or (ii) an alternate base rate, plus a borrowing margin of 0.50% . Customary fees were payable in respect of the Senior ABL Facility, including commitment fees of 0.25% and letter of credit fees. On June 21, 2018, the Company terminated the Senior ABL Facility. As a result of the Senior ABL Facility termination, the Company established restricted cash to collateralize outstanding letters of credit previously secured by the Senior ABL Facility. At December 30, 2018 the balance of such restricted cash was $43.9 million . Letter of Credit Agreement On August 4, 2014, Tribune and JPMorgan Chase Bank, N.A., as letter of credit issuer entered into a letter of credit agreement (the “Letter of Credit Agreement”). The Letter of Credit Agreement provided for the issuance of standby letters of credit of up to a maximum aggregate principal face of $30.0 million . Customary fees were payable in respect of the Letter of Credit Agreement. The Letter of Credit Agreement contained certain affirmative covenants, including financial and other reporting requirements. During the year ended December 25, 2016, the Company closed its outstanding letter of credit agreement and moved the letter of credit to Bank of America, N.A. under the Senior ABL facility. Capital Leases The Company has capital leases on land and technology licenses. The total balance as of December 30, 2018 for capital leases was $7.2 million , of which $0.4 million is in short-term debt. The total balance as of December 31, 2017 for capital leases was $7.5 million , of which $0.4 million is in short-term debt. Future Commitments The Company's long-term capital leases maturities are as follows (in thousands): 2019 $ 405 2020 100 2021 6,892 2022 — 2023 — Thereafter — Total $ 7,397 |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | COMMITMENTS Leases Our leased facilities are approximately 4.0 million square feet in the aggregate. The Company currently has leased newspaper production facilities in Connecticut, Florida, Illinois, Maryland, New Jersey, and Pennsylvania, however Tribune owns substantially all of the production equipment. For printing plants, the initial lease term is 10 years with two options to renew for additional 10 year terms. For distribution facilities, the initial lease term is 5 years, with options to renew either two or three additional 5 year terms. Our corporate headquarters are located at 160 N. Stetson Avenue, Chicago, Illinois. The lease is for approximately 137,000 square feet with a 10 year and 11 month term for one floor and a 12 year term for four floors, expiring in 2028 and 2030, respectively. The Company has rent escalations, rent holidays and leasehold improvement incentives which are included in deferred rent on the Consolidated Balance Sheet. Leases with specified escalation steps are expensed ratably over the life of the lease based on the total lease obligation. The amortization period of material leasehold improvements is 12 years . Lease expense under operating leases was was $32.8 million , $33.5 million and $40.2 million for the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 , respectively. Future minimum lease payments under noncancelable operating leases arrangements having initial terms of one year or more as of December 30, 2018 are as follows (in thousands): 2019 $ 33,006 2020 30,412 2021 26,817 2022 24,916 2023 15,933 Thereafter 42,867 Total $ 173,951 CONTINGENT LIABILITIES Legal Proceedings The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business. The legal entities comprising the Company’s operations are defendants from time to time in actions for matters arising out of their business operations. In addition, the legal entities comprising our operations are involved from time to time as parties in various regulatory, environmental and other proceedings with governmental authorities and administrative agencies. As part of the Company’s 2015 acquisition of The San Diego Union-Tribune, the seller provided the Company a full indemnity with respect to a consolidated class action lawsuit that asserts various claims on behalf of home delivery newspaper carriers alleged to have been misclassified as independent contractors. The Company has subsequently provided Nant Capital a full indemnity with respect to this matter as part of the Nant Transaction. The parties to the class action have agreed to a settlement which the court preliminarily approved in October 2018. The Company has recognized a liability and corresponding receivable from the seller of $11.5 million as of December 30, 2018. Tribune Company Bankruptcy On December 31, 2012, Tribune Media Company, formerly Tribune Company (“TCO”), and 110 of its direct and indirect wholly-owned subsidiaries that had filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware on December 8, 2008 (or on October 12, 2009, in the case of Tribune CNLBC, LLC) (collectively, the “Debtors”) emerged from Chapter 11. Certain of the legal entities included in the Consolidated Financial Statements of Tribune were Debtors or, as a result of the restructuring transactions undertaken at the time of the Debtors’ emergence, are successor legal entities to legal entities that were Debtors (“Tribune Debtors”). Notices of appeal of the Bankruptcy Court's order confirming the Plan (the "Confirmation Order") were filed by (i) Aurelius Capital Management L.P. on behalf of its managed entities that were holders of Tribune Company's senior notes and Exchangeable Subordinated Debentures due 2029 ("PHONES"), (ii) Law Debenture Trust Company of New York (n/k/a Delaware Trust Company ("Delaware Trust Company")) and Deutsche Bank Trust Company Americas ("Deutsche Bank"), each successor trustees under the respective indentures for TCO's senior notes; (iii) Wilmington Trust Company, as successor indenture trustee for the PHONES, and (iv) EGI-TRB, L.L.C., a Delaware limited liability company wholly-owned by Sam Investment Trust (a trust established for the benefit of Samuel Zell and his family) (the "Zell Entity"). The appellants sought, among other relief, to overturn the Confirmation Order and certain prior orders of the Bankruptcy Court embodied in the Plan, including the settlement of certain claims and causes of action related to a series of transactions consummated by TCO, the TCO employee stock ownership plan, the Zell Entity and Samuel Zell in 2007. Each of the Confirmation Order appeals have been dismissed or otherwise resolved by a final order, with the exception of the appeals of Delaware Trust Company and Deutsche Bank. On July 30, 2018, the United States District Court for the District of Delaware (the “District Court”) entered an order affirming (i) the Bankruptcy Court’s judgment overruling Delaware Trust Company’s and Deutsche Bank’s objections to confirmation of the Plan and (ii) the Bankruptcy Court’s order confirming the Plan. Delaware Trust Company and Deutsche Bank appealed the District Court’s order to the United States Court of Appeals for the Third Circuit (the “Third Circuit”) on August 27, 2018. That appeal remains pending before the Third Circuit. There is no stay of the Confirmation Order in place pending resolution of the confirmation related appeals. The Bankruptcy Court had entered final decrees collectively closing 106 of the Debtors’ Chapter 11 cases, including the last one of the Tribune Debtors’ cases. The remaining Chapter 11 cases relate to Debtors and successor legal entities that are subsidiaries of TCO. These cases have not yet been closed by the Bankruptcy Court, and certain claims asserted against various of the Debtors (including the Tribune Debtors) in the Chapter 11 cases remain unresolved. The remaining Chapter 11 cases continue to be administered under the caption “In re: Tribune Media Company, et al.,” Case No 08-13141. Reorganization Items, Net —Reorganization items, net, generally includes provisions and adjustments to reflect the carrying value of certain prepetition liabilities at their estimated allowable claim amounts and, pursuant to ASC Topic 852, “Reorganizations,” is reported separately in the Company’s Consolidated Statements of Income. Reorganization items, net may also include professional advisory fees and other costs directly associated with the Debtors’ Chapter 11 cases. Specifically identifiable reorganization provisions, adjustments and other costs directly related to the Company have been included in the Consolidated Statements of Income for the year ended December 25, 2016 . There were no reorganization costs for the years ended December 30, 2018 or December 31, 2017 . These costs consisted of the following (in thousands): Reorganization costs, net: Contract rejections and claim settlements $ (75 ) Trustee fees and other, net (184 ) Total reorganization items, net $ (259 ) |
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENT LIABILITIES | COMMITMENTS Leases Our leased facilities are approximately 4.0 million square feet in the aggregate. The Company currently has leased newspaper production facilities in Connecticut, Florida, Illinois, Maryland, New Jersey, and Pennsylvania, however Tribune owns substantially all of the production equipment. For printing plants, the initial lease term is 10 years with two options to renew for additional 10 year terms. For distribution facilities, the initial lease term is 5 years, with options to renew either two or three additional 5 year terms. Our corporate headquarters are located at 160 N. Stetson Avenue, Chicago, Illinois. The lease is for approximately 137,000 square feet with a 10 year and 11 month term for one floor and a 12 year term for four floors, expiring in 2028 and 2030, respectively. The Company has rent escalations, rent holidays and leasehold improvement incentives which are included in deferred rent on the Consolidated Balance Sheet. Leases with specified escalation steps are expensed ratably over the life of the lease based on the total lease obligation. The amortization period of material leasehold improvements is 12 years . Lease expense under operating leases was was $32.8 million , $33.5 million and $40.2 million for the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 , respectively. Future minimum lease payments under noncancelable operating leases arrangements having initial terms of one year or more as of December 30, 2018 are as follows (in thousands): 2019 $ 33,006 2020 30,412 2021 26,817 2022 24,916 2023 15,933 Thereafter 42,867 Total $ 173,951 CONTINGENT LIABILITIES Legal Proceedings The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business. The legal entities comprising the Company’s operations are defendants from time to time in actions for matters arising out of their business operations. In addition, the legal entities comprising our operations are involved from time to time as parties in various regulatory, environmental and other proceedings with governmental authorities and administrative agencies. As part of the Company’s 2015 acquisition of The San Diego Union-Tribune, the seller provided the Company a full indemnity with respect to a consolidated class action lawsuit that asserts various claims on behalf of home delivery newspaper carriers alleged to have been misclassified as independent contractors. The Company has subsequently provided Nant Capital a full indemnity with respect to this matter as part of the Nant Transaction. The parties to the class action have agreed to a settlement which the court preliminarily approved in October 2018. The Company has recognized a liability and corresponding receivable from the seller of $11.5 million as of December 30, 2018. Tribune Company Bankruptcy On December 31, 2012, Tribune Media Company, formerly Tribune Company (“TCO”), and 110 of its direct and indirect wholly-owned subsidiaries that had filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware on December 8, 2008 (or on October 12, 2009, in the case of Tribune CNLBC, LLC) (collectively, the “Debtors”) emerged from Chapter 11. Certain of the legal entities included in the Consolidated Financial Statements of Tribune were Debtors or, as a result of the restructuring transactions undertaken at the time of the Debtors’ emergence, are successor legal entities to legal entities that were Debtors (“Tribune Debtors”). Notices of appeal of the Bankruptcy Court's order confirming the Plan (the "Confirmation Order") were filed by (i) Aurelius Capital Management L.P. on behalf of its managed entities that were holders of Tribune Company's senior notes and Exchangeable Subordinated Debentures due 2029 ("PHONES"), (ii) Law Debenture Trust Company of New York (n/k/a Delaware Trust Company ("Delaware Trust Company")) and Deutsche Bank Trust Company Americas ("Deutsche Bank"), each successor trustees under the respective indentures for TCO's senior notes; (iii) Wilmington Trust Company, as successor indenture trustee for the PHONES, and (iv) EGI-TRB, L.L.C., a Delaware limited liability company wholly-owned by Sam Investment Trust (a trust established for the benefit of Samuel Zell and his family) (the "Zell Entity"). The appellants sought, among other relief, to overturn the Confirmation Order and certain prior orders of the Bankruptcy Court embodied in the Plan, including the settlement of certain claims and causes of action related to a series of transactions consummated by TCO, the TCO employee stock ownership plan, the Zell Entity and Samuel Zell in 2007. Each of the Confirmation Order appeals have been dismissed or otherwise resolved by a final order, with the exception of the appeals of Delaware Trust Company and Deutsche Bank. On July 30, 2018, the United States District Court for the District of Delaware (the “District Court”) entered an order affirming (i) the Bankruptcy Court’s judgment overruling Delaware Trust Company’s and Deutsche Bank’s objections to confirmation of the Plan and (ii) the Bankruptcy Court’s order confirming the Plan. Delaware Trust Company and Deutsche Bank appealed the District Court’s order to the United States Court of Appeals for the Third Circuit (the “Third Circuit”) on August 27, 2018. That appeal remains pending before the Third Circuit. There is no stay of the Confirmation Order in place pending resolution of the confirmation related appeals. The Bankruptcy Court had entered final decrees collectively closing 106 of the Debtors’ Chapter 11 cases, including the last one of the Tribune Debtors’ cases. The remaining Chapter 11 cases relate to Debtors and successor legal entities that are subsidiaries of TCO. These cases have not yet been closed by the Bankruptcy Court, and certain claims asserted against various of the Debtors (including the Tribune Debtors) in the Chapter 11 cases remain unresolved. The remaining Chapter 11 cases continue to be administered under the caption “In re: Tribune Media Company, et al.,” Case No 08-13141. Reorganization Items, Net —Reorganization items, net, generally includes provisions and adjustments to reflect the carrying value of certain prepetition liabilities at their estimated allowable claim amounts and, pursuant to ASC Topic 852, “Reorganizations,” is reported separately in the Company’s Consolidated Statements of Income. Reorganization items, net may also include professional advisory fees and other costs directly associated with the Debtors’ Chapter 11 cases. Specifically identifiable reorganization provisions, adjustments and other costs directly related to the Company have been included in the Consolidated Statements of Income for the year ended December 25, 2016 . There were no reorganization costs for the years ended December 30, 2018 or December 31, 2017 . These costs consisted of the following (in thousands): Reorganization costs, net: Contract rejections and claim settlements $ (75 ) Trustee fees and other, net (184 ) Total reorganization items, net $ (259 ) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but were not limited to, a corporate tax rate decrease from 35% to 21%, effective for tax years beginning after December 31, 2017. During the year ended December 31, 2017, the Company recorded $10.8 million as additional income tax expense, which was the Company’s provisional estimate of the impact of the Act. The Company has completed calculating the impact of the Act in 2018 and recorded an additional $0.2 million of expense in the third quarter of 2018, to bring the total expense to $11.0 million . The following is a reconciliation of income taxes computed at the U.S. federal statutory rate to income tax expense reported in the Consolidated Statements of Income (in thousands): Year ended December 30, 2018 December 31, 2017 December 25, 2016 Loss from continuing operations before income taxes $ (52,586 ) $ (22,625 ) $ (44,939 ) Federal income taxes at the statutory tax rate (11,043 ) (7,919 ) (15,729 ) State and local income taxes, net of federal tax benefit (2,948 ) (693 ) (2,175 ) Impact of U.S. tax reform 213 10,815 — Tax on stock buyback premium — 2,111 — Tax on stock-based equity exercised (79 ) 1,308 414 Nondeductible meals and entertainment expenses 628 859 639 Research and development credits (639 ) — — Tax basis adjustment — — 7,063 Other, net 1,145 707 212 Income tax expense (benefit) $ (12,723 ) $ 7,188 $ (9,576 ) Effective tax rate 24.2 % (31.8 )% 21.3 % The effective tax rate on pretax loss was 24.2% , (31.8)% and 21.3% in the years ended December 30, 2018 , December 31, 2017 , and December 25, 2016 , respectively . For 2018, the tax rate differs from the U.S. federal statutory rate of 21% primarily due to state income taxes, non-deductible expenses and research and development credits. For 2017, the rate differs from the U.S. federal statutory rate of 35% primarily due to a $10.8 million adjustment to remeasure the Company’s deferred taxes to reflect the new tax law changes as described above, premium on stock buyback expense being a nondeductible permanent difference for the calculation of income taxes, state taxes, net of federal benefit, and nondeductible expenses. For 2016, the rate differs from the U.S. federal statutory rate of 35% primarily due to a $7.1 million charge to adjust the Company’s deferred taxes, as described below, state income taxes, net of federal benefit, and nondeductible expenses. In the case of a pretax loss, the unfavorable permanent differences, such as non-deductible meals and entertainment expense, have the effect of decreasing the tax benefit which, in turn, decreases the effective tax rate. During September 2016, TCO reached a resolution with the Internal Revenue Service (“IRS”) regarding a pre-spin tax issue. In connection with the resolution and in conjunction with the tax rules applicable to emergence from bankruptcy, TCO has adjusted the previously determined tax basis of its assets as of December 31, 2012. This adjustment affected the tax basis of the assets and liabilities, including the deferred tax liability, transferred to the Company as part of TCO’s August 4, 2014 spin-off of its publishing operations. As a result of the IRS resolution, the Company recorded a reduction in the tax basis of the shares in the Company transferred from TCO against the basis in TPC stock, a subsidiary of the Company, by $17.7 million , which resulted in an additional $7.1 million deferred tax liability and a $7.1 million charge to tax expense during the year ended December 25, 2016 . Components of income tax expense (benefit) were as follows (in thousands): Year ended December 30, 2018 December 31, 2017 December 25, 2016 Current: U.S. federal $ (8,629 ) $ (14,532 ) $ (18,228 ) State and local (3,743 ) (3,817 ) (2,963 ) Foreign 39 59 67 Sub-total (12,333 ) (18,290 ) (21,124 ) Deferred: U.S. federal (331 ) 23,090 10,354 State and local (59 ) 2,388 1,194 Sub-total (390 ) 25,478 11,548 Total income tax expense (benefit) $ (12,723 ) $ 7,188 $ (9,576 ) Significant components of Tribune’s net deferred tax assets and liabilities were as follows (in thousands): December 30, 2018 December 31, 2017 Deferred tax assets: Employee compensation and benefits $ 18,244 $ 21,018 Pension 5,210 5,609 Other future deductible items 7,557 2,313 Accounts receivable 2,864 2,562 Net operating loss carryforwards 393 1,006 Research and development credits 639 — Postretirement and postemployment benefits other than pensions 287 501 Investments — 95 Total deferred tax assets 35,194 33,104 Deferred tax liabilities: Net properties 24,241 26,731 Net intangibles 3,449 340 Tax basis in TCP, LLC 4,909 4,909 Investments 181 — Total deferred tax liabilities 32,780 31,980 Net deferred tax assets $ 2,414 $ 1,124 As of December 30, 2018, we have Internal Revenue Code §382 limited net operating loss carryforwards totaling approximately $1.4 million , which expire in 2033 if not used. We also have research tax credits of $0.6 million which expire between 2020 and 2022 if not utilized. Accounting for Uncertain Tax Positions —Tribune accounts for uncertain tax positions in accordance with ASC Topic 740, “Income Taxes,” which addresses the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Under ASC Topic 740, a company may recognize the tax benefit of an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. ASC Topic 740 requires the tax benefit recognized in the financial statements to be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. ASC Topic 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, and disclosure. The Company has no uncertain tax positions at December 30, 2018 and December 31, 2017 . |
DEFINED BENEFIT PENSION PLANS A
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS | 12 Months Ended |
Dec. 30, 2018 | |
Retirement Benefits [Abstract] | |
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS | DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS Defined Benefit Plans —As part of the acquisition of the New York Daily News , the Company became the sponsor of the NYDN Pension Plan, a single-employer defined benefit plan. The NYDN Pension Plan provides benefits to certain current and former employees of the New York Daily News . The NYDN Pension Plan is frozen to any new participants and effective in March 2018 the accrual of new benefits to participants was frozen. The unfunded status of the NYDN Pension Plan was $25.4 million , as actuarially determined as of September 3, 2017, the closing date for the New York Daily News acquisition. Summarized information for the NYDN Pension Plan is provided below (in thousands): December 30, 2018 December 31, 2017 Change in benefit obligations: Projected benefit obligations, beginning of year $ 106,446 $ — Service cost 72 142 Interest cost 3,272 1,249 Business combination — 109,581 Actuarial gain (5,442 ) (1,792 ) Curtailment gain — (51 ) Net loans/trust repayment — 4 Benefits paid (7,941 ) (2,687 ) Projected benefit obligations, end of year 96,407 106,446 Change in plans' assets: Fair value of plan assets, beginning of year 85,032 — Business combination — 84,136 Return on plan assets (3,832 ) 2,539 Employer contributions 3,918 1,040 Net loans/trust repayment — 4 Benefits paid (7,941 ) (2,687 ) Fair value of plans' assets, end of year 77,177 85,032 Underfunded status of the plans $ (19,230 ) $ (21,414 ) The Company contributed $3.9 million to the NYDN Pension Plan during the year ending December 30, 2018 and expects to contribute $2.5 million during the year ending December 30, 2019. The amounts recognized in the Company’s Consolidated Balance Sheets for the NYDN Pension Plan as of December 30, 2018 and December 31, 2017 consist of (in thousands): December 30, 2018 December 31, 2017 Pension and postretirement benefits payable $ (19,230 ) $ (21,414 ) Accumulated other comprehensive loss, net of tax 236 (1,965 ) The components of net periodic benefit cost (credit) for the NYDN Pension Plan were as follows (in thousands): December 30, 2018 December 31, 2017 Affected Line Items in the Consolidated Statements of Income Service cost $ 72 $ 142 Compensation Interest cost 3,272 1,249 Other non-operating income Expected return on plan assets (4,667 ) (1,602 ) Other non-operating income Curtailment gain — (51 ) Other non-operating income Net periodic benefit cost (credit) $ (1,323 ) $ (262 ) Pension Assets - The primary investment objective of the NYDN Pension Plan is to ensure, over the long-term life of the plan, an adequate pool of assets to support the benefit obligations to participants, retirees and beneficiaries. A secondary objective of the plan is to achieve a level of investment return consistent with the prudent level of portfolio risk that will minimize the financial effect of the pension plans on the Company. The investments in the pension plans largely consist of low-cost, broad-market index funds to mitigate risks of concentration within market sectors. Each of the funds is diversified across a wide number of securities within its stated asset class. At December 30, 2018 , the NYDN Pension Plan investments are in commingled funds which are recorded at fair value as determined by the sponsor of the respective funds primarily based upon closing market quotes of the underlying assets. The following table sets forth by level, within the fair value hierarchy, the NYDN Pension Plan’s assets at fair value as of December 30, 2018 (in thousands): Level 1 Level 2 Level 3 Total Global public equity $ 19,399 $ — $ — $ 19,399 Fixed income 19,103 — — 19,103 Group annuity contract — — 13 13 $ 38,502 $ — $ 13 Investments valued at net asset value: Cash and cash equivalents 817 Global public equity 19,896 Absolute return 8,474 Real assets 8,993 Pending trades and other receivables 482 Total assets at fair value $ 77,177 The following table sets forth by level, within the fair value hierarchy, the NYDN Pension Plan’s assets at fair value as of December 31, 2017 (in thousands): Level 1 Level 2 Level 3 Total Global public equity $ 11,758 $ — $ — $ 11,758 Fixed income 15,966 — — 15,966 Group annuity contract — — 13 13 $ 27,724 $ — $ 13 Investments valued at net asset value: Cash and cash equivalents 5,975 Global public equity 32,719 Absolute return 9,300 Real assets 9,261 Pending trades and other receivables 40 Total assets at fair value $ 85,032 For the investments in the NYDN Pension Plan valued at net asset value, there are no unfunded commitments for the year ended December 30, 2018 . See the table below for the redemption information: Redemption Frequency Redemption Notice Period Cash and cash equivalents Daily — Global public equity Monthly 16 days Absolute return Quarterly 90-95 days Real assets Quarterly 30-90 days The NYDN Pension Plan-weighted average target allocation and actual allocations at December 30, 2018 by asset category are as follows: 2018 2017 Asset category: Target Allocation Actual Allocation Actual Allocation Global public equity 52.0 % 50.9 % 52.3 % Absolute return 12.0 % 11.0 % 10.9 % Fixed income 23.5 % 24.8 % 18.8 % Real assets 10.0 % 11.7 % 10.9 % Cash 2.5 % 1.1 % 7.0 % Other — % 0.5 % 0.1 % 100.0 % 100.0 % 100.0 % Global Public Equity - Equity investments that will have a global orientation, and may include US, international, emerging market, and global mandates. Convertible securities may also be a component, as well as absolute return strategies that invest in equities. Absolute Return - Commonly known as “hedge funds”, these controlled market risk strategies seek to exploit inefficiencies in the equity markets that may be outside of the universe of traditional long only public equity managers. Absolute return strategies attempt to generate attractive risk-adjusted returns relative to the total equity market, with lower risk of large drawdowns and lower volatility. Fixed Income - The bond portfolio will contribute to the income needs of the Plan. Fixed income generally provides a diversified portfolio with deflation protection during periods of financial duress. Bonds dampen the overall volatility of total Plan results, which is important to help mitigate losses in periods of falling equity markets. Bond markets suffer declines, but they are generally not as severe as those experienced in the equity market. Bond returns are steadier than those of equities because of income received and because bonds have greater precedence in a company’s capital structure. Bonds typically do not fare well in periods of rising inflation. Real Assets - Real Assets are assets that provide investors with a better hedge against loss of purchasing power than equities and fixed income, and moderate long-term growth. Real Assets can include TIPS, private real estate, REITs, commodities, floating rate loans, currencies, Master Limited Partnerships (MLPs), timber, infrastructure and other inflation protection assets. These assets are included to provide protection against inflation, thus preserving the real value of the portfolio over the long term. These assets may exhibit low correlations to other asset classes, thus diversifying the total portfolio. Assumptions —The weighted average assumptions used to determine the NYDN Pension Plan defined benefit obligations are as follows: December 30, 2018 December 31, 2017 Discount rate 4.1 % 3.6 % Rate of compensation increase — % 2.0 % The weighted average assumptions used to determine the NYDN Pension Plan net periodic benefit cost are as follows: December 30, 2018 December 31, 2017 Discount rate 3.6 % 3.5 % Rate of return on assets 5.7 % 5.8 % Rate of compensation increase 2.0 % 2.0 % Expected Future Benefit Payments —Benefit payments expected to be paid under the NYDN Pension Plan are summarized below (in thousands): 2019 $ 8,079 2020 7,884 2021 7,678 2022 7,488 2023 7,280 2024-2027 33,129 Postretirement Benefits Other Than Pensions — The Company provides postretirement health care and life insurance benefits to Tribune employees under a number of plans. There is some variation in the provisions of these plans, including different provisions for lifetime maximums, prescription drug coverage and certain other benefits. Obligations and Funded Status —The funded status and the related service costs and comprehensive income has been actuarially determined based on eligible employees and is reflected in these Consolidated Financial Statements. Summarized information for the Company’s other postretirement plans is provided below (in thousands): December 30, 2018 December 31, 2017 Change in benefit obligations: Projected benefit obligations, beginning of year $ 1,731 $ 9,648 Service cost 13 11 Interest cost 37 189 Plan amendments — (5,838 ) Actuarial gain 181 (681 ) Benefits paid (930 ) (1,598 ) Projected benefit obligations, end of year 1,032 1,731 Change in plans' assets: Employer contributions 930 1,598 Benefits paid (930 ) (1,598 ) Fair value of plans' assets, end of year — — Underfunded status of the plans $ (1,032 ) $ (1,731 ) During 2017, the Company made the decision to split the post-retirement medical plan into two separate plans, one for union employees and one for non-union employees. Additionally, the non-union medical plan was terminated as of December 31, 2018. The plan split and termination are reflected in the year-end valuation with $5.8 million of prior service cost credit recorded to AOCI. During the years ended December 30, 2018 and December 31, 2017 , $4.1 million and $1.7 million , respectively, was amortized as a credit to net periodic benefit cost (credit) and recorded in other non-operating income in the Consolidated Statement of Income. Amounts recognized in Tribune’s Consolidated Balance Sheets for other postretirement plans consisted of (in thousands): December 30, 2018 December 31, 2017 Liabilities: Employee compensation and benefits $ (112 ) $ (881 ) Pension and postretirement benefits payable (920 ) (850 ) Total liabilities $ (1,032 ) $ (1,731 ) Accumulated other comprehensive income: Unrecognized prior service credit (cost), net of tax $ (344 ) $ 7,950 Unrecognized net actuarial gains (losses), net of tax 45 1,970 Total accumulated other comprehensive income $ (299 ) $ 9,920 The components of net periodic benefit cost (credit) for the Company’s other postretirement plans were as follows (in thousands): Year Ended December 30, 2018 December 31, 2017 December 25, 2016 Affected Line Items in the Consolidated Statements of Income Service cost $ 13 $ 11 $ 6 Compensation Interest cost 37 189 205 Other non-operating income Amortization of gain (2,621 ) (553 ) — Other non-operating income Amortization of prior service credits (10,534 ) (2,745 ) (470 ) Other non-operating income Net periodic benefit cost (credit) $ (13,105 ) $ (3,098 ) $ (259 ) Assumptions —The weighted average assumptions used to determine other postretirement benefit obligations are as follows: December 30, 2018 December 31, 2017 Discount rate 4.23 % 2.47 % The weighted average assumptions used to determine net periodic benefit cost are as follows: December 30, 2018 December 31, 2017 December 25, 2016 Discount rate 2.47 % 3.23 % 3.23 % For purposes of measuring postretirement health care costs for the year ended December 30, 2018 , Tribune assumed a 7.8% annual rate of increase in the per capita cost of covered health care benefits. The rate was assumed to increase to 7.5% in 2019 and decrease gradually to 4.5% for 2029 and remain at that level thereafter. For purposes of measuring postretirement health care obligations at December 30, 2018 , Tribune assumed a 7.8% annual rate of increase in the per capita cost of covered health care benefits. The rate was assumed to decrease gradually to 4.5% for 2030 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. As of December 30, 2018 , a 1% change in assumed health care cost trend rates would have an immaterial effect on Tribune’s post retirement benefits service and interest cost and the following effect on Tribune’s projected benefit obligation (in thousands): 1% Increase 1% Decrease Projected benefit obligation $ 48 $ 44 Expected Future Benefit Payments —Benefit payments expected to be paid under other postretirement benefit plans are summarized below (in thousands): 2019 $ 114 2020 86 2021 69 2022 77 2023 84 2024-2026 472 Employees’ Defined Contribution Plan —The Company sponsors defined contribution plans that were established effective June 13, 2014. The defined contribution plans cover substantially all full-time employees of the Company. Participants may elect to contribute a portion of their pretax compensation as provided by the plans and Internal Revenue Service (“IRS”) regulations. The maximum pretax contribution an employee can make is 100% of his or her annual eligible compensation (less required withholdings and deductions) up to the statutory limit which was $18,500 for 2018. The Company matches contributions to its defined contribution plan at a rate of 100% of salary deferrals for the first 2% of compensation and 50% of salary deferrals that exceed 2% of compensation up to 6% of compensation for each participating employee. The Company’s contributions to its defined contribution plans totaled $8.1 million , $8.5 million and $9.0 million in the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 , respectively. Multiemployer Pension Plans —The Company contributes to a number of multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover certain of the Company’s union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer withdraws from or otherwise ceases to contribute to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. Alternatively, if Tribune chooses to stop participating in one of its multiemployer plans, it may incur a withdrawal liability based on its actuarially determined share of the unfunded status of the plan. The Company’s participation in these multiemployer pension plans at December 30, 2018 , December 31, 2017 and December 25, 2016 , is outlined in the table below. Unless otherwise noted, the most recent Pension Protection Act (“PPA”) Zone Status available in 2018 and 2017 is for the plan’s year-end at December 31, 2017 and December 25, 2016 , respectively. The PPA Zone Status is based on information that Tribune received from the plan and is certified by the plan’s actuary. Among other factors, plans in the Critical and Declining Zone are generally less than 65 percent funded and projected to become insolvent within 20 years; plans in the Critical Zone are generally less than 65 percent funded (but not projected to become insolvent within 20 years), plans in the Endangered Zone are less than 80 percent but greater than 65 percent funded, and plans in the Healthy Zone are at least 80 percent funded (as determined in accordance with the PPA). The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. (in thousands) EIN/Pension Plan Number PPA Zone Status FIP/RP Status Pending/ Implemented Tribune Contributions Surcharge Imposed Expiration Dates of Collective Bargaining Agreements Pension Fund 2018 2017 2018 2017 2016 GCIU—Employer Retirement Benefit Plan 91-6024903 Critical and declining Critical and declining Implemented $ 637 $ 781 $ 858 Yes (1) May 31, 2017 to April 30, 2018 (1) Chicago Newspaper Publishers Drivers' Union Pension Plan 36-6019539 Critical and declining Critical and declining Implemented 3,568 3,607 3,244 No June 14, 2021 Truck Drivers and Helpers Local No. 355 Pension Plan 52-6043608 Healthy Healthy Implemented 152 134 147 No Dec. 31, 2017 to April 30, 2018 (2) Newspaper and Mail Deliverers' - Publishers' Pension Fund 13-6122251 Healthy Healthy N/A 787 259 — No January 1, 2021 Pressmen's Publishers' Pension Fund 13-6121627 Healthy Healthy N/A 430 134 — No July 11, 2020 Paper Handlers' - Publishers' Pension Fund 13-6104795 Critical and declining Critical and declining Implemented 53 19 — No May, 11, 2016 IAM National Pension Fund, National Pension Plan 51-6031295 Healthy Healthy N/A 428 458 406 No March 31, 2020 CWA/ITU Negotiated Pension Plan 13-6212879 Critical and declining Critical and declining Implemented 252 135 100 No March 31, 2017 to July 31, 2017 (3) Pension Hospitalization & Benefit Plan of the Electrical Industry - Pension Trust Account 13-6123601 Healthy Healthy N/A 428 146 — No April 30, 2020 $ 6,735 $ 5,673 $ 4,755 (1) Tribune is party to two collective bargaining agreements that require contributions to the GCIU—Employer Retirement Benefit Plan, one of which expired May 31, 2017 and the other April 30, 2018. (2) The collective bargaining agreement expired on June 14, 2016. The parties are operating under the terms of this agreement while the terms of a successor collective bargaining agreement are negotiated. (3) The Company is party to two collective bargaining agreements requiring contributions to this plan, New York Mailers Union No. 6 which expired March 31, 2017 and New York Typographical Union (Control Room) which expired July 31, 2017. For the plan years ended December 31, 2017 and December 25, 2016 , Tribune Company was listed in the Chicago Newspaper Publishers Drivers’ Union Pension Plan’s (the “Drivers’ Plan”) Form 5500 as providing more than five percent of the total contributions for the plan. In addition, Chicago Tribune Company was listed in the GCIU Employer Retirement Benefit Plan’s (the “GCIU Plan”) Form 5500 as contributing more than five percent of the total contributions to the plan for the plan year ended December 31, 2017 , Daily News L.P. was listed in the Newspaper and Mail Deliverer’s Publishers’ Pension Fund’s Form 5500 as contributing more than five percent of the total contributions to the plan for the plan year ended December 31, 2017 , and the New York Daily News was listed in the Pressman’s Publishers Pension Fund and the Paper Handlers’ Publishers’ Pension Fund Form 5500s as contributing more than five percent of the total contributions to the plans for the plan year ended December 31, 2017 . The Company did not provide more than five percent of the total contributions for any of the other multiemployer pension plans in which it participated in those years. At the date the financial statements were issued, Forms 5500 were not available for the plan years ending in 2018 . On March 31, 2010, the Drivers’ Plan was certified by its actuary to be in critical status for the plan year beginning January 1, 2010. As a result, the trustees of the Drivers’ Plan were required to adopt and implement a rehabilitation plan as of January 1, 2011 designed to enable the Drivers’ Plan to cease being in critical status within the period of time stipulated by the IRC. The terms of the rehabilitation plan adopted by the trustees require Tribune to make increased contributions beginning on January 1, 2011 through December 31, 2025, and the trustees of the Drivers’ Plan projected that it would emerge from critical status on January 1, 2026. As of its 2017 plan year, the actuary for the Drivers’ Plan certified the plan to be in critical and declining status with projected insolvency in 2026. During 2018, the Board of Trustees of the Drivers’ Plan agreed to a plan merger with the Teamsters Local Union No. 727 Pension Fund. In contemplation of the merger, on December 13, 2018, the Drivers Plan adopted an amendment to its prior rehabilitation plan. Under the amended rehabilitation plan, the Company will make future contributions of $68.4 million paid over seven years regardless of whether the merger is consummated. The merger agreement has been approved by both unions and is awaiting approval by the Pension Benefit Guaranty Corporation (“PBGC”). The effective date of the merger is the later of April 1, 2019, or 30 days after the PBGC approval. In addition to the committed future contributions under the amended rehabilitation plan, the Company’s funding obligation will be subject to change based on a number of factors, including the outcome of collective bargaining with the unions, actual returns on plan assets as compared to assumed returns, actions taken by trustees who manage the plan, changes in the number of plan participants, changes in the rate used for discounting future benefit obligations, as well as changes in legislation or regulations impacting funding and payment obligations. In 2009, the GCIU Plan was certified by its actuary to be in critical status (within the meaning of section 432 of the IRC) as of its plan year beginning January 1, 2009. As a result, the trustees of the GCIU Plan implemented a rehabilitation plan on November 1, 2009 and amended it in May 2012 to cease the plan’s critical status within the period of time stipulated by the IRC. However, the GCIU Plan was unable to adopt a rehabilitation plan that would enable the GCIU Plan to emerge from critical status and avoid insolvency using reasonable assumptions. Therefore, the GCIU Plan adopted a rehabilitation plan that reflects reasonable measures to forestall insolvency. As of its 2017 plan year, the GCIU Plan has been certified by its actuary to be in critical and declining status with projected insolvency in 2030. As of December 30, 2018, assuming Tribune’s contributions from January 1, 2019 through the projected insolvency date of 2027, it is estimated that Tribune’s contributions to the plan will total $6.5 million , based on the actuarial assumptions utilized to develop the rehabilitation plan and assuming Tribune’s staffing levels as of December 30, 2018 remain unchanged. The funding obligation is subject to change based on a number of factors, including the outcome of collective bargaining with the unions, actual returns on plan assets as compared to assumed returns, actions taken by trustees who manage the plan, changes in the number of plan participants, changes in the rate used for discounting future benefit obligations, as well as changes in legislation or regulations impacting funding and payment obligations. In 2010, the CWA/ITU Negotiated Pension Plan was certified by its actuary to be in critical status (within the meaning of section 432 of the IRC) as of its plan year beginning January 1, 2010. As a result, the trustees of the CWA/ITU Negotiated Pension Plan implemented a rehabilitation plan on March 8, 2010. However, the CWA/ITU Negotiated Pension Plan was unable to adopt a rehabilitation plan that would enable the CWA/ITU Negotiated Pension Plan to emerge from critical status and avoid insolvency using reasonable assumptions. Therefore, the CWA/ITU Negotiated Pension Plan adopted a rehabilitation plan that reflects reasonable measures to forestall insolvency. As of its 2017 plan year, the CWA/ITU Negotiated Pension Plan has been certified by its actuary to be in critical and declining status with projected insolvency in 2030. As of December 30, 2018, assuming Tribune’s contributions from January 1, 2019 through the projected insolvency date of 2030, it is estimated that Tribune’s contributions to the plan will total $1.7 million , based on the actuarial assumptions utilized to develop the rehabilitation plan and assuming Tribune’s staffing levels as of December 30, 2018 remain unchanged. The funding obligation is subject to change based on a number of factors, including the outcome of collective bargaining with the unions, actual returns on plan assets as compared to assumed returns, actions taken by trustees who manage the plan, changes in the number of plan participants, changes in the rate used for discounting future benefit obligations, as well as changes in legislation or regulations impacting funding and payment obligations. In 2016, the Paper Handlers' - Publishers' Pension Fund was certified by its actuary to be in critical status (within the meaning of section 432 of the IRC) as of its plan year beginning January 1, 2010. As a result, the trustees of the Paper Handlers' - Publishers' Pension Fund implemented a rehabilitation plan on February 25, 2016. As of its 2017 plan year, the Paper Handlers' - Publishers' Pension Fund has been certified by its actuary to be in critical and declining status with projected insolvency in 2027 . As of December 30, 2018, assuming Tribune’s contributions from January 1, 2019 through the projected insolvency date of 2027 , it is estimated that Tribune’s contributions to the plan will total $0.5 million , based on the actuarial assumptions utilized to develop the rehabilitation plan and assuming Tribune’s staffing levels as of December 30, 2018 remain unchanged. The funding obligation is subject to change based on a number of factors, including the outcome of collective bargaining with the unions, actual returns on plan assets as compared to assumed returns, actions taken by trustees who manage the plan, changes in the number of plan participants, changes in the rate used for discounting future benefit obligations, as well as changes in legislation or regulations impacting funding and payment obligations. |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTEREST Noncontrolling interest represents the 40% membership interest in BestReviews not owned by the Company and is presented between liabilities and stockholders’ equity within the Company’s consolidated balance sheet because the Put Option described in Note 6 could, upon exercise, require the Company, under certain circumstances, to pay cash to purchase the noncontrolling interest. Each quarter, if the amount the Company would be required to pay the noncontrolling interest holders as if the Put Option had been exercised as of the balance sheet date exceeds the carrying value of the noncontrolling interest, the carrying value is adjusted to that amount, with an offsetting adjustment to stockholders’ equity. Adjustments to increase (decrease) the carrying value of noncontrolling interest also reduce (increase) the amount of net income or loss attributable to Tribune common stockholders for purposes of determining both basic and diluted earnings per share. In the year ended December 30, 2018 , BestReviews declared a $5.0 million dividend to its shareholders. The Company’s portion of this dividend was $3.0 million and the noncontrolling shareholders’ portion was $2.0 million . A summary of the activity with respect to non-controlling interest for the year ended December 30, 2018 is as follows (in thousands): Balance at December 31, 2017 $ — Acquisition of BestReviews 40,900 Income attributable to noncontrolling interest 856 Dividends paid to noncontrolling interest (2,000 ) Balance at December 30, 2018 $ 39,756 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION In 2014, the tronc, Inc. 2014 Omnibus Incentive Plan (together with amendments, the “Tribune Equity Plan”) was approved. The Tribune Equity Plan is a long-term incentive plan under which awards may be granted to employees and outside directors in the form of stock options (“Options”), stock appreciation rights, restricted stock units (“RSU”), performance share units, restricted and unrestricted stock awards, dividend equivalents and cash awards. The Company measures stock-based compensation costs based on the estimated grant date fair value of the award and recognizes compensation costs on a straight-line basis over the requisite service period for the entire award. The Tribune Equity Plan permits the Company to withhold shares of vested common stock upon vesting of employee stock awards or at the time they exercise their Options in lieu of their payment of the required withholdings for employee taxes. The Company does not withhold taxes in excess of minimum required statutory requirements. Shares of common stock reserved for future grants under the Tribune Equity Plan were 1,585,118 at December 30, 2018 . Stock-based compensation expense related to Tribune’s employees during the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 totaled $10.5 million , $9.3 million and $7.6 million , respectively. Options The non-qualified stock options (“NSO’s”) granted to directors, officers and employees under the Tribune Equity Plan generally become exercisable in cumulative installments over a period of either three or four years and expire between 7 and 10 years . Under the Tribune Equity Plan, the exercise price of an Option cannot be less than the market price of Tribune common stock at the time the Option is granted and the maximum contractual term cannot exceed 10 years . The fair value of each Option is estimated on the date of grant using the Black-Scholes-Merton valuation model that uses the assumptions noted in the following table. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. Expected volatility is calculated based on a blended method using historical and implied volatility of a select peer group of entities operating in similar industry sectors as the Company. Expected life was calculated using the simplified method, as described under Staff Accounting Bulletin Topic 14, “Share-Based Payment,” as the Tribune Equity Plan wasn’t in existence for a sufficient period of time for the use of company-specific historical experience in the calculation. The following table provides the weighted average assumptions used to determine the fair value of Options granted to Tribune employees during the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 . 2018 2017 2016 Weighted average grant date fair value $ 17.36 $ 6.53 $ 5.93 Weighted average assumptions used: Expected volatility 55.2 % 53.8 % 47.98 % Expected lives (in years) 4.8 4.5 4.5 Risk Free interest rates 2.2 % 1.7 % 1.0 % A summary of activity related to Tribune employees for Options under the Tribune Equity Plan for the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 is included in the following table: 2018 2017 2016 Number of Options (in thousands) Weighted Average Exercise Price Number of Options (in thousands) Weighted Average Exercise Price Number of Options (in thousands) Weighted Average Exercise Price Outstanding, beginning of year 1,029 $ 14.56 1,328 $ 15.93 969 $ 16.80 Granted 20 $ 17.36 730 $ 14.32 546 $ 14.71 Exercised (7 ) $ 19.20 (115 ) $ 14.40 (15 ) $ 14.02 Canceled/forfeited (117 ) $ 15.11 (914 ) $ 15.48 (172 ) $ 17.10 Outstanding, end of year 925 $ 14.51 1,029 $ 14.56 1,328 $ 15.93 Vested and exercisable at end of year 467 $ 14.61 195 $ 14.90 440 $ 16.77 Weighted average remaining contractual term (in years) 5.1 6.8 4.2 For Options granted under the Tribune Equity Plan the exercise price of options granted equals the closing stock price on the day of grant. For each of the years ended December 30, 2018 , December 31, 2017 , and December 25, 2016 , the intrinsic value of options exercised was negligible. The grant date fair value of options vested during the year ended December 30, 2018 was $2.9 million . The following table summarizes information related to stock options outstanding at December 30, 2018 : Range of Exercises Prices Number of Options Outstanding (in thousands) Weighted Average Remaining Life (years) Weighted Average Exercise Price Number of Options Exercisable (in thousands) Weighted Average Exercise Price $13.38-13.38 200 5.6 $ 13.38 67 $ 13.38 $14.02-14.76 261 5.4 $ 14.55 126 $ 14.36 $14.87-14.87 338 4.6 $ 14.87 225 $ 14.87 $14.89-17.41 119 5.0 $ 15.04 42 $ 15.20 $19.20-19.20 7 2.7 $ 19.20 7 $ 19.20 $13.38-19.20 925 5.1 $ 14.51 467 $ 14.62 Restricted Stock Units (RSUs) The RSUs granted to directors, officers and employees under the Tribune Equity Plan have service conditions and generally vest over three to four years . Upon vesting, the RSUs are redeemed with common stock. The RSUs do not have voting rights. The fair value of the RSU is determined on the grant date using the closing trading price of the Company's shares. The weighted average grant date fair value of the RSUs granted during the years ended December 30, 2018 , December 31, 2017 , and December 25, 2016 was $17.41 , $14.24 , and $14.60 , respectively. A summary of activity related to Tribune employees for RSUs under the Tribune Equity Plan for the years ended December 30, 2018 , December 31, 2017 , and December 25, 2016 is included in the following table: 2018 2017 2016 Number of RSUs (in thousands) Weighted Average Grant Date Fair Value Number of RSUs (in thousands) Weighted Average Grant Date Fair Value Number of RSUs (in thousands) Weighted Average Grant Date Fair Value Outstanding, beginning of year 2,013 $ 14.60 1,452 $ 15.44 982 $ 17.34 Granted 286 $ 17.41 1,438 $ 14.24 1,071 $ 14.60 Vested (685 ) $ 14.86 (561 ) $ 15.23 (356 ) $ 16.85 Canceled/forfeited (360 ) $ 15.48 (316 ) $ 15.70 (245 ) $ 17.35 Outstanding, end of year 1,254 $ 14.83 2,013 $ 14.60 1,452 $ 15.44 Vested at end of year 1 $ 12.31 2 $ 11.02 6 $ 7.91 As of December 30, 2018 , Tribune had unrecognized compensation cost on nonvested awards as follows (in thousands): Unrecognized Compensation Cost Weighted Average Remaining Recognition Period (in years) Nonvested stock options $ 2,174 1.4 Nonvested restricted stock units $ 14,556 1.9 |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 30, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per common share is calculated by dividing net income attributable to Tribune common stockholders by the weighted average number of shares of common stock outstanding. Diluted earnings per common share is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of common shares under equity-based compensation plans except where the inclusion of such common shares would have an anti-dilutive impact. In accordance with ASC 260-10-55, net loss from continuing operations is the control number in determining whether potential common shares are dilutive. Since there is loss from continuing operations, all potential common shares are considered anti-dilutive. For the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 , basic and diluted earnings per common share were as follows (in thousands, except per share amounts): Year Ended December 30, 2018 December 31, 2017 December 25, 2016 Income (Loss) - Numerator: Loss from continuing operations $ (39,863 ) $ (29,813 ) $ (35,363 ) Less: Net income from continuing operations attributable to noncontrolling interest 856 — — Loss available to common shareholders, before discontinued operations $ (40,719 ) $ (29,813 ) $ (35,363 ) Income from discontinued operations 289,510 35,348 41,900 Net income available to Tribune stockholders $ 248,791 $ 5,535 $ 6,537 Shares - Denominator: Weighted average number of common shares outstanding (basic) 35,268 33,996 33,788 Dilutive effect of employee stock options and RSUs — — — Adjusted weighted average common shares outstanding (diluted) 35,268 33,996 33,788 Net income (loss) attributable to Tribune per common share - Basic: Continuing operations $ (1.15 ) $ (0.88 ) $ (1.05 ) Discontinued operations $ 8.20 $ 1.04 $ 1.24 Net income attributable to Tribune per common share - Basic $ 7.05 $ 0.16 $ 0.19 Net income (loss) attributable to Tribune per common share - Diluted: Continuing operations $ (1.15 ) $ (0.88 ) $ (1.05 ) Discontinued operations $ 8.20 $ 1.04 $ 1.24 Net income attributable to Tribune per common share - Diluted $ 7.05 $ 0.16 $ 0.19 The number of stock options that were excluded from the computation of diluted earnings per share because their inclusion would result in an anti-dilutive effect on per share amounts for the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 was 924,887 , 1,031,887 and 1,327,831 , respectively. The number of RSUs that were excluded from the computation of diluted earnings per share because their inclusion would result in an anti-dilutive effect on per share amounts was 1,273,268 , 2,457,305 and 1,446,198 for the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 . |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 30, 2018 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY The holders of common stock are entitled to one vote per share on all matters to be voted on by stockholders. Holders of common stock will share in any dividend declared by the board of directors. In the event of the Company’s liquidation, dissolution or winding up, all holders of common stock are entitled to share ratably in any assets available for distribution to holders of common stock. Private Placements Merrick Media, LLC On February 3, 2016, the Company completed a $44.4 million private placement, pursuant to which the Company sold to Merrick Media, LLC (“Merrick Media”) 5,220,000 shares of the Company’s common stock at a purchase price of $8.50 per share. The Company intends to use the $42.9 million net proceeds from the sale to execute further on its growth strategy, including acquisitions and digital initiatives. The shares of common stock acquired by Merrick Media (the “Merrick Shares”) are subject to certain lockup provisions that, subject to the terms and conditions set out in the Securities Purchase Agreement dated February 3, 2016 by and among the Company, Merrick Media and Michael W. Ferro, Jr. (as amended by Amendment No. 1 to the Securities Purchase Agreement, dated as of March 23, 2017, and by the Consulting Agreement described in Note 2 ) (“Amended Merrick Purchase Agreement”). The Amended Merrick Purchase Agreement prohibits certain transfers of all shares owned by Merrick Media or its affiliates until the later of three years following the date of issuance or 30 days after termination of the Consulting Agreement. Thereafter, it prohibits any transfers of the Merrick Shares that would result in a transfer of more than 25% of the Merrick Shares purchased under the Amended Merrick Purchase Agreement in any 12-month period. The Amended Merrick Purchase Agreement also includes covenants prohibiting the transfer of all shares owned by Merrick Media or its affiliates to a material competitor of the Company in any of the then-existing primary geographical markets. Merrick Media and Mr. Ferro and their respective affiliates are also prohibited until the later of three years following the date of issuance or 30 days after termination of the Consulting Agreement, without the prior written approval of the Board of Directors, from acquiring additional equity if the acquisition could result in their beneficial ownership of more than 30% of the Company’s then outstanding shares of common stock. In connection with the private placement, Mr. Ferro was elected to fill a newly-created vacancy on the Company’s Board of Directors and was named non-executive Chairman of the Board. The Company granted Merrick Media the right to designate a replacement individual for election as a director at each annual and special meeting of stockholders at which directors are to be elected as part of the slate of nominees recommended by the Board of Directors, subject to the reasonable prior approval of the Board’s Nominating and Corporate Governance Committee, in the event that Mr. Ferro is unable to continue to serve as a director. Merrick Media’s right to appoint a replacement director representative expired when the board of directors did not nominate Mr. Ferro for re-election as a director at the 2018 Annual Meeting of Stockholders. On March 18, Mr. Ferro retired from the Company’s Board of Directors. Finally, the Amended Merrick Purchase Agreement provides a right of first offer in favor of the Company on proposed transfers by Merrick Media and its affiliates that represent at least 2% of the then-outstanding number of shares of the Company’s common stock, subject to certain notice provisions. This right of first offer applies to all shares held by Merrick Media and its affiliates (regardless of when purchased). Additionally, in connection with the private placement, the Company entered into a registration rights agreement (the “Merrick Rights Agreement”) with Merrick Media. Pursuant to the Merrick Rights Agreement, Merrick Media is entitled to certain registration rights under the Securities Act, with respect to the Merrick Shares. The Merrick Rights Agreement provides that the Company will use its reasonable best efforts to cause a registration statement with respect to the Merrick Shares to be declared effective. The Company will pay all of its own costs and expenses, including all fees and expenses of counsel for the Company, relating to the Merrick Rights Agreement. Mr. Ferro is the manager of Merrick Venture Management, LLC, which is the sole manager of Merrick Media. Because Merrick Venture Management, LLC serves as the sole manager of Merrick Media, Mr. Ferro may be deemed to indirectly control all of the shares of the Company’s common stock owned by Merrick Media. Mr. Ferro, together with his affiliated entities, beneficially owned 9,071,529 shares of Tribune common stock, which represented 25.5% of Tribune common stock, as of December 30, 2018 . Nant Capital, LLC On June 1, 2016, the Company completed a $70.5 million private placement, pursuant to which the Company sold to Nant Capital, LLC (“Nant Capital”) 4,700,000 unregistered shares of the Company’s common stock at a purchase price of $15.00 per share. The Company intends to use the $70.4 million net proceeds from the sale to further execute on its growth strategy, including acquisitions and digital initiatives. The shares of common stock acquired by Nant Capital (the “Nant Shares”) are subject to certain lockup provisions that, subject to the terms and conditions set out in the purchase agreement dated May 22, 2016, among the Company, Nant Capital and Dr. Patrick Soon-Shiong (the “Nant Purchase Agreement”) prohibit certain transfers of the Nant Shares for the first three years following the date of issuance and, thereafter, any transfers of the Nant Shares that would result in a transfer of more than 25% of the Nant Shares in any 12-month period. The Nant Purchase Agreement also includes covenants prohibiting the transfer of shares of the Company’s common stock if the transfer would result in a person beneficially owning more than 4.9% of the Company’s then-outstanding shares of common stock following the transfer, as well as transfers to a material competitor of the Company in any of the Company’s then-existing primary geographical markets. Nant Capital and Dr. Patrick Soon-Shiong, and their respective affiliates, are also prohibited, without the prior written approval of the Board of Directors, from acquiring additional equity of the Company if the acquisition could result in their beneficial ownership of more than 25% of the Company’s then-outstanding shares of common stock. In connection with the private placement, Dr. Soon-Shiong was elected to fill a newly-created position on the Company’s Board of Directors and was named non-executive Vice Chairman of the Board as of the date of the Company’s 2016 Annual Meeting of Stockholders on June 2, 2016. Dr. Soon-Shiong did not stand for reelection at the Company’s 2017 Annual Meeting of Stockholders on April 18, 2017 and is no longer a director of the Company. Additionally, in connection with the private placement, the Company entered into a registration rights agreement (the “Nant Rights Agreement”) with Nant Capital. Pursuant to the Nant Rights Agreement, Nant Capital will be entitled to certain registration rights under the Securities Act of 1933, as amended (the “Securities Act”), with respect to the Nant Shares. The Nant Rights Agreement provides that the Company shall use its reasonable best efforts to cause a registration statement with respect to the Nant Shares to be declared effective no later than the earlier to occur of (a) May 22, 2019 and (b) 60 days after the termination of the voting covenants of the Nant Purchase Agreement as described above. The Company will pay all of its own costs and expenses, including all fees and expenses of counsel for the Company, relating to the Nant Rights Agreement. On January 17, 2019, Dr. Patrick Soon-Shiong, NantMedia and Nant Capital, LLC (“Nant Capital”) entered into a Standstill and Voting Agreement (“Standstill Agreement”) with the Company. The Standstill Agreement provides that until June 30, 2020, Dr. Patrick Soon-Shiong, Nant Media, and Nant Capital will not (a) make or participate in any solicitation of proxies to vote, or seek to advise or knowingly influence any person with respect to the voting of any voting securities of the Company, (b) join or participate in a “group” (as defined in the rules of the SEC) in connection with any securities of the Company or (c) seek to control or knowingly influence the management, board of directors or policies of the Company. Furthermore, under the Standstill Agreement, Dr. Patrick Soon-Shiong, Nant Media and Nant Capital will, until June 30, 2020, vote their shares of common stock (a) in favor of each nominee or director designated by the Nominating and Governance Committee of the Board of Directors at each election of directors and (b) in accordance with the Board’s recommendations on any change of control transaction involving the Company at or above a minimum purchase price. California Capital Equity, LLC (“CalCap”) directly owns all of the equity interests of Nant Capital and CalCap may be deemed to have beneficial ownership of the shares held by Nant Capital. Dr. Patrick Soon-Shiong directly owns all of the equity interests of CalCap and may be deemed to beneficially own, and share voting power and investment power with Nant Capital over all shares of Tribune common stock beneficially owned by Nant Capital. Dr. Soon-Shiong, together with Nant Capital, beneficially owned 8,743,619 shares of Tribune common stock, which represented 24.6% of Tribune common stock, as of December 30, 2018 . Stock Repurchases On March 23, 2017, the Company entered into a purchase agreement with investment funds associated with Oaktree Capital Management, L.P. (“Oaktree”), pursuant to which the Company acquired 3,745,947 shares of the Company’s common stock for $15.00 per share or a total purchase price of $56.2 million . The purchase agreement provided that, in the event that the Company undergoes a change of control on or before March 23, 2018, or enters into a definitive agreement concerning a change of control on or before March 23, 2018, whereby the transaction is ultimately consummated and the consideration per share payable to stockholders is greater than $15.00 per share, the Company would pay Oaktree additional consideration per share equal to the difference between the consideration per share payable to the Company’s stockholders in such change of control transaction and $15.00 . The purchase agreement contains a “standstill” covenant prohibiting Oaktree from acquiring, directly or indirectly, any of the Company’s common stock, soliciting proxies to vote shares of the Company’s common stock or taking certain actions with respect to any business combination, asset acquisition or disposition or similar transaction involving the Company through March 22, 2019 (the “Standstill Period”). The parties also agreed to a mutual non-disparagement covenant applicable during the Standstill Period and to a mutual release of claims. On March 22, 2017, the Company’s stock price closed at $13.39 . The $6.0 million difference between the aggregate purchase price and the fair value of the acquired stock at the transaction date was expensed as a premium on stock buyback in the Consolidated Statements of Income. On March 13, 2019, the Company announced that the Company’s Board of Directors authorized a stock repurchase program. Under the program, the Company may purchase up to $25.0 million of its outstanding common stock over the next 24 months. The purchases may be made in open-market transactions or privately negotiated transactions and may be made from time to time depending on market conditions, share price, trading volume, cash needs and other business factors. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 30, 2018 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table sets forth the components of accumulated other comprehensive income (loss), net of tax (in thousands): Foreign Currency OPEB Pension Total Balance at December 27, 2015 $ (35 ) $ 4,847 $ (8,718 ) (3,906 ) Other comprehensive income before reclassifications 3 1,811 — 1,814 Amounts reclassified from AOCI — (284 ) — (284 ) AOCI recognized in discontinued operations — — (6,438 ) (6,438 ) Balance at December 25, 2016 (32 ) 6,374 (15,156 ) (8,814 ) Other comprehensive income (loss) before reclassifications 1 5,778 1,969 7,748 Amounts reclassified from AOCI — (2,220 ) — (2,220 ) AOCI recognized in discontinued operations — — (10,241 ) (10,241 ) Balance at December 31, 2017 (31 ) 9,932 (23,428 ) (13,527 ) Other comprehensive income (loss) before reclassifications (8 ) (131 ) (2,206 ) (2,345 ) Amounts reclassified from AOCI — (9,498 ) — (9,498 ) AOCI recognized in discontinued operations — — 25,397 25,397 Balance at December 30, 2018 $ (39 ) $ 303 $ (237 ) 27 The following table presents the amounts and line items in the Consolidated Statements of Income where adjustments reclassified from accumulated other comprehensive income (loss) were recorded during the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 (in thousands): Year ended Accumulated Other Comprehensive Income (Loss) Components December 30, 2018 December 31, 2017 December 25, 2016 Affected Line Items in the Consolidated Statements of Income Pension and postretirement benefit adjustments: Prior service cost recognized (10,534 ) (2,745 ) (470 ) Other income, net Amortization of actuarial gains (2,621 ) (553 ) — Other income, net Total before taxes (13,155 ) (3,298 ) (470 ) Tax effect (3,657 ) (1,078 ) (186 ) Income tax expense (benefit) Total reclassifications for the period $ (9,498 ) $ (2,220 ) $ (284 ) The Company expects to recognize $0.3 million in prior service costs to be amortized from accumulated other comprehensive income in the year ended December 29, 2019. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 30, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The Company’s business segments are based on the organization structure used by management for making operating and investment decisions and for assessing performance. Tribune manages its business as two distinct segments , M and X. Segment M is comprised of the Company’s media groups excluding their digital revenues and related digital expenses, except digital subscription revenues when sold with a print subscription. Segment X includes the Company’s digital revenues and related digital expenses from local Tribune websites, third party websites, mobile applications, digital only subscriptions, Tribune Content Agency (“TCA”), and BestReviews. The Company determined that the disposition of the California Properties and forsalebyowner.com did not result in changes to the Company’s segments. Assets are not presented to or used by management at a segment level for making operating and investment decisions and therefore are not reported. Segment M’s media groups include the Chicago Tribune Media Group, the Sun Sentinel Media Group, the Orlando Sentinel Media Group, The Baltimore Sun Media Group, the Hartford Courant Media Group, the Morning Call Media Group, the New York Daily News Group and the Virginia Media Group (which includes the Daily Press and the recently acquired Virginian-Pilot). Tribune’s major daily newspapers have served their respective communities with local, regional, national and international news and information for more than 150 years. Segment X consists of the Company’s digital revenues and related digital expenses from local Tribune websites, third party websites, mobile applications, digital only subscriptions, TCA, and BestReviews. The Company derives the segment results directly from the internal management reporting system. The accounting policies that the Company uses in deriving the segment results are the same as those used in the consolidated results. Management measures the performance of each segment based on several metrics, including segment income (loss) from operations. Segment income from operations is defined as income from operations before net interest expense, gain on investment transactions, reorganization items and income taxes. Management uses these results, in part, to evaluate the performance of, and allocate resources to, each segment. Segment operating revenue includes revenue from sales to external customers and intersegment revenues that reflect transactions between the segments on an arm’s-length basis. Intersegment revenues primarily consist of advertising revenue and marketing services. No single customer represented 10% or more of the Company’s net revenue in any fiscal year presented. The Company incurs overhead expenses related to advertising operations, technology, finance and other functions that are centralized. These overhead expenses are allocated to the segments, generally on the basis of revenue or headcount. Management believes this method of allocation is representative of the value of the related services provided to the segments. The Company evaluates the performance of the segments based on income from operations after allocated overhead expenses. As discussed in Note 2 , the Company adopted ASU 2014-09, Topic 606, Revenue from Contracts with Customers, effective January 1, 2018, using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results of operations for periods after January 1, 2018 reflect the changes under ASU 2014-09. Results of operations for periods before January 1, 2018, continue to be reported under guidance in effect at that time. Disaggregated operating revenues and income (loss) from continuing operations by operating segment were as follows for the periods indicated (in thousands): Year Ended M X Corporate and Eliminations Consolidation (Print) (Digital) Dec. 30, 2018 Dec. 31, 2017 Dec. 30, 2018 Dec. 31, 2017 Dec. 30, 2018 Dec. 31, 2017 Dec. 30, 2018 Dec. 31, 2017 Advertising $ 355,790 $ 380,214 $ 98,023 $ 130,376 $ 30 $ (174 ) $ 453,843 $ 510,416 Circulation 349,975 319,727 18,265 9,835 (5 ) — 368,235 329,562 Commercial print and delivery 102,668 105,516 — — — — 102,668 105,516 Direct mail 32,354 36,874 — — (6 ) — 32,348 36,874 Content syndication and other 10,282 12,509 49,324 23,766 13,969 (3,190 ) 73,575 33,085 Other 145,304 154,899 49,324 23,766 13,963 (3,190 ) 208,591 175,475 Operating revenues 851,069 854,840 165,612 163,977 13,988 (3,364 ) 1,030,669 1,015,453 Operating expenses 846,122 792,665 152,698 161,783 78,061 52,075 1,076,881 1,006,523 Income (loss) from operations $ 4,947 $ 62,175 $ 12,914 $ 2,194 $ (64,073 ) $ (55,439 ) (46,212 ) 8,930 Interest expense (11,353 ) (26,334 ) Loss on early extinguishment of debt (7,666 ) — Premium on stock buyback — (6,031 ) Loss on investments, net (1,868 ) (2,725 ) Other income, net 14,513 3,535 Loss from continuing operations before income taxes $ (52,586 ) $ (22,625 ) Depreciation and amortization $ 17,419 $ 16,415 $ 19,819 $ 15,299 $ 16,024 $ 15,592 $ 53,262 $ 47,306 Impairment $ 1,872 $ — $ — $ — $ — $ — $ 1,872 $ — Year Ended M X Corporate and Eliminations Consolidation (Print) (Digital) Dec. 31, 2017 Dec. 25, 2016 Dec. 31, 2017 Dec. 25, 2016 Dec. 31, 2017 Dec. 25, 2016 Dec. 31, 2017 Dec. 25, 2016 Advertising $ 380,214 $ 439,662 $ 130,376 $ 124,215 $ (174 ) $ (1,554 ) $ 510,416 $ 562,323 Circulation 319,727 304,699 9,835 6,369 — — 329,562 311,068 Commercial print and delivery 105,516 105,805 — — — — 105,516 105,805 Direct mail 36,874 44,142 — 1,871 — (55 ) 36,874 45,958 Content syndication and other 12,509 18,078 23,766 26,541 (3,190 ) (6,410 ) 33,085 38,209 Other 154,899 168,025 23,766 28,412 (3,190 ) (6,465 ) 175,475 189,972 Operating revenues 854,840 912,386 163,977 158,996 (3,364 ) (8,019 ) 1,015,453 1,063,363 Operating expenses 792,665 839,123 161,783 155,709 52,075 85,428 1,006,523 1,080,260 Income (loss) from operations $ 62,175 $ 73,263 $ 2,194 $ 3,287 $ (55,439 ) $ (93,447 ) 8,930 (16,897 ) Interest expense (26,334 ) (26,561 ) Premium on stock buyback (6,031 ) — Loss on investments, net (2,725 ) (1,487 ) Reorganization items, net — (259 ) Other income, net 3,535 265 Loss from continuing operations before income taxes $ (22,625 ) $ (44,939 ) Depreciation and amortization $ 16,415 $ 17,629 $ 15,299 $ 11,452 $ 15,592 $ 22,282 $ 47,306 $ 51,363 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information for each of the periods presented is as follows (in thousands): Year ended December 30, 2018 December 31, 2017 December 25, 2016 Cash paid during the period for: Interest $ 15,546 $ 24,492 $ 23,637 Income taxes, net of refunds 3,407 (892 ) (3,264 ) Non-cash items in investing activities: Additions to property plant and equipment under capital leases — (890 ) (722 ) Non-cash items in financing activities: Shares issued for acquisitions 34,595 — — New capital leases — 890 722 The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported within the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash as reported in the Consolidated Statement of Cash Flows (in thousands): As of December 30, 2018 December 31, 2017 Cash and cash equivalents $ 97,560 $ 185,351 Restricted cash included in other assets 43,947 — Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 141,507 $ 185,351 |
UNAUDITED QUARTERLY FINANCIAL I
UNAUDITED QUARTERLY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
UNAUDITED QUARTERLY FINANCIAL INFORMATION | UNAUDITED QUARTERLY FINANCIAL INFORMATION The following table sets forth certain unaudited quarterly financial information for the fiscal years ended December 30, 2018 and December 31, 2017 (in thousands, except per share amounts). The unaudited quarterly financial information includes all normal recurring adjustments that management considers necessary for a fair presentation of the information shown. Fiscal Year Ended December 30, 2018 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total operating revenues $ 238,366 $ 253,037 $ 255,770 $ 283,496 Operating expenses: Compensation 110,765 106,455 107,762 118,102 Newsprint and ink 14,598 16,770 16,980 17,786 Outside services 98,982 81,818 81,572 86,455 Other operating expenses 32,653 36,297 47,270 47,482 Depreciation and amortization 12,446 12,942 12,179 15,695 Impairment — — — 1,872 Total operating expenses 269,444 254,282 265,763 287,392 Loss from operations (31,078 ) (1,245 ) (9,993 ) (3,896 ) Interest income (expense), net (6,564 ) (5,412 ) 303 320 Loss on early extinguishment of debt — (7,666 ) — — Loss on equity investments, net (729 ) (665 ) (434 ) (40 ) Other non-operating income (loss) 3,663 3,640 3,640 3,570 Loss from continuing operations before taxes (34,708 ) (11,348 ) (6,484 ) (46 ) Income tax expense (benefit) (6,637 ) 3,753 (5,835 ) (4,004 ) Net income (loss) from continuing operations, net of tax (28,071 ) (15,101 ) (649 ) 3,958 Plus: Earnings from discontinued operations, net of tax 13,706 280,545 (3,586 ) (1,155 ) Net income (loss) (14,365 ) 265,444 (4,235 ) 2,803 Less: Income attributable to noncontrolling interest 262 448 (239 ) 385 Net income (loss) attributable to Tribune common stockholders $ (14,627 ) $ 264,996 $ (3,996 ) $ 2,418 Income (loss) from continuing operations per common share: Basic $ (0.81 ) $ (0.44 ) $ (0.01 ) $ 0.10 Diluted $ (0.81 ) $ (0.44 ) $ (0.01 ) $ 0.10 Net income attributable to Tribune per common share: Basic $ (0.42 ) $ 7.51 $ (0.11 ) $ 0.07 Diluted $ (0.42 ) $ 7.51 $ (0.11 ) $ 0.07 Fiscal Year Ended December 31, 2017 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total operating revenues $ 239,975 $ 243,435 $ 236,155 $ 295,888 Operating expenses: Compensation 96,395 92,609 97,304 119,971 Newsprint and ink 14,334 14,091 12,974 17,842 Outside services 80,495 80,526 78,572 91,609 Other operating expenses 37,764 38,760 37,302 48,669 Depreciation and amortization 9,994 12,987 12,124 12,201 Total operating expenses 238,982 238,973 238,276 290,292 Income (loss) from operations 993 4,462 (2,121 ) 5,596 Interest expense, net (6,435 ) (6,365 ) (6,510 ) (7,024 ) Loss on equity investments, net (898 ) (723 ) (403 ) (701 ) Premium on stock buyback (6,031 ) — — — Other income. net 283 284 86 2,882 Loss from continuing operations before taxes (12,088 ) (2,342 ) (8,948 ) 753 Income tax expense (benefit) (1,683 ) (402 ) 3,697 5,576 Loss from continuing operations, net of tax (10,405 ) (1,940 ) (12,645 ) (4,823 ) Plus: Earnings from discontinued operations, net of tax 7,416 8,781 14,701 4,450 Net income (loss) (2,989 ) 6,841 2,056 (373 ) Less: Income attributable to noncontrolling interest — — — — Net income (loss) attributable to Tribune common stockholders $ (2,989 ) $ 6,841 $ 2,056 $ (373 ) Income (loss) from continuing operations per common share: Basic $ (0.29 ) $ (0.06 ) $ (0.38 ) $ (0.14 ) Diluted $ (0.29 ) $ (0.06 ) $ (0.38 ) $ (0.14 ) Net income attributable to Tribune per common share: Basic $ (0.08 ) $ 0.21 $ 0.06 $ (0.01 ) Diluted $ (0.08 ) $ 0.21 $ 0.06 $ (0.01 ) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | T he accompanying Consolidated Financial Statements and notes of the Company have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Actual results could differ from these estimates. All intercompany accounts within Tribune have been eliminated in consolidation. |
Fiscal Year | The Company's fiscal year ends on the last Sunday in December. Fiscal year 2018 ended on December 30, 2018 and consisted of 52 weeks with 13 weeks in each quarter. Fiscal year 2017 ended on December 31, 2017 and consisted of 53 weeks with 13 weeks in each of the first three quarters and 14 weeks in the fourth quarter. Fiscal year 2016 ended on December 25, 2016 and consisted of 52 weeks with 13 weeks in each quarter |
Use of Estimates | The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make use of estimates and assumptions that affect the reported amount of assets and liabilities, revenues and expenses and certain financial statement disclosures. Some of the significant estimates in these consolidated financial statements include the valuation assumptions used in allowances for doubtful accounts receivable, net realizable value of inventories, useful lives of property and identifiable intangible assets, the evaluation of recoverability of property, goodwill and identifiable intangible assets, income tax, self-insurance, pension and other postretirement benefits, stock-based compensation and purchase accounting. Actual results could differ from these estimates. |
Segment Presentation | The Company assesses its operating segments in accordance with ASC Topic 280, “Segment Reporting.” Subsequent to the Company’s name change in October 2018, Tribune renamed its existing segments to M and X. The Company is managed by its chief operating decision maker, as defined by ASC Topic 280, in two reportable segments, M and X. Segment M is comprised of the Company’s media groups excluding their digital revenues and related digital expenses, except digital subscription revenues when bundled with a print subscription. Segment X includes the Company’s digital revenues and related digital expenses from local Tribune websites, third party websites, mobile applications, digital only subscriptions, BestReviews and Tribune Content Agency (“TCA”). See Note 20 for additional segment information |
Business Combinations | The allocation of the purchase consideration for acquisitions requires extensive use of accounting estimates and judgments to allocate the purchase consideration to the identifiable tangible and intangible assets acquired and liabilities assumed based on their respective fair values. The excess of the fair value of purchase consideration over the values of the identifiable assets and liabilities is recorded as goodwill. Critical estimates in valuing certain identifiable assets include but are not limited to expected long term revenues; future expected operating expenses; cost of capital; appropriate attrition and discount rates. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. |
Revenue Recognition | Revenue Recognition —Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. Revenues are recognized as performance obligations are satisfied either at a point in time, such as when an advertisement is published, or over time, such as for content licensing. See Note 3 for additional information related to revenue recognition. Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for goods or services. Revenues are recognized as performance obligations are satisfied either at a point in time, such as when an advertisement is published, or over time, such as for content licensing. |
Cash | Cash is stated at cost, which approximates market value. Cash includes cash equivalents which are investments with original maturities of three months or less at the time of purchase. |
Restricted Cash | Restricted cash is stated at cost, which approximates market value. The Company has cash held in a specified cash collateral account to secure letters of credit relating to workers compensation self-insurance. Restricted cash balances are included within cash and cash equivalents for purposes of the statements of cash flows. |
Accounts Receivables and Allowance for Doubtful Accounts | Tribune’s accounts receivable are primarily due from advertisers and circulation-related accounts. Payment terms vary by revenue stream including prepayment for classified advertising and home delivery circulation, and 30-60 day terms for advertising, whereby credit is evaluated in advance. Credit is extended based on an evaluation of each customer’s financial condition, and generally collateral is not required. The Company maintains an allowance for uncollectible accounts, rebates and volume discounts. The allowance for uncollectible accounts is determined based on historical write-off experience and any known specific collectability exposures. |
Trade Transactions | Tribune, in the ordinary course of business, enters into trade transactions whereby advertising in a Tribune publication is exchanged for products or services or advertising, including advertising at an event/venue. Trade transactions are generally reported at the estimated fair value of the product or services received. Revenues are recorded when the advertisement runs in a Tribune publication and expenses are generally recorded when the products or services are utilized or the advertisement runs. |
Inventories | Inventories consist primarily of newsprint for publishing operations. Newsprint cost is determined using the first-in, first-out (“FIFO”) basis. Inventories are stated at the lower of cost or net realizable value determined using the first-in, first-out (“FIFO”) basis for all inventories. |
Properties | Property, plant and equipment are stated at cost less accumulated depreciation. The Company computes depreciation using the straight-line method over the following estimated useful lives: Building and building improvements 8 years - 40 years Leasehold improvements 3 years - 15 years Machinery and equipment 2 years - 15 years Computer hardware 3 years - 8 years Vehicles 2 years - 8 years Furniture, fixtures and other 3 years - 10 years Leasehold improvements are amortized over the shorter of the useful life or the term of the lease. Expenditures for repairs and maintenance of existing assets are charged to expense as incurred. Property, plant and equipment assets that are financed under a capital lease are amortized over the shorter of the term of the lease or the useful lives of the assets. |
Goodwill and Other Intangible Assets | Goodwill and other intangible assets are summarized in Note 9 . Tribune reviews goodwill and other indefinite-lived intangible assets, which include only newspaper mastheads, for impairment annually, or more frequently if events or changes in circumstances indicate that an asset may be impaired, in accordance with ASC Topic 350, “Intangibles–Goodwill and Other.” Under ASC Topic 350, the impairment review of goodwill and other intangible assets not subject to amortization must be based on estimated fair values. Impairment would occur when the carrying amount of the goodwill or mastheads is greater than its fair value. The Company has determined that the reporting units at which goodwill will be evaluated are the eight newspaper media groups, TCA, BestReviews and the aggregate of its other digital businesses. The Company evaluates goodwill and indefinite-lived intangibles for impairment annually as of the first day of the fiscal fourth quarter, or when an indicator of impairment exists. For the 2018 annual impairment test, the Company did a full quantitative analysis of both goodwill and mastheads. For both goodwill and mastheads, the calculated fair value exceeded the carrying value, except as noted below. For goodwill, the calculated fair value was determined using the income approach. Estimates of fair value include Level 3 inputs as they are subjective in nature, involve uncertainties and matters of significant judgment and are made at a specific point in time. Thus, changes in key assumptions from period to period could significantly affect the estimates of fair value. Significant assumptions used in the fair value estimates include projected revenues and related growth rates over time (for the 2018 impairment test, the perpetuity growth (decline) rates used ranged from (6.1%) to 3.3% ), forecasted revenue growth rates (for the 2018 impairment test, forecasted revenue growth (decline) ranged from (19.1%) to 55.9% ), projected operating cash flow margins, estimated tax rates, depreciation expense, capital expenditures, required working capital needs, and an appropriate risk-adjusted weighted-average cost of capital (for 2018 , the weighted average cost of capital used was 10.0% for print and 12.0% to 13.5% for digital properties). For goodwill as of the measurement date, the calculated fair value exceeded the carrying value for all reporting units except the Sun Sentinel Media Group. In one of the Company’s reporting units with aggregate goodwill of $87.1 million , the estimated fair value exceeds the carrying value by approximately 10% . For the Sun Sentinel Media Group, the carrying value exceeded the fair value and the Company recorded a non-cash impairment charge of $1.9 million reflecting the reduction in fair value. The impairment charges resulted primarily from a decline in the fair value due to lower projected cash flows versus historical estimates. For mastheads, the calculated fair value includes Level 3 inputs and was determined using the royalty savings method. The key assumptions used in the fair value estimates under the royalty savings method are revenue and market growth, royalty rates for newspaper mastheads (for 2018 , the royalty rate used ranged from 1.0% to 7.3% ), estimated tax rates, an appropriate risk-adjusted weighted-average cost of capital (for 2018 , the weighted average cost of capital used was 10.0% for print and 12.0% to 13.5% for digital properties). These assumptions reflect Tribune’s best estimates, but these items involve inherent uncertainties based on market conditions generally outside of Tribune’s control. For mastheads as of the measurement date, the calculated fair value exceeded the carrying value by more than 30.0% in all instances. Adverse changes in expected operating results and/or unfavorable changes in other economic factors used to estimate fair values could result in non-cash impairment charges in the future under ASC Topic 350. |
Impairment Review of Long-Lived Assets | In accordance with ASC Topic 360, “Property, Plant and Equipment,” Tribune evaluates the carrying value of long-lived assets to be held and used whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset or asset group may be impaired. The carrying value of a long-lived asset or asset group may be impaired when the projected future undiscounted cash flows to be generated from the asset or asset group over its remaining depreciable life are less than its current carrying value. The Company measures impairment based on the amount by which the carrying value exceeds the estimated fair value of the long-lived asset or asset group. The fair value is determined primarily by using the projected future cash flows discounted at a rate commensurate with the risk involved as well as market valuations. Losses on long-lived assets to be disposed of are determined in a similar manner, except that the fair values are reduced for an estimate of the cost to dispose or abandon. There were no impairments recorded in any of the periods presented. Adverse changes in expected operating results and/or unfavorable changes in other economic factors used to estimate future undiscounted cash flows could result in non-cash impairment charges in the future under ASC Topic 360. |
Fair Value Measurements | The Company measures and records in its consolidated financial statements certain assets and liabilities at fair value. ASC Topic 820, “Fair Value Measurements and Disclosures,” establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and Tribune’s own assumptions (unobservable inputs). This hierarchy consists of the following three levels: • Level 1-Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market. • Level 2-Assets and liabilities whose values are based on inputs other than those included in Level 1, including quoted market prices in markets that are not active; quoted prices of assets or liabilities with similar attributes in active markets; or valuation models whose inputs are observable or unobservable but corroborated by market data. • Level 3-Assets and liabilities whose values are based on valuation models or pricing techniques that utilize unobservable inputs that are significant to the overall fair value measurement. An asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used maximize the use of observable inputs and minimize the use of unobservable inputs. The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The carrying values of cash, trade accounts receivable and trade accounts payable approximate fair value due to their short term nature. 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 in certain circumstances (for example, when there is evidence of impairment). |
Investments | Investments in unconsolidated affiliates over which Tribune exercises significant influence, but does not control, are accounted for by the equity method. Under this method, an investment account for each unconsolidated affiliate is increased by contributions made and by Tribune’s share of net income of the unconsolidated affiliate, and decreased by the share of net losses of and distributions from the unconsolidated affiliate. |
Leases | Operating lease rentals are expensed on a straight-line basis over the life of the lease. The lease term is determined at lease inception by excluding renewal options that are not reasonably assured. The lease term is used to determine whether a lease is capital or operating and is used to calculate straight-line rent expense. |
Pension Plans | The Company is the sponsor of the pension plan for the New York Daily News (the “NYDN Pension Plan”). The Company follows accounting guidance under ASC Topic 715, “Compensation—Retirement Benefits” for single employer defined benefit plans. Plan assets and the projected benefit obligation are measured each December 31, and the Company records as an asset or liability the net funded or underfunded position of the plans. Certain changes in actuarial valuations related to returns on plan assets and projected benefit obligations are recorded to other comprehensive income (loss) and are amortized to net periodic pension expense over the weighted average remaining life of plan participants. Net periodic pension expense is recognized each period by accruing interest expense on the projected benefit obligation and accruing a return on assets associated with the plan assets. In measuring the funded status of the plans, the Company has elected to measure the single employer defined benefit plan assets and obligations as of the end of the month closest to the Company’s fiscal year-end. See Note 14 for further information on the Company’s pension plans. The projected benefit obligation of the pension plan is estimated using a theoretical zero-coupon spot curve representing the yields on high-quality corporate bonds with maturities that correlate to the timing of benefit payments to the plan’s participants. Future benefit payments are discounted to their present value at the appropriate yield curve rate to determine the projected benefit obligation outstanding at each year end. Interest expense included in net periodic pension expense was established at the beginning of the fiscal year. The long-term rate of return on the plan’s assets is based upon the investments strategies determined by the Company, less administrative expenses. Investment strategies for the plan’s assets are based upon factors such as the remaining useful life expectancy of participants and market risks. Other Postretirement Benefits —Tribune provides certain health care and life insurance benefits for retired Tribune employees through postretirement benefit plans. The plans are frozen to new participants. The expected cost of providing these benefits is accrued over the years that the employees render services. It is the Company’s policy to fund postretirement benefits as claims are incurred. In measuring the funded status of the plan, the Company has elected to measure the single employer defined benefit plan assets and obligations as of the end of the month closest to the Company’s fiscal year-end. The Company recognizes the overfunded or underfunded status of its postretirement benefit plans as an asset or liability in its consolidated balance sheets and recognizes changes in that funded status in the year in which changes occur through comprehensive income. The amounts included within these consolidated financial statements were actuarially determined based on amounts allocable to eligible Tribune employees. Contributions made to union-sponsored plans are based upon collective bargaining agreements. |
Self-Insurance | The Company self-insures for certain employee medical and disability income benefits, and insures with a high deductible for workers’ compensation, automobile and general liability claims. The recorded liabilities for self-insured risks are calculated using actuarial methods and are not discounted. The Company carries insurance coverage to limit exposure for self-insured workers’ compensation costs and automobile and general liability claims. The Company’s deductibles for the insured coverages are generally $1.0 million per occurrence, depending on the applicable policy period. |
Deferred Revenue | Deferred revenue arises in the normal course of business from advance subscription payments for newspapers, digital subscriptions and other publications, and interactive advertising sales. Deferred revenue is recognized in the period it is earned. |
Stock-Based Compensation | Stock-based compensation cost is measured at the grant date of the awards based on the estimated fair value of the awards. The stock-based compensation expense is recognized over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service. |
Income Taxes | Provisions for federal and state income taxes are calculated on reported pretax earnings based on current tax laws and also include, in the current period, the cumulative effect of any changes in tax rates, due to changes in tax laws, from those used previously in determining deferred income tax assets and liabilities. Taxable income reported to the taxing jurisdictions in which Tribune operates often differs from pretax earnings because some items of income and expense are recognized in different time periods for income tax purposes. The Company provides deferred taxes calculated on these temporary differences . Taxable income also may differ from pretax earnings due to statutory provisions under which specific revenues are exempt from taxation and specific expenses are not allowable as deductions. The Company evaluates uncertain tax positions. The Company may recognize the tax benefit of an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. If a tax benefit was recognized the Company would measure the tax benefit based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. |
New Accounting Standards | New Accounting Standards— In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-15, Subtopic 350-40, Intangibles-Goodwill and Other-Internal-Use Software; Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). The ASU can be applied either retrospectively or prospectively. The ASU is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period. The Company adopted this standard effective the beginning of fiscal 2019 and will apply the provisions of the standard prospectively.. In February 2018, the FASB issued ASU 2018-02, Topic 220, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The ASU amends ASC 220, Income Statement — Reporting Comprehensive Income, to “allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act.” In addition, under the ASU, an entity will be required to provide certain disclosures regarding stranded tax effects. The ASU is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. The Company believes the adoption of this standard will have no material affect on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, Topic 715, Compensation - Retirement Benefits; Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . ASU 2017-07 requires the disaggregation of the service cost component from other components of net periodic benefit cost, clarifies how to present the service cost component and other components of net benefit costs in the financial statements and allows only the service cost component of net benefit costs to be eligible for capitalization. The Company adopted the standard on January 1, 2018 and has applied the standard on a retrospective basis. Accordingly, prior period amounts have been adjusted. Adoption of the standard had no effect on the Company’s overall results of operations. The disclosures required by the standard can be found in Note 14 . In January 2017, the FASB issued ASU 2017-04, Topic 350, Intangibles-Goodwill and Other; Simplifying the Test for Goodwill Impairment , which eliminates Step 2 from the goodwill impairment test thereby standardizing the impairment assessment to measure a reporting unit’s carrying value against its fair value and eliminate the calculation of an implied fair value of goodwill. ASU 2017-04 is effective for interim and annual reporting periods beginning after December 15, 2019 and should be applied prospectively. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company adopted this standard effective October 1, 2018. In January 2017, the FASB issued ASU 2017-01, Topic 805, Clarifying the Definition of a Business , which establishes criteria to determine when an integrated set of assets and activities is not a business. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017 and should be applied prospectively. The Company adopted the standard effective January 1, 2018 and has applied the standard to acquisitions or dispositions after that date. In November 2016, the FASB issued ASU 2016-18, Topic 230, Statement of Cash Flows , which clarifies how companies present and classify restricted cash in the statement of cash flows. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. The guidance is required to be applied on a retrospective basis. The Company adopted the standard effective January 1, 2018. The adoption had no retrospective effect on the Company’s consolidated financial statements as the Company had no restricted cash during 2017 or the first quarter of 2018. However, beginning in the second quarter of 2018, the Company has restricted cash and such restricted cash balances are included within cash and cash equivalents for the purposes of the statements of cash flows. See Note 21 for a reconciliation between cash balances presented on the balance sheets with the amounts presented in the statements of cash flows. In August 2016, the FASB issued ASU 2016-15, Topic 230, Statement of Cash Flows , which clarifies how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. The guidance is required to be applied on a retrospective basis. The Company adopted the standard effective January 1, 2018. The adoption had no effect on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Topic 326, Financial Instruments – Credit Losses . ASU 2016-13 changes the impairment model for most financial assets and will require the use of an “expected loss” model for instruments measured as amortized cost. This pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. The Company expects to adopt the standard effective January 1, 2020. The Company is currently reviewing the requirements of the standard. In February 2016, the FASB issued ASU 2016-02, Topic 842, Leases , which requires lessees to recognize lease assets and lease liabilities for operating leases. The Company will adopt this standard effective December 31, 2018 utilizing the modified retrospective transition method whereby the Company will initially apply the new standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the first quarter of 2019. The Company expects to elect the practical expedients which allow the Company to forgo reassessing whether existing contracts are or contain leases, forgo reassessing the classification of existing leases and forgo reassessing initial direct costs of existing leases at the initial application date. Additionally, the Company did not consider any leases with original lease terms less than one year. During 2018, in preparation for the adoption of the new standard, the Company reviewed existing leases and all contracts where a lease might be embedded within the contract. The Company has substantially completed our analysis of the new guidance and expects to recognize upon adoption lease liabilities ranging from $145 million to $155 million and right-of-use assets ranging from $110 million to $120 million . The right-of-use assets have been adjusted for lease incentives and impairments as of the date of adoption as required by the standard. The Company does not expect the adoption of the new standard to have a material impact on its consolidated statements of operations or cash flows. In May 2014, the FASB issued ASU 2014-09, Topic 606, Revenue from Contracts with Customers and issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016, and December 2016 within ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12 and ASU 2016-20, respectively. The new standard supersedes a majority of existing revenue recognition guidance under U.S. GAAP and requires a company to recognize revenue when it transfers goods or services to a customer in an amount that reflects the consideration to which a company expects to be entitled. Companies may need to use more judgment and make more estimates while recognizing revenue, which could result in additional disclosures to the financial statements. On January 1, 2018, the Company adopted ASU 2014-09 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results of operations for periods after January 1, 2018 reflect the changes under ASU 2014-09. Results of operations for periods before January 1, 2018, continue to be reported under guidance in effect at that time. The adoption did not have a material effect on the Company’s consolidated financial statements. See Note 3 for disclosures as a result of the adoption. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of accounts receivable allowances activity | A summary of the activity with respect to the accounts receivable allowances is as follows (in thousands): Accounts receivable allowance balance at December 27, 2015 $ 10,143 2016 additions 24,369 2016 deductions (24,666 ) Accounts receivable allowance balance at December 25, 2016 9,846 2017 additions 27,291 2017 deductions (28,149 ) Accounts receivable allowance balance at December 31, 2017 8,988 2018 additions 24,564 2018 deductions (22,094 ) Accounts receivable allowance balance at December 30, 2018 $ 11,458 |
Schedule of estimated useful lives used in computing depreciation over the straight-line method | The Company computes depreciation using the straight-line method over the following estimated useful lives: Building and building improvements 8 years - 40 years Leasehold improvements 3 years - 15 years Machinery and equipment 2 years - 15 years Computer hardware 3 years - 8 years Vehicles 2 years - 8 years Furniture, fixtures and other 3 years - 10 years |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Changes in Contract Liability | The following table presents changes to the Company’s contract liabilities during the year ended December 30, 2018 (in thousands): Balance at December 31, 2017 $ 55,132 2018 Additions 46,300 2018 deductions (47,462 ) Balance at December 30, 2018 $ 53,970 |
CHANGES IN OPERATIONS (Tables)
CHANGES IN OPERATIONS (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Summary of severance accrual activity | A summary of the activity with respect to the Company’s lease abandonment accrual for the years ended December 30, 2018 and December 31, 2017 is as follows (in thousands): Balance at December 25, 2016 $ 5,034 Provision 2,121 Payments and other (4,028 ) Balance at December 31, 2017 3,127 Provision 86 Payments and other (2,225 ) Balance at December 30, 2018 $ 988 A summary of the activity with respect to Tribune’s severance accrual for the years ended December 30, 2018 and December 31, 2017 is as follows (in thousands): Balance at December 25, 2016 $ 11,300 2017 Provision 18,010 2017 Payments (17,880 ) Balance at December 31, 2017 11,430 2018 Provision 45,764 2018 Payments (28,349 ) Balance at December 30, 2018 $ 28,845 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | A summary of the activity with respect to the TSA for the year ended December 30, 2018 is as follows (in thousands): Accounts receivable from NantMedia beginning balance as of December 31, 2017 $ — Revenue for TSA services 17,174 Reimbursable costs 66,183 Amounts received for TSA services (13,390 ) Amounts received for reimbursable costs (49,918 ) Amounts paid under comingled revenue billings and receipts 9,351 Amounts collected under comingled revenue billings and receipts (11,491 ) Accounts receivable from NantMedia balance as of December 30, 2018 (1) $ 17,909 (1) The accounts receivable from NantMedia balance consists of $12.4 million of charges which have been billed and $5.5 million of charges which had not been billed as of December 30, 2018 . |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Business Combinations [Abstract] | |
Schedule of information for acquisitions | The determination of the fair value of the assets acquired, including intangible assets and noncontrolling interest, and liabilities assumed has been completed and the final allocation of the purchase price is as follows (in thousands): Consideration Cash consideration for acquisition $ 33,085 Fair value of noncontrolling interest 40,900 Value of shares issued for acquisition 34,595 Total consideration 108,580 Allocated Fair Value of Acquired Assets and Assumed Liabilities Accounts receivable and other current assets 9,945 Property, plant and equipment 36 Intangible assets 12,540 Accounts payable and other current liabilities (993 ) Total identifiable assets (liabilities), net 21,528 Goodwill 87,052 Total net assets acquired $ 108,580 (in thousands): Allocated Fair Value of Acquired Assets and Assumed Liabilities Cash acquired as part of the purchase $ 2,555 Accounts receivable and other current assets 17,703 Property, plant and equipment, including assets under capital leases 48,099 Mastheads 3,400 Other long-term assets 9,565 Accounts payable and other current liabilities (20,271 ) Pension and postemployment benefits liability (25,446 ) Workers compensation and auto insurance liability (25,116 ) Other long-term liabilities (10,489 ) Total net assets acquired $ — The preliminary allocation of the purchase price is as follows (in thousands): Consideration Cash consideration for acquisition $ 33,912 Total consideration 33,912 Allocated Fair Value of Acquired Assets and Assumed Liabilities Accounts receivable and other current assets 8,257 Property, plant and equipment 29,843 Mastheads 4,700 Intangible assets subject to amortization 1,300 Accounts payable and other current liabilities (10,749 ) Other long term obligations (68 ) Total identifiable assets (liabilities), net 33,283 Goodwill 629 Total net assets acquired $ 33,912 |
Schedule of unaudited pro forma consolidated results of operations | The following pro forma consolidated results of operations have been prepared as if the DNLP acquisition occurred as of December 27, 2015 (amounts in thousands, except per share data): Year ended December 31, December 25, Total operating revenues $ 1,612,059 $ 1,751,155 Income from continuing operations $ 52,186 $ 26,281 Loss from continuing operations per common share - Basic $ (0.27 ) $ (0.22 ) Loss from continuing operations per common share - Diluted $ (0.27 ) $ (0.22 ) The following pro forma results of continuing operations have been prepared as if the Virginia-Pilot and BestReviews acquisitions occurred as of December 26, 2016 (amounts in thousands, except per share data): Year Ended December 30, December 31, Total operating revenues $ 1,060,112 $ 1,114,996 Income (loss) from continuing operations $ (39,057 ) $ (22,202 ) Loss from continuing operations per common share - Basic $ (1.11 ) $ (0.65 ) Loss from continuing operations per common share - Diluted $ (1.11 ) $ (0.65 ) |
DISPOSITIONS AND DISCONTINUED_2
DISPOSITIONS AND DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations by Segment | Earnings from discontinued operations through the respective transaction dates, included in the Consolidated Statements of Income, are comprised of the following (in thousands): Year ended December 30, 2018 December 31, 2017 December 25, 2016 Operating revenues $ 211,522 $ 508,566 $ 543,016 Operating expenses: Compensation 58,819 146,605 156,129 Newsprint and ink 14,357 35,099 41,378 Outside services 61,892 136,843 147,787 Other operating expenses 57,290 126,490 124,139 Depreciation and amortization 3,531 9,390 6,137 Total operating expenses 195,889 454,427 475,570 Income from operations 15,633 54,139 67,446 Gain (loss) on sale 404,783 — — Interest expense, net (52 ) (147 ) (143 ) Gain on equity investments, net — 5,842 797 Other income, net 1,338 7 2,300 Income tax expense (132,192 ) (24,493 ) (28,500 ) Income from discontinued operations, net of tax $ 289,510 $ 35,348 $ 41,900 Discontinued operations by segment are presented below (in thousands): Year ended December 30, 2018 December 31, 2017 December 25, 2016 Operating revenues M $ 185,822 $ 432,379 $ 465,643 X 25,638 76,001 77,175 Corporate and eliminations 62 186 198 $ 211,522 $ 508,566 $ 543,016 Income from operations M $ 9,803 $ 31,743 $ 45,200 X 5,793 22,635 22,264 Corporate and eliminations 37 (239 ) (18 ) $ 15,633 $ 54,139 $ 67,446 Depreciation and amortization M $ 3,427 $ 9,130 $ 6,027 X 104 260 110 Corporate and eliminations $ 3,531 $ 9,390 $ 6,137 |
Aggregate Carrying Amounts of Assets and Liabilities Held for Sale | The following table presents the aggregate carrying amounts of assets and liabilities related to discontinued operations in the Consolidated Balance Sheets (in thousands): December 30, 2018 December 31, Carrying amount of assets related to discontinued operations: Accounts receivable, (net of allowances of $7,388) $ — $ 51,200 All other current assets — 10,578 Property, plant and equipment, net — 14,635 Goodwill — 76,559 Intangibles — 60,181 Deferred income taxes — 28,787 All other long term assets — 437 Total assets related to discontinued operations $ — $ 242,377 Carrying amount of liabilities associated with discontinued operations: Accounts payable and employee compensation and benefits $ — $ 27,140 Income Tax Payable 6,249 — Deferred revenue — 26,362 Other current liabilities — 2,487 Pensions and postretirement benefits payable — 90,155 Insurance — 12,271 All other long term liabilities — 14,425 Total liabilities associated with discontinued operations $ 6,249 $ 172,840 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | Inventories at December 30, 2018 and December 31, 2017 consisted of the following (in thousands): December 30, 2018 December 31, 2017 Newsprint $ 9,273 $ 7,072 Supplies and other 314 340 Total inventories $ 9,587 $ 7,412 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of goodwill, other intangible assets and intangible liabilities | Goodwill and other intangible assets at December 30, 2018 and December 31, 2017 consisted of the following (in thousands): December 30, 2018 December 31, 2017 Gross Amount Accumulated Amortization Net Amount Gross Amount Accumulated Amortization Net Amount Other intangible assets subject to amortization Subscribers (useful life of 2 to 10 years) $ 7,312 $ (4,730 ) $ 2,582 $ 7,312 $ (3,762 ) $ 3,550 Advertiser relationships (useful life of 2 to 13 years) 27,648 (12,497 ) 15,151 26,348 (10,013 ) 16,335 Trade names (useful life of 20 years) 15,100 (3,343 ) 11,757 15,100 (2,583 ) 12,517 Other (useful life of 1 to 20 years) 17,744 (4,831 ) 12,913 5,379 (2,243 ) 3,136 Total other intangible assets subject to amortization $ 67,804 $ (25,401 ) 42,403 $ 54,139 $ (18,601 ) 35,538 Software (useful life of 2 to 10 years) 136,005 (108,888 ) 27,117 129,795 (89,095 ) 40,700 Goodwill and other intangible assets not subject to amortization Goodwill 132,146 45,348 Newspaper mastheads 34,826 29,458 Total goodwill and intangible assets $ 236,492 $ 151,044 The changes in the carrying amounts of software during the years ended December 30, 2018 and December 31, 2017 were as follows (in thousands): Balance at December 25, 2016 $ 52,130 Purchases and capitalized development costs 14,830 Retirements 240 Amortization expense (26,500 ) Balance at December 31, 2017 40,700 Purchases and capitalized development costs 13,822 Retirements 227 Amortization expense (27,632 ) Balance at December 30, 2018 27,117 |
Schedule of goodwill | The changes in the carrying amounts of goodwill during the years ended December 30, 2018 and December 31, 2017 were as follows (in thousands): M X Total Balance at December 25, 2016 $ 29,454 $ 16,456 $ 45,910 Acquisitions — 171 171 Other (733 ) — (733 ) Balance at December 31, 2017 28,721 16,627 45,348 Acquisitions 629 87,052 87,681 Impairment (1,872 ) — (1,872 ) Other 733 256 989 Balance at December 30, 2018 $ 28,211 $ 103,935 $ 132,146 |
Schedule of changes in the carrying amounts of intangible assets not subject to amortization and goodwill | The changes in the carrying amounts of intangible assets excluding goodwill during the years ended December 30, 2018 and December 31, 2017 were as follows (in thousands): Intangible assets subject to amortization Other intangible assets not subject to amortization Total Balance at December 25, 2016 $ 40,271 $ 26,700 $ 66,971 Acquisitions — 2,758 2,758 Dispositions (78 ) — (78 ) Amortization expense (4,655 ) — (4,655 ) Balance at December 31, 2017 $ 35,538 $ 29,458 $ 64,996 Acquisitions 13,840 5,368 19,208 Dispositions (108 ) — (108 ) Amortization expense (6,867 ) — (6,867 ) Balance at December 30, 2018 $ 42,403 $ 34,826 $ 77,229 |
Schedule of changes in the carrying amount of intangible assets subject to amortization | The changes in the carrying amounts of intangible assets excluding goodwill during the years ended December 30, 2018 and December 31, 2017 were as follows (in thousands): Intangible assets subject to amortization Other intangible assets not subject to amortization Total Balance at December 25, 2016 $ 40,271 $ 26,700 $ 66,971 Acquisitions — 2,758 2,758 Dispositions (78 ) — (78 ) Amortization expense (4,655 ) — (4,655 ) Balance at December 31, 2017 $ 35,538 $ 29,458 $ 64,996 Acquisitions 13,840 5,368 19,208 Dispositions (108 ) — (108 ) Amortization expense (6,867 ) — (6,867 ) Balance at December 30, 2018 $ 42,403 $ 34,826 $ 77,229 |
Schedule of estimated amortization expense relating to amortizable intangible assets | The estimated amortization expense relating to amortizable intangible assets and software for the next five years are approximately (in thousands): Year Ended Intangible assets subject to amortization Software 2019 $ 7,262 $ 14,932 2020 7,213 7,068 2021 6,942 3,117 2022 5,045 709 2023 4,355 396 Total $ 30,817 $ 26,222 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt and long-term capital leases maturities | The Company's long-term capital leases maturities are as follows (in thousands): 2019 $ 405 2020 100 2021 6,892 2022 — 2023 — Thereafter — Total $ 7,397 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of future commitments | Future minimum lease payments under noncancelable operating leases arrangements having initial terms of one year or more as of December 30, 2018 are as follows (in thousands): 2019 $ 33,006 2020 30,412 2021 26,817 2022 24,916 2023 15,933 Thereafter 42,867 Total $ 173,951 |
CONTINGENT LIABILITIES (Tables)
CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of reorganization provisions | Specifically identifiable reorganization provisions, adjustments and other costs directly related to the Company have been included in the Consolidated Statements of Income for the year ended December 25, 2016 . There were no reorganization costs for the years ended December 30, 2018 or December 31, 2017 . These costs consisted of the following (in thousands): Reorganization costs, net: Contract rejections and claim settlements $ (75 ) Trustee fees and other, net (184 ) Total reorganization items, net $ (259 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of income taxes computed at U.S. federal statutory rate to income tax expense | The following is a reconciliation of income taxes computed at the U.S. federal statutory rate to income tax expense reported in the Consolidated Statements of Income (in thousands): Year ended December 30, 2018 December 31, 2017 December 25, 2016 Loss from continuing operations before income taxes $ (52,586 ) $ (22,625 ) $ (44,939 ) Federal income taxes at the statutory tax rate (11,043 ) (7,919 ) (15,729 ) State and local income taxes, net of federal tax benefit (2,948 ) (693 ) (2,175 ) Impact of U.S. tax reform 213 10,815 — Tax on stock buyback premium — 2,111 — Tax on stock-based equity exercised (79 ) 1,308 414 Nondeductible meals and entertainment expenses 628 859 639 Research and development credits (639 ) — — Tax basis adjustment — — 7,063 Other, net 1,145 707 212 Income tax expense (benefit) $ (12,723 ) $ 7,188 $ (9,576 ) Effective tax rate 24.2 % (31.8 )% 21.3 % |
Schedule of components of income tax expense (benefit) | Components of income tax expense (benefit) were as follows (in thousands): Year ended December 30, 2018 December 31, 2017 December 25, 2016 Current: U.S. federal $ (8,629 ) $ (14,532 ) $ (18,228 ) State and local (3,743 ) (3,817 ) (2,963 ) Foreign 39 59 67 Sub-total (12,333 ) (18,290 ) (21,124 ) Deferred: U.S. federal (331 ) 23,090 10,354 State and local (59 ) 2,388 1,194 Sub-total (390 ) 25,478 11,548 Total income tax expense (benefit) $ (12,723 ) $ 7,188 $ (9,576 ) |
Schedule of components of net deferred tax assets and liabilities | Significant components of Tribune’s net deferred tax assets and liabilities were as follows (in thousands): December 30, 2018 December 31, 2017 Deferred tax assets: Employee compensation and benefits $ 18,244 $ 21,018 Pension 5,210 5,609 Other future deductible items 7,557 2,313 Accounts receivable 2,864 2,562 Net operating loss carryforwards 393 1,006 Research and development credits 639 — Postretirement and postemployment benefits other than pensions 287 501 Investments — 95 Total deferred tax assets 35,194 33,104 Deferred tax liabilities: Net properties 24,241 26,731 Net intangibles 3,449 340 Tax basis in TCP, LLC 4,909 4,909 Investments 181 — Total deferred tax liabilities 32,780 31,980 Net deferred tax assets $ 2,414 $ 1,124 |
DEFINED BENEFIT PENSION PLANS_2
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Pension plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary of information for pension plans | Summarized information for the NYDN Pension Plan is provided below (in thousands): December 30, 2018 December 31, 2017 Change in benefit obligations: Projected benefit obligations, beginning of year $ 106,446 $ — Service cost 72 142 Interest cost 3,272 1,249 Business combination — 109,581 Actuarial gain (5,442 ) (1,792 ) Curtailment gain — (51 ) Net loans/trust repayment — 4 Benefits paid (7,941 ) (2,687 ) Projected benefit obligations, end of year 96,407 106,446 Change in plans' assets: Fair value of plan assets, beginning of year 85,032 — Business combination — 84,136 Return on plan assets (3,832 ) 2,539 Employer contributions 3,918 1,040 Net loans/trust repayment — 4 Benefits paid (7,941 ) (2,687 ) Fair value of plans' assets, end of year 77,177 85,032 Underfunded status of the plans $ (19,230 ) $ (21,414 ) |
Schedule of amounts recognized in Balance Sheets for pension plans | The amounts recognized in the Company’s Consolidated Balance Sheets for the NYDN Pension Plan as of December 30, 2018 and December 31, 2017 consist of (in thousands): December 30, 2018 December 31, 2017 Pension and postretirement benefits payable $ (19,230 ) $ (21,414 ) Accumulated other comprehensive loss, net of tax 236 (1,965 ) |
Schedule of components of net periodic benefit cost (credit) for pension plans | The components of net periodic benefit cost (credit) for the NYDN Pension Plan were as follows (in thousands): December 30, 2018 December 31, 2017 Affected Line Items in the Consolidated Statements of Income Service cost $ 72 $ 142 Compensation Interest cost 3,272 1,249 Other non-operating income Expected return on plan assets (4,667 ) (1,602 ) Other non-operating income Curtailment gain — (51 ) Other non-operating income Net periodic benefit cost (credit) $ (1,323 ) $ (262 ) |
Schedule of plan asset allocation | The following table sets forth by level, within the fair value hierarchy, the NYDN Pension Plan’s assets at fair value as of December 30, 2018 (in thousands): Level 1 Level 2 Level 3 Total Global public equity $ 19,399 $ — $ — $ 19,399 Fixed income 19,103 — — 19,103 Group annuity contract — — 13 13 $ 38,502 $ — $ 13 Investments valued at net asset value: Cash and cash equivalents 817 Global public equity 19,896 Absolute return 8,474 Real assets 8,993 Pending trades and other receivables 482 Total assets at fair value $ 77,177 The following table sets forth by level, within the fair value hierarchy, the NYDN Pension Plan’s assets at fair value as of December 31, 2017 (in thousands): Level 1 Level 2 Level 3 Total Global public equity $ 11,758 $ — $ — $ 11,758 Fixed income 15,966 — — 15,966 Group annuity contract — — 13 13 $ 27,724 $ — $ 13 Investments valued at net asset value: Cash and cash equivalents 5,975 Global public equity 32,719 Absolute return 9,300 Real assets 9,261 Pending trades and other receivables 40 Total assets at fair value $ 85,032 The NYDN Pension Plan-weighted average target allocation and actual allocations at December 30, 2018 by asset category are as follows: 2018 2017 Asset category: Target Allocation Actual Allocation Actual Allocation Global public equity 52.0 % 50.9 % 52.3 % Absolute return 12.0 % 11.0 % 10.9 % Fixed income 23.5 % 24.8 % 18.8 % Real assets 10.0 % 11.7 % 10.9 % Cash 2.5 % 1.1 % 7.0 % Other — % 0.5 % 0.1 % 100.0 % 100.0 % 100.0 % |
Schedule of investment redemption information | See the table below for the redemption information: Redemption Frequency Redemption Notice Period Cash and cash equivalents Daily — Global public equity Monthly 16 days Absolute return Quarterly 90-95 days Real assets Quarterly 30-90 days |
Schedule of weighted average assumptions used to determine net periodic benefit cost | Assumptions —The weighted average assumptions used to determine the NYDN Pension Plan defined benefit obligations are as follows: December 30, 2018 December 31, 2017 Discount rate 4.1 % 3.6 % Rate of compensation increase — % 2.0 % The weighted average assumptions used to determine the NYDN Pension Plan net periodic benefit cost are as follows: December 30, 2018 December 31, 2017 Discount rate 3.6 % 3.5 % Rate of return on assets 5.7 % 5.8 % Rate of compensation increase 2.0 % 2.0 % |
Summary of benefit payments expected to be paid under pension plans | Expected Future Benefit Payments —Benefit payments expected to be paid under the NYDN Pension Plan are summarized below (in thousands): 2019 $ 8,079 2020 7,884 2021 7,678 2022 7,488 2023 7,280 2024-2027 33,129 |
Other postretirement plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary of information for pension plans | Summarized information for the Company’s other postretirement plans is provided below (in thousands): December 30, 2018 December 31, 2017 Change in benefit obligations: Projected benefit obligations, beginning of year $ 1,731 $ 9,648 Service cost 13 11 Interest cost 37 189 Plan amendments — (5,838 ) Actuarial gain 181 (681 ) Benefits paid (930 ) (1,598 ) Projected benefit obligations, end of year 1,032 1,731 Change in plans' assets: Employer contributions 930 1,598 Benefits paid (930 ) (1,598 ) Fair value of plans' assets, end of year — — Underfunded status of the plans $ (1,032 ) $ (1,731 ) |
Schedule of amounts recognized in Balance Sheets for pension plans | Amounts recognized in Tribune’s Consolidated Balance Sheets for other postretirement plans consisted of (in thousands): December 30, 2018 December 31, 2017 Liabilities: Employee compensation and benefits $ (112 ) $ (881 ) Pension and postretirement benefits payable (920 ) (850 ) Total liabilities $ (1,032 ) $ (1,731 ) Accumulated other comprehensive income: Unrecognized prior service credit (cost), net of tax $ (344 ) $ 7,950 Unrecognized net actuarial gains (losses), net of tax 45 1,970 Total accumulated other comprehensive income $ (299 ) $ 9,920 |
Schedule of components of net periodic benefit cost (credit) for pension plans | The components of net periodic benefit cost (credit) for the Company’s other postretirement plans were as follows (in thousands): Year Ended December 30, 2018 December 31, 2017 December 25, 2016 Affected Line Items in the Consolidated Statements of Income Service cost $ 13 $ 11 $ 6 Compensation Interest cost 37 189 205 Other non-operating income Amortization of gain (2,621 ) (553 ) — Other non-operating income Amortization of prior service credits (10,534 ) (2,745 ) (470 ) Other non-operating income Net periodic benefit cost (credit) $ (13,105 ) $ (3,098 ) $ (259 ) |
Schedule of weighted average assumptions used to determine net periodic benefit cost | Assumptions —The weighted average assumptions used to determine other postretirement benefit obligations are as follows: December 30, 2018 December 31, 2017 Discount rate 4.23 % 2.47 % The weighted average assumptions used to determine net periodic benefit cost are as follows: December 30, 2018 December 31, 2017 December 25, 2016 Discount rate 2.47 % 3.23 % 3.23 % |
Schedule of effect of 1% change in assumed health care cost trend rates | Assumed health care cost trend rates have a significant effect on the amounts reported for health care plans. As of December 30, 2018 , a 1% change in assumed health care cost trend rates would have an immaterial effect on Tribune’s post retirement benefits service and interest cost and the following effect on Tribune’s projected benefit obligation (in thousands): 1% Increase 1% Decrease Projected benefit obligation $ 48 $ 44 |
Summary of benefit payments expected to be paid under pension plans | Expected Future Benefit Payments —Benefit payments expected to be paid under other postretirement benefit plans are summarized below (in thousands): 2019 $ 114 2020 86 2021 69 2022 77 2023 84 2024-2026 472 |
Schedule of multiemployer plans | The Company’s participation in these multiemployer pension plans at December 30, 2018 , December 31, 2017 and December 25, 2016 , is outlined in the table below. Unless otherwise noted, the most recent Pension Protection Act (“PPA”) Zone Status available in 2018 and 2017 is for the plan’s year-end at December 31, 2017 and December 25, 2016 , respectively. The PPA Zone Status is based on information that Tribune received from the plan and is certified by the plan’s actuary. Among other factors, plans in the Critical and Declining Zone are generally less than 65 percent funded and projected to become insolvent within 20 years; plans in the Critical Zone are generally less than 65 percent funded (but not projected to become insolvent within 20 years), plans in the Endangered Zone are less than 80 percent but greater than 65 percent funded, and plans in the Healthy Zone are at least 80 percent funded (as determined in accordance with the PPA). The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. (in thousands) EIN/Pension Plan Number PPA Zone Status FIP/RP Status Pending/ Implemented Tribune Contributions Surcharge Imposed Expiration Dates of Collective Bargaining Agreements Pension Fund 2018 2017 2018 2017 2016 GCIU—Employer Retirement Benefit Plan 91-6024903 Critical and declining Critical and declining Implemented $ 637 $ 781 $ 858 Yes (1) May 31, 2017 to April 30, 2018 (1) Chicago Newspaper Publishers Drivers' Union Pension Plan 36-6019539 Critical and declining Critical and declining Implemented 3,568 3,607 3,244 No June 14, 2021 Truck Drivers and Helpers Local No. 355 Pension Plan 52-6043608 Healthy Healthy Implemented 152 134 147 No Dec. 31, 2017 to April 30, 2018 (2) Newspaper and Mail Deliverers' - Publishers' Pension Fund 13-6122251 Healthy Healthy N/A 787 259 — No January 1, 2021 Pressmen's Publishers' Pension Fund 13-6121627 Healthy Healthy N/A 430 134 — No July 11, 2020 Paper Handlers' - Publishers' Pension Fund 13-6104795 Critical and declining Critical and declining Implemented 53 19 — No May, 11, 2016 IAM National Pension Fund, National Pension Plan 51-6031295 Healthy Healthy N/A 428 458 406 No March 31, 2020 CWA/ITU Negotiated Pension Plan 13-6212879 Critical and declining Critical and declining Implemented 252 135 100 No March 31, 2017 to July 31, 2017 (3) Pension Hospitalization & Benefit Plan of the Electrical Industry - Pension Trust Account 13-6123601 Healthy Healthy N/A 428 146 — No April 30, 2020 $ 6,735 $ 5,673 $ 4,755 (1) Tribune is party to two collective bargaining agreements that require contributions to the GCIU—Employer Retirement Benefit Plan, one of which expired May 31, 2017 and the other April 30, 2018. (2) The collective bargaining agreement expired on June 14, 2016. The parties are operating under the terms of this agreement while the terms of a successor collective bargaining agreement are negotiated. (3) The Company is party to two collective bargaining agreements requiring contributions to this plan, New York Mailers Union No. 6 which expired March 31, 2017 and New York Typographical Union (Control Room) which expired July 31, 2017. |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest Activity | A summary of the activity with respect to non-controlling interest for the year ended December 30, 2018 is as follows (in thousands): Balance at December 31, 2017 $ — Acquisition of BestReviews 40,900 Income attributable to noncontrolling interest 856 Dividends paid to noncontrolling interest (2,000 ) Balance at December 30, 2018 $ 39,756 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of weighted average assumptions used to determine the fair value of NSO awards granted | The following table provides the weighted average assumptions used to determine the fair value of Options granted to Tribune employees during the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 . 2018 2017 2016 Weighted average grant date fair value $ 17.36 $ 6.53 $ 5.93 Weighted average assumptions used: Expected volatility 55.2 % 53.8 % 47.98 % Expected lives (in years) 4.8 4.5 4.5 Risk Free interest rates 2.2 % 1.7 % 1.0 % |
Summary of option activity | A summary of activity related to Tribune employees for Options under the Tribune Equity Plan for the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 is included in the following table: 2018 2017 2016 Number of Options (in thousands) Weighted Average Exercise Price Number of Options (in thousands) Weighted Average Exercise Price Number of Options (in thousands) Weighted Average Exercise Price Outstanding, beginning of year 1,029 $ 14.56 1,328 $ 15.93 969 $ 16.80 Granted 20 $ 17.36 730 $ 14.32 546 $ 14.71 Exercised (7 ) $ 19.20 (115 ) $ 14.40 (15 ) $ 14.02 Canceled/forfeited (117 ) $ 15.11 (914 ) $ 15.48 (172 ) $ 17.10 Outstanding, end of year 925 $ 14.51 1,029 $ 14.56 1,328 $ 15.93 Vested and exercisable at end of year 467 $ 14.61 195 $ 14.90 440 $ 16.77 Weighted average remaining contractual term (in years) 5.1 6.8 4.2 |
Summary of information related to stock options outstanding | The following table summarizes information related to stock options outstanding at December 30, 2018 : Range of Exercises Prices Number of Options Outstanding (in thousands) Weighted Average Remaining Life (years) Weighted Average Exercise Price Number of Options Exercisable (in thousands) Weighted Average Exercise Price $13.38-13.38 200 5.6 $ 13.38 67 $ 13.38 $14.02-14.76 261 5.4 $ 14.55 126 $ 14.36 $14.87-14.87 338 4.6 $ 14.87 225 $ 14.87 $14.89-17.41 119 5.0 $ 15.04 42 $ 15.20 $19.20-19.20 7 2.7 $ 19.20 7 $ 19.20 $13.38-19.20 925 5.1 $ 14.51 467 $ 14.62 |
Summary of RSU activity | A summary of activity related to Tribune employees for RSUs under the Tribune Equity Plan for the years ended December 30, 2018 , December 31, 2017 , and December 25, 2016 is included in the following table: 2018 2017 2016 Number of RSUs (in thousands) Weighted Average Grant Date Fair Value Number of RSUs (in thousands) Weighted Average Grant Date Fair Value Number of RSUs (in thousands) Weighted Average Grant Date Fair Value Outstanding, beginning of year 2,013 $ 14.60 1,452 $ 15.44 982 $ 17.34 Granted 286 $ 17.41 1,438 $ 14.24 1,071 $ 14.60 Vested (685 ) $ 14.86 (561 ) $ 15.23 (356 ) $ 16.85 Canceled/forfeited (360 ) $ 15.48 (316 ) $ 15.70 (245 ) $ 17.35 Outstanding, end of year 1,254 $ 14.83 2,013 $ 14.60 1,452 $ 15.44 Vested at end of year 1 $ 12.31 2 $ 11.02 6 $ 7.91 |
Schedule of unrecognized compensation cost on nonvested awards | As of December 30, 2018 , Tribune had unrecognized compensation cost on nonvested awards as follows (in thousands): Unrecognized Compensation Cost Weighted Average Remaining Recognition Period (in years) Nonvested stock options $ 2,174 1.4 Nonvested restricted stock units $ 14,556 1.9 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per common share | For the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 , basic and diluted earnings per common share were as follows (in thousands, except per share amounts): Year Ended December 30, 2018 December 31, 2017 December 25, 2016 Income (Loss) - Numerator: Loss from continuing operations $ (39,863 ) $ (29,813 ) $ (35,363 ) Less: Net income from continuing operations attributable to noncontrolling interest 856 — — Loss available to common shareholders, before discontinued operations $ (40,719 ) $ (29,813 ) $ (35,363 ) Income from discontinued operations 289,510 35,348 41,900 Net income available to Tribune stockholders $ 248,791 $ 5,535 $ 6,537 Shares - Denominator: Weighted average number of common shares outstanding (basic) 35,268 33,996 33,788 Dilutive effect of employee stock options and RSUs — — — Adjusted weighted average common shares outstanding (diluted) 35,268 33,996 33,788 Net income (loss) attributable to Tribune per common share - Basic: Continuing operations $ (1.15 ) $ (0.88 ) $ (1.05 ) Discontinued operations $ 8.20 $ 1.04 $ 1.24 Net income attributable to Tribune per common share - Basic $ 7.05 $ 0.16 $ 0.19 Net income (loss) attributable to Tribune per common share - Diluted: Continuing operations $ (1.15 ) $ (0.88 ) $ (1.05 ) Discontinued operations $ 8.20 $ 1.04 $ 1.24 Net income attributable to Tribune per common share - Diluted $ 7.05 $ 0.16 $ 0.19 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Equity [Abstract] | |
Schedule of components of accumulated other comprehensive income (loss), net of tax | The following table sets forth the components of accumulated other comprehensive income (loss), net of tax (in thousands): Foreign Currency OPEB Pension Total Balance at December 27, 2015 $ (35 ) $ 4,847 $ (8,718 ) (3,906 ) Other comprehensive income before reclassifications 3 1,811 — 1,814 Amounts reclassified from AOCI — (284 ) — (284 ) AOCI recognized in discontinued operations — — (6,438 ) (6,438 ) Balance at December 25, 2016 (32 ) 6,374 (15,156 ) (8,814 ) Other comprehensive income (loss) before reclassifications 1 5,778 1,969 7,748 Amounts reclassified from AOCI — (2,220 ) — (2,220 ) AOCI recognized in discontinued operations — — (10,241 ) (10,241 ) Balance at December 31, 2017 (31 ) 9,932 (23,428 ) (13,527 ) Other comprehensive income (loss) before reclassifications (8 ) (131 ) (2,206 ) (2,345 ) Amounts reclassified from AOCI — (9,498 ) — (9,498 ) AOCI recognized in discontinued operations — — 25,397 25,397 Balance at December 30, 2018 $ (39 ) $ 303 $ (237 ) 27 |
Schedule of reclassification out of accumulated other comprehensive income (loss) | The following table presents the amounts and line items in the Consolidated Statements of Income where adjustments reclassified from accumulated other comprehensive income (loss) were recorded during the years ended December 30, 2018 , December 31, 2017 and December 25, 2016 (in thousands): Year ended Accumulated Other Comprehensive Income (Loss) Components December 30, 2018 December 31, 2017 December 25, 2016 Affected Line Items in the Consolidated Statements of Income Pension and postretirement benefit adjustments: Prior service cost recognized (10,534 ) (2,745 ) (470 ) Other income, net Amortization of actuarial gains (2,621 ) (553 ) — Other income, net Total before taxes (13,155 ) (3,298 ) (470 ) Tax effect (3,657 ) (1,078 ) (186 ) Income tax expense (benefit) Total reclassifications for the period $ (9,498 ) $ (2,220 ) $ (284 ) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of operation revenue and income (loss) | perating revenues and income (loss) from continuing operations by operating segment were as follows for the periods indicated (in thousands): Year Ended M X Corporate and Eliminations Consolidation (Print) (Digital) Dec. 30, 2018 Dec. 31, 2017 Dec. 30, 2018 Dec. 31, 2017 Dec. 30, 2018 Dec. 31, 2017 Dec. 30, 2018 Dec. 31, 2017 Advertising $ 355,790 $ 380,214 $ 98,023 $ 130,376 $ 30 $ (174 ) $ 453,843 $ 510,416 Circulation 349,975 319,727 18,265 9,835 (5 ) — 368,235 329,562 Commercial print and delivery 102,668 105,516 — — — — 102,668 105,516 Direct mail 32,354 36,874 — — (6 ) — 32,348 36,874 Content syndication and other 10,282 12,509 49,324 23,766 13,969 (3,190 ) 73,575 33,085 Other 145,304 154,899 49,324 23,766 13,963 (3,190 ) 208,591 175,475 Operating revenues 851,069 854,840 165,612 163,977 13,988 (3,364 ) 1,030,669 1,015,453 Operating expenses 846,122 792,665 152,698 161,783 78,061 52,075 1,076,881 1,006,523 Income (loss) from operations $ 4,947 $ 62,175 $ 12,914 $ 2,194 $ (64,073 ) $ (55,439 ) (46,212 ) 8,930 Interest expense (11,353 ) (26,334 ) Loss on early extinguishment of debt (7,666 ) — Premium on stock buyback — (6,031 ) Loss on investments, net (1,868 ) (2,725 ) Other income, net 14,513 3,535 Loss from continuing operations before income taxes $ (52,586 ) $ (22,625 ) Depreciation and amortization $ 17,419 $ 16,415 $ 19,819 $ 15,299 $ 16,024 $ 15,592 $ 53,262 $ 47,306 Impairment $ 1,872 $ — $ — $ — $ — $ — $ 1,872 $ — Year Ended M X Corporate and Eliminations Consolidation (Print) (Digital) Dec. 31, 2017 Dec. 25, 2016 Dec. 31, 2017 Dec. 25, 2016 Dec. 31, 2017 Dec. 25, 2016 Dec. 31, 2017 Dec. 25, 2016 Advertising $ 380,214 $ 439,662 $ 130,376 $ 124,215 $ (174 ) $ (1,554 ) $ 510,416 $ 562,323 Circulation 319,727 304,699 9,835 6,369 — — 329,562 311,068 Commercial print and delivery 105,516 105,805 — — — — 105,516 105,805 Direct mail 36,874 44,142 — 1,871 — (55 ) 36,874 45,958 Content syndication and other 12,509 18,078 23,766 26,541 (3,190 ) (6,410 ) 33,085 38,209 Other 154,899 168,025 23,766 28,412 (3,190 ) (6,465 ) 175,475 189,972 Operating revenues 854,840 912,386 163,977 158,996 (3,364 ) (8,019 ) 1,015,453 1,063,363 Operating expenses 792,665 839,123 161,783 155,709 52,075 85,428 1,006,523 1,080,260 Income (loss) from operations $ 62,175 $ 73,263 $ 2,194 $ 3,287 $ (55,439 ) $ (93,447 ) 8,930 (16,897 ) Interest expense (26,334 ) (26,561 ) Premium on stock buyback (6,031 ) — Loss on investments, net (2,725 ) (1,487 ) Reorganization items, net — (259 ) Other income, net 3,535 265 Loss from continuing operations before income taxes $ (22,625 ) $ (44,939 ) Depreciation and amortization $ 16,415 $ 17,629 $ 15,299 $ 11,452 $ 15,592 $ 22,282 $ 47,306 $ 51,363 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | Supplemental cash flow information for each of the periods presented is as follows (in thousands): Year ended December 30, 2018 December 31, 2017 December 25, 2016 Cash paid during the period for: Interest $ 15,546 $ 24,492 $ 23,637 Income taxes, net of refunds 3,407 (892 ) (3,264 ) Non-cash items in investing activities: Additions to property plant and equipment under capital leases — (890 ) (722 ) Non-cash items in financing activities: Shares issued for acquisitions 34,595 — — New capital leases — 890 722 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported within the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash as reported in the Consolidated Statement of Cash Flows (in thousands): As of December 30, 2018 December 31, 2017 Cash and cash equivalents $ 97,560 $ 185,351 Restricted cash included in other assets 43,947 — Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 141,507 $ 185,351 |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash as reported within the Consolidated Balance Sheets to the cash, cash equivalents and restricted cash as reported in the Consolidated Statement of Cash Flows (in thousands): As of December 30, 2018 December 31, 2017 Cash and cash equivalents $ 97,560 $ 185,351 Restricted cash included in other assets 43,947 — Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 141,507 $ 185,351 |
UNAUDITED QUARTERLY FINANCIAL_2
UNAUDITED QUARTERLY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of unaudited quarterly financial information | The following table sets forth certain unaudited quarterly financial information for the fiscal years ended December 30, 2018 and December 31, 2017 (in thousands, except per share amounts). The unaudited quarterly financial information includes all normal recurring adjustments that management considers necessary for a fair presentation of the information shown. Fiscal Year Ended December 30, 2018 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total operating revenues $ 238,366 $ 253,037 $ 255,770 $ 283,496 Operating expenses: Compensation 110,765 106,455 107,762 118,102 Newsprint and ink 14,598 16,770 16,980 17,786 Outside services 98,982 81,818 81,572 86,455 Other operating expenses 32,653 36,297 47,270 47,482 Depreciation and amortization 12,446 12,942 12,179 15,695 Impairment — — — 1,872 Total operating expenses 269,444 254,282 265,763 287,392 Loss from operations (31,078 ) (1,245 ) (9,993 ) (3,896 ) Interest income (expense), net (6,564 ) (5,412 ) 303 320 Loss on early extinguishment of debt — (7,666 ) — — Loss on equity investments, net (729 ) (665 ) (434 ) (40 ) Other non-operating income (loss) 3,663 3,640 3,640 3,570 Loss from continuing operations before taxes (34,708 ) (11,348 ) (6,484 ) (46 ) Income tax expense (benefit) (6,637 ) 3,753 (5,835 ) (4,004 ) Net income (loss) from continuing operations, net of tax (28,071 ) (15,101 ) (649 ) 3,958 Plus: Earnings from discontinued operations, net of tax 13,706 280,545 (3,586 ) (1,155 ) Net income (loss) (14,365 ) 265,444 (4,235 ) 2,803 Less: Income attributable to noncontrolling interest 262 448 (239 ) 385 Net income (loss) attributable to Tribune common stockholders $ (14,627 ) $ 264,996 $ (3,996 ) $ 2,418 Income (loss) from continuing operations per common share: Basic $ (0.81 ) $ (0.44 ) $ (0.01 ) $ 0.10 Diluted $ (0.81 ) $ (0.44 ) $ (0.01 ) $ 0.10 Net income attributable to Tribune per common share: Basic $ (0.42 ) $ 7.51 $ (0.11 ) $ 0.07 Diluted $ (0.42 ) $ 7.51 $ (0.11 ) $ 0.07 Fiscal Year Ended December 31, 2017 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total operating revenues $ 239,975 $ 243,435 $ 236,155 $ 295,888 Operating expenses: Compensation 96,395 92,609 97,304 119,971 Newsprint and ink 14,334 14,091 12,974 17,842 Outside services 80,495 80,526 78,572 91,609 Other operating expenses 37,764 38,760 37,302 48,669 Depreciation and amortization 9,994 12,987 12,124 12,201 Total operating expenses 238,982 238,973 238,276 290,292 Income (loss) from operations 993 4,462 (2,121 ) 5,596 Interest expense, net (6,435 ) (6,365 ) (6,510 ) (7,024 ) Loss on equity investments, net (898 ) (723 ) (403 ) (701 ) Premium on stock buyback (6,031 ) — — — Other income. net 283 284 86 2,882 Loss from continuing operations before taxes (12,088 ) (2,342 ) (8,948 ) 753 Income tax expense (benefit) (1,683 ) (402 ) 3,697 5,576 Loss from continuing operations, net of tax (10,405 ) (1,940 ) (12,645 ) (4,823 ) Plus: Earnings from discontinued operations, net of tax 7,416 8,781 14,701 4,450 Net income (loss) (2,989 ) 6,841 2,056 (373 ) Less: Income attributable to noncontrolling interest — — — — Net income (loss) attributable to Tribune common stockholders $ (2,989 ) $ 6,841 $ 2,056 $ (373 ) Income (loss) from continuing operations per common share: Basic $ (0.29 ) $ (0.06 ) $ (0.38 ) $ (0.14 ) Diluted $ (0.29 ) $ (0.06 ) $ (0.38 ) $ (0.14 ) Net income attributable to Tribune per common share: Basic $ (0.08 ) $ 0.21 $ 0.06 $ (0.01 ) Diluted $ (0.08 ) $ 0.21 $ 0.06 $ (0.01 ) |
DESCRIPTION OF BUSINESS AND B_2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Description of Business) (Details) | 12 Months Ended |
Dec. 30, 2018pulitzer_prizemarket | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of the nation's largest markets in which titles are operated | market | 8 |
Number of Pulitzer prizes earned in media portfolio | pulitzer_prize | 60 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Textual) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Apr. 01, 2018USD ($) | Dec. 30, 2018USD ($)segmentreporting_unit | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | Jan. 01, 2019USD ($) | |
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Fiscal period duration | 364 days | 364 days | 364 days | |||||
Number of reportable segments | segment | 2 | |||||||
Depreciation | $ 46,400 | $ 42,700 | $ 43,800 | |||||
Number of reporting units | reporting_unit | 8 | |||||||
Goodwill | $ 132,146 | $ 132,146 | 45,348 | 45,910 | ||||
Non-cash impairment charge | 1,872 | $ 0 | $ 0 | $ 0 | 1,872 | 0 | $ 0 | |
Deductibles for insured coverages | 1,000 | 1,000 | ||||||
Liabilities for self-insured risks | $ 41,700 | $ 41,700 | $ 45,700 | |||||
Average of the discounted cash flow method and the market comparable method | Minimum | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Forecasted EBITDA margins | 19.10% | |||||||
Average of the discounted cash flow method and the market comparable method | Maximum | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Forecasted EBITDA margins | 55.90% | |||||||
Royalty savings method | Minimum | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Royalty rate | 1.00% | |||||||
Royalty savings method | Maximum | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Royalty rate | 7.30% | |||||||
All reporting units excluding Baltimore Sun and San Diego newspapers Media Groups | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Percentage of fair value in excess of carrying amount | 10.00% | 10.00% | ||||||
Newspaper Mastheads | All reporting units excluding San Diego newspaper Media Group | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Percentage of fair value in excess of carrying amount | 30.00% | 30.00% | ||||||
Measurement Input, Long-term Revenue Growth Rate | Average of the discounted cash flow method and the market comparable method | Minimum | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Goodwill measurement inputs | (0.061) | (0.061) | ||||||
Measurement Input, Long-term Revenue Growth Rate | Average of the discounted cash flow method and the market comparable method | Maximum | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Goodwill measurement inputs | 0.033 | 0.033 | ||||||
Measurement Input, Discount Rate | Digital | Average of the discounted cash flow method and the market comparable method | Minimum | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Goodwill measurement inputs | 0.120 | 0.120 | ||||||
Measurement Input, Discount Rate | Digital | Average of the discounted cash flow method and the market comparable method | Maximum | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Goodwill measurement inputs | 0.135 | 0.135 | ||||||
Measurement Input, Discount Rate | Print | Average of the discounted cash flow method and the market comparable method | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Goodwill measurement inputs | 0.100 | 0.100 | ||||||
Accounting Standards Update 2016-02 | Subsequent Event | Minimum | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Lease liability | $ 145,000 | |||||||
Right-of-use asset | 110,000 | |||||||
Accounting Standards Update 2016-02 | Subsequent Event | Maximum | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Lease liability | 155,000 | |||||||
Right-of-use asset | $ 120,000 | |||||||
Sun Sentinel Media Group | ||||||||
Fair Value Inputs, Equity, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||||||||
Goodwill | $ 87,100 | $ 87,100 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Accounts Receivable and Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Accounts receivable allowance balance at beginning of period | $ 8,988 | $ 9,846 | $ 10,143 |
Additions | 24,564 | 27,291 | 24,369 |
Deductions | (22,094) | (28,149) | (24,666) |
Accounts receivable allowance balance at end of period | $ 11,458 | $ 8,988 | $ 9,846 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Properties) (Details) | 12 Months Ended |
Dec. 30, 2018 | |
Building and building improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 8 years |
Building and building improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 40 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 12 years |
Leasehold improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 3 years |
Leasehold improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 15 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 2 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 15 years |
Computer hardware | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 3 years |
Computer hardware | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 8 years |
Vehicles | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 2 years |
Vehicles | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 8 years |
Furniture, fixtures and other | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 3 years |
Furniture, fixtures and other | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful Lives | 10 years |
REVENUE RECOGNITION (Details)
REVENUE RECOGNITION (Details) $ in Thousands | 12 Months Ended |
Dec. 30, 2018USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Balance at December 31, 2017 | $ 55,132 |
2018 Additions | 46,300 |
2018 deductions | (47,462) |
Balance at December 30, 2018 | $ 53,970 |
CHANGES IN OPERATIONS (Textual)
CHANGES IN OPERATIONS (Textual) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 30, 2018positionroutedriver | Sep. 30, 2018position | Jun. 25, 2017USD ($)ft² | Dec. 30, 2018USD ($)position | Dec. 31, 2017USD ($)positiondriver | |
Restructuring Cost and Reserve [Line Items] | |||||
Severance and related expenses | $ 45,764 | ||||
Number of routes relinquished | route | 60 | ||||
Expected number of positions eliminated | driver | 80 | ||||
Printing, Packaging, and Delivery Outsource | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected number of positions eliminated | driver | 112 | ||||
Accelerated depreciation | $ 1,900 | ||||
Additional Restructuring | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance and related expenses | $ 45,800 | $ 18,010 | |||
Reductions in staffing levels in operations | position | 840 | 484 | |||
Employee Severance | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Reductions in staffing levels in operations | position | 178 | 190 | |||
Employee Severance, New York Daily News Truck Drivers' Union | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Reductions in staffing levels in operations | position | 70 | ||||
Employee Severance, Chicago Tribune Truck Drivers' Union | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Reductions in staffing levels in operations | position | 38 | ||||
Employee Severance, New York Daily News | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Expected number of positions eliminated | driver | 86 | ||||
Contract Termination | Property Subject to Operating Lease | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance and related expenses | $ 86 | $ 2,121 | |||
Chicago Area Office Space | Contract Termination | Property Subject to Operating Lease | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance and related expenses | $ 1,400 | ||||
Area of real estate property | ft² | 33,629 | ||||
South Florida Office Space | Contract Termination | Property Subject to Operating Lease | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance and related expenses | $ 600 | ||||
Area of real estate property | ft² | 30,000 |
CHANGES IN OPERATIONS (Summary
CHANGES IN OPERATIONS (Summary of Severance Accrual Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 11,430 | $ 11,300 |
Provision | 45,764 | |
Payments | (28,349) | (17,880) |
Balance at end of period | $ 28,845 | $ 11,430 |
CHANGES IN OPERATIONS (Summar_2
CHANGES IN OPERATIONS (Summary of Lease Abandonment Accrual Activity) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | $ 11,430 | $ 11,300 |
Provision | 45,764 | |
Payments and other | (28,349) | (17,880) |
Balance at end of period | 28,845 | 11,430 |
Property Subject to Operating Lease | Contract Termination | ||
Restructuring Reserve [Roll Forward] | ||
Balance at beginning of period | 3,127 | 5,034 |
Provision | 86 | 2,121 |
Payments and other | (2,225) | (4,028) |
Balance at end of period | $ 988 | $ 3,127 |
RELATED PARTY TRANSACTIONS - Tr
RELATED PARTY TRANSACTIONS - Transition Services Agreement (Details) - USD ($) $ in Thousands | Jun. 18, 2018 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 |
Summary of Activity in the Transition Services Agreement [Roll Forward] | ||||
Revenue for TSA services | $ 1,030,669 | $ 1,015,453 | $ 1,063,363 | |
Transaction Services Agreement | ||||
Related Party Transaction [Line Items] | ||||
Transition services agreement, term | 12 months | |||
Notice period to discontinue transition services agreement | 60 days | |||
Nant Media | Transaction Services Agreement | ||||
Summary of Activity in the Transition Services Agreement [Roll Forward] | ||||
Accounts receivable from NantMedia beginning balance | 0 | |||
Accounts receivable from Nant Capital balance as of September 30, 2018 | 17,909 | $ 0 | ||
Charges which have been billed | 12,400 | |||
Charges which have not been billed | 5,500 | |||
Nant Media | Revenue for TSA services | ||||
Summary of Activity in the Transition Services Agreement [Roll Forward] | ||||
Revenue for TSA services | 17,174 | |||
Nant Media | Reimbursable costs | ||||
Summary of Activity in the Transition Services Agreement [Roll Forward] | ||||
Amount of related party transaction | 66,183 | |||
Nant Media | Amounts received for TSA services | ||||
Summary of Activity in the Transition Services Agreement [Roll Forward] | ||||
Amount of related party transaction | (13,390) | |||
Nant Media | Amounts received for reimbursable costs | ||||
Summary of Activity in the Transition Services Agreement [Roll Forward] | ||||
Amount of related party transaction | (49,918) | |||
Nant Media | Amounts paid under comingled revenue contracts | ||||
Summary of Activity in the Transition Services Agreement [Roll Forward] | ||||
Amount of related party transaction | 9,351 | |||
Nant Media | Amounts collected under comingled revenue contracts | ||||
Summary of Activity in the Transition Services Agreement [Roll Forward] | ||||
Amount of related party transaction | $ (11,491) |
RELATED PARTY TRANSACTIONS - Me
RELATED PARTY TRANSACTIONS - Merrick Consulting Agreement (Details) - USD ($) $ in Millions | Dec. 20, 2017 | Feb. 03, 2016 | Jun. 30, 2018 | Jan. 31, 2018 | Apr. 30, 2017 | Jul. 01, 2018 | Apr. 01, 2018 | Mar. 26, 2017 | Dec. 31, 2017 | Dec. 25, 2016 |
Merrick Ventures, LLC | Tribune Publishing Company, LLC | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Amount of related party transaction | $ 0.3 | |||||||||
Initial payment to related party | $ 5 | $ 15 | $ 0.2 | |||||||
Related party expense | $ 7.5 | $ 12.5 | $ 15 | |||||||
Reduction in total fees | 2.5 | |||||||||
Merrick Ventures, LLC | Tribune Publishing Company, LLC | Payment of legal fees | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Amount of related party transaction | $ 0.3 | |||||||||
Merrick Ventures, LLC | Tribune Publishing Company, LLC | Aircraft Dry sublease agreement | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Amount of related party transaction | $ 5 | $ 3 | $ 2.7 | |||||||
Related party expense | $ 4.9 | |||||||||
Private placement | Merrick Media, LLC | Affiliated entity | Merrick Shares purchase agreement | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Sale of stock, lock-up period | 3 years | 3 years | ||||||||
Maximum percentage of outstanding shares | 30.00% | 30.00% | ||||||||
Maximum ownership percentage | 4.90% | |||||||||
Threshold for transfers, percent of shares held by Merrick and affiliates | 2.00% |
RELATED PARTY TRANSACTIONS - Ai
RELATED PARTY TRANSACTIONS - Aircraft Dry Sublease Textual (Details) - Tribune Publishing Company, LLC $ in Millions | Dec. 20, 2017USD ($) | Feb. 04, 2016$ / h | Jun. 30, 2018USD ($) | Apr. 30, 2017USD ($) | Jul. 01, 2018USD ($) | Apr. 01, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) |
Merrick Ventures, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Amount of related party transaction | $ 0.3 | |||||||
Reimbursement of lease expense | $ 7.5 | $ 12.5 | $ 15 | |||||
Aircraft Dry sublease agreement | Merrick Ventures, LLC | ||||||||
Related Party Transaction [Line Items] | ||||||||
Price per flight hour flown | $ / h | 8,500 | |||||||
Amount of related party transaction | $ 5 | $ 3 | $ 2.7 | |||||
Reimbursement of lease expense | 4.9 | |||||||
Initial term of sublease | 1 year | |||||||
Written termination period | 30 days | |||||||
Aircraft Dry sublease agreement | Third-Party Pilot Service | ||||||||
Related Party Transaction [Line Items] | ||||||||
Reimbursement of lease expense | $ 0.8 |
RELATED PARTY TRANSACTIONS - Ev
RELATED PARTY TRANSACTIONS - Event Tickets (Details) - Merrick Ventures, LLC - Tribune Publishing Company, LLC - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2018 | Apr. 30, 2017 | Apr. 01, 2018 | Mar. 26, 2017 | |
Related Party Transaction [Line Items] | ||||
Amount of related party transaction | $ 0.3 | |||
Payments for tickets at face value | $ 5 | $ 15 | $ 0.2 |
RELATED PARTY TRANSACTIONS - Nu
RELATED PARTY TRANSACTIONS - Nucleus Marketing Solutions, LLC (Details) - Nucleus Marketing Solutions, LLC - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Apr. 30, 2016 | |
Related Party Transaction [Line Items] | |||
Equity method investment, ownership percentage | 25.00% | ||
Equity method investments | |||
Related Party Transaction [Line Items] | |||
Other revenue | $ 7.1 | $ 3.8 |
ACQUISITIONS (Textual) (Details
ACQUISITIONS (Textual) (Details) | May 28, 2018USD ($)ft² | Feb. 06, 2018USD ($)shares | Sep. 03, 2017USD ($)a | Dec. 25, 2016USD ($) | Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Apr. 01, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 24, 2017USD ($) | Jun. 25, 2017USD ($) | Mar. 26, 2017USD ($) | Sep. 24, 2017USD ($) | Dec. 31, 2021 | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||||||||||||||
Annual rental payments | $ 100,000 | |||||||||||||||
Revenues | $ 283,496,000 | $ 255,770,000 | $ 253,037,000 | $ 238,366,000 | $ 295,888,000 | $ 236,155,000 | $ 243,435,000 | $ 239,975,000 | ||||||||
Virginian-Pilot Media Companies, LLC | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash paid | $ 33,912,000 | |||||||||||||||
Post-closing working capital adjustment | $ 100,000 | |||||||||||||||
Area of real estate portfolio acquired | ft² | 460,000 | |||||||||||||||
Revenues | $ 36,900,000 | |||||||||||||||
Operating (expense) earnings | 36,700,000 | |||||||||||||||
BestReviews LLC | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash paid | $ 108,580,000 | |||||||||||||||
Post-closing working capital adjustment | $ 600,000 | |||||||||||||||
Equity interest acquired (as a percent) | 60.00% | |||||||||||||||
Total purchase price | $ 68,300,000 | |||||||||||||||
Cash portion of purchase price | 33,700,000 | |||||||||||||||
Value of shares issued for acquisition | $ 34,600,000 | |||||||||||||||
Revenues | 25,000,000 | |||||||||||||||
Operating (expense) earnings | $ 22,900,000 | |||||||||||||||
Daily News, L.P. and NYDailyNews.com | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Cash paid | $ 1 | |||||||||||||||
Equity interest acquired (as a percent) | 100.00% | |||||||||||||||
Revenues | $ 40,200,000 | |||||||||||||||
Operating expenses | $ 47,800,000 | |||||||||||||||
Spanfeller Media | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Total purchase price | $ 7,600,000 | |||||||||||||||
New Jersey Lease Purchase Option | Daily News, L.P. and NYDailyNews.com | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Number of acres acquired | a | 18 | |||||||||||||||
Contingent consideration arrangement, high range of outcome | $ 6,900,000 | |||||||||||||||
Number of acres to be transferred | a | 4 | |||||||||||||||
Tribune Company | BestReviews LLC | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Right to purchase membership interest, percent | 40.00% | |||||||||||||||
Right to purchase membership units, percent | 25.00% | |||||||||||||||
Requirement to purchase membership interest, percent | 10.00% | |||||||||||||||
Blended discount rate | 7.50% | |||||||||||||||
Daily News, L.P. | New Jersey Lease Purchase Option | Daily News, L.P. and NYDailyNews.com | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Contingent consideration arrangement, high range of outcome | $ 3,500,000 | |||||||||||||||
Real Estate Partnership | Daily News, L.P. | Scenario, Forecast | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Ownership interest | 49.90% | |||||||||||||||
Real Estate Partnership | New DN Company | Scenario, Forecast | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Ownership interest | 50.10% | |||||||||||||||
Contingent Sale Leaseback Of New Jersey Lease | Scenario, Forecast | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Lease period | 15 years | |||||||||||||||
Common Stock | BestReviews LLC | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Shares issued in acquisition (in shares) | shares | 1,913,438 | |||||||||||||||
Subject to lock-up provisions on 6-month anniversary of closing date of Acquisition | BestReviews LLC | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Percent of shares subject to lock-up provisions | 25.00% | |||||||||||||||
Subject to lock-up provisions on 9-month anniversary of closing date of Acquisition | BestReviews LLC | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Percent of shares subject to lock-up provisions | 50.00% | |||||||||||||||
Subject to lock-up provisions on 12-month anniversary of closing date of Acquisition | BestReviews LLC | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Percent of shares subject to lock-up provisions | 25.00% |
ACQUISITIONS (Purchase Price As
ACQUISITIONS (Purchase Price Assigned to the Acquired Assets and Assumed Liabilities - Virginian-Pilot) (Details) - USD ($) $ in Thousands | May 28, 2018 | Dec. 30, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Acquisitions | $ 87,681 | $ 171 | |
Virginian-Pilot Media Companies, LLC | |||
Business Acquisition [Line Items] | |||
Cash consideration for acquisition | $ 33,912 | ||
Total consideration | 33,912 | ||
Accounts receivable and other current assets | 8,257 | ||
Property, plant and equipment | 29,843 | ||
Mastheads | 4,700 | ||
Intangible assets subject to amortization | 1,300 | ||
Accounts payable and other current liabilities | (10,749) | ||
Other long term obligations | 68 | ||
Total identifiable assets (liabilities), net | 33,283 | ||
Acquisitions | 629 | ||
Total net assets acquired | $ 33,912 |
ACQUISITIONS (Purchase Price _2
ACQUISITIONS (Purchase Price Assigned to the Acquired Assets and Assumed Liabilities - BestReviews) (Details) - USD ($) $ in Thousands | Feb. 06, 2018 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 132,146 | $ 45,348 | $ 45,910 | |
BestReviews LLC | ||||
Business Acquisition [Line Items] | ||||
Cash consideration for acquisition | $ 33,085 | |||
Fair value of noncontrolling interest | 40,900 | |||
Value of shares issued for acquisition | 34,595 | |||
Total consideration | 108,580 | |||
Accounts receivable and other current assets | 9,945 | |||
Property, plant and equipment | 36 | |||
Intangible assets | 12,540 | |||
Accounts payable and other current liabilities | (993) | |||
Total identifiable assets (liabilities), net | 21,528 | |||
Goodwill | 87,052 | |||
Total net assets acquired | $ 108,580 |
ACQUISITIONS (Unaudited Pro For
ACQUISITIONS (Unaudited Pro Forma Information - Virginia-Pilot and BestReviews) (Details) - Virginia-Pilot And BestReviews - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Total operating revenues | $ 1,060,112 | $ 1,114,996 |
Income (loss) from continuing operations | $ (39,057) | $ (22,202) |
Loss from continuing operations per common share - Basic (in dollars per share) | $ (1.11) | $ (0.65) |
Loss from continuing operations per common share - Diluted (in dollars per share) | $ (1.11) | $ (0.65) |
ACQUISITIONS (Purchase Price _3
ACQUISITIONS (Purchase Price Assigned to the Acquired Assets and Assumed Liabilities - DNLP) (Details) - Daily News, L.P. and NYDailyNews.com $ in Thousands | Sep. 30, 2018USD ($) |
Business Acquisition [Line Items] | |
Cash acquired as part of the purchase | $ 2,555 |
Accounts receivable and other current assets | 17,703 |
Property, plant and equipment, including assets under capital leases | 48,099 |
Mastheads | 3,400 |
Other long-term assets | 9,565 |
Accounts payable and other current liabilities | (20,271) |
Pension and postemployment benefits liability | (25,446) |
Workers compensation and auto insurance liability | (25,116) |
Other long-term liabilities | (10,489) |
Total net assets acquired | $ 0 |
ACQUISITIONS (Unaudited Pro F_2
ACQUISITIONS (Unaudited Pro Forma Information - DNLP) (Details) - Daily News, L.P. and NYDailyNews.com - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 25, 2016 | |
Business Acquisition [Line Items] | ||
Total operating revenues | $ 1,612,059 | $ 1,751,155 |
Income from operations | $ 52,186 | $ 26,281 |
Loss from continuing operations per common share - Basic (in dollars per share) | $ (0.27) | $ (0.22) |
Loss from continuing operations per common share - Diluted (in dollars per share) | $ (0.27) | $ (0.22) |
DISPOSITIONS AND DISCONTINUED_3
DISPOSITIONS AND DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 31, 2017 | Sep. 25, 2016 | Sep. 30, 2018 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | Jun. 18, 2018 | May 23, 2018 | |
Discontinued Operations | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain (loss) on sale | $ 404,783 | $ 0 | $ 0 | |||||
California Properties | Discontinued Operations, Disposed of by Sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Aggregate purchase price | $ 500,000 | |||||||
Working capital adjustment | 12,600 | |||||||
Post closing working capital payment | $ 2,100 | |||||||
Forsalebyowner.com | Discontinued Operations, Disposed of by Sale | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Aggregate purchase price | $ 2,500 | |||||||
Post closing working capital payment | $ 100 | |||||||
Advertising sales commitment received | $ 4,500 | |||||||
Term of advertising sales commitment | 2 years | |||||||
Private placement | Beneficial owner | Nant Rights purchase agreement | Dr. Soon-Shiong | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Beneficial ownership by related party, common shares owned (in shares) | 8,743,619 | |||||||
Beneficial ownership by related party, percentage of common stock owned | 24.60% | |||||||
Private placement | Beneficial owner | Nant Term sheet agreement | Nant Media | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Shares to be issued (in shares) | 333,333 | |||||||
Amount retained from patent agreement | $ 80,000 | |||||||
Royalty revenue, percent to be paid | 6.00% | |||||||
CIPS Marketing Group, Inc. | Equity method investments | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Amount received from selling equity investment | $ 7,300 | |||||||
Gain on sale of equity investment | $ 5,700 | |||||||
Other revenue | 600 | 1,000 | ||||||
CIPS Marketing Group, Inc. | Other operating expense | Equity method investments | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Equity method investment, ownership percentage | 50.00% | |||||||
Marketing expense | $ 4,200 | $ 11,500 |
DISPOSITIONS AND DISCONTINUED_4
DISPOSITIONS AND DISCONTINUED OPERATIONS - Earnings from Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Operating expenses: | |||||||||||
Income (loss) from discontinued operations, net of tax | $ (1,155) | $ (3,586) | $ 280,545 | $ 13,706 | $ 4,450 | $ 14,701 | $ 8,781 | $ 7,416 | $ 289,510 | $ 35,348 | $ 41,900 |
Discontinued Operations | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Operating revenues | 211,522 | 508,566 | 543,016 | ||||||||
Operating expenses: | |||||||||||
Compensation | 58,819 | 146,605 | 156,129 | ||||||||
Newsprint and ink | 14,357 | 35,099 | 41,378 | ||||||||
Outside services | 61,892 | 136,843 | 147,787 | ||||||||
Other operating expenses | 57,290 | 126,490 | 124,139 | ||||||||
Depreciation and amortization | 3,531 | 9,390 | 6,137 | ||||||||
Total operating expenses | 195,889 | 454,427 | 475,570 | ||||||||
Income from operations | 15,633 | 54,139 | 67,446 | ||||||||
Gain (loss) on sale | 404,783 | 0 | 0 | ||||||||
Interest expense, net | (52) | (147) | (143) | ||||||||
Gain on equity investments, net | 0 | 5,842 | 797 | ||||||||
Other income, net | 1,338 | 7 | 2,300 | ||||||||
Income tax (expense) benefit | (132,192) | (24,493) | (28,500) | ||||||||
Income (loss) from discontinued operations, net of tax | $ 289,510 | $ 35,348 | $ 41,900 |
DISPOSITIONS AND DISCONTINUED_5
DISPOSITIONS AND DISCONTINUED OPERATIONS - Discontinued Operations by Segment (Details) - Discontinued Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 211,522 | $ 508,566 | $ 543,016 |
Income from operations | 15,633 | 54,139 | 67,446 |
Depreciation and amortization | 3,531 | 9,390 | 6,137 |
Operating segments | M | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 185,822 | 432,379 | 465,643 |
Income from operations | 9,803 | 31,743 | 45,200 |
Depreciation and amortization | 3,427 | 9,130 | 6,027 |
Operating segments | X | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 25,638 | 76,001 | 77,175 |
Income from operations | 5,793 | 22,635 | 22,264 |
Depreciation and amortization | 104 | 260 | 110 |
Corporate and eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 62 | 186 | 198 |
Income from operations | 37 | (239) | (18) |
Depreciation and amortization | $ 3,531 | $ 9,390 | $ 6,137 |
DISPOSITIONS AND DISCONTINUED_6
DISPOSITIONS AND DISCONTINUED OPERATIONS - Assets and Liabilities Associated with Discontinued Operations (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Carrying amount of liabilities associated with discontinued operations: | ||
Allowances for doubtful accounts | $ 11,458 | $ 8,988 |
Discontinued Operations, Held-for-sale | ||
Carrying amount of assets related to discontinued operations: | ||
Accounts receivable, (net of allowances of $7,388) | 0 | 51,200 |
All other current assets | 0 | 10,578 |
Property, plant and equipment, net | 0 | 14,635 |
Goodwill | 0 | 76,559 |
Intangibles | 0 | 60,181 |
Deferred income taxes | 0 | 28,787 |
All other long term assets | 0 | 437 |
Total assets related to discontinued operations | 0 | 242,377 |
Carrying amount of liabilities associated with discontinued operations: | ||
Accounts payable and employee compensation and benefits | 0 | 27,140 |
Income Tax Payable | 6,249 | 0 |
Deferred revenue | 0 | 26,362 |
Other current liabilities | 0 | 2,487 |
Pensions and postretirement benefits payable | 0 | 90,155 |
Insurance | 0 | 12,271 |
All other long term liabilities | 0 | 14,425 |
Total liabilities associated with discontinued operations | $ 6,249 | 172,840 |
Allowances for doubtful accounts | $ 7,388 |
INVENTORIES (Schedule of Invent
INVENTORIES (Schedule of Inventory) (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Newsprint | $ 9,273 | $ 7,072 |
Supplies and other | 314 | 340 |
Total inventories | $ 9,587 | $ 7,412 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS (Summary of Goodwill and Other Intangibles) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Other intangible assets subject to amortization | |||
Gross Amount | $ 67,804 | $ 54,139 | |
Accumulated Amortization | (25,401) | (18,601) | |
Net Amount | 42,403 | 35,538 | $ 40,271 |
Software | |||
Gross Amount | 136,005 | 129,795 | |
Accumulated Amortization | (108,888) | (89,095) | |
Net Amount | 27,117 | 40,700 | 52,130 |
Goodwill and other intangible assets not subject to amortization | |||
Goodwill | 132,146 | 45,348 | 45,910 |
Newspaper mastheads | 34,826 | 29,458 | $ 26,700 |
Total goodwill and intangible assets | 236,492 | 151,044 | |
Subscribers (useful life of 2 to 10 years) | |||
Other intangible assets subject to amortization | |||
Gross Amount | 7,312 | 7,312 | |
Accumulated Amortization | (4,730) | (3,762) | |
Net Amount | $ 2,582 | 3,550 | |
Subscribers (useful life of 2 to 10 years) | Minimum | |||
Goodwill and other intangible assets not subject to amortization | |||
Useful life | 2 years | ||
Subscribers (useful life of 2 to 10 years) | Maximum | |||
Goodwill and other intangible assets not subject to amortization | |||
Useful life | 10 years | ||
Advertiser relationships (useful life of 2 to 13 years) | |||
Other intangible assets subject to amortization | |||
Gross Amount | $ 27,648 | 26,348 | |
Accumulated Amortization | (12,497) | (10,013) | |
Net Amount | $ 15,151 | 16,335 | |
Advertiser relationships (useful life of 2 to 13 years) | Minimum | |||
Goodwill and other intangible assets not subject to amortization | |||
Useful life | 2 years | ||
Advertiser relationships (useful life of 2 to 13 years) | Maximum | |||
Goodwill and other intangible assets not subject to amortization | |||
Useful life | 13 years | ||
Trade names (useful life of 20 years) | |||
Other intangible assets subject to amortization | |||
Gross Amount | $ 15,100 | 15,100 | |
Accumulated Amortization | (3,343) | (2,583) | |
Net Amount | $ 11,757 | 12,517 | |
Goodwill and other intangible assets not subject to amortization | |||
Useful life | 20 years | ||
Other (useful life of 1 to 20 years) | |||
Other intangible assets subject to amortization | |||
Gross Amount | $ 17,744 | 5,379 | |
Accumulated Amortization | (4,831) | (2,243) | |
Net Amount | $ 12,913 | $ 3,136 | |
Other (useful life of 1 to 20 years) | Minimum | |||
Goodwill and other intangible assets not subject to amortization | |||
Useful life | 1 year | ||
Other (useful life of 1 to 20 years) | Maximum | |||
Goodwill and other intangible assets not subject to amortization | |||
Useful life | 20 years | ||
Software (useful life of 2 to 10 years) | Minimum | |||
Goodwill and other intangible assets not subject to amortization | |||
Useful life | 2 years | ||
Software (useful life of 2 to 10 years) | Maximum | |||
Goodwill and other intangible assets not subject to amortization | |||
Useful life | 10 years |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS (Textual) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||
Non-cash impairment charge | $ 1,872 | $ 0 | $ 0 | $ 0 | $ 1,872 | $ 0 | $ 0 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS (Carrying Amount of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Goodwill Roll Forward | |||||||
Balance at beginning of period | $ 45,348 | $ 45,348 | $ 45,910 | ||||
Acquisitions | 87,681 | 171 | |||||
Other | 989 | (733) | |||||
Impairment | $ (1,872) | $ 0 | $ 0 | 0 | (1,872) | 0 | $ 0 |
Balance at end of period | 132,146 | 132,146 | 45,348 | 45,910 | |||
M | |||||||
Goodwill Roll Forward | |||||||
Balance at beginning of period | 28,721 | 28,721 | 29,454 | ||||
Acquisitions | 629 | 0 | |||||
Other | 733 | (733) | |||||
Impairment | (1,872) | ||||||
Balance at end of period | 28,211 | 28,211 | 28,721 | 29,454 | |||
X | |||||||
Goodwill Roll Forward | |||||||
Balance at beginning of period | $ 16,627 | 16,627 | 16,456 | ||||
Acquisitions | 87,052 | 171 | |||||
Other | 256 | 0 | |||||
Impairment | 0 | ||||||
Balance at end of period | $ 103,935 | $ 103,935 | $ 16,627 | $ 16,456 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS (Carrying Amounts of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Goodwill Roll Forward | ||
Beginning balance of intangible assets subject to amortization | $ 35,538 | $ 40,271 |
Acquisitions | 13,840 | 0 |
Dispositions | (108) | (78) |
Amortization expense | (6,867) | (4,655) |
Ending balance of intangible assets subject to amortization | 42,403 | 35,538 |
Beginning balance of other intangible assets not subject to amortization | 29,458 | 26,700 |
Indefinite-lived intangible assets acquired | 5,368 | 2,758 |
Ending balance of other intangible assets not subject to amortization | 34,826 | 29,458 |
Beginning balance of total intangible assets | 64,996 | 66,971 |
Total intangible assets acquired | 19,208 | 2,758 |
Ending balance of total intangible assets | $ 77,229 | $ 64,996 |
GOODWILL AND OTHER INTANGIBLE_7
GOODWILL AND OTHER INTANGIBLE ASSETS (Carrying Amount of Software) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Movement in Capitalized Computer Software, Net [Roll Forward] | ||
Beginning balance of software | $ 40,700 | $ 52,130 |
Purchases and capitalized development costs | 13,822 | 14,830 |
Retirements | 227 | 240 |
Amortization expense | (27,632) | (26,500) |
Ending balance of software | $ 27,117 | $ 40,700 |
GOODWILL AND OTHER INTANGIBLE_8
GOODWILL AND OTHER INTANGIBLE ASSETS (Intangible Assets Amortization Expense) (Details) $ in Thousands | 12 Months Ended |
Dec. 30, 2018USD ($) | |
Intangible assets and software | |
2019 | $ 7,262 |
2020 | 7,213 |
2021 | 6,942 |
2022 | 5,045 |
2023 | 4,355 |
Total | 30,817 |
2019 | 14,932 |
2020 | 7,068 |
2021 | 3,117 |
2022 | 709 |
2023 | 396 |
Total | $ 26,222 |
DEBT (Textual) (Details)
DEBT (Textual) (Details) | Jun. 21, 2018USD ($) | Aug. 04, 2014USD ($) | Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Apr. 01, 2018USD ($) | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | May 21, 2015USD ($) |
Line of Credit Facility [Line Items] | ||||||||||
Loss on early extinguishment of debt | $ 0 | $ 0 | $ (7,666,000) | $ 0 | $ (7,666,000) | $ 0 | $ 0 | |||
Restricted cash | 43,900,000 | 43,900,000 | ||||||||
Capital leases | 7,200,000 | 7,200,000 | 7,500,000 | |||||||
Capital lease in short-term debt | $ 400,000 | $ 400,000 | $ 400,000 | |||||||
Letter of credit | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Principal amount | $ 30,000,000 | |||||||||
Potential increase in borrowing capacity | $ 75,000,000 | |||||||||
Alternate base rate | Letter of credit | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Borrowing margin on variable rate (as a percent) | 0.50% | |||||||||
London inter-bank offered rate | Letter of credit | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Borrowing margin on variable rate (as a percent) | 1.50% | |||||||||
Commitment fee (as a percent) | 0.25% | |||||||||
Senior term facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Principal amount | $ 350,000,000 | |||||||||
Unamortized discount | 3,500,000 | $ 1,100,000 | ||||||||
Potential increase in borrowing capacity | $ 100,000,000 | |||||||||
Secured leverage ratio requirement | 2 | |||||||||
Increase to borrowing capacity | $ 70,000,000 | |||||||||
Repayment of outstanding principal balance | $ 348,000,000 | |||||||||
Loss on early extinguishment of debt | $ 7,700,000 | |||||||||
Senior term facility | Base rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Variable rate basis | 1.00% | |||||||||
Borrowing margin on variable rate (as a percent) | 4.75% | |||||||||
Senior term facility | Alternate base rate | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Borrowing margin on variable rate (as a percent) | 3.75% | |||||||||
Senior ABL Facility | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Potential increase in borrowing capacity | $ 15,000,000 | |||||||||
Maximum borrowing capacity | $ 140,000,000 |
DEBT (Long-term Debt Maturities
DEBT (Long-term Debt Maturities) (Details) $ in Thousands | Dec. 30, 2018USD ($) |
Long Term Capital Leases | |
2019 | $ 405 |
2020 | 100 |
2021 | 6,892 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Total | $ 7,397 |
COMMITMENTS (Summary of Future
COMMITMENTS (Summary of Future Commitments) (Details) - Third party operating leases $ in Thousands | Dec. 30, 2018USD ($) |
Related party and third party operating leases | |
2019 | $ 33,006 |
2020 | 30,412 |
2021 | 26,817 |
2022 | 24,916 |
2023 | 15,933 |
Thereafter | 42,867 |
Total | $ 173,951 |
COMMITMENTS (Textual) (Details)
COMMITMENTS (Textual) (Details) ft² in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 30, 2018USD ($)ft² | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | |
Loss Contingencies [Line Items] | |||
Net lease expense | $ | $ 32.8 | $ 33.5 | $ 40.2 |
Area of leased spaces | 0 | ||
Printing Plants | |||
Loss Contingencies [Line Items] | |||
Period of non-cancelable leases | 10 years | ||
Lease renewal term | 10 years | ||
Distribution Facilities | |||
Loss Contingencies [Line Items] | |||
Period of non-cancelable leases | 5 years | ||
Lease renewal term | 5 years | ||
Corporate Headquarters | |||
Loss Contingencies [Line Items] | |||
Area of leased spaces | 137 | ||
Leasehold improvements | |||
Loss Contingencies [Line Items] | |||
Amortization period of material leasehold improvements | 12 years |
CONTINGENT LIABILITIES (Textual
CONTINGENT LIABILITIES (Textual) (Details) $ in Millions | Aug. 12, 2016Chapter_11_case | Dec. 31, 2012subsidiary | Dec. 30, 2018USD ($) |
Loss Contingencies [Line Items] | |||
Liability recognized for settlement of class action | $ | $ 11.5 | ||
Number of debtors' Chapter 11 cases | Chapter_11_case | 106 | ||
Subsidiaries | |||
Loss Contingencies [Line Items] | |||
Number of direct and indirect wholly-owned subsidiaries | subsidiary | 110 |
CONTINGENT LIABILITIES (Reorgan
CONTINGENT LIABILITIES (Reorganization Items, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||||||
Contract rejections and claim settlements | $ (75) | ||||||
Trustee fees and other, net | (184) | ||||||
Total reorganization items, net | $ 0 | $ 0 | $ 0 | $ (6,031) | $ 0 | $ 0 | $ (259) |
INCOME TAXES (Effective Rate Re
INCOME TAXES (Effective Rate Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Loss from continuing operations before income taxes | $ (46) | $ (6,484) | $ (11,348) | $ (34,708) | $ 753 | $ (8,948) | $ (2,342) | $ (12,088) | $ (52,586) | $ (22,625) | $ (44,939) |
Federal income taxes at the statutory tax rate | (11,043) | (7,919) | (15,729) | ||||||||
State and local income taxes, net of federal tax benefit | (2,948) | (693) | (2,175) | ||||||||
Impact of U.S. tax reform | 213 | 10,815 | 0 | ||||||||
Tax on stock buyback premium | 0 | 2,111 | 0 | ||||||||
Tax on stock-based equity exercised | (79) | 1,308 | 414 | ||||||||
Nondeductible meals and entertainment expenses | 628 | 859 | 639 | ||||||||
Research and development credits | (639) | 0 | 0 | ||||||||
Tax basis adjustment | 0 | 0 | 7,063 | ||||||||
Other, net | 1,145 | 707 | 212 | ||||||||
Income tax expense (benefit) | $ (4,004) | $ (5,835) | $ 3,753 | $ (6,637) | $ 5,576 | $ 3,697 | $ (402) | $ (1,683) | $ (12,723) | $ 7,188 | $ (9,576) |
Effective tax rate | 24.20% | (31.80%) | 21.30% |
INCOME TAXES (Textual) (Details
INCOME TAXES (Textual) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Income Tax Contingency [Line Items] | ||||
Tax expense recognized related to Tax Cuts and Jobs Act of 2017 | $ 11,000,000 | $ 10,800,000 | ||
Additional tax expense recognized related to Tax Cuts and Jobs Act of 2017 | $ 200,000 | |||
Effective tax rate | 24.20% | (31.80%) | 21.30% | |
Federal income tax rate | 35.00% | |||
Reduction in tax basis of equity shares | $ 17,700,000 | |||
Tax expense | $ (390,000) | $ 25,478,000 | 11,548,000 | |
Net operating loss carryforward | 1,400,000 | |||
Research and development credits | 639,000 | 0 | ||
Uncertain tax positions | $ 0 | $ 0 | ||
Settlement with Taxing Authority | Tax expense | ||||
Income Tax Contingency [Line Items] | ||||
Deferred tax liability | 7,100,000 | |||
Tax expense | $ 7,100,000 |
INCOME TAXES (Components of Inc
INCOME TAXES (Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Current: | |||||||||||
U.S. federal | $ (8,629) | $ (14,532) | $ (18,228) | ||||||||
State and local | (3,743) | (3,817) | (2,963) | ||||||||
Foreign | 39 | 59 | 67 | ||||||||
Sub-total | (12,333) | (18,290) | (21,124) | ||||||||
Deferred: | |||||||||||
U.S. federal | (331) | 23,090 | 10,354 | ||||||||
State and local | (59) | 2,388 | 1,194 | ||||||||
Sub-total | (390) | 25,478 | 11,548 | ||||||||
Income tax expense (benefit) | $ (4,004) | $ (5,835) | $ 3,753 | $ (6,637) | $ 5,576 | $ 3,697 | $ (402) | $ (1,683) | $ (12,723) | $ 7,188 | $ (9,576) |
INCOME TAXES (Deferred Tax Asse
INCOME TAXES (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Employee compensation and benefits | $ 18,244 | $ 21,018 |
Pension | 5,210 | 5,609 |
Other future deductible items | 7,557 | 2,313 |
Accounts receivable | 2,864 | 2,562 |
Net operating loss carryforwards | 393 | 1,006 |
Research and development credits | 639 | 0 |
Postretirement and postemployment benefits other than pensions | 287 | 501 |
Investments | 0 | 95 |
Total deferred tax assets | 35,194 | 33,104 |
Deferred tax liabilities: | ||
Net properties | 24,241 | 26,731 |
Net intangibles | 3,449 | 340 |
Tax basis in TCP, LLC | 4,909 | 4,909 |
Investments | 181 | 0 |
Total deferred tax liabilities | 32,780 | 31,980 |
Net deferred tax assets | $ 2,414 | $ 1,124 |
DEFINED BENEFIT PENSION PLANS_3
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Obligation and Funded Status) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 30, 2018 | Dec. 31, 2017 | Sep. 03, 2017 | |
Other postretirement plans | ||||||
Change in benefit obligations: | ||||||
Projected benefit obligations, beginning of year | $ 1,731 | $ 9,648 | ||||
Service cost | 13 | 11 | $ 6 | |||
Interest cost | 37 | 189 | 205 | |||
Plan amendments | 0 | (5,838) | ||||
Actuarial gain | 181 | (681) | ||||
Benefits paid | (930) | (1,598) | ||||
Projected benefit obligations, end of year | 1,032 | 1,731 | 9,648 | |||
Change in plans' assets: | ||||||
Fair value of plan assets, beginning of year | 0 | |||||
Employer contributions | 930 | 1,598 | ||||
Benefits paid | (930) | (1,598) | ||||
Fair value of plans' assets, end of year | 0 | $ 0 | $ 0 | |||
Underfunded status of the plans | (1,032) | (1,731) | ||||
NYDN Pension Plan | Pension plan | ||||||
Change in benefit obligations: | ||||||
Projected benefit obligations, beginning of year | 106,446 | 0 | ||||
Service cost | 72 | 142 | ||||
Interest cost | 3,272 | 1,249 | ||||
Business combination | 0 | 109,581 | ||||
Actuarial gain | (5,442) | (1,792) | ||||
Curtailment gain | 0 | (51) | ||||
Net loans/trust repayment | 0 | 4 | ||||
Benefits paid | (7,941) | (2,687) | ||||
Projected benefit obligations, end of year | 96,407 | 106,446 | 0 | |||
Change in plans' assets: | ||||||
Fair value of plan assets, beginning of year | 85,032 | 0 | ||||
Business combination | 0 | 84,136 | ||||
Return on plan assets | (3,832) | 2,539 | ||||
Employer contributions | 3,918 | 1,040 | ||||
Net loans/trust repayment | 0 | 4 | ||||
Benefits paid | (7,941) | (2,687) | ||||
Fair value of plans' assets, end of year | $ 85,032 | $ 0 | $ 0 | 77,177 | 85,032 | |
Underfunded status of the plans | $ (19,230) | $ (21,414) | $ (25,400) |
DEFINED BENEFIT PENSION PLANS_4
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Textual) (Details) - USD ($) | 12 Months Ended | |||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | Sep. 03, 2017 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Other commitment | $ 68,400,000 | |||
Other postretirement plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Underfunded status of plan | 1,032,000 | $ 1,731,000 | ||
Employer contributions | 930,000 | 1,598,000 | ||
Amortization of prior service credits | $ 10,534,000 | 2,745,000 | $ 470,000 | |
Maximum annual contributions per employee, percent | 100.00% | |||
Maximum annual contributions per employee, amount | $ 18,500 | |||
Employer matching contribution, percent of match, first two percent | 100.00% | |||
Employer matching contribution, percent of contribution matched by company | 6.00% | |||
Employer matching contribution, percent of match exceeding two percent, remaining six percent | 50.00% | |||
Employer matching contribution, maximum percent of contribution matched by company | 2.00% | |||
Employer contributions to defined contribution plans | $ 8,100,000 | 8,500,000 | $ 9,000,000 | |
Defined benefit postretirement health coverage | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Health care cost trend rate assumed, next fiscal year | 7.80% | |||
Health care trend rate for accumulated postretirement benefit obligation assumed for current year | 7.50% | |||
Ultimate health care cost trend rate | 4.50% | |||
Ultimate health care cost trend rate for accumulated postretirement benefit obligation | 4.50% | |||
NYDN Pension Plan | Pension plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Underfunded status of plan | $ 19,230,000 | 21,414,000 | $ 25,400,000 | |
Employer contributions | 3,918,000 | 1,040,000 | ||
Expected contribution amount to plan in next fiscal year | 2,500,000 | |||
2017 Plan Amendment | Other postretirement plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Prior service credit recoded to AOCI | 5,800,000 | |||
Amortization of prior service credits | 4,100,000 | $ 1,700,000 | ||
Multi Employer Plan Contribution | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Concentration risk, percentage | 5.00% | |||
Drivers' Plan | Multi Employer Plan Contribution | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Concentration risk, percentage | 5.00% | 5.00% | ||
GCIU—Employer Retirement Benefit Plan | Multi Employer Plan Contribution | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Concentration risk, percentage | 5.00% | |||
Newspaper and Mail Deliverers' - Publishers' Pension Fund | Multi Employer Plan Contribution | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Concentration risk, percentage | 5.00% | |||
Pressmen's Publishers' Pension Fund | Multi Employer Plan Contribution | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Concentration risk, percentage | 5.00% | |||
Paper Handlers' - Publishers' Pension Fund | Multi Employer Plan Contribution | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Concentration risk, percentage | 5.00% | |||
Pension fund | GCIU—Employer Retirement Benefit Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Multiemployer plans, minimum contribution | 6,500,000 | |||
Pension fund | CWA/ITU Negotiated Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Multiemployer plans, minimum contribution | 1,700,000 | |||
Pension fund | Paper Handlers' - Publishers' Pension Fund | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Multiemployer plans, minimum contribution | $ 500,000 |
DEFINED BENEFIT PENSION PLANS_5
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Amounts Recognized in Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 | Sep. 03, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and postretirement benefits payable | $ (20,150) | $ (23,438) | |
Accumulated other comprehensive loss, net of tax | (27) | 13,527 | |
Other postretirement plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee compensation and benefits | (112) | (881) | |
Pension and postretirement benefits payable | (1,032) | (1,731) | |
Pension and postretirement benefits payable | (920) | (850) | |
Total liabilities | (1,032) | (1,731) | |
Unrecognized prior service credit (cost), net of tax | (344) | 7,950 | |
Unrecognized net actuarial gains (losses), net of tax | 45 | 1,970 | |
Total accumulated other comprehensive income | (299) | 9,920 | |
NYDN Pension Plan | Pension plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension and postretirement benefits payable | (19,230) | (21,414) | $ (25,400) |
Accumulated other comprehensive loss, net of tax | $ 236 | $ (1,965) |
DEFINED BENEFIT PENSION PLANS_6
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Net Benefit Costs) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Other postretirement plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 13 | $ 11 | $ 6 |
Interest cost | 37 | 189 | 205 |
Amortization of actuarial losses | (2,621) | (553) | 0 |
Amortization of prior service credits | (10,534) | (2,745) | (470) |
Net periodic benefit cost (credit) after curtailment gain | (13,105) | (3,098) | $ (259) |
NYDN Pension Plan | Pension plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 72 | 142 | |
Interest cost | 3,272 | 1,249 | |
Expected return on plan assets | (4,667) | (1,602) | |
Curtailment gain | 0 | (51) | |
Net periodic benefit cost (credit) after curtailment gain | $ (1,323) | $ (262) |
DEFINED BENEFIT PENSION PLANS_7
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Plan Assets at Fair Value) (Details) - NYDN Pension Plan - Pension plan - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 77,177 | $ 85,032 | $ 0 |
Fair value measurements, recurring | Global public equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,399 | 11,758 | |
Fair value measurements, recurring | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,103 | 15,966 | |
Fair value measurements, recurring | Group annuity contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13 | 13 | |
Fair value measurements, recurring | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 38,502 | 27,724 | |
Fair value measurements, recurring | Level 1 | Global public equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,399 | 11,758 | |
Fair value measurements, recurring | Level 1 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,103 | 15,966 | |
Fair value measurements, recurring | Level 1 | Group annuity contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair value measurements, recurring | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair value measurements, recurring | Level 2 | Global public equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair value measurements, recurring | Level 2 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair value measurements, recurring | Level 2 | Group annuity contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair value measurements, recurring | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13 | 13 | |
Fair value measurements, recurring | Level 3 | Global public equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair value measurements, recurring | Level 3 | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fair value measurements, recurring | Level 3 | Group annuity contract | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 13 | 13 | |
Fair value measurements, nonrecurring | Global public equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 19,896 | 32,719 | |
Fair value measurements, nonrecurring | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 817 | 5,975 | |
Fair value measurements, nonrecurring | Absolute return | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,474 | 9,300 | |
Fair value measurements, nonrecurring | Real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,993 | 9,261 | |
Fair value measurements, nonrecurring | Pending trades and other receivables | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 482 | $ 40 |
DEFINED BENEFIT PENSION PLANS_8
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Redemption Information) (Details) - NYDN Pension Plan - Pension plan | 12 Months Ended |
Dec. 30, 2018 | |
Cash and cash equivalents | |
Defined Benefit Plan Disclosure [Line Items] | |
Redemption Notice Period | 0 days |
Global public equity | |
Defined Benefit Plan Disclosure [Line Items] | |
Redemption Notice Period | 16 days |
Absolute return | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Redemption Notice Period | 90 days |
Absolute return | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Redemption Notice Period | 95 days |
Real assets | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Redemption Notice Period | 30 days |
Real assets | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Redemption Notice Period | 90 days |
DEFINED BENEFIT PENSION PLANS_9
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Weighted Average Target Allocation and Actual Allocations) (Details) - NYDN Pension Plan - Pension plan | Dec. 30, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation (as a percent) | 100.00% | |
Actual Allocation (as a percent) | 100.00% | 100.00% |
Global public equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation (as a percent) | 52.00% | |
Actual Allocation (as a percent) | 50.90% | 52.30% |
Absolute return | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation (as a percent) | 12.00% | |
Actual Allocation (as a percent) | 11.00% | 10.90% |
Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation (as a percent) | 23.50% | |
Actual Allocation (as a percent) | 24.80% | 18.80% |
Real assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation (as a percent) | 10.00% | |
Actual Allocation (as a percent) | 11.70% | 10.90% |
Cash | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation (as a percent) | 2.50% | |
Actual Allocation (as a percent) | 1.10% | 7.00% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation (as a percent) | 0.00% | |
Actual Allocation (as a percent) | 0.50% | 0.10% |
DEFINED BENEFIT PENSION PLAN_10
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Assumptions) (Details) | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Other postretirement plans | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.23% | 2.47% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 2.47% | 3.23% | 3.23% |
NYDN Pension Plan | Pension plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.10% | 3.60% | |
Rate of compensation increase | 0.00% | 2.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate | 3.60% | 3.50% | |
Rate of return on assets | 5.70% | 5.80% | |
Rate of compensation increase | 2.00% | 2.00% |
DEFINED BENEFIT PENSION PLAN_11
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Expected Future Benefit Payments) (Details) $ in Thousands | Dec. 30, 2018USD ($) |
Other postretirement plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2019 | $ 114 |
2020 | 86 |
2021 | 69 |
2022 | 77 |
2023 | 84 |
2024-2027 | 472 |
NYDN Pension Plan | Pension plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2019 | 8,079 |
2020 | 7,884 |
2021 | 7,678 |
2022 | 7,488 |
2023 | 7,280 |
2024-2027 | $ 33,129 |
DEFINED BENEFIT PENSION PLAN_12
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Impact on Amounts Reported Due to a 1% Change in the Annual Medical Inflation Rate Issued) (Details) - Defined benefit postretirement health coverage $ in Thousands | 12 Months Ended |
Dec. 30, 2018USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Projected benefit obligation - 1% increase | $ 48 |
Projected benefit obligation - 1% decrease | $ 44 |
DEFINED BENEFIT PENSION PLAN_13
DEFINED BENEFIT PENSION PLANS AND OTHER POST RETIREMENT BENEFITS (Multiemployer Plans) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018USD ($)agreement | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | |
Multiemployer Plans [Line Items] | |||
Number of collective bargaining agreements | agreement | 2 | ||
Pension fund | |||
Multiemployer Plans [Line Items] | |||
Tribune Contributions | $ 6,735 | $ 5,673 | $ 4,755 |
Pension fund | GCIU—Employer Retirement Benefit Plan | |||
Multiemployer Plans [Line Items] | |||
Tribune Contributions | 637 | 781 | 858 |
Pension fund | Chicago Newspaper Publishers Drivers' Union Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Tribune Contributions | 3,568 | 3,607 | 3,244 |
Pension fund | Truck Drivers and Helpers Local No. 355 Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Tribune Contributions | 152 | 134 | 147 |
Pension fund | Newspaper and Mail Deliverers' - Publishers' Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Tribune Contributions | 787 | 259 | 0 |
Pension fund | Pressmen's Publishers' Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Tribune Contributions | 430 | 134 | 0 |
Pension fund | Paper Handlers' - Publishers' Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Tribune Contributions | 53 | 19 | 0 |
Pension fund | IAM National Pension Fund, National Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Tribune Contributions | 428 | 458 | 406 |
Pension fund | CWA/ITU Negotiated Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Tribune Contributions | 252 | 135 | 100 |
Pension fund | Pension Hospitalization & Benefit Plan of the Electrical Industry - Pension Trust Account | |||
Multiemployer Plans [Line Items] | |||
Tribune Contributions | $ 428 | $ 146 | $ 0 |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) $ in Thousands | 12 Months Ended |
Dec. 30, 2018USD ($) | |
Noncontrolling Interest [Line Items] | |
Ownership percentage | 40.00% |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |
Noncontrolling interests, beginning balance | $ 0 |
Acquisition of BestReviews | 40,900 |
Income attributable to noncontrolling interest | 856 |
Dividends paid to noncontrolling interest | (2,000) |
Noncontrolling interests, ending balance | 39,756 |
Parent | |
Noncontrolling Interest [Line Items] | |
Dividends declared | 3,000 |
Noncontrolling Interest | |
Noncontrolling Interest [Line Items] | |
Dividends declared | 2,000 |
BestReviews LLC | |
Noncontrolling Interest [Line Items] | |
Dividends declared | $ 5,000 |
STOCK-BASED COMPENSATION (Textu
STOCK-BASED COMPENSATION (Textual) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 10.5 | $ 9.3 | $ 7.6 |
Grant date fair value of options vested during the year | $ 2.9 | ||
Nonvested stock options | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Expiration period | 7 years | ||
Nonvested stock options | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Expiration period | 10 years | ||
Nonvested restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value (in dollars per share) | $ 17.41 | $ 14.24 | $ 14.60 |
Nonvested restricted stock units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Nonvested restricted stock units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Tronc Equity Plan | Nonvested stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grant (in shares) | 1,585,118 |
STOCK-BASED COMPENSATION (Weigh
STOCK-BASED COMPENSATION (Weighted Average Assumptions) (Details) - Tribune Publishing Equity Plan - Nonvested stock options - $ / shares | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value (in dollars per share) | $ 17.36 | $ 6.53 | $ 5.93 |
Weighted average assumptions used: | |||
Expected volatility (as a percent) | 55.20% | 53.80% | 47.98% |
Expected lives | 4 years 9 months | 4 years 6 months | 4 years 6 months |
Risk Free interest rates | 2.20% | 1.70% | 1.00% |
STOCK-BASED COMPENSATION (Optio
STOCK-BASED COMPENSATION (Option Activity) (Details) - Nonvested stock options - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Number of Options | |||
Outstanding, beginning of year (in shares) | 1,029 | 1,328 | 969 |
Granted (in shares) | 20 | 730 | 546 |
Exercised (in shares) | (7) | (115) | (15) |
Canceled/forfeited (in shares) | (117) | (914) | (172) |
Outstanding, end of year (in shares) | 925 | 1,029 | 1,328 |
Vested and exercisable at end of year (in shares) | 467 | 195 | 440 |
Weighted average remaining contractual term | 5 years 1 month 6 days | 6 years 9 months 18 days | 4 years 2 months 12 days |
Weighted Average Exercise Price | |||
Outstanding, beginning of year (in dollars per share) | $ 14.56 | $ 15.93 | $ 16.80 |
Granted (in dollars per share) | 17.36 | 14.32 | 14.71 |
Exercised (in dollars per share) | 19.20 | 14.40 | 14.02 |
Canceled/forfeited (in dollars per share) | 15.11 | 15.48 | 17.10 |
Outstanding, end of year (in dollars per share) | 14.51 | 14.56 | 15.93 |
Vested and exercisable at end of year (in dollars per share) | $ 14.61 | $ 14.90 | $ 16.77 |
STOCK-BASED COMPENSATION (Range
STOCK-BASED COMPENSATION (Range of Exercise Prices) (Details) shares in Thousands | 12 Months Ended |
Dec. 30, 2018$ / sharesshares | |
$13.38-13.38 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercises Prices, minimum (in dollars per share) | $ 13.38 |
Range of Exercises Prices, maximum (in dollars per share) | $ 13.38 |
Number of Options Outstanding (in shares) | shares | 200 |
Weighted Average Remaining Life | 5 years 7 months 20 days |
Weighted Average Exercise Price (in dollars per share) | $ 13.38 |
Number of Options Exercisable (in shares) | shares | 67 |
Weighted Average Exercise Price (in dollars per share) | $ 13.38 |
$14.02-14.76 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercises Prices, minimum (in dollars per share) | 14.02 |
Range of Exercises Prices, maximum (in dollars per share) | $ 14.76 |
Number of Options Outstanding (in shares) | shares | 261 |
Weighted Average Remaining Life | 5 years 4 months 17 days |
Weighted Average Exercise Price (in dollars per share) | $ 14.55 |
Number of Options Exercisable (in shares) | shares | 126 |
Weighted Average Exercise Price (in dollars per share) | $ 14.36 |
$14.87-14.87 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercises Prices, minimum (in dollars per share) | 14.87 |
Range of Exercises Prices, maximum (in dollars per share) | $ 14.87 |
Number of Options Outstanding (in shares) | shares | 338 |
Weighted Average Remaining Life | 4 years 7 months 2 days |
Weighted Average Exercise Price (in dollars per share) | $ 14.87 |
Number of Options Exercisable (in shares) | shares | 225 |
Weighted Average Exercise Price (in dollars per share) | $ 14.87 |
$14.89-17.41 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercises Prices, minimum (in dollars per share) | 14.89 |
Range of Exercises Prices, maximum (in dollars per share) | $ 17.41 |
Number of Options Outstanding (in shares) | shares | 119 |
Weighted Average Remaining Life | 5 years 14 days |
Weighted Average Exercise Price (in dollars per share) | $ 15.04 |
Number of Options Exercisable (in shares) | shares | 42 |
Weighted Average Exercise Price (in dollars per share) | $ 15.20 |
$19.20-19.20 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercises Prices, minimum (in dollars per share) | 19.20 |
Range of Exercises Prices, maximum (in dollars per share) | $ 19.20 |
Number of Options Outstanding (in shares) | shares | 7 |
Weighted Average Remaining Life | 2 years 7 months 28 days |
Weighted Average Exercise Price (in dollars per share) | $ 19.20 |
Number of Options Exercisable (in shares) | shares | 7 |
Weighted Average Exercise Price (in dollars per share) | $ 19.20 |
$13.38-19.20 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercises Prices, minimum (in dollars per share) | 13.38 |
Range of Exercises Prices, maximum (in dollars per share) | $ 19.20 |
Number of Options Outstanding (in shares) | shares | 925 |
Weighted Average Remaining Life | 5 years 29 days |
Weighted Average Exercise Price (in dollars per share) | $ 14.51 |
Number of Options Exercisable (in shares) | shares | 467 |
Weighted Average Exercise Price (in dollars per share) | $ 14.62 |
STOCK-BASED COMPENSATION (Restr
STOCK-BASED COMPENSATION (Restricted Stock Units) (Details) - Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Number of RSUs | |||
Outstanding, beginning of year (in shares) | 2,013 | 1,452 | 982 |
Granted (in shares) | 286 | 1,438 | 1,071 |
Vested (in shares) | (685) | (561) | (356) |
Canceled/forfeited (in shares) | (360) | (316) | (245) |
Outstanding, end of year (in shares) | 1,254 | 2,013 | 1,452 |
Vested at end of year (in shares) | 1 | 2 | 6 |
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning of year (in dollars per share) | $ 14.60 | $ 15.44 | $ 17.34 |
Granted (in dollars per share) | 17.41 | 14.24 | 14.60 |
Vested (in dollars per share) | 14.86 | 15.23 | 16.85 |
Canceled/forfeited (in dollars per share) | 15.48 | 15.70 | 17.35 |
Outstanding, end of year (in dollars per share) | 14.83 | 14.60 | 15.44 |
Vested at end of year (in dollars per share) | $ 12.31 | $ 11.02 | $ 7.91 |
STOCK-BASED COMPENSATION (Unrec
STOCK-BASED COMPENSATION (Unrecognized Compensation Costs) (Details) - Tribune Publishing Equity Plan $ in Thousands | 12 Months Ended |
Dec. 30, 2018USD ($) | |
Nonvested stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 2,174 |
Weighted Average Remaining Recognition Period (in years) | 1 year 5 months 10 days |
Nonvested restricted stock units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Compensation Cost | $ 14,556 |
Weighted Average Remaining Recognition Period (in years) | 1 year 10 months 17 days |
EARNINGS PER SHARE (Basic and D
EARNINGS PER SHARE (Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Income (Loss) - Numerator: | |||||||||||
Loss from continuing operations | $ 3,958 | $ (649) | $ (15,101) | $ (28,071) | $ (4,823) | $ (12,645) | $ (1,940) | $ (10,405) | $ (39,863) | $ (29,813) | $ (35,363) |
Less: Net income from continuing operations attributable to noncontrolling interest | 385 | (239) | 448 | 262 | 0 | 0 | 0 | 0 | 856 | 0 | 0 |
Loss available to common shareholders, before discontinued operations | (40,719) | (29,813) | (35,363) | ||||||||
Income from discontinued operations | (1,155) | (3,586) | 280,545 | 13,706 | 4,450 | 14,701 | 8,781 | 7,416 | 289,510 | 35,348 | 41,900 |
Net income available to Tribune stockholders | $ 2,418 | $ (3,996) | $ 264,996 | $ (14,627) | $ (373) | $ 2,056 | $ 6,841 | $ (2,989) | $ 248,791 | $ 5,535 | $ 6,537 |
Shares - Denominator: | |||||||||||
Weighted average number of common shares outstanding (basic) (in shares) | 35,268,000 | 33,996,000 | 33,788,000 | ||||||||
Dilutive effect of employee stock options and RSUs (in shares) | 0 | 0 | 0 | ||||||||
Adjusted weighted average common shares outstanding (diluted) (in shares) | 35,268,000 | 33,996,000 | 33,788,000 | ||||||||
Net income (loss) attributable to Tribune per common share - Basic: | |||||||||||
Continuing operations (in dollars per share) | $ 0.10 | $ (0.01) | $ (0.44) | $ (0.81) | $ (0.14) | $ (0.38) | $ (0.06) | $ (0.29) | $ (1.15) | $ (0.88) | $ (1.05) |
Discontinued operations (in dollars per share) | 8.20 | 1.04 | 1.24 | ||||||||
Net income attributable to Tribune per common share - Basic (in dollars per share) | 0.07 | (0.11) | 7.51 | (0.42) | (0.01) | 0.06 | 0.21 | (0.08) | 7.05 | 0.16 | 0.19 |
Net income (loss) attributable to Tribune per common share - Diluted: | |||||||||||
Continuing operations (in dollars per share) | 0.10 | (0.01) | (0.44) | (0.81) | (0.14) | (0.38) | (0.06) | (0.29) | (1.15) | (0.88) | (1.05) |
Discontinued operations (in dollars per share) | 8.20 | 1.04 | 1.24 | ||||||||
Net income attributable to Tribune per common share - Diluted (in dollars per share) | $ 0.07 | $ (0.11) | $ 7.51 | $ (0.42) | $ (0.01) | $ 0.06 | $ 0.21 | $ (0.08) | $ 7.05 | $ 0.16 | $ 0.19 |
Stock options | |||||||||||
Net income (loss) attributable to Tribune per common share - Diluted: | |||||||||||
Antidilutive securities excluded from computation of diluted earnings per share (in shares) | 924,887 | 1,031,887 | 1,327,831 | ||||||||
Restricted Stock Units | |||||||||||
Net income (loss) attributable to Tribune per common share - Diluted: | |||||||||||
Antidilutive securities excluded from computation of diluted earnings per share (in shares) | 1,273,268 | 2,457,305 | 1,446,198 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) $ / shares in Units, $ in Thousands | Dec. 20, 2017 | Mar. 23, 2017USD ($)$ / sharesshares | Mar. 22, 2017USD ($)$ / shares | Jun. 01, 2016USD ($)$ / sharesshares | May 22, 2016 | Feb. 03, 2016USD ($)$ / sharesshares | Dec. 30, 2018USD ($)voteshares | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | Mar. 13, 2019USD ($) |
Class of Stock [Line Items] | ||||||||||
Number of votes per share of stock | vote | 1 | |||||||||
Proceeds from issuance of common stock | $ 0 | $ 0 | $ 113,318 | |||||||
Share price (in dollars per share) | $ / shares | $ 13.39 | |||||||||
Premium on stock buyback | $ 6,000 | $ 0 | $ 6,031 | $ 0 | ||||||
Oaktree Capital Management, L.P. | ||||||||||
Class of Stock [Line Items] | ||||||||||
Shares repurchased during period (in shares) | shares | 3,745,947 | |||||||||
Stock repurchased during period, value | $ 56,200 | |||||||||
Stock repurchased during period (in dollars per share) | $ / shares | $ 15 | |||||||||
Acquisition of Shares by Merrick | Private placement | Merrick Media, LLC | Affiliated entity | ||||||||||
Class of Stock [Line Items] | ||||||||||
Issuance of stock in the distribution | $ 44,400 | |||||||||
Issuance of stock in the distribution (in shares) | shares | 5,220,000 | |||||||||
Share issued (in dollars per share) | $ / shares | $ 8.50 | |||||||||
Proceeds from issuance of common stock | $ 42,900 | |||||||||
Period of prohibited transfers | 3 years | 3 years | ||||||||
Transfers limited to percentage of shares purchased in twelve-month period | 25.00% | |||||||||
Maximum percentage of outstanding shares | 30.00% | 30.00% | ||||||||
Threshold for transfers, percent of shares purchased under the agreement | 2.00% | |||||||||
Maximum ownership percentage | 4.90% | |||||||||
Acquisition of Shares by Merrick | Private placement | Mr. Ferro | Beneficial owner | ||||||||||
Class of Stock [Line Items] | ||||||||||
Number of shares issued (in shares) | shares | 9,071,529 | |||||||||
Percent ownership after transaction | 25.50% | |||||||||
Nant Rights Agreement | Private placement | Beneficial owner | ||||||||||
Class of Stock [Line Items] | ||||||||||
Period of prohibited transfers | 3 years | |||||||||
Transfers limited to percentage of shares purchased in twelve-month period | 25.00% | |||||||||
Maximum percentage of outstanding shares | 25.00% | |||||||||
Maximum ownership percentage | 4.90% | |||||||||
Nant Rights Agreement | Private placement | Nant Capital | Beneficial owner | ||||||||||
Class of Stock [Line Items] | ||||||||||
Issuance of stock in the distribution | $ 70,500 | |||||||||
Issuance of stock in the distribution (in shares) | shares | 4,700,000 | |||||||||
Share issued (in dollars per share) | $ / shares | $ 15 | |||||||||
Proceeds from issuance of common stock | $ 70,400 | |||||||||
Period after termination of voting covenants | 60 days | |||||||||
Nant Rights Agreement | Private placement | Dr. Soon-Shiong | Beneficial owner | ||||||||||
Class of Stock [Line Items] | ||||||||||
Beneficial ownership by related party, common shares owned (in shares) | shares | 8,743,619 | |||||||||
Beneficial ownership by related party, percentage of common stock owned | 24.60% | |||||||||
Subsequent Event | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock repurchase program, authorized amount | $ 25,000 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Components) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 69,162 | $ 107,881 | $ (14,398) |
Other comprehensive income before reclassifications | (2,345) | 7,748 | 1,814 |
Amounts reclassified from AOCI | (9,498) | (2,220) | (284) |
AOCI recognized in discontinued operations | 25,397 | (10,241) | (6,438) |
Balance at end of period | 373,312 | 69,162 | 107,881 |
Foreign Currency | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (31) | (32) | (35) |
Other comprehensive income before reclassifications | (8) | 1 | 3 |
Amounts reclassified from AOCI | 0 | 0 | 0 |
AOCI recognized in discontinued operations | 0 | 0 | 0 |
Balance at end of period | (39) | (31) | (32) |
AOCI | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (13,527) | (8,814) | (3,906) |
Balance at end of period | 27 | (13,527) | (8,814) |
Other postretirement plans | OPEB/Pension | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 9,932 | 6,374 | 4,847 |
Other comprehensive income before reclassifications | (131) | 5,778 | 1,811 |
Amounts reclassified from AOCI | (9,498) | (2,220) | (284) |
AOCI recognized in discontinued operations | 0 | 0 | 0 |
Balance at end of period | 303 | 9,932 | 6,374 |
Pension plan | OPEB/Pension | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (23,428) | (15,156) | (8,718) |
Other comprehensive income before reclassifications | (2,206) | 1,969 | 0 |
Amounts reclassified from AOCI | 0 | 0 | 0 |
AOCI recognized in discontinued operations | 25,397 | (10,241) | (6,438) |
Balance at end of period | $ (237) | $ (23,428) | $ (15,156) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassifications) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Pension and postretirement benefit adjustments | $ (118,102) | $ (107,762) | $ (106,455) | $ (110,765) | $ (119,971) | $ (97,304) | $ (92,609) | $ (96,395) | $ (443,084) | $ (406,279) | $ (443,729) |
Tax effect | $ (4,004) | $ (5,835) | $ 3,753 | $ (6,637) | $ 5,576 | $ 3,697 | $ (402) | $ (1,683) | (12,723) | 7,188 | (9,576) |
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassifications for the period | (9,498) | (2,220) | (284) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Prior service cost recognized | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Pension and postretirement benefit adjustments | (10,534) | (2,745) | (470) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial gains | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Pension and postretirement benefit adjustments | (2,621) | (553) | 0 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before taxes | (13,155) | (3,298) | (470) | ||||||||
Tax effect | $ (3,657) | $ (1,078) | $ (186) |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Textual) (Details) $ in Millions | Dec. 30, 2018USD ($) |
Equity [Abstract] | |
Expected amortization of prior service cost | $ 0.3 |
SEGMENT INFORMATION (Textual) (
SEGMENT INFORMATION (Textual) (Details) | 3 Months Ended |
Jul. 01, 2018segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
SEGMENT INFORMATION (Schedule o
SEGMENT INFORMATION (Schedule of Operation Revenue and Income (Loss)) (Details) - USD ($) $ in Thousands | Mar. 22, 2017 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 |
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | $ 1,030,669 | $ 1,015,453 | $ 1,063,363 | |||||||||
Operating expenses | $ 287,392 | $ 265,763 | $ 254,282 | $ 269,444 | $ 290,292 | $ 238,276 | $ 238,973 | $ 238,982 | 1,076,881 | 1,006,523 | 1,080,260 | |
Income (loss) from operations | (3,896) | (9,993) | (1,245) | (31,078) | 5,596 | (2,121) | 4,462 | 993 | (46,212) | 8,930 | (16,897) | |
Interest expense | 320 | 303 | (5,412) | (6,564) | (7,024) | (6,510) | (6,365) | (6,435) | (11,353) | (26,334) | (26,561) | |
Loss on early extinguishment of debt | 0 | 0 | (7,666) | 0 | (7,666) | 0 | 0 | |||||
Premium on stock buyback | $ (6,000) | 0 | (6,031) | 0 | ||||||||
Loss on investments, net | (40) | (434) | (665) | (729) | (701) | (403) | (723) | (898) | (1,868) | (2,725) | (1,487) | |
AOCI Recognized In Discontinued Operations, Current Period, Net Of Tax, Attributable To Parent | (25,397) | 10,241 | 6,438 | |||||||||
Reorganization items, net | 0 | 0 | 0 | (6,031) | 0 | 0 | (259) | |||||
Other income, net | 3,570 | 3,640 | 3,640 | 3,663 | 2,882 | 86 | 284 | 283 | 14,513 | 3,535 | 265 | |
Loss from continuing operations before income taxes | (46) | (6,484) | (11,348) | (34,708) | 753 | (8,948) | (2,342) | (12,088) | (52,586) | (22,625) | (44,939) | |
Depreciation and amortization | 15,695 | 12,179 | 12,942 | 12,446 | $ 12,201 | $ 12,124 | $ 12,987 | $ 9,994 | 53,262 | 47,306 | 51,363 | |
Impairment | $ 1,872 | $ 0 | $ 0 | $ 0 | 1,872 | 0 | 0 | |||||
M | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Impairment | 1,872 | |||||||||||
X | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Impairment | 0 | |||||||||||
Operating segments | M | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 851,069 | 854,840 | 912,386 | |||||||||
Operating expenses | 846,122 | 792,665 | 839,123 | |||||||||
Income (loss) from operations | 4,947 | 62,175 | 73,263 | |||||||||
Depreciation and amortization | 17,419 | 16,415 | 17,629 | |||||||||
Impairment | 1,872 | 0 | ||||||||||
Operating segments | X | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 165,612 | 163,977 | 158,996 | |||||||||
Operating expenses | 152,698 | 161,783 | 155,709 | |||||||||
Income (loss) from operations | 12,914 | 2,194 | 3,287 | |||||||||
Depreciation and amortization | 19,819 | 15,299 | 11,452 | |||||||||
Impairment | 0 | 0 | ||||||||||
Corporate and eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 13,988 | (3,364) | (8,019) | |||||||||
Operating expenses | 78,061 | 52,075 | 85,428 | |||||||||
Income (loss) from operations | (64,073) | (55,439) | (93,447) | |||||||||
Depreciation and amortization | 16,024 | 15,592 | 22,282 | |||||||||
Impairment | 0 | 0 | ||||||||||
Advertising | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 453,843 | 510,416 | 562,323 | |||||||||
Advertising | Operating segments | M | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 355,790 | 380,214 | 439,662 | |||||||||
Advertising | Operating segments | X | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 98,023 | 130,376 | 124,215 | |||||||||
Advertising | Corporate and eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 30 | (174) | (1,554) | |||||||||
Circulation | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 368,235 | 329,562 | 311,068 | |||||||||
Circulation | Operating segments | M | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 349,975 | 319,727 | 304,699 | |||||||||
Circulation | Operating segments | X | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 18,265 | 9,835 | 6,369 | |||||||||
Circulation | Corporate and eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | (5) | 0 | 0 | |||||||||
Commercial print and delivery | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 102,668 | 105,516 | 105,805 | |||||||||
Commercial print and delivery | Operating segments | M | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 102,668 | 105,516 | 105,805 | |||||||||
Commercial print and delivery | Operating segments | X | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 0 | 0 | 0 | |||||||||
Commercial print and delivery | Corporate and eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 0 | 0 | 0 | |||||||||
Direct mail | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 32,348 | 36,874 | 45,958 | |||||||||
Direct mail | Operating segments | M | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 32,354 | 36,874 | 44,142 | |||||||||
Direct mail | Operating segments | X | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 0 | 0 | 1,871 | |||||||||
Direct mail | Corporate and eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | (6) | 0 | (55) | |||||||||
Content syndication and other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 73,575 | 33,085 | 38,209 | |||||||||
Content syndication and other | Operating segments | M | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 10,282 | 12,509 | 18,078 | |||||||||
Content syndication and other | Operating segments | X | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 49,324 | 23,766 | 26,541 | |||||||||
Content syndication and other | Corporate and eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 13,969 | (3,190) | (6,410) | |||||||||
Other | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 208,591 | 175,475 | 189,972 | |||||||||
Other | Operating segments | M | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 145,304 | 154,899 | 168,025 | |||||||||
Other | Operating segments | X | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | 49,324 | 23,766 | 28,412 | |||||||||
Other | Corporate and eliminations | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating revenues | $ 13,963 | $ (3,190) | $ (6,465) |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Cash paid during the period for: | |||
Interest | $ 15,546 | $ 24,492 | $ 23,637 |
Income taxes, net of refunds | 3,407 | (892) | (3,264) |
Non-cash items in investing activities | |||
Additions to property plant and equipment under capital leases | 0 | (890) | (722) |
Shares issued for acquisitions | 34,595 | 0 | 0 |
New capital leases | $ 0 | $ 890 | $ 722 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash | $ 97,560 | $ 185,351 | ||
Restricted cash included in other assets | 43,947 | 0 | ||
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $ 141,507 | $ 185,351 | $ 196,136 | $ 55,328 |
UNAUDITED QUARTERLY FINANCIAL_3
UNAUDITED QUARTERLY FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 283,496 | $ 255,770 | $ 253,037 | $ 238,366 | $ 295,888 | $ 236,155 | $ 243,435 | $ 239,975 | |||
Operating expenses: | |||||||||||
Compensation | 118,102 | 107,762 | 106,455 | 110,765 | 119,971 | 97,304 | 92,609 | 96,395 | $ 443,084 | $ 406,279 | $ 443,729 |
Newsprint and ink | 17,786 | 16,980 | 16,770 | 14,598 | 17,842 | 12,974 | 14,091 | 14,334 | 66,134 | 59,241 | 62,529 |
Outside services | 86,455 | 81,572 | 81,818 | 98,982 | 91,609 | 78,572 | 80,526 | 80,495 | 348,827 | 331,202 | 346,690 |
Other operating expenses | 47,482 | 47,270 | 36,297 | 32,653 | 48,669 | 37,302 | 38,760 | 37,764 | 163,702 | 162,495 | 175,949 |
Depreciation and amortization | 15,695 | 12,179 | 12,942 | 12,446 | 12,201 | 12,124 | 12,987 | 9,994 | 53,262 | 47,306 | 51,363 |
Impairment | 1,872 | 0 | 0 | 0 | 1,872 | 0 | 0 | ||||
Total operating expenses | 287,392 | 265,763 | 254,282 | 269,444 | 290,292 | 238,276 | 238,973 | 238,982 | 1,076,881 | 1,006,523 | 1,080,260 |
Income (loss) from operations | (3,896) | (9,993) | (1,245) | (31,078) | 5,596 | (2,121) | 4,462 | 993 | (46,212) | 8,930 | (16,897) |
Interest expense, net | 320 | 303 | (5,412) | (6,564) | (7,024) | (6,510) | (6,365) | (6,435) | (11,353) | (26,334) | (26,561) |
Loss on early extinguishment of debt | 0 | 0 | (7,666) | 0 | (7,666) | 0 | 0 | ||||
Loss on equity investments, net | (40) | (434) | (665) | (729) | (701) | (403) | (723) | (898) | (1,868) | (2,725) | (1,487) |
Premium on stock buyback | 0 | 0 | 0 | (6,031) | 0 | 0 | (259) | ||||
Other non-operating income (loss) | 3,570 | 3,640 | 3,640 | 3,663 | 2,882 | 86 | 284 | 283 | 14,513 | 3,535 | 265 |
Loss from continuing operations before income taxes | (46) | (6,484) | (11,348) | (34,708) | 753 | (8,948) | (2,342) | (12,088) | (52,586) | (22,625) | (44,939) |
Income tax expense (benefit) | (4,004) | (5,835) | 3,753 | (6,637) | 5,576 | 3,697 | (402) | (1,683) | (12,723) | 7,188 | (9,576) |
Loss from continuing operations | 3,958 | (649) | (15,101) | (28,071) | (4,823) | (12,645) | (1,940) | (10,405) | (39,863) | (29,813) | (35,363) |
Plus: Earnings from discontinued operations, net of taxes | (1,155) | (3,586) | 280,545 | 13,706 | 4,450 | 14,701 | 8,781 | 7,416 | 289,510 | 35,348 | 41,900 |
Net income | 2,803 | (4,235) | 265,444 | (14,365) | (373) | 2,056 | 6,841 | (2,989) | 249,647 | 5,535 | 6,537 |
Less: Income attributable to noncontrolling interest | 385 | (239) | 448 | 262 | 0 | 0 | 0 | 0 | 856 | 0 | 0 |
Net income attributable to Tribune common stockholders | $ 2,418 | $ (3,996) | $ 264,996 | $ (14,627) | $ (373) | $ 2,056 | $ 6,841 | $ (2,989) | $ 248,791 | $ 5,535 | $ 6,537 |
Income (loss) from continuing operations per common share: | |||||||||||
Basic (in dollars per share) | $ 0.10 | $ (0.01) | $ (0.44) | $ (0.81) | $ (0.14) | $ (0.38) | $ (0.06) | $ (0.29) | $ (1.15) | $ (0.88) | $ (1.05) |
Diluted (in dollars per share) | 0.10 | (0.01) | (0.44) | (0.81) | (0.14) | (0.38) | (0.06) | (0.29) | (1.15) | (0.88) | (1.05) |
Net income attributable to Tribune per common share: | |||||||||||
Basic (in dollars per share) | 0.07 | (0.11) | 7.51 | (0.42) | (0.01) | 0.06 | 0.21 | (0.08) | 7.05 | 0.16 | 0.19 |
Diluted (in dollars per share) | $ 0.07 | $ (0.11) | $ 7.51 | $ (0.42) | $ (0.01) | $ 0.06 | $ 0.21 | $ (0.08) | $ 7.05 | $ 0.16 | $ 0.19 |