Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 23, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Journal Media Group, Inc. | ||
Entity Central Index Key | 1,622,893 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 24,407,533 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 195,823,654 |
Consolidated and Combined Balan
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 29,036 | $ 0 |
Accounts receivable (less allowance of $847 and $746, respectively) | 51,136 | 36,958 |
Inventories | 6,764 | 6,184 |
Prepaid expenses and other current assets | 6,021 | 1,937 |
Total current assets | 92,957 | 45,079 |
Property, plant and equipment (less accumulated depreciation of $268,513 and $256,603, respectively) | 242,341 | 185,548 |
Goodwill | 9,157 | 0 |
Other intangible assets, net | 11,021 | 2,001 |
Other assets | 3,980 | 2,018 |
Total assets | 359,456 | 234,646 |
Current liabilities: | ||
Accounts payable | 14,893 | 10,573 |
Accrued compensation and benefits | 21,364 | 12,404 |
Deferred revenue | 33,443 | 21,136 |
Other current liabilities | 6,675 | 4,097 |
Total current liabilities | 76,375 | 48,210 |
Accrued employee compensation and benefits | 2,047 | 4,201 |
Accrued pension and retirement benefits | 11,605 | 5,318 |
Deferred income taxes | 16,953 | 0 |
Multi-employer plan withdrawal liability | 0 | 4,100 |
Other long-term liabilities | 2,777 | 3,570 |
Commitments and contingencies (Note 16) | 0 | 0 |
Stockholders' equity: | ||
Common stock - $0.01 par value, authorized 100,000,000 shares; issued and outstanding: 24,407,533 shares at December 31, 2015 | 244 | 0 |
Preferred stock - $0.01 par value, authorized 10,000,000 shares; issued and outstanding: 0 shares at December 31, 2015 | 0 | 0 |
Additional paid-in capital | 247,014 | 0 |
Parent company equity | 0 | 169,575 |
Accumulated other comprehensive loss | (2,587) | (2,782) |
Retained earnings | 2,672 | 0 |
Total stockholders' equity | 247,343 | 166,793 |
Noncontrolling interests | 2,356 | 2,454 |
Total equity | 249,699 | 169,247 |
Total liabilities and equity | $ 359,456 | $ 234,646 |
Consolidated and Combined Bala3
Consolidated and Combined Balance Sheets (Nonprinting) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 847 | $ 746 |
Accumulated depreciation | $ 268,513 | $ 256,603 |
Common stock, par value ( in USD per share) | $ 0.01 | |
Common stock, authorized (in shares) | 100,000,000 | |
Common stock, issued (in shares) | 24,407,533 | |
Common stock, outstanding (in shares) | 24,407,533 | |
Preferred stock, par value (in USD per share) | $ 0.01 | |
Preferred stock, authorized (in shares) | 10,000,000 | |
Preferred stock, issued (in shares) | 0 | |
Preferred stock, outstanding (in shares) | 0 |
Consolidated and Combined State
Consolidated and Combined Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenue: | |||
Advertising and marketing services | $ 258,827 | $ 228,036 | $ 245,334 |
Subscriptions | 150,388 | 121,565 | 117,463 |
Other | 31,791 | 20,731 | 21,402 |
Total revenue | 441,006 | 370,332 | 384,199 |
Operating costs and expenses: | |||
Costs of sales (exclusive of items shown below) | 231,874 | 204,915 | 213,488 |
Selling, general and administrative (exclusive of items shown below) | 176,783 | 165,842 | 167,803 |
Defined pension and benefit plan expense | 1,896 | 6,773 | 4,274 |
Depreciation and amortization | 21,134 | 16,890 | 17,240 |
Total operating costs and expenses | 431,687 | 394,420 | 402,805 |
Operating income (loss) | 9,319 | (24,088) | (18,606) |
Other expense, net | (569) | (1,469) | (293) |
Income (loss) before income taxes | 8,750 | (25,557) | (18,899) |
Provision (benefit) for income taxes | 5,721 | 413 | (2,070) |
Net income (loss) | 3,029 | (25,970) | (16,829) |
Net loss attributable to noncontrolling interests | (98) | (204) | (126) |
Net income (loss) attributable to Journal Media Group | $ 3,127 | $ (25,766) | $ (16,703) |
Earnings Per Share [Abstract] | |||
Earnings per share, basic (in USD per share) | $ 0.12 | $ (1.78) | $ (1.16) |
Earnings per share, diluted (in USD per share) | 0.12 | (1.78) | (1.16) |
Dividends declared, per share (in USD per share) | $ 0.16 | $ 0 | $ 0 |
Consolidated and Combined Stat5
Consolidated and Combined Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | $ 3,029 | $ (25,970) | $ (16,829) |
Changes in defined benefit pension and benefit plans, net of tax of $521, $0 and $2,211 | 886 | (13,474) | 3,589 |
Other | 0 | (240) | 150 |
Total comprehensive income (loss) prior to noncontrolling interest | 3,224 | (39,684) | (13,090) |
Less comprehensive loss attributable to noncontrolling interest | (98) | (204) | (126) |
Total comprehensive income (loss) attributable to Journal Media Group | 3,322 | (39,480) | (12,964) |
Unconsolidated Company [Member] | |||
Changes in defined benefit pension and benefit plans, net of tax of $521, $0 and $2,211 | $ 691 | $ 0 | $ 0 |
Consolidated and Combined Stat6
Consolidated and Combined Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Changes in defined benefit pension plans, tax | $ 521 | $ 0 | $ 2,211 |
Unconsolidated Company [Member] | |||
Changes in defined benefit pension plans, tax | $ 451 |
Consolidated and Combined Stat7
Consolidated and Combined Statement of Equity Current Year - USD ($) shares in Thousands, $ in Thousands | Total | JRN Newspapers [Member] | Unconsolidated Company [Member] | Common Stock [Member] | Common Stock [Member]JRN Newspapers [Member] | Common Stock [Member]Scripps Shareholders [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]JRN Newspapers [Member] | Additional Paid-in Capital [Member]Scripps Shareholders [Member] | Parent Company Equity [Member] | Parent Company Equity [Member]Scripps Shareholders [Member] | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member]Unconsolidated Company [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2012 | $ 195,781 | $ 209,931 | $ (16,934) | $ 2,784 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Transfers to Parent, net | 5,153 | 5,153 | |||||||||||||
Ending balance at Dec. 31, 2013 | 187,844 | 198,381 | (13,195) | 2,658 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Transfers to Parent, net | 3,465 | 3,465 | |||||||||||||
Ending balance at Dec. 31, 2014 | 169,247 | 169,575 | (2,782) | 2,454 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net earnings (loss) | 3,029 | (3,542) | $ 6,669 | (98) | |||||||||||
Transfer unrecognized loss for defined benefit pension plan for an unconsolidated company to other | 886 | $ (691) | 886 | $ (691) | |||||||||||
Dividends paid to shareholders | (3,997) | (3,997) | |||||||||||||
Conversion of Parent equity | $ 31,609 | (31,609) | |||||||||||||
Transfers to Parent, net | $ (7,262) | $ (7,262) | |||||||||||||
Distribution of JMG stock (in shares) | 9,928 | 14,450 | |||||||||||||
Distribution of JMG stock | $ 87,362 | $ 99 | $ 145 | $ 87,263 | $ 127,017 | $ (127,162) | |||||||||
Shares issued under equity incentive plan | 272 | 30 | 272 | ||||||||||||
Stock-based compensation | $ 853 | $ 853 | |||||||||||||
Ending balance at Dec. 31, 2015 | $ 249,699 | $ 244 | $ 247,014 | $ (2,587) | $ 2,672 | $ 2,356 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Shares outstanding, ending balance | 24,408 |
Consolidated and Combined Stat8
Consolidated and Combined Statement of Equity Prior Year - USD ($) $ in Thousands | Total | Parent Company Equity [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] |
Beginning balance at Dec. 31, 2012 | $ 195,781 | $ 209,931 | $ (16,934) | $ 2,784 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | (16,829) | (16,703) | (126) | |
Changes in defined benefit pension plans | 3,589 | 3,589 | ||
Transfers to Parent, net | 5,153 | 5,153 | ||
Other | 150 | 150 | ||
Ending balance at Dec. 31, 2013 | 187,844 | 198,381 | (13,195) | 2,658 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | (25,970) | (25,766) | (204) | |
Changes in defined benefit pension plans | (13,474) | (13,474) | ||
Transfer of Knoxville and Memphis defined benefit pension plans (Note 14) | 17,622 | (6,505) | 24,127 | |
Transfers to Parent, net | 3,465 | 3,465 | ||
Other | (240) | (240) | ||
Ending balance at Dec. 31, 2014 | 169,247 | 169,575 | (2,782) | 2,454 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income (loss) | 3,029 | |||
Changes in defined benefit pension plans | 886 | |||
Transfers to Parent, net | (7,262) | $ (7,262) | ||
Ending balance at Dec. 31, 2015 | $ 249,699 | $ (2,587) | $ 2,356 |
Consolidated and Combined Stat9
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 3,029 | $ (25,970) | $ (16,829) |
Adjustments for non-cash items: | |||
Depreciation and amortization | 21,134 | 16,890 | 17,240 |
Provision for doubtful accounts | 1,117 | 632 | 877 |
Deferred income taxes | 3,029 | 0 | (2,479) |
Amortization of deferred financing costs | 84 | 0 | 0 |
Non-cash stock-based compensation | 1,125 | 1,426 | 1,368 |
Net (gain) loss from disposal of assets | (768) | 612 | (130) |
Impairment of long-lived assets | 265 | 0 | 0 |
Multi-employer plan withdrawal accrual | 0 | 4,100 | 0 |
Net changes in operating assets and liabilities: | |||
Receivables | (2,936) | 4,988 | 99 |
Inventories | 1,492 | 358 | (106) |
Accounts payable | 696 | 2,223 | 1,011 |
Payable to Scripps | 1,986 | 0 | 0 |
Other assets and liabilities | (5,546) | (7,160) | (2,896) |
Net cash provided by (used in) operating activities | 24,707 | (1,901) | (1,845) |
Cash flows from investing activities: | |||
Capital expenditures for property, plant and equipment | (4,273) | (2,708) | (3,615) |
Proceeds from sale of property, plant and equipment | 2,069 | 1,144 | 307 |
Acquisition of business | 10,489 | 0 | 0 |
Contribution to partnership | (480) | 0 | 0 |
Net cash provided by (used in) investing activities | 7,805 | (1,564) | (3,308) |
Cash flows from financing activities: | |||
Payments of financing costs | (563) | 0 | 0 |
Cash dividends | (3,997) | 0 | 0 |
Transfer from Parent, net | 1,084 | 3,465 | 5,153 |
Net cash provided by (used in) financing activities | (3,476) | 3,465 | 5,153 |
Net increase in cash and cash equivalents | 29,036 | 0 | 0 |
Cash and cash equivalents: | |||
Beginning of year | 0 | 0 | 0 |
End of year | 29,036 | 0 | 0 |
Supplemental cash flow information | |||
Cash paid for income taxes | $ 3,803 | $ 0 | $ 0 |
Formation of the Company and Ba
Formation of the Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Formation of the Company and Basis of Presentation | FORMATION OF THE COMPANY AND BASIS OF PRESENTATION The Separation — Journal Media Group, Inc. (the "Company" or "Journal Media Group") was incorporated in Wisconsin on July 25, 2014. On April 1, 2015, the transactions contemplated by the master transaction agreement, dated July 30, 2014, by and among The E.W. Scripps Company ("Scripps") and Journal Communications, Inc. ("Journal") were completed. On April 1, Scripps and Journal (1) separated their newspaper businesses and then combined them through two mergers, resulting in each of them becoming a wholly owned subsidiary of Journal Media Group, and (2) merged their broadcast businesses. Journal Media Group combines the 13 Scripps newspaper markets (collectively the "Scripps Newspapers") with Journal's Milwaukee Journal Sentinel and Journal Community Publishing Group, Inc., which publishes several community publications principally in southeastern Wisconsin (collectively the "JRN Newspapers") . Basis of Presentation — The consolidated financial statements as of December 31, 2015 include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The financial statements for periods prior to April 1, 2015 reflect the combined financial statements of Scripps Newspapers, a business representing the principal publishing operations of Scripps, as described below. Various agreements between the Company and Scripps became effective as of April 1, 2015 as further described in Note 15 - Transactions with Scripps . The Company's operations consist of daily and community newspapers in 14 markets across the United States. The newspapers earn revenue primarily from the sale of advertising to local and national advertisers and newspaper subscription fees. Employee related costs, newspaper distribution and newsprint costs are the primary expenses at each newspaper. The newspapers operate in small and mid-size markets, focusing on news coverage within their local markets. The daily newspapers published by the Company are the Abilene (TX) Reporter-News, the Anderson (SC) Independent-Mail, the Corpus Christi (TX) Caller-Times, the Evansville (IN) Courier & Press, the Henderson (KY) Gleaner, the Kitsap (WA) Sun, the Knoxville (TN) News Sentinel, the Memphis (TN) Commercial Appeal, the Milwaukee (WI) Journal Sentinel, the Naples (FL) Daily News, the Redding (CA) Record-Searchlight, the San Angelo (TX) Standard-Times, the Treasure Coast (FL) News/Press/Tribune, the Ventura County (CA) Star and the Wichita Falls (TX) Times Record News. The business also includes a 40% ownership in the Albuquerque Publishing Company, which publishes the Albuquerque Journal (NM) . Historically, separate financial statements have not been prepared for Scripps Newspapers. For periods prior to April 1, 2015, the combined financial statements reflect the historical financial position, results of operations, changes in parent company equity and cash flows of the Scripps Newspapers, as Scripps Newspapers was historically managed within Scripps (the "Parent"). The combined financial statements have been prepared on a “carve-out” basis and are derived from the consolidated financial statements and accounting records of Scripps. The consolidated and combined financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). Management believes that assumptions and methodologies underlying the allocation of general corporate expenses are reasonable. However, such expenses may not be indicative of the actual level of expense that would have been incurred had the Company operated as a separate stand-alone entity, and, accordingly, may not necessarily reflect the Company's combined financial position, results of operations and cash flows had the Company operated as a stand-alone entity during the periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We have reclassified certain prior year financial statement amounts to conform to the current year presentation. The Company is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act. For as long as the Company continues to be an emerging growth company, we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies," including the exemption from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. As used in the Notes to Consolidated and Combined Financial Statements, the terms “Company,” “we,” “our,” or “us” may, depending on the context, refer to the carve-out newspaper business of Scripps for periods prior to April 1, 2015 and to Journal Media Group as a whole for all other periods presented. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations — We are a diverse media enterprise with a portfolio of print and digital media brands. All of our media businesses provide content and advertising services via digital platforms, including the Internet, smartphones and tablets. The Company has aggregated its operating segments into one reportable segment since all of its newspapers sell similar products created with the same production process and which have similar economic characteristics. Concentration Risks — Our operations are geographically dispersed and we have a diverse customer base. We believe bad debt losses resulting from default by a single customer, or defaults by customers in any depressed region or business sector, would not have a material effect on our financial position, results of operations or cash flows. We derive approximately 60% of our operating revenues from advertising and marketing services. Changes in the demand for such services both nationally and in individual markets can affect operating results. Use of Estimates — Preparing financial statements in accordance with GAAP requires us to make a variety of decisions that affect the reported amounts and the related disclosures. Such decisions include the selection of accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience, actuarial studies and other assumptions. Our consolidated and combined financial statements include estimates and assumptions including: the periods over which long-lived assets are depreciated or amortized, the evaluation of recoverability of long-lived assets, valuation allowances against deferred income tax assets, corporate allocations for periods prior to April 1, 2015, and self-insured risks. While we reevaluate our estimates and assumptions on an ongoing basis, actual results could differ from those estimated at the time of preparation of the financial statements. Investments and Minority Interest — Investments in 20%-to-50%-owned corporations where we exert significant influence and all 50%-or-less-owned partnerships and limited liability companies are accounted for using the equity method. We do not hold any interests in variable interest entities. All intercompany transactions have been eliminated. Losses attributable to noncontrolling interests in subsidiary companies is included in net loss attributable to noncontrolling interest in the Consolidated and Combined Statements of Operations. Revenue Recognition — We recognize revenue when persuasive evidence of a sales arrangement exists, delivery occurs or services are rendered, the sales price is fixed or determinable and collectability is reasonably assured. We report revenue net of sales and other taxes collected from our customers. Our primary sources of revenue are from the sale of print and digital advertising and newspaper subscription fees. Revenue recognition policies for each source of revenue are as follows. Advertising and marketing services — Print advertising revenue is recognized when we display the advertisements. Digital advertising includes time-based, impression-based, and click-through campaigns. We recognize digital advertising revenue from fixed duration campaigns over the period in which the advertising appears. We recognize digital advertising revenue that is based upon the number of impressions delivered or the number of click-throughs as impressions are delivered or as click-throughs occur. We recognize marketing services revenue when the service is performed. Subscriptions — We recognize newspaper subscription revenue upon the publication date of the newspaper. We defer revenues from prepaid newspaper subscriptions and recognize subscription revenue on a pro-rata basis over the term of the subscription. We base subscription revenue for newspapers sold directly to subscribers on the retail rate. We base subscription revenue for newspapers sold to independent newspaper distributors, which are subject to returns, upon the wholesale rate. We estimate returns based on historical return rates and adjust our estimates based on the actual returns. Other Revenues — We also derive revenues from printing and distribution of other publications. We recognize printing revenues and third-party distribution revenue when the product is delivered in accordance with the customer’s instructions. Shipping and handling costs — Shipping and handling costs, including postage, billed to customers are included in revenue and the related costs are included in cost of sales. Advertising expense — We expense our advertising costs as incurred. Advertising expense totale d $7,600 , $7,024 and $8,778 in 2015, 2014 and 2013, respectively. Cash and Cash Equivalents — Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. Cash and cash equivalents includes credit and debit card sales transactions that are settled generally within three days after the period. Accounts Receivable — We extend credit to customers based upon our assessment of the customer’s financial condition. Collateral is generally not required from customers. We base allowances for credit losses upon trends, economic conditions, review of aging categories, specific identification of customers at risk of default and historical experience. We require advance payment from certain transient advertisers. A rollforward of the allowance for doubtful accounts is as follows: Balance as of January 1, 2013 $ 676 Charged to selling, general and administrative expenses 877 Amounts charged off, net (646 ) Balance as of December 31, 2013 907 Charged to selling, general and administrative expenses 632 Amounts charged off, net (793 ) Balance as of December 31, 2014 746 Charged to selling, general and administrative expenses 1,117 Amounts charged off, net (1,016 ) Balance as of December 31, 2015 $ 847 Inventories — Inventories are stated at the lower of cost or market. We determine the cost of inventories using the first in, first out (“FIFO”) method. Property, Plant and Equipment — Property, plant and equipment is carried at cost, or in the case of assets acquired in a business acquisition, at fair value as of the acquisition date, less accumulated depreciation. Property, plant and equipment includes internal use software, mobile app development and digital site development cost, which is carried at cost less amortization. We expense costs incurred in the preliminary project stage to develop or acquire internal use software, and to develop mobile apps or digital sites. Upon completion of the preliminary project stage and upon management authorization of the project, we capitalize costs to acquire or develop internal use software, mobile apps or digital sites, which primarily include coding, designing system interfaces, and installation and testing, if it is probable the project will be completed and the software will be used for its intended function. We expense costs incurred after implementation, such as maintenance and training. We compute depreciation and amortization using the straight-line method over estimated useful lives as follows: Buildings and improvements 30 to 45 years Printing presses 10 to 30 years Other production equipment 5 to 15 years Computer hardware and software 3 to 5 years Office and other equipment 3 to 10 years Goodwill — Goodwill represents the cost of acquisitions in excess of the acquired businesses’ tangible assets, identifiable intangible assets and liabilities assumed. All goodwill relates to the acquisition of JRN Newspapers on April 1, 2015 as described in Note 6 - Acquisitions. We test goodwill for impairment annually on October 1 at the reporting unit level using a fair value approach. For purposes of testing the carrying value of goodwill, we determine the fair value of the applicable reporting unit using an income and a market valuation approach. The income approach uses expected cash flows of the reporting unit. The cash flows are discounted for risk and time value. In addition, the present value of the projected residual value is estimated and added to the present value of the cash flows. The market approach to estimate fair value is based on the estimated value allocable to the reporting unit for the proposed merger (see Note 4), stock price multiples (based on revenue and EBITDA) of publicly traded stocks of comparable companies, and merger and acquisition values of comparable companies. Amortizable Intangible Assets — We amortize using the straight-line method trade names, customer lists and other intangible assets in relation to their expected future cash flows over estimated useful lives of 3 to 25 years. Impairment of Long-Lived Assets — We review long-lived assets (primarily property, plant and equipment and amortizable intangible assets) for impairment whenever events or circumstances indicate the carrying amounts of the assets may not be recoverable. Recoverability is determined by comparing the forecasted undiscounted cash flows of the operation to which the assets relate to the carrying amount of the assets. If the undiscounted cash flow is less than the carrying amount of the assets, then amortizable intangible assets are written down first, followed by other long-lived assets, to fair value. We determine fair value based on discounted cash flows or appraisals. We report long-lived assets to be disposed of at the lower of carrying amount or fair value less costs to sell. Self-Insured Risks — We are self-insured, up to certain limits, for general and automobile liability, employee health, disability and workers’ compensation claims and certain other risks. Estimated liabilities for unpaid claims totaled $8,855 and $8,686 as of December 31, 2015 and 2014 , respectively. We estimate liabilities for unpaid claims using actuarial methodologies and our historical claims experience. While we re-evaluate our assumptions and review our claims experience on an ongoing basis, actual claims paid could vary significantly from estimated claims, which would require adjustments to expense. Income Taxes — Historically, the Company was included in the Scripps federal and state tax filings with other Scripps entities. The income tax provisions in these consolidated and combined financial statements prior to April 1, 2015 have been prepared on a separate return basis as if the Company was a stand-alone entity. For jurisdictions where the Company filed returns as part of Scripps, the stand alone provision will present taxes payable as a component of equity since the Company will never actually be liable for the payable. We recognize deferred income taxes for temporary differences between the tax basis and reported amounts of assets and liabilities that will result in taxable or deductible amounts in future years. We establish a valuation allowance if we believe that it is more likely than not that we will not realize some or all of the deferred tax assets. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or that we expect to take in a tax return. Interest and penalties associated with such tax positions are included in the tax provision. Parent Company Equity — Parent Company Equity on the Consolidated and Combined Balance Sheets represents Scripps' historical investment of capital into the Company, the Company's accumulated earnings after taxes, and the net effect of transactions with and allocations of corporate expenses from Scripps. Stock-Based Compensation — On March 30, 2015, our board of directors and shareholders approved the Journal Media Group Long-Term Incentive Plan (the "2015 Plan") authorizing the award of non-qualified stock options, incentive stock options, stock appreciation rights, restricted share awards, restricted share units, performance shares, performance units, other stock-based awards or dividend equivalents. The 2015 Plan also provides for the issuance of cash-based awards. We value unrestricted stock awards at the closing market price of our common stock on the grant date. We value restricted stock units at the closing market price of our common stock on the grant date. We recognize stock-based compensation expense on a straight-line basis over the service period based upon the fair value of the award on the grant date. Stock-based compensation expense is reported in selling, general and administrative expenses in our consolidated statements of operations. For periods prior to the April 1, 2015 separation date, certain employees were eligible to participate in the Scripps Long-Term Incentive Plan (the "Scripps Plan"). The Scripps Plan provided for the granting of non-qualified stock options, restricted stock units and restricted common shares of Scripps. Stock-based compensation expense for participants in the Scripps Plan who were solely dedicated to newspapers operations were allocated to the Company and included within selling, general and administrative expense in our consolidated and combined financial statements. Such expense was recognized on a straight-line basis over the requisite service period of the award based on the grant date fair value of the award. Pension — Prior to April 1, 2015, retirement benefits were provided to eligible employees of the Company, primarily through defined benefit plans sponsored by Scripps. The Company has accounted for its participation in the Scripps Pension Plan as a participant in a multi-employer plan. Expense has been determined on a participant basis and included in the combined financial statements of the Company. As a participant in a multi-employer plan, no assets or liabilities are included in the Consolidated and Combined Balance Sheets of the Company other than contributions currently due and unpaid to the plan. Prior to December 31, 2014, the Company also had four plans that were sponsored directly by the Company's Memphis and Knoxville newspapers. On September 30, 2014, the plan sponsored by the Knoxville newspaper with an unfunded liability of $3,000 was merged into the Scripps sponsored plan. On December 31, 2014, the plans sponsored by the Memphis newspaper with an unfunded liability of $14,600 was merged into the Scripps sponsored plan. Prior to April 1, 2015, the Company participated in the Scripps Supplemental Executive Retirement Plan ("SERP") which the Company accounted for as a separate stand alone defined benefit plan. The Company accounted for the allocation of the benefit obligations specifically related to its employees and its estimated portion of the plan assets, if any. The total SERP pension expense was allocated to the Company based on the Company's share of the service cost and benefit obligations, in addition to its expected return on its portion of the SERP assets. Effective April 1, 2015, the Company established the JMG Supplemental Executive Retirement Plan ("JMG SERP") which is a mirror plan of the former Scripps and Journal plans. The JMG SERP is an unfunded non-qualified defined benefit pension plan providing retirement benefits to certain executive employees. Other Postretirement Benefits — Prior to April 1, 2015, certain health care and life insurance benefits for retired employees of the Company were provided through postretirement plans ("OPEB") sponsored by Scripps. The expected cost of providing these benefits was accrued over the years that the employees render services. A portion of the Scripps OPEB liability and corresponding expense has been allocated specifically to the Company and included in these consolidated and combined financial statements. The amounts included in these consolidated and combined financial statements were actuarially determined based on amounts allocable to eligible employees of the Company. Effective April 1, 2015, the Company established the Journal Media Group postretirement plan ("JMG OPEB") which is a mirror plan of the former Scripps and Journal plans. It is the Company's policy to fund postretirement benefits as claims are incurred. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently-Issued Accounting Standards | RECENTLY-ISSUED ACCOUNTING STANDARDS In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02, "Leases" (ASU 2016-02). The core principle of ASU 2016-02 is that an entity should recognize on its balance sheet assets and liabilities arising from a lease. In accordance with that principle, ASU 2016-02 requires that a lessee recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying leased asset for the lease term. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on the lease classification as a finance or operating lease. This new accounting guidance is effective for public companies for fiscal years beginning after December 15, 2018 under a modified retrospective approach and early adoption is permitted. We are currently evaluating the impact the adoption of ASU 2016-02 will have on our consolidated and combined financial statements. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." This ASU simplifies the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet, as opposed to the previous guidance, which required entities to separately present deferred tax assets and liabilities as current and noncurrent. This guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted and entities can apply the amendments either prospectively or retrospectively. We have adopted this guidance for our December 31, 2015 balance sheet and we are applying the guidance prospectively. In September 2015, the FASB issued ASU 2015-16, "Business Combinations." This guidance simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments. Instead, the acquirer must recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. This guidance is effective prospectively for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. We are currently in the process of evaluating the impact of the adoption on our consolidated financial statements, but we do not expect it to have a material impact on our financial statements. In July 2015, the FASB issued ASU 2015-11 "Simplifying the Measurement of Inventory." The ASU applies to all inventory that is not measured using the last-in, first-out or retail inventory methods. Under the guidance, an entity should measure inventory at the lower of cost and net realizable value. This guidance is effective prospectively for fiscal years beginning after December 15, 2016, with early adoption permitted. We are currently in the process of evaluating the impact of the adoption on our consolidated financial statements, but we do not expect it to have a material impact on our financial statements. In April 2015, the FASB issued ASU 2015-05 "Intangibles - Goodwill and Other - Internal-Use Software." The ASU provides guidance to customers about whether a cloud computing arrangement contains a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective prospectively or retrospectively for fiscal years beginning after December 15, 2015, with early adoption permitted. We are currently in the process of evaluating the impact of the adoption on our consolidated financial statements, but we do not expect it to have a material impact on our financial statements. In April 2015, the FASB issued ASU 2015-03 "Interest - Imputation of Interest." The ASU simplifies the presentation of debt issuance costs. Under the new guidance, debt issuance costs should be presented in the balance sheet as a direct deduction from the carrying amount of debt liability. This guidance is effective retrospectively for fiscal years beginning after December 15, 2015, with early adoption permitted. ASU 2015-15 was issued in August 2015 and clarifies the SEC staff's position on presenting and measuring debt issuance costs incurred in connection with line-of-credit arrangements as an asset due to the lack of guidance in ASU 2015-03. We are currently in the process of evaluating the impact of the adoption on our consolidated financial statements, but we do not expect it to have a material impact on our financial statements. In February 2015, the FASB issued ASU 2015-02 "Consolidation." The ASU updates the consolidation process entities consider when evaluating whether to consolidate certain legal entities. This guidance is effective using a modified or full retrospective approach for fiscal years beginning after December 15, 2015, with early adoption permitted. We are currently in the process of evaluating the impact of the adoption on our consolidated financial statements, but we do not expect it to have a material impact on our financial statements. In May 2014, the FASB issued new guidance on revenue recognition. Under this new standard, an entity shall recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard creates a five-step process that requires entities to exercise judgment when considering the terms of the contract(s) and all relevant facts and circumstances. This standard permits the use of either the retrospective or cumulative effect transition method and will be effective for us beginning in 2018. Early adoption is permitted in 2017. We are currently assessing the impact this new guidance will have on our consolidated financial statements and have not yet determined a transition method. |
Proposed Merger With Gannett
Proposed Merger With Gannett | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Proposed Merger With Gannett | PROPOSED MERGER WITH GANNETT On October 7, 2015, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Gannett Co., Inc. (“Gannett”) and Jupiter Merger Sub, Inc., a wholly owned subsidiary of Gannett (“Merger Sub”). The Merger Agreement provides that, subject to the satisfaction or waiver of specified conditions, Merger Sub will merge with and into us and we will become a wholly owned subsidiary of Gannett (the “merger”). If the merger is completed, our shareholders will receive $12.00 in cash, without interest and less any applicable withholding taxes (the “Merger Consideration”), for each share of our common stock owned. In addition, under the Merger Agreement all of our unvested restricted stock units outstanding immediately prior to the effective time of the merger will become vested, and, as a result, such restricted stock units will become shares of our common stock that will be converted into the right to receive the Merger Consideration. This transaction was unanimously approved by the boards of directors of both companies and was also approved by our shareholders (Gannett’s shareholders are not required to vote on this transaction). The closing of the merger remains subject to customary closing conditions, including antitrust regulatory clearance. We and Gannett are continuing to work through the review process with the U.S. Department of Justice and look forward to closing the transaction on a timely basis. ACQUISITIONS On April 1, 2015 , we completed the acquisition of JRN Newspapers by issuing 9,928 common shares to Journal shareholders in exchange for their interest in JRN Newspapers. The purchase price of $87,362 reflects the fair value of the common shares issued to Journal shareholders based on the closing market price of our common stock on the acquisition date. The fair values of assets acquired and liabilities assumed for JRN Newspapers are preliminary based upon all information available to us at the present time and are subject to working capital and post-closing adjustments and are as follows: JRN Newspapers Cash $ 10,489 Receivables 12,359 Prepaid expenses and other current assets 5,101 Property, plant and equipment 74,376 Intangible assets 9,600 Goodwill 9,157 Other assets 688 Total assets 121,770 Current liabilities 23,751 Long-term liabilities 10,657 Total liabilities 34,408 Total purchase price $ 87,362 The intangible assets are trade names with an amortization period of 25 years. Goodwill of $9,157 arising from the acquisition is attributable to cost and revenue synergies expected to be realized. The goodwill which we acquired is not subject to amortization for financial reporting purposes, but is expected to be entirely deductible for income tax purposes. Goodwill and current liabilities increased $127 , from amounts previously reported in our September 30, 2015 Form 10-Q, for certain liabilities due to Scripps per the master transaction agreement. Transition and integration related costs with respect to the foregoing transaction were $7,616 for the year ended December 31, 2015 , and are included in selling, general and administrative expenses in the Consolidated and Combined Statement of Operations. The acquisition has been accounted for under the acquisition method of accounting, which requires the total purchase price to be allocated to the assets acquired and liabilities assumed based on their estimated fair values, which is a level 3 valuation in the GAAP valuation hierarchy. A level 3 valuation includes pricing inputs that are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The excess purchase price over the amounts assigned to tangible and intangible assets acquired and liabilities assumed is recognized as goodwill. The operating results and cash flows of the acquired business are included in our consolidated financial statements from April 1, 2015 , the effective date we acquired control of JRN Newspapers. JRN Newspapers contributed revenue of $100,486 and net earnings of $4,348 for the period from April 1, 2015 to December 31, 2015 . The following pro forma information presents the combined results of operations as if the acquisition of JRN Newspapers had occurred on January 1, 2014: Twelve months ended December 31, Pro Forma Results of Operations 2015 2014 Revenue $ 474,967 $ 517,896 Net earnings (loss) $ 9,704 $ (25,319 ) Earnings (loss) per share, basic and diluted $ 0.39 $ (1.04 ) The pro forma results reflect certain adjustments related to the acquisition. The 2015 pro forma revenue and net earnings (loss) were adjusted to exclude the $1,257 revenue ( $754 after-tax) reduction related to the fair value deferred revenue valuation. The 2015 results also exclude $4,570 in after-tax transition and integration costs. The 2014 pro forma revenue was adjusted to include the $1,257 revenue reduction related to the fair value deferred revenue valuation. The 2014 results include $4,570 in after-tax transition and integration costs. The pro forma results exclude any planned revenue or cost synergies or other effects of the planned integration of JRN Newspapers. The pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred if we had completed this acquisition as of the date indicated above or the results that will be attained in the future. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The Company computes earnings per share in accordance with FASB Accounting Standards Codification ("ASC") 260. Under this guidance, our unvested restricted share units issued in 2015 that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and, therefore, are included in computing basic earnings per share pursuant to the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends or dividend equivalents and their respective participation rights in undistributed earnings. Basic earnings per share has been computed using the weighted average number of common shares outstanding during each period. Diluted earnings per share attributable to common stockholders is computed by dividing the earnings attributable to common stockholders by the weighted-average number of shares of common stock outstanding, including potential dilutive shares of common stock assuming the dilutive effect of outstanding restricted stock units using the treasury stock method or if-converted method, whichever is more dilutive. The Company issued 24,378 shares of Journal Media Group common stock upon the completion of the separation on April 1, 2015, 14,450 of which was converted from shares of Scripps common stock. The weighted average number of common shares outstanding assumes the 14,450 shares of Journal Media Group common stock issued to Scripps shareholders were outstanding as of January 1, 2013. For 2015, the restricted share units (representing 559 potentially dilutive shares) were anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share for the year ended December 31, 2015 under the two-class method: December 31, 2015 Undistributed net income (loss): Net income $ 3,127 Less dividends paid: Common stock 3,907 Unvested restricted share units 90 Total undistributed net income (loss) $ (870 ) Undistributed net income (loss): Common stock $ (870 ) Unvested restricted share units — Total undistributed net income (loss) $ (870 ) Basic earnings per share: Distributed earnings per share $ 0.16 Undistributed loss per share (0.04 ) Basic earnings per share $ 0.12 Diluted earnings (loss) per share: Distributed earnings per share $ 0.16 Undistributed loss per share (0.04 ) Diluted earnings per share $ 0.12 Weighted average shares outstanding: Basic 21,949 Diluted 21,949 The following table sets for the computation of basic and diluted loss per share for the years ended December 31, 2014 and 2013 : December 31, 2014 December 31, 2013 Net loss $ (25,766 ) $ (16,703 ) Weighted average shares outstanding: Basic 14,450 14,450 Diluted 14,450 14,450 Loss per share: Basic $ (1.78 ) $ (1.16 ) Diluted $ (1.78 ) $ (1.16 ) |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | PROPOSED MERGER WITH GANNETT On October 7, 2015, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Gannett Co., Inc. (“Gannett”) and Jupiter Merger Sub, Inc., a wholly owned subsidiary of Gannett (“Merger Sub”). The Merger Agreement provides that, subject to the satisfaction or waiver of specified conditions, Merger Sub will merge with and into us and we will become a wholly owned subsidiary of Gannett (the “merger”). If the merger is completed, our shareholders will receive $12.00 in cash, without interest and less any applicable withholding taxes (the “Merger Consideration”), for each share of our common stock owned. In addition, under the Merger Agreement all of our unvested restricted stock units outstanding immediately prior to the effective time of the merger will become vested, and, as a result, such restricted stock units will become shares of our common stock that will be converted into the right to receive the Merger Consideration. This transaction was unanimously approved by the boards of directors of both companies and was also approved by our shareholders (Gannett’s shareholders are not required to vote on this transaction). The closing of the merger remains subject to customary closing conditions, including antitrust regulatory clearance. We and Gannett are continuing to work through the review process with the U.S. Department of Justice and look forward to closing the transaction on a timely basis. ACQUISITIONS On April 1, 2015 , we completed the acquisition of JRN Newspapers by issuing 9,928 common shares to Journal shareholders in exchange for their interest in JRN Newspapers. The purchase price of $87,362 reflects the fair value of the common shares issued to Journal shareholders based on the closing market price of our common stock on the acquisition date. The fair values of assets acquired and liabilities assumed for JRN Newspapers are preliminary based upon all information available to us at the present time and are subject to working capital and post-closing adjustments and are as follows: JRN Newspapers Cash $ 10,489 Receivables 12,359 Prepaid expenses and other current assets 5,101 Property, plant and equipment 74,376 Intangible assets 9,600 Goodwill 9,157 Other assets 688 Total assets 121,770 Current liabilities 23,751 Long-term liabilities 10,657 Total liabilities 34,408 Total purchase price $ 87,362 The intangible assets are trade names with an amortization period of 25 years. Goodwill of $9,157 arising from the acquisition is attributable to cost and revenue synergies expected to be realized. The goodwill which we acquired is not subject to amortization for financial reporting purposes, but is expected to be entirely deductible for income tax purposes. Goodwill and current liabilities increased $127 , from amounts previously reported in our September 30, 2015 Form 10-Q, for certain liabilities due to Scripps per the master transaction agreement. Transition and integration related costs with respect to the foregoing transaction were $7,616 for the year ended December 31, 2015 , and are included in selling, general and administrative expenses in the Consolidated and Combined Statement of Operations. The acquisition has been accounted for under the acquisition method of accounting, which requires the total purchase price to be allocated to the assets acquired and liabilities assumed based on their estimated fair values, which is a level 3 valuation in the GAAP valuation hierarchy. A level 3 valuation includes pricing inputs that are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The excess purchase price over the amounts assigned to tangible and intangible assets acquired and liabilities assumed is recognized as goodwill. The operating results and cash flows of the acquired business are included in our consolidated financial statements from April 1, 2015 , the effective date we acquired control of JRN Newspapers. JRN Newspapers contributed revenue of $100,486 and net earnings of $4,348 for the period from April 1, 2015 to December 31, 2015 . The following pro forma information presents the combined results of operations as if the acquisition of JRN Newspapers had occurred on January 1, 2014: Twelve months ended December 31, Pro Forma Results of Operations 2015 2014 Revenue $ 474,967 $ 517,896 Net earnings (loss) $ 9,704 $ (25,319 ) Earnings (loss) per share, basic and diluted $ 0.39 $ (1.04 ) The pro forma results reflect certain adjustments related to the acquisition. The 2015 pro forma revenue and net earnings (loss) were adjusted to exclude the $1,257 revenue ( $754 after-tax) reduction related to the fair value deferred revenue valuation. The 2015 results also exclude $4,570 in after-tax transition and integration costs. The 2014 pro forma revenue was adjusted to include the $1,257 revenue reduction related to the fair value deferred revenue valuation. The 2014 results include $4,570 in after-tax transition and integration costs. The pro forma results exclude any planned revenue or cost synergies or other effects of the planned integration of JRN Newspapers. The pro forma results are for comparative purposes only and may not be indicative of the results that would have occurred if we had completed this acquisition as of the date indicated above or the results that will be attained in the future. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company is included in Scripps' consolidated federal tax return and in unitary returns in certain states for periods prior to April 1, 2015. The Company also files separate state returns for its Memphis and Evansville newspapers. For periods ending on or before April 1, 2015, the Company accounts for income taxes under the separate return basis. Under this approach, the Company determines its current tax liability and its deferred tax assets and liabilities as if it were filing a separate tax return. Current tax is considered paid as incurred and settled through parent company equity. Effective April 1, 2015 the Company will no longer be included in the Scripps federal return, but will instead file its own federal return and all applicable unitary and separate state returns, as well as contining to file separate state returns for its Memphis and Evansville newspapers. The provision for income taxes consisted of the following: For the years ended December 31, 2015 2014 2013 Current: Federal $ 1,974 $ — $ — State and local 718 413 409 Total current income tax provision 2,692 413 409 Deferred: Federal 2,611 — (2,115 ) Other 418 — (364 ) Total deferred income tax provision 3,029 — (2,479 ) Provision (benefit) for income taxes $ 5,721 $ 413 $ (2,070 ) Prior to April 1, 2015, Scripps Newspapers recorded minimal state taxes and a valuation allowance against its net deferred tax assets for federal and certain state income taxes as it was more likely than not that it would not realize these benefits as a result of its history of losses over the past three years. We have treated the Scripps Newspapers loss in the first quarter of 2015 as a non-deductible permanent difference because, for tax purposes, the loss will be claimed by Scripps, not Journal Media Group. In accordance with the intraperiod tax allocation rules, in 2013 , we allocated $2,303 of tax benefit to other comprehensive income and treated the corresponding offset as an allocation to tax benefit from operations. For the remainder of 2015 , we have recorded a valuation allowance against certain of our net deferred tax assets primarily attributable to state net operating loss carryovers. As a result of the negative evidence presented by our history of losses over the past three years, we have concluded that it is more likely than not that we will not realize these benefits. The difference between the statutory rate for federal income tax and the effective income tax rate was as follows: For the years ended December 31, 2015 2014 2013 Statutory rate 35.0 % 35.0 % 35.0 % Effect of: State and local income taxes, net of federal income tax benefit 9.2 (1.1 ) 0.6 Non deductible expenses 21.3 (1.4 ) (2.2 ) Tax credits — 0.4 0.5 Other (1.1 ) 1.2 0.1 Valuation allowance 1.0 (35.7 ) (22.9 ) Effective income tax rate 65.4 % (1.6 )% 11.1 % For 2015 the non deductible expenses are primarily composed of the first quarter pre-tax loss from Scripps Newspapers and transaction costs, both of which are not deductible by the Company for tax purposes. The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows: As of December 31, 2015 2014 Temporary differences: Property, plant and equipment $ (25,999 ) $ (26,051 ) Goodwill and other intangible assets 896 1,517 Accrued expenses not deductible until paid 595 4,512 Deferred compensation and retiree benefits not deductible until paid 5,039 5,257 Other temporary differences, net 1,291 1,626 Total temporary differences (18,178 ) (13,139 ) Federal and state net operating loss carryforwards 2,963 68,758 Valuation allowances (1,738 ) (55,619 ) Net deferred tax liability $ (16,953 ) $ — The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers all available positive and negative evidence, including the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical pre-tax losses, GAAP prevents the Company from using projections for future taxable income to support the realization of its deferred tax assets. Accordingly, management believes it is more likely than not that the Company will not realize the benefit of most of its net deferred tax assets. As of December 31, 2015 and 2014 , in jurisdictions in which there is a net deferred tax asset, the Company has established a full valuation allowance. As of April 1, 2015, state net operating losses for our Memphis and Evansville subsidiaries of $44,202 were transferred to the Company. These losses will expire at various times through 2035. As of April 1, 2015, a federal net operating loss of $5,422 generated by Scripps prior to April 1, 2015 and allocable to the Memphis and Evansville subsidiaries was transferred to the Company. This loss will be fully utilized on our 2015 federal income tax return. The Company files tax returns in the United States federal jurisdiction, as well as in approximately 18 state and local jurisdictions. The statute of limitations for assessing additional taxes is three years for federal purposes and typically between three and four years for state and local purposes. As a newly formed public company which began filing federal tax returns in 2014, the Company's 2014-2015 tax returns are open for federal purposes. For state purposes, our 2011-2015 separate company state tax returns for the Evansville and Memphis entities remain open, unless the statute of limitations has been previously extended. Currently, Journal Communications is under audit by the IRS for the 2013 tax year. Under the terms of the Tax Matters Agreement signed with Scripps, we are only liable for any tax assessment which is allocable to the newspaper business. In addition, we are under audit in Mississippi for our 2010-2012 tax returns. As of December 31, 2015, our liability for unrecognized tax benefits was $17 , which, if recognized, would have an impact on our effective tax rate. As of December 31, 2015, it is reasonably possible for $32 of unrecognized tax benefits and related interest to be recognized within the next 12 months due to settlements with taxing authorities. We recognize interest income, interest expense and penalties related to unrecognized tax benefits in our provision for income taxes. As of December 31, 2015 and December 31, 2014, we had $15 and $0 , respectively, accrued for interest expense and penalties. During 2015 and 2014, we recognized $15 and $0 , respectively, related to unrecognized tax benefits. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following (with the amounts as of December 31, 2015 reflecting the acquisition of JRN Newspapers): As of December 31, 2015 2014 Land and improvements $ 52,705 $ 44,463 Buildings and improvements 165,441 133,019 Equipment 291,221 264,194 Construction in progress 1,487 475 Total 510,854 442,151 Accumulated depreciation (268,513 ) (256,603 ) Net property, plant and equipment $ 242,341 $ 185,548 We recorded accelerated depreciation of $1,315 in the year ended December 31, 2015 related to certain assets that were removed from service or will be replaced by a press project when it is completed in 2016. During the second quarter of 2015, we recorded an impairment of $265 for land and a building based on an accepted offer to sell the property. The fair value measurement is considered a level 3 measurement in the GAAP valuation hierarchy. The charge is recorded in selling, general and administrative expense. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill was as follows: Balance at December 31, 2014 $ — Goodwill related to the acquisition of JRN Newspapers 9,157 Balance at December 31, 2015 $ 9,157 There were no accumulated impairment losses as of December 31, 2015. 2015 Annual Impairment Test Our annual impairment test on goodwill as of October 1, 2015 indicated there was no impairment of our goodwill. For purposes of testing the carrying value of goodwill, we determine the fair value of the applicable reporting unit using an income and a market valuation approach. The income approach uses expected cash flows of the reporting unit. The cash flows are discounted for risk and time value. In addition, the present value of the projected residual value is estimated and added to the present value of the cash flows. The market approach to estimate fair value is based on the estimated value allocable to the reporting unit for the proposed merger (see Note 4), stock price multiples (based on revenue and EBITDA) of publicly traded stocks of comparable companies, and merger and acquisition values of comparable companies. Each approach estimated a fair value exceeding carrying value. We base our fair value estimates on various assumptions about our projected operating results, including continuing declines in revenues as well as an expectation that we will achieve cash flow benefits from our continuing cost cutting measures. The valuation methodology used to estimate the fair value of our reporting unit requires inputs and assumptions (i.e., market growth, operating cash flow margins and discount rates) that reflect current market conditions as well as management judgment. These assumptions may change due to changes in market conditions and such changes may result in an impairment of our goodwill. Actual operating results may not achieve these assumptions in the near term and such results may result in future impairment. Other Intangible Assets Other intangible assets consisted of the following: As of December 31, 2015 2014 Amortizable intangible assets: Carrying amount: Customer lists and advertiser relationships $ 10,466 $ 10,466 Trade names 10,821 1,176 Other 504 504 Total carrying amount 21,791 12,146 Accumulated amortization: Customer lists and advertiser relationships (9,003 ) (8,798 ) Trade names (1,366 ) (961 ) Other (401 ) (386 ) Total accumulated amortization (10,770 ) (10,145 ) Net amortizable intangible assets $ 11,021 $ 2,001 Weighted average amortization lives (years) for each class of intangible assets and in total are as follows: Customer lists and advertiser relationships 10 Trade names 23 Other 13 Total 17 Estimated amortization expense of intangible assets for each of the next five years is as follows: 2016 $ 690 2017 595 2018 595 2019 534 2020 516 Thereafter 8,091 Total $ 11,021 |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | NONCONTROLLING INTEREST Individuals and other entities own a 4% noncontrolling interest in the capital stock of the subsidiary company that publishes our Memphis newspaper and a 6% noncontrolling interest in the capital stock of the subsidiary company that publishes our Evansville newspaper. We are not required to redeem the noncontrolling interests in these subsidiary companies. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT On April 1, 2015, we entered into a five -year credit agreement maturing on April 1, 2020. The credit agreement provides for a revolving credit facility with total aggregate commitments of $50,000 . As of December 31, 2015 , there were no borrowings outstanding. The proceeds of the facility will be used by us for general corporate purposes. At our option, the commitments under the credit agreement may be increased from time to time in the form of additional revolving commitments and/or incremental term loans to an aggregate amount not to exceed $75,000 . The increase option is subject to the satisfaction of certain conditions, including, without limitation, the identification of lenders (which may include existing lenders or new lenders) willing to provide the additional commitments. Borrowings under the credit agreement incur interest, at our option, at either (a) the London Interbank Offered Rate ("LIBOR") plus a margin that ranges from 125 basis points to 200 basis points, depending on the net debt ratio, or (b) (i) the base rate, which equals the highest of the prime rate set by U.S. Bank National Association, the Federal Funds Rate plus 50 basis points or one-month LIBOR plus 100 basis points, plus (ii) a margin that ranges from 25 basis points to 100 basis points, depending on the net debt ratio. As of December 31, 2015 , the margin above LIBOR was 125 basis points. Our obligations under the credit agreement are currently guaranteed by certain of our subsidiaries. Subject to certain exceptions, the credit agreement is secured by liens on our assets and contains affirmative, negative and financial covenants which are customary for financings of this type, including, among other things, limits on the creation of liens, limits on the incurrence of indebtedness, restrictions on dispositions and restrictions on the payment of dividends. Under the credit agreement, dividends and share repurchases paid from borrowed funds may not exceed $10,000 in any fiscal year. The credit agreement also includes the following financial covenants: • A consolidated total debt ratio of not greater than 3 -to-1, as of the end of each fiscal quarter, as determined for the four fiscal quarters then ended. This ratio compares, as of the last day of any fiscal quarter, our consolidated total debt on such date to consolidated EBITDA, defined in the credit agreement as earnings before interest, taxes, depreciation, amortization, restructuring charges, gains/losses on asset disposals, non-cash charges and certain other adjustments, for the period of four consecutive fiscal quarters ending on such date. • A minimum interest coverage ratio of not less than 3 -to-1, as of the end of each fiscal quarter, as determined for the four fiscal quarters then ended. This ratio compares, for any period, our consolidated EBIT, defined in the credit agreement as earnings before interest, taxes, restructuring charges, gains/losses on asset disposals, non-cash charges and certain other adjustments, for the four fiscal quarters then ended to the Company’s consolidated interest expense for such four fiscal quarters then ended. |
Workforce Reductions
Workforce Reductions | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Workforce Reductions | WORKFORCE REDUCTIONS During 2015 , we recorded a pre-tax charge of $2,517 for workforce reduction costs. Of the costs recorded for the year ended December 31, 2015 , $1,180 is included in cost of sales and $1,337 is included in selling, general and administrative expenses. We expect payments of all such costs to be completed during the first half of 2016 . During 2014, we recorded a pre-tax charge to cost of sales of $2,336 for workforce reduction costs. The activity associated with our liability for workforce reduction costs during the years ended December 31, 2015 and 2014 was as follows: As of December 31, 2013 $ 1,798 Charge for separation benefits 2,336 Payments for separation benefits (2,604 ) As of December 31, 2014 1,530 Charge for separation benefits 2,517 Acquisition of JRN Newspapers 1,727 Payments for separation benefits (4,289 ) As of December 31, 2015 $ 1,485 |
Guarantee
Guarantee | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Guarantee | GUARANTEE We guarantee a Scripps loan of $1,400 made to Albuquerque Publishing Company ("APC"), which we account for as an equity method investment, to fund the purchase of a printing press. The loan will be amortized in equal payments, including interest and principal, commencing January 31, 2016 and concluding on December 31, 2020. As of December 31, 2015 , our potential obligation pursuant to the guarantee, including accrued interest, was $1,466 . As part of the loan agreement, we received a full guarantee from Journal Publishing Company, our partner in APC. The consolidated and combined balance sheets do not include any liabilities related to this guarantee as of December 31, 2014 or 2015. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS We use a December 31 measurement date for our retirement plans. Retirement plans expense is based on valuations as of the beginning of each fiscal year. Journal Media Group Defined Benefit Plans: Effective April 1, 2015, the Company established the JMG SERP, which is a mirror plan of the former Scripps and Journal SERP. The JMG SERP is an unfunded non-qualified pension plan providing retirement benefits to certain executive employees. We also provide certain health care and life insurance benefits for retired employees of the Company through the Company sponsored JMG OPEB, a mirror plan of the former Scripps and Journal OPEB. It is the Company's policy to fund postretirement benefits as claims are incurred. The components of the defined pension and benefit plan expense for the JMG SERP and JMG OPEB plans consist of the following: Year Ended December 31, 2015 JMG SERP JMG OPEB Total Service cost $ — $ 9 $ 9 Interest cost 350 269 619 Expected return on plan assets, net of expenses — — Amortization of actuarial (gain)/loss (54 ) (54 ) Total for JMG SERP and JMG OPEB plans 296 278 574 Allocated portion of Scripps sponsored defined benefit plans 1,322 Defined pension and benefit plan expense $ 296 $ 278 $ 1,896 For the JMG SERP and JMG OPEB retirement plans sponsored by the Company other changes in plan assets and benefit obligations recognized in other comprehensive loss were as follows: Year Ended December 31, 2015 JMG SERP JMG OPEB Total Current year actuarial (gain)/loss $ (372 ) $ (719 ) $ (1,091 ) Prior service credit arising during 2015 — (370 ) (370 ) Amortization of actuarial gain 54 — 54 Total $ (318 ) $ (1,089 ) $ (1,407 ) Assumptions used in determining the annual JMG SERP and JMG OPEB retirement plans expense for the year ended December 31, 2015 were as follows: JMG SERP JMG OPEB Discount rate 4.20% 3.25% - 3.60% Long-term rate of return on plan assets N/A N/A Increase in compensation levels N/A N/A Obligations and Funded Status — The defined benefit pension plan obligations and funded status are actuarially valued as of the end of each year. The following table presents information for the plans sponsored by the Company of employee benefit plan assets and obligations: For the year ended December 31, 2015 JMG SERP JMG OPEB Total Accumulated benefit obligation $ 4,737 $ 8,208 $ 12,945 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 3,883 $ 2,274 $ 6,157 Acquisition of JRN Newspapers 1,829 8,769 10,598 Transfer to Scripps $ — $ (1,071 ) $ (1,071 ) Service cost — 9 9 Interest cost 350 269 619 Benefits paid (953 ) (953 ) (1,906 ) Actuarial gain and prior service cost (372 ) (1,089 ) (1,461 ) Projected benefit obligation at end of year 4,737 8,208 12,945 Plan assets: Fair value at beginning of year $ — $ — $ — Actual return on plan assets — — — — Company contributions 953 953 1,906 Benefits paid (953 ) (953 ) (1,906 ) Fair value at end of year — — — Funded status $ (4,737 ) $ (8,208 ) $ (12,945 ) Amounts recognized in Consolidated Balance Sheet: Current liabilities $ 366 $ 974 $ 1,340 Noncurrent liabilities 4,371 7,234 11,605 Total $ 4,737 $ 8,208 $ 12,945 Amounts recognized in accumulated other comprehensive loss consist of: Unrecognized net actuarial loss/(gain) $ 1,947 $ (2,257 ) $ (310 ) The methodology for selecting the year-end 2015 weighted-average discount rate for the company’s postretirement plans was to match the plans’ yearly projected cash flows for benefits and service costs to those of hypothetical bond portfolios using bonds with an AA average rating in the Aon Hewitt universe as of the measurement date. The Company uses the calendar year end as the measurement date for its plans. For 2016, the actuarial calculations assume a pre-65 health care cost trend rate of 8.5% and a post-65 health care cost trend rate of 8.7% , both decreasing gradually to 5.00% in 2024 and thereafter. As of 2015 year end, a one-percentage-point increase in the health care cost trend rate for future years would increase the accumulated postretirement benefit obligation by approximately $44 . Conversely, a one-percentage-point decrease in the health care cost trend rate for future years would decrease the accumulated postretirement benefit obligation by $43 . As of 2015 year end, a one-percentage-point increase in the JMG OPEB discount rate would decrease the projected benefit obligation by approximately $487 . A one-percentage-point decrease in the JMG OPEB discount rate for future years would increase the projected benefit obligation by $546 . As of 2015 year end, a one-percentage-point increase in the JMG SERP discount rate would decrease the projected benefit obligation by approximately $390 . A one-percentage-point decrease in the JMG SERP discount rate for future years would increase the projected benefit obligation by $458 . The following benefit payments, which reflect expected future service, are expected to be paid as follows: Year JMG SERP JMG OPEB 2016 $ 366 $ 974 2017 359 911 2018 346 909 2019 357 879 2020 371 825 2021-2025 1,791 2,960 Scripps defined benefit pension plans and defined contribution plan: Prior to April 1, 2015, certain of the Company's employees participated in the Scripps defined benefit pension plans, its non-qualified SERP and its defined contribution plan. Scripps sponsored various noncontributory defined benefit pension plans covering substantially all full-time Scripps employees that began employment prior to June 30, 2008. Benefits earned by employees were generally based upon employee compensation and years of service credits. Effective June 30, 2009, Scripps froze the accrual of benefits under its defined benefit pension plans and its SERP that cover the majority of its employees. As of April 1, 2015, the defined tax qualified benefit pension plans became an obligation of Scripps as part of the transactions and we retained non-tax qualified SERP and OPEB liabilities of newspaper employees. Prior to April 1, 2015, the Company accounted for its participation in the Scripps pension plans as a participant in a multi-employer plan. Expense was determined on a participant basis and included in the combined financial statements of the Company. As a participant in a multi-employer plan, no assets or liabilities were included in the Combined Balance Sheets of the Company other than contributions currently due and unpaid to the plans. In the second quarter of 2014, unions ratified our plan to withdraw from the Graphics Communication International Union (GCIU) Employer Retirement Fund. Upon ratification of the agreement, we estimated the undiscounted liability to be approximately $6,500 and in the second quarter of 2014 recorded a liability of $4,100 for the present value withdrawal liability. Pursuant to the master transaction agreement, the withdrawal liability will be paid by Scripps and has been recorded in the statement of equity as a contribution from Parent in 2015. We continue to participate in one multi-employer plan known as the CWA/ITU Negotiated Pension Plan as discussed below. Prior to April 1, 2015, the Company had accounted for its participation in the Scripps SERP as a separate stand-alone plan. Under this method, the Company has accounted for the allocation of the benefit obligations specifically related to its employees and its estimated portion of the plan assets, if any. The total SERP pension expense was allocated to the Company based on the Company's share of the service cost and benefit obligations, in addition to the expected return on its portion of the SERP assets. Effective April 1, 2015, the Company established a mirror plan and has recorded the liability and expenses for current and former newspaper employees in the consolidated and combined financial statements. Prior to April 1, 2015, Scripps also sponsored a defined contribution plan covering substantially all non-union and certain union employees. Scripps matched a portion of employees' voluntary contributions to this plan. In connection with freezing the accrual of service credits under certain of our defined benefit pension plans, Scripps began contributing additional amounts to certain employees' defined contribution retirement accounts in 2011. These transition credits were determined based upon the employee’s age, compensation and years of service. The Company allocated the expense for this plan on an individual participant basis and it is included in the consolidated and combined financial statements of the Company. Effective April 1, 2015, the Company established a mirror plan and has recorded the liability and expenses for current and former newspaper employees. Expense related to the defined contribution plan was $2,683 , $4,410 and $4,536 for the years ended December 31, 2015 , 2014 and 2013 , respectively. The components of Scripp's defined pension and benefit plan expense consists of the following: For the years ended December 31, 2014 2013 Service cost $ 85 $ 79 Interest cost 1,956 1,915 Expected return on plan assets, net of expenses (1,837 ) (1,730 ) Amortization of actuarial (gain)/loss 230 380 Total for defined benefit plans sponsored by the Company 434 644 Allocated portion of Scripps sponsored defined benefit plans 2,001 2,991 Allocated portion of Scripps SERP 238 639 Net periodic benefit cost 2,673 4,274 Withdrawal for GCIU multi-employer plan 4,100 — Defined pension and benefit plan expense $ 6,773 $ 4,274 For the plans sponsored by Scripps, other changes in plan assets and benefit obligations recognized in other comprehensive loss were as follows: For the years ended December 31, 2014 2013 Current year actuarial (gain)/loss $ 13,443 $ (3,773 ) Amortization of actuarial loss (230 ) (380 ) Transfer to The E. W. Scripps Company (23,757 ) — Total $ (10,544 ) $ (4,153 ) Assumptions used in determining the Scripps annual retirement plans expense were as follows: 2014 2013 Discount rate 5.08 % 4.27 % Long-term rate of return on plan assets 5.25 % 4.65 % Increase in compensation levels N/A N/A The discount rate used to determine our future pension obligations is based on a dedicated bond portfolio approach that includes securities rated Aa or better with maturities matching our expected benefit payments from the plans. The expected long-term rate of return on plan assets is based upon the weighted-average expected rate of return and capital market forecasts for each asset class employed. Our expected rate of return on plan assets also considers our historical compounded return on plan assets for 10 and 15 year periods. Obligations and Funded Status — The defined benefit pension plan obligations and funded status are actuarially valued as of the end of each year. The following table presents information for the plans sponsored by Scripps of employee benefit plan assets and obligations: Year Ended December 31, 2014 Accumulated benefit obligation $ — Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 40,861 Service cost 85 Interest cost 1,956 Benefits paid (2,291 ) Actuarial (gains)/losses 7,978 Transfer to The E. W. Scripps Company (48,589 ) Projected benefit obligation at end of year — Plan assets: Fair value at beginning of year 36,810 Actual return on plan assets (3,627 ) Company contributions 75 Benefits paid (2,291 ) Transfer to The E. W. Scripps Company (30,967 ) Fair value at end of year — Funded status $ — Amounts recognized in Combined Balance Sheets: Current liabilities $ — Noncurrent liabilities — Total $ — Amounts recognized in accumulated other comprehensive loss consist of: Unrecognized net actuarial loss $ — Multi-employer plans The Company had four multi-employer plans that were historically sponsored directly by the Company's Memphis and Knoxville newspapers. On September 30, 2014, the plan sponsored by the Knoxville newspaper was merged into the Scripps sponsored plans. On December 31, 2014, the plans sponsored by the Memphis newspaper were merged into the Scripps sponsored plan. Since the Memphis and Knoxville plans are no longer directly sponsored by the Company, no liabilities of the four plans are recorded on the Company's balance sheet as of December 31, 2015 or 2014 . Expense included in selling, general and administrative expense related to the multi-employer plans (which includes the CWA/ITU plan discussed below) was $47 , $246 and $269 for the years ended December 31, 2015 , 2014 and 2013 , respectively. We continue to participate in one multi-employer pension plan that covers certain employees that are members of unions that have a collective bargaining agreement with us. We represent fewer than 5% of the total contributions made to the plan. The following table summarizes the plan: Pension Protection Act Zone Status Contributions of the Company Pension Fund EIN/Pension Plan Number 2015 2014 FIP/RP Status 2015 2014 2013 Surcharge Imposed Expiration Dates of Collective Bargaining Agreements CWA/ITU 13-6212879 Red Red Implemented $ 47 $ 126 $ 116 NA 2015/2016 The CWA/ITU Negotiated Pension Plan has a withdrawal liability of approximately $4,800 . Contribution rates are scheduled to remain consistent with current rates for the foreseeable future. A rehabilitation plan was adopted in 2010 related to pension vesting and early retirement, however, mandatory increases in contributions or surcharges were not implemented. |
Transactions with Scripps
Transactions with Scripps | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Transactions with Scripps | TRANSACTIONS WITH SCRIPPS Corporate-wide programs Prior to the April 1, 2015 separation, Scripps Newspapers participated in a number of corporate-wide programs administrated by Scripps. These included participation in Scripps' centralized treasury function, insurance programs, employee benefit programs, workers' compensation programs and centralized service centers and other corporate functions. Equity — Prior to April 1, 2015, equity in the consolidated and combined balance sheets included the accumulated balance of transactions between Scripps and the Company including Scripps' investment and Scripps' interest in our cumulative retained earnings and are presented within parent company investment and combined with accumulated other comprehensive loss to total Parent company equity. The amounts comprising the accumulated balance of transactions between us and Scripps include (i) the cumulative net assets attributed to us by Scripps, (ii) the cumulative net advances to Scripps representing our cumulative funds swept (net of funding provided by Scripps to us) as part of the centralized cash management program described further below, (iii) the cumulative charges (net of credits) allocated by Scripps to us for certain support services received by us, (iv) the transfer of defined benefit plans in 2014 and (v) the transfer of net deferred tax liabilities to us in 2015. Centralized Cash Management — Prior to the separation, Scripps Newspapers participated in Scripps’ controlled disbursement system. The bank sent Scripps daily notifications of checks presented for payment and Scripps transferred funds from other sources to cover the checks. Our cash balance held by Scripps was reduced as checks were issued. Accordingly, none of Scripps' cash and cash equivalents had been assigned to us in the combined financial statements. Further, outstanding checks issued by Scripps were not recorded as a liability once the check was signed, as the obligation became tied to the central cash management arrangement. Corporate Allocation from Scripps — The Company was allocated estimates of Scripps Newspaper's portion of Scripps' corporate expenses for periods prior to the separation. The corporate allocation included costs related to support received from Scripps for certain corporate activities including: (i) executive management, (ii) corporate development, (iii) corporate relations, (iv) legal, (v) human resources, (vi) internal audit, (vii) financial reporting, (viii) tax, (ix) treasury, (x) centralized accounting, and (xi) other Scripps corporate and infrastructure costs. For these services, actual costs incurred by Scripps were allocated to us based upon on a number of utilization measures including headcount, square footage, and proportionate effort. Where determinations based on utilization are impracticable, Scripps used other methods and criteria that are believed to be reasonable estimates of costs attributable to the Company, such as revenues. In 2015 , 2014 and 2013 the combined financial statements include $11,717 , $50,673 and $40,421 , respectively, in expense allocations from Scripps for certain corporate support services, which are recorded within selling, general and administrative expense in our Consolidated and Combined Statements of Operations. Management believes that the basis used for the allocations are reasonable and reflect the portion of such costs attributed to our operations; however, the amounts may not be representative of the costs necessary for us to operate as a separate stand-alone company. The Company is unable to determine what such costs would have been had the Company been independent. After April 1, 2015, the Company performed these functions using its own resources, Transition Services Agreements with Scripps, or purchased services. Insurance — General insurance costs related to the Scripps Newspapers' participation in Scripps-sponsored risk management plans for (i) general liability, (ii) auto liability, and (iii) other insurance, such as property and media, were allocated, depending upon insurance type, prior to the separation. Total insurance costs allocated to the Company were $275 , $1,344 and $1,361 in 2015 , 2014 and 2013 , respectively, and are allocated to selling, general and administrative expense in the consolidated and combined statements of operations. The allocated amounts were based on actuarially determined historical loss experience, vehicle count, headcount or proportional insured values for real and personal property replacement costs and business interruption. Medical and Workers’ Compensation Benefit Plans — The Company participated in Scripps-sponsored employee benefit plans, including medical and workers’ compensation, prior to the separation. Allocations of benefit plan costs varied by plan type and were based on actuarial valuations of cost and/or liability, premium amounts and payroll. Total benefit plan costs allocated to the Company amounted to $4,738 , $18,956 and $18,212 in 2015 , 2014 and 2013 , respectively, and are allocated to cost of sales and selling, general and administrative expense in the consolidated and combined statements of operations. While management believes the cost allocation methods utilized for the benefit plans were reasonable and reflect the portion of such costs attributed to the Company, the amounts may not be representative of the costs necessary for the Company to operate as a stand-alone business. Other — We purchased newsprint and other items from Scripps prior to the separation. The prices charged were generally equal to prices that we would have been able to negotiate directly with unrelated parties. The total newsprint purchased was $6,497 , $28,691 and $31,600 in 2015 , 2014 and 2013 , respectively. Agreements with Scripps In connection with the separation, the following agreements became effective on or before April 1, 2015: • Transition Services Agreement • Employee Matters Agreement • Tax Matters Agreements Transition Services Agreement The Transition Services Agreement provides for Scripps and Journal Media Group to provide services to each other on a compensated arms-length basis for a period of up to one year following the separation. The Company has incurred expenses of $3,381 for the year ended December 31, 2015 related to these services, which is reported in cost of sales and selling, general and administrative costs in the consolidated and combined statements of operations. Journal Media Group provides payroll, broadcast billing, and information technology support and services to Scripps. The Company has recorded $1,530 of revenue related to these services for the year ended December 31, 2015 , which is reported in other revenues in the consolidated and combined statements of operations. In addition to these services, Scripps continued to process and fund payroll for its former newspaper employees and Journal Media Group continued to process and fund payroll for the former broadcast employees of Journal. Also, each has paid various invoices on behalf of one another. As of December 31, 2015 , we owe a net amount of $1,986 to Scripps for payroll and other payments made on our behalf and services provided related to the Transition Service Agreement. This amount is recorded in other current liabilities and was paid in the first quarter of 2016. Employee Matters Agreement The Employee Matters Agreement provided for the allocation of the liabilities and responsibilities relating to employee compensation and benefit plans and programs, including the treatment of outstanding incentive awards, deferred compensation obligations and retirement and welfare benefit obligations between Scripps and the Company. The agreement provided that Scripps and the Company would each be responsible for all employment and benefit related obligations and liabilities for employees that worked for the respective companies. The agreement also provided that Journal Media Group employees participate in mirror plans of the Scripps benefit plans through December 31, 2015. Tax Matters Agreements The Tax Matters Agreements set forth the allocations and responsibilities of Scripps and Journal Media Group with respect to liabilities for federal, state and local income taxes for periods before and after the separation, tax deductions related to compensation arrangements, preparation of income tax returns, disputes with taxing authorities and indemnification of income taxes that would become due if the separation was taxable. Generally, Scripps is responsible for taxes for periods prior to the separation and we are responsible for taxes for our operations after the separation. On April 1, 2015, in connection with the retention of the prior net operating loss carryforward by Scripps, the Company was allocated a net deferred tax liability of $14,537 related to the Scripps Newspapers. The Company will indemnify Scripps for all damages, liabilities and expenses arising out of any tax imposed with respect to either the Scripps or Journal newspaper spin-off if such tax is attributable to any act, any failure to act or any omission by us or any of our subsidiaries. Scripps will indemnify the Company for all damages, liabilities and expenses relating to pre-closing taxes or taxes imposed on us or our subsidiaries because Scripps Spinco or Journal Spinco was part of the consolidated return of the applicable parent company, and the Company will indemnify Scripps for all damages, liabilities and expenses relating to post-closing taxes of us or our subsidiaries. The Merger Agreement with Gannett is not expected to disturb the tax-free treatment of the prior transaction between Scripps and Journal. Prior to entering the Merger Agreement with Gannett we delivered an unqualified tax opinion from our law firm to Scripps, which opinion Scripps has deemed to be acceptable in form and substance. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES We are subject to various legal actions, administrative proceedings and claims arising out of the ordinary course of business. We do not believe that any such unresolved legal actions and claims will materially adversely affect our consolidated results of operations, financial condition or cash flows. Members of our board of directors (the “Board”), and the parties to the Merger Agreement, including us and Gannett, are defendants in two class action lawsuits filed in the Circuit Court of Milwaukee County, Wisconsin that have been consolidated into a single lawsuit. The first lawsuit, captioned Seifert v. Aitken, et al. , No. 2015-CV-009686, was filed by a purported Company shareholder on November 24, 2015, and the second lawsuit, captioned Sabattini v. Aitken, et al. , No. 2015-CV-010003, was filed by a purported Company shareholder on December 4, 2015. The lawsuits have been consolidated into a single action captioned In re Journal Media Group, Inc. Shareholder Litigation , No. 15-CV-009686 (the “Consolidated Action”). The plaintiffs in the Consolidated Action allege that our directors breached their fiduciary duties to the Company’s shareholders in connection with the merger contemplated by the Merger Agreement and that Gannett and its affiliate aided and abetted such alleged breaches of fiduciary duty. The plaintiffs seek, among other relief, declaratory and injunctive relief enjoining the merger, and rescissory damages in an unspecified amount. As discussed in our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 16, 2016, the parties to the Consolidated Action entered into a memorandum of understanding (the “MOU”), dated February 16, 2016, providing for the settlement of all claims, including those in the Consolidated Action, that were or could have been brought in connection with the merger. Pursuant to the terms of the MOU, the Consolidated Action is currently stayed pending finalization of proposed settlement documentation, confirmatory discovery and a decision by the relevant court regarding approval of the proposed settlement. If the settlement is finally approved by the court, it will resolve and release all claims in all actions that were or could have been brought challenging any aspect of the proposed merger, the Merger Agreement, and any disclosure made in connection therewith, pursuant to terms that will be disclosed to shareholders prior to final approval of the settlement. In addition, in connection with the settlement, the parties contemplate that plaintiffs’ counsel will file a petition in the Circuit Court of Milwaukee County, Wisconsin for an award of attorneys’ fees and expenses to be paid by us or our successor. The settlement, including the payment by us or any successor of ours of any such attorneys’ fees, is also contingent upon, among other things, the merger becoming effective under Wisconsin law. There can be no assurance that the parties to the MOU will ultimately enter into a settlement agreement or that the Circuit Court of Milwaukee County, Wisconsin will approve the settlement even if the parties were to enter into a settlement agreement. If for any reason the Consolidated Action is not settled or the settlement is not approved, the Company and its board will continue to vigorously defend against the allegations in the Consolidated Action, which the Company and its board believe are without merit. As of December 31, 2015 , our future minimum rental payments under noncancellable operating lease agreements for buildings, office and warehouse space, and office equipment consist of the following: Due in Fiscal Year 2016 $ 1,697 2017 686 2018 371 2019 11 2020 — Thereafter — Total $ 2,765 We lease delivery trucks accounted for as capital leases. As of December 31, 2015 , our future minimum rental payments due under capital lease agreements consist of the following: Due in Fiscal Year 2016 $ 57 2017 37 2018 38 2019 30 2020 — Thereafter — Total $ 162 Rent expense for cancellable and noncancellable leases charged to operations for 2015 , 2014 and 2013 was $1,919 , $1,901 and $1,863 , respectively. We amortize rent expense on a straight-line basis for leases with rent escalation clauses. Rental income from subleases included in operating income for 2015 , 2014 and 2013 was $27 , $0 and $0 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION On March 30, 2015, our board of directors and shareholders approved the 2015 Plan for the purpose of attracting and retaining directors, officers and other key employees of the Company and its subsidiaries and to provide to such persons incentives and rewards for performance. Subject to adjustment as provided in the 2015 Plan, the aggregate number of shares of common stock reserved and available for issuance pursuant to awards granted under the 2015 Plan is 2,000 shares, which may be awarded in the form of non-qualified stock options, incentive stock options, stock appreciation rights, restricted share awards, restricted share units, performance shares, performance units, other stock-based awards or dividend equivalents. The 2015 Plan also provides for the issuance of cash-based awards. As of December 31, 2015 , there are 1,411 shares available for issuance under the 2015 Plan. However, we are precluded from issuing additional stock-based awards per the Merger Agreement with Gannett effective October 7, 2015. On May 11, 2015, the compensation committee of our board of directors approved the grant of common stock to non-employee directors under our 2015 Plan, which was made without any restrictions. We value unrestricted stock at the closing market price of our common stock on the grant date. In the second quarter of 2015, we granted 30 unrestricted shares at a weighted average fair value of $9.06 . On May 11, 2015, the compensation committee of our board of directors approved the grant of restricted share units ("RSUs") to employees under our 2015 Plan. The RSUs vest over a period of three years, and are subject to forfeiture risk and other restrictions. Upon vesting, the employee is entitled to receive one share of the Company’s common stock for each RSU. The RSUs do not have voting rights; however, they do have the right to receive dividend equivalents. We value RSUs at the closing market price of our common stock on the grant date. In the second quarter of 2015, we granted 564 RSUs at a weighted average fair value of $7.98 , of which 5 have been forfeited and 559 remain unvested as of December 31, 2015 . We recognize stock-based compensation expense on a straight-line basis over the service period based upon the fair value of the award on the grant date. During the year ended December 31, 2015 , we recognized $1,125 in stock-based compensation expense. As of December 31, 2015 , total unrecognized compensation cost related to stock based awards was $3,585 , which we expect to recognize over the remaining vesting period of 2.4 years. Stock-based compensation expense is reported in selling, general and administrative expenses in our consolidated statements of operations. For periods prior to the April 1, 2015 separation date, certain employees were eligible to participate in the Scripps Plan. The Scripps Plan provided for the granting of non-qualified stock options, RSUs and restricted common shares of Scripps. Stock-based compensation expense for participants in the Scripps Plan who were solely dedicated to newspapers operations are included within selling, general and administrative expense in our consolidated and combined financial statements. Stock based compensation attributable to the Scripps Plan and allocated to the Company was $216 , $1,426 and $1,368 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Scripps assumed liability for the unrecognized compensation expense under this plan as of April 1, 2015. Incentive Plans — Prior to the separation date, the employees of the Scripps newspapers participated in the Scripps 2010 Long-Term Incentive Plan (the “Plan”). The Plan permitted the granting of incentive and nonqualified stock options, stock appreciation rights, RSU's, restricted and unrestricted common shares of Scripps and performance units to key employees and non-employee directors. All of the information that follows represents the activity for Scripps newspaper employees in the Scripps Plan. The following table summarizes information about stock option transactions for the Scripps newspaper employees' participation in the Scripps Plan prior to April 1, 2015: Number of Shares Weighted- Average Exercise Price Range of Exercise Prices Outstanding at December 31, 2012 2,030,442 $ 9.95 $9.00 - $11.00 Exercised in 2013 (1,582,721 ) 10.01 9.00 - 11.00 Forfeited in 2013 (8,289 ) 9.41 9.00 - 11.00 Outstanding at December 31, 2013 439,432 9.79 9.00 - 11.00 Exercised in 2014 (341,472 ) 9.79 9.00 - 11.00 Forfeited in 2014 (328 ) 9.78 10.00 Outstanding at December 31, 2014 97,632 9.39 9.00 - 10.00 Exercised in Q1 2015 (45,907 ) 9.64 9.00 - 10.00 Outstanding at March 31, 2015* 51,725 $ 9.09 $ 9.00 *Scripps assumed liability for the unrecognized compensation expense under this plan as of April 1, 2015. The following table presents additional information about exercises of stock options: For the quarter ended March 31, 2015 For the years ended December 31, (in thousands) 2014 2013 Cash received upon exercise $ 443 $ 3,183 $ 15,812 Intrinsic value (market value on date of exercise less exercise price) 653 3,401 5,788 Restricted Stock and Restricted Stock Units — Awards of restricted class A common shares of Scripps (restricted stock) and restricted stock units generally require no payment by the employee. RSUs are converted into an equal number of common shares when vested. These awards generally vest over a three or four year period, conditioned upon the individual’s continued employment through that period. Awards vest immediately upon the retirement, death or disability of the employee or upon a change in control of Scripps or in the business in which the individual is employed. Unvested awards may be forfeited if employment is terminated for other reasons. Awards are nontransferable during the vesting period, but the awards are entitled to all the rights of an outstanding share. There are no post-vesting restrictions on awards granted to employees and non-employee directors. Long-term incentive compensation includes performance share awards. Performance share awards represent the right to receive an award of RSUs if certain performance measures are met. Each award specifies a target number of shares to be issued and the specific performance criteria that must be met. The number of shares that an employee receives may be less than the target number of shares depending on the extent to which the specified performance measures are met. Information and activity for transactions for the Scripps newspaper employees' participation in the Scripps Plan for restricted stock and RSUs is presented below: Grant Date Fair Value Number of Shares Weighted Average Range of Prices Unvested at December 31, 2012 513,111 $ 6.75 $1-$11 Awarded in 2013 179,893 11.71 11-20 Vested in 2013 (293,273 ) 5.01 1-12 Forfeited in 2013 (24,913 ) 10.35 9-12 Unvested at December 31, 2013 374,818 10.59 7-20 Awarded in 2014 123,328 16.52 16-22 Vested in 2014 (168,243 ) 10.40 7-20 Forfeited in 2014 (53,023 ) 11.75 9-18 Unvested at December 31, 2014 276,880 13.24 7-22 Vested in 2015 (276,880 ) 13.24 7-22 Unvested at March 31, 2015 — The fair value of the shares and RSU's that vested was $5,241 , $2,921 and $3,538 in 2015, 2014 and 2013. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE LOSS Changes in accumulated other comprehensive loss ("AOCL") by component, including items reclassified out of AOCL, were as follows: Defined Benefit Plans Other Total Balance at December 31, 2013 $ (13,257 ) $ 62 $ (13,195 ) Unrecognized actuarial loss, net of tax of $0 (13,704 ) (13,704 ) Amortization of unrecognized loss included in net periodic pension cost, net of tax of $0 230 (240 ) (10 ) Net current-period other comprehensive income (loss) (13,474 ) (240 ) (13,714 ) Transfer of Knoxville and Memphis pension plans, net of tax of $(370) 24,127 — 24,127 Balance at December 31, 2014 (2,604 ) (178 ) (2,782 ) Immaterial prior period change in defined benefit (691 ) (691 ) Transfer unrecognized loss for defined benefit pension plan for an unconsolidated company to other 961 (961 ) — Unrecognized actuarial gain, net of tax of $404 687 — 687 Prior service credit arising during 2015, net of tax of $137 233 — 233 Amortization of unrecognized gain included in net periodic pension cost, net of tax of $20 (34 ) — (34 ) Net current-period other comprehensive income (loss) 1,847 (1,652 ) 195 Balance at December 31, 2015 $ (757 ) $ (1,830 ) $ (2,587 ) |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Summarized quarterly financial information is as follows: 1st 2nd 3rd 4th 2015 Quarter Quarter Quarter Quarter Total Total revenue $ 91,478 $ 115,814 $ 110,306 $ 123,408 $ 441,006 Total operating costs and expenses $ 95,196 $ 112,070 $ 110,904 $ 113,517 $ 431,687 Operating income (loss) $ (3,718 ) $ 3,744 $ (598 ) $ 9,891 $ 9,319 Income (loss) before income taxes $ (3,442 ) $ 3,619 $ (1,148 ) $ 9,721 $ 8,750 Net income (loss) attributable to Journal Media Group $ (3,542 ) $ 3,323 $ (488 ) $ 3,834 $ 3,127 Earnings (loss) per share: Basic (0.14 ) 0.13 (0.02 ) 0.15 0.12 Diluted (0.14 ) 0.13 (0.02 ) 0.15 0.12 On April 1, 2015 we acquired the JRN Newspapers. 1st 2nd 3rd 4th 2014 Quarter Quarter Quarter Quarter Total Total revenue $ 98,459 $ 92,228 $ 84,543 $ 95,102 $ 370,332 Total operating costs and expenses $ 102,057 $ 102,342 $ 92,984 $ 97,037 $ 394,420 Operating income (loss) $ (3,598 ) $ (10,114 ) $ (8,441 ) $ (1,935 ) $ (24,088 ) Income (loss) before income taxes $ (3,933 ) $ (10,446 ) $ (8,856 ) $ (2,322 ) $ (25,557 ) Net income (loss) attributable to Journal Media Group $ (3,939 ) $ (10,456 ) $ (9,053 ) $ (2,318 ) $ (25,766 ) Earnings (loss) per share: Basic (0.27 ) (0.72 ) (0.63 ) (0.16 ) (1.78 ) Diluted (0.27 ) (0.72 ) (0.63 ) (0.16 ) (1.78 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On March 1, 2016, the Company held a special meeting of its shareholders (the “Special Meeting”). At the Special Meeting, the Company’s shareholders approved the Merger Agreement and the merger with Gannett as discussed in Note 4. On February 8, 2016, the Board of Directors declared a cash dividend of $0.06 per share, payable on March 1, 2016, to shareholders of record as of the close of business on February 19, 2016. |
Formation of the Company and 30
Formation of the Company and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The consolidated financial statements as of December 31, 2015 include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The financial statements for periods prior to April 1, 2015 reflect the combined financial statements of Scripps Newspapers, a business representing the principal publishing operations of Scripps, as described below. Various agreements between the Company and Scripps became effective as of April 1, 2015 as further described in Note 15 - Transactions with Scripps . The Company's operations consist of daily and community newspapers in 14 markets across the United States. The newspapers earn revenue primarily from the sale of advertising to local and national advertisers and newspaper subscription fees. Employee related costs, newspaper distribution and newsprint costs are the primary expenses at each newspaper. The newspapers operate in small and mid-size markets, focusing on news coverage within their local markets. The daily newspapers published by the Company are the Abilene (TX) Reporter-News, the Anderson (SC) Independent-Mail, the Corpus Christi (TX) Caller-Times, the Evansville (IN) Courier & Press, the Henderson (KY) Gleaner, the Kitsap (WA) Sun, the Knoxville (TN) News Sentinel, the Memphis (TN) Commercial Appeal, the Milwaukee (WI) Journal Sentinel, the Naples (FL) Daily News, the Redding (CA) Record-Searchlight, the San Angelo (TX) Standard-Times, the Treasure Coast (FL) News/Press/Tribune, the Ventura County (CA) Star and the Wichita Falls (TX) Times Record News. The business also includes a 40% ownership in the Albuquerque Publishing Company, which publishes the Albuquerque Journal (NM) . Historically, separate financial statements have not been prepared for Scripps Newspapers. For periods prior to April 1, 2015, the combined financial statements reflect the historical financial position, results of operations, changes in parent company equity and cash flows of the Scripps Newspapers, as Scripps Newspapers was historically managed within Scripps (the "Parent"). The combined financial statements have been prepared on a “carve-out” basis and are derived from the consolidated financial statements and accounting records of Scripps. The consolidated and combined financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP"). Management believes that assumptions and methodologies underlying the allocation of general corporate expenses are reasonable. However, such expenses may not be indicative of the actual level of expense that would have been incurred had the Company operated as a separate stand-alone entity, and, accordingly, may not necessarily reflect the Company's combined financial position, results of operations and cash flows had the Company operated as a stand-alone entity during the periods presented. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates — Preparing financial statements in accordance with GAAP requires us to make a variety of decisions that affect the reported amounts and the related disclosures. Such decisions include the selection of accounting principles that reflect the economic substance of the underlying transactions and the assumptions on which to base accounting estimates. In reaching such decisions, we apply judgment based on our understanding and analysis of the relevant circumstances, including our historical experience, actuarial studies and other assumptions. Our consolidated and combined financial statements include estimates and assumptions including: the periods over which long-lived assets are depreciated or amortized, the evaluation of recoverability of long-lived assets, valuation allowances against deferred income tax assets, corporate allocations for periods prior to April 1, 2015, and self-insured risks. While we reevaluate our estimates and assumptions on an ongoing basis, actual results could differ from those estimated at the time of preparation of the financial statements. |
Investments and Minority Interest | Investments and Minority Interest — Investments in 20%-to-50%-owned corporations where we exert significant influence and all 50%-or-less-owned partnerships and limited liability companies are accounted for using the equity method. We do not hold any interests in variable interest entities. All intercompany transactions have been eliminated. Losses attributable to noncontrolling interests in subsidiary companies is included in net loss attributable to noncontrolling interest in the Consolidated and Combined Statements of Operations. |
Revenue Recognition | Revenue Recognition — We recognize revenue when persuasive evidence of a sales arrangement exists, delivery occurs or services are rendered, the sales price is fixed or determinable and collectability is reasonably assured. We report revenue net of sales and other taxes collected from our customers. Our primary sources of revenue are from the sale of print and digital advertising and newspaper subscription fees. Revenue recognition policies for each source of revenue are as follows. Advertising and marketing services — Print advertising revenue is recognized when we display the advertisements. Digital advertising includes time-based, impression-based, and click-through campaigns. We recognize digital advertising revenue from fixed duration campaigns over the period in which the advertising appears. We recognize digital advertising revenue that is based upon the number of impressions delivered or the number of click-throughs as impressions are delivered or as click-throughs occur. We recognize marketing services revenue when the service is performed. Subscriptions — We recognize newspaper subscription revenue upon the publication date of the newspaper. We defer revenues from prepaid newspaper subscriptions and recognize subscription revenue on a pro-rata basis over the term of the subscription. We base subscription revenue for newspapers sold directly to subscribers on the retail rate. We base subscription revenue for newspapers sold to independent newspaper distributors, which are subject to returns, upon the wholesale rate. We estimate returns based on historical return rates and adjust our estimates based on the actual returns. Other Revenues — We also derive revenues from printing and distribution of other publications. We recognize printing revenues and third-party distribution revenue when the product is delivered in accordance with the customer’s instructions. |
Shipping and handling costs | Shipping and handling costs — Shipping and handling costs, including postage, billed to customers are included in revenue and the related costs are included in cost of sales. |
Advertising expense | Advertising expense — We expense our advertising costs as incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash and cash equivalents include cash and liquid investments with original maturities of three months or less. Cash and cash equivalents includes credit and debit card sales transactions that are settled generally within three days after the period. |
Accounts Receivable | Accounts Receivable — We extend credit to customers based upon our assessment of the customer’s financial condition. Collateral is generally not required from customers. We base allowances for credit losses upon trends, economic conditions, review of aging categories, specific identification of customers at risk of default and historical experience. We require advance payment from certain transient advertisers. |
Inventories | Inventories — Inventories are stated at the lower of cost or market. We determine the cost of inventories using the first in, first out (“FIFO”) method. |
Property, Plant and Equipment | Property, Plant and Equipment — Property, plant and equipment is carried at cost, or in the case of assets acquired in a business acquisition, at fair value as of the acquisition date, less accumulated depreciation. Property, plant and equipment includes internal use software, mobile app development and digital site development cost, which is carried at cost less amortization. We expense costs incurred in the preliminary project stage to develop or acquire internal use software, and to develop mobile apps or digital sites. Upon completion of the preliminary project stage and upon management authorization of the project, we capitalize costs to acquire or develop internal use software, mobile apps or digital sites, which primarily include coding, designing system interfaces, and installation and testing, if it is probable the project will be completed and the software will be used for its intended function. We expense costs incurred after implementation, such as maintenance and training. |
Goodwill | Goodwill — Goodwill represents the cost of acquisitions in excess of the acquired businesses’ tangible assets, identifiable intangible assets and liabilities assumed. All goodwill relates to the acquisition of JRN Newspapers on April 1, 2015 as described in Note 6 - Acquisitions. We test goodwill for impairment annually on October 1 at the reporting unit level using a fair value approach. For purposes of testing the carrying value of goodwill, we determine the fair value of the applicable reporting unit using an income and a market valuation approach. The income approach uses expected cash flows of the reporting unit. The cash flows are discounted for risk and time value. In addition, the present value of the projected residual value is estimated and added to the present value of the cash flows. The market approach to estimate fair value is based on the estimated value allocable to the reporting unit for the proposed merger (see Note 4), stock price multiples (based on revenue and EBITDA) of publicly traded stocks of comparable companies, and merger and acquisition values of comparable companies. |
Amortizable Intangible Assets | Amortizable Intangible Assets — We amortize using the straight-line method trade names, customer lists and other intangible assets in relation to their expected future cash flows over estimated useful lives of 3 to 25 years. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets — We review long-lived assets (primarily property, plant and equipment and amortizable intangible assets) for impairment whenever events or circumstances indicate the carrying amounts of the assets may not be recoverable. Recoverability is determined by comparing the forecasted undiscounted cash flows of the operation to which the assets relate to the carrying amount of the assets. If the undiscounted cash flow is less than the carrying amount of the assets, then amortizable intangible assets are written down first, followed by other long-lived assets, to fair value. We determine fair value based on discounted cash flows or appraisals. We report long-lived assets to be disposed of at the lower of carrying amount or fair value less costs to sell. |
Self-Insured Risks | Self-Insured Risks — We are self-insured, up to certain limits, for general and automobile liability, employee health, disability and workers’ compensation claims and certain other risks. Estimated liabilities for unpaid claims totaled $8,855 and $8,686 as of December 31, 2015 and 2014 , respectively. We estimate liabilities for unpaid claims using actuarial methodologies and our historical claims experience. While we re-evaluate our assumptions and review our claims experience on an ongoing basis, actual claims paid could vary significantly from estimated claims, which would require adjustments to expense. |
Income Taxes | Income Taxes — Historically, the Company was included in the Scripps federal and state tax filings with other Scripps entities. The income tax provisions in these consolidated and combined financial statements prior to April 1, 2015 have been prepared on a separate return basis as if the Company was a stand-alone entity. For jurisdictions where the Company filed returns as part of Scripps, the stand alone provision will present taxes payable as a component of equity since the Company will never actually be liable for the payable. We recognize deferred income taxes for temporary differences between the tax basis and reported amounts of assets and liabilities that will result in taxable or deductible amounts in future years. We establish a valuation allowance if we believe that it is more likely than not that we will not realize some or all of the deferred tax assets. We record a liability for unrecognized tax benefits resulting from uncertain tax positions taken or that we expect to take in a tax return. Interest and penalties associated with such tax positions are included in the tax provision. |
Stock-Based Compensation | Stock-Based Compensation — On March 30, 2015, our board of directors and shareholders approved the Journal Media Group Long-Term Incentive Plan (the "2015 Plan") authorizing the award of non-qualified stock options, incentive stock options, stock appreciation rights, restricted share awards, restricted share units, performance shares, performance units, other stock-based awards or dividend equivalents. The 2015 Plan also provides for the issuance of cash-based awards. We value unrestricted stock awards at the closing market price of our common stock on the grant date. We value restricted stock units at the closing market price of our common stock on the grant date. We recognize stock-based compensation expense on a straight-line basis over the service period based upon the fair value of the award on the grant date. Stock-based compensation expense is reported in selling, general and administrative expenses in our consolidated statements of operations. For periods prior to the April 1, 2015 separation date, certain employees were eligible to participate in the Scripps Long-Term Incentive Plan (the "Scripps Plan"). The Scripps Plan provided for the granting of non-qualified stock options, restricted stock units and restricted common shares of Scripps. Stock-based compensation expense for participants in the Scripps Plan who were solely dedicated to newspapers operations were allocated to the Company and included within selling, general and administrative expense in our consolidated and combined financial statements. Such expense was recognized on a straight-line basis over the requisite service period of the award based on the grant date fair value of the award. |
Pension | Pension — Prior to April 1, 2015, retirement benefits were provided to eligible employees of the Company, primarily through defined benefit plans sponsored by Scripps. The Company has accounted for its participation in the Scripps Pension Plan as a participant in a multi-employer plan. Expense has been determined on a participant basis and included in the combined financial statements of the Company. As a participant in a multi-employer plan, no assets or liabilities are included in the Consolidated and Combined Balance Sheets of the Company other than contributions currently due and unpaid to the plan. Prior to December 31, 2014, the Company also had four plans that were sponsored directly by the Company's Memphis and Knoxville newspapers. On September 30, 2014, the plan sponsored by the Knoxville newspaper with an unfunded liability of $3,000 was merged into the Scripps sponsored plan. On December 31, 2014, the plans sponsored by the Memphis newspaper with an unfunded liability of $14,600 was merged into the Scripps sponsored plan. Prior to April 1, 2015, the Company participated in the Scripps Supplemental Executive Retirement Plan ("SERP") which the Company accounted for as a separate stand alone defined benefit plan. The Company accounted for the allocation of the benefit obligations specifically related to its employees and its estimated portion of the plan assets, if any. The total SERP pension expense was allocated to the Company based on the Company's share of the service cost and benefit obligations, in addition to its expected return on its portion of the SERP assets. |
Other Postretirement Benefits | Other Postretirement Benefits — Prior to April 1, 2015, certain health care and life insurance benefits for retired employees of the Company were provided through postretirement plans ("OPEB") sponsored by Scripps. The expected cost of providing these benefits was accrued over the years that the employees render services. A portion of the Scripps OPEB liability and corresponding expense has been allocated specifically to the Company and included in these consolidated and combined financial statements. The amounts included in these consolidated and combined financial statements were actuarially determined based on amounts allocable to eligible employees of the Company. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Credit Losses for Financing Receivables, Current | A rollforward of the allowance for doubtful accounts is as follows: Balance as of January 1, 2013 $ 676 Charged to selling, general and administrative expenses 877 Amounts charged off, net (646 ) Balance as of December 31, 2013 907 Charged to selling, general and administrative expenses 632 Amounts charged off, net (793 ) Balance as of December 31, 2014 746 Charged to selling, general and administrative expenses 1,117 Amounts charged off, net (1,016 ) Balance as of December 31, 2015 $ 847 |
Schedule of Property, Plant and Equipment | We compute depreciation and amortization using the straight-line method over estimated useful lives as follows: Buildings and improvements 30 to 45 years Printing presses 10 to 30 years Other production equipment 5 to 15 years Computer hardware and software 3 to 5 years Office and other equipment 3 to 10 years Property, plant and equipment consisted of the following (with the amounts as of December 31, 2015 reflecting the acquisition of JRN Newspapers): As of December 31, 2015 2014 Land and improvements $ 52,705 $ 44,463 Buildings and improvements 165,441 133,019 Equipment 291,221 264,194 Construction in progress 1,487 475 Total 510,854 442,151 Accumulated depreciation (268,513 ) (256,603 ) Net property, plant and equipment $ 242,341 $ 185,548 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per share for the year ended December 31, 2015 under the two-class method: December 31, 2015 Undistributed net income (loss): Net income $ 3,127 Less dividends paid: Common stock 3,907 Unvested restricted share units 90 Total undistributed net income (loss) $ (870 ) Undistributed net income (loss): Common stock $ (870 ) Unvested restricted share units — Total undistributed net income (loss) $ (870 ) Basic earnings per share: Distributed earnings per share $ 0.16 Undistributed loss per share (0.04 ) Basic earnings per share $ 0.12 Diluted earnings (loss) per share: Distributed earnings per share $ 0.16 Undistributed loss per share (0.04 ) Diluted earnings per share $ 0.12 Weighted average shares outstanding: Basic 21,949 Diluted 21,949 The following table sets for the computation of basic and diluted loss per share for the years ended December 31, 2014 and 2013 : December 31, 2014 December 31, 2013 Net loss $ (25,766 ) $ (16,703 ) Weighted average shares outstanding: Basic 14,450 14,450 Diluted 14,450 14,450 Loss per share: Basic $ (1.78 ) $ (1.16 ) Diluted $ (1.78 ) $ (1.16 ) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The fair values of assets acquired and liabilities assumed for JRN Newspapers are preliminary based upon all information available to us at the present time and are subject to working capital and post-closing adjustments and are as follows: JRN Newspapers Cash $ 10,489 Receivables 12,359 Prepaid expenses and other current assets 5,101 Property, plant and equipment 74,376 Intangible assets 9,600 Goodwill 9,157 Other assets 688 Total assets 121,770 Current liabilities 23,751 Long-term liabilities 10,657 Total liabilities 34,408 Total purchase price $ 87,362 |
Business Acquisition, Pro Forma Information | The following pro forma information presents the combined results of operations as if the acquisition of JRN Newspapers had occurred on January 1, 2014: Twelve months ended December 31, Pro Forma Results of Operations 2015 2014 Revenue $ 474,967 $ 517,896 Net earnings (loss) $ 9,704 $ (25,319 ) Earnings (loss) per share, basic and diluted $ 0.39 $ (1.04 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes consisted of the following: For the years ended December 31, 2015 2014 2013 Current: Federal $ 1,974 $ — $ — State and local 718 413 409 Total current income tax provision 2,692 413 409 Deferred: Federal 2,611 — (2,115 ) Other 418 — (364 ) Total deferred income tax provision 3,029 — (2,479 ) Provision (benefit) for income taxes $ 5,721 $ 413 $ (2,070 ) |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the statutory rate for federal income tax and the effective income tax rate was as follows: For the years ended December 31, 2015 2014 2013 Statutory rate 35.0 % 35.0 % 35.0 % Effect of: State and local income taxes, net of federal income tax benefit 9.2 (1.1 ) 0.6 Non deductible expenses 21.3 (1.4 ) (2.2 ) Tax credits — 0.4 0.5 Other (1.1 ) 1.2 0.1 Valuation allowance 1.0 (35.7 ) (22.9 ) Effective income tax rate 65.4 % (1.6 )% 11.1 % |
Schedule of Deferred Tax Assets and Liabilities | The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows: As of December 31, 2015 2014 Temporary differences: Property, plant and equipment $ (25,999 ) $ (26,051 ) Goodwill and other intangible assets 896 1,517 Accrued expenses not deductible until paid 595 4,512 Deferred compensation and retiree benefits not deductible until paid 5,039 5,257 Other temporary differences, net 1,291 1,626 Total temporary differences (18,178 ) (13,139 ) Federal and state net operating loss carryforwards 2,963 68,758 Valuation allowances (1,738 ) (55,619 ) Net deferred tax liability $ (16,953 ) $ — |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | We compute depreciation and amortization using the straight-line method over estimated useful lives as follows: Buildings and improvements 30 to 45 years Printing presses 10 to 30 years Other production equipment 5 to 15 years Computer hardware and software 3 to 5 years Office and other equipment 3 to 10 years Property, plant and equipment consisted of the following (with the amounts as of December 31, 2015 reflecting the acquisition of JRN Newspapers): As of December 31, 2015 2014 Land and improvements $ 52,705 $ 44,463 Buildings and improvements 165,441 133,019 Equipment 291,221 264,194 Construction in progress 1,487 475 Total 510,854 442,151 Accumulated depreciation (268,513 ) (256,603 ) Net property, plant and equipment $ 242,341 $ 185,548 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Goodwill was as follows: Balance at December 31, 2014 $ — Goodwill related to the acquisition of JRN Newspapers 9,157 Balance at December 31, 2015 $ 9,157 |
Schedule of Finite-Lived Intangible Assets | Other intangible assets consisted of the following: As of December 31, 2015 2014 Amortizable intangible assets: Carrying amount: Customer lists and advertiser relationships $ 10,466 $ 10,466 Trade names 10,821 1,176 Other 504 504 Total carrying amount 21,791 12,146 Accumulated amortization: Customer lists and advertiser relationships (9,003 ) (8,798 ) Trade names (1,366 ) (961 ) Other (401 ) (386 ) Total accumulated amortization (10,770 ) (10,145 ) Net amortizable intangible assets $ 11,021 $ 2,001 Weighted average amortization lives (years) for each class of intangible assets and in total are as follows: Customer lists and advertiser relationships 10 Trade names 23 Other 13 Total 17 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense of intangible assets for each of the next five years is as follows: 2016 $ 690 2017 595 2018 595 2019 534 2020 516 Thereafter 8,091 Total $ 11,021 |
Workforce Reductions (Tables)
Workforce Reductions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost | The activity associated with our liability for workforce reduction costs during the years ended December 31, 2015 and 2014 was as follows: As of December 31, 2013 $ 1,798 Charge for separation benefits 2,336 Payments for separation benefits (2,604 ) As of December 31, 2014 1,530 Charge for separation benefits 2,517 Acquisition of JRN Newspapers 1,727 Payments for separation benefits (4,289 ) As of December 31, 2015 $ 1,485 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Multiemployer Plans | The following table summarizes the plan: Pension Protection Act Zone Status Contributions of the Company Pension Fund EIN/Pension Plan Number 2015 2014 FIP/RP Status 2015 2014 2013 Surcharge Imposed Expiration Dates of Collective Bargaining Agreements CWA/ITU 13-6212879 Red Red Implemented $ 47 $ 126 $ 116 NA 2015/2016 |
Other Postretirement Benefit Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The following benefit payments, which reflect expected future service, are expected to be paid as follows: Year JMG SERP JMG OPEB 2016 $ 366 $ 974 2017 359 911 2018 346 909 2019 357 879 2020 371 825 2021-2025 1,791 2,960 The components of the defined pension and benefit plan expense for the JMG SERP and JMG OPEB plans consist of the following: Year Ended December 31, 2015 JMG SERP JMG OPEB Total Service cost $ — $ 9 $ 9 Interest cost 350 269 619 Expected return on plan assets, net of expenses — — Amortization of actuarial (gain)/loss (54 ) (54 ) Total for JMG SERP and JMG OPEB plans 296 278 574 Allocated portion of Scripps sponsored defined benefit plans 1,322 Defined pension and benefit plan expense $ 296 $ 278 $ 1,896 For the JMG SERP and JMG OPEB retirement plans sponsored by the Company other changes in plan assets and benefit obligations recognized in other comprehensive loss were as follows: Year Ended December 31, 2015 JMG SERP JMG OPEB Total Current year actuarial (gain)/loss $ (372 ) $ (719 ) $ (1,091 ) Prior service credit arising during 2015 — (370 ) (370 ) Amortization of actuarial gain 54 — 54 Total $ (318 ) $ (1,089 ) $ (1,407 ) Assumptions used in determining the annual JMG SERP and JMG OPEB retirement plans expense for the year ended December 31, 2015 were as follows: JMG SERP JMG OPEB Discount rate 4.20% 3.25% - 3.60% Long-term rate of return on plan assets N/A N/A Increase in compensation levels N/A N/A Obligations and Funded Status — The defined benefit pension plan obligations and funded status are actuarially valued as of the end of each year. The following table presents information for the plans sponsored by the Company of employee benefit plan assets and obligations: For the year ended December 31, 2015 JMG SERP JMG OPEB Total Accumulated benefit obligation $ 4,737 $ 8,208 $ 12,945 Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 3,883 $ 2,274 $ 6,157 Acquisition of JRN Newspapers 1,829 8,769 10,598 Transfer to Scripps $ — $ (1,071 ) $ (1,071 ) Service cost — 9 9 Interest cost 350 269 619 Benefits paid (953 ) (953 ) (1,906 ) Actuarial gain and prior service cost (372 ) (1,089 ) (1,461 ) Projected benefit obligation at end of year 4,737 8,208 12,945 Plan assets: Fair value at beginning of year $ — $ — $ — Actual return on plan assets — — — — Company contributions 953 953 1,906 Benefits paid (953 ) (953 ) (1,906 ) Fair value at end of year — — — Funded status $ (4,737 ) $ (8,208 ) $ (12,945 ) Amounts recognized in Consolidated Balance Sheet: Current liabilities $ 366 $ 974 $ 1,340 Noncurrent liabilities 4,371 7,234 11,605 Total $ 4,737 $ 8,208 $ 12,945 Amounts recognized in accumulated other comprehensive loss consist of: Unrecognized net actuarial loss/(gain) $ 1,947 $ (2,257 ) $ (310 ) |
Components of Expense | The components of Scripp's defined pension and benefit plan expense consists of the following: For the years ended December 31, 2014 2013 Service cost $ 85 $ 79 Interest cost 1,956 1,915 Expected return on plan assets, net of expenses (1,837 ) (1,730 ) Amortization of actuarial (gain)/loss 230 380 Total for defined benefit plans sponsored by the Company 434 644 Allocated portion of Scripps sponsored defined benefit plans 2,001 2,991 Allocated portion of Scripps SERP 238 639 Net periodic benefit cost 2,673 4,274 Withdrawal for GCIU multi-employer plan 4,100 — Defined pension and benefit plan expense $ 6,773 $ 4,274 |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The components of Scripp's defined pension and benefit plan expense consists of the following: For the years ended December 31, 2014 2013 Service cost $ 85 $ 79 Interest cost 1,956 1,915 Expected return on plan assets, net of expenses (1,837 ) (1,730 ) Amortization of actuarial (gain)/loss 230 380 Total for defined benefit plans sponsored by the Company 434 644 Allocated portion of Scripps sponsored defined benefit plans 2,001 2,991 Allocated portion of Scripps SERP 238 639 Net periodic benefit cost 2,673 4,274 Withdrawal for GCIU multi-employer plan 4,100 — Defined pension and benefit plan expense $ 6,773 $ 4,274 For the plans sponsored by Scripps, other changes in plan assets and benefit obligations recognized in other comprehensive loss were as follows: For the years ended December 31, 2014 2013 Current year actuarial (gain)/loss $ 13,443 $ (3,773 ) Amortization of actuarial loss (230 ) (380 ) Transfer to The E. W. Scripps Company (23,757 ) — Total $ (10,544 ) $ (4,153 ) Assumptions used in determining the Scripps annual retirement plans expense were as follows: 2014 2013 Discount rate 5.08 % 4.27 % Long-term rate of return on plan assets 5.25 % 4.65 % Increase in compensation levels N/A N/A The discount rate used to determine our future pension obligations is based on a dedicated bond portfolio approach that includes securities rated Aa or better with maturities matching our expected benefit payments from the plans. The expected long-term rate of return on plan assets is based upon the weighted-average expected rate of return and capital market forecasts for each asset class employed. Our expected rate of return on plan assets also considers our historical compounded return on plan assets for 10 and 15 year periods. Obligations and Funded Status — The defined benefit pension plan obligations and funded status are actuarially valued as of the end of each year. The following table presents information for the plans sponsored by Scripps of employee benefit plan assets and obligations: Year Ended December 31, 2014 Accumulated benefit obligation $ — Change in projected benefit obligation: Projected benefit obligation at beginning of year $ 40,861 Service cost 85 Interest cost 1,956 Benefits paid (2,291 ) Actuarial (gains)/losses 7,978 Transfer to The E. W. Scripps Company (48,589 ) Projected benefit obligation at end of year — Plan assets: Fair value at beginning of year 36,810 Actual return on plan assets (3,627 ) Company contributions 75 Benefits paid (2,291 ) Transfer to The E. W. Scripps Company (30,967 ) Fair value at end of year — Funded status $ — Amounts recognized in Combined Balance Sheets: Current liabilities $ — Noncurrent liabilities — Total $ — Amounts recognized in accumulated other comprehensive loss consist of: Unrecognized net actuarial loss $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | As of December 31, 2015 , our future minimum rental payments under noncancellable operating lease agreements for buildings, office and warehouse space, and office equipment consist of the following: Due in Fiscal Year 2016 $ 1,697 2017 686 2018 371 2019 11 2020 — Thereafter — Total $ 2,765 |
Schedule of Future Minimum Lease Payments for Capital Leases | We lease delivery trucks accounted for as capital leases. As of December 31, 2015 , our future minimum rental payments due under capital lease agreements consist of the following: Due in Fiscal Year 2016 $ 57 2017 37 2018 38 2019 30 2020 — Thereafter — Total $ 162 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The following table summarizes information about stock option transactions for the Scripps newspaper employees' participation in the Scripps Plan prior to April 1, 2015: Number of Shares Weighted- Average Exercise Price Range of Exercise Prices Outstanding at December 31, 2012 2,030,442 $ 9.95 $9.00 - $11.00 Exercised in 2013 (1,582,721 ) 10.01 9.00 - 11.00 Forfeited in 2013 (8,289 ) 9.41 9.00 - 11.00 Outstanding at December 31, 2013 439,432 9.79 9.00 - 11.00 Exercised in 2014 (341,472 ) 9.79 9.00 - 11.00 Forfeited in 2014 (328 ) 9.78 10.00 Outstanding at December 31, 2014 97,632 9.39 9.00 - 10.00 Exercised in Q1 2015 (45,907 ) 9.64 9.00 - 10.00 Outstanding at March 31, 2015* 51,725 $ 9.09 $ 9.00 *Scripps assumed liability for the unrecognized compensation expense under this plan as of April 1, 2015. Information and activity for transactions for the Scripps newspaper employees' participation in the Scripps Plan for restricted stock and RSUs is presented below: Grant Date Fair Value Number of Shares Weighted Average Range of Prices Unvested at December 31, 2012 513,111 $ 6.75 $1-$11 Awarded in 2013 179,893 11.71 11-20 Vested in 2013 (293,273 ) 5.01 1-12 Forfeited in 2013 (24,913 ) 10.35 9-12 Unvested at December 31, 2013 374,818 10.59 7-20 Awarded in 2014 123,328 16.52 16-22 Vested in 2014 (168,243 ) 10.40 7-20 Forfeited in 2014 (53,023 ) 11.75 9-18 Unvested at December 31, 2014 276,880 13.24 7-22 Vested in 2015 (276,880 ) 13.24 7-22 Unvested at March 31, 2015 — |
Schedule of Cash Proceeds Received from Share-based Payment Awards | The following table presents additional information about exercises of stock options: For the quarter ended March 31, 2015 For the years ended December 31, (in thousands) 2014 2013 Cash received upon exercise $ 443 $ 3,183 $ 15,812 Intrinsic value (market value on date of exercise less exercise price) 653 3,401 5,788 |
Accumulated Other Comprehensi42
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive loss ("AOCL") by component, including items reclassified out of AOCL, were as follows: Defined Benefit Plans Other Total Balance at December 31, 2013 $ (13,257 ) $ 62 $ (13,195 ) Unrecognized actuarial loss, net of tax of $0 (13,704 ) (13,704 ) Amortization of unrecognized loss included in net periodic pension cost, net of tax of $0 230 (240 ) (10 ) Net current-period other comprehensive income (loss) (13,474 ) (240 ) (13,714 ) Transfer of Knoxville and Memphis pension plans, net of tax of $(370) 24,127 — 24,127 Balance at December 31, 2014 (2,604 ) (178 ) (2,782 ) Immaterial prior period change in defined benefit (691 ) (691 ) Transfer unrecognized loss for defined benefit pension plan for an unconsolidated company to other 961 (961 ) — Unrecognized actuarial gain, net of tax of $404 687 — 687 Prior service credit arising during 2015, net of tax of $137 233 — 233 Amortization of unrecognized gain included in net periodic pension cost, net of tax of $20 (34 ) — (34 ) Net current-period other comprehensive income (loss) 1,847 (1,652 ) 195 Balance at December 31, 2015 $ (757 ) $ (1,830 ) $ (2,587 ) |
Quarterly Financial Informati43
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Summarized quarterly financial information is as follows: 1st 2nd 3rd 4th 2015 Quarter Quarter Quarter Quarter Total Total revenue $ 91,478 $ 115,814 $ 110,306 $ 123,408 $ 441,006 Total operating costs and expenses $ 95,196 $ 112,070 $ 110,904 $ 113,517 $ 431,687 Operating income (loss) $ (3,718 ) $ 3,744 $ (598 ) $ 9,891 $ 9,319 Income (loss) before income taxes $ (3,442 ) $ 3,619 $ (1,148 ) $ 9,721 $ 8,750 Net income (loss) attributable to Journal Media Group $ (3,542 ) $ 3,323 $ (488 ) $ 3,834 $ 3,127 Earnings (loss) per share: Basic (0.14 ) 0.13 (0.02 ) 0.15 0.12 Diluted (0.14 ) 0.13 (0.02 ) 0.15 0.12 On April 1, 2015 we acquired the JRN Newspapers. 1st 2nd 3rd 4th 2014 Quarter Quarter Quarter Quarter Total Total revenue $ 98,459 $ 92,228 $ 84,543 $ 95,102 $ 370,332 Total operating costs and expenses $ 102,057 $ 102,342 $ 92,984 $ 97,037 $ 394,420 Operating income (loss) $ (3,598 ) $ (10,114 ) $ (8,441 ) $ (1,935 ) $ (24,088 ) Income (loss) before income taxes $ (3,933 ) $ (10,446 ) $ (8,856 ) $ (2,322 ) $ (25,557 ) Net income (loss) attributable to Journal Media Group $ (3,939 ) $ (10,456 ) $ (9,053 ) $ (2,318 ) $ (25,766 ) Earnings (loss) per share: Basic (0.27 ) (0.72 ) (0.63 ) (0.16 ) (1.78 ) Diluted (0.27 ) (0.72 ) (0.63 ) (0.16 ) (1.78 ) |
Formation of the Company and 44
Formation of the Company and Basis of Presentation (Details) | Apr. 01, 2015mergernewspaper_business | Dec. 31, 2015market |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Number of mergers combining businesses | merger | 2 | |
Number of newspaper businesses combined in spinoff transaction | newspaper_business | 13 | |
Number of markets in which the entity operates | market | 14 | |
Albuquerque Publishing Company [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Ownership percentage in subsidiary | 40.00% |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Concentration Risk [Line Items] | |||
Number of reportable segments | segment | 1 | ||
Advertising expense | $ | $ 7,600 | $ 7,024 | $ 8,778 |
Product Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 60.00% |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2013plan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | |
Accounting Policies [Abstract] | ||||
Estimated liabilities for unpaid claims | $ 8,855 | $ 8,686 | ||
Number of defined benefit plans merged into current sponsored plan | plan | 4 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Accrued pension and retirement benefits | $ 11,605 | 5,318 | ||
Knoxville [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Accrued pension and retirement benefits | $ 3,000 | |||
Memphis [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Accrued pension and retirement benefits | $ 14,600 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||
Allowance for doubtful accounts receivable, beginning balance | $ 746 | $ 907 | $ 676 |
Charged to selling, general and administrative expenses | 1,117 | 632 | 877 |
Amounts charged off, net | (1,016) | (793) | (646) |
Allowance for doubtful accounts receivable, ending balance | $ 847 | $ 746 | $ 907 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |
Intangible asset useful life | 17 years |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Intangible asset useful life | 3 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Intangible asset useful life | 25 years |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 45 years |
Printing Presses [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Printing Presses [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Other Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Other Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Office Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Office Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Proposed Merger With Gannett (D
Proposed Merger With Gannett (Details) | Oct. 07, 2015$ / shares |
Gannett [Member] | Journal Media Group [Member] | |
Business Acquisition [Line Items] | |
Business acquisition, share price | $ 12 |
Earnings Per Share Narrative (D
Earnings Per Share Narrative (Details) - shares shares in Thousands | Apr. 01, 2015 | Dec. 31, 2015 |
Earnings Per Share [Abstract] | ||
Distribution of JMG stock (in shares) | 24,378 | |
Stock converted from parent company (in shares) | 14,450 | |
Antidilutive shares excluded from computation of earnings per share | 559 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Undistributed net income (loss): | |||||||||||
Net income (loss) attributable to Journal Media Group | $ 3,834 | $ (488) | $ 3,323 | $ (3,542) | $ (2,318) | $ (9,053) | $ (10,456) | $ (3,939) | $ 3,127 | $ (25,766) | $ (16,703) |
Less dividends paid: | |||||||||||
Common stock | 3,907 | ||||||||||
Unvested restricted share units | 90 | ||||||||||
Common stock | (870) | ||||||||||
Unvested restricted share units | 0 | ||||||||||
Total undistributed net income (loss) | $ (870) | ||||||||||
Basic earnings per share: | |||||||||||
Distributed earnings per share, basic (in USD per share) | $ 0.16 | ||||||||||
Undistributed earnings per share, basic (in USD per share) | (0.04) | ||||||||||
Earnings per share, basic (in USD per share) | $ 0.15 | $ (0.02) | $ 0.13 | $ (0.14) | $ (0.16) | $ (0.63) | $ (0.72) | $ (0.27) | 0.12 | $ (1.78) | $ (1.16) |
Diluted earnings (loss) per share: | |||||||||||
Distributed earnings per share, diluted (in USD per share) | 0.16 | ||||||||||
Undistributed earnings per share, diluted (in USD per share) | (0.04) | ||||||||||
Earnings per share, diluted (in USD per share) | $ 0.15 | $ (0.02) | $ 0.13 | $ (0.14) | $ (0.16) | $ (0.63) | $ (0.72) | $ (0.27) | $ 0.12 | $ (1.78) | $ (1.16) |
Weighted average shares outstanding: | |||||||||||
Weighted average number of shares outstanding, basic | 21,949 | 14,450 | 14,450 | ||||||||
Weighted average number of shares outstanding, diluted | 21,949 | 14,450 | 14,450 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Apr. 01, 2015 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Intangible asset useful life | 17 years | |
Goodwill related to the acquisition of JRN Newspapers | $ 9,157 | |
Trade names [Member] | ||
Business Acquisition [Line Items] | ||
Intangible asset useful life | 23 years | |
JRN Newspapers [Member] | ||
Business Acquisition [Line Items] | ||
Common shares issued in business acquisition | 9,928,000 | |
Purchase price, business acquisition | $ 87,362 | |
Goodwill related to the acquisition of JRN Newspapers | 9,157 | |
Goodwill and current liabilities, period increase | $ 127 | |
JRN Newspapers [Member] | Selling, General and Administrative Expenses [Member] | ||
Business Acquisition [Line Items] | ||
Transition and integration costs | $ 7,616 | |
JRN Newspapers [Member] | Trade names [Member] | ||
Business Acquisition [Line Items] | ||
Intangible asset useful life | 25 years |
Acquisitions Assets and Liabili
Acquisitions Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Apr. 01, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 9,157 | $ 0 | |
JRN Newspapers [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 10,489 | ||
Receivables | 12,359 | ||
Prepaid expenses and other current assets | 5,101 | ||
Property, plant and equipment | 74,376 | ||
Intangible assets | 9,600 | ||
Goodwill | 9,157 | ||
Other assets | 688 | ||
Total assets | 121,770 | ||
Current liabilities | 23,751 | ||
Long-term liabilities | 10,657 | ||
Total liabilities | 34,408 | ||
Total purchase price | $ 87,362 |
Acquisitions Pro Forma Informat
Acquisitions Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||||||||||
Net income (loss) attributable to Journal Media Group | $ 3,834 | $ (488) | $ 3,323 | $ (3,542) | $ (2,318) | $ (9,053) | $ (10,456) | $ (3,939) | $ 3,127 | $ (25,766) | $ (16,703) | |
JRN Newspapers [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Revenues | $ 100,486 | |||||||||||
Net income (loss) attributable to Journal Media Group | $ 4,348 | |||||||||||
Revenue | 474,967 | 517,896 | ||||||||||
Net earnings (loss) | $ 9,704 | $ (25,319) | ||||||||||
Earnings (loss) per share, basic (in USD per share) | $ 0.39 | $ (1.04) | ||||||||||
Earnings (loss) per share, diluted (in USD per share) | $ 0.40 | $ (1.39) | ||||||||||
Acquisition-related Costs [Member] | JRN Newspapers [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Revenues | $ 1,257 | |||||||||||
Net income (loss) attributable to Journal Media Group | 754 | |||||||||||
Transition and integration costs | $ 4,570 |
Income Taxes (Details)
Income Taxes (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)state_and_local_jurisdiction | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2015USD ($) | |
Income Tax Disclosure [Abstract] | ||||
Intraperiod tax allocated to tax benefit from operations | $ 2,303 | |||
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 17 | |||
Unrecognized tax benefits | 32 | |||
Penalties and interest accrued | 15 | $ 0 | ||
Penalties and interest expense | $ 15 | $ 0 | ||
Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Number of States and Local Jurisdictions in which Entity Files Tax Returns | state_and_local_jurisdiction | 18 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 5,422 | |||
Income tax examination, statute of limitations (in years) | 3 years | |||
Memphis and Evansville [Member] | State and Local Jurisdiction [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 44,202 | |||
Minimum [Member] | State and Local Jurisdiction [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax examination, statute of limitations (in years) | 3 years | |||
Maximum [Member] | State and Local Jurisdiction [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income tax examination, statute of limitations (in years) | 4 years |
Income Taxes Provision for Inco
Income Taxes Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 1,974 | $ 0 | $ 0 |
State and local | 718 | 413 | 409 |
Total current income tax provision | 2,692 | 413 | 409 |
Deferred: | |||
Federal | 2,611 | 0 | (2,115) |
Other | 418 | 0 | (364) |
Total deferred income tax provision | 3,029 | 0 | (2,479) |
Provision (benefit) for income taxes | $ 5,721 | $ 413 | $ (2,070) |
Income Taxes Effective Income T
Income Taxes Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory rate | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal income tax benefit | 9.20% | (1.10%) | 0.60% |
Non deductible expenses | 21.30% | (1.40%) | (2.20%) |
Tax credits | 0.00% | 0.40% | 0.50% |
Other | (1.10%) | 1.20% | 0.10% |
Valuation allowance | 1.00% | (35.70%) | (22.90%) |
Effective income tax rate | 65.40% | (1.60%) | 11.10% |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Property, plant and equipment | $ (25,999) | $ (26,051) |
Goodwill and other intangible assets | 896 | 1,517 |
Accrued expenses not deductible until paid | 595 | 4,512 |
Deferred compensation and retiree benefits not deductible until paid | 5,039 | 5,257 |
Other temporary differences, net | 1,291 | 1,626 |
Total temporary differences | (18,178) | (13,139) |
Federal and state net operating loss carryforwards | 2,963 | 68,758 |
Valuation allowances | (1,738) | (55,619) |
Net deferred tax liability | $ (16,953) | $ 0 |
Property, Plant and Equipment59
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ||||
Gross property, plant and equipment | $ 510,854 | $ 442,151 | ||
Accumulated depreciation | (268,513) | (256,603) | ||
Net property, plant and equipment | 242,341 | 185,548 | ||
Other depreciation and amortization | 1,315 | |||
Impairment of long-lived assets | 265 | 0 | $ 0 | |
Land and Building [Member] | Selling, General and Administrative Expenses [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment of long-lived assets | $ 265 | |||
Land and improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross property, plant and equipment | 52,705 | 44,463 | ||
Building and improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross property, plant and equipment | 165,441 | 133,019 | ||
Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross property, plant and equipment | 291,221 | 264,194 | ||
Construction in Progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Gross property, plant and equipment | $ 1,487 | $ 475 |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, net, beginning | $ 0 |
Goodwill related to the acquisition of JRN Newspapers | 9,157 |
Goodwill, net, ending | $ 9,157 |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, carrying amount | $ 21,791 | $ 12,146 |
Accumulated amortization | (10,770) | (10,145) |
Net amortizable intangible assets | 11,021 | 2,001 |
Customer lists and advertiser relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, carrying amount | 10,466 | 10,466 |
Accumulated amortization | (9,003) | (8,798) |
Trade names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, carrying amount | 10,821 | 1,176 |
Accumulated amortization | (1,366) | (961) |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable intangible assets, carrying amount | 504 | 504 |
Accumulated amortization | $ (401) | $ (386) |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets -Weighted Average Lives (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 17 years |
Customer lists and advertiser relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 10 years |
Trade names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 23 years |
Other [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset useful life | 13 years |
Goodwill and Other Intangible63
Goodwill and Other Intangible Assets - Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,016 | $ 690 | |
2,017 | 595 | |
2,018 | 595 | |
2,019 | 534 | |
2,020 | 516 | |
Estimated amortization expense, Thereafter | 8,091 | |
Net amortizable intangible assets | $ 11,021 | $ 2,001 |
Noncontrolling Interest (Detail
Noncontrolling Interest (Details) | Dec. 31, 2015 |
Memphis (TN) Commercial Appeal [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage in subsidiaries by noncontrolling owners | 4.00% |
Evansville (IN) Courier & Press [Member] | |
Noncontrolling Interest [Line Items] | |
Ownership percentage in subsidiaries by noncontrolling owners | 6.00% |
Long-Term Debt (Details)
Long-Term Debt (Details) - Line of Credit [Member] | Apr. 01, 2015USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | ||
Credit agreement term | 5 years | |
Maximum borrowing capacity | $ 50,000,000 | |
Outstanding borrowings | $ 0 | |
Dividend payment from borrowed funds (maximum) | 10,000,000 | |
Total debt ratio (not greater than) | 3 | |
Interest coverage ratio (not less than) | 3 | |
Revolving Loan Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maximum outstanding loan amount | $ 75,000,000 | |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (basis points) | 25.00% | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (basis points) | 100.00% | |
LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (basis points) | 125.00% | |
LIBOR [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (basis points) | 125.00% | |
LIBOR [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (basis points) | 200.00% | |
Federal Funds Effective Swap Rate [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (basis points) | 50.00% | |
One-Month London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (basis points) | 100.00% |
Workforce Reductions (Details)
Workforce Reductions (Details) - Employee Severance [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 2,517 | $ 2,336 |
Cost of Sales [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | 1,180 | |
Selling, General and Administrative Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 1,337 |
Workforce Reductions Rollforwar
Workforce Reductions Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Restructuring Reserve [Roll Forward] | |||
Restructuring Reserve | $ 1,485 | $ 1,530 | $ 1,798 |
Employee Severance [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | 2,517 | 2,336 | |
Payments for separation benefits | (4,289) | $ (2,604) | |
Acquisition of Business [Member] | |||
Restructuring Reserve [Roll Forward] | |||
Restructuring charges | $ 1,727 |
Guarantee (Details)
Guarantee (Details) - Albuquerque Publishing Company [Member] - Payment Guarantee [Member] | Dec. 31, 2015USD ($) |
Guarantor Obligations [Line Items] | |
Guarantor obligations | $ 1,400,000 |
Guarantor obligations, current carrying value | $ 1,466,000 |
Employee Benefit Plans- SERP an
Employee Benefit Plans- SERP and OPEB (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 9 | ||
Interest cost | 619 | ||
Expected return on plan assets, net of expenses | 0 | ||
Amortization of actuarial (gain)/loss | (54) | ||
Total for JMG SERP and JMG OPEB plans | 574 | $ 2,673 | $ 4,274 |
Allocated portion of Scripps sponsored defined benefit plans | 10,598 | ||
Defined pension and benefit plan expense | 1,896 | 6,773 | 4,274 |
Current year actuarial (gain)/loss | (1,091) | ||
Prior service credit arising during 2015 | (370) | ||
Amortization of actuarial gain | 54 | ||
Total | (1,407) | ||
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 9 | ||
Interest cost | 269 | ||
Total for JMG SERP and JMG OPEB plans | 278 | 2,001 | 2,991 |
Allocated portion of Scripps sponsored defined benefit plans | 8,769 | ||
Defined pension and benefit plan expense | 278 | ||
Current year actuarial (gain)/loss | (719) | ||
Prior service credit arising during 2015 | (370) | ||
Amortization of actuarial gain | 0 | ||
Total | (1,089) | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 85 | 79 | |
Interest cost | 1,956 | 1,915 | |
Expected return on plan assets, net of expenses | (1,837) | (1,730) | |
Amortization of actuarial (gain)/loss | 230 | 380 | |
Total for JMG SERP and JMG OPEB plans | 434 | 644 | |
Allocated portion of Scripps sponsored defined benefit plans | 1,322 | ||
Current year actuarial (gain)/loss | 13,443 | (3,773) | |
Amortization of actuarial gain | (230) | (380) | |
Total | $ (10,544) | $ (4,153) | |
Discount rate | 5.08% | 4.27% | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | ||
Interest cost | 350 | ||
Expected return on plan assets, net of expenses | 0 | ||
Amortization of actuarial (gain)/loss | (54) | ||
Total for JMG SERP and JMG OPEB plans | 296 | $ 238 | $ 639 |
Allocated portion of Scripps sponsored defined benefit plans | 1,829 | ||
Defined pension and benefit plan expense | 296 | ||
Current year actuarial (gain)/loss | (372) | ||
Prior service credit arising during 2015 | 0 | ||
Amortization of actuarial gain | 54 | ||
Total | $ (318) | ||
Discount rate | 4.20% | ||
Minimum [Member] | Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.25% | ||
Maximum [Member] | Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.60% |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)plan | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 30, 2014USD ($) | |
Multiemployer Plans [Line Items] | ||||
Withdrawal liability | $ 0 | $ 4,100 | ||
Multiemployer Plans, Pension [Member] | Scripps Pension Plan [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Contributions of the Company | 47 | 246 | $ 269 | |
Multiemployer Plans, Pension [Member] | Graphics Communication International Union (GCIU) Employer Retirement Fund [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Contributions of the Company | 47 | 126 | 116 | |
Estimated undiscounted withdrawal liability | $ 6,500 | |||
Withdrawal liability | $ 4,800 | $ 4,100 | ||
Memphis and Knoxville [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Number of multi-employer pension plans | plan | 4 | |||
Scripps Defined Contribution Plan [Member] | Other Postretirement Benefit Plan [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Defined contribution plan, cost recognized | $ 2,683 | $ 4,410 | $ 4,536 |
Employee Benefit Plans- SERP 71
Employee Benefit Plans- SERP and OPEB Obligation and Funded Status (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Accumulated benefit obligation | $ 12,945 |
Change in projected benefit obligation: | |
Projected benefit obligation at beginning of year | 6,157 |
Acquisition of JRN Newspapers | 10,598 |
Defined Benefit Plan, Transfer | 1,071 |
Service cost | 9 |
Interest cost | 619 |
Benefits paid | (1,906) |
Actuarial gain and prior service cost | (1,461) |
Projected benefit obligation at end of year | 12,945 |
Plan assets: | |
Fair value at beginning of year | 0 |
Actual return on plan assets | 0 |
Company contributions | 1,906 |
Benefits paid | (1,906) |
Fair value at end of year | 0 |
Funded status | (12,945) |
Amounts recognized in Consolidated Balance Sheet: | |
Noncurrent liabilities | 1,340 |
Current liabilities | 11,605 |
Total | 12,945 |
Amounts recognized in accumulated other comprehensive loss consist of: | |
Unrecognized net actuarial loss/gain | (310) |
Supplemental Employee Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Accumulated benefit obligation | 4,737 |
Change in projected benefit obligation: | |
Projected benefit obligation at beginning of year | 3,883 |
Acquisition of JRN Newspapers | 1,829 |
Defined Benefit Plan, Transfer | 0 |
Service cost | 0 |
Interest cost | 350 |
Benefits paid | (953) |
Actuarial gain and prior service cost | (372) |
Projected benefit obligation at end of year | 4,737 |
Plan assets: | |
Fair value at beginning of year | 0 |
Actual return on plan assets | 0 |
Company contributions | 953 |
Benefits paid | (953) |
Fair value at end of year | 0 |
Funded status | (4,737) |
Amounts recognized in Consolidated Balance Sheet: | |
Noncurrent liabilities | 366 |
Current liabilities | 4,371 |
Total | 4,737 |
Amounts recognized in accumulated other comprehensive loss consist of: | |
Unrecognized net actuarial loss/gain | 1,947 |
Other Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Accumulated benefit obligation | 8,208 |
Change in projected benefit obligation: | |
Projected benefit obligation at beginning of year | 2,274 |
Acquisition of JRN Newspapers | 8,769 |
Defined Benefit Plan, Transfer | (1,071) |
Service cost | 9 |
Interest cost | 269 |
Benefits paid | (953) |
Actuarial gain and prior service cost | (1,089) |
Projected benefit obligation at end of year | 8,208 |
Plan assets: | |
Fair value at beginning of year | 0 |
Actual return on plan assets | 0 |
Company contributions | 953 |
Benefits paid | (953) |
Fair value at end of year | 0 |
Funded status | (8,208) |
Amounts recognized in Consolidated Balance Sheet: | |
Noncurrent liabilities | 974 |
Current liabilities | 7,234 |
Total | 8,208 |
Amounts recognized in accumulated other comprehensive loss consist of: | |
Unrecognized net actuarial loss/gain | $ (2,257) |
Employee Benefit Plans Actuaria
Employee Benefit Plans Actuarial Assumptions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | $ 44 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 43 |
Other Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 487 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | 546 |
Supplemental Employee Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Effect of One Percentage Point Increase on Accumulated Postretirement Benefit Obligation | 390 |
Defined Benefit Plan, Effect of One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation | $ 458 |
Pre-65 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.50% |
Post-65 [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed for Next Fiscal Year | 8.70% |
Employee Benefit Plans Expected
Employee Benefit Plans Expected Benefit Payments (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Supplemental Employee Retirement Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,016 | $ 366 |
2,017 | 359 |
2,018 | 346 |
2,019 | 357 |
2,020 | 371 |
2021-2025 | 1,791 |
Other Pension Plan [Member] | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2,016 | 974 |
2,017 | 911 |
2,018 | 909 |
2,019 | 879 |
2,020 | 825 |
2021-2025 | $ 2,960 |
Employee Benefit Plans - Compon
Employee Benefit Plans - Components of Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 9 | ||
Interest cost | 619 | ||
Expected return on plan assets, net of expenses | 0 | ||
Amortization of actuarial (gain)/loss | (54) | ||
Total for defined benefit plans sponsored by the Company | 574 | $ 2,673 | $ 4,274 |
Multi-employer plan withdrawal accrual | 0 | 4,100 | 0 |
Net periodic benefit cost | 1,896 | 6,773 | 4,274 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 85 | 79 | |
Interest cost | 1,956 | 1,915 | |
Expected return on plan assets, net of expenses | (1,837) | (1,730) | |
Amortization of actuarial (gain)/loss | 230 | 380 | |
Total for defined benefit plans sponsored by the Company | 434 | 644 | |
Other Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 9 | ||
Interest cost | 269 | ||
Total for defined benefit plans sponsored by the Company | 278 | 2,001 | 2,991 |
Net periodic benefit cost | 278 | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | ||
Interest cost | 350 | ||
Expected return on plan assets, net of expenses | 0 | ||
Amortization of actuarial (gain)/loss | (54) | ||
Total for defined benefit plans sponsored by the Company | 296 | $ 238 | $ 639 |
Net periodic benefit cost | $ 296 |
Employee Benefit Plans- Scripps
Employee Benefit Plans- Scripps Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Current year actuarial (gain)/loss | $ (1,091) | ||
Amortization of actuarial loss | 54 | ||
Total | $ (1,407) | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current year actuarial (gain)/loss | $ 13,443 | $ (3,773) | |
Amortization of actuarial loss | (230) | (380) | |
Transfer to The E. W. Scripps Company | (23,757) | 0 | |
Total | $ (10,544) | $ (4,153) | |
Discount rate | 5.08% | 4.27% | |
Long-term rate of return on plan assets | 5.25% | 4.65% | |
Pension Plan [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Historical compounded return on plan assets (in years) | 10 years | ||
Pension Plan [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Historical compounded return on plan assets (in years) | 15 years |
Employee Benefit Plans- Scrip76
Employee Benefit Plans- Scripps Obligations and Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 12,945 | ||
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 6,157 | ||
Service cost | 9 | ||
Interest cost | 619 | ||
Benefits paid | (1,906) | ||
Actuarial (gains)/losses | (1,461) | ||
Transfer to The E. W. Scripps Company | (1,071) | ||
Projected benefit obligation at end of year | 12,945 | $ 6,157 | |
Plan assets: | |||
Fair value at beginning of year | 0 | ||
Actual return on plan assets | 0 | ||
Company contributions | 1,906 | ||
Benefits paid | (1,906) | ||
Fair value at end of year | 0 | 0 | |
Funded status | (12,945) | ||
Amounts recognized in Combined Balance Sheets: | |||
Current liabilities | 11,605 | ||
Noncurrent liabilities | 1,340 | ||
Total | 12,945 | ||
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Unrecognized net actuarial loss | (310) | ||
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | 0 | ||
Change in projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 0 | 40,861 | |
Service cost | 85 | $ 79 | |
Interest cost | 1,956 | 1,915 | |
Benefits paid | (2,291) | ||
Actuarial (gains)/losses | 7,978 | ||
Transfer to The E. W. Scripps Company | (48,589) | ||
Projected benefit obligation at end of year | 0 | 40,861 | |
Plan assets: | |||
Fair value at beginning of year | $ 0 | 36,810 | |
Actual return on plan assets | (3,627) | ||
Company contributions | 75 | ||
Benefits paid | (2,291) | ||
Transfer to The E. W. Scripps Company | (30,967) | ||
Fair value at end of year | 0 | $ 36,810 | |
Funded status | 0 | ||
Amounts recognized in Combined Balance Sheets: | |||
Current liabilities | 0 | ||
Noncurrent liabilities | 0 | ||
Total | 0 | ||
Amounts recognized in accumulated other comprehensive loss consist of: | |||
Unrecognized net actuarial loss | $ 0 |
Employee Benefit Plans- Multiem
Employee Benefit Plans- Multiemployer Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Multiemployer Plans [Line Items] | ||||
Withdrawal liability | $ 0 | $ 4,100 | ||
Multiemployer Plans, Pension [Member] | Graphics Communication International Union (GCIU) Employer Retirement Fund [Member] | ||||
Multiemployer Plans [Line Items] | ||||
Contributions of the Company | 47 | $ 126 | $ 116 | |
Withdrawal liability | $ 4,800 | $ 4,100 |
Transactions with Scripps (Deta
Transactions with Scripps (Details) - Former Parent [Member] - USD ($) $ in Thousands | Apr. 01, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Allocations for Certain Corporate Support Service with Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Selling, general and administrative expenses allocated from related party | $ 11,717 | $ 50,673 | $ 40,421 | |
Allocations for General Insurance Costs with Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Insurance costs | 275 | 1,344 | 1,361 | |
Allocations of Benefit Plan Costs from Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | 4,738 | 18,956 | 18,212 | |
Purchases of Newsprint and Other Items from Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchases from related party | 6,497 | $ 28,691 | $ 31,600 | |
Transition Services Agreement with Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | $ 3,381 | |||
Related party transaction period of agreement (up to) | 1 year | |||
Allocation of Net Deferred Tax Liability from Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party expenses | $ 14,537 | |||
Other Revenue, Net [Member] | Transition Services Agreement with Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Revenue from related parties | $ 1,530 | |||
Other Current Liabilities [Member] | Transition Services Agreement with Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due to related parties | $ 1,986 |
Commitments and Contingencies O
Commitments and Contingencies Operating Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 1,697 |
2,017 | 686 |
2,018 | 371 |
2,019 | 11 |
2,020 | 0 |
Thereafter | 0 |
Operating leases, future minimum payments due | $ 2,765 |
Commitments and Contingencies C
Commitments and Contingencies Capital Leases (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 57 |
2,017 | 37 |
2,018 | 38 |
2,019 | 30 |
2,020 | 0 |
Thereafter | 0 |
Capital leases, future minimum payments due | $ 162 |
Commitments and Contingencies81
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 1,919 | $ 1,901 | $ 1,863 |
Sublease revenue | $ 27 | $ 0 | $ 0 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands | May. 11, 2015 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
RSUs forfeited in period | 5,000 | |||||
RSUs unvested | 559,000 | |||||
Allocated share-based compensation expense | $ 1,125 | |||||
Compensation cost not yet recognized | $ 3,585 | |||||
Compensation cost not yet recognized, period for recognition | 2 years 4 months 24 days | |||||
Selling, General and Administrative Expenses [Member] | Allocations of Stock-Based Compensation from Related Party [Member] | Affiliated Entity [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Related party expenses | $ 216 | $ 1,426 | $ 1,368 | |||
Two Zero One Five Journal Media Group, Inc. Long-Term Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,000,000 | |||||
Number of shares available for issuance | 1,411,000 | |||||
Two Zero One Five Journal Media Group, Inc. Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted in period | 564,000 | |||||
Shares granted in period, weighted average grant date fair value (in USD per share) | $ 7.98 | |||||
Award vesting period | 3 years | |||||
Number of common stock shares equivalent per award | 1 | |||||
Two Zero One Five Journal Media Group, Inc. Long-Term Incentive Plan [Member] | Non-Employee Director [Member] | Stock Compensation Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares granted in period | 30,000 | |||||
Shares granted in period, weighted average grant date fair value (in USD per share) | $ 9.06 |
Stock-Based Compensation - Scri
Stock-Based Compensation - Scripps Options (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Number of Shares | ||||
Options outstanding, beginning balance | 97,632 | 439,432 | 2,030,442 | |
Options, Exercised in period | (45,907) | (341,472) | (1,582,721) | |
Options, Forfeited in period | (328) | (8,289) | ||
Options outstanding, ending balance | 51,725 | 97,632 | 439,432 | |
Weighted- Average Exercise Price | ||||
Options, outstanding, weighted average exercise price, beginning (in USD per share) | $ 9.39 | $ 9.79 | $ 9.95 | |
Options, Exercised in period, weighted average exercise price (in USD per share) | 9.64 | 9.79 | 10.01 | |
Options, Forfeited in period, weighted average exercise price (in USD per share) | 9.78 | 9.41 | ||
Options, outstanding, weighted average exercise price, ending (in USD per share) | 9.09 | 9.39 | 9.79 | |
Options, exercised, exercise price (in USD per share) | 9 | |||
Options, forfeited, price (in USD per share) | 10 | |||
Minimum [Member] | ||||
Weighted- Average Exercise Price | ||||
Options, Exercised in period, weighted average exercise price (in USD per share) | 9 | 9 | 9 | |
Options, exercised, exercise price (in USD per share) | 9 | 9 | $ 9 | |
Options, forfeited, price (in USD per share) | 9 | |||
Maximum [Member] | ||||
Weighted- Average Exercise Price | ||||
Options, Exercised in period, weighted average exercise price (in USD per share) | $ 10 | 11 | 11 | |
Options, exercised, exercise price (in USD per share) | $ 10 | 11 | $ 11 | |
Options, forfeited, price (in USD per share) | $ 11 |
Stock-Based Compensation - Opt
Stock-Based Compensation - Options Exercised (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Cash received upon exercise | $ 443 | $ 3,183 | $ 15,812 |
Intrinsic value (market value on date of exercise less exercise price) | $ 653 | $ 3,401 | $ 5,788 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Number of Shares | ||||
RSUs forfeited in period | (5,000) | |||
RSUs unvested, ending balance | 559,000 | |||
Restricted Stock [Member] | ||||
Number of Shares | ||||
RSUs unvested, beginning balance | 276,880 | 276,880 | 374,818 | 513,111 |
RSUs granted in period | 123,328 | 179,893 | ||
RSUs vested in period | (276,880) | (168,243) | (293,273) | |
RSUs forfeited in period | (53,023) | (24,913) | ||
RSUs unvested, ending balance | 0 | 276,880 | 374,818 | |
Weighted Average | ||||
RSUs, nonvested, weighted average grant date fair value, beginning (in USD per share) | $ 13.24 | $ 13.24 | $ 10.59 | $ 6.75 |
RSUs granted in period, weighted average grant date fair value (in USD per share) | 16.52 | 11.71 | ||
RSUs, vested in period, weighted average grant date fair value (in USD per share) | 13.24 | 10.40 | 5.01 | |
RSUs, forfeited in period, weighted average grant date fair value (in USD per share) | 11.75 | 10.35 | ||
RSUs, nonvested, weighted average grant date fair value, beginning (in USD per share) | $ 13.24 | $ 10.59 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share [Abstract] | ||||
Fair value of RSUs vested during period | $ 5,241 | $ 2,921 | $ 3,538 | |
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share [Abstract] | ||||
RSUs grant date fair value prices, beginning (in USD per share) | 7 | $ 7 | $ 7 | $ 1 |
RSUs grant date fair value award prices (in USD per share) | 16 | 11 | ||
RSUs grant date fair value, vested prices (in USD per share) | 7 | 7 | 1 | |
RSUs grant date fair value, forfeited prices (in USD per share) | 9 | 9 | ||
RSUs grant date fair value prices, ending (in USD per share) | 7 | 7 | ||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share [Abstract] | ||||
RSUs grant date fair value prices, beginning (in USD per share) | 22 | $ 22 | 20 | 11 |
RSUs grant date fair value award prices (in USD per share) | 22 | 20 | ||
RSUs grant date fair value, vested prices (in USD per share) | $ 22 | 20 | 12 | |
RSUs grant date fair value, forfeited prices (in USD per share) | 18 | 12 | ||
RSUs grant date fair value prices, ending (in USD per share) | $ 22 | $ 20 |
Accumulated Other Comprehensi86
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 166,793 | |
Ending balance | 247,343 | $ 166,793 |
Defined Benefit Pension Items [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (2,604) | (13,257) |
Unrecognized actuarial loss, net of tax of $0 in 2014 and $404 in 2015, respectively | 687 | (13,704) |
Actuarial (gain) loss, net of tax, $0 in 2014 and $20 in 2015, respectively | (34) | 230 |
Net current-period other comprehensive income (loss) | 1,847 | (13,474) |
OCI, before reclassifications, net of tax | 24,127 | |
Transfer unrecognized loss for defined benefit pension plan for an unconsolidated company to other | 961 | |
Prior service credit arising during 2015, net of tax of $137 | 233 | |
Ending balance | (757) | (2,604) |
Actuarial gain, tax | 404 | 0 |
Change in defined pension plan, tax | 20 | (370) |
Net prior service credit, tax | 137 | |
Other [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (178) | 62 |
Unrecognized actuarial loss, net of tax of $0 in 2014 and $404 in 2015, respectively | 0 | |
Actuarial (gain) loss, net of tax, $0 in 2014 and $20 in 2015, respectively | 0 | (240) |
Net current-period other comprehensive income (loss) | (1,652) | (240) |
OCI, before reclassifications, net of tax | 0 | |
Prior service credit arising during 2015, net of tax of $137 | 0 | |
Ending balance | (1,830) | (178) |
Other [Member] | Unconsolidated Company [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
OCI, before reclassifications, net of tax | (691) | |
Transfer unrecognized loss for defined benefit pension plan for an unconsolidated company to other | (961) | |
Change in defined pension plan, tax | 451 | |
AOCI Attributable to Parent [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (2,782) | (13,195) |
Unrecognized actuarial loss, net of tax of $0 in 2014 and $404 in 2015, respectively | 687 | (13,704) |
Actuarial (gain) loss, net of tax, $0 in 2014 and $20 in 2015, respectively | (34) | (10) |
Net current-period other comprehensive income (loss) | 195 | (13,714) |
OCI, before reclassifications, net of tax | 24,127 | |
Prior service credit arising during 2015, net of tax of $137 | 233 | |
Ending balance | (2,587) | $ (2,782) |
AOCI Attributable to Parent [Member] | Unconsolidated Company [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
OCI, before reclassifications, net of tax | (691) | |
Transfer unrecognized loss for defined benefit pension plan for an unconsolidated company to other | $ 0 |
Quarterly Financial Informati87
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 123,408 | $ 110,306 | $ 115,814 | $ 91,478 | $ 95,102 | $ 84,543 | $ 92,228 | $ 98,459 | $ 441,006 | $ 370,332 | $ 384,199 |
Total operating costs and expenses | 113,517 | 110,904 | 112,070 | 95,196 | 97,037 | 92,984 | 102,342 | 102,057 | 431,687 | 394,420 | 402,805 |
Operating income (loss) | 9,891 | (598) | 3,744 | (3,718) | (1,935) | (8,441) | (10,114) | (3,598) | 9,319 | (24,088) | (18,606) |
Income (loss) before income taxes | 9,721 | (1,148) | 3,619 | (3,442) | (2,322) | (8,856) | (10,446) | (3,933) | 8,750 | (25,557) | (18,899) |
Net income (loss) attributable to Journal Media Group | $ 3,834 | $ (488) | $ 3,323 | $ (3,542) | $ (2,318) | $ (9,053) | $ (10,456) | $ (3,939) | $ 3,127 | $ (25,766) | $ (16,703) |
Earnings per share, basic (in USD per share) | $ 0.15 | $ (0.02) | $ 0.13 | $ (0.14) | $ (0.16) | $ (0.63) | $ (0.72) | $ (0.27) | $ 0.12 | $ (1.78) | $ (1.16) |
Earnings per share, diluted (in USD per share) | $ 0.15 | $ (0.02) | $ 0.13 | $ (0.14) | $ (0.16) | $ (0.63) | $ (0.72) | $ (0.27) | $ 0.12 | $ (1.78) | $ (1.16) |
Subsequent Events (Details)
Subsequent Events (Details) | Mar. 01, 2016$ / shares |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Cash dividends | $ 0.06 |