ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
N/A |
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Page | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
Item 9C. | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
Daily Newspapers | Weekly Newspapers | Shoppers | Niche Publications | Digital Media Sites | |||||||||||||
Cost: | Paid | Paid and free | Paid and free | Paid and free | Paid and free | ||||||||||||
Distribution: | Distributed four to seven days per week | Distributed one to three days per week | Distributed weekly | Distributed on a weekly, bi-weekly, monthly, quarterly, or annual basis | Digital, updated daily | ||||||||||||
Format: | Printed on newsprint, folded | Printed on newsprint, folded | Printed on newsprint, folded, or booklet | Printed on newsprint or glossy, folded, booklet, magazine, or book | Websites and mobile apps | ||||||||||||
Content: | Editorial (local news and coverage of community events, some national headlines) and ads (including classifieds) | Editorial (local news and coverage of community events, some national headlines for smaller markets which cannot support a daily newspaper) and ads (including classifieds) | Almost 100% ads, primarily classifieds, display, and inserts | Niche content and targeted ads (e.g., city guides, tourism guides, directories, and calendars) | Editorial, gaming, and ads | ||||||||||||
Income: | Revenue from advertisers, subscribers, rack/box sales | Paid: Revenue from advertising, subscribers, rack/box sales Free: Advertising revenue only, provide 100% market coverage | Paid: Revenue from advertising, rack/box sales Free: Advertising revenue only, provide 100% market coverage | Paid: Revenue from advertising, rack/box sales Free: Advertising revenue only | Revenue from advertisers and subscribers | ||||||||||||
Internet Availability: | Maintain locally oriented websites, mobile sites, and mobile apps for most locations | Major publications maintain locally oriented websites and mobile sites for select locations | Major publications maintain locally oriented websites | Selectively available online | Online only |
LOCAL PROPERTY NETWORK MEDIA ORGANIZATIONS | ||||||||||||||||||||
Publications | Production Facilities | |||||||||||||||||||
State / Territory | Dailies | Weeklies | ||||||||||||||||||
Alabama | 3 | 2 | 1 | |||||||||||||||||
Arizona | 1 | — | 1 | |||||||||||||||||
Arkansas | 1 | 4 | — | |||||||||||||||||
California | 7 | 8 | 1 | |||||||||||||||||
Colorado | 2 | 5 | 1 | |||||||||||||||||
Connecticut | 1 | — | — | |||||||||||||||||
Delaware | 1 | 4 | 1 | |||||||||||||||||
Florida | 18 | 6 | 4 | |||||||||||||||||
Georgia | 3 | 6 | 1 | |||||||||||||||||
Illinois | 11 | 11 | 1 | |||||||||||||||||
Indiana | 9 | 5 | 2 | |||||||||||||||||
Iowa | 4 | 9 | 1 | |||||||||||||||||
Kansas | 3 | — | 1 | |||||||||||||||||
Kentucky | 2 | — | — | |||||||||||||||||
Louisiana | 7 | 2 | — | |||||||||||||||||
Maine | — | 2 | — | |||||||||||||||||
Maryland | 2 | 1 | — | |||||||||||||||||
Massachusetts | 10 | 65 | 1 | |||||||||||||||||
Michigan | 14 | 14 | 1 | |||||||||||||||||
Minnesota | 1 | 6 | — | |||||||||||||||||
Mississippi | 2 | 1 | 1 | |||||||||||||||||
Missouri | 2 | — | 1 | |||||||||||||||||
Montana | 1 | — | — | |||||||||||||||||
Nevada | 1 | — | — | |||||||||||||||||
New Hampshire | 2 | 3 | 1 | |||||||||||||||||
New Jersey | 9 | 14 | 2 | |||||||||||||||||
New Mexico | 6 | — | 1 | |||||||||||||||||
New York | 12 | 8 | 1 | |||||||||||||||||
North Carolina | 12 | 4 | 2 | |||||||||||||||||
North Dakota | 1 | — | — | |||||||||||||||||
Ohio | 21 | 28 | 2 | |||||||||||||||||
Oklahoma | 4 | 1 | — | |||||||||||||||||
Oregon | 2 | 1 | — | |||||||||||||||||
Pennsylvania | 12 | 3 | — | |||||||||||||||||
Rhode Island | 2 | — | 1 | |||||||||||||||||
South Carolina | 3 | 4 | — | |||||||||||||||||
South Dakota | 3 | 1 | — | |||||||||||||||||
Tennessee | 8 | 6 | 1 | |||||||||||||||||
Texas | 9 | 18 | 3 | |||||||||||||||||
Utah | 1 | 1 | — | |||||||||||||||||
Vermont | 1 | — | — | |||||||||||||||||
Virginia | 2 | — | — | |||||||||||||||||
Washington | 1 | — | — | |||||||||||||||||
West Virginia | 1 | 2 | — | |||||||||||||||||
Wisconsin | 11 | 4 | 2 | |||||||||||||||||
Total | 229 | 249 | 35 |
Combined Average Circulation | ||||||||||||||||||||||||||
Title | Related Website(s) | Location | Daily(1) | Sunday(1) | ||||||||||||||||||||||
USA TODAY | www.usatoday.com | McLean, Virginia | 781,193 | 534,592 | ||||||||||||||||||||||
Detroit Free Press | www.freep.com | Detroit, Michigan | 83,733 | 896,634 | ||||||||||||||||||||||
The Columbus Dispatch | www.dispatch.com | Columbus, Ohio | 137,374 | 134,754 | ||||||||||||||||||||||
The Arizona Republic | www.azcentral.com | Phoenix, Arizona | 109,034 | 320,249 | ||||||||||||||||||||||
Milwaukee Journal Sentinel | www.jsonline.com | Milwaukee, Wisconsin | 75,676 | 115,026 | ||||||||||||||||||||||
The Oklahoman | www.oklahoman.com | Oklahoma City, Oklahoma | 39,639 | 50,521 | ||||||||||||||||||||||
The Indianapolis Star | www.indystar.com | Indianapolis, Indiana | 58,501 | 150,852 | ||||||||||||||||||||||
The Cincinnati Enquirer | www.cincinnati.com | Cincinnati, Ohio | 50,165 | 95,239 | ||||||||||||||||||||||
The Courier-Journal | www.courier-journal.com | Louisville, Kentucky | 45,250 | 115,546 | ||||||||||||||||||||||
The Austin American-Statesman | www.statesman.com | Austin, Texas | 47,217 | 67,639 | ||||||||||||||||||||||
The Record | www.northjersey.com | Bergen, New Jersey | 39,683 | 48,684 | ||||||||||||||||||||||
The Des Moines Register | www.desmoinesregister.com | Des Moines, Iowa | 40,768 | 91,427 | ||||||||||||||||||||||
Democrat and Chronicle | www.democratandchronicle.com | Rochester, New York | 43,101 | 73,569 | ||||||||||||||||||||||
The Akron Beacon Journal | www.beaconjournal.com | Akron, Ohio | 40,804 | 50,824 | ||||||||||||||||||||||
The Providence Journal | www.providencejournal.com | Providence, Rhode Island | 41,289 | 48,057 | ||||||||||||||||||||||
The Tennessean | www.tennessean.com | Nashville, Tennessee | 33,693 | 103,420 |
DAILY PAID-FOR LOCAL MEDIA ORGANIZATIONS AND AFFILIATED DIGITAL PLATFORMS / NEWSQUEST | ||||||||||||||||||||
Title | Related Website(s) | Location | Circulation Monday - Saturday(1) | |||||||||||||||||
Basildon & Southend Echo | www.echo-news.co.uk | Basildon, Southend on Sea | 11,107 | |||||||||||||||||
Bolton News | www.theboltonnews.co.uk | Bolton | 5,562 | |||||||||||||||||
Bournemouth - The Daily Echo | www.bournemouthecho.co.uk | Bournemouth | 7,989 | |||||||||||||||||
Bradford Telegraph & Argus | www.thetelegraphandargus.co.uk | Bradford | 6,852 | |||||||||||||||||
Colchester Daily Gazette | www.gazette-news.co.uk | Colchester | 5,628 | |||||||||||||||||
Dorset Echo | www.dorsetecho.co.uk | Dorset | 5,963 | |||||||||||||||||
Glasgow - Evening Times | www.eveningtimes.co.uk | Glasgow | 10,996(2) | |||||||||||||||||
Greenock Telegraph | www.greenocktelegraph.co.uk | Greenock | 6,130(2) | |||||||||||||||||
Lancashire Telegraph | www.lancashiretelegraph.co.uk | Blackburn, Burnley | 4,641 | |||||||||||||||||
Oxford Mail | www.oxfordmail.co.uk | Oxford | 6,337 | |||||||||||||||||
South Wales Argus - Newport | www.southwalesargus.co.uk | Newport | 5,749 | |||||||||||||||||
Southampton - Southern Daily Echo | www.dailyecho.co.uk | Southampton | 9,026 | |||||||||||||||||
Swindon Advertiser | www.swindonadvertiser.co.uk | Swindon | 5,474 | |||||||||||||||||
The Argus Brighton | www.theargus.co.uk | Brighton | 7,886 | |||||||||||||||||
The Herald, Scotland | www.heraldscotland.co.uk | Glasgow, Edinburgh | 19,301(2) | |||||||||||||||||
The National, Scotland | www.thenational.scot | Glasgow, Edinburgh | 9,395(2) | |||||||||||||||||
The Northern Echo | www.thisisthenortheast.co.uk | Darlington | 13,106 | |||||||||||||||||
The Press - York | www.yorkpress.co.uk | York | 7,773 | |||||||||||||||||
Worcester News | www.worcesternews.co.uk | Worcester | 3,960 | |||||||||||||||||
The Leader | www.leaderlive.co.uk | Wrexham | 4,404 | |||||||||||||||||
The Mail | www.nwemail.co.uk | Cumbria | 3,469 | |||||||||||||||||
News & Star | www.newsandstar.co.uk | Carlisle | 3,879 | |||||||||||||||||
Oldham Times | www.theoldhamtimes.co.uk | Oldham | 1,004 |
Year ended December 31, | |||||||||||||||||||||||
In thousands, except per share amounts | 2021 | 2020 | Change | % Change | |||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||
Publishing | $ | 2,886,735 | $ | 3,080,447 | $ | (193,712) | (6 | %) | |||||||||||||||
Digital Marketing Solutions | 442,299 | 428,605 | 13,694 | 3 | % | ||||||||||||||||||
Corporate and other | 8,371 | 10,960 | (2,589) | (24 | %) | ||||||||||||||||||
Intersegment eliminations | (129,322) | (114,342) | (14,980) | 13 | % | ||||||||||||||||||
Total operating revenues | 3,208,083 | 3,405,670 | (197,587) | (6 | %) | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Publishing | 2,653,855 | 3,268,911 | (615,056) | (19 | %) | ||||||||||||||||||
Digital Marketing Solutions | 422,506 | 481,177 | (58,671) | (12 | %) | ||||||||||||||||||
Corporate and other | 151,967 | 217,812 | (65,845) | (30 | %) | ||||||||||||||||||
Intersegment eliminations | (129,322) | (114,342) | (14,980) | 13 | % | ||||||||||||||||||
Total operating expenses | 3,099,006 | 3,853,558 | (754,552) | (20 | %) | ||||||||||||||||||
Operating income (loss) | 109,077 | (447,888) | 556,965 | *** | |||||||||||||||||||
Non-operating expense | 196,998 | 257,959 | (60,961) | (24 | %) | ||||||||||||||||||
Loss before income taxes | (87,921) | (705,847) | 617,926 | (88 | %) | ||||||||||||||||||
Provision (benefit) for income taxes | 48,250 | (33,450) | 81,700 | *** | |||||||||||||||||||
Net loss | $ | (136,171) | $ | (672,397) | $ | 536,226 | (80 | %) | |||||||||||||||
Net loss attributable to noncontrolling interests | (1,209) | (1,918) | 709 | (37 | %) | ||||||||||||||||||
Net loss attributable to Gannett | $ | (134,962) | $ | (670,479) | $ | 535,517 | (80 | %) | |||||||||||||||
Loss per share attributable to Gannett - basic | $ | (1.00) | $ | (5.09) | $ | 4.09 | (80 | %) | |||||||||||||||
Loss per share attributable to Gannett - diluted | $ | (1.00) | $ | (5.09) | $ | 4.09 | (80 | %) |
Year ended December 31, | |||||||||||
In thousands | 2021 | 2020 | |||||||||
Loss before income taxes | $ | (87,921) | $ | (705,847) | |||||||
Provision (benefit) for income taxes | 48,250 | (33,450) | |||||||||
Effective tax rate | NM | 4.7 | % |
Year ended December 31, | |||||||||||||||||||||||
In thousands | 2021 | 2020 | Change | % Change | |||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||
Advertising and marketing services | $ | 1,337,203 | $ | 1,409,500 | $ | (72,297) | (5 | %) | |||||||||||||||
Circulation | 1,249,669 | 1,391,983 | (142,314) | (10 | %) | ||||||||||||||||||
Other | 299,863 | 278,964 | 20,899 | 7 | % | ||||||||||||||||||
Total operating revenues | 2,886,735 | 3,080,447 | (193,712) | (6 | %) | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Operating costs | 1,722,473 | 1,842,825 | (120,352) | (7 | %) | ||||||||||||||||||
Selling, general and administrative expenses | 736,766 | 787,770 | (51,004) | (6 | %) | ||||||||||||||||||
Depreciation and amortization | 157,212 | 221,746 | (64,534) | (29 | %) | ||||||||||||||||||
Integration and reorganization costs | 15,960 | 60,852 | (44,892) | (74 | %) | ||||||||||||||||||
Asset impairments | 3,976 | 10,312 | (6,336) | (61 | %) | ||||||||||||||||||
Goodwill and intangible impairments | — | 352,947 | (352,947) | (100 | %) | ||||||||||||||||||
Loss (gain) on sale or disposal of assets, net | 17,468 | (7,541) | 25,009 | *** | |||||||||||||||||||
Total operating expenses | 2,653,855 | 3,268,911 | (615,056) | (19 | %) | ||||||||||||||||||
Operating income (loss) | $ | 232,880 | $ | (188,464) | $ | 421,344 | *** |
Year ended December 31, | |||||||||||||||||||||||
In thousands | 2021 | 2020 | Change | % Change | |||||||||||||||||||
Local and national print | $ | 502,014 | $ | 584,929 | $ | (82,915) | (14 | %) | |||||||||||||||
Classified print | 290,272 | 316,392 | (26,120) | (8 | %) | ||||||||||||||||||
Print advertising | 792,286 | 901,321 | (109,035) | (12 | %) | ||||||||||||||||||
Digital media | 361,288 | 341,259 | 20,029 | 6 | % | ||||||||||||||||||
Digital marketing services | 131,733 | 108,930 | 22,803 | 21 | % | ||||||||||||||||||
Digital classified | 51,896 | 57,990 | (6,094) | (11 | %) | ||||||||||||||||||
Digital advertising and marketing services | 544,917 | 508,179 | 36,738 | 7 | % | ||||||||||||||||||
Advertising and marketing services | 1,337,203 | 1,409,500 | (72,297) | (5 | %) | ||||||||||||||||||
Print circulation | 1,149,181 | 1,316,695 | (167,514) | (13 | %) | ||||||||||||||||||
Digital-only circulation | 100,488 | 75,288 | 25,200 | 33 | % | ||||||||||||||||||
Circulation | 1,249,669 | 1,391,983 | (142,314) | (10 | %) | ||||||||||||||||||
Other | 299,863 | 278,964 | 20,899 | 7 | % | ||||||||||||||||||
Total operating revenues | $ | 2,886,735 | $ | 3,080,447 | $ | (193,712) | (6 | %) |
Year ended December 31, | |||||||||||||||||||||||
In thousands | 2021 | 2020 | Change | % Change | |||||||||||||||||||
Newsprint and ink | $ | 105,557 | $ | 130,912 | $ | (25,355) | (19 | %) | |||||||||||||||
Distribution | 431,412 | 406,784 | 24,628 | 6 | % | ||||||||||||||||||
Compensation and benefits | 553,807 | 629,643 | (75,836) | (12 | %) | ||||||||||||||||||
Outside services | 338,292 | 333,435 | 4,857 | 1 | % | ||||||||||||||||||
Other | 293,405 | 342,051 | (48,646) | (14 | %) | ||||||||||||||||||
Total operating costs | $ | 1,722,473 | $ | 1,842,825 | $ | (120,352) | (7 | %) |
Year ended December 31, | |||||||||||||||||||||||
In thousands | 2021 | 2020 | Change | % Change | |||||||||||||||||||
Compensation and benefits | $ | 381,437 | $ | 396,017 | $ | (14,580) | (4 | %) | |||||||||||||||
Outside services and other | 355,329 | 391,753 | (36,424) | (9 | %) | ||||||||||||||||||
Total selling, general and administrative expenses | $ | 736,766 | $ | 787,770 | $ | (51,004) | (6 | %) |
Year ended December 31, | |||||||||||||||||||||||
In thousands | 2021 | 2020 | Change | % Change | |||||||||||||||||||
Net income (loss) attributable to Gannett | $ | 336,099 | $ | (108,606) | $ | 444,705 | *** | ||||||||||||||||
Interest expense | — | 142 | (142) | (100 | %) | ||||||||||||||||||
Non-operating pension income | (95,357) | (71,858) | (23,499) | 33 | % | ||||||||||||||||||
Depreciation and amortization | 157,212 | 221,746 | (64,534) | (29 | %) | ||||||||||||||||||
Integration and reorganization costs | 15,960 | 60,852 | (44,892) | (74 | %) | ||||||||||||||||||
Asset impairments | 3,976 | 10,312 | (6,336) | (61 | %) | ||||||||||||||||||
Goodwill and intangible impairments | — | 352,947 | (352,947) | (100 | %) | ||||||||||||||||||
Loss (gain) on sale or disposal of assets, net | 17,468 | (7,541) | 25,009 | *** | |||||||||||||||||||
Other items | (1,385) | 1,201 | (2,586) | *** | |||||||||||||||||||
Adjusted EBITDA (non-GAAP basis)(a) | $ | 433,973 | $ | 459,195 | $ | (25,222) | (5 | %) | |||||||||||||||
Net income (loss) attributable to Gannett margin | 11.6 | % | (3.5) | % | |||||||||||||||||||
Adjusted EBITDA margin (non-GAAP basis)(a)(b) | 15.0 | % | 14.9 | % |
Year ended December 31, | |||||||||||||||||||||||
In thousands | 2021 | 2020 | Change | % Change | |||||||||||||||||||
Operating revenues: | |||||||||||||||||||||||
Advertising and marketing services | $ | 441,394 | $ | 411,940 | $ | 29,454 | 7 | % | |||||||||||||||
Other | 905 | 16,665 | (15,760) | (95 | %) | ||||||||||||||||||
Total operating revenues | 442,299 | 428,605 | 13,694 | 3 | % | ||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Operating costs | 299,014 | 276,859 | 22,155 | 8 | % | ||||||||||||||||||
Selling, general and administrative expenses | 92,325 | 128,834 | (36,509) | (28 | %) | ||||||||||||||||||
Depreciation and amortization | 30,061 | 25,878 | 4,183 | 16 | % | ||||||||||||||||||
Integration and reorganization costs | 1,710 | 6,663 | (4,953) | (74 | %) | ||||||||||||||||||
Asset impairments | — | 717 | (717) | (100 | %) | ||||||||||||||||||
Goodwill and intangible impairments | — | 40,499 | (40,499) | (100 | %) | ||||||||||||||||||
(Gain) loss on sale or disposal of assets, net | (604) | 1,727 | (2,331) | *** | |||||||||||||||||||
Total operating expenses | 422,506 | 481,177 | (58,671) | (12 | %) | ||||||||||||||||||
Operating income (loss) | $ | 19,793 | $ | (52,572) | $ | 72,365 | *** |
Year ended December 31, | |||||||||||||||||||||||
In thousands | 2021 | 2020 | Change | % Change | |||||||||||||||||||
Outside services | $ | 260,504 | $ | 216,847 | $ | 43,657 | 20 | % | |||||||||||||||
Compensation and benefits | 31,136 | 44,441 | (13,305) | (30 | %) | ||||||||||||||||||
Other | 7,374 | 15,571 | (8,197) | (53 | %) | ||||||||||||||||||
Total operating costs | $ | 299,014 | $ | 276,859 | $ | 22,155 | 8 | % |
Year ended December 31, | |||||||||||||||||||||||
In thousands | 2021 | 2020 | Change | % Change | |||||||||||||||||||
Compensation and benefits | $ | 69,749 | $ | 113,314 | $ | (43,565) | (38 | %) | |||||||||||||||
Outside services and other | 22,576 | 15,520 | 7,056 | 45 | % | ||||||||||||||||||
Total selling, general and administrative expenses | $ | 92,325 | $ | 128,834 | $ | (36,509) | (28 | %) |
Year ended December 31, | |||||||||||||||||||||||
In thousands | 2021 | 2020 | Change | % Change | |||||||||||||||||||
Net income (loss) attributable to Gannett | $ | 18,442 | $ | (42,494) | $ | 60,936 | *** | ||||||||||||||||
Depreciation and amortization | 30,061 | 25,878 | 4,183 | 16 | % | ||||||||||||||||||
Integration and reorganization costs | 1,710 | 6,663 | (4,953) | (74 | %) | ||||||||||||||||||
Asset impairments | — | 717 | (717) | (100 | %) | ||||||||||||||||||
Goodwill and intangible impairments | — | 40,499 | (40,499) | (100 | %) | ||||||||||||||||||
(Gain) loss on sale or disposal of assets, net | (604) | 1,727 | (2,331) | *** | |||||||||||||||||||
Other items | 1,351 | (8,629) | 9,980 | *** | |||||||||||||||||||
Adjusted EBITDA (non-GAAP basis)(a) | $ | 50,960 | $ | 24,361 | $ | 26,599 | *** | ||||||||||||||||
Net income (loss) attributable to Gannett margin | 4.2 | % | (9.9) | % | |||||||||||||||||||
Adjusted EBITDA margin (non-GAAP basis)(a)(b) | 11.5 | % | 5.7 | % |
Year ended December 31, | |||||||||||||||||||||||
In thousands | 2021 | 2020 | Change | % Change | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Operating costs | 8,780 | 23,013 | (14,233) | (62 | %) | ||||||||||||||||||
Selling, general and administrative expenses | 73,592 | 89,102 | (15,510) | (17 | %) | ||||||||||||||||||
Depreciation and amortization | 16,685 | 16,195 | 490 | 3 | % | ||||||||||||||||||
Integration and reorganization costs | 31,614 | 78,216 | (46,602) | (60 | %) | ||||||||||||||||||
Other operating expenses | 20,952 | 11,152 | 9,800 | 88 | % | ||||||||||||||||||
Loss on sale or disposal of assets, net | 344 | 134 | 210 | *** | |||||||||||||||||||
Total operating expenses | $ | 151,967 | $ | 217,812 | $ | (65,845) | (30 | %) |
Year Ended | |||||||||||
In thousands | December 31, 2021 | December 31, 2020 | |||||||||
Cash provided by operating activities | $ | 127,453 | $ | 57,770 | |||||||
Cash provided by investing activities | 70,647 | 160,136 | |||||||||
Cash used for financing activities | (261,172) | (201,342) | |||||||||
Effect of currency exchange rate change | (35) | 1,498 | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | $ | (63,107) | $ | 18,062 |
Year ended December 31, | |||||||||||
In thousands | 2021 | 2020 | |||||||||
Net loss attributable to Gannett | $ | (134,962) | $ | (670,479) | |||||||
Provision (benefit) for income taxes | 48,250 | (33,450) | |||||||||
Interest expense | 135,748 | 228,513 | |||||||||
Loss on early extinguishment of debt | 48,708 | 43,760 | |||||||||
Non-operating pension income | (95,357) | (72,149) | |||||||||
Loss on convertible notes derivative | 126,600 | 74,329 | |||||||||
Depreciation and amortization | 203,958 | 263,819 | |||||||||
Integration and reorganization costs | 49,284 | 145,731 | |||||||||
Other operating expenses | 20,952 | 11,152 | |||||||||
Asset impairments | 3,976 | 11,029 | |||||||||
Goodwill and intangible impairments | — | 393,446 | |||||||||
Loss (gain) on sale or disposal of assets, net | 17,208 | (5,680) | |||||||||
Share-based compensation expense | 18,439 | 26,350 | |||||||||
Other items | (9,092) | (2,476) | |||||||||
Adjusted EBITDA (non-GAAP basis) | $ | 433,712 | $ | 413,895 | |||||||
Net loss attributable to Gannett margin | (4.2) | % | (19.7) | % | |||||||
Adjusted EBITDA margin (non-GAAP basis) | 13.5 | % | 12.2 | % |
Page | |||||
FINANCIAL STATEMENTS | |||||
Goodwill and Intangible Assets with Indefinite Lives Impairment Assessment | |||||
Description of the Matter | At December 31, 2021, the Company’s goodwill and intangible assets with indefinite lives, which consist of newspaper mastheads, were $533.7 million and $168.2 million, respectively. As discussed in Note 2 of the consolidated financial statements, goodwill and intangible assets with indefinite lives are tested for impairment at least annually or when events occur that indicate impairment could exist. The Company did not identify impairment of goodwill and indefinite lived-intangible assets as a result of the annual impairment assessment performed as of June 30, 2021. Auditing management’s impairment tests of goodwill and newspaper masthead intangible assets was complex and judgmental and required the involvement of specialists due to the estimation required in determining the fair value of the reporting units and newspaper mastheads. In particular, the estimates of the fair value of the reporting units are sensitive to significant assumptions such as projected revenue growth rates, discount rates and projected EBITDA margins. The estimates of fair value of the newspaper masthead intangible assets are sensitive to significant assumptions including the royalty rates, discount rates and projected revenue growth rates. These assumptions are affected by expectations about future economic and industry factors. |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill and intangible assets with indefinite lives impairment review process. For example, we tested controls over management’s review of the significant assumptions described above as well as management’s review of the reasonableness of the underlying data used in the valuation analyses. To test the estimated fair value of the Company’s reporting units and newspaper masthead intangible assets, we performed audit procedures that included, among others, assessing the valuation methodologies used, testing the significant assumptions described above and testing the completeness and accuracy of the underlying data the Company used in its analyses. For example, we compared the projected revenue growth rates and EBITDA margins used in the valuations to current industry and economic trends and assessed the historical accuracy of management’s estimates. With the assistance of our internal valuation specialists, we also developed an independent range of the discount rate and royalty rate assumptions and compared them to the rates determined by management. We performed sensitivity analyses of the significant assumptions to evaluate the changes in the fair value of the reporting units and the newspaper masthead intangible assets that would result from changes in the assumptions. In addition, we tested management’s reconciliation of the fair value of the reporting units to the market capitalization of the Company. | ||||
Defined Benefit Pension Obligation | |||||
Description of the Matter | At December 31, 2021, the Company’s aggregate obligation for its defined benefit pension plans was $3.0 billion, with related pension assets of $3.2 billion, resulting in a net pension asset of $215.6 million as of December 31, 2021. The Company recorded a net periodic pension benefit of $95.4 million for the year-ended December 31, 2021. As described in Note 10 of the consolidated financial statements, the Company updates the estimates used to measure the defined benefit pension assets and obligations annually or upon a remeasurement event to reflect the actual return on plan assets and updated actuarial assumptions. Auditing the defined benefit pension obligations and net periodic pension benefit was complex and required the involvement of specialists due to the judgmental nature of the actuarial assumptions such as the discount rate and expected return on plan assets used in the measurement process. These assumptions have a significant effect on the projected defined benefit pension obligation and net periodic pension benefit. | ||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of the controls over management’s measurement and valuation of the defined benefit pension obligations and net periodic pension benefit. For example, we tested controls over management’s review of the defined benefit pension obligation calculations, the significant actuarial assumptions, and the data inputs used in the actuarial models. To test the defined benefit pension obligation and net periodic pension benefit, our audit procedures included, among others, evaluating the methodology used, the significant actuarial assumptions described above, and the underlying data used by the Company. We compared the actuarial assumptions used by management to historical trends. We involved actuarial specialists in the evaluation of management’s methodology for determining the discount rate that reflects the maturity and duration of the benefit payments and is used to measure the defined benefit pension obligation. To perform this evaluation, we compared the discount rate to an independent range of discount rates developed using the projected benefit cash outlays. As part of this assessment, we compared the projected cash flows to the historical cash flows and compared the current year benefits paid to the plans’ prior year projected cash flows. We also tested the completeness and accuracy of the underlying data, including the participant data provided to the Company’s actuarial specialists. To evaluate the expected return on plan assets, we assessed whether management’s assumption is consistent with a range of returns for a portfolio of comparative investments. |
In thousands, except share amounts | December 31, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net of allowance for doubtful accounts of $ | |||||||||||
Inventories | |||||||||||
Prepaid expense and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Deferred tax assets | |||||||||||
Pension plan and other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued liabilities | $ | $ | |||||||||
Deferred revenue | |||||||||||
Current portion of long-term debt | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Convertible debt | |||||||||||
Deferred tax liabilities | |||||||||||
Pension and other postretirement benefit obligations | |||||||||||
Long-term operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Total noncurrent liabilities | |||||||||||
Total liabilities | |||||||||||
Redeemable noncontrolling interests | ( | ||||||||||
Commitments and contingent liabilities (see Note 14) | |||||||||||
Equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Treasury stock, at cost, | ( | ( | |||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive income | |||||||||||
Total Gannett stockholders equity | |||||||||||
Noncontrolling interests | ( | ||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Year ended December 31, | |||||||||||||||||
In thousands, except per share amounts | 2021 | 2020 | 2019 | ||||||||||||||
Advertising and marketing services | $ | $ | $ | ||||||||||||||
Circulation | |||||||||||||||||
Other | |||||||||||||||||
Total operating revenues | |||||||||||||||||
Operating costs | |||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Integration and reorganization costs | |||||||||||||||||
Asset impairments | |||||||||||||||||
Goodwill and intangible impairments | |||||||||||||||||
Loss (gain) on sale or disposal of assets, net | ( | ||||||||||||||||
Other operating expenses | |||||||||||||||||
Total operating expenses | |||||||||||||||||
Operating income (loss) | ( | ( | |||||||||||||||
Interest expense | |||||||||||||||||
Loss on early extinguishment of debt | |||||||||||||||||
Non-operating pension income | ( | ( | ( | ||||||||||||||
Loss on convertible notes derivative | |||||||||||||||||
Other non-operating income, net | ( | ( | ( | ||||||||||||||
Non-operating expense | |||||||||||||||||
Loss before income taxes | ( | ( | ( | ||||||||||||||
Provision (benefit) for income taxes | ( | ( | |||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
Net loss attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||
Net loss attributable to Gannett | $ | ( | $ | ( | $ | ( | |||||||||||
Loss per share attributable to Gannett - basic | $ | ( | $ | ( | $ | ( | |||||||||||
Loss per share attributable to Gannett - diluted | $ | ( | $ | ( | $ | ( | |||||||||||
Dividends declared per share | $ | $ | $ | ||||||||||||||
Other comprehensive income: | |||||||||||||||||
Foreign currency translation adjustments | $ | ( | $ | $ | |||||||||||||
Pension and other postretirement benefit items: | |||||||||||||||||
Net actuarial gain | |||||||||||||||||
Amortization of net actuarial loss | |||||||||||||||||
Change in prior service cost | ( | ||||||||||||||||
Other | ( | ( | |||||||||||||||
Total pension and other postretirement benefit items | |||||||||||||||||
Other comprehensive income before tax | |||||||||||||||||
Income tax provision related to components of other comprehensive income | |||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||
Comprehensive loss | ( | ( | ( | ||||||||||||||
Comprehensive loss attributable to noncontrolling interests(a) | ( | ( | ( | ||||||||||||||
Comprehensive loss attributable to Gannett | $ | ( | $ | ( | $ | ( |
Year ended December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Operating activities | |||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
Adjustments to reconcile net loss to operating cash flows: | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Share-based compensation expense | |||||||||||||||||
Non-cash interest expense | |||||||||||||||||
Non-cash acquisition related costs | |||||||||||||||||
Provision (benefit) for deferred income taxes | ( | ( | |||||||||||||||
Loss (gain) on sale or disposal of assets, net | ( | ||||||||||||||||
Loss on convertible notes derivative | |||||||||||||||||
Loss on early extinguishment of debt | |||||||||||||||||
Asset impairments | |||||||||||||||||
Goodwill and intangible impairments | |||||||||||||||||
Pension and other postretirement benefit obligations | ( | ( | ( | ||||||||||||||
Change in assets and liabilities: | |||||||||||||||||
Accounts receivables, net | ( | ||||||||||||||||
Inventory | ( | ||||||||||||||||
Prepaid expenses | |||||||||||||||||
Accounts payable and accrued liabilities | ( | ( | |||||||||||||||
Deferred revenue | ( | ( | |||||||||||||||
Other assets and liabilities | ( | ( | |||||||||||||||
Cash provided by operating activities | |||||||||||||||||
Investing activities | |||||||||||||||||
Acquisitions, net of cash acquired | ( | ( | |||||||||||||||
Purchases of property, plant, and equipment | ( | ( | ( | ||||||||||||||
Proceeds from sale of publications, real estate and other assets | |||||||||||||||||
Insurance proceeds received for damage to property | |||||||||||||||||
Change in other investing activities | ( | ( | ( | ||||||||||||||
Cash provided by (used for) investing activities | ( | ||||||||||||||||
Financing activities | |||||||||||||||||
Payments of debt issuance costs | ( | ( | ( | ||||||||||||||
Borrowings of long-term debt | |||||||||||||||||
Borrowings under revolving credit facility | |||||||||||||||||
Repayments of long-term debt | ( | ( | ( | ||||||||||||||
Repayments under revolving credit facility | ( | ||||||||||||||||
Repurchase of convertible debt | ( | ( | |||||||||||||||
Proceeds from convertible debt | |||||||||||||||||
Payments of dividends | ( | ||||||||||||||||
Changes in other financing activities | ( | ( | ( | ||||||||||||||
Cash provided by (used for) financing activities | ( | ( | |||||||||||||||
Effect of currency exchange rate change | ( | ( | |||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||||||||
Balance of cash, cash equivalents and restricted cash at beginning of year | |||||||||||||||||
Cash, cash equivalents and restricted cash at end of year | $ | $ | $ |
Common stock | Additional paid-in capital | Accumulated Other Comprehensive income (loss) | Retained earnings (accumulated deficit) | Treasury stock | Non-controlling interests(a) | Total equity | |||||||||||||||||||||||||||||||||||||||||||||||
In thousands | Shares | $ | Shares | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 30, 2018 | $ | $ | $ | ( | $ | $ | ( | $ | — | $ | |||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Gannett | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Restricted share grants | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards settled, net of withholdings | ( | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net(b) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to former stockholders | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock to the Former Manager | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Restricted share forfeiture | — | — | — | — | ( | — | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | — | — | ( | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other activity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | — | $ | |||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Gannett | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Restricted share grants | ( | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards settled, net of withholdings | ( | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net(b) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Remeasurement of redeemable noncontrolling interests | — | — | ( | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Restricted share forfeiture | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Other activity | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | — | $ | |||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to Gannett | — | — | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Restricted share grants | ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock awards settled, net of withholdings | ( | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net(b) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Equity component - 2027 Notes | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Remeasurement of redeemable noncontrolling interests | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted share forfeiture | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Other activity | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ |
December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Cash and cash equivalents | $ | $ | $ | ||||||||||||||
Restricted cash, included in prepaid expenses and other current assets | |||||||||||||||||
Restricted cash, included in other assets | |||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | $ | $ |
Year ended December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Net cash (refund) paid for taxes | $ | ( | $ | ( | $ | ||||||||||||
Cash paid for interest | |||||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Accrued capital expenditures | |||||||||||||||||
Common stock issued in exchange for Legacy Gannett shares |
December 31, | ||||||||||||||||||||
In thousands | 2021 | 2020 | Useful Lives (range) | |||||||||||||||||
Land | $ | $ | ||||||||||||||||||
Buildings and improvements | - | |||||||||||||||||||
Machinery and equipment | - | |||||||||||||||||||
Furniture, fixtures and computer software(a) | - | |||||||||||||||||||
Construction in progress | ||||||||||||||||||||
Total | ||||||||||||||||||||
Less: accumulated depreciation | ( | ( | ||||||||||||||||||
Property, plant and equipment, net | $ | $ |
December 31, | |||||||||||
In thousands | 2021 | 2020 | |||||||||
Accounts payable | $ | $ | |||||||||
Compensation | |||||||||||
Taxes (primarily property and sales taxes) | |||||||||||
Benefits | |||||||||||
Interest | |||||||||||
Other | |||||||||||
Accounts payable and accrued liabilities | $ | $ |
Year ended December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Print advertising | $ | $ | $ | ||||||||||||||
Digital advertising and marketing services | |||||||||||||||||
Total advertising and marketing services | |||||||||||||||||
Circulation | |||||||||||||||||
Other | |||||||||||||||||
Total revenues | $ | $ | $ |
Year ended December 31, 2021 | Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||||
In thousands | Advertising, marketing services and other | Circulation | Total | Advertising, marketing services and other | Circulation | Total | |||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Cash receipts | |||||||||||||||||||||||||||||||||||
Revenue recognized | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ |
Year ended December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Operating lease cost (a) | $ | $ | $ | ||||||||||||||
Short-term lease cost (b) | |||||||||||||||||
Variable lease cost | |||||||||||||||||
Net lease cost | $ | $ | $ |
Year ended December 31, | |||||||||||||||||
In thousands, except lease term and discount rate | 2021 | 2020 | 2019 | ||||||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | $ | ||||||||||||||
Right-of-use assets obtained in exchange for operating lease obligations | |||||||||||||||||
Loss on sale and leaseback transactions, net | |||||||||||||||||
Weighted-average remaining lease term (in years) | |||||||||||||||||
Weighted-average discount rate | % | % | % |
In thousands | Year ended December 31, | ||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total future minimum lease payments | |||||
Less: Imputed interest | |||||
Total | $ |
Year ended December 31, | |||||||||||
In thousands | 2021 | 2020 | |||||||||
Beginning balance | $ | $ | |||||||||
Current period provision | |||||||||||
Write-offs charged against the allowance | ( | ( | |||||||||
Recoveries of amounts previously written-off | |||||||||||
Disposition | ( | ||||||||||
Foreign currency | ( | ||||||||||
Ending balance | $ | $ |
In thousands | Estimated fair value as previously reported (a) | Measurement period adjustments (b) | Final fair value as adjusted | ||||||||
Cash and restricted cash acquired | $ | $ | $ | ||||||||
Current assets | |||||||||||
Other assets | |||||||||||
Property, plant and equipment | |||||||||||
Operating lease assets | |||||||||||
Developed technology | ( | ||||||||||
Advertiser relationships | ( | ||||||||||
Subscriber relationships | |||||||||||
Other customer relationships | |||||||||||
Trade names | ( | ||||||||||
Mastheads | |||||||||||
Goodwill | |||||||||||
Total assets | |||||||||||
Current liabilities | |||||||||||
Long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Net assets | $ | $ | $ |
In thousands | Estimated fair value as previously reported (a) | Measurement period adjustments (b) | Final fair value as adjusted | ||||||||
Cash and restricted cash acquired | $ | $ | $ | ||||||||
Current assets | ( | ||||||||||
Other assets | |||||||||||
Property, plant and equipment | |||||||||||
Non-compete agreements | |||||||||||
Advertiser relationships | |||||||||||
Subscriber relationships | |||||||||||
Other customer relationships | |||||||||||
Software | |||||||||||
Trade names | |||||||||||
Mastheads | |||||||||||
Goodwill | ( | ||||||||||
Total assets | |||||||||||
Current liabilities | |||||||||||
Long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Minority interest | |||||||||||
Net assets | $ | $ | $ |
Unaudited; In thousands (except per share amounts) | |||||
Total revenues | $ | ||||
Net loss | ( | ||||
Loss per share - diluted | ( |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
In thousands | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||||||||||||||
Advertiser relationships | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Other customer relationships | |||||||||||||||||||||||||||||||||||
Subscriber relationships | |||||||||||||||||||||||||||||||||||
Other intangible assets | |||||||||||||||||||||||||||||||||||
Sub-total | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||||||||
Mastheads | |||||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | |||||||||||||||||||||||||||||||||
Goodwill | $ | $ |
In thousands | |||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total | $ |
In thousands | Publishing | Digital Marketing Solutions | Total | ||||||||||||||
Balance at December 31, 2019, net of accumulated impairment losses of $ | $ | $ | $ | ||||||||||||||
Goodwill impairment | ( | ( | ( | ||||||||||||||
Goodwill related to divestitures | ( | ( | ( | ||||||||||||||
Measurement period adjustments | ( | ||||||||||||||||
Foreign currency exchange rate changes | ( | ( | |||||||||||||||
Balance at December 31, 2020, net of accumulated impairment losses of $ | $ | $ | $ | ||||||||||||||
Goodwill acquired in business combinations | |||||||||||||||||
Goodwill related to divestitures | ( | ( | |||||||||||||||
Foreign currency exchange rate changes | ( | ( | |||||||||||||||
Balance at December 31, 2021, net of accumulated impairment losses of $ | $ | $ | $ |
Year ended December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Publishing | $ | $ | $ | ||||||||||||||
Digital Marketing Solutions | |||||||||||||||||
Corporate and other | |||||||||||||||||
Total | $ | $ | $ |
In thousands | Severance and Related Costs | ||||
Balance at December 31, 2019 | $ | ||||
Restructuring provision included in integration and reorganization costs | |||||
Cash payments | ( | ||||
Balance at December 31, 2020 | |||||
Restructuring provision included in integration and reorganization costs | |||||
Cash payments | ( | ||||
Balance at December 31, 2021 | $ |
Year ended December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Publishing | $ | $ | $ | ||||||||||||||
Digital Marketing Solutions | |||||||||||||||||
Corporate and other (a) | |||||||||||||||||
Total | $ | $ | $ |
Year ended December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Publishing | $ | $ | $ | ||||||||||||||
Digital Marketing Solutions | |||||||||||||||||
Total | $ | $ | $ |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
(in millions) | Principal balance | Unamortized original issue discount | Unamortized deferred financing costs | Carrying value | Principal balance | Unamortized original issue discount | Unamortized deferred financing costs | Carrying value | ||||||||||||||||||
New Senior Secured Term Loan | $ | $ | ( | $ | ( | $ | n/a | n/a | n/a | n/a | ||||||||||||||||
Acquisition Term Loan | n/a | n/a | n/a | n/a | ( | ( | ||||||||||||||||||||
2026 Senior Notes | ( | ( | n/a | n/a | n/a | n/a | ||||||||||||||||||||
2027 Notes (a) | ( | ( | ( | ( | ||||||||||||||||||||||
2024 Notes | ||||||||||||||||||||||||||
Total debt | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||
Less: Current portion of long-term debt | $ | ( | $ | $ | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||||||
Non-current portion of long-term debt | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | $ |
February 26, 2021 | December 31, 2020 | |||||||
Annual volatility | % | % | ||||||
Discount rate | % | % | ||||||
Stock price | $ | $ |
In thousands | Principal payments | ||||
2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
Total debt obligations | $ |
Pension benefits | Postretirement benefits | ||||||||||||||||||||||
In thousands | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Projected benefit obligation at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Service cost | |||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Change in prior service cost | |||||||||||||||||||||||
Actuarial (gain) loss | ( | ( | |||||||||||||||||||||
Foreign currency translation | ( | ||||||||||||||||||||||
Benefits and expenses paid | ( | ( | ( | ( | |||||||||||||||||||
Settlements | ( | ||||||||||||||||||||||
Administrative expenses | ( | ||||||||||||||||||||||
Projected benefit obligation at end of period | $ | $ | $ | $ |
Pension benefits | Postretirement benefits | ||||||||||||||||||||||
In thousands | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Fair value of plan assets at beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Actual return on plan assets | |||||||||||||||||||||||
Employer contributions | |||||||||||||||||||||||
Settlements | ( | ||||||||||||||||||||||
Benefits paid | ( | ( | ( | ( | |||||||||||||||||||
Administrative expenses | ( | ||||||||||||||||||||||
Foreign currency translation | ( | ||||||||||||||||||||||
Fair value of plan assets at end of period | $ | $ | $ | $ | |||||||||||||||||||
Funded status at end of period | ( | ( | |||||||||||||||||||||
Unrecognized actuarial (gain) loss | ( | ( | ( | ||||||||||||||||||||
Unrecognized prior service cost | |||||||||||||||||||||||
Net prepaid (accrued) benefit cost | ( | ( | ( |
Pension benefits | Postretirement benefits | ||||||||||||||||||||||
In thousands | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Other assets | $ | $ | $ | $ | |||||||||||||||||||
Accounts payable and accrued liabilities | |||||||||||||||||||||||
Pension and other postretirement benefit obligations | |||||||||||||||||||||||
Accumulated other comprehensive (loss) income | ( | ||||||||||||||||||||||
Net prepaid (accrued) benefit cost | $ | $ | ( | $ | ( | $ | ( |
Funded plans | Underfunded plans | ||||||||||||||||||||||
In thousands | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Projected benefit obligation | $ | $ | $ | $ | |||||||||||||||||||
Accumulated benefit obligation | |||||||||||||||||||||||
Fair value of plan assets |
Pension benefits | Postretirement benefits | ||||||||||||||||||||||||||||||||||
In thousands | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Components of net periodic benefit cost: | |||||||||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Service cost - benefits earned during the period | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Non-operating expenses: | |||||||||||||||||||||||||||||||||||
Interest cost on benefit obligations | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ||||||||||||||||||||||||||||||||
Amortization of actuarial loss (gain) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other adjustment | |||||||||||||||||||||||||||||||||||
Total non-operating (benefit) expense | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total (benefit) expense for retirement plans | $ | ( | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in Other comprehensive income: | |||||||||||||||||||||||||||||||||||
Net actuarial loss (gain) | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||
Amortization of net actuarial gain (loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Change in prior service cost | |||||||||||||||||||||||||||||||||||
Other adjustment | ( | ||||||||||||||||||||||||||||||||||
(Gain) loss recognized in Other comprehensive income | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( |
Pension benefits | Postretirement benefits | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Weighted average discount rate | % | % | % | % | |||||||||||||||||||
Rate of increase in future compensation levels (a) | % | % | N/A | N/A | |||||||||||||||||||
Current year medical trend | N/A | N/A | % | % | |||||||||||||||||||
Ultimate year medical trend | N/A | N/A | % | % | |||||||||||||||||||
Year of ultimate trend | N/A | N/A |
Pension benefits | Postretirement benefits | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||||||
Weighted average discount rate | % | % | % | % | % | % | |||||||||||||||||||||||||||||
Rate of increase in future compensation levels (a) | % | % | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||
Weighted average expected return on assets | % | % | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||
Current year medical trend | N/A | N/A | N/A | % | % | % | |||||||||||||||||||||||||||||
Ultimate year medical trend | N/A | N/A | N/A | % | % | % | |||||||||||||||||||||||||||||
Year of ultimate trend | N/A | N/A | N/A |
Target allocation | Allocation of plan assets | ||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Equity securities | |||||||||||||||||
Debt securities | |||||||||||||||||
Alternative investments(a) | |||||||||||||||||
Total |
In thousands | Pension benefits | Postretirement benefits | |||||||||
2022 | $ | $ | |||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
Thereafter |
EIN/Plan number | Zone status Year Ended | FIP/RP status pending/implemented | Contributions (In thousands) | Surcharge imposed | Expiration dates of CBAs | ||||||||||||||||||||||||
Pension Plan Name | December 31, 2021 | December 31, 2020 | 2021 | 2020 | 2019 | ||||||||||||||||||||||||
CWA/ITU Negotiated Pension Plan | 13-6212879/001 | Red | Red | Implemented | $ | $ | $ | No | 1/24/2021 | ||||||||||||||||||||
GCIU—Employer Retirement Benefit Plan(a) | 91-6024903/001 | Red | Red | Implemented | No | 1/5/2022 | |||||||||||||||||||||||
The Newspaper Guild International Pension Plan(a) | 52-1082662/001 | Red | Red | Implemented | No | 10/6/2021 | |||||||||||||||||||||||
IAM National Pension Plan(a) (b) | 51-6031295/002 | Red | Red | Implemented | No | January 8, 2022 and December 28, 2023 | |||||||||||||||||||||||
Teamsters Pension Trust Fund of Philadelphia and Vicinity(a) | 23-1511735/001 | Yellow | Yellow | Implemented | N/A | (c) | |||||||||||||||||||||||
Central Pension Fund of the International Union of Operating Engineers and Participating Employers(a) | 36-6052390/001 | Green as of Jan. 31, 2021 | Green as of Jan. 31, 2020 | N/A | N/A | 1/9/2022 | |||||||||||||||||||||||
Total | $ | $ | $ |
Pension Plan Assets and Liabilities as of December 31, 2021 | |||||||||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Corporate common stock | |||||||||||||||||||||||
Corporate and government bonds | |||||||||||||||||||||||
Real estate | |||||||||||||||||||||||
Interest in common/collective trusts: | |||||||||||||||||||||||
Equities | |||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||
Interest in 103-12 investment entities | |||||||||||||||||||||||
Partnership/joint venture interests | |||||||||||||||||||||||
Hedge funds | |||||||||||||||||||||||
Other assets | |||||||||||||||||||||||
Total plan assets at fair value excluding those measured at NAV | |||||||||||||||||||||||
Instruments measured at NAV using the practical expedient: | |||||||||||||||||||||||
Real estate funds | |||||||||||||||||||||||
Interest in common/collective trusts: | |||||||||||||||||||||||
Equities | |||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||
Partnerships/joint ventures | |||||||||||||||||||||||
Total plan assets at fair value | $ | ||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Other liabilities | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Total plan liabilities at fair value | $ | ( | $ | ( | $ | ( | $ | ( |
Actual return on plan assets | |||||||||||||||||||||||||||||||||||||||||
In thousands | Balance at beginning of year | Relating to assets still held at report date | Relating to assets sold during the period | Purchases | Sales | Settlements | Balance at end of year | ||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Real estate | $ | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||
Partnership/joint venture interests | ( | ( | |||||||||||||||||||||||||||||||||||||||
Hedge funds | ( | ||||||||||||||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Other liabilities | $ | $ | $ | $ | $ | $ | $ |
Pension Plan Assets and Liabilities as of December 31, 2020 | |||||||||||||||||||||||
In thousands | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Corporate common stock | |||||||||||||||||||||||
Real estate | $ | ||||||||||||||||||||||
Interest in registered investment companies: | |||||||||||||||||||||||
Equities | |||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||
Interest in 103-12 investment entities | |||||||||||||||||||||||
Partnership/joint venture interests | |||||||||||||||||||||||
Hedge funds | |||||||||||||||||||||||
Derivative contracts | |||||||||||||||||||||||
Total plan assets at fair value, excluding those measured at NAV | $ | $ | $ | $ | |||||||||||||||||||
Assets measured at NAV using the practical expedient: | |||||||||||||||||||||||
Real estate funds | |||||||||||||||||||||||
Interest in common/collective trusts: | |||||||||||||||||||||||
Equities | |||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||
Partnership/joint venture interests | |||||||||||||||||||||||
Total plan assets at fair value | $ | ||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivative liabilities | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Total plan liabilities at fair value | $ | $ | ( | $ | ( | $ | ( |
Actual return on plan assets | |||||||||||||||||||||||||||||||||||||||||
In thousands | Balance at beginning of year | Relating to assets still held at report date | Relating to assets sold during the period | Purchases | Sales | Settlements | Balance at end of year | ||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||
Real estate | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Partnership/joint venture interests | ( | ||||||||||||||||||||||||||||||||||||||||
Hedge funds | ( | ||||||||||||||||||||||||||||||||||||||||
Derivative contracts | ( | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | $ | $ | $ | $ | $ | $ | $ |
Year ended December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Domestic | $ | ( | $ | ( | $ | ( | |||||||||||
Foreign | ( | ( | |||||||||||||||
Total | $ | ( | $ | ( | $ | ( |
Year ended December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Current: | |||||||||||||||||
Federal | $ | $ | ( | $ | |||||||||||||
State and local | |||||||||||||||||
Foreign | ( | ||||||||||||||||
Total current | ( | ||||||||||||||||
Deferred: | |||||||||||||||||
Federal | ( | ( | |||||||||||||||
State and local | ( | ( | |||||||||||||||
Foreign | |||||||||||||||||
Total deferred | ( | ( | |||||||||||||||
Provision (benefit) for income taxes | $ | $ | ( | $ | ( |
Year ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Federal statutory tax rate | % | % | % | ||||||||||||||
(Increase) decrease in taxes resulting from: | |||||||||||||||||
State and local income taxes, net of federal benefit | ( | ||||||||||||||||
Debt refinancing | ( | ( | |||||||||||||||
Change in valuation allowance | ( | ( | |||||||||||||||
Non-deductible meals, entertainment, and other expenses | ( | ( | ( | ||||||||||||||
Capital loss carryforward | ( | ||||||||||||||||
PPP Loan forgiveness | |||||||||||||||||
Global intangible low-taxed income | ( | ||||||||||||||||
Branch income | |||||||||||||||||
Profit on non-qualifying land and buildings | ( | ||||||||||||||||
Uncertain tax positions | ( | ( | ( | ||||||||||||||
Deduction for interest expense | |||||||||||||||||
Transaction costs | ( | ( | |||||||||||||||
Goodwill Impairment | ( | ||||||||||||||||
Effective tax rate | NM | % | % |
December 31, | |||||||||||
In thousands | 2021 | 2020 | |||||||||
Deferred tax liabilities: | |||||||||||
Fixed Assets | $ | ( | $ | ( | |||||||
Right of use asset | ( | ( | |||||||||
Convertible debt | ( | ( | |||||||||
Pension and other postretirement benefit obligations | ( | ||||||||||
Definite and indefinite lived intangible assets | ( | ( | |||||||||
Total deferred tax liabilities | $ | ( | $ | ( | |||||||
Deferred tax assets: | |||||||||||
Accrued compensation costs | |||||||||||
Accrued liabilities | |||||||||||
Disallowed interest | |||||||||||
Goodwill | |||||||||||
Pension and other postretirement benefit obligations | |||||||||||
Partnership investments including impairments | |||||||||||
Loss carryforwards | |||||||||||
Lease liabilities | |||||||||||
Derivative liability | |||||||||||
Other | |||||||||||
Total deferred tax assets | $ | $ | |||||||||
Less: Valuation allowance | ( | ( | |||||||||
Total net deferred tax assets | $ | $ | |||||||||
Noncurrent net deferred tax assets (liabilities) | $ | $ |
Balance at beginning of period | Additions/(reductions) charged to expenses | Additions/(reductions) for acquisitions/dispositions | Other additions to (deductions from) reserves | Foreign currency translation | Balance at end of period | |||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Year ended December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Change in unrecognized tax benefits: | |||||||||||||||||
Balance at beginning of year | $ | $ | $ | ||||||||||||||
Additions based on tax positions related to the current year | |||||||||||||||||
Additions for tax positions of prior years | |||||||||||||||||
Reductions for tax positions of prior years | ( | ( | ( | ||||||||||||||
Increase due to current year business acquisitions | |||||||||||||||||
Balance at end of year | $ | $ | $ |
Year ended December 31, | |||||||||||||||||
In thousands, except per share data | 2021 | 2020 | 2019 | ||||||||||||||
Net loss attributable to Gannett | $ | ( | $ | ( | $ | ( | |||||||||||
Basic weighted average shares outstanding | |||||||||||||||||
Diluted weighted average shares outstanding | |||||||||||||||||
Year ended December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Warrants | |||||||||||||||||
Stock options | |||||||||||||||||
Restricted stock grants (a) | |||||||||||||||||
2027 Notes (b) |
Year ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Number of RSAs (In thousands) | Weighted- average grant date fair value | Number of RSAs (In thousands) | Weighted- average grant date fair value | Number of RSAs (In thousands) | Weighted- average grant date fair value | ||||||||||||||||||||||||||||||
Unvested at beginning of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Vested | ( | ( | ( | ||||||||||||||||||||||||||||||||
Forfeited | ( | ( | ( | ||||||||||||||||||||||||||||||||
Unvested at end of year | $ | $ | $ |
Year ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Number of RSUs & PSUs (In thousands) | Weighted- average grant date fair value | Number of RSUs & PSUs (In thousands) | Weighted- average grant date fair value | Number of RSUs & PSUs (In thousands) | Weighted- average grant date fair value | ||||||||||||||||||||||||||||||
Unvested at beginning of year | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Vested | ( | ( | ( | ||||||||||||||||||||||||||||||||
Forfeited | ( | ( | ( | ||||||||||||||||||||||||||||||||
Unvested at end of year | $ | $ | $ |
In thousands | Pension and postretirement benefit plans | Foreign currency translation | Total | ||||||||||||||
Balance at December 30, 2018 | $ | ( | $ | $ | ( | ||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (a) (b) | |||||||||||||||||
Net current period other comprehensive income, net of taxes | |||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (a) (b) | |||||||||||||||||
Net current period other comprehensive income, net of taxes | |||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (a) (b) | |||||||||||||||||
Net current period other comprehensive income (loss), net of taxes | ( | ||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ |
In thousands | Publishing | Digital Marketing Solutions | Corporate and Other | Intersegment Eliminations | Consolidated | ||||||||||||||||||||||||
Year ended December 31, 2021 | |||||||||||||||||||||||||||||
Advertising and marketing services - external sales | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Advertising and marketing services - intersegment sales | — | — | ( | — | |||||||||||||||||||||||||
Circulation | — | ||||||||||||||||||||||||||||
Other | — | ||||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Adjusted EBITDA (non-GAAP basis) | $ | $ | $ | ( | $ | — | $ | ||||||||||||||||||||||
Adjusted EBITDA margin (non-GAAP basis) | % | % | NM | NM | % | ||||||||||||||||||||||||
Year ended December 31, 2020 | |||||||||||||||||||||||||||||
Advertising and marketing services - external sales | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Advertising and marketing services - intersegment sales | — | — | ( | — | |||||||||||||||||||||||||
Circulation | — | ||||||||||||||||||||||||||||
Other | — | ||||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Adjusted EBITDA (non-GAAP basis) | $ | $ | $ | ( | $ | — | $ | ||||||||||||||||||||||
Adjusted EBITDA margin (non-GAAP basis) | % | % | NM | NM | % | ||||||||||||||||||||||||
Year ended December 31, 2019 | |||||||||||||||||||||||||||||
Advertising and marketing services - external sales | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Advertising and marketing services - intersegment sales | — | — | ( | — | |||||||||||||||||||||||||
Circulation | — | ||||||||||||||||||||||||||||
Other | — | ||||||||||||||||||||||||||||
Total operating revenues | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Adjusted EBITDA (non-GAAP basis) | $ | $ | ( | $ | ( | $ | — | $ | |||||||||||||||||||||
Adjusted EBITDA margin (non-GAAP basis) | % | NM | NM | NM | % |
Year ended December 31, | |||||||||||||||||
In thousands | 2021 | 2020 | 2019 | ||||||||||||||
Net loss attributable to Gannett | ( | ( | ( | ||||||||||||||
Provision (benefit) for income taxes | ( | ( | |||||||||||||||
Interest expense | |||||||||||||||||
Loss on early extinguishment of debt | |||||||||||||||||
Non-operating pension income | ( | ( | ( | ||||||||||||||
Loss on convertible notes derivative | |||||||||||||||||
Depreciation and amortization | |||||||||||||||||
Integration and reorganization costs | |||||||||||||||||
Other operating expenses | |||||||||||||||||
Asset impairments | |||||||||||||||||
Goodwill and intangible impairments | |||||||||||||||||
Loss (gain) on sale or disposal of assets, net | ( | ||||||||||||||||
Share-based compensation expense | |||||||||||||||||
Other items | ( | ( | |||||||||||||||
Adjusted EBITDA (non-GAAP basis) | $ | $ | $ | ||||||||||||||
Net loss attributable to Gannett margin | ( | % | ( | % | ( | % | |||||||||||
Adjusted EBITDA margin (non-GAAP basis) | % | % | % |
Exhibit Number | Exhibit | Location | ||||||||||||
2.1 | Agreement and Plan of Merger, dated as of August 5, 2019, by and among New Media Investment Group Inc., Gannett Co., Inc., Arctic Holdings LLC and Arctic Acquisition Corp. | |||||||||||||
2.2 | Amendment No. 1 to Agreement and Plan of Merger, dated as of October 29, 2019, by and among New Media Investment Group Inc., Gannett Co., Inc., Arctic Holdings LLC and Arctic Acquisition Corp. | |||||||||||||
3.1 | Amended and Restated Certificate of Incorporation of the Company. | |||||||||||||
3.2 | Certificate of Amendment to the Amended and Restated Certificate of Incorporation of the Company. | |||||||||||||
3.3 | Certificate of Designation of Series A Junior Participating Preferred Stock of Gannett Co., Inc. | |||||||||||||
3.4 | Amended and Restated Bylaws of the Company. | |||||||||||||
4.1 | Indenture (including Form of Note) with respect to 4.750% Convertible Senior Notes due 2024, dated as of April 9, 2018, between Gannett Co., Inc. and U.S. Bank National Association, as trustee. | |||||||||||||
4.2 | First Supplemental Indenture, dated as of November 19, 2019, by and among Gannett Co., Inc., New Media Investment Group Inc., and U.S. Bank National Association. | |||||||||||||
4.3 | Indenture with respect to 6.000% Convertible Senior Secured Notes due 2027, dated as of November 17, 2020, by and between Gannett Co., Inc., the Subsidiary Guarantors from time to time party thereto and U.S. Bank National Association, as a Trustee. | |||||||||||||
4.4 | First Supplemental Indenture, dated as of December 21, 2020, by and between Gannett Co., Inc., the Subsidiary Guarantors from time to time party thereto and U.S. Bank National Association, as trustee. | |||||||||||||
4.5 | Second Supplemental Indenture, dated as of February 9, 2021, by and between Gannett Co., Inc., the Subsidiary Guarantors from time to time party thereto and U.S. Bank National Associations, as trustee. | |||||||||||||
4.6 | Fourth Supplemental Indenture, dated as of January 31, 2022, by and among Gannett Co., Inc., the Subsidiary Guarantors from time to time party thereto and U.S. Bank National Association, as trustee. |
4.7 | Indenture with respect to 6.000% First Lien Notes due 2026, dated as of October 15, 2021, by and among Gannett Co., Inc., Gannett Holdings LLC, the Guarantors from time to time party thereto, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as collateral agent, registrar, paying agent and authenticating agent. | |||||||||||||
4.8 | Global Warrant Certificate of New Media Investment Group Inc. (amended). | Included in Exhibit 10.38 hereto. | ||||||||||||
4.9 | Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934, as amended. | |||||||||||||
4.10 | Section 382 Rights Agreement, dated as of April 6, 2020, by and between Gannett Co., Inc. and American Stock Transfer & Trust Company LLC, as Rights Agent. | |||||||||||||
10.1 | Credit Agreement, dated as of November 19, 2019, by and among Gannett Co., Inc., Gannett Holdings LLC, each person listed as a guarantor on the signature pages thereto, the lenders from time to time party thereto and Cortland Capital Market Services LLC, as collateral agent and administrative agent. | |||||||||||||
10.2 | Amendment No. 1, dated as of December 9, 2019, to the Credit Agreement, by and among Gannett Co., Inc., Gannett Holdings LLC, each person listed as a guarantor on the signature pages thereto, the lenders from time to time party thereto and Cortland Capital Market Services LLC, as collateral agent and administrative agent. | |||||||||||||
10.3 | Amendment No. 2, dated as of April 6, 2020, to the Credit Agreement, by and among Gannett Co., Inc., Gannett Holdings LLC, each person listed as a guarantor on the signature pages thereto, the lenders from time to time party thereto and Cortland Capital Market Services LLC, as collateral agent and administrative agent. | |||||||||||||
10.4 | Amendment No. 3, dated as of October 30, 2020, to the Credit Agreement, by and among Gannett Co., Inc., Gannett Holdings LLC, each Guarantor party thereto, the lenders from time to time party thereto and Alter Domus Products Corp., as collateral and administrative agent. | |||||||||||||
10.5 | Amendment No. 4, dated as of November 17, 2020, to the Credit Agreement, by and among Gannett Co., Inc., Gannett Holdings LLC, each Guarantor party thereto, the Lenders from time to time party thereto and Alter Domus Products Corp., as collateral and administrative agent. | |||||||||||||
10.6 | Amendment No. 5, dated as of December 21, 2020, to the Credit Agreement, by and among Gannett Co., Inc., Gannett Holdings LLC, each Guarantor party thereto, the lenders party thereto and Alter Domus Products Corp., as administrative agent and collateral agent. | |||||||||||||
10.7 | Form of Registration Rights Agreement between New Media Investment Group Inc. and Omega Advisors, Inc. and its affiliates | |||||||||||||
10.8 | Registration Rights Agreement, dated as of November 19, 2019, by and among Gannett Co., Inc., FIG LLC and such other persons from time to time party thereto. |
10.9 | Amendment No. 1 to Registration Rights Agreement, dated as of November 17, 2020, by and among Gannett Co., Inc. and FIG LLC. | |||||||||||||
10.10 | Amended and Restated Management and Advisory Agreement, dated August 5, 2019, between New Media Investment Group Inc. and FIG LLC. | |||||||||||||
10.11 | Termination Agreement, dated as of December 21, 2020, by and between Gannett Co., Inc. and FIG LLC. | |||||||||||||
10.12 | 2020 Omnibus Incentive Compensation Plan, adopted as of February 26, 2020.* | |||||||||||||
10.13 | Amendment No. 1 to 2020 Omnibus Incentive Compensation Plan.* | |||||||||||||
10.14 | Form of Nonqualified Stock Option Agreement between New Media Investment Group Inc. and Fortress Operating Entity I LP.* | |||||||||||||
10.15 | Form of Nonqualified Stock Option Agreement between New Media Investment Group Inc. and Fortress Operating Entity I LP. | Included in Exhibit 10.10 hereto. | ||||||||||||
10.16 | Form of Gannett Co., Inc. Director Restricted Stock Award Agreement (2020 Omnibus Incentive Compensation Plan, as amended).* | |||||||||||||
10.17 | Gannett Co., Inc. Form of Employee Restricted Stock Grant Agreement.* | |||||||||||||
10.18 | 2015 Omnibus Incentive Compensation Plan.* | |||||||||||||
10.19 | Amendment No. 1 to 2015 Omnibus Incentive Compensation Plan.* | |||||||||||||
10.20 | Amendment No. 2 to 2015 Omnibus Incentive Compensation Plan.* | |||||||||||||
10.21 | Form of Gannett Co., Inc. Director Restricted Stock Award Agreement (2015 Omnibus Incentive Compensation Plan, as amended).* | |||||||||||||
10.22 | Form of Executive Officer Restricted Stock Unit Award Agreement (2015 Omnibus Incentive Compensation Plan, as amended).* | |||||||||||||
10.23 | Form of Executive Officer Performance Shares Award Agreement (2015 Omnibus Incentive Compensation Plan, as amended).* | |||||||||||||
10.24 | Form of Executive Officer Performance Units Award Agreement (2015 Omnibus Incentive Compensation Plan, as amended).* | |||||||||||||
10.25 | 2015 Change in Control Severance Plan, as amended and restated as of December 23, 2020.* | |||||||||||||
10.26 | Key Employee Severance Plan, as amended and restated as of December 23, 2020.* | |||||||||||||
10.27 | Amended and Restated 401(k) Savings Plan of Gannett Co., Inc. as of January 1, 2019.* |
10.28 | Amendment No. 1 to 401(k) Savings Plan of Gannett Co., Inc. as of January 1, 2019.* | |||||||||||||
10.29 | 2015 Deferred Compensation Plan Rules for Post-2004 Deferrals.* | |||||||||||||
10.30 | Amendment No. 1 to 2015 Deferred Compensation Plan Rules for Post-2004 Deferrals.* | |||||||||||||
10.31 | Amendment No. 2 to 2015 Deferred Compensation Plan Rules for Post-2004 Deferrals.* | |||||||||||||
10.32 | Amendment No. 3 to 2015 Deferred Compensation Plan Rules for Post-2004 Deferrals.* | |||||||||||||
10.33 | Amendment No. 4 to 2015 Deferred Compensation Plan Rules for Post-2004 Deferrals.* | |||||||||||||
10.34 | Amendment No. 5 to 2015 Deferred Compensation Plan Rules for Post-2004 Deferrals.* | |||||||||||||
10.35 | Amendment No. 6 to 2015 Deferred Compensation Plan Rules for Post-2004 Deferrals.* | |||||||||||||
10.36 | Amendment No. 7 to 2015 Deferred Compensation Plan Rules for Post-2004 Deferrals.* | |||||||||||||
10.37 | Form of Indemnification Agreement to be entered into by New Media Investment Group Inc. with each of its executive officers and directors. | |||||||||||||
10.38 | Amended and Restated Warrant Agreement dated January 15, 2014, by and between New Media Investment Group Inc. and American Stock & Transfer Company, LLC. | |||||||||||||
10.39 | Offer Letter Agreement, dated March 25, 2020, by and between Gannett Co., Inc. and Douglas E. Horne.* | |||||||||||||
10.40 | Investor Agreement, dated as of November 17, 2020, by and among Gannett Co., Inc., the other Persons signatory thereto and such other Persons, if any, that from time to time become party thereto as Holders. | |||||||||||||
10.41 | Gannett Co., Inc. Performance Restricted Stock Unit Grant Agreement, dated as of January 8, 2021.* | |||||||||||||
10.42 | Amended and Restated Performance Restricted Stock Unit Grant Agreement between Gannett Co., Inc. and Michael Reed, effective as of January 8, 2021.* | |||||||||||||
10.43 | Employee Performance Restricted Stock Unit Grant Agreement between Gannett Co., Inc. and Michael Reed, effective as of January 8, 2021.* | |||||||||||||
10.44 | Gannett Co., Inc. 2021 Annual Bonus Plan.* | |||||||||||||
10.45 | Offer Letter Agreement, dated December 21, 2020, by and between Gannett Co., Inc. and Michael E. Reed.* |
10.46 | Credit Agreement, dated as of February 9, 2021, among Gannett Co., Inc., Gannett Holdings LLC, each Guarantor party thereto, the Lenders from time to time party thereto and Citibank, N.A., as collateral and administrative agent. | |||||||||||||
10.47 | First Lien Credit Agreement, dated as of October 15, 2021, by and among Gannett Co., Inc., Gannett Holdings LLC, each Guarantor party thereto, the Lenders from time to time party thereto, Citibank, N.A., as collateral agent and administrative agent for the Lenders. | |||||||||||||
10.48 | Amendment No. 1, dated as of January 31, 2022, to the First Lien Credit Agreement dated as of October 15, 2021, by and among Gannett Co., Inc., Gannett Holdings LLC, the Guarantors from time to time party thereto, the Lenders from time to time party thereto, and Citibank N.A., as administrative agent and collateral agent. | |||||||||||||
10.49 | Strategic Alliance Agreement, dated as of July 26, 2021, by and between Tipico USA Technology, Inc. and Gannett Media Corp.** | |||||||||||||
21.1 | List of subsidiaries. | |||||||||||||
23.1 | Consent of Ernst & Young LLP. | |||||||||||||
31.1 | Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(d) of the Securities Exchange Act of 1934. | |||||||||||||
31.2 | Certification of Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(d) of the Securities Exchange Act of 1934. | |||||||||||||
32.1 | Section 1350 Certification of Principal Executive Officer. | |||||||||||||
32.2 | Section 1350 Certification of Principal Financial Officer. | |||||||||||||
101 | The following financial information from Gannett Co., Inc. Annual Report on Form 10-K for the year ended December 31, 2021, formatted in Inline XBRL includes: (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations and Comprehensive Income (Loss); (iii) Consolidated Statements of Cash Flows; (iv) Consolidated Statements of Equity; and (v) the Notes to Consolidated Financial Statements. | Filed herewith. | ||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | Filed herewith. |
* | Management contract or compensatory plan or arrangement. | ||||
** | Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the U.S. Securities and Exchange Commission upon request. |
Dated: February 24, 2022 | GANNETT CO., INC. (Registrant) | ||||||||||
By: | /s/ Douglas E. Horne | ||||||||||
Douglas E. Horne | |||||||||||
Chief Financial Officer and Chief Accounting Officer (principal financial and principal accounting officer) |
Dated: February 24, 2022 | /s/ Michael E. Reed | |||||||
Michael E. Reed | ||||||||
Chief Executive Officer and | ||||||||
President (principal executive officer) | ||||||||
Dated: February 24, 2022 | /s/ Douglas E. Horne | |||||||
Douglas E. Horne | ||||||||
Chief Financial Officer and | ||||||||
Chief Accounting Officer (principal financial and principal accounting officer) |
Dated: February 24, 2022 | /s/ Vinayak R. Hegde | |||||||
Vinayak R. Hegde, Director | ||||||||
Dated: February 24, 2022 | /s/ Theodore Janulis | |||||||
Theodore Janulis, Director | ||||||||
Dated: February 24, 2022 | /s/ John Jeffry Louis | |||||||
John Jeffry Louis, Director | ||||||||
Dated: February 24, 2022 | /s/ Maria Miller | |||||||
Maria Miller, Director | ||||||||
Dated: February 24, 2022 | /s/ Michael E. Reed | |||||||
Michael E. Reed | ||||||||
Director, Chairman | ||||||||
Dated: February 24, 2022 | /s/ Debra Sandler | |||||||
Debra Sandler, Director | ||||||||
Dated: February 24, 2022 | /s/ Kevin Sheehan | |||||||
Kevin Sheehan, Director | ||||||||
Dated: February 24, 2022 | /s/ Laurence Tarica | |||||||
Laurence Tarica, Director | ||||||||
Dated: February 24, 2022 | /s/ Barbara Wall | |||||||
Barbara Wall, Director |
Entity | State of Incorporation (Corporations) State of Organization (Limited Liability Company) | ||||
Gannett Co., Inc. | Delaware | ||||
Gannett Holdings LLC | Delaware | ||||
Gannett Media Corp. | Delaware | ||||
Action Advertising, Inc. | Wisconsin | ||||
AfterCollege, Inc. | California | ||||
Albuquerque Publishing Company | New Mexico | ||||
Alexandria Newspapers, Inc. | Louisiana | ||||
American Influencer Awards, LLC | Delaware | ||||
Arizona News Service, LLC | Delaware | ||||
Baxter County Newspapers, Inc. | Arkansas | ||||
Bizzy, Inc. | Delaware | ||||
Blue Dot Seats, LLC | Delaware | ||||
Boat Spinco, Inc. | Wisconsin | ||||
BridgeTower Media DLN, LLC | Delaware | ||||
BridgeTower Media Holding Company | Delaware | ||||
BridgeTower Media, LLC | Delaware | ||||
CA Alabama Holdings, Inc. | Delaware | ||||
CA Florida Holdings, LLC | Delaware | ||||
CA Louisiana Holdings, Inc. | Delaware | ||||
CA Massachusetts Holdings, Inc. | Delaware | ||||
CA North Carolina Holdings, Inc. | Delaware | ||||
CA South Carolina Holdings, Inc. | Delaware | ||||
Circle Centre Partners Limited Partnership | Delaware | ||||
Citizen Publishing Company | Arizona | ||||
CMGI (Moduslink) | Delaware | ||||
Copley Ohio Newspapers, Inc. | Illinois | ||||
Cummings Acquisition, LLC | Delaware | ||||
CyberInk, LLC | Pennsylvania | ||||
Daily Journal of Commerce, Inc. | Delaware | ||||
Daily Reporter Publishing Company | Delaware | ||||
DB Acquisition, Inc. | Delaware | ||||
DB Arkansas Holdings, Inc. | Delaware | ||||
DB Iowa Holdings, Inc. | Delaware | ||||
DB North Carolina Holdings, Inc. | Delaware | ||||
DB Oklahoma Holdings, Inc. | Delaware | ||||
DB Tennessee Holdings, Inc. | Delaware | ||||
DB Texas Holdings, Inc. | Delaware | ||||
DB Washington Holdings, Inc. | Delaware | ||||
DealOn, LLC | Delaware | ||||
Des Moines Press Citizen LLC | Delaware | ||||
Des Moines Register and Tribune Company | Iowa | ||||
Desert Sun Publishing, LLC | Delaware | ||||
Desk Spinco, Inc. | Wisconsin |
Detroit Free Press, Inc. | Michigan | ||||
Detroit Newspaper Partnership, L.P. | Delaware | ||||
DiGiCol, Inc. | Delaware | ||||
Dolco Acquisition, LLC | Delaware | ||||
ENHE Acquisition, LLC | Delaware | ||||
EnMotive Company LLC | Delaware | ||||
Enterprise NewsMedia Holding, LLC | Delaware | ||||
Enterprise NewsMedia, LLC | Delaware | ||||
Enterprise Publishing Company, LLC | Delaware | ||||
Evansville Courier Company, Inc. | Indiana | ||||
Federated Publications, Inc. | Delaware | ||||
Finance and Commerce, Inc. | Minnesota | ||||
FoodBlogs, LLC | Arizona | ||||
Gannett GP Media, Inc. | Delaware | ||||
Gannett International Communications, Inc. | Delaware | ||||
Gannett International Finance LLC | Delaware | ||||
Gannett International Finance LLP | Delaware | ||||
Gannett International Holdings LLP | United Kingdom | ||||
Gannett Media Services, LLC | Delaware | ||||
Gannett MHC Media, Inc. | Delaware | ||||
Gannett Missouri Publishing, Inc. | Kansas | ||||
Gannett Publishing Services, LLC | Delaware | ||||
Gannett Retail Advertising Group, Inc. | Delaware | ||||
Gannett River States Publishing Corporation | Arkansas | ||||
Gannett Satellite Information Network, LLC | Delaware | ||||
Gannett SB, Inc. | Delaware | ||||
Gannett Supply Corporation | Delaware | ||||
Gannett U.K. Limited | Delaware | ||||
Gannett UK Media, LLC | Delaware | ||||
Gannett Ventures LLC | Delaware | ||||
Gannett Vermont Publishing, Inc. | Delaware | ||||
GateHouse Media Alaska Holdings, Inc. | Delaware | ||||
GateHouse Media Arkansas Holdings, Inc. | Delaware | ||||
GateHouse Media California Holdings, Inc. | Delaware | ||||
GateHouse Media Colorado Holdings, Inc. | Delaware | ||||
GateHouse Media Connecticut Holdings, Inc. | Delaware | ||||
GateHouse Media Corning Holdings, Inc. | Nevada | ||||
GateHouse Media Delaware Holdings, Inc. | Delaware | ||||
GateHouse Media Directories Holdings, Inc. | Delaware | ||||
GateHouse Media Freeport Holdings, Inc. | Delaware | ||||
GateHouse Media Georgia Holdings, Inc. | Delaware | ||||
GateHouse Media Holdco, LLC | Delaware | ||||
GateHouse Media Illinois Holdings II, Inc. | Delaware | ||||
GateHouse Media Illinois Holdings, Inc. | Delaware | ||||
GateHouse Media Indiana Holdings, Inc. | Delaware | ||||
GateHouse Media Intermediate Holdco, LLC | Delaware | ||||
GateHouse Media Iowa Holdings, Inc. | Delaware |
GateHouse Media Kansas Holdings II, Inc. | Delaware | ||||
GateHouse Media Kansas Holdings, Inc. | Delaware | ||||
GateHouse Media Lansing Printing, Inc. | Delaware | ||||
GateHouse Media Louisiana Holdings, Inc. | Delaware | ||||
GateHouse Media Macomb Holdings, Inc. | Delaware | ||||
GateHouse Media Management Services, Inc. | Delaware | ||||
GateHouse Media Maryland Holdings, Inc. | Delaware | ||||
GateHouse Media Massachusetts I, Inc. | Delaware | ||||
GateHouse Media Massachusetts II, Inc. | Delaware | ||||
GateHouse Media Michigan Holdings II, Inc. | Delaware | ||||
GateHouse Media Michigan Holdings, Inc. | Delaware | ||||
GateHouse Media Minnesota Holdings, Inc. | Delaware | ||||
GateHouse Media Missouri Holdings II, Inc. | Delaware | ||||
GateHouse Media Missouri Holdings, Inc. | Delaware | ||||
GateHouse Media Nebraska Holdings, Inc. | Delaware | ||||
GateHouse Media New York Holdings, Inc. | Delaware | ||||
GateHouse Media North Dakota Holdings, Inc. | Delaware | ||||
GateHouse Media Ohio Holdings II, Inc. | Delaware | ||||
GateHouse Media Ohio Holdings, Inc. | Delaware | ||||
GateHouse Media Oklahoma Holdings, Inc. | Delaware | ||||
GateHouse Media Operating, LLC | Delaware | ||||
GateHouse Media Oregon Holdings, Inc. | Delaware | ||||
GateHouse Media Pennsylvania Holdings, Inc. | Delaware | ||||
GateHouse Media South Dakota Holdings, Inc. | Delaware | ||||
GateHouse Media Suburban Newspapers, Inc. | Delaware | ||||
GateHouse Media Tennessee Holdings, Inc. | Delaware | ||||
GateHouse Media Texas Holdings II, Inc. | Delaware | ||||
GateHouse Media Texas Holdings, Inc. | Delaware | ||||
GateHouse Media Virginia Holdings, Inc. | Delaware | ||||
GateHouse Media, LLC | Delaware | ||||
GCCC, LLC | Delaware | ||||
GCOE, LLC | Delaware | ||||
George W. Prescott Publishing Company, LLC | Delaware | ||||
GFHC, LLC | Delaware | ||||
GiddyUp Events LLC | Maine | ||||
GNSS LLC | Delaware | ||||
Good Worldwide, Inc. | Delaware | ||||
Grateful Media, LLC | Delaware | ||||
Guam Publications, Incorporated | Hawaii | ||||
Idaho Business Review, LLC | Idaho | ||||
Imagn Content Services, LLC | Florida | ||||
Journal Community Publishing Group, Inc. | Wisconsin | ||||
Journal Media Group, Inc. | Wisconsin | ||||
Journal Sentinel Inc. | Wisconsin | ||||
Kickserv, LLC | Delaware | ||||
Lawyer's Weekly, LLC | Delaware | ||||
Liberty SMC, L.L.C. | Delaware |
LMG Maine Holdings, Inc. | Delaware | ||||
LMG Massachusetts, Inc. | Massachusetts | ||||
LMG Nantucket, Inc. | Massachusetts | ||||
LMG National Publishing, Inc. | Delaware | ||||
LMG Rhode Island Holdings, Inc. | Delaware | ||||
LMG Stockton, Inc. | Delaware | ||||
Local Media Group Holdings LLC | Delaware | ||||
Local Media Group, Inc. | Delaware | ||||
LocaliQ Limited | United Kingdom | ||||
LOCALiQ LLC | Delaware | ||||
Loco Sports, LLC | Massachusetts | ||||
Long Island Business News, LLC | Delaware | ||||
Low Realty, LLC | Delaware | ||||
LRT Four Hundred, LLC | Delaware | ||||
Media Consortium, LLC | Delaware | ||||
Memphis Publishing Company | Delaware | ||||
Milwaukee Marathon LLC | Wisconsin | ||||
Mineral Daily News Tribune, Inc. | West Virginia | ||||
Missouri Lawyers Media, LLC | Delaware | ||||
Moonlighting, Inc. | Delaware | ||||
Multimedia, Inc. | South Carolina | ||||
New Media Holdings I LLC | Delaware | ||||
New Media Holdings II LLC | Delaware | ||||
New Media Ventures Group LLC | Delaware | ||||
New Orleans Publishing Group, L.L.C. | Louisiana | ||||
News Leader, Inc. | Louisiana | ||||
News.me Inc. | Delaware | ||||
Newsquest (Clyde & Forth Press) Limited | United Kingdom | ||||
Newsquest (Essex) Limited | United Kingdom | ||||
Newsquest (Herald & Times) Limited | United Kingdom | ||||
Newsquest (Herts and Bucks) Limited | United Kingdom | ||||
Newsquest (London & Essex) Limited | United Kingdom | ||||
Newsquest (Midlands South) Limited | United Kingdom | ||||
Newsquest Capital Limited | United Kingdom | ||||
Newsquest Limited | United Kingdom | ||||
Newsquest Media (Southern) Limited | United Kingdom | ||||
Newsquest Media Group Limited | United Kingdom | ||||
Newsquest Pension Trustee Limited | United Kingdom | ||||
Newsquest Printing (Glasgow) Limited | United Kingdom | ||||
Newsquest Specialist Media Limited | United Kingdom | ||||
NOPG, L.L.C. | Louisiana | ||||
PA Group Ltd. | Republic of Malta | ||||
Pacific Media, Inc. | Delaware | ||||
Phoenix Newspapers, Inc. | Arizona | ||||
Placester, Inc. | Delaware | ||||
Press-Citizen Company, Inc. | Iowa | ||||
Reach plc | United Kingdom |
ReachLocal Australia Pty Ltd | Austalia | ||||
ReachLocal Canada, Inc. | Delaware | ||||
ReachLocal DP, Inc. | Delaware | ||||
ReachLocal Europe B.V. | The Netherlands | ||||
ReachLocal GmbH | Germany | ||||
ReachLocal International GP LLC | Delaware | ||||
ReachLocal International, Inc. | Delaware | ||||
ReachLocal Mexico S. De R.L. de C.V. | Mexico | ||||
Reachlocal New Zealand Ltd. | New Zealand | ||||
ReachLocal Services Private Limited | India | ||||
ReachLocal, Inc. | Delaware | ||||
Reno Newspapers, Inc. | Nevada | ||||
RL International Investment C.V. | The Netherlands | ||||
Rugged Events Canada LTD | British Columbia | ||||
Salinas Newspapers LLC | California | ||||
Scripps NP Operating, LLC | Wisconsin | ||||
Scroll Labs Inc. | Delaware | ||||
Seacoast Newspapers, Inc. | New Hampshire | ||||
Sedona Publishing Company, Inc. | Arizona | ||||
Sopress Investments Limited | United Kingdom | ||||
Starline Printing Company, LLLP | New Mexico | ||||
SureWest Directories | California | ||||
Tap-on-it, LLC | Delaware | ||||
Terry Newspapers, Inc. | Iowa | ||||
Texas-New Mexico Newspapers, LLC | Delaware | ||||
Thanksgiving Ventures, LLC | Arizona | ||||
The Advertiser Company | Alabama | ||||
The Courier-Journal, Inc. | Delaware | ||||
The Daily Record Company, LLC | Delaware | ||||
The Desert Sun Publishing Co. | California | ||||
The Journal Record Publishing Co., LLC | Delaware | ||||
The Mail Tribune, Inc. | Delaware | ||||
The Nickel of Medford, Inc. | Oregon | ||||
The NWS Company, LLC | Delaware | ||||
The Peoria Journal Star, Inc. | Illinois | ||||
The Sun Company of San Bernardino, California LLC | California | ||||
The Times Herald Company | Michigan | ||||
ThriveHive, Inc. | Delaware | ||||
timeRAZOR, Inc. (d/b/a Gravy) | Virginia | ||||
TNI Partners | Arizona | ||||
UpCurve Cloud LLC | Delaware | ||||
UpCurve, Inc. | Delaware | ||||
USA Today Sports Media Group, LLC | Delaware | ||||
Ventures Endurance Events, LLC | Massachusetts | ||||
Ventures Endurance, LLC | Delaware | ||||
Visalia Newspapers LLC | California | ||||
Weymouth Football Club | United Kingdom |
William Trimble Limited | United Kingdom | ||||
Wordstream, Inc. | Delaware | ||||
WP Publishing | United Kingdom | ||||
W-Systems Corp. | Nevada | ||||
x.com, Inc. | Delaware | ||||
York Daily Record-York Sunday News LLC | Delaware | ||||
York Dispatch LLC | Delaware | ||||
York Newspaper Company | Pennsylvania | ||||
York Newspapers Holdings, L.P. | Delaware | ||||
York Newspapers Holdings, LLC | Delaware | ||||
York Partnership Holdings, LLC | Delaware |
/s/ Michael E. Reed | |||||
Michael E. Reed President and Chief Executive Officer (principal executive officer) |
/s/ Douglas E. Horne | |||||
Douglas E. Horne Chief Financial Officer and Chief Accounting Officer (principal financial and principal accounting officer) |
/s/ Michael E. Reed | |||||
Michael E. Reed President and Chief Executive Officer (principal executive officer) |
/s/ Douglas E. Horne | |||||
Douglas E. Horne Chief Financial Officer and Chief Accounting Officer (principal financial and principal accounting officer) |
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Auditor Location | Tysons, VA |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Trade receivables, allowance for doubtful receivables | $ 16,470 | $ 20,843 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (in shares) | 300,000 | 300,000 |
Preferred stock, issued (in shares) | 0 | |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, issued (in shares) | 144,667,389 | 139,494,741 |
Common stock, outstanding (in shares) | 142,299,399 | 138,102,993 |
Treasury stock (in shares) | 2,367,990 | 1,391,748 |
Series A Junior Participating Preferred Stock | ||
Preferred stock, issued (in shares) | 150,000 | 150,000 |
Preferred stock, outstanding (in shares) | 0 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||||
Total operating revenues | $ 3,208,083 | $ 3,405,670 | $ 1,867,909 | ||||
Operating costs | 1,901,564 | 2,034,272 | 1,079,593 | ||||
Selling, general and administrative expenses | 902,064 | 999,789 | 602,106 | ||||
Depreciation and amortization | 203,958 | 263,819 | 111,882 | ||||
Integration and reorganization costs | 49,284 | 145,731 | 52,212 | ||||
Asset impairments | 3,976 | 11,029 | 3,009 | ||||
Goodwill and intangible impairments | 0 | 393,446 | 100,743 | ||||
Loss (gain) on sale or disposal of assets, net | 17,208 | (5,680) | 4,723 | ||||
Other operating expenses | 20,952 | 11,152 | 60,618 | ||||
Total operating expenses | 3,099,006 | 3,853,558 | 2,014,886 | ||||
Operating income (loss) | 109,077 | (447,888) | (146,977) | ||||
Interest expense | 135,748 | 228,513 | 63,660 | ||||
Loss on early extinguishment of debt | 48,708 | 43,760 | 6,058 | ||||
Non-operating pension income | (95,357) | (72,149) | (9,085) | ||||
Loss on convertible notes derivative | 126,600 | 74,329 | 0 | ||||
Other non-operating income, net | (18,701) | (16,494) | (426) | ||||
Non-operating expense | 196,998 | 257,959 | 60,207 | ||||
Loss before income taxes | (87,921) | (705,847) | (207,184) | ||||
Provision (benefit) for income taxes | 48,250 | (33,450) | (85,994) | ||||
Net loss | (136,171) | (672,397) | (121,190) | ||||
Net loss attributable to noncontrolling interests | (1,209) | (1,918) | (1,348) | ||||
Net loss attributable to Gannett | $ (134,962) | $ (670,479) | $ (119,842) | ||||
(Loss) per share attributable to Gannett - basic (in dollars per share) | $ (1.00) | $ (5.09) | $ (1.77) | ||||
(Loss) per share attributable to Gannett - diluted (in dollars per share) | (1.00) | (5.09) | (1.77) | ||||
Dividends declared per share (in dollars per share) | $ 0 | $ 0 | $ 1.52 | ||||
Other comprehensive income: | |||||||
Foreign currency translation adjustments | $ (604) | $ 2,466 | $ 7,266 | ||||
Pension and other postretirement benefit items: | |||||||
Net actuarial gain | 13,811 | 60,471 | 12,534 | ||||
Amortization of net actuarial loss | 64 | 37 | 86 | ||||
Change in prior service cost | 0 | (1,905) | 0 | ||||
Other | (387) | (2,108) | 305 | ||||
Total pension and other postretirement benefit items | 13,488 | 56,495 | 12,925 | ||||
Other comprehensive income before tax | 12,884 | 58,961 | 20,191 | ||||
Income tax provision related to components of other comprehensive income | 3,059 | 16,990 | 5,108 | ||||
Other comprehensive income, net of tax | [1] | 9,825 | 41,971 | 15,083 | |||
Comprehensive loss | (126,346) | (630,426) | (106,107) | ||||
Comprehensive loss attributable to noncontrolling interests | [2] | (1,209) | (1,918) | (1,348) | |||
Comprehensive loss attributable to Gannett | (125,137) | (628,508) | (104,759) | ||||
Advertising and marketing services | |||||||
Total operating revenues | 1,651,161 | 1,710,244 | 952,644 | ||||
Circulation | |||||||
Total operating revenues | 1,249,674 | 1,391,996 | 704,842 | ||||
Other | |||||||
Total operating revenues | $ 307,248 | $ 303,430 | $ 210,423 | ||||
|
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Statement of Stockholders' Equity [Abstract] | |||
Income tax provision related to components of other comprehensive income | $ 3,059 | $ 16,990 | $ 5,108 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income Statement [Abstract] | |||
Net loss attributable to noncontrolling interests | $ 1.1 | $ 1.9 | $ 1.3 |
Description of business and basis of presentation |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of business and basis of presentation | NOTE 1 — Description of business and basis of presentation Description of business Gannett Co., Inc. ("Gannett", "we", "us", "our", or the "Company") is a subscription-led and digitally-focused media and marketing solutions company committed to empowering communities to thrive. Gannett operates a scalable, data-driven media platform that aligns with our consumer and digital marketing trends. We aim to be the premier source for clarity, connections, and solutions within our communities. Our strategy is focused on driving audience growth and engagement by delivering deeper content experiences to our consumers, while offering the products and marketing expertise our advertisers desire. The execution of this strategy is expected to enable us to continue our evolution from a more traditional print media business to a digitally-focused content platform. Our current portfolio of media assets includes USA TODAY, local media organizations in 45 states in the U.S., and Newsquest, a wholly-owned subsidiary operating in the United Kingdom (the "U.K.") with more than 120 local media brands. We also operate a digital marketing solutions company branded LOCALiQ, that provides a cloud-based platform of products to enable small and medium businesses ("SMBs") to accomplish their marketing goals. In addition, we run what we believe is the largest media-owned events business in the U.S., USA TODAY NETWORK Ventures. Through USA TODAY, our local property network, and Newsquest, we deliver high-quality, trusted content with a commitment to balanced, unbiased journalism, where and when consumers want to engage with it on virtually any device or platform. Additionally, the Company has strong relationships with thousands of local and national businesses in both our U.S. and U.K. markets due to our large local and national sales forces and a robust advertising and marketing solutions product suite. The Company reports in two segments, Publishing and Digital Marketing Solutions ("DMS"). We also have a Corporate and other category that includes activities not directly attributable to a specific reportable segment and includes broad corporate functions such as legal, human resources, accounting, analytics, finance, and marketing. A full description of our reportable segments is included in Note 15 — Segment reporting in the notes to the Consolidated financial statements. Until November 19, 2019, our corporate name was New Media Investment Group Inc. ("Legacy New Media") and Gannett Co., Inc. was a separate publicly traded company. On November 19, 2019, New Media completed its acquisition of Gannett Co., Inc. (which was renamed Gannett Media Corp. and is referred to as "Legacy Gannett"). In connection with the acquisition, New Media changed its name to Gannett Co., Inc. and assumed Legacy Gannett's ticker symbol "GCI" (having previously traded under "NEWM"). In addition, effective at 11:59 p.m. Eastern Time on December 31, 2020, the Company's former management agreement (the "Former Management Agreement") with FIG LLC (the "Former Manager") was terminated. Impacts of the COVID-19 pandemic As a result of the COVID-19 pandemic, we experienced a significant decline in Advertising and marketing services revenues, which accelerated the secular declines that we continue to experience. In addition, we continue to experience constraints on the sales of single copy newspapers, largely tied to business travel and in-person events. While we have seen operating trends improve since the second quarter of 2020, which represents the quarter that was most significantly impacted by the pandemic, we expect that the COVID-19 pandemic will continue to have a negative impact on our business and results of operations in the near-term, including lower revenues associated with events and lower sales of single copy newspapers, largely as a result of reduced business travel. If the COVID-19 pandemic were to revert to conditions that existed during 2020, including measures to help mitigate and control the spread of the virus, we would expect to experience further negative impacts in Advertising and marketing services revenues and Circulation revenues. In connection with the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act"), the Company received Paycheck Protection Program ("PPP") funding in support of certain of our locations that were meaningfully affected by the COVID-19 pandemic totaling $16.4 million, which was included in Operating activities in the Consolidated statements of cash flows for the year ended December 31, 2021. As permitted under the CARES Act, during 2021, the Company received forgiveness for all of such loans, which was recognized in earnings in the Consolidated statements of operations and comprehensive income (loss) as an offset to Operating costs of $12.1 million and Selling, general, and administrative expenses of $4.3 million. Basis of presentation The Consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of entities which Gannett controls due to ownership of a majority voting interest ("subsidiaries"). All significant intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates entities that it controls due to ownership of a majority voting interest. Use of estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the Consolidated financial statements and footnotes thereto. Actual results could differ materially from those estimates. Significant estimates inherent in the preparation of the Consolidated financial statements include pension and postretirement benefit obligation assumptions, income taxes, goodwill and intangible asset impairment analysis, valuation of property, plant and equipment and intangible assets and the mark to market of the conversion feature associated with the convertible debt.
|
Summary of significant accounting policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of significant accounting policies | NOTE 2 — Summary of significant accounting policies Cash, cash equivalents and restricted cash and Supplementary cash flow information Cash equivalents represent highly liquid certificates of deposit which have original maturities of three months or less. Restricted cash is held as cash collateral for certain business operations. Restricted cash primarily consists of funding for letters of credit, cash held in an irrevocable grantor trust for our deferred compensation plans and cash held with banking institutions for insurance plans. The following table presents a reconciliation of cash, cash equivalents and restricted cash:
The following table presents supplementary cash flow information, including non-cash investing and financing activities:
Accounts receivable Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts. The Company’s allowance for doubtful accounts is based upon several factors including the length of time the receivables are past due, historical payment trends and current economic factors. The Company generally does not require collateral. Inventories Inventory consists principally of newsprint, which is valued at the lower of net realizable value. Cost is determined using the first-in, first-out ("FIFO") method. Property, plant, and equipment, software development costs and depreciation Property, plant, and equipment are recorded at cost or at fair value for property, plant and equipment related to acquired businesses. Routine maintenance and repairs are expensed as incurred. Depreciation is calculated under the straight-line method over the estimated useful lives. Leasehold improvements are amortized under the straight-line method over the shorter of the lease term or estimated useful life of the asset. We capitalize costs to develop software for internal use when it is determined the development efforts will result in new or additional functionality or new products. Costs incurred prior to meeting these criteria and costs associated with ongoing maintenance are expensed as incurred and included in Operating costs in the accompanying Consolidated statements of operations and comprehensive income (loss). Property, plant and equipment and software development costs are evaluated for impairment in accordance with our policy for amortizable intangible assets and other long-lived assets. A breakout of property, plant and equipment and software is presented below:
(a)Costs capitalized as internal use software are amortized on a straight-line basis over an estimated useful life of 3 to 5 years. Depreciation expense was $100.9 million, $155.3 million, and $67.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. Business combinations The operating results of the acquired business are reflected in the Company’s consolidated financial statements as of the acquisition date. We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values. Any excess of the purchase price over the estimated fair values of net assets acquired is recorded as goodwill. Goodwill is assigned to the reporting unit that benefits from the synergies arising from the business combination. When determining the fair value of assets acquired and liabilities assumed, we make significant estimates and assumptions, especially with respect to intangible assets. Transaction costs are expensed as incurred. Critical estimates in valuing certain identifiable assets include, but are not limited to, expected long-term revenues, future expected operating expenses, cost of capital, and appropriate discount rates. Our estimates of fair value are based upon assumptions believed to be reasonable but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates. Goodwill, intangible and long-lived assets Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed. Indefinite-lived intangible assets consist of newspaper mastheads and finite-lived intangible assets consist of advertiser, customer and subscriber relationships, we well as trade names, and developed technology. Newspaper mastheads are not amortized because it has been determined that the useful lives of such mastheads are indefinite. Intangible assets that have finite useful lives are amortized over those useful lives. Goodwill is tested for impairment annually on the last day of our second quarter or between annual tests if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. We perform our impairment analysis on each of our reporting units. We evaluate our reporting units annually, as well as when changes in our operating structure occur. The Company has the option to qualitatively assess whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company elects to perform a qualitative assessment and concludes it is more likely than not that the fair value of the reporting unit is equal to or greater than its carrying value, no further assessment of that reporting unit’s goodwill is necessary; otherwise goodwill must be tested for impairment. In the quantitative test, we are required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. Fair value of the reporting unit is defined as the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. The Company generally determines the fair value of a reporting unit using a combination of a discounted cash flow analysis and a market-based approach. Estimates of fair value include inputs that are subjective in nature, involve uncertainties, and involve matters of significant judgment that are made at a specific point in time. Changes in key assumptions from period to period could significantly affect the estimates of fair value. Significant assumptions used in the fair value estimates include projected revenues and related growth rates over time, projected operating cash flow margins, discount rates, and future economic and market conditions. If the carrying value of the reporting unit exceeds the estimate of fair value, we calculate the impairment as the excess of the carrying value of goodwill over its implied fair value. Indefinite-lived intangible assets, which are newspaper mastheads, are tested for impairment annually on the last day of our second quarter or more frequently if events or changes in circumstances indicate the asset might be impaired. The impairment test consists of a comparison of the fair value of each group of mastheads with their carrying amount. We used a relief from royalty approach which utilizes a discounted cash flow model to determine the fair value of newspaper mastheads. Our judgments and estimates of future operating results in determining the reporting unit fair values are consistently applied in determining the fair value of mastheads. The Company assesses the recoverability of its long-lived assets, including property, plant and equipment and finite-lived intangible assets, whenever events or changes in circumstances indicate their carrying amounts may not be recoverable. The evaluation is performed by asset group, which is the lowest level of identifiable cash flows independent of other assets. The assessment of recoverability is based on management’s estimates by comparing the sum of the estimated undiscounted cash flows generated by the underlying asset groups to its carrying value of the asset groups to determine whether an impairment existed at its lowest level of identifiable cash flows. If the carrying amount of the asset group is greater than the expected undiscounted cash flows to be generated by the asset group, an impairment is recognized to the extent the carrying value of such asset group exceeds its fair value. All three of our reporting units have goodwill balances. See Note 7 — Goodwill and intangible assets for a discussion of impairment charges taken on Goodwill and intangible assets in the second fiscal quarter of 2020. At June 30, 2021, we conducted our annual goodwill and indefinite-lived intangible asset impairment testing and did not identify any impairment. We have not subsequently identified any indicators of impairment that would indicate our reporting units are at risk of failing the goodwill or indefinite-lived intangible asset impairment test. Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation allowance if it is more likely than not that all or a portion of a deferred tax asset will not be realized. See Note 12 — Income taxes for further discussion. We also evaluate any uncertain tax positions and recognize a liability for the tax benefit associated with an uncertain tax position if it is more likely than not that the tax position will not be sustained on examination by the taxing authorities upon consideration of the technical merits of the position. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We record a liability for uncertain tax positions taken or expected to be taken in a tax return. Any change in judgment related to the expected ultimate resolution of uncertain tax positions is recognized in earnings in the period in which such change occurs. Fair value of financial instruments The carrying value of the Company’s cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to the short maturity of these instruments. An estimate of the fair value of the Company’s debt and embedded conversion option is disclosed in Note 9 — Debt. For further details surrounding our policies on fair value measurement, including the fair values of our pension plan assets, refer to Note 11 — Fair value measurement. Deferred financing costs Deferred financing costs consist of costs incurred in connection with debt financings and are recorded as a contra-liability in Long-term debt on the Consolidated balance sheets. Such costs are amortized using the effective interest method over the estimated remaining term of the debt. This amortization represents a component of Interest expense. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Our contracts with customers sometimes include promises to transfer multiple products and services to a customer. Revenue from sales agreements that contain multiple performance obligations are allocated to each obligation based on the relative standalone selling price. We determine standalone selling prices based on observable prices charged to customers. Advertising and Marketing Services Revenues The Company generates Print advertising revenues primarily by delivering advertising in its national publication, USA TODAY, and in its local publications including newspapers. Advertising revenues are categorized as local retail, local classified, online, and national. Print advertising revenue is recognized upon publication of the advertisement. Digital advertising and marketing revenues are generated primarily by online marketing products provided by our DMS segment. The Company enters into agreements for products in which our clients typically pay in advance and on a monthly basis. These prepayments include all charges for the included technology and any media services, management, third-party content, and other costs and fees, all of which are accounted for as a single performance obligation. Revenue is then recognized as we purchase and deliver media on behalf of the customer and perform other marketing-related services. For our Advertising and marketing services revenues, we evaluate whether we are the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis) by performing analyses regarding whether we control the provision of specified goods or services before they are transferred to our customers. We report Advertising and marketing services revenues gross when we control advertising inventory before it is transferred to the customer. Our control is evidenced by us being primarily responsible or sharing responsibility for the fulfillment of services and maintaining control over transaction pricing. We recognize revenue when the performance obligation is satisfied. Circulation Revenues Circulation revenues are derived from print and digital subscriptions as well as single copy sales at retail stores, vending racks and boxes. Circulation revenues from subscribers are generally billed to customers at the beginning of the subscription period and are typically recognized over the subscription period as the performance obligations are delivered. The term of customer subscriptions normally ranges from one to twelve months. Circulation revenues from single-copy income are recognized based on the date of publication, net of provisions for related returns. Other Revenues The Company provides commercial printing services to third parties as a means to generate incremental revenue and utilize excess printing capacity. Customers consist primarily of other publishers that do not have their own printing presses and do not compete with other Gannett publications. The Company also prints other commercial materials, including flyers, business cards and invitations. Revenue is generally recognized upon delivery. In addition, the Company generates revenues from its events and promotions business. Revenues are generated primarily through ticket sales, endurance events and race management services. Revenue is generally recognized when the event occurs. Practical Expedients and Exemptions The Company generally expenses sales commissions or other costs to obtain contracts when incurred because the amortization period is generally one year or less. These costs are recorded within Selling, general and administrative expenses. The Company does not disclose unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed. Deferred revenues The Company records deferred revenues when cash payments are received in advance of the Company’s performance obligation. The Company's primary source of deferred revenues is from circulation subscriptions paid in advance of the service provided, which represents future delivery of publications (the performance obligation) to subscription customers. The Company expects to recognize the revenue related to unsatisfied performance obligations over the next one to twelve months in accordance with the terms of the subscriptions. The Company's payment terms vary by the type and location of the customer and the products or services offered. The period between invoicing and when payment is due is not significant. For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer. The majority of our subscription customers are billed and pay on monthly terms. Advertising costs Advertising costs are expensed in the period incurred. The Company incurred total advertising expenses for the years ended December 31, 2021, 2020, and 2019 of $45.3 million, $50.0 million, and $26.8 million, respectively. Pension and postretirement liabilities Pension and other postretirement benefit costs under our defined benefit retirement plans are actuarially determined. For plans with frozen benefits, we recognize the cost of postretirement benefits such as pension, medical, and life insurance benefits on an accrual basis over the average life expectancy of employees expected to receive such benefits. For active plans, costs are recognized over the estimated average future service period. See Note 10 — Pensions and other postretirement benefit plans for further details. Share-based compensation Share-based payments to employees and the board of directors, including grants of stock options and restricted stock, are required to be recognized in the consolidated financial statements over the service period (generally the vesting period) based on fair values measured on grant dates, less forfeitures. Self-insurance liability accruals The Company maintains self-insured medical and workers’ compensation programs. The Company purchases stop loss coverage from third parties, which limits our exposure to large claims. The Company records a liability for healthcare and workers’ compensation costs during the period in which they occur, including an estimate of incurred but not reported claims. Redeemable noncontrolling interests Equity purchase arrangements that are exercisable by the counterparty to an agreement and that are outside the sole control of the Company are accounted for in accordance with ASC 480-10-S99-3A and are classified as Redeemable noncontrolling interests in the Consolidated balance sheets. Concentration of risk Due to the distributed nature of our operations, we are not subject to significant concentrations of risk relating to customers, products, or geographic locations. Our foreign revenues, principally from businesses in the U.K. and international operations at our DMS segment, totaled approximately $247.6 million for the year ended December 31, 2021. Our long-lived assets in foreign countries, principally in the U.K. and international operations at our DMS segment, totaled approximately $246.2 million at December 31, 2021. Leases We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease assets, Other current liabilities, and Long-term operating lease liabilities on our Consolidated balance sheets. Operating lease right-of-use ("ROU") assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The rates implicit within the Company's leases are generally not determinable; therefore, the Company uses judgment to determine the incremental borrowing rate used to calculate the present value of lease payments. The incremental borrowing rate is determined using our credit rating and information available related to similar terms and payments as of the commencement date. ROU assets are assessed for impairment in accordance with the Company’s accounting policy for long-lived assets. Our lease terms include options to extend or terminate. The period which is subject to an option to extend the lease is included in the lease term if it is reasonably certain that the option will be exercised. The period which is subject to an option to terminate the lease is included if it is reasonably certain that the option will not be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. For all material classes of leased assets, we do not separate lease components from non-lease components, and account for both components as a single lease component. For certain equipment leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities. Accounts payable and accrued liabilities A breakout of Accounts payable and accrued liabilities is presented below:
Loss contingencies We are subject to various legal proceedings, claims, and regulatory matters, the outcomes of which are subject to significant uncertainty. We determine whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible, or probable and whether it can be reasonably estimated. We accrue for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, we will disclose the potential range of the loss if material and estimable. Foreign currency translation The statements of income of foreign operations have been translated to U.S. dollars using the average currency exchange rates in effect during the relevant period. The balance sheets have been translated using the currency exchange rates as of the end of the accounting period. The impact of currency exchange rate changes on the translation of the balance sheets are included in Comprehensive income (loss) in the Consolidated statements of operations and comprehensive income (loss) and are classified as Accumulated other comprehensive income in the Consolidated balance sheets and Consolidated statements of equity. Recent accounting pronouncements adopted Simplifying the Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (the "FASB") issued new guidance that simplifies the accounting for income taxes. The guidance amends the rules for recognizing deferred taxes for investments, performing intraperiod tax allocations and calculating income taxes in interim periods. It also reduces complexity in certain areas, including accounting for transactions that result in a step-up in the tax basis of goodwill and allocating taxes to members of a consolidated group. This guidance is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. Adopting this guidance allowed the Company to record a tax benefit for the first quarter of 2021 because year-to-date losses on interim periods are no longer limited to losses annually forecasted, but did not have a material impact on the Company's Consolidated financial statements in subsequent quarters. Recent accounting pronouncements not yet adopted Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the FASB issued new guidance ("ASU 2020-06") that simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. In addition to eliminating certain accounting models, the guidance amends the disclosures for convertible instruments and earnings-per-share guidance. It also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. This guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Adoption of this guidance will not have an impact on the accounting for the Company's $497.1 million in aggregate principal amount of 6.0% Senior Secured Convertible Notes due 2027 issued by the Company on November 17, 2020 (the "2027 Notes"), or on the Consolidated financial statements. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers in a Business Combination In October 2021, the FASB issued new guidance ("ASU 2021-08") that requires an acquirer to recognize and measure certain contract assets and contract liabilities in a business combination in accordance with ASC 606, "Revenue from Contracts with Customers", rather than at fair value on the acquisition date as required under current GAAP. This guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, including interim periods within those fiscal years. The impact of this standard on the Company's Consolidated financial statements will be dependent on the business combination transactions within its scope. Disclosures by Business Entities about Government Assistance In November 2021, the FASB issued new guidance ("ASU 2021-10") that requires annual disclosures for transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy, including: (i) information about the nature of the transactions and related accounting policy used to account for the transactions; (ii) the line items on the Consolidated balance sheets and Consolidated statements of operations and comprehensive income (loss) affected by these transactions, including amounts applicable to each line; and (iii) significant terms and conditions of the transactions, including commitments and contingencies. The Company does not expect the adoption of this guidance will have a material impact on the Consolidated financial statements.
|
Revenues |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | NOTE 3 — Revenues Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s Consolidated statements of operations and comprehensive income (loss) present revenues disaggregated by revenue type. Sales taxes and other usage-based taxes are excluded from revenues. The following table presents our revenues disaggregated by source.
Revenues generated from international operations comprised 7.7% and 6.8% for the years ended December 31, 2021 and 2020, respectively. The following table presents the change in the deferred revenues balance by type of revenue:
|
Leases |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | NOTE 4 — Leases We lease certain real estate, vehicles, and equipment. Our leases have remaining lease terms of to fifteen years, some of which may include options to extend the leases, and some of which may include options to terminate the leases. The exercise of lease renewal options is at our sole discretion. The depreciable lives of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. As of December 31, 2021, our Consolidated balance sheets include $271.9 million of Operating lease assets, $47.6 million of short-term operating lease liabilities included in , and $255.0 million of Long-term operating lease liabilities. The components of lease expense are as follows:
(a) Includes sublease income of $6.5 million, $3.8 million, and $2.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. (b) Excluding expenses relating to leases with a lease term of one month or less. Supplemental information related to leases are as follows:
Future minimum lease payments under non-cancellable leases are as follows:
As of December 31, 2021, we have entered into leases that have not yet commenced with future lease payments of $3.3 million, which are not yet recorded on the Consolidated balance sheets.
|
Accounts receivable, net |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | NOTE 5 — Accounts receivable, net The Company performs its evaluation of the collectability of trade receivables based on customer category. For example, trade receivables from individual subscribers to our publications are evaluated separately from trade receivables related to advertising customers. For advertising trade receivables, the Company applies a "black motor formula" methodology as the baseline to calculate the allowance for doubtful accounts. The reserve percentage is calculated as a ratio of total net bad debts (less write-offs and recoveries) for the prior three-year period to total outstanding trade accounts receivable for the same three-year period. The calculated reserve percentage by customer category is applied to the consolidated gross advertising receivable balance, irrespective of aging. In addition, each category has specific reserves for at risk accounts that vary based on the nature of the underlying trade receivables. Due to the short-term nature of our circulation receivables, the Company reserves all receivables aged over 90 days. The following table presents changes in the allowance for doubtful accounts:
The calculation of the allowance considers current economic, industry and customer-specific conditions relative to their respective operating environments in the incremental allowances recorded related to high-risk accounts, bankruptcies, receivables in repayment plan and other aging specific reserves. As a result of this analysis, the Company adjusts specific reserves and the amount of allowable credit as appropriate. The collectability of trade receivables related to advertising, marketing services and other customers depends on a variety of factors, including trends in local, regional, or national economic conditions that affect our customers' ability to pay. The advertisers in our newspapers and other publications and related websites are primarily retail businesses that can be significantly affected by regional or national economic downturns and other developments that may impact our ability to collect on the related receivables. Similarly, while circulation revenues related to individual subscribers are primarily prepaid, changes in economic conditions may also affect our ability to collect on amounts owed from single copy circulation customers. For the years ended December 31, 2021, and December 31, 2020, the Company recorded $6.4 million and $28.7 million in bad debt expense, respectively. Bad debt expense is included in Selling, general and administrative expenses on the Consolidated statements of operations and comprehensive income (loss). For the year ended December 31, 2021, the Company recorded a decrease in bad debt expense due to lower write-offs compared to the prior year, as the prior year reflected the impact of the COVID-19 pandemic.
|
Acquisitions |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | NOTE 6 — Acquisitions 2019 Legacy Gannett Acquisition The Company acquired substantially all the assets, properties, and business of Legacy Gannett on November 19, 2019. The acquisition was completed for an aggregate purchase price of $1.3 billion. The acquisition was financed by a five-year senior-secured 11.5% term loan facility with Apollo Capital Management, L.P. in an aggregate principal amount of approximately $1.792 billion (the "Acquisition Term Loan"), and the issuance of Common Stock to Legacy Gannett stockholders, including 4,205,607 shares of Common Stock to the Former Manager. The rationale for the acquisition was primarily the attractive nature of the various publications, businesses, and digital platforms as well as the estimated cash flows and cost-saving and revenue-generating opportunities. The fair values of the assets and liabilities for the Legacy Gannett acquisition were finalized during the second quarter of 2020. The following table summarizes the final fair values of the assets and liabilities for the Legacy Gannett acquisition:
(a)As previously reported in our Annual Report on Form 10-K for the year ended December 31, 2019. (b)The Company recorded measurement period adjustments during the second quarter of 2020. The measurement period adjustments were primarily related to obtaining new facts and circumstances that existed as of the acquisition date that impact the financial projections and carrying values used to value acquired assets and liabilities, including the finalization of certain contracts with customers that impacted the value of intangible assets recorded. The increase to Long-term liabilities was primarily the result of $5.8 million in multi-employer pension liabilities offset by a decrease of $4.0 million in deferred tax liabilities. All measurement period adjustments were offset against Goodwill. 2019 Acquisitions The Company also acquired substantially all the assets, properties and business of certain publications and businesses in 2019 (the "2019 Acquisitions"), which included 11 daily newspapers, 11 weekly publications, nine shoppers, a remnant advertising agency, five events production businesses, and a business community and networking platform for an aggregate purchase price of $53.4 million including estimated working capital. As part of one of the 2019 Acquisitions, the Company also acquired a 58% equity interest in the acquiree, and the minority equity owners retained a 42% interest, which has been classified as a redeemable non-controlling interest on the Consolidated statements of operations and comprehensive income (loss). Additionally, for specified 2019 Acquisitions, additional consideration is earned based on the achievement of EBITDA targets outlined in the asset purchase agreement. As of December 31, 2021 and 2020, there was no consideration payable to the former stockholders. The 2019 Acquisitions were financed from cash on hand. The rationale for the 2019 Acquisitions was primarily the attractive nature, as applicable, of the various publications, businesses, and digital platforms as well as the estimated cash flows and cost-saving and revenue-generating opportunities available. The fair values of the assets and liabilities for the 2019 Acquisitions were finalized during the second quarter of 2020. The following table summarizes the final fair values of the assets and liabilities for the 2019 Acquisitions:
(a) As previously reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. (b) During the six months ended June 30, 2020, the Company recognized a contingent liability of $7.0 million for earnout payments not made and finalized the allocation of purchase price to certain customer relationships, software, and trade name intangible assets acquired. The contingent liability was paid in full during the third quarter of 2020 and was included in financing activities on the Consolidated statement of cash flows. The following unaudited pro forma consolidated results of operations are presented as of the year ended December 31, 2019 and assume that the acquisition of Legacy Gannett, along with transactions necessary to finance the acquisition, occurred at the beginning of 2019:
The unaudited pro forma financial information is based on historical results of operations, adjusted for the allocation of the purchase price and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we operated the businesses since the beginning of the periods presented. The pro forma adjustments reflect depreciation expense and amortization of intangibles related to the fair value adjustments of the assets acquired, additional interest expense related to the financing of the transactions, the elimination of acquisition-related costs, and the related tax effects of the adjustments.
|
Goodwill and intangible assets |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets | NOTE 7 — Goodwill and intangible assets Goodwill and intangible assets consisted of the following:
As of December 31, 2021, the weighted average amortization periods for amortizable intangible assets are 11.3 years for advertiser relationships, 9.8 years for customer relationships, 10.3 years for subscriber relationships, and 4.0 years for other intangible assets. The weighted average amortization period in total for all amortizable intangible assets is 10.3 years. For the years ended December 31, 2021, 2020, and 2019, amortization expense was $103.1 million, $108.5 million, and $44.7 million, respectively. As of December 31, 2021, estimated future amortization expense is as follows:
Changes in the carrying amount of Goodwill by segment are as follows:
Consistent with the Company's past practice, the Company performed its annual goodwill and indefinite-lived intangible asset impairment assessment in the second quarter of 2021 with the assistance of third-party valuation specialists. Within the impairment analyses performed, the Company considered the current and expected future economic and market conditions and the impact on the fair value of each of the reporting units. The most significant assumptions utilized in the determination of the estimated fair values include revenue and EBITDA projections, discount rates and long-term growth rates. The long-term growth rates are dependent on overall market growth rates, the competitive environment, inflation and relative currency exchange rates, and could be adversely impacted by a sustained decrease in any of these measures, all of which the Company considered in determining the long-term growth rates used in the analysis, which ranged from negative 0.5% to positive 3.0%. The discount rate, which is consistent with a weighted average cost of capital that is likely to be expected by a market participant, is based upon industry required rates of return, including consideration of both debt and equity components of the capital structure. The discount rate may be impacted by adverse changes in the macroeconomic environment and volatility in the equity and debt markets. The Company considered these factors in determining the discount rates used in the analysis, which ranged from 11.0% to 15.0%. For goodwill, the Company determined the fair value of each reporting unit using a combination of a discounted cash flow analysis and a market-based approach. During the second quarter of 2021, the Company compared the fair value of each reporting unit to its carrying amount, which resulted in the fair value of all the reporting groups being in excess of their carrying values. For mastheads, the Company determined the fair value by applying a "relief from royalty" approach, a discounted cash flow model, reflecting current assumptions. During the second quarter of 2021, the Company compared the fair value of each indefinite-lived intangible asset to its carrying amount, which resulted in the fair value of each indefinite-lived intangible asset being in excess of its carrying value. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred under ASC 360, which would require interim impairment testing. As of December 31, 2021, the Company performed a review of potential impairment indicators and it was determined that no indicators of impairment were present. During the second quarter of 2020, the Company recorded goodwill impairment charges of $256.5 million, $65.4 million and $40.5 million in our Domestic Publishing, Newsquest and Digital Marketing Solutions reporting units, respectively, and recorded indefinite-lived asset impairments of $4.0 million in both our Domestic Publishing and Newsquest reporting units, as a result of the annual impairment assessment. During the second quarter of 2020, the Company considered the impact of the COVID-19 pandemic on the Company’s operations to be an indicator of impairment under ASC 360, and as such, the Company recorded an intangible asset impairment of $23.0 million related to advertiser and other customer relationships.
|
Integration and reorganization costs and asset impairments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Integration and reorganization costs and asset impairments | NOTE 8 — Integration and reorganization costs and asset impairments Over the past several years, the Company has engaged in a series of individual restructuring programs, designed primarily to right-size the Company’s employee base, consolidate facilities and improve operations, including those of acquired entities. These initiatives impact all of the Company’s operations and can be influenced by the terms of union contracts. Costs related to these programs, which primarily include severance, facility consolidation and other restructuring-related expenses, are accrued when probable and reasonably estimable or at the time of program announcement. Severance-related expenses We recorded severance-related expenses by segment as follows:
A rollforward of the accrued severance and related costs included in Accounts payable and accrued liabilities on the Consolidated balance sheets for the years ended December 31, 2021 and 2020 is outlined below:
The restructuring reserve balance is expected to be paid out over the next twelve months. Facility consolidation and other restructuring-related expenses Facility consolidation and other restructuring-related expenses represent costs for consolidating operations, systems implementation, and outsourcing of corporate functions. We recorded facility consolidation charges and other restructuring-related costs by segment as follows:
(a) For the year ended December 31, 2020, includes $30.4 million related to the early termination of the Former Management Agreement with our Former Manager. Asset impairments We recorded Asset impairments by segment as follows:
For the year ended December 31, 2021, asset impairment charges, which were incurred by the Publishing segment, were primarily due to the impairment of real estate sold or held for sale. For the year ended December 31, 2020, asset impairment charges incurred by the Publishing segment, were mainly a result of the recoverability test for long-lived assets and to a lesser extent, fixed asset disposals related to the continued consolidation of operations, and at the DMS segment, asset impairment charges were mainly a result of fixed asset disposals related to the continued consolidation of operations. For the year ended December 31, 2019, asset impairment charges, which were incurred by the Publishing segment, were primarily due to ongoing cost efficiency programs. Accelerated depreciation The Company incurred accelerated depreciation of $15.3 million, $49.6 million, and $7.9 million for the years ended December 31, 2021, 2020 and 2019, respectively, primarily at the Publishing segment related to the shortened useful life of assets due to the sale of property. Accelerated depreciation is included in Depreciation and amortization expense on the Consolidated statements of operations and comprehensive income (loss).
|
Debt |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | NOTE 9 — Debt The Company's debt consisted of the following:
(a) For the year ended December 31, 2020, the carrying value of the 2027 Notes also included the value of the embedded derivative conversion feature of $189.6 million. October Debt Refinancing On October 15, 2021, Gannett Holdings LLC ("Gannett Holdings"), a wholly-owned subsidiary of the Company, entered into a five-year senior secured term loan facility in an aggregate principal amount of $516 million (the "New Senior Secured Term Loan") with Citibank N.A., as collateral agent and administrative agent for the lenders. Also on October 15, 2021, Gannett Holdings completed a private offering of $400 million aggregate principal amount of 6.00% first lien notes due November 1, 2026 (the "2026 Senior Notes"). The proceeds of the New Senior Secured Term Loan, together with the net proceeds from the 2026 Senior Notes were applied towards the full repayment of our 5-year, senior-secured term loan facility with the lenders from time to time party thereto and Citibank, N.A., as collateral agent and administrative agent for the lenders, in an aggregate principal amount of $1.045 billion (the "5-Year Term Loan"). There were certain lenders that participated in both the 5-Year Term Loan and the New Senior Secured Term Loan and 2026 Senior Notes and their balances in the 5-Year Term Loan were deemed to be modified. The Company continues to defer, over the terms of the 2026 Senior Notes and New Senior Secured Term Loan, the deferred financing fees and original issue discount from the 5-Year Term Loan of $7.0 million and $25.2 million, respectively, related to those lenders. Further, certain lenders in the 5-Year Term Loan did not participate in the New Senior Secured Term Loan and 2026 Senior Notes and their balances in the 5-Year Term Loan were deemed to be extinguished. Third-party fees of approximately $7.2 million were allocated to the new lenders in the 2026 Senior Notes on a pro-rata basis, and $5.2 million of original issue discount on the New Senior Secured Term Loan were capitalized and are being amortized over the respective terms of the 2026 Senior Notes and New Senior Secured Term Loan using the effective interest method. For the year ended December 31, 2021, third-party fees of $1.8 million and $7.9 million related to the New Senior Secured Term Loan and 2026 Senior Notes, respectively, which were allocated to the lenders whose balances were deemed to be modified, were expensed and recorded in Other operating expenses in the Consolidated statements of operations and comprehensive income (loss). Term Loans New Senior Secured Term Loan Prior to the Term Loan Amendment (defined below in Note 16 — Subsequent events), loans under the New Senior Secured Term Loan bore interest at a per annum rate equal to LIBOR (which shall not be less than 0.50% per annum) plus a margin of 5.00% or an alternate base rate (which shall not be less than 1.50% per annum) plus a margin equal to 4.00%. Loans under the New Senior Secured Term Loan may be prepaid, at the option of Gannett Holdings, at any time without premium, except a premium equal to 1.00% of the aggregate principal amount of the loans being repaid in connection with certain refinancing or repricing events that reduce the all-in yield applicable to the loans and occur on or before October 15, 2022. In addition, we are required to repay the New Senior Secured Term Loan from time to time with (i) the proceeds of non-ordinary course asset sales and casualty and condemnation events, (ii) the proceeds of indebtedness not permitted under the New Senior Secured Term Loan, and (iii) the aggregate amount of cash and cash equivalents on hand at the Company and its restricted subsidiaries in excess of $100 million at the end of each fiscal year of the Company (beginning with the fiscal year ending December 31, 2021). The New Senior Secured Term Loan amortizes in equal quarterly installments, beginning June 30, 2022, at a rate equal to 10% per annum (or, if the ratio of debt secured on an equal basis with the New Senior Secured Term Loan less unrestricted cash of the Company and its restricted subsidiaries to Consolidated EBITDA (as such terms are defined in the New Senior Secured Term Loan ) (such ratio, the "First Lien Net Leverage Ratio"), for the most recently ended period of four consecutive fiscal quarters is equal to or less than 1.20 to 1.00, 5% per annum). All obligations under the New Senior Secured Term Loan are secured by all or substantially all of the assets of the Company and the wholly-owned domestic subsidiaries of the Company (the "Guarantors"). The obligations of Gannett Holdings under the New Senior Secured Term Loan are guaranteed on a senior secured basis by the Company and the Guarantors. The New Senior Secured Term Loan contains usual and customary covenants for credit facilities of this type, including a requirement to have minimum unrestricted cash of $30 million as of the last day of each fiscal quarter, and restricts, among other things, our ability to incur debt, grant liens, sell assets, and make investments and pay dividends, in each case with customary exceptions, including an exception that permits dividends and repurchases of outstanding junior debt or equity in (i) an amount of up to $25 million per fiscal quarter if the First Lien Net Leverage Ratio for such fiscal quarter is equal to or less than 2.00 to 1.00, (ii) an amount of up to $50 million per fiscal quarter if the First Lien Net Leverage Ratio for such fiscal quarter is equal to or less than 1.50 to 1.00 and (iii) an unlimited amount if First Lien Net Leverage Ratio for such fiscal quarter is equal to or less than 1.00 to 1.00. As of December 31, 2021, the Company was in compliance with all of the covenants and obligations under the New Senior Secured Term Loan. As of December 31, 2021, the effective interest rate for the New Senior Secured Term Loan was 6.4%. For the year ended December 31, 2021, we made prepayments, inclusive of both mandatory and optional prepayments, totaling $35.9 million, which were classified as financing activities in the Consolidated statements of cash flows. 5-Year Term Loan On February 9, 2021, the Company entered into the 5-Year Term Loan. The 5-Year Term Loan was to mature on February 9, 2026 and, at the Company's option, bore interest at a rate equal to LIBOR plus a margin equal to 7.00% per annum or an alternate base rate plus a margin equal to 6.00% per annum. Interest on the 5-Year Term Loan was payable at least every three months in arrears, beginning in May 2021. The proceeds from the 5-Year Term Loan were used to repay the remaining principal balance and accrued interest of $1.043 billion and $13.3 million, respectively, on the Acquisition Term Loan and to pay fees and expenses incurred to obtain the 5-Year Term Loan. There were certain lenders that participated in both the Acquisition Term Loan and the 5-Year Term Loan and their balances in the Acquisition Term Loan were deemed to be modified. The Company continued to defer, over the term, the deferred financing fees and original issue discount from the Acquisition Term Loan of $1.5 million and $34.7 million, respectively, related to those lenders. Further, certain lenders in the Acquisition Term Loan did not participate in the 5-Year Term Loan and their balances in the Acquisition Term Loan were deemed to be extinguished. Third-party fees of approximately $13.0 million were allocated to the new lenders in the 5-Year Term Loan on a pro-rata basis, and $20.9 million of original issue discount were capitalized and amortized over the term of the 5-Year Term Loan using the effective interest method. For the year ended December 31, 2021, third-party fees of $10.9 million, which were allocated to the lenders whose balances were deemed to be modified, were expensed and recorded in Other operating expenses in the Consolidated statements of operations and comprehensive income (loss). Under the 5-Year Term Loan, the Company was contractually obligated to make prepayments with the proceeds from asset sales and elected to make optional payments with excess free cash flow from operations. The 5-Year Term Loan was repaid in full on October 15, 2021 and the repayment was classified as financing activities in the Consolidated statements of cash flows. Term Loans Summary The Company recorded interest expense, paid interest expense, and recognized amortization of original issue discount and deferred financing fees under the New Senior Secured Term Loan, the 5-Year Term Loan and the Acquisition Term Loan (collectively, the "Term Loans"). In connection with the Term Loans, during the year ended December 31, 2021, the Company recognized interest expense of $72.8 million, paid interest expense of $72.8 million and recognized amortization of original issue discount and deferred financing fees of $10.7 million and $2.6 million, respectively. Additionally, during the year ended December 31, 2021, the Company recognized losses on early extinguishment of $47.9 million, as a result of the write-off of original issue discount and deferred financing fees, primarily related to lenders whose debt was deemed extinguished as well as early prepayments, including $20.7 million related to the 5-Year Term Loan, $17.2 million related to the Acquisition Term Loan, and approximately $10.0 million related to the write-off of original issue discount and deferred financing fees as a result of early prepayments on the Term Loans. Senior Secured Notes due 2026 The 2026 Senior Notes were issued pursuant to an Indenture, dated October 15, 2021 (the "2026 Senior Notes Indenture") among Gannett Holdings, the Company, the Guarantors from time to time party thereto, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as collateral agent, registrar, paying agent and authenticating agent. Interest on the 2026 Senior Notes is payable semi-annually in arrears, beginning on May 1, 2022. The 2026 Senior Notes mature on November 1, 2026, unless redeemed or repurchased earlier pursuant to the 2026 Senior Notes Indenture. The 2026 Senior Notes may be redeemed at the option of Gannett Holdings, in whole or in part, at any time and from time to time after November 1, 2023, at the redemption prices set forth in the 2026 Senior Notes Indenture. At any time prior to such date, Gannett Holdings will be entitled at its option to redeem all, but not less than all, of the 2026 Senior Notes at the "make-whole" redemption price set forth in the 2026 Senior Notes Indenture. Additionally, at any time prior to November 1, 2023, Gannett Holdings may, on one or more occasions, redeem up to 40% of the aggregate principal amount of the 2026 Senior Notes at the redemption price set forth in the 2026 Senior Notes Indenture with the net cash proceeds of certain equity offerings. If certain changes of control with respect to Gannett Holdings or the Company occur, Gannett Holdings must offer to purchase the 2026 Senior Notes at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase, plus accrued and unpaid interest to, but excluding, the date of purchase. In addition, during any twelve-month period commencing on or after October 15, 2021 and ending prior to November 1, 2023, up to 10% of the aggregate principal amount of the 2026 Senior Notes issued under the 2026 Senior Notes Indenture may be redeemed at a purchase price equal to 103% of the aggregate principal amount of the 2026 Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to but excluding, the redemption date. The 2026 Senior Notes are unconditionally guaranteed, jointly and severally, on a senior secured basis by the Guarantors. The 2026 Senior Notes and such guarantees are secured on a first-priority basis by the collateral, consisting of substantially all of the assets of Gannett Holdings and the Guarantors, subject to certain intercreditor arrangements. The 2026 Senior Notes Indenture limits the Company and its restricted subsidiaries’ ability to, among other things, make investments, loans, advances, guarantees and acquisitions; incur or guarantee additional debt and issue certain disqualified equity interests and preferred stock; make certain restricted payments, including a limit on dividends on equity securities or payments to redeem, repurchase or retire equity securities or other indebtedness; dispose of assets; create liens on assets to secure debt; engage in transactions with affiliates; enter into certain restrictive agreements; and consolidate, merge, sell or otherwise dispose of all or substantially all of their or a Guarantor’s assets. These covenants are subject to a number of limitations and exceptions. The 2026 Senior Notes Indenture also contains customary events of default. Debt issuance costs of $7.2 million will be amortized over the 5-year contractual life of the 2026 Senior Notes. Additionally, $4.0 million of debt issuance costs and $14.3 million of original issue discount were deferred from the refinancing of the 5-Year Term Loan. The unamortized discount and unamortized debt issuance costs will be amortized over the remaining contractual life of the 2026 Senior Notes. In connection with the 2026 Senior Notes, for the year ended December 31, 2021 the Company recognized amortization of debt issuance costs and amortization of the original issue discount of $0.5 million and $0.6 million, respectively, and recognized $5.1 million of interest expense. The effective interest rate on the 2026 Senior Notes was 7.3% as of December 31, 2021. Senior Secured Convertible Notes due 2027 The 2027 Notes were issued pursuant to an Indenture dated as of November 17, 2020, as amended by the First Supplemental Indenture dated as of December 21, 2020 and the Second Supplemental Indenture dated as of February 9, 2021 (collectively, the "2027 Notes Indenture"), between the Company and U.S. Bank National Association, as trustee. In connection with the issuance of the 2027 Notes, the Company entered into an Investor Agreement (the "Investor Agreement") with the holders of the 2027 Notes (the "Holders") establishing certain terms and conditions concerning the rights and restrictions on the Holders with respect to the Holders' ownership of the 2027 Notes. The Company also entered into an amendment to the Registration Rights Agreement dated November 19, 2019, between the Company and the Former Manager. Interest on the 2027 Notes is payable semi-annually in arrears. The 2027 Notes mature on December 1, 2027, unless earlier repurchased or converted. The 2027 Notes may be converted at any time by the holders into cash, shares of the Company’s Common Stock or any combination of cash and Common Stock, at the Company's election. The initial conversion rate is 200 shares of Common Stock per $1,000 principal amount of the 2027 Notes, which is equal to a conversion price of $5.00 per share of Common Stock (the "Conversion Price"). The conversion rate is subject to customary adjustment provisions as provided in the 2027 Notes Indenture. In addition, the conversion rate will be subject to adjustment in the event of any issuance or sale of Common Stock (or securities convertible into Common Stock) at a price equal to or less than the Conversion Price in order to ensure that following such issuance or sale, the 2027 Notes would be convertible into approximately 42% (adjusted for repurchases and certain other events that reduce the outstanding amount of the 2027 Notes) of the Common Stock after giving effect to such issuance or sale (assuming the initial principal amount of the 2027 Notes remains outstanding). After giving effect to the repurchases of the 2027 Notes described below, such percentage is approximately 41%. Upon the occurrence of a "Make-Whole Fundamental Change" (as defined in the 2027 Notes Indenture), the Company will in certain circumstances increase the conversion rate for a specified period of time. If a "Fundamental Change" (as defined in the 2027 Notes Indenture) occurs, the Company will be required to offer to repurchase the 2027 Notes at a repurchase price of 110% of the principal amount thereof. Holders of the 2027 Notes will have the right to put up to approximately $100 million of the 2027 Notes at par on or after the date that is 91 days after the maturity date of the New Senior Secured Term Loan. Under the 2027 Notes Indenture, the Company can only pay cash dividends up to an agreed-upon amount, provided the ratio of consolidated debt to EBITDA (as such terms are defined in the 2027 Notes Indenture) does not exceed a specified ratio. In addition, the 2027 Notes Indenture provides that, at any time that the Company’s Total Gross Leverage Ratio (as defined in the 2027 Notes Indenture) exceeds 1.5 and the Company approves the declaration of a dividend, the Company must offer to purchase a principal amount of 2027 Notes equal to the proposed amount of the dividend. Until the four-year anniversary of the issuance date, the Company will have the right to redeem for cash up to approximately $99.4 million of the 2027 Notes at a redemption price of 130% of the principal amount thereof, with such amount reduced ratably by any principal amount of 2027 Notes that has been converted by the holders or redeemed or purchased by the Company. The 2027 Notes are guaranteed by Gannett Holdings and any subsidiaries of the Company that guaranteed the 5-Year Term Loan. The 2027 Notes are secured by the same collateral that secured the 5-Year Term Loan. The 2027 Notes rank as senior secured debt of the Company and are secured by a second priority lien on the same collateral package that secured the indebtedness incurred in connection with the 5-Year Term Loan. The 2027 Notes Indenture includes affirmative and negative covenants, including limitations on liens, indebtedness, dispositions, loan, advances and investors, sale and leaseback transactions, restricted payments, transactions with affiliates, restrictions on dividends and other payment restrictions affecting restricted subsidiaries, negative pledges and modifications to certain agreements. The 2027 Notes Indenture also requires that the Company maintain, as of the last day of each fiscal quarter, at least $30.0 million of Qualified Cash (as defined in the 2027 Notes Indenture). The 2027 Notes Indenture includes customary events of default. Upon issuance, the $497.1 million principal value of the 2027 Notes was separated into two components: (i) a debt component and (ii) a derivative component. At that time, we determined that the conversion option was not clearly and closely related to the economic characteristics of the 2027 Notes, nor did the conversion option meet the scope exception related to contracts in an entity’s own equity as we did not have the ability to control whether the settlement of the conversion feature, if settled in full, would be in cash or shares due to the approval requirement to issue those shares. As a result, we concluded that the embedded conversion option must be separated from the debt liability, separately valued, and accounted for as a derivative liability. The initial value allocated to the derivative liability was $115.3 million, with a corresponding reduction in the carrying value of the 2027 Notes. The derivative liability was reported within Convertible debt in the Consolidated balance sheets at December 31, 2020 and was marked to fair value through earnings. The $389.1 million debt liability component of the 2027 Notes was initially measured at fair value using the present value of its cash flows at a discount rate of 10.7% and is reported as Convertible debt in the Consolidated balance sheets. The debt liability component of the 2027 Notes is classified as Level 2 because it is measured at fair value using commonly accepted valuation methodologies and indirectly observable, market-based risk measurements and historical data, and a review of prices and terms available for similar debt instruments that do not contain a conversion feature. At the Special Meeting of stockholders of the Company, held on February 26, 2021, our stockholders approved the issuance of the maximum number of shares of Common Stock issuable upon conversion of the 2027 Notes. As a result, the conversion option can be share-settled in full. The Company concluded that as of February 26, 2021, the conversion option qualified for equity classification and the bifurcated derivative liability no longer needed to be accounted for as a separate derivative on a prospective basis from the date of reassessment. As of February 26, 2021, the fair value of the conversion option of $316.2 million was reclassified to Equity as Additional paid-in capital. Any remaining debt discount that arose at the date of debt issuance from the original bifurcation will continue to be amortized through interest expense. As of February 26, 2021, the date of reassessment, and December 31, 2020, the estimated fair value of the derivative liability for the embedded conversion feature was $316.2 million and $189.6 million, respectively. At December 31, 2020, the derivative liability was reported within Convertible debt in the Consolidated balance sheets. The derivative liability was classified as Level 3 because it is measured at fair value on a recurring basis using a binomial lattice model using assumptions based on market information and historical data, and significant unobservable inputs. The increase in the fair value of the derivative liability of $126.6 million at the date of reassessment and reclassification to Equity was due to the increase in our stock price, partially offset by the increase in the discount rate, and was recorded in Non-Operating Other (income) expense, net in the Consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2021. The loss due to the revaluation of the derivative is not deductible for tax purposes. The assumptions used to determine the fair value as of February 26, 2021 and December 31, 2020 were:
Debt issuance costs of $2.3 million will be amortized over the 7-year contractual life of the 2027 Notes. The unamortized original issue discount will be amortized over the remaining contractual life of the 2027 Notes. In connection with the 2027 Notes, the Company recognized amortization of the original issue discount and amortization of debt issuance costs of $10.9 million and $0.2 million, respectively, and recognized $29.8 million of interest expense. As of December 31, 2021, the effective interest rate on the liability component of the 2027 Notes was 10.5%. For the year ended December 31, 2021, no shares were issued upon conversion, exercise, or satisfaction of the required conditions. Refer to Note 13 — Supplemental equity information for details on the convertible debt's impact to diluted earnings per share under the if-converted method. In November 2021, we entered into separate, privately negotiated agreements with certain holders of our 2027 Notes and repurchased $11.8 million aggregate principal of our outstanding 2027 Notes for $15.3 million in cash, including accrued interest. The repurchase was treated as an extinguishment of a portion of the 2027 Notes and as a result, for the year ended December 31, 2021 the Company recognized a Loss on extinguishment of $0.8 million and a write-off of unamortized original issue discount of $2.3 million and an immaterial write-off of unamortized deferred financing costs. The repurchase of the 2027 Notes resulted in a $4.2 million reduction in Additional paid-in capital, net of tax, in the Consolidated balance sheets. The remaining 2027 Notes are convertible into 97.1 million shares of Common Stock, based on a conversion price of $5.00 per share. Senior Convertible Notes due 2024 The $3.3 million principal value of the remaining 4.75% convertible senior notes due 2024 (the "2024 Notes") outstanding is reported as convertible debt in the Consolidated balance sheets. The effective interest rate on the 2024 Notes was 6.05% as of December 31, 2021. Future debt obligation payments Future debt obligation payments for the year ended December 31, are as follows:
|
Pensions and other postretirement benefit plans |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pensions and other postretirement benefit plans | NOTE 10 — Pensions and other postretirement benefit plans We, along with our subsidiaries, sponsor various defined benefit retirement plans, including plans established under collective bargaining agreements. Our retirement plans include: the Gannett Retirement Plan (the "GR Plan"), the Newsquest and Romanes Pension Schemes in the U.K. (the "U.K. Pension Plans"), the Newspaper Guild of Detroit Pension Plan, the George W. Prescott Publishing Company Pension Plan (the "GWP Plan") and the Times Publishing Company Defined Benefit Pension Plan (the "TPC Plan") plan. The GWP Plan was amended to freeze all future benefit accruals by December 31, 2008, except for a select group of union employees whose benefits were frozen in 2009, the GR Plan was amended to freeze all future benefit accruals by August 1, 2008, except for a select group of unions and the TPC Plan was frozen as of May 31, 2007, prior to the Company's acquisition of the TPC Plan. The Company also maintains several postretirement medical and life insurance plans which cover certain employees. We also provide health care and life insurance benefits to certain retired employees who meet age and service requirements. Most of our retirees contribute to the cost of these benefits and retiree contributions are increased as actual benefit costs increase. The cost of providing retiree health care and life insurance benefits is actuarially determined. Our policy is to fund benefits as claims and premiums are paid. We use a December 31 measurement date for these plans. The following table presents the change in the projected benefit obligation for the years ended December 31:
The following table presents the change in the fair value of plan assets for the years ended December 31, and the plans’ funded status at December 31:
Amounts recognized in the Consolidated balance sheets at December 31, are listed below:
Accumulated pension benefit obligations were $3.0 billion and $3.2 billion as of December 31, 2021 and 2020, respectively. For the Funded plans, the fair value of plan assets exceeds the projected benefit obligation and accumulated benefit obligation. For the Underfunded plans, the projected benefit obligation and accumulated benefit obligation exceed the fair value of plan assets. Information about funded and unfunded pension plans at December 31:
Net periodic benefit cost and amounts recognized in Other comprehensive income (loss) The combined net pension and postretirement benefit recognized in the Consolidated statements of operations and comprehensive income (loss) was $93.2 million, $69.4 million and $8.1 million for the years ended December 31, 2021, 2020, and 2019, respectively. The following table presents the components of net periodic benefit expense (benefit) at December 31, 2021, 2020 and 2019:
Assumptions The following assumptions were used in connection with the Company’s actuarial valuation of its pension plans and postretirement benefit obligations at December 31 :
(a) Relates only to the Newspaper Guild of Detroit defined benefit pension plans. The following assumptions were used to calculate the net periodic benefit cost for the Company’s pension plans and postretirement benefit obligations at December 31, 2021, 2020 and 2019:
(a) Relates only to the Newspaper Guild of Detroit defined benefit pension plans. To determine the expected long-term rate of return on pension plan assets, the Company considers the current and expected asset allocations as well as historical and expected returns on various categories of plan assets, input from the actuaries and investment consultants, and long-term inflation assumptions. The expected allocation of pension plan assets is based on a diversified portfolio consisting of domestic and international equity securities and fixed income securities. This expected return is then applied to the fair value of plan assets. The Company amortizes experience gains and losses, including the effects of changes in actuarial assumptions and plan provisions, over a period equal to the average future service of plan participants or over the average remaining life expectancy of inactive participants. The fiduciaries of the pension plans set investment policies and strategies for the pension trusts. Objectives include preserving the funded status of the plan and balancing risk against return. The weighted average target asset allocation of our plans for 2022 and allocations at the end of 2021 and 2020, by asset category, are presented in the table below:
(a)Alternative investments include real estate, private equity and hedge funds. Contributions We are contractually obligated to contribute to our pension and postretirement benefit plans. During the year ended December 31, 2021, we contributed $52.2 million and $5.5 million to our pension and other postretirement plans, respectively, including $11 million in minimum required contributions for the GR Plan attributable to the 2019 plan year, as required by the Employee Retirement Income Security Act of 1974, and which in response to the COVID-19 pandemic, were deferred until January 4, 2021. Future contributions to our pension and postretirement benefit plans, which we are contractually obligated to contribute, are estimated to be $29.5 million in 2022. Contributions beyond 2022 are not estimated due to uncertainties regarding significant assumptions involved in estimating these contributions, such as interest rate levels, as well as the amount and timing of invested asset returns. These future contributions do not include additional contributions which may be required to meet IRS minimum funding standards as these contributions are subject to uncertainties regarding significant assumptions involved in their estimation such as interest rate levels as well as the amount and timing of invested asset returns. Estimated Future Benefit Payments We estimate making the following benefit payments, which reflect expected future service:
The amounts above exclude the participants' share of the benefit cost. We expect no subsidy benefits for 2022 and beyond. Multiemployer plans The Company is a participant in six multiemployer pension plans covering certain employees with collective bargaining agreements ("CBAs"). The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects: •The Company plays no part in the management of plan investments or any other aspect of plan administration; •Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers; •If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers; and •If the Company chooses to stop participating in some of its multiemployer plans, the Company may be required to pay those plans in an amount based on the unfunded status of the plan, referred to as withdrawal liability. The Company’s participation in these plans for the year ended December 31, 2021, is outlined in the table below. The "EIN/Pension Plan Number" column provides the Employee Identification Number ("EIN") and the three-digit plan number. Unless otherwise noted, the two most recent Pension Protection Act zone statuses available are for the plans for the years ended December 31, 2021, and 2020, respectively. The zone status is based on information the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded; plans in the orange zone are both (i) less than 80% funded and (ii) have an accumulated/expected funding deficiency in any of the next six plan years, net of any amortization extensions; plans in the yellow zone meet either one of the criteria mentioned in the orange zone; and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/Implemented" column indicates plans for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. The Company makes all required contributions to these plans as determined under the respective CBAs. For each of the plans listed below, the Company’s contribution represented less than 5% of total contributions to the plan.
(a)This plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. (b)The trustees of this plan have voluntarily elected to put the fund in critical status to strengthen its funding position. (c)In February 2018, an interim agreement was executed to maintain the terms and contributions of the plan past the expiration date of 12/31/2017. This agreement is subject to additional negotiation. As of December 31, 2021, the total unpaid balance for the Company's withdrawal liabilities was approximately $39.6 million, which are payable over 17.2 years. Defined contribution plans Effective January 1, 2021, the Gannett Co., Inc. 401(k) Savings Plan, was renamed the Gannett Media Corp. 401(k) Savings Plan (the "Gannett 401(k) Plan"). In addition, the New Media Investment Group Inc. Retirement Savings Plan (the "New Media 401(k) Plan") was merged into the Gannett 401(k) Plan and the New Media 401(k) Plan was discontinued. Employees are immediately eligible to participate in the Gannett 401(k) Plan and can elect to save up to 75% of compensation on a pre-tax basis, subject to IRS limitations. Effective January 1, 2021, employees covered under collective bargaining agreements are eligible to participate in the Gannett 401(k) Plan only if participation has been bargained, unless previously eligible in the New Media 401(k) Plan. The plan's matching formula is 100% of the first 4% of employee contributions and 50% on the next 2% of employee contributions. Matching contributions to the Gannett 401(k) Plan, with the exception of certain employees covered under collective bargain agreements, were suspended in August 2020. Beginning on July 4, 2021 or July 5, 2021 (as applicable) matching contributions to the Gannett 401(k) Plan were reinstated with eligible pay. For the years ended December 31, 2021, 2020, and 2019, the Company's matching contributions were $8.2 million, $16.0 million and $4.9 million, respectively.
|
Fair value measurement |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurement | NOTE 11 — Fair value measurement In accordance with ASC 820, "Fair Value Measurement," fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Level 1 refers to fair values determined based on quoted prices in active markets for identical assets or liabilities, Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. As of December 31, 2021, and December 31, 2020, assets and liabilities recorded at fair value and measured on a recurring basis primarily consist of pension plan assets. As permitted by GAAP, we use net asset values ("NAV") as a practical expedient to determine the fair value of certain investments. These investments measured at NAV have not been classified in the fair value hierarchy. The New Senior Secured Term Loan is recorded at carrying value, which approximates fair value, in the Consolidated balance sheets and is classified as Level 2. Refer to additional discussion regarding fair value of the 2026 Senior Notes and the 2027 Notes, including debt and embedded derivative components in Note 9 — Debt. Certain assets are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). Assets held for sale (Level 3) are measured on a nonrecurring basis and are evaluated using executed purchase agreements, letters of intent or third-party valuation analyses when certain circumstances arise. At December 31, 2021 and December 31, 2020, the Company had Assets held for sale of $3.5 million and $14.7 million, respectively. The Company performs its annual goodwill and indefinite-lived intangible impairment assessment during the second quarter of the year. Any resulting asset impairment would require that the asset be recorded at its fair value. The resulting fair value measurements of the assets are considered to be Level 3 measurements. Refer to Note 7 — Goodwill and intangible assets for additional discussion regarding the annual impairment assessment. The following table sets forth by level, within the fair value hierarchy, the fair values of assets related to the following pension plans: the (i) GWP Plan, (ii) TPC Plan, (iii) GR Plan, (iv) U.K. Pension Plans and (v) Newspaper Guild of Detroit Pension Plan as of December 31, 2021:
The following table sets forth a summary of changes in the fair value of the Level 3 pension plan assets for the year ended December 31, 2021:
There were no transfers between Levels 1 and 2 for the year ended December 31, 2021. The following table sets forth by level, within the fair value hierarchy, the fair values of assets and liabilities related to the following pension plans: the (i) GWP Plan, (ii) TPC Plan, (iii) GR Plan, (iv) U.K. Pension Plans and (v) the Newspaper Guild of Detroit Pension Plan as of December 31, 2020:
The following table sets forth a summary of changes in the fair value of the Level 3 pension plan assets and liabilities for the year ended December 31, 2020:
There were no transfers between Levels 1 and 2 for the year ended December 31, 2020. Valuation methodologies used for pension plan assets and liabilities measured at fair value are as follows: •Corporate common stock is valued primarily at the closing price reported on the active market on which the individual securities are traded; •Investments in direct real estate have been valued by an independent qualified valuation professional in the U.K. using a valuation approach that capitalizes any current or future income streams at an appropriate multiplier. Investments in real estate funds are mainly valued utilizing the net asset valuations provided by the underlying private investment companies or through proprietary models with varying degrees of complexity; •Interests in common/collective trusts and interests in 103-12 investments are primarily equity and fixed income investments valued using net asset values provided by the administrator of the underlying fund available daily to the Company. Unit price of common/collective trusts are often based on underlying investments, which are traded on an active market. Where daily net asset values are not provided, interests in common/collective trusts and interests in 103-12 investments are valued either through the use of a net asset value as provided monthly by the fund family or fund company or through proprietary models with varying degrees of complexity. Shares in the common/collective trusts are generally redeemable upon request; •Investments in partnerships and joint venture interests classified in Level 3 are valued based on an assessment of each underlying investment, considering items such as expected cash flows, changes in market outlook and subsequent rounds of financing. These investments are included in Level 3 of the fair value hierarchy because exit prices tend to be unobservable and reliance is placed on the above methods. Most of the partnerships are general leveraged buyout funds, others include a venture capital fund, a fund formed to invest in special credit opportunities, an infrastructure fund and a real estate fund. Interest in partnership investments could be sold on the secondary market but cannot be redeemed. Instead, distributions are received as the underlying assets of the funds are liquidated. As of December 31, 2021 and 2020, there are $4.0 million and $6.6 million, respectively, in unfunded commitments related to partnership/joint venture interests. One of the Plan's investments in partnerships and joint venture interests represents a limited partnership commingled fund valued using the net asset value as reported by the fund manager; •Corporate bonds are a type of debt security issued by a corporation and are primarily valued using trades or quotes in the market for that specific issue or similar security; •Investments in hedge funds consist of hedge funds whose strategy is to produce a return uncorrelated with market movements. This fund is classified as a Level 3 because its valuation is derived from unobservable inputs and a proprietary assessment of the underlying investments. Shares in the hedge funds are generally redeemable twice a year or on the last business day of each quarter with at least 60 days written notice subject to a potential 5% holdback; and •Derivatives primarily consist of forward and swap contracts. Forward contracts are valued at the spot rate, plus or minus forward points between the valuation date and maturity date. Swaps are valued at the mid-evaluation price using discounted cash flow models. Items in Level 3 are valued based on the market values of other securities for which they represent a synthetic combination. We review appraised values, audited financial statements and additional information to evaluate fair value estimates from our investment managers and/or fund administrator.
|
Income taxes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | NOTE 12 — Income taxes The components of Net income (loss) before income taxes consist of the following:
The Provision (benefit) for income taxes consists of the following:
The Provision (benefit) for income taxes varies from the Federal statutory tax rate as a result of the following differences:
NM indicates not meaningful. The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below:
In assessing the realizability of deferred tax assets, management considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. During the year ended December 31, 2021, the Company recorded $23.4 million of valuation allowances against its deferred tax assets. The Company considered all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance for deferred tax assets was needed. The Company reached the conclusion it was appropriate to record a valuation allowance against a portion of its federal deferred tax assets in light of available evidence. We relied on evidence shown by reversing taxable temporary differences, as well as expectations of future taxable income with the appropriate tax character. The increase in valuation allowance relates to non-deductible interest expense and capital loss carryforwards. During the year ended December 31, 2020, the Company recorded an additional $90.0 million of valuation allowances against its deferred tax assets. The increase in valuation allowance relates to non-deductible interest expense and capital loss carryforwards. The Company continues to maintain its existing valuation allowance against net deferred tax assets in many of its state and foreign jurisdictions as it is not believed to be more likely than not that its deferred tax assets will be realized in such jurisdictions. The following table summarizes the activity related to our valuation allowance for deferred tax assets for the year ended December 31, 2021 (In thousands):
The aforementioned valuation allowance relates to unamortizable intangible assets, nondeductible interest expense carryforwards, capital losses, state and foreign net operating losses and other tax attributes. As of December 31, 2021, the Company had $613.4 million of Federal net operating loss ("NOL") carryforwards, $334.2 million of Federal disallowed business interest expense carryforwards, $1.079 billion of apportioned state NOL carryforwards, and $241.3 million of foreign net NOL carryforwards, which are available to offset future taxable income. Additionally, as of December 31, 2021, the Company had $6.0 million of other business tax credits, $0.3 million of foreign tax credits, $5.2 million of state credits, and $54.7 million of foreign capital loss carryforwards. The Federal NOL carryforwards begin to expire in 2031 and the state NOL carryforwards began to expire in 2021. A portion of the NOL's are subject to the limitations of Internal Revenue Code Section 382. This section provides limitations on the availability of NOL's to offset current taxable income if significant ownership changes have occurred for federal tax purposes. The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions:
At December 31, 2021, the Company’s uncertain tax positions of $45.0 million, if recognized, would impact the effective tax rate. It is reasonably possible that further adjustments to our unrecognized tax benefits may be made within the next twelve months due to audit settlements and regulatory interpretations of existing tax laws. At this time, an estimate of potential change to the amount of unrecognized tax benefits cannot be made. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. At December 31, 2021 and 2020, the accrual for uncertain tax positions included $3.7 million and $2.6 million of interest and penalties, respectively. The Company files a Federal consolidated income tax return for which the statute of limitations remains open for the 2015 tax year and subsequent years. U.S. state jurisdictions have statute of limitations generally ranging from 3 to 6 years. The federal income tax returns for calendar years 2015-2017 for Legacy Gannett are under federal audit. The statute of limitations for the Company's U.K. income tax return remains open for tax years for 2019 and forward.
|
Supplemental equity information |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental equity information | NOTE 13 — Supplemental equity information Loss per share The following table sets forth the information to compute basic and diluted loss per share:
The Company excluded the following securities from the computation of diluted income per share because their effect would have been antidilutive:
(a)Includes Restricted stock awards ("RSA"), Restricted stock units ("RSU") and Performance stock units ("PSU"). (b) Represents the total number of shares that would be convertible at December 31, 2021 and 2020 as stipulated in the 2027 Notes Indenture. The amount for the year ended December 31, 2021 reflects the adjustment for the weighted average impact of the repurchase of $11.8 million aggregate principal of 2027 Notes as described below. The 2027 Notes may be converted at any time by the holders into cash, shares of the Company’s Common Stock or any combination of cash and Common Stock, at the Company’s election. In November 2021, we entered into separate, privately negotiated agreements with certain holders of our 2027 Notes and repurchased $11.8 million aggregate principal of our outstanding 2027 Notes for $15.3 million in cash, including accrued interest. At December 31, 2021, conversion of all of the 2027 Notes into Common Stock (assuming the maximum increase in the conversion rate as a result of a Make-Whole Fundamental Change but no other adjustments to the conversion rate), would result in the issuance of an aggregate of 287.2 million shares of Common Stock. The Company has excluded approximately 190.1 million shares from the loss per share calculation, representing the difference between the total number of shares that would be convertible at December 31, 2021 and the total number of shares issuable assuming the maximum increase in the conversion rate. Shelf registration statement On March 19, 2021, we filed an automatic shelf registration statement with the SEC, under which we have the ability to offer and sell an indeterminate amount of various types of securities in the future. This replaced our previous shelf registration statement dated April 5, 2018. The specific terms of any securities that may be issued under our shelf registration statement and the timing of any such offers and sales will depend on a variety of factors, including the underlying price of our Common Stock and our capital needs. We believe that the shelf registration statement provides us with additional financing flexibility to efficiently access the capital markets when desired. Share-based compensation Share-based compensation expense was $18.4 million, $26.4 million and $11.3 million for the years ended December 31, 2021, 2020, and 2019, respectively. Total compensation cost not yet recognized related to non-vested awards as of December 31, 2021 was $24.8 million, which is expected to be recognized over a weighted average period of 2.0 years through November 2023. Equity awards On February 26, 2020, the Company adopted the 2020 Omnibus Incentive Compensation Plan (the "2020 Incentive Plan") to reinforce the long-term commitment of the Company's independent directors, officers and other employees and consultants to the Company's success, assist the Company in attracting and retaining individuals with experience and ability, and to benefit the Company's stockholders by encouraging high levels of performance by individuals whose performance is a key element in achieving the Company's continued success. The Company also has granted awards under the Gannett Co. Inc. 2015 Omnibus Incentive Compensation Plan (the "2015 Incentive Plan"), which was frozen on December 20, 2020 such that no new awards were granted pursuant to the 2015 Incentive Plan after this date. With respect to restricted stock awards ("RSAs"), the 2020 Incentive Plan provides that if service terminates for certain specified conditions, all unvested shares of restricted stock may be forfeited. During the period prior to the lapse and removal of the vesting restrictions, a grantee of a RSA will have all the rights of a stockholder, including without limitation, the right to vote and the right to receive all dividends or other distributions. Any dividends or other distributions that are declared with respect to the shares of restricted stock will be paid at the time such shares vest. The value of the RSAs on the date of issuance is recognized in Selling, general, and administrative expenses over the vesting period with a corresponding increase to additional paid-in-capital. RSAs generally vest in equal annual installments over a three-year period subject to the participants' continued employment with the Company. The following table outlines RSA activity:
As of December 31, 2021, the aggregate intrinsic value of unvested RSAs was $37.0 million. Restricted stock units ("RSUs") generally vest in equal annual installments over a three-year period subject to the participants' continued employment with the Company and we recognize compensation costs for these awards based on the fair market value of the award as of the grant date. Performance stock units ("PSUs") are subject to the achievement of certain performance goals over the eligible period. Compensation cost ultimately recognized for these PSUs will equal the grant-date fair market value of the unit that coincides with the actual outcome of the performance conditions. On an interim basis, we record compensation cost based on the expected level of achievement of the performance conditions. The following table outlines RSU and PSU activity:
As of December 31, 2021, the aggregate intrinsic value of unvested RSUs and PSUs was $15.5 million. Former Manager stock options As of December 31, 2021, the Former Manger held 6,068 thousand stock options outstanding, of which 5,541 thousand are exercisable. As of December 31, 2021, stock options outstanding had a weighted-average grant date fair value, weighted-average exercise price and weighted-average remaining contractual term of $1.78, $13.97 and 6.2 years, respectively. Rights Agreement On April 6, 2020, the Company's board of directors (the "Board") adopted a stockholder rights plan in the form of a Section 382 Rights Agreement ("Rights Agreement") to preserve and protect the Company's income tax net operating loss carryforwards ("NOLs") and other tax assets. The Rights Agreement was approved by the Company's stockholders on June 7, 2021 at the 2021 annual meeting of stockholders. As of December 31, 2021, the Company had approximately $613.4 million of NOLs available which could be used in certain circumstances to offset future federal taxable income. Under the Rights Agreement, the Board declared a non-taxable dividend of one preferred share purchase right for each outstanding share of Common Stock. The rights will be exercisable only if a person or group acquires 4.99% or more of Gannett’s Common Stock. Gannett’s existing stockholders that beneficially own in excess of 4.99% of the Common Stock are "grandfathered in" at their current ownership level and the rights then become exercisable if any of those stockholders acquire an additional 0.5% or more of Common Stock of the Company. If the rights become exercisable, all holders of rights, other than the person or group triggering the rights, will be entitled to purchase Gannett Common Stock at a 50% discount or Gannett may exchange each right held by such holders for one share of Common Stock. Rights held by the person or group triggering the rights will become void and will not be exercisable. The Board has the discretion to exempt any person or group from the provisions of the Rights Agreement. The Rights Agreement will continue in effect until April 5, 2023. The Board has the ability to terminate the plan if it determines that doing so would be in the best interest of the Company's stockholders. The rights may also expire at an earlier date if certain events occur, as described more fully in the Rights Agreement filed by the Company with the Securities and Exchange Commission. Preferred stock The Company has authorized 300,000 shares of preferred stock, par value $0.01 per share, issuable in one or more series designated by the Board, of which 150,000 shares have been designated as Series A Junior Participating Preferred Stock, none of which are outstanding. There were no issuances of preferred stock during the year ended December 31, 2021. Accumulated other comprehensive income (loss) The following tables summarize the components of, and the changes in, Accumulated other comprehensive income (loss), net of tax:
(a)Accumulated other comprehensive income component represents amortization of actuarial loss and is included in the computation of net periodic benefit cost. See Note 10 — Pensions and other postretirement benefit plans. (b) Amounts reclassified from accumulated other comprehensive income are recorded net of tax impacts of $0.02 million and $0.01 million for the years ended December 31, 2021 and 2020, respectively. There was no tax impact for the year ended December 31, 2019.
|
Commitments, contingencies and other matters |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, contingencies and other matters | NOTE 14 — Commitments, contingencies and other matters Legal Proceedings The Company is and may become involved from time to time in legal proceedings in the ordinary course of its business, including but not limited to matters such as libel, invasion of privacy, intellectual property infringement, wrongful termination actions, complaints alleging employment discrimination, and regulatory investigations and inquiries. In addition, the Company is involved from time to time in governmental and administrative proceedings concerning employment, labor, environmental, and other claims. Insurance coverage mitigates potential loss for certain of these matters. Historically, such claims and proceedings have not had a material adverse effect on the Company’s consolidated results of operations or financial position. We are also defendants in judicial and administrative proceedings involving matters incidental to our business. Although the Company is unable to predict with certainty the eventual outcome of any litigation, regulatory investigation or inquiry, in the opinion of management, the Company does not expect its current and any threatened legal proceedings to have a material adverse effect on the Company’s business, financial position or consolidated results of operations. Given the inherent unpredictability of these types of proceedings, however, it is possible that future adverse outcomes could have a material effect on the Company’s financial results. Other Purchase obligations We have future expected purchase obligations, in the normal course of operations, of $559.0 million related to printing contracts, digital licenses and IT services, professional services, interactive marketing agreements, and other legally binding commitments. Amounts which we are liable for under purchase orders outstanding at December 31, 2021, are reflected in the Consolidated balance sheets as Accounts payable and are excluded from the amounts referred to above. Self-insurance We are self-insured for most of our employee medical coverage and for our casualty, general liability, and libel coverage (subject to a cap above which third-party insurance is in place). The liabilities, which are reflected in Accounts payable and Other long-term liabilities in the Consolidated balance sheets, are established on an actuarial basis with the advice of consulting actuaries and totaled $55.4 million and $43.1 million as of December 31, 2021 and 2020, respectively.
|
Segment reporting |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting | NOTE 15 — Segment reporting We define our reportable segments based on the way the Chief Operating Decision Maker ("CODM"), which is our Chief Executive Officer, manages the operations for purposes of allocating resources and assessing performance. Our reportable segments include the following: •Publishing is comprised of our portfolio of local, regional, national, and international newspaper publishers. The results of this segment include Advertising and marketing services revenues from local, classified, and national advertising across multiple platforms, including print, online, mobile, and tablet as well as niche publications, Circulation revenues from home delivery, digital distribution and single copy sales of our publications, and Other revenues, mainly from commercial printing, distribution arrangements, revenues from our events business, digital content syndication and affiliate revenues, and third-party newsprint sales. The Publishing reportable segment is an aggregation of two operating segments: Domestic Publishing and U.K. Publishing. •Digital Marketing Solutions, is comprised of our digital marketing solutions subsidiary, and is branded LOCALiQ. The results of this segment include Advertising and marketing services revenues through multiple services, including search advertising, display advertising, search optimization, social media, website development, web presence products, customer relationship management, and software-as-a-service solutions. In addition to the reportable segments above, we have a Corporate and other category that includes activities not directly attributable to a specific segment. This category primarily consists of broad corporate functions, including legal, human resources, accounting, finance and marketing as well as other general business costs. In the ordinary course of business, our reportable segments enter into transactions with one another. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues and expenses recognized by the segment that is the counterparty to the transaction are eliminated in consolidation and do not affect consolidated results. The CODM uses Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of the segments and allocate resources. Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial performance measures we believe offer a useful view of the overall operation of our businesses and may be different than similarly-titled measures used by other companies. We define Adjusted EBITDA as Net income (loss) attributable to Gannett before (1) Income tax expense (benefit), (2) Interest expense, (3) Gains or losses on the early extinguishment of debt, (4) Non-operating pension income, (5) Loss on convertible notes derivative, (6) Depreciation and amortization, (7) Integration and reorganization costs, (8) Other operating expenses, including third-party debt expenses and acquisition costs, (9) Asset impairments, (10) Goodwill and intangible impairments, (11) Gains or losses on the sale or disposal of assets, (12) Share-based compensation, and (13) certain other non-recurring charges. We define Adjusted EBITDA margin as Adjusted EBITDA divided by total Operating revenues. Management considers Adjusted EBITDA and Adjusted EBITDA margin to be the appropriate metrics to evaluate and compare the ongoing operating performance of our segments on a consistent basis across reporting periods as it eliminates the effect of items which we do not believe are indicative of each segment's core operating performance. The following tables present our segment information:
NM indicates not meaningful. The following table presents our reconciliation of Net loss attributable to Gannett to Adjusted EBITDA and Net loss attributable to Gannett margin to Adjusted EBITDA margin:
Asset information by segment is not a key measure of performance used by the CODM function. Accordingly, we have not disclosed asset information by segment. Additionally, equity income in unconsolidated investees, net, interest expense, other non-operating items, net, and provision for income taxes, as reported in the Consolidated financial statements, are not part of operating income and are primarily recorded at the corporate level.
|
Subsequent events |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | NOTE 16 — Subsequent events Amendment to the New Senior Secured Term Loan On January 31, 2022, Gannett Holdings entered into an amendment (the "Term Loan Amendment") to its New Senior Secured Term Loan to provide for new incremental senior secured term loans (the "Incremental Term Loans") in an aggregate principal amount of $50 million. The Incremental Term Loans have substantially identical terms as the New Senior Secured Term Loan and are treated as a single tranche with the New Senior Secured Term Loan. The Term Loan Amendment also amended the New Senior Secured Term Loan to transition the interest rate base from LIBOR to the Adjusted Term SOFR and to permit the repurchase of up to $50 million of Common Stock under the Stock Repurchase Program (defined below) consummated on or prior to December 31, 2022, in addition to capacity for Gannett Holdings to make restricted payments, including stock repurchases, currently permitted under other provisions of the New Senior Secured Term Loan and our other debt facilities, including the 2026 Senior Secured Notes Indenture and the 2027 Notes Indenture. Following this transaction, total debt outstanding as of February 4, 2022 was $1.419 billion, which includes the $530.1 million New Senior Secured Term Loan, $485.3 million 2027 Notes, $400.0 million 2026 Senior Notes and $3.3 million 2024 Notes. Stock Repurchase Program On February 1, 2022, the Board of Directors authorized the repurchase of up to $100 million of the Company's Common Stock (the "Stock Repurchase Program"). Repurchases may be made from time to time through open market purchases or privately negotiated transactions, pursuant to one or more plans established pursuant to Rule 10b5-1 under the Exchange Act or by means of one or more tender offers, in each case, as permitted by securities laws and other legal requirements. The amount and timing of the purchases will depend on a number of factors including, but not limited to, the price and availability of the Company’s shares, trading volume, capital availability, Company performance and general economic and market conditions. The Stock Repurchase Program may be suspended or discontinued at any time.
|
Summary of significant accounting policies (Policies) |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The Consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of entities which Gannett controls due to ownership of a majority voting interest ("subsidiaries"). All significant intercompany accounts and transactions have been eliminated in consolidation. The Company consolidates entities that it controls due to ownership of a majority voting interest.
|
Use of estimates | Use of estimates The preparation of the financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in the Consolidated financial statements and footnotes thereto. Actual results could differ materially from those estimates. Significant estimates inherent in the preparation of the Consolidated financial statements include pension and postretirement benefit obligation assumptions, income taxes, goodwill and intangible asset impairment analysis, valuation of property, plant and equipment and intangible assets and the mark to market of the conversion feature associated with the convertible debt.
|
Cash, cash equivalents, and restricted cash | Cash, cash equivalents and restricted cash and Supplementary cash flow information Cash equivalents represent highly liquid certificates of deposit which have original maturities of three months or less. Restricted cash is held as cash collateral for certain business operations. Restricted cash primarily consists of funding for letters of credit, cash held in an irrevocable grantor trust for our deferred compensation plans and cash held with banking institutions for insurance plans.
|
Accounts receivable | Accounts receivable Accounts receivable are stated at amounts due from customers, net of an allowance for doubtful accounts. The Company’s allowance for doubtful accounts is based upon several factors including the length of time the receivables are past due, historical payment trends and current economic factors. The Company generally does not require collateral.
|
Inventories | InventoriesInventory consists principally of newsprint, which is valued at the lower of net realizable value. Cost is determined using the first-in, first-out ("FIFO") method. |
Property, plant, and equipment, software development costs, and depreciation | Property, plant, and equipment, software development costs and depreciation Property, plant, and equipment are recorded at cost or at fair value for property, plant and equipment related to acquired businesses. Routine maintenance and repairs are expensed as incurred. Depreciation is calculated under the straight-line method over the estimated useful lives. Leasehold improvements are amortized under the straight-line method over the shorter of the lease term or estimated useful life of the asset. We capitalize costs to develop software for internal use when it is determined the development efforts will result in new or additional functionality or new products. Costs incurred prior to meeting these criteria and costs associated with ongoing maintenance are expensed as incurred and included in Operating costs in the accompanying Consolidated statements of operations and comprehensive income (loss). Property, plant and equipment and software development costs are evaluated for impairment in accordance with our policy for amortizable intangible assets and other long-lived assets.
|
Business combinations | Business combinations The operating results of the acquired business are reflected in the Company’s consolidated financial statements as of the acquisition date. We allocate the fair value of purchase consideration to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated fair values. Any excess of the purchase price over the estimated fair values of net assets acquired is recorded as goodwill. Goodwill is assigned to the reporting unit that benefits from the synergies arising from the business combination. When determining the fair value of assets acquired and liabilities assumed, we make significant estimates and assumptions, especially with respect to intangible assets. Transaction costs are expensed as incurred. Critical estimates in valuing certain identifiable assets include, but are not limited to, expected long-term revenues, future expected operating expenses, cost of capital, and appropriate discount rates. Our estimates of fair value are based upon assumptions believed to be reasonable but which are inherently uncertain and unpredictable and, as a result, actual results may differ from estimates.
|
Goodwill, intangible assets, and long-lived assets | Goodwill, intangible and long-lived assets Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed. Indefinite-lived intangible assets consist of newspaper mastheads and finite-lived intangible assets consist of advertiser, customer and subscriber relationships, we well as trade names, and developed technology. Newspaper mastheads are not amortized because it has been determined that the useful lives of such mastheads are indefinite. Intangible assets that have finite useful lives are amortized over those useful lives. Goodwill is tested for impairment annually on the last day of our second quarter or between annual tests if events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. We perform our impairment analysis on each of our reporting units. We evaluate our reporting units annually, as well as when changes in our operating structure occur. The Company has the option to qualitatively assess whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company elects to perform a qualitative assessment and concludes it is more likely than not that the fair value of the reporting unit is equal to or greater than its carrying value, no further assessment of that reporting unit’s goodwill is necessary; otherwise goodwill must be tested for impairment. In the quantitative test, we are required to determine the fair value of each reporting unit and compare it to the carrying amount of the reporting unit. Fair value of the reporting unit is defined as the price that would be received to sell the unit as a whole in an orderly transaction between market participants at the measurement date. The Company generally determines the fair value of a reporting unit using a combination of a discounted cash flow analysis and a market-based approach. Estimates of fair value include inputs that are subjective in nature, involve uncertainties, and involve matters of significant judgment that are made at a specific point in time. Changes in key assumptions from period to period could significantly affect the estimates of fair value. Significant assumptions used in the fair value estimates include projected revenues and related growth rates over time, projected operating cash flow margins, discount rates, and future economic and market conditions. If the carrying value of the reporting unit exceeds the estimate of fair value, we calculate the impairment as the excess of the carrying value of goodwill over its implied fair value. Indefinite-lived intangible assets, which are newspaper mastheads, are tested for impairment annually on the last day of our second quarter or more frequently if events or changes in circumstances indicate the asset might be impaired. The impairment test consists of a comparison of the fair value of each group of mastheads with their carrying amount. We used a relief from royalty approach which utilizes a discounted cash flow model to determine the fair value of newspaper mastheads. Our judgments and estimates of future operating results in determining the reporting unit fair values are consistently applied in determining the fair value of mastheads. The Company assesses the recoverability of its long-lived assets, including property, plant and equipment and finite-lived intangible assets, whenever events or changes in circumstances indicate their carrying amounts may not be recoverable. The evaluation is performed by asset group, which is the lowest level of identifiable cash flows independent of other assets. The assessment of recoverability is based on management’s estimates by comparing the sum of the estimated undiscounted cash flows generated by the underlying asset groups to its carrying value of the asset groups to determine whether an impairment existed at its lowest level of identifiable cash flows. If the carrying amount of the asset group is greater than the expected undiscounted cash flows to be generated by the asset group, an impairment is recognized to the extent the carrying value of such asset group exceeds its fair value. All three of our reporting units have goodwill balances. See Note 7 — Goodwill and intangible assets for a discussion of impairment charges taken on Goodwill and intangible assets in the second fiscal quarter of 2020. At June 30, 2021, we conducted our annual goodwill and indefinite-lived intangible asset impairment testing and did not identify any impairment. We have not subsequently identified any indicators of impairment that would indicate our reporting units are at risk of failing the goodwill or indefinite-lived intangible asset impairment test.
|
Income taxes | Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company establishes a valuation allowance if it is more likely than not that all or a portion of a deferred tax asset will not be realized. See Note 12 — Income taxes for further discussion. We also evaluate any uncertain tax positions and recognize a liability for the tax benefit associated with an uncertain tax position if it is more likely than not that the tax position will not be sustained on examination by the taxing authorities upon consideration of the technical merits of the position. The tax benefits recognized in the financial statements from such positions are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. We record a liability for uncertain tax positions taken or expected to be taken in a tax return. Any change in judgment related to the expected ultimate resolution of uncertain tax positions is recognized in earnings in the period in which such change occurs.
|
Fair value of financial instruments | Fair value of financial instrumentsThe carrying value of the Company’s cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to the short maturity of these instruments. An estimate of the fair value of the Company’s debt and embedded conversion option is disclosed in Note 9 — Debt. For further details surrounding our policies on fair value measurement, including the fair values of our pension plan assets, refer to Note 11 — Fair value measurement. |
Deferred financing costs | Deferred financing costs Deferred financing costs consist of costs incurred in connection with debt financings and are recorded as a contra-liability in Long-term debt on the Consolidated balance sheets. Such costs are amortized using the effective interest method over the estimated remaining term of the debt. This amortization represents a component of Interest expense.
|
Revenue Recognition | Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Our contracts with customers sometimes include promises to transfer multiple products and services to a customer. Revenue from sales agreements that contain multiple performance obligations are allocated to each obligation based on the relative standalone selling price. We determine standalone selling prices based on observable prices charged to customers. Advertising and Marketing Services Revenues The Company generates Print advertising revenues primarily by delivering advertising in its national publication, USA TODAY, and in its local publications including newspapers. Advertising revenues are categorized as local retail, local classified, online, and national. Print advertising revenue is recognized upon publication of the advertisement. Digital advertising and marketing revenues are generated primarily by online marketing products provided by our DMS segment. The Company enters into agreements for products in which our clients typically pay in advance and on a monthly basis. These prepayments include all charges for the included technology and any media services, management, third-party content, and other costs and fees, all of which are accounted for as a single performance obligation. Revenue is then recognized as we purchase and deliver media on behalf of the customer and perform other marketing-related services. For our Advertising and marketing services revenues, we evaluate whether we are the principal (i.e., report revenues on a gross basis) or agent (i.e., report revenues on a net basis) by performing analyses regarding whether we control the provision of specified goods or services before they are transferred to our customers. We report Advertising and marketing services revenues gross when we control advertising inventory before it is transferred to the customer. Our control is evidenced by us being primarily responsible or sharing responsibility for the fulfillment of services and maintaining control over transaction pricing. We recognize revenue when the performance obligation is satisfied. Circulation Revenues Circulation revenues are derived from print and digital subscriptions as well as single copy sales at retail stores, vending racks and boxes. Circulation revenues from subscribers are generally billed to customers at the beginning of the subscription period and are typically recognized over the subscription period as the performance obligations are delivered. The term of customer subscriptions normally ranges from one to twelve months. Circulation revenues from single-copy income are recognized based on the date of publication, net of provisions for related returns. Other Revenues The Company provides commercial printing services to third parties as a means to generate incremental revenue and utilize excess printing capacity. Customers consist primarily of other publishers that do not have their own printing presses and do not compete with other Gannett publications. The Company also prints other commercial materials, including flyers, business cards and invitations. Revenue is generally recognized upon delivery. In addition, the Company generates revenues from its events and promotions business. Revenues are generated primarily through ticket sales, endurance events and race management services. Revenue is generally recognized when the event occurs. Practical Expedients and Exemptions The Company generally expenses sales commissions or other costs to obtain contracts when incurred because the amortization period is generally one year or less. These costs are recorded within Selling, general and administrative expenses. The Company does not disclose unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed. Deferred revenues The Company records deferred revenues when cash payments are received in advance of the Company’s performance obligation. The Company's primary source of deferred revenues is from circulation subscriptions paid in advance of the service provided, which represents future delivery of publications (the performance obligation) to subscription customers. The Company expects to recognize the revenue related to unsatisfied performance obligations over the next one to twelve months in accordance with the terms of the subscriptions. The Company's payment terms vary by the type and location of the customer and the products or services offered. The period between invoicing and when payment is due is not significant. For certain products or services and customer types, the Company requires payment before the products or services are delivered to the customer. The majority of our subscription customers are billed and pay on monthly terms.
|
Advertising costs | Advertising costsAdvertising costs are expensed in the period incurred. |
Pension and postretirement liabilities | Pension and postretirement liabilities Pension and other postretirement benefit costs under our defined benefit retirement plans are actuarially determined. For plans with frozen benefits, we recognize the cost of postretirement benefits such as pension, medical, and life insurance benefits on an accrual basis over the average life expectancy of employees expected to receive such benefits. For active plans, costs are recognized over the estimated average future service period. See Note 10 — Pensions and other postretirement benefit plans for further details.
|
Share-based compensation | Share-based compensation Share-based payments to employees and the board of directors, including grants of stock options and restricted stock, are required to be recognized in the consolidated financial statements over the service period (generally the vesting period) based on fair values measured on grant dates, less forfeitures.
|
Self-insurance liability accruals | Self-insurance liability accruals The Company maintains self-insured medical and workers’ compensation programs. The Company purchases stop loss coverage from third parties, which limits our exposure to large claims. The Company records a liability for healthcare and workers’ compensation costs during the period in which they occur, including an estimate of incurred but not reported claims.
|
Redeemable noncontrolling interests | Redeemable noncontrolling interestsEquity purchase arrangements that are exercisable by the counterparty to an agreement and that are outside the sole control of the Company are accounted for in accordance with ASC 480-10-S99-3A and are classified as Redeemable noncontrolling interests in the Consolidated balance sheets. |
Concentration of risk | Concentration of riskDue to the distributed nature of our operations, we are not subject to significant concentrations of risk relating to customers, products, or geographic locations. Our foreign revenues, principally from businesses in the U.K. and international operations at our DMS segment |
Leases | Leases We determine if an arrangement is a lease at inception. Operating leases are included in Operating lease assets, Other current liabilities, and Long-term operating lease liabilities on our Consolidated balance sheets. Operating lease right-of-use ("ROU") assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The rates implicit within the Company's leases are generally not determinable; therefore, the Company uses judgment to determine the incremental borrowing rate used to calculate the present value of lease payments. The incremental borrowing rate is determined using our credit rating and information available related to similar terms and payments as of the commencement date. ROU assets are assessed for impairment in accordance with the Company’s accounting policy for long-lived assets. Our lease terms include options to extend or terminate. The period which is subject to an option to extend the lease is included in the lease term if it is reasonably certain that the option will be exercised. The period which is subject to an option to terminate the lease is included if it is reasonably certain that the option will not be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. For all material classes of leased assets, we do not separate lease components from non-lease components, and account for both components as a single lease component. For certain equipment leases, we apply a portfolio approach to account for the operating lease ROU assets and liabilities.
|
Loss contingencies | Loss contingencies We are subject to various legal proceedings, claims, and regulatory matters, the outcomes of which are subject to significant uncertainty. We determine whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible, or probable and whether it can be reasonably estimated. We accrue for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, we will disclose the potential range of the loss if material and estimable.
|
Foreign currency translation | Foreign currency translation The statements of income of foreign operations have been translated to U.S. dollars using the average currency exchange rates in effect during the relevant period. The balance sheets have been translated using the currency exchange rates as of the end of the accounting period. The impact of currency exchange rate changes on the translation of the balance sheets are included in Comprehensive income (loss) in the Consolidated statements of operations and comprehensive income (loss) and are classified as Accumulated other comprehensive income in the Consolidated balance sheets and Consolidated statements of equity.
|
Recent accounting pronouncements adopted And Recent accounting pronouncements not yet adopted | Recent accounting pronouncements adopted Simplifying the Accounting for Income Taxes In December 2019, the Financial Accounting Standards Board (the "FASB") issued new guidance that simplifies the accounting for income taxes. The guidance amends the rules for recognizing deferred taxes for investments, performing intraperiod tax allocations and calculating income taxes in interim periods. It also reduces complexity in certain areas, including accounting for transactions that result in a step-up in the tax basis of goodwill and allocating taxes to members of a consolidated group. This guidance is effective for fiscal years beginning after December 15, 2020, with early adoption permitted. Adopting this guidance allowed the Company to record a tax benefit for the first quarter of 2021 because year-to-date losses on interim periods are no longer limited to losses annually forecasted, but did not have a material impact on the Company's Consolidated financial statements in subsequent quarters. Recent accounting pronouncements not yet adopted Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the FASB issued new guidance ("ASU 2020-06") that simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. In addition to eliminating certain accounting models, the guidance amends the disclosures for convertible instruments and earnings-per-share guidance. It also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. This guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Adoption of this guidance will not have an impact on the accounting for the Company's $497.1 million in aggregate principal amount of 6.0% Senior Secured Convertible Notes due 2027 issued by the Company on November 17, 2020 (the "2027 Notes"), or on the Consolidated financial statements. Accounting for Contract Assets and Contract Liabilities from Contracts with Customers in a Business Combination In October 2021, the FASB issued new guidance ("ASU 2021-08") that requires an acquirer to recognize and measure certain contract assets and contract liabilities in a business combination in accordance with ASC 606, "Revenue from Contracts with Customers", rather than at fair value on the acquisition date as required under current GAAP. This guidance is effective for fiscal years beginning after December 15, 2022, with early adoption permitted, including interim periods within those fiscal years. The impact of this standard on the Company's Consolidated financial statements will be dependent on the business combination transactions within its scope. Disclosures by Business Entities about Government Assistance In November 2021, the FASB issued new guidance ("ASU 2021-10") that requires annual disclosures for transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy, including: (i) information about the nature of the transactions and related accounting policy used to account for the transactions; (ii) the line items on the Consolidated balance sheets and Consolidated statements of operations and comprehensive income (loss) affected by these transactions, including amounts applicable to each line; and (iii) significant terms and conditions of the transactions, including commitments and contingencies. The Company does not expect the adoption of this guidance will have a material impact on the Consolidated financial statements.
|
Summary of significant accounting policies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of cash and cash equivalents | The following table presents a reconciliation of cash, cash equivalents and restricted cash:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule restrictions on cash and cash equivalents | The following table presents a reconciliation of cash, cash equivalents and restricted cash:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of cash flow, supplemental disclosures | The following table presents supplementary cash flow information, including non-cash investing and financing activities:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule property, plant and equipment | A breakout of property, plant and equipment and software is presented below:
(a)Costs capitalized as internal use software are amortized on a straight-line basis over an estimated useful life of 3 to 5 years.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accounts payable and accrued liabilities | A breakout of Accounts payable and accrued liabilities is presented below:
|
Revenues (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of disaggregation of revenue | The following table presents our revenues disaggregated by source.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of deferred revenue | The following table presents the change in the deferred revenues balance by type of revenue:
|
Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of lease cost | The components of lease expense are as follows:
(a) Includes sublease income of $6.5 million, $3.8 million, and $2.5 million for the years ended December 31, 2021, 2020, and 2019, respectively. (b) Excluding expenses relating to leases with a lease term of one month or less. Supplemental information related to leases are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of operating lease liability, maturity | Future minimum lease payments under non-cancellable leases are as follows:
|
Accounts receivable, net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of allowance for doubtful accounts | The following table presents changes in the allowance for doubtful accounts:
|
Acquisitions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final fair values of the assets and liabilities for the Legacy Gannett acquisition:
(a)As previously reported in our Annual Report on Form 10-K for the year ended December 31, 2019. (b)The Company recorded measurement period adjustments during the second quarter of 2020. The measurement period adjustments were primarily related to obtaining new facts and circumstances that existed as of the acquisition date that impact the financial projections and carrying values used to value acquired assets and liabilities, including the finalization of certain contracts with customers that impacted the value of intangible assets recorded. The increase to Long-term liabilities was primarily the result of $5.8 million in multi-employer pension liabilities offset by a decrease of $4.0 million in deferred tax liabilities. All measurement period adjustments were offset against Goodwill. The following table summarizes the final fair values of the assets and liabilities for the 2019 Acquisitions:
(a) As previously reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. (b) During the six months ended June 30, 2020, the Company recognized a contingent liability of $7.0 million for earnout payments not made and finalized the allocation of purchase price to certain customer relationships, software, and trade name intangible assets acquired. The contingent liability was paid in full during the third quarter of 2020 and was included in financing activities on the Consolidated statement of cash flows.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Pro Forma Information | The following unaudited pro forma consolidated results of operations are presented as of the year ended December 31, 2019 and assume that the acquisition of Legacy Gannett, along with transactions necessary to finance the acquisition, occurred at the beginning of 2019:
|
Goodwill and intangible assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill, indefinite-lived intangible assets, and amortizable intangible assets | Goodwill and intangible assets consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of future amortization expense | As of December 31, 2021, estimated future amortization expense is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the change in net goodwill | Changes in the carrying amount of Goodwill by segment are as follows:
|
Integration and reorganization costs and asset impairments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restructuring and related costs | We recorded severance-related expenses by segment as follows:
A rollforward of the accrued severance and related costs included in Accounts payable and accrued liabilities on the Consolidated balance sheets for the years ended December 31, 2021 and 2020 is outlined below:
We recorded Asset impairments by segment as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of consolidation charges and accelerated depreciation | We recorded facility consolidation charges and other restructuring-related costs by segment as follows:
|
Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of debt | The Company's debt consisted of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of fair value assumptions | The assumptions used to determine the fair value as of February 26, 2021 and December 31, 2020 were:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of future debt obligation payments | Future debt obligation payments for the year ended December 31, are as follows:
|
Pensions and other postretirement benefit plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule changes in projected benefit obligations amounts recognized in other comprehensive income loss | The following table presents the change in the projected benefit obligation for the years ended December 31:
The following table presents the change in the fair value of plan assets for the years ended December 31, and the plans’ funded status at December 31:
Amounts recognized in the Consolidated balance sheets at December 31, are listed below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of defined benefit plan amounts recognized in other comprehensive income (loss) | The following table presents the components of net periodic benefit expense (benefit) at December 31, 2021, 2020 and 2019:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assumptions used | The following assumptions were used in connection with the Company’s actuarial valuation of its pension plans and postretirement benefit obligations at December 31 :
(a) Relates only to the Newspaper Guild of Detroit defined benefit pension plans. The following assumptions were used to calculate the net periodic benefit cost for the Company’s pension plans and postretirement benefit obligations at December 31, 2021, 2020 and 2019:
(a) Relates only to the Newspaper Guild of Detroit defined benefit pension plans.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of allocation of plan assets | The weighted average target asset allocation of our plans for 2022 and allocations at the end of 2021 and 2020, by asset category, are presented in the table below:
(a)Alternative investments include real estate, private equity and hedge funds.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of expected benefit payments | We estimate making the following benefit payments, which reflect expected future service:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of multiemployer pension plans | For each of the plans listed below, the Company’s contribution represented less than 5% of total contributions to the plan.
(a)This plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. (b)The trustees of this plan have voluntarily elected to put the fund in critical status to strengthen its funding position. (c)In February 2018, an interim agreement was executed to maintain the terms and contributions of the plan past the expiration date of 12/31/2017. This agreement is subject to additional negotiation.
|
Fair value measurement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value of pension plan assets by level within fair value hierarchy | The following table sets forth by level, within the fair value hierarchy, the fair values of assets related to the following pension plans: the (i) GWP Plan, (ii) TPC Plan, (iii) GR Plan, (iv) U.K. Pension Plans and (v) Newspaper Guild of Detroit Pension Plan as of December 31, 2021:
The following table sets forth by level, within the fair value hierarchy, the fair values of assets and liabilities related to the following pension plans: the (i) GWP Plan, (ii) TPC Plan, (iii) GR Plan, (iv) U.K. Pension Plans and (v) the Newspaper Guild of Detroit Pension Plan as of December 31, 2020:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in fair value of pension plan assets and liabilities, categorized as level 3 | The following table sets forth a summary of changes in the fair value of the Level 3 pension plan assets for the year ended December 31, 2021:
The following table sets forth a summary of changes in the fair value of the Level 3 pension plan assets and liabilities for the year ended December 31, 2020:
|
Income taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of income tax expense (benefit) | The components of Net income (loss) before income taxes consist of the following:
The Provision (benefit) for income taxes consists of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reconciliation of effective tax rate | The Provision (benefit) for income taxes varies from the Federal statutory tax rate as a result of the following differences:
NM indicates not meaningful.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of deferred tax liabilities and assets | The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are presented below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of valuation allowance | The following table summarizes the activity related to our valuation allowance for deferred tax assets for the year ended December 31, 2021 (In thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of activity related to unrecognized tax benefits, excluding federal tax benefit of state tax deductions | The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions:
|
Supplemental equity information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings (loss) per share (basic and diluted) | The following table sets forth the information to compute basic and diluted loss per share:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of securities from computation of diluted income per share | The Company excluded the following securities from the computation of diluted income per share because their effect would have been antidilutive:
(a)Includes Restricted stock awards ("RSA"), Restricted stock units ("RSU") and Performance stock units ("PSU"). (b) Represents the total number of shares that would be convertible at December 31, 2021 and 2020 as stipulated in the 2027 Notes Indenture. The amount for the year ended December 31, 2021 reflects the adjustment for the weighted average impact of the repurchase of $11.8 million aggregate principal of 2027 Notes as described below.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of nonvested RSG cost | The following table outlines RSA activity:
The following table outlines RSU and PSU activity:
As of December 31, 2021, the aggregate intrinsic value of unvested RSUs and PSUs was $15.5 million.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of accumulated other comprehensive income (loss) | changes in, Accumulated other comprehensive income (loss), net of tax:
(a)Accumulated other comprehensive income component represents amortization of actuarial loss and is included in the computation of net periodic benefit cost. See Note 10 — Pensions and other postretirement benefit plans. (b) Amounts reclassified from accumulated other comprehensive income are recorded net of tax impacts of $0.02 million and $0.01 million for the years ended December 31, 2021 and 2020, respectively. There was no tax impact for the year ended December 31, 2019.
|
Segment reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information, by segment | The following tables present our segment information:
NM indicates not meaningful. The following table presents our reconciliation of Net loss attributable to Gannett to Adjusted EBITDA and Net loss attributable to Gannett margin to Adjusted EBITDA margin:
|
Description of business and basis of presentation (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021
USD ($)
segment
state
brand
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Significant Accounting Policies | |||
Number of states in which entity operates | state | 45 | ||
Number of operating segments | segment | 2 | ||
Operating costs | $ 1,901,564 | $ 2,034,272 | $ 1,079,593 |
Selling, general and administrative expenses | 902,064 | $ 999,789 | $ 602,106 |
Paycheck Protection Program, Cares Act | Scenario, Adjustment | |||
Significant Accounting Policies | |||
Operating costs | (12,100) | ||
Selling, general and administrative expenses | (4,300) | ||
Paycheck Protection Program, Cares Act | Line of Credit | |||
Significant Accounting Policies | |||
Proceeds from short term debt | $ 16,400 | ||
UNITED KINGDOM | |||
Significant Accounting Policies | |||
Number of media brands (more than) | brand | 120 |
Summary of significant accounting policies - Narrative (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
reporting_unit
|
Dec. 31, 2019
USD ($)
|
Nov. 17, 2020 |
|
Significant Accounting Policies | ||||
Depreciation expense | $ 100,900 | $ 155,300 | $ 67,200 | |
Reporting units (units) | reporting_unit | 3 | |||
Advertising expense | 45,300 | $ 50,000 | 26,800 | |
Total operating revenues | 3,208,083 | $ 3,405,670 | $ 1,867,909 | |
2027 Notes | Convertible Debt | ||||
Significant Accounting Policies | ||||
Stated interest rate | 6.00% | |||
UK And ReachLocal | ||||
Significant Accounting Policies | ||||
Total operating revenues | 247,600 | |||
Long-lived assets | $ 246,200 |
Summary of significant accounting policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 30, 2018 |
---|---|---|---|---|
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | ||||
Cash and cash equivalents | $ 130,756 | $ 170,725 | $ 156,042 | |
Restricted cash, included in prepaid expenses and other current assets | 4,606 | 11,356 | 10,800 | |
Restricted cash, included in other assets | 8,257 | 24,645 | 21,822 | |
Total cash, cash equivalents and restricted cash | $ 143,619 | $ 206,726 | $ 188,664 | $ 52,770 |
Summary of significant accounting policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Accounting Policies [Abstract] | |||
Net cash (refund) paid for taxes | $ (8,324) | $ (3,964) | $ 1,192 |
Cash paid for interest | 103,879 | 218,110 | 40,208 |
Non-cash investing and financing activities: | |||
Accrued capital expenditures | 1,682 | 544 | 2,227 |
Common stock issued in exchange for Legacy Gannett shares | $ 0 | $ 0 | $ 391,809 |
Summary of significant accounting policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Property, Plant and Equipment | ||
Total property, plant and equipment | $ 751,884 | $ 952,301 |
Accumulated depreciation | (336,500) | (362,029) |
Net property, plant and equipment | 415,384 | 590,272 |
Land | ||
Property, Plant and Equipment | ||
Total property, plant and equipment | 48,389 | 74,549 |
Buildings and improvements | ||
Property, Plant and Equipment | ||
Total property, plant and equipment | $ 239,414 | 348,591 |
Buildings and improvements | Minimum | ||
Property, Plant and Equipment | ||
Property, plant and equipment, useful life | 10 years | |
Buildings and improvements | Maximum | ||
Property, Plant and Equipment | ||
Property, plant and equipment, useful life | 30 years | |
Machinery and equipment | ||
Property, Plant and Equipment | ||
Total property, plant and equipment | $ 352,372 | 426,348 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment | ||
Property, plant and equipment, useful life | 3 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment | ||
Property, plant and equipment, useful life | 20 years | |
Furniture, fixtures and computer software | ||
Property, Plant and Equipment | ||
Total property, plant and equipment | $ 101,571 | 96,739 |
Furniture, fixtures and computer software | Minimum | ||
Property, Plant and Equipment | ||
Property, plant and equipment, useful life | 3 years | |
Furniture, fixtures and computer software | Maximum | ||
Property, Plant and Equipment | ||
Property, plant and equipment, useful life | 10 years | |
Construction in progress | ||
Property, Plant and Equipment | ||
Total property, plant and equipment | $ 10,138 | $ 6,074 |
Internal use software | Minimum | ||
Property, Plant and Equipment | ||
Property, plant and equipment, useful life | 3 years | |
Internal use software | Maximum | ||
Property, Plant and Equipment | ||
Property, plant and equipment, useful life | 5 years |
Summary of significant accounting policies - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounting Policies [Abstract] | ||
Accounts payable | $ 157,257 | $ 131,797 |
Compensation | 107,585 | 115,061 |
Taxes (primarily property and sales taxes) | 26,042 | 30,834 |
Benefits | 21,056 | 22,821 |
Interest | 7,577 | 3,676 |
Other | 37,497 | 74,057 |
Accounts payable and accrued liabilities | $ 357,014 | $ 378,246 |
Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Disaggregation of Revenue | |||
Total revenues | $ 3,208,083 | $ 3,405,670 | $ 1,867,909 |
Total advertising and marketing services | |||
Disaggregation of Revenue | |||
Total revenues | 1,651,161 | 1,710,244 | 952,644 |
Print advertising | |||
Disaggregation of Revenue | |||
Total revenues | 792,286 | 901,805 | 689,595 |
Digital advertising and marketing services | |||
Disaggregation of Revenue | |||
Total revenues | 858,875 | 808,439 | 263,049 |
Circulation | |||
Disaggregation of Revenue | |||
Total revenues | 1,249,674 | 1,391,996 | 704,842 |
Other | |||
Disaggregation of Revenue | |||
Total revenues | $ 307,248 | $ 303,430 | $ 210,423 |
Revenues - Narrative (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
International | Revenue Benchmark | Geographic Concentration Risk | ||
Revenue, Initial Application Period Cumulative Effect Transition | ||
Revenue, percentage | 7.70% | 6.80% |
Revenues - Deferred Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Movement in Deferred Revenue | ||
Beginning balance | $ 186,007 | $ 218,823 |
Cash receipts | 1,279,848 | 1,425,387 |
Revenue recognized | (1,281,017) | (1,458,203) |
Ending balance | 184,838 | 186,007 |
Advertising, marketing services and other | ||
Movement in Deferred Revenue | ||
Beginning balance | 51,686 | 67,444 |
Cash receipts | 289,806 | 272,145 |
Revenue recognized | (280,827) | (287,903) |
Ending balance | 60,665 | 51,686 |
Circulation | ||
Movement in Deferred Revenue | ||
Beginning balance | 134,321 | 151,379 |
Cash receipts | 990,042 | 1,153,242 |
Revenue recognized | (1,000,190) | (1,170,300) |
Ending balance | $ 124,173 | $ 134,321 |
Leases - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Lessee, Lease, Description | ||
Operating lease assets | $ 271,935 | $ 289,504 |
Current operating lease liability | $ 47,600 | |
Operating Lease, Liability, Current, Statement of Financial Position | Other current liabilities | Other current liabilities |
Long-term operating lease liabilities | $ 254,969 | $ 274,460 |
Lease not yet commenced | $ 3,300 | |
Minimum | ||
Lessee, Lease, Description | ||
Remaining lease term with option to extend (in years) | 1 year | |
Maximum | ||
Lessee, Lease, Description | ||
Remaining lease term with option to extend (in years) | 15 years |
Leases - Components Of Leases Expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Leases [Abstract] | |||
Operating lease cost | $ 80,213 | $ 83,410 | $ 30,573 |
Short-term lease cost | 886 | 5,663 | 5,086 |
Variable lease cost | 11,464 | 12,808 | 8,412 |
Net lease cost | 92,563 | 101,881 | 44,071 |
Sublease Income | $ 6,500 | $ 3,800 | $ 2,500 |
Leases - Other Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Supplemental Information | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 81,380 | $ 86,999 | $ 35,837 |
Right-of-use assets obtained in exchange for operating lease obligations | 38,137 | 36,247 | 28,545 |
Loss on sale and leaseback transactions, net | $ 1,938 | $ 3,821 | $ 0 |
Weighted-average remaining lease term (in years) | 7 years 3 months 18 days | 7 years 8 months 12 days | 8 years 3 months 18 days |
Weighted-average discount rate | 12.80% | 12.90% | 12.40% |
Leases - Future Minimum Lease payments (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Year ended December 31, 2021 | |
2022 | $ 79,231 |
2023 | 69,531 |
2024 | 61,219 |
2025 | 51,969 |
2026 | 43,824 |
Thereafter | 173,513 |
Total future minimum lease payments | 479,287 |
Less: Imputed interest | 176,714 |
Total | $ 302,573 |
Accounts receivable, net - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Receivables [Abstract] | ||
Accounts receivable, reserve percentage calculation period | 3 years | |
Threshold period for reserves | 90 days | |
Bad debt expense | $ 6,399 | $ 28,654 |
Accounts receivable, net - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Accounts Receivable, Allowance for Credit Loss | ||
Beginning balance | $ 20,843 | $ 19,923 |
Current period provision | 6,399 | 28,654 |
Write-offs charged against the allowance | (14,897) | (29,532) |
Recoveries of amounts previously written-off | 4,109 | 2,824 |
Disposition | 0 | (1,011) |
Foreign currency | 16 | (15) |
Ending balance | $ 16,470 | $ 20,843 |
Acquisitions - Narrative (Detail) |
12 Months Ended | |||
---|---|---|---|---|
Nov. 19, 2019
USD ($)
shares
|
Dec. 31, 2021
USD ($)
shares
|
Dec. 31, 2020
USD ($)
shares
|
Dec. 31, 2019
USD ($)
agency
publication
business
newspaper
shares
|
|
Business Acquisition | ||||
Principal balance | $ 1,368,700,000 | $ 1,575,600,000 | ||
Common stock | ||||
Business Acquisition | ||||
Issuance of common stock (in shares) | shares | 217,000 | 677,000 | ||
Former Manager | Common stock | ||||
Business Acquisition | ||||
Issuance of common stock (in shares) | shares | 4,205,607 | 4,206,000 | ||
Acquisition Term Loan | Senior Secured Term Loan | ||||
Business Acquisition | ||||
Senior-secured term loan (in years) | 5 years | |||
Stated interest rate | 11.50% | |||
Principal balance | $ 1,792,000,000 | $ 1,075,200,000 | ||
Gannet Co., Inc | ||||
Business Acquisition | ||||
Acquisition, transaction value | $ 1,300,000,000 | |||
Certain Publications and Businesses | ||||
Business Acquisition | ||||
Acquisition, transaction value | $ 53,400,000 | |||
Number of daily newspapers | newspaper | 11 | |||
Number of weekly publications | publication | 11 | |||
Number of shoppers, a remnant advertising agency | agency | 9 | |||
Number of events production businesses | business | 5 | |||
Interest acquired (as a percent) | 58.00% | |||
Certain Publications and Businesses | Third Party | ||||
Business Acquisition | ||||
Interest acquired (as a percent) | 42.00% |
Acquisitions - Acquired Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | 13 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2019 |
Nov. 19, 2019 |
|
Business Acquisition | ||||||
Goodwill | $ 534,088 | $ 534,088 | $ 533,709 | $ 914,331 | ||
Measurement period adjustments | ||||||
Net assets | 0 | |||||
Measurement period adjustment, decrease in deferred tax liabilities | 4,000 | |||||
Gannet Co., Inc | ||||||
Business Acquisition | ||||||
Cash and restricted cash acquired | 149,452 | 149,452 | $ 149,452 | |||
Current assets | 383,965 | 383,965 | 383,965 | |||
Other assets | 97,459 | 97,459 | 97,459 | |||
Property, plant and equipment | 536,511 | 536,511 | 536,511 | |||
Operating lease assets | 200,550 | 200,550 | 200,550 | |||
Goodwill | 657,784 | 657,784 | 644,766 | |||
Total assets | 2,617,531 | 2,617,531 | 2,615,333 | |||
Current liabilities | 513,847 | 513,847 | 513,752 | |||
Long-term liabilities | 789,122 | 789,122 | 787,019 | |||
Total liabilities | 1,302,969 | 1,302,969 | 1,300,771 | |||
Net assets | 1,314,562 | 1,314,562 | 1,314,562 | |||
Measurement period adjustments | ||||||
Goodwill | 13,018 | |||||
Total assets | 2,198 | |||||
Current liabilities | 95 | |||||
Long-term liabilities | 2,103 | |||||
Total liabilities | 2,198 | |||||
Measurement period adjustment, employer pension liability | $ 5,800 | |||||
Gannet Co., Inc | Developed technology | ||||||
Business Acquisition | ||||||
Finite lived intangible assets | 36,100 | 36,100 | 47,770 | |||
Measurement period adjustments | ||||||
Cash and restricted cash acquired | 0 | |||||
Current assets | 0 | |||||
Other assets | 0 | |||||
Property, plant and equipment | 0 | |||||
Operating lease assets | 0 | |||||
Intangible assets | (11,670) | |||||
Gannet Co., Inc | Advertiser relationships | ||||||
Business Acquisition | ||||||
Finite lived intangible assets | 256,160 | 256,160 | 272,740 | |||
Measurement period adjustments | ||||||
Intangible assets | (16,580) | |||||
Gannet Co., Inc | Subscriber relationships | ||||||
Business Acquisition | ||||||
Finite lived intangible assets | 110,590 | 110,590 | 104,490 | |||
Measurement period adjustments | ||||||
Intangible assets | 6,100 | |||||
Gannet Co., Inc | Other customer relationships | ||||||
Business Acquisition | ||||||
Finite lived intangible assets | 67,360 | 67,360 | 63,820 | |||
Measurement period adjustments | ||||||
Intangible assets | 3,540 | |||||
Gannet Co., Inc | Trade names | ||||||
Business Acquisition | ||||||
Finite lived intangible assets | 15,840 | 15,840 | 16,470 | |||
Measurement period adjustments | ||||||
Intangible assets | (630) | |||||
Gannet Co., Inc | Mastheads | ||||||
Business Acquisition | ||||||
Indefinite lived intangible assets | 105,760 | 105,760 | $ 97,340 | |||
Measurement period adjustments | ||||||
Indefinite lived- Mastheads | 8,420 | |||||
Certain Publications and Businesses | ||||||
Business Acquisition | ||||||
Cash and restricted cash acquired | 323 | 323 | 323 | |||
Current assets | 9,208 | 9,208 | 9,320 | |||
Other assets | 950 | 950 | 950 | |||
Property, plant and equipment | 21,222 | 21,222 | 20,492 | |||
Goodwill | 19,602 | 19,602 | 20,850 | |||
Total assets | 67,513 | 67,513 | 60,687 | |||
Current liabilities | 11,961 | 11,961 | 11,961 | |||
Long-term liabilities | 513 | 513 | 463 | |||
Total liabilities | 12,474 | 12,474 | 12,424 | |||
Minority interest | 1,651 | 1,651 | 1,651 | |||
Net assets | 53,388 | 53,388 | 46,612 | |||
Measurement period adjustments | ||||||
Cash and restricted cash acquired | 0 | |||||
Current assets | (112) | |||||
Other assets | 0 | |||||
Property, plant and equipment | 730 | |||||
Indefinite lived- Mastheads | 0 | |||||
Goodwill | (1,248) | |||||
Total assets | 6,826 | |||||
Current liabilities | 0 | |||||
Long-term liabilities | 50 | |||||
Total liabilities | 50 | |||||
Minority interest | 0 | |||||
Net assets | 6,776 | |||||
Measurement period adjustment, contingent liability | $ 7,000 | |||||
Certain Publications and Businesses | Non-compete agreements | ||||||
Business Acquisition | ||||||
Finite lived intangible assets | 280 | 280 | 280 | |||
Measurement period adjustments | ||||||
Intangible assets | 0 | |||||
Certain Publications and Businesses | Advertiser relationships | ||||||
Business Acquisition | ||||||
Finite lived intangible assets | 2,636 | 2,636 | 2,357 | |||
Measurement period adjustments | ||||||
Intangible assets | 279 | |||||
Certain Publications and Businesses | Subscriber relationships | ||||||
Business Acquisition | ||||||
Finite lived intangible assets | 1,457 | 1,457 | 1,457 | |||
Measurement period adjustments | ||||||
Intangible assets | 0 | |||||
Certain Publications and Businesses | Other customer relationships | ||||||
Business Acquisition | ||||||
Finite lived intangible assets | 4,265 | 4,265 | 1,323 | |||
Measurement period adjustments | ||||||
Intangible assets | 2,942 | |||||
Certain Publications and Businesses | Trade names | ||||||
Business Acquisition | ||||||
Finite lived intangible assets | 2,404 | 2,404 | 299 | |||
Measurement period adjustments | ||||||
Intangible assets | 2,105 | |||||
Certain Publications and Businesses | Software | ||||||
Business Acquisition | ||||||
Finite lived intangible assets | 2,270 | 2,270 | 140 | |||
Measurement period adjustments | ||||||
Intangible assets | 2,130 | |||||
Certain Publications and Businesses | Mastheads | ||||||
Business Acquisition | ||||||
Indefinite lived intangible assets | $ 2,896 | $ 2,896 | $ 2,896 |
Acquisitions - Pro Forma Information (Details) - Gannet Co., Inc $ / shares in Units, $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2019
USD ($)
$ / shares
| |
Business Acquisition | |
Total revenues | $ 4,177,583 |
Net loss | $ (292,395) |
Loss per share - diluted (in dollars per share) | $ / shares | $ (2.27) |
Goodwill and intangible assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-lived intangible assets: | ||
Gross carrying amount | $ 878,376 | $ 887,645 |
Accumulated amortization | 333,421 | 234,403 |
Net carrying amount | 544,955 | 653,242 |
Indefinite-lived intangible assets: | ||
Intangible assets, net | 713,153 | 824,650 |
Goodwill | 533,709 | 534,088 |
Mastheads | ||
Indefinite-lived intangible assets: | ||
Nonamortized intangible assets | 168,198 | 171,408 |
Advertiser relationships | ||
Finite-lived intangible assets: | ||
Gross carrying amount | 453,038 | 460,331 |
Accumulated amortization | 153,988 | 112,468 |
Net carrying amount | 299,050 | 347,863 |
Other customer relationships | ||
Finite-lived intangible assets: | ||
Gross carrying amount | 102,486 | 102,925 |
Accumulated amortization | 35,237 | 23,682 |
Net carrying amount | 67,249 | 79,243 |
Subscriber relationships | ||
Finite-lived intangible assets: | ||
Gross carrying amount | 254,162 | 255,702 |
Accumulated amortization | 99,905 | 71,271 |
Net carrying amount | 154,257 | 184,431 |
Other intangible assets | ||
Finite-lived intangible assets: | ||
Gross carrying amount | 68,690 | 68,687 |
Accumulated amortization | 44,291 | 26,982 |
Net carrying amount | $ 24,399 | $ 41,705 |
Goodwill and intangible assets - Narrative (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Intangible Assets | ||||
Weighted average useful life | 10 years 3 months 18 days | |||
Amortization expenses | $ 103,100 | $ 108,500 | $ 44,700 | |
Goodwill impairment | $ 362,350 | |||
Domestic Publishing | ||||
Intangible Assets | ||||
Goodwill impairment | $ 256,500 | |||
Impairment of intangible assets excluding goodwill | 4,000 | |||
Newspaper Reporting Unit | ||||
Intangible Assets | ||||
Goodwill impairment | 65,400 | |||
Impairment of intangible assets excluding goodwill | 4,000 | |||
Digital Marketing Solutions | ||||
Intangible Assets | ||||
Goodwill impairment | 40,500 | |||
Print Advertising and other customer relationships | ||||
Intangible Assets | ||||
Impairment of intangible assets excluding goodwill | $ 23,000 | |||
Minimum | Measurement Input, Long-term Revenue Growth Rate | ||||
Intangible Assets | ||||
Intangible assets measurement inputs (percent) | 0.50% | |||
Minimum | Discount rate | ||||
Intangible Assets | ||||
Intangible assets measurement inputs (percent) | 11.00% | |||
Maximum | Measurement Input, Long-term Revenue Growth Rate | ||||
Intangible Assets | ||||
Intangible assets measurement inputs (percent) | 3.00% | |||
Maximum | Discount rate | ||||
Intangible Assets | ||||
Intangible assets measurement inputs (percent) | 15.00% | |||
Advertiser relationships | ||||
Intangible Assets | ||||
Weighted average useful life | 11 years 3 months 18 days | |||
Other customer relationships | ||||
Intangible Assets | ||||
Weighted average useful life | 9 years 9 months 18 days | |||
Subscriber relationships | ||||
Intangible Assets | ||||
Weighted average useful life | 10 years 3 months 18 days | |||
Other intangible assets | ||||
Intangible Assets | ||||
Weighted average useful life | 4 years |
Goodwill and intangible assets - Future Annual Amortization Expense (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity | ||
2022 | $ 96,474 | |
2023 | 91,294 | |
2024 | 89,962 | |
2025 | 81,501 | |
2026 | 64,615 | |
Thereafter | 121,109 | |
Net carrying amount | $ 544,955 | $ 653,242 |
Goodwill and intangible assets - Change in Goodwill (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Goodwill | |||
Beginning Balance | $ 534,088 | $ 914,331 | |
Goodwill impairment | (362,350) | ||
Goodwill acquired in business combinations | 95 | ||
Goodwill related to divestitures | (341) | (26,920) | |
Measurement period adjustments | 11,770 | ||
Foreign currency exchange rate changes | (133) | (2,743) | |
Ending Balance | 533,709 | 534,088 | |
Goodwill accumulated impairment losses | 455,385 | 455,844 | $ 87,921 |
Publishing | |||
Goodwill | |||
Beginning Balance | 416,617 | 716,334 | |
Goodwill impairment | (321,851) | ||
Goodwill acquired in business combinations | 95 | ||
Goodwill related to divestitures | (341) | (20,328) | |
Measurement period adjustments | 45,205 | ||
Foreign currency exchange rate changes | (133) | (2,743) | |
Ending Balance | 416,238 | 416,617 | |
Digital Marketing Solutions | |||
Goodwill | |||
Beginning Balance | 117,471 | 197,997 | |
Goodwill impairment | (40,499) | ||
Goodwill acquired in business combinations | 0 | ||
Goodwill related to divestitures | 0 | (6,592) | |
Measurement period adjustments | (33,435) | ||
Foreign currency exchange rate changes | 0 | 0 | |
Ending Balance | $ 117,471 | $ 117,471 |
Integration and reorganization costs and asset impairments - Severance-related Expenses (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Restructuring Cost and Reserve | |||
Restructuring provision included in integration and reorganization costs | $ 49,284 | $ 145,731 | $ 52,212 |
Employee Severance | |||
Restructuring Cost and Reserve | |||
Restructuring provision included in integration and reorganization costs | 16,471 | 86,297 | 40,552 |
Operating Segments | Publishing | Employee Severance | |||
Restructuring Cost and Reserve | |||
Restructuring provision included in integration and reorganization costs | 14,529 | 55,655 | 19,556 |
Operating Segments | Digital Marketing Solutions | Employee Severance | |||
Restructuring Cost and Reserve | |||
Restructuring provision included in integration and reorganization costs | 321 | 6,320 | 1,916 |
Corporate and other | Employee Severance | |||
Restructuring Cost and Reserve | |||
Restructuring provision included in integration and reorganization costs | $ 1,621 | $ 24,322 | $ 19,080 |
Integration and reorganization costs and asset impairments - Severance-related Liabilities Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Restructuring Reserve | |||
Restructuring provision included in integration and reorganization costs | $ 49,284 | $ 145,731 | $ 52,212 |
Employee Severance | |||
Restructuring Reserve | |||
Balance, beginning of period | 30,943 | 30,785 | |
Restructuring provision included in integration and reorganization costs | 16,471 | 86,297 | 40,552 |
Cash payments | (34,856) | (86,139) | |
Balance, end of period | $ 12,558 | $ 30,943 | $ 30,785 |
Integration and reorganization costs and asset impairments - Facility Consolidation Charges (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Restructuring Cost and Reserve | |||
Consolidation charges and other restructuring-related costs | $ 49,284 | $ 145,731 | $ 52,212 |
Manager | |||
Restructuring Cost and Reserve | |||
Payment to manager | 30,400 | ||
Facility Closing | |||
Restructuring Cost and Reserve | |||
Consolidation charges and other restructuring-related costs | 32,813 | 59,434 | 11,660 |
Corporate and other | Facility Closing | |||
Restructuring Cost and Reserve | |||
Consolidation charges and other restructuring-related costs | 29,993 | 53,894 | 7,443 |
Publishing | Operating Segments | Facility Closing | |||
Restructuring Cost and Reserve | |||
Consolidation charges and other restructuring-related costs | 1,431 | 5,197 | 3,931 |
Digital Marketing Solutions | Operating Segments | Facility Closing | |||
Restructuring Cost and Reserve | |||
Consolidation charges and other restructuring-related costs | $ 1,389 | $ 343 | $ 286 |
Integration and reorganization costs and asset impairments - Impairment Charges (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Restructuring Cost and Reserve | |||
Asset impairment charge | $ 3,976 | $ 11,029 | $ 3,009 |
Publishing | |||
Restructuring Cost and Reserve | |||
Asset impairment charge | 3,976 | 10,312 | 3,009 |
Digital Marketing Solutions | |||
Restructuring Cost and Reserve | |||
Asset impairment charge | $ 0 | $ 717 | $ 0 |
Integration and reorganization costs and asset impairments - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Publishing | |||
Restructuring Cost and Reserve | |||
Accelerated depreciation | $ 15.3 | $ 49.6 | $ 7.9 |
Debt - Summary of Debt Outstanding (Details) - USD ($) |
Dec. 31, 2021 |
Oct. 15, 2021 |
Feb. 26, 2021 |
Feb. 09, 2021 |
Dec. 31, 2020 |
Nov. 17, 2020 |
Nov. 19, 2019 |
---|---|---|---|---|---|---|---|
Debt Instrument | |||||||
Principal balance | $ 1,368,700,000 | $ 1,575,600,000 | |||||
Unamortized original issue discount | (121,000,000.0) | (160,300,000) | |||||
Unamortized deferred financing costs | (15,400,000) | (4,700,000) | |||||
Long-term debt | 769,446,000 | 890,323,000 | |||||
Aggregate principal amount of debt | 1,232,300,000 | 1,600,200,000 | |||||
Long term debt, gross, current | (69,500,000) | (128,400,000) | |||||
Debt instrument unamortized discount current | 0 | 0 | |||||
Debt issuance costs, current, net | 0 | 0 | |||||
Long-term debt, current maturities | (69,500,000) | (128,400,000) | |||||
Non-current debt, gross, noncurrent | 1,299,200,000 | 1,447,200,000 | |||||
Debt instrument, unamortized discount, noncurrent | (121,000,000.0) | (160,300,000) | |||||
Debt issuance costs, noncurrent, net | (15,400,000) | (4,700,000) | |||||
Non-current portion of long-term debt | 1,162,800,000 | 1,471,800,000 | |||||
Senior Secured Term Loan | New Senior Secured Term Loan | |||||||
Debt Instrument | |||||||
Principal balance | 480,100,000 | $ 516,000,000 | |||||
Unamortized original issue discount | (14,100,000) | (5,200,000) | |||||
Unamortized deferred financing costs | (2,700,000) | ||||||
Secured debt | 463,300,000 | ||||||
Senior Secured Term Loan | Acquisition Term Loan | |||||||
Debt Instrument | |||||||
Principal balance | 1,075,200,000 | $ 1,792,000,000 | |||||
Unamortized original issue discount | $ (34,700,000) | (54,000,000.0) | |||||
Unamortized deferred financing costs | (1,500,000) | (2,400,000) | |||||
Secured debt | 1,018,800,000 | ||||||
Aggregate principal amount of debt | $ 1,043,000,000.000 | ||||||
Senior Secured Term Loan | 2026 Senior Notes | |||||||
Debt Instrument | |||||||
Principal balance | 400,000,000.0 | $ 400,000,000 | |||||
Unamortized original issue discount | (13,700,000) | ||||||
Unamortized deferred financing costs | (10,700,000) | ||||||
Long-term debt | 375,600,000 | ||||||
Convertible Debt | 2027 Notes | |||||||
Debt Instrument | |||||||
Principal balance | 485,300,000 | 497,100,000 | |||||
Unamortized original issue discount | (93,200,000) | (106,300,000) | |||||
Unamortized deferred financing costs | (2,000,000.0) | (2,300,000) | $ (2,300,000) | ||||
Long-term debt | 390,100,000 | 578,100,000 | 497,100,000 | ||||
Fair value of embedded derivative liability | $ 316,200,000 | 189,600,000 | $ 115,300,000 | ||||
Convertible Debt | 2024 Notes | |||||||
Debt Instrument | |||||||
Principal balance | 3,300,000 | 3,300,000 | |||||
Unamortized original issue discount | 0 | 0 | |||||
Unamortized deferred financing costs | 0 | 0 | |||||
Long-term debt | $ 3,300,000 | $ 3,300,000 |
Debt - October Debt Refinancing (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Oct. 15, 2021 |
Feb. 09, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Line of Credit Facility | ||||
Principal balance | $ 1,368,700,000 | $ 1,575,600,000 | ||
Long-term debt | 769,446,000 | 890,323,000 | ||
Unamortized deferred financing costs | 15,400,000 | 4,700,000 | ||
Unamortized original issue discount | 121,000,000.0 | $ 160,300,000 | ||
New Senior Secured Term Loan | Senior Secured Term Loan | ||||
Line of Credit Facility | ||||
Senior-secured term loan (in years) | 5 years | |||
Principal balance | $ 516,000,000 | 480,100,000 | ||
Stated interest rate | 1.50% | |||
Unamortized deferred financing costs | 2,700,000 | |||
Unamortized original issue discount | $ 5,200,000 | 14,100,000 | ||
Third party fees | 1,800,000 | |||
2026 Senior Notes | Senior Secured Term Loan | ||||
Line of Credit Facility | ||||
Principal balance | $ 400,000,000 | 400,000,000.0 | ||
Stated interest rate | 6.00% | |||
Long-term debt | 375,600,000 | |||
Unamortized deferred financing costs | 10,700,000 | |||
Unamortized original issue discount | 13,700,000 | |||
Capitalized third party fees | $ 7,200,000 | |||
Third party fees | 7,900,000 | |||
Five Year Term Loan | Senior Secured Term Loan | ||||
Line of Credit Facility | ||||
Senior-secured term loan (in years) | 5 years | |||
Long-term debt | $ 1,045,000,000.000 | |||
Unamortized deferred financing costs | 7,000,000 | |||
Unamortized original issue discount | $ 25,200,000 | 20,900,000 | ||
Capitalized third party fees | $ 13,000,000 | |||
Third party fees | $ 10,900,000 |
Debt - New Senior Secured Term Loan (Details) |
12 Months Ended | |||
---|---|---|---|---|
Oct. 15, 2021
USD ($)
plan
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Debt Instrument | ||||
Repayments of medium-term notes | $ 2,156,046,000 | $ 681,050,000 | $ 481,058,000 | |
New Senior Secured Term Loan | Senior Secured Term Loan | ||||
Debt Instrument | ||||
Stated interest rate | 1.50% | |||
Prepayment premium (percentage) | 1.00% | |||
Cash requirement | $ 100,000,000 | |||
Quarterly amortization percentage | 10.00% | 5.00% | ||
Net leverage ratio | plan | 1.20 | |||
Effective interest rate | 6.40% | |||
Repayments of medium-term notes | $ 35,900,000 | |||
New Senior Secured Term Loan | Senior Secured Term Loan | Debt Covenant, Range One | ||||
Debt Instrument | ||||
Net leverage ratio | 0.0200 | |||
Debt covenant | $ 25,000,000 | |||
New Senior Secured Term Loan | Senior Secured Term Loan | Debt Covenant, Range Two | ||||
Debt Instrument | ||||
Net leverage ratio | 0.0150 | |||
Debt covenant | $ 50,000,000 | |||
New Senior Secured Term Loan | Senior Secured Term Loan | Debt Covenant, Range Three | ||||
Debt Instrument | ||||
Net leverage ratio | 0.0100 | |||
New Senior Secured Term Loan | Senior Secured Term Loan | LIBOR | ||||
Debt Instrument | ||||
Variable rate (percent) | 5.00% | |||
New Senior Secured Term Loan | Senior Secured Term Loan | Base Rate | ||||
Debt Instrument | ||||
Variable rate (percent) | 4.00% | |||
New Senior Secured Term Loan | Senior Secured Term Loan | Minimum | ||||
Debt Instrument | ||||
Stated interest rate | 0.50% | |||
Unrestricted cash requirement | $ 30,000,000 |
Debt - 5-Year Term Loan (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Feb. 09, 2021 |
Nov. 19, 2019 |
Dec. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Oct. 15, 2021 |
|
Debt Instrument | |||||||
Aggregate principal amount of debt | $ 1,232,300,000 | $ 1,232,300,000 | $ 1,600,200,000 | ||||
Unamortized deferred financing costs | 15,400,000 | 15,400,000 | 4,700,000 | ||||
Unamortized original issue discount | 121,000,000.0 | 121,000,000.0 | 160,300,000 | ||||
Cash paid for interest | 103,879,000 | 218,110,000 | $ 40,208,000 | ||||
Loss on early extinguishment of debt | 48,708,000 | 43,760,000 | $ 6,058,000 | ||||
Senior Secured Term Loan | |||||||
Debt Instrument | |||||||
Interest expense | 72,800,000 | ||||||
Cash paid for interest | $ 72,800,000 | ||||||
Amortization of original issue cost | 10,700,000 | ||||||
Amortization of debt issuance costs | 2,600,000 | ||||||
Loss on early extinguishment of debt | 47,900,000 | ||||||
Write off of discount and deferred debt issuance cost | 10,000,000 | ||||||
Five Year Term Loan | Senior Secured Term Loan | |||||||
Debt Instrument | |||||||
Senior-secured term loan (in years) | 5 years | ||||||
Unamortized deferred financing costs | $ 7,000,000 | ||||||
Unamortized original issue discount | $ 20,900,000 | $ 25,200,000 | |||||
Capitalized third party fees | $ 13,000,000 | ||||||
Third party fees | 10,900,000 | ||||||
Write off of discount and deferred debt issuance cost | 20,700,000 | ||||||
Five Year Term Loan | Senior Secured Term Loan | LIBOR | |||||||
Debt Instrument | |||||||
Variable rate (percent) | 7.00% | ||||||
Five Year Term Loan | Senior Secured Term Loan | Base Rate | |||||||
Debt Instrument | |||||||
Variable rate (percent) | 6.00% | ||||||
Acquisition Term Loan | Senior Secured Term Loan | |||||||
Debt Instrument | |||||||
Senior-secured term loan (in years) | 5 years | ||||||
Aggregate principal amount of debt | $ 1,043,000,000.000 | ||||||
Accrued interest payable | 13,300,000 | ||||||
Unamortized deferred financing costs | 1,500,000 | 2,400,000 | |||||
Unamortized original issue discount | $ 34,700,000 | $ 54,000,000.0 | |||||
Write off of discount and deferred debt issuance cost | $ 17,200,000 |
Debt - Senior Secured Notes due 2026 (Details) - USD ($) $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Oct. 15, 2021 |
Feb. 09, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Line of Credit Facility | ||||
Unamortized deferred financing costs | $ 15.4 | $ 4.7 | ||
Debt issuance costs, noncurrent, net | 15.4 | 4.7 | ||
Debt instrument, unamortized discount, noncurrent | 121.0 | $ 160.3 | ||
Senior Secured Term Loan | ||||
Line of Credit Facility | ||||
Amortization of debt issuance costs | 2.6 | |||
Interest expense | 72.8 | |||
2026 Senior Notes | Senior Notes | ||||
Line of Credit Facility | ||||
Unamortized deferred financing costs | $ 7.2 | |||
Debt instrument (term) | 5 years | |||
Debt issuance costs, noncurrent, net | $ 4.0 | |||
Debt instrument, unamortized discount, noncurrent | $ 14.3 | |||
Amortization of debt issuance costs | 0.5 | |||
Amortization of the discount | 0.6 | |||
Interest expense | $ 5.1 | |||
Effective interest rate | 7.30% | |||
2026 Senior Notes | Senior Notes | Period One | ||||
Line of Credit Facility | ||||
Redemption price | 40.00% | |||
Redemption rate | 101.00% | |||
2026 Senior Notes | Senior Notes | Period Two | ||||
Line of Credit Facility | ||||
Redemption price | 10.00% | |||
Redemption rate | 103.00% | |||
2026 Senior Notes | Senior Secured Term Loan | ||||
Line of Credit Facility | ||||
Unamortized deferred financing costs | $ 10.7 | |||
Five Year Term Loan | Senior Secured Term Loan | ||||
Line of Credit Facility | ||||
Unamortized deferred financing costs | $ 7.0 | |||
Senior-secured term loan (in years) | 5 years |
Debt - Senior Secured Convertible Notes due 2027 (Details) $ / shares in Units, shares in Millions |
1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Feb. 09, 2021
USD ($)
|
Nov. 17, 2020
USD ($)
|
Nov. 30, 2021
USD ($)
$ / shares
shares
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Oct. 15, 2021
USD ($)
|
Feb. 26, 2021
USD ($)
|
|
Debt Instrument | ||||||||
Long-term debt | $ 769,446,000 | $ 890,323,000 | ||||||
Equity component - 2027 Notes | 279,557,000 | |||||||
Loss on convertible notes derivative | 126,600,000 | 74,329,000 | $ 0 | |||||
Unamortized deferred financing costs | 15,400,000 | 4,700,000 | ||||||
Repayments of convertible debt | 15,012,000 | 0 | 197,950,000 | |||||
Loss on early extinguishment of debt | 48,708,000 | $ 43,760,000 | $ 6,058,000 | |||||
Additional paid-in capital | ||||||||
Debt Instrument | ||||||||
Equity component - 2027 Notes | 279,557,000 | |||||||
Discount rate | ||||||||
Debt Instrument | ||||||||
Debt instrument, measurement input | 0.093 | 0.122 | ||||||
Convertible Debt | 2027 Notes | ||||||||
Debt Instrument | ||||||||
Long-term debt | $ 497,100,000 | $ 390,100,000 | $ 578,100,000 | |||||
Stated interest rate | 6.00% | |||||||
Percentage of notes initially convertible to common stock | 42.00% | 41.00% | ||||||
Minimum qualified cash required | $ 30,000,000 | |||||||
Fair value of embedded derivative liability | $ 115,300,000 | 189,600,000 | $ 316,200,000 | |||||
Debt fair value | 389,100,000 | |||||||
Loss on convertible notes derivative | 126,600,000 | |||||||
Unamortized deferred financing costs | $ 2,300,000 | 2,000,000.0 | $ 2,300,000 | |||||
Debt instrument (term) | 7 years | |||||||
Amortization of the discount | $ 2,300,000 | 10,900,000 | ||||||
Amortization of debt issuance costs | 200,000 | |||||||
Interest expense | $ 29,800,000 | |||||||
Effective interest rate | 10.50% | |||||||
Debt instrument, share conversion rate (per $1,000) | 20.00% | |||||||
Face amount | 11,800,000 | |||||||
Repayments of convertible debt | 15,300,000 | |||||||
Loss on early extinguishment of debt | 800,000 | |||||||
Reduction in additional paid-in capital | $ 4,200,000 | |||||||
Convertible Debt | 2027 Notes | Scenario, Plan | ||||||||
Debt Instrument | ||||||||
Stated conversion price (in usd per share) | $ / shares | $ 5.00 | |||||||
Initial conversion rate (in shares) | shares | 97.1 | |||||||
Convertible Debt | 2027 Notes | Discount rate | ||||||||
Debt Instrument | ||||||||
Debt instrument, measurement input | 0.107 | |||||||
Convertible Debt | 2027 Notes | Period One | ||||||||
Debt Instrument | ||||||||
Redemption rate | 110.00% | |||||||
Maximum repurchase amount | $ 100,000,000 | |||||||
Total gross leverage ratio | 1.5 | |||||||
Convertible Debt | 2027 Notes | Period Two | ||||||||
Debt Instrument | ||||||||
Redemption rate | 130.00% | |||||||
Maximum repurchase amount | $ 99,400,000 | |||||||
Redemption period (term) | 4 years | |||||||
Senior Secured Term Loan | ||||||||
Debt Instrument | ||||||||
Amortization of debt issuance costs | $ 2,600,000 | |||||||
Interest expense | 72,800,000 | |||||||
Loss on early extinguishment of debt | $ 47,900,000 | |||||||
Senior Secured Term Loan | Five Year Term Loan | ||||||||
Debt Instrument | ||||||||
Long-term debt | $ 1,045,000,000.000 | |||||||
Senior-secured term loan (in years) | 5 years | |||||||
Unamortized deferred financing costs | $ 7,000,000 |
Debt - Fair Value Assumptions (Details) |
12 Months Ended | |
---|---|---|
Feb. 26, 2021
$ / shares
|
Dec. 31, 2020
$ / shares
|
|
Debt Instrument | ||
Stock price (usd per share) | $ 4.95 | $ 3.36 |
Annual volatility | ||
Debt Instrument | ||
Debt instrument, measurement input | 0.700 | 0.700 |
Discount rate | ||
Debt Instrument | ||
Debt instrument, measurement input | 0.122 | 0.093 |
Debt - Senior Convertible Notes due 2024 (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument | ||
Long-term debt | $ 769,446 | $ 890,323 |
2024 Notes | Convertible Debt | ||
Debt Instrument | ||
Long-term debt | $ 3,300 | $ 3,300 |
Stated interest rate | 4.75% | |
Effective interest rate | 6.05% |
Debt - Future Debt Obligation Payments (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Principal payments | |
2022 | $ 69,500 |
2023 | 51,600 |
2024 | 54,900 |
2025 | 51,600 |
2026 | 655,805 |
Thereafter | 485,286 |
Total debt obligations | $ 1,368,691 |
Pensions and other postretirement benefit plans - Narrative (Detail) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021
USD ($)
plan
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Accumulated pension benefit obligations | $ 3,000,000 | $ 3,200,000 | |
Net periodic expense (benefit) | 93,200 | 69,400 | $ 8,100 |
Employee retirement income security act contributions deferred | $ 11,000 | ||
Number of multiemployer pension plans | plan | 6 | ||
Other current and non-current liabilities, withdrawal liabilities for multi-employer pension plans | $ 39,600 | ||
Penalties amortization period | 17 years 2 months 12 days | ||
Compensation expense related to 401(k) contributions | $ 8,200 | 16,000 | 4,900 |
Pension benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Net periodic expense (benefit) | (94,963) | (71,781) | (8,433) |
Employer contributions | 52,161 | 41,018 | |
Employer contributions expected to be paid during the next fiscal year | 29,500 | ||
Other Postretirement Benefits Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Employer contributions | 5,500 | ||
Postretirement benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Net periodic expense (benefit) | 1,759 | 2,355 | $ 364 |
Employer contributions | 5,459 | $ 7,078 | |
Employer contributions expected to be paid during the next fiscal year | $ 29,500 | ||
Gannett Retirement Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Maximum annual contributions per employee, percent | 75.00% | ||
First 4% of employee contributions | Gannett Retirement Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Employer matching contribution, percent of match | 100.00% | ||
Contributions per employee subject to employer match (as a percent) | 4.00% | ||
Next 2% of employee contributions | Gannett Retirement Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Employer matching contribution, percent of match | 50.00% | ||
Contributions per employee subject to employer match (as a percent) | 2.00% |
Pensions and other postretirement benefit plans - Reconciliation of Benefit Obligations, Plan Assets and Funded Status (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Change in plan assets | |||
Fair value of plan assets at beginning of period | $ 3,227,878 | ||
Fair value of plan assets at end of period | 3,221,820 | $ 3,227,878 | |
Pension benefits | |||
Change in benefit obligations | |||
Projected benefit obligation at beginning of period | 3,161,146 | 2,973,182 | |
Service cost | 2,064 | 2,618 | $ 999 |
Interest cost | 68,139 | 82,581 | 12,408 |
Change in prior service cost | 0 | 1,905 | |
Actuarial (gain) loss | (41,239) | 257,110 | |
Foreign currency translation | (7,182) | 38,003 | |
Benefits and expenses paid | (179,604) | (187,014) | |
Settlements | 0 | (6,336) | |
Administrative expenses | 0 | (903) | |
Projected benefit obligation at end of period | 3,003,324 | 3,161,146 | 2,973,182 |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 3,225,372 | 2,856,296 | |
Actual return on plan assets | 130,026 | 481,311 | |
Employer contributions | 52,161 | 41,018 | |
Settlements | 0 | (6,322) | |
Benefits paid | (179,604) | (187,014) | |
Administrative expenses | 0 | (903) | |
Foreign currency translation | (9,002) | 40,986 | |
Fair value of plan assets at end of period | 3,218,953 | 3,225,372 | 2,856,296 |
Reconciliation of funded status | |||
Funded status at end of period | 215,629 | 64,226 | |
Unrecognized actuarial (gain) loss | (75,280) | (69,640) | |
Unrecognized prior service cost | 1,894 | 1,905 | |
Net prepaid (accrued) benefit cost | 142,243 | (3,509) | |
Balance sheet presentation | |||
Other assets | 229,585 | 95,180 | |
Accounts payable and accrued liabilities | 332 | 332 | |
Pension and other postretirement benefit obligations | 13,624 | 30,622 | |
Accumulated other comprehensive (loss) income | 73,386 | 67,735 | |
Net prepaid (accrued) benefit cost | 142,243 | (3,509) | |
Postretirement benefits | |||
Change in benefit obligations | |||
Projected benefit obligation at beginning of period | 75,586 | 73,667 | |
Service cost | 89 | 105 | 17 |
Interest cost | 1,758 | 2,315 | 419 |
Change in prior service cost | 0 | 0 | |
Actuarial (gain) loss | (7,936) | 6,648 | |
Foreign currency translation | 0 | 0 | |
Benefits and expenses paid | (5,459) | (7,149) | |
Settlements | 0 | 0 | |
Administrative expenses | 0 | 0 | |
Projected benefit obligation at end of period | 64,038 | 75,586 | 73,667 |
Change in plan assets | |||
Fair value of plan assets at beginning of period | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 5,459 | 7,078 | |
Settlements | 0 | 0 | |
Benefits paid | (5,459) | (7,078) | |
Administrative expenses | 0 | 0 | |
Foreign currency translation | 0 | 0 | |
Fair value of plan assets at end of period | 0 | 0 | $ 0 |
Reconciliation of funded status | |||
Funded status at end of period | (64,038) | (75,586) | |
Unrecognized actuarial (gain) loss | (2,652) | 5,195 | |
Unrecognized prior service cost | 0 | 0 | |
Net prepaid (accrued) benefit cost | (66,690) | (70,391) | |
Balance sheet presentation | |||
Other assets | 0 | 0 | |
Accounts payable and accrued liabilities | 5,725 | 6,443 | |
Pension and other postretirement benefit obligations | 58,313 | 69,143 | |
Accumulated other comprehensive (loss) income | 2,652 | (5,195) | |
Net prepaid (accrued) benefit cost | $ (66,690) | $ (70,391) |
Pensions and other postretirement benefit plans - Retirement Plans (Details) - Pension benefits - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Funded plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Projected benefit obligation | $ 2,927,968 | $ 2,957,432 |
Accumulated benefit obligation | 2,925,870 | 2,956,973 |
Fair value of plan assets | 3,157,553 | 3,052,612 |
Underfunded plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Projected benefit obligation | 75,356 | 203,714 |
Accumulated benefit obligation | 75,356 | 201,755 |
Fair value of plan assets | $ 61,400 | $ 172,760 |
Pensions and other postretirement benefit plans - Pension Costs (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Non-operating expenses: | |||
Total non-operating (benefit) expense | $ (95,357) | $ (72,149) | $ (9,085) |
Total (benefit) expense for retirement plans | 93,200 | 69,400 | 8,100 |
Other changes in plan assets and benefit obligations recognized in Other comprehensive income: | |||
Net actuarial loss (gain) | (13,811) | (60,471) | (12,534) |
Amortization of net actuarial gain (loss) | (64) | (37) | (86) |
Change in prior service cost | 0 | 1,905 | 0 |
(Gain) loss recognized in Other comprehensive income | (13,488) | (56,495) | (12,925) |
Pension benefits | |||
Operating expenses: | |||
Service cost - benefits earned during the period | 2,064 | 2,618 | 999 |
Non-operating expenses: | |||
Interest cost on benefit obligations | 68,139 | 82,581 | 12,408 |
Expected return on plan assets | (165,390) | (157,082) | (22,303) |
Amortization of actuarial loss (gain) | 152 | 102 | 158 |
Other adjustment | 72 | 0 | 305 |
Total non-operating (benefit) expense | (97,027) | (74,399) | (9,432) |
Total (benefit) expense for retirement plans | (94,963) | (71,781) | (8,433) |
Other changes in plan assets and benefit obligations recognized in Other comprehensive income: | |||
Net actuarial loss (gain) | (5,875) | (67,119) | (12,050) |
Amortization of net actuarial gain (loss) | (152) | (102) | (158) |
Change in prior service cost | 0 | 1,905 | 0 |
Other adjustment | 387 | 2,108 | (305) |
(Gain) loss recognized in Other comprehensive income | (5,640) | (63,208) | (12,513) |
Postretirement benefits | |||
Operating expenses: | |||
Service cost - benefits earned during the period | 89 | 105 | 17 |
Non-operating expenses: | |||
Interest cost on benefit obligations | 1,758 | 2,315 | 419 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial loss (gain) | (88) | (65) | (72) |
Other adjustment | 0 | 0 | 0 |
Total non-operating (benefit) expense | 1,670 | 2,250 | 347 |
Total (benefit) expense for retirement plans | 1,759 | 2,355 | 364 |
Other changes in plan assets and benefit obligations recognized in Other comprehensive income: | |||
Net actuarial loss (gain) | (7,936) | 6,648 | (484) |
Amortization of net actuarial gain (loss) | 88 | 65 | 72 |
Change in prior service cost | 0 | 0 | 0 |
Other adjustment | 0 | 0 | 0 |
(Gain) loss recognized in Other comprehensive income | $ (7,848) | $ 6,713 | $ (412) |
Pensions and other postretirement benefit plans - Assumptions Used to Determine Defined Benefit Plans Costs (Detail) |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Pension benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Weighted average discount rate | 2.60% | 2.20% |
Rate of increase in future compensation levels | 2.00% | 2.00% |
Postretirement benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Weighted average discount rate | 3.00% | 2.60% |
Current year medical trend | 6.00% | 5.50% |
Ultimate year medical trend | 4.50% | 4.50% |
Year of ultimate trend | 2028 | 2025 |
Pensions and other postretirement benefit plans - Assumptions Used to Determine Pension Year-End Benefit Obligations (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Pension benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Weighted average discount rate | 2.20% | 2.90% | 3.10% |
Rate of increase in future compensation levels | 2.00% | 2.00% | 2.00% |
Weighted average expected return on assets | 5.30% | 5.80% | 6.10% |
Postretirement benefits | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Weighted average discount rate | 2.60% | 3.30% | 3.30% |
Current year medical trend | 6.00% | 6.00% | 6.10% |
Ultimate year medical trend | 4.50% | 4.50% | 4.50% |
Year of ultimate trend | 2028 | 2025 | 2035 |
Pensions and other postretirement benefit plans - Asset Allocation and Target Allocations by Asset Category (Details) - Retirement Plans |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target allocation | 100.00% | |
Allocation of plan assets | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target allocation | 20.00% | |
Allocation of plan assets | 21.00% | 36.00% |
Debt securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target allocation | 65.00% | |
Allocation of plan assets | 65.00% | 50.00% |
Alternative investments | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Target allocation | 15.00% | |
Allocation of plan assets | 14.00% | 14.00% |
Pensions and other postretirement benefit plans - Estimated Benefit Payments (Detail) $ in Thousands |
Dec. 31, 2021
USD ($)
|
---|---|
Pension benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
2022 | $ 195,014 |
2023 | 190,610 |
2024 | 188,805 |
2025 | 187,365 |
2026 | 183,336 |
Thereafter | 806,672 |
Postretirement benefits | |
Defined Benefit Plans and Other Postretirement Benefit Plans | |
2022 | 5,809 |
2023 | 5,538 |
2024 | 5,286 |
2025 | 5,016 |
2026 | 4,736 |
Thereafter | $ 20,016 |
Pensions and other postretirement benefit plans - Multi-Employer Pension Plans (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Contributions | $ 1,789 | $ 2,024 | $ 313 |
CWA/ITU Negotiated Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Contributions | 369 | 393 | 51 |
GCIU—Employer Retirement Benefit Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Contributions | 63 | 89 | 75 |
Newspaper Guild of Detroit Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Contributions | 12 | 92 | 31 |
IAM National Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Contributions | 188 | 173 | 11 |
Teamsters Pension Trust Fund of Philadelphia and Vicinity | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Contributions | 1,098 | 1,218 | 139 |
Central Pension Fund of the International Union of Operating Engineers and Participating Employers | |||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||
Contributions | $ 59 | $ 59 | $ 6 |
Fair value measurement - Narrative (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Hedge funds redemption period | 60 days | |
Hedge funds redemption potential holdback percentage | 5.00% | |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Unfunded commitments related to partnership/joint venture interests | $ 4.0 | $ 6.6 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions | ||
Assets held for sale | $ 3.5 | $ 14.7 |
Fair value measurement - Fair Value of Pension Plan Assets by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | $ 3,221,820 | $ 3,227,878 | |
Liabilities | (2,867) | (2,506) | |
Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Liabilities | (2,867) | ||
Derivative liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Liabilities | (2,506) | ||
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 369,968 | 578,284 | |
Liabilities | (361) | 0 | |
Level 1 | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Liabilities | (361) | ||
Level 1 | Derivative liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Liabilities | 0 | ||
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 2,167,711 | 2,069,256 | |
Liabilities | (498) | (498) | |
Level 2 | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Liabilities | (498) | ||
Level 2 | Derivative liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Liabilities | (498) | ||
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 438,236 | 414,570 | $ 371,372 |
Liabilities | (2,008) | (2,008) | |
Level 3 | Other liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Liabilities | (2,008) | (2,008) | |
Level 3 | Derivative liabilities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Liabilities | (2,008) | (2,008) | |
Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 2,975,915 | 3,062,110 | |
Cash and cash equivalents | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 21,829 | 14,975 | |
Cash and cash equivalents | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 4,187 | 4,577 | |
Cash and cash equivalents | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | 0 | |
Cash and cash equivalents | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 26,016 | 19,552 | |
Corporate common stock | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 293,563 | 517,123 | |
Corporate common stock | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | 0 | |
Corporate common stock | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | 0 | |
Corporate common stock | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 293,563 | 517,123 | |
Corporate and government bonds | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | ||
Corporate and government bonds | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 337,785 | ||
Corporate and government bonds | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | ||
Corporate and government bonds | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 337,785 | ||
Real estate | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | 0 | |
Real estate | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | 1,096 | |
Real estate | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 150,589 | 125,929 | 99,223 |
Real estate | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 150,589 | 127,025 | |
Real estate | Instruments measured at NAV using the practical expedient: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 11,856 | 10,581 | |
Equities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 30,633 | ||
Equities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 403,025 | ||
Equities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | ||
Equities | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 433,658 | ||
Equities | Instruments measured at NAV using the practical expedient: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 87,221 | 48,632 | |
Fixed income | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 23,943 | ||
Fixed income | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 1,347,233 | ||
Fixed income | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | ||
Fixed income | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 1,371,176 | ||
Fixed income | Instruments measured at NAV using the practical expedient: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 93,819 | 53,178 | |
Equities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 19,398 | ||
Equities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 559,190 | ||
Equities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | ||
Equities | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 578,588 | ||
Fixed income | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 23,481 | ||
Fixed income | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 1,427,963 | ||
Fixed income | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | ||
Fixed income | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 1,451,444 | ||
Interest in 103-12 investment entities | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | 0 | |
Interest in 103-12 investment entities | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 75,481 | 76,430 | |
Interest in 103-12 investment entities | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | 0 | |
Interest in 103-12 investment entities | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 75,481 | 76,430 | |
Partnership/joint venture interests | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | 0 | |
Partnership/joint venture interests | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | 0 | |
Partnership/joint venture interests | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 186,817 | 174,789 | 149,018 |
Partnership/joint venture interests | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 186,817 | 174,789 | |
Partnership/joint venture interests | Instruments measured at NAV using the practical expedient: | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Instruments measured at net asset value using the practical expedient | 53,009 | 53,377 | |
Hedge funds | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | 0 | |
Hedge funds | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | 0 | |
Hedge funds | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 100,828 | 113,850 | 123,126 |
Hedge funds | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 100,828 | 113,850 | |
Other assets | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | ||
Other assets | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | ||
Other assets | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 2 | 2 | |
Other assets | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | $ 2 | ||
Derivative contracts | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 3,307 | ||
Derivative contracts | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 0 | ||
Derivative contracts | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | 2 | $ 5 | |
Derivative contracts | Total | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |||
Assets | $ 3,309 |
Fair value measurement - Summary of Changes in Fair Value of Pension Plan Assets and Liabilities Categorized as Level 3 (Detail) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Fair value of plan assets at beginning of period | $ 3,227,878 | |
Fair value of plan assets at end of period | 3,221,820 | $ 3,227,878 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Fair value of plan liabilities at beginning of year | 2,506 | |
Fair value of plan liabilities at end of year | 2,867 | 2,506 |
Level 3 | ||
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Fair value of plan assets at beginning of period | 414,570 | 371,372 |
Relating to assets still held at report date | 32,459 | 11,122 |
Relating to assets sold during the period | 0 | 0 |
Purchases | 45,046 | 78,693 |
Sales | (28,635) | (31,617) |
Settlements | (25,204) | (15,000) |
Fair value of plan assets at end of period | 438,236 | 414,570 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Fair value of plan liabilities at beginning of year | 2,008 | |
Fair value of plan liabilities at end of year | 2,008 | 2,008 |
Other liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Fair value of plan liabilities at end of year | 2,867 | |
Other liabilities | Level 3 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Fair value of plan liabilities at beginning of year | 2,008 | |
Relating to assets still held at report date | 0 | |
Relating to assets sold during the period | 0 | |
Purchases | 0 | |
Sales | 0 | |
Settlements | 0 | |
Fair value of plan liabilities at end of year | 2,008 | 2,008 |
Derivative liabilities | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Fair value of plan liabilities at beginning of year | 2,506 | |
Fair value of plan liabilities at end of year | 2,506 | |
Derivative liabilities | Level 3 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation | ||
Fair value of plan liabilities at beginning of year | 2,008 | 2,008 |
Relating to assets still held at report date | 0 | |
Relating to assets sold during the period | 0 | |
Purchases | 0 | |
Sales | 0 | |
Settlements | 0 | |
Fair value of plan liabilities at end of year | 2,008 | |
Real estate | Level 3 | ||
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Fair value of plan assets at beginning of period | 125,929 | 99,223 |
Relating to assets still held at report date | 17,874 | 2,556 |
Relating to assets sold during the period | 0 | 0 |
Purchases | 9,082 | 24,150 |
Sales | (2,296) | 0 |
Settlements | 0 | 0 |
Fair value of plan assets at end of period | 150,589 | 125,929 |
Partnership/joint venture interests | Level 3 | ||
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Fair value of plan assets at beginning of period | 174,789 | 149,018 |
Relating to assets still held at report date | 7,607 | 2,845 |
Relating to assets sold during the period | 0 | 0 |
Purchases | 35,964 | 54,543 |
Sales | (26,339) | (31,617) |
Settlements | (5,204) | 0 |
Fair value of plan assets at end of period | 186,817 | 174,789 |
Hedge funds | Level 3 | ||
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Fair value of plan assets at beginning of period | 113,850 | 123,126 |
Relating to assets still held at report date | 6,978 | 5,724 |
Relating to assets sold during the period | 0 | 0 |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Settlements | (20,000) | (15,000) |
Fair value of plan assets at end of period | 100,828 | 113,850 |
Other assets | Level 3 | ||
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Fair value of plan assets at beginning of period | 2 | |
Relating to assets still held at report date | 0 | |
Relating to assets sold during the period | 0 | |
Purchases | 0 | |
Sales | 0 | |
Settlements | 0 | |
Fair value of plan assets at end of period | 2 | 2 |
Derivative contracts | Level 3 | ||
Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation | ||
Fair value of plan assets at beginning of period | $ 2 | 5 |
Relating to assets still held at report date | (3) | |
Relating to assets sold during the period | 0 | |
Purchases | 0 | |
Sales | 0 | |
Settlements | 0 | |
Fair value of plan assets at end of period | $ 2 |
Income taxes - Components of Income (Loss) from Continuing Operations Attributable to Gannett Co., Inc. Before Income Taxes (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income Tax Disclosure [Abstract] | |||
Domestic | $ (152,796) | $ (646,795) | $ (206,270) |
Foreign | 64,875 | (59,052) | (914) |
Loss before income taxes | $ (87,921) | $ (705,847) | $ (207,184) |
Income taxes - Provision (Benefit) for Income Taxes on Income from Continuing Operations (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Current: | |||
Federal | $ 579 | $ (6,896) | $ 113 |
State and local | 1,180 | 1,877 | 1,725 |
Foreign | 1,521 | 1,744 | (68) |
Total current | 3,280 | (3,275) | 1,770 |
Deferred: | |||
Federal | 27,842 | (20,832) | (85,144) |
State and local | 1,663 | (12,064) | (2,833) |
Foreign | 15,465 | 2,721 | 213 |
Total deferred | 44,970 | (30,175) | (87,764) |
Provision (benefit) for income taxes | $ 48,250 | $ (33,450) | $ (85,994) |
Income taxes - Reconciliation of Effective Tax Rate (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | 21.00% | 21.00% | 21.00% |
(Increase) decrease in taxes resulting from: | |||
State and local income taxes, net of federal benefit | (3.00%) | 1.40% | 0.70% |
Debt refinancing | (30.20%) | (2.50%) | 0.00% |
Change in valuation allowance | (40.60%) | (9.20%) | 22.60% |
Non-deductible meals, entertainment, and other expenses | (2.30%) | (0.30%) | (0.80%) |
Capital loss carryforward | (1.60%) | 0.00% | 0.00% |
PPP Loan forgiveness | 3.80% | 0.00% | 0.00% |
Global intangible low-taxed income | (5.80%) | 0.00% | 0.00% |
Branch income | 1.60% | 0.10% | 0.00% |
Profit on non-qualifying land and buildings | 2.40% | (0.10%) | 0.00% |
Uncertain tax positions | (8.60%) | (1.00%) | (0.40%) |
Deduction for interest expense | 8.40% | 0.90% | 0.40% |
Transaction costs | 0.00% | (0.10%) | (2.00%) |
Goodwill Impairment | 0.00% | (5.50%) | 0.00% |
Effective tax rate | 4.70% | 41.50% |
Income taxes - Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Deferred tax liabilities: | ||
Fixed Assets | $ (16,350) | $ (31,439) |
Right of use asset | (80,033) | (82,275) |
Convertible debt | (27,567) | (27,674) |
Pension and other postretirement benefit obligations | (24,900) | 0 |
Definite and indefinite lived intangible assets | (50,738) | (62,666) |
Total deferred tax liabilities | (199,588) | (204,054) |
Deferred tax assets: | ||
Accrued compensation costs | 12,796 | 33,325 |
Accrued liabilities | 15,760 | 18,341 |
Disallowed interest | 83,370 | 56,527 |
Goodwill | 12,624 | 27,182 |
Pension and other postretirement benefit obligations | 0 | 21,525 |
Partnership investments including impairments | 301 | 3,837 |
Loss carryforwards | 255,874 | 233,049 |
Lease liabilities | 72,728 | 82,369 |
Derivative liability | 0 | 32,534 |
Other | 24,065 | 29,286 |
Total deferred tax assets | 477,518 | 537,975 |
Less: Valuation allowance | (274,343) | (250,536) |
Total net deferred tax assets | 203,175 | 287,439 |
Noncurrent net deferred tax assets (liabilities) | $ 3,587 | $ 83,385 |
Income taxes - Narrative (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Valuation allowance increase | $ 23.4 | $ 90.0 |
Operating loss carryforwards | 613.4 | |
Disallowed business interest expense carryforwards | 334.2 | |
State net operating loss carryforwards | 1,079.0 | |
Foreign net operating loss carryforwards | 241.3 | |
General business tax credit | 6.0 | |
Foreign tax credits | 0.3 | |
State credits | 5.2 | |
Capital loss carryforwards | 54.7 | |
Uncertain tax positions | 45.0 | |
Interest and penalties included in uncertain tax position accrual | $ 3.7 | $ 2.6 |
Income taxes - Summary of Valuation Allowance (Details) - Valuation Allowance of Deferred Tax Assets $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2021
USD ($)
| |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves | |
Balance at beginning of period | $ 250,536 |
Additions/(reductions) charged to expenses | 23,438 |
Additions/(reductions) for acquisitions/dispositions | 0 |
Other additions to (deductions from) reserves | 0 |
Foreign currency translation | 369 |
Balance at end of period | $ 274,343 |
Income taxes - Summary of Activity Related to Unrecognized Tax Benefits, Excluding Federal Tax Benefit of State Tax Deductions (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns | |||
Balance at beginning of year | $ 40,885 | $ 34,074 | $ 1,190 |
Additions based on tax positions related to the current year | 6,574 | 6,617 | 658 |
Additions for tax positions of prior years | 607 | 1,611 | 0 |
Reductions for tax positions of prior years | (1,984) | (1,417) | (352) |
Increase due to current year business acquisitions | 0 | 0 | 32,578 |
Balance at end of year | $ 46,082 | $ 40,885 | $ 34,074 |
Supplemental equity information - Earnings (Loss) Per Share (Basic and Diluted) (Detail) - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Equity [Abstract] | |||
Net loss attributable to Gannett | $ (134,962) | $ (670,479) | $ (119,842) |
Basic weighted average shares outstanding (in shares) | 134,783 | 131,742 | 67,671 |
Diluted weighted average shares outstanding (in shares) | 134,783 | 131,742 | 67,671 |
Supplemental equity information - Computation of Diluted Income Per Share (Detail) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Warrants | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Computation of diluted income per share (in shares) | 845 | 845 | 1,362 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Computation of diluted income per share (in shares) | 6,068 | 6,068 | 2,905 |
Restricted stock grants | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Computation of diluted income per share (in shares) | 9,854 | 7,694 | 9,494 |
2027 Notes | |||
Share-based Compensation Arrangement by Share-based Payment Award | |||
Computation of diluted income per share (in shares) | 98,168 | 27,482 | 0 |
Supplemental equity information - Narrative (Detail) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021
USD ($)
shares
$ / shares
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Stockholders Equity Note | |||
Share-based compensation cost | $ | $ 18.4 | $ 26.4 | $ 11.3 |
Unrecognized compensation cost related to non-vested share-based compensation | $ | $ 24.8 | ||
Unrecognized compensation recognition period | 2 years | ||
Number of stock options (in shares) | shares | 6,068,000 | ||
Exercisable at year end (in shares) | shares | 5,541,000 | ||
Weighted average grant date fair value (in dollars per shares) | $ / shares | $ 1.78 | ||
Weighted average exercise price (in dollars per share) | $ / shares | $ 13.97 | ||
Remaining contractual term (in years) | 6 years 2 months 12 days | ||
2027 Notes | Convertible Debt | |||
Stockholders Equity Note | |||
Aggregate shares receivable upon conversion (shares) | shares | 287,200,000 | ||
2027 Notes and restricted stock grants (in shares) | shares | 190,100,000 | ||
RSA | |||
Stockholders Equity Note | |||
Vesting period (years) | 3 years | ||
RSUs | |||
Stockholders Equity Note | |||
Vesting period (years) | 3 years | ||
Restricted Stock Grants (RSGs) | |||
Stockholders Equity Note | |||
Aggregate intrinsic value of unvested | $ | $ 37.0 | ||
RSU's & PSU's | |||
Stockholders Equity Note | |||
Aggregate intrinsic value of unvested | $ | $ 15.5 |
Supplemental equity information - RSU's; PSU's; and Restricted Stock Grants (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
RSA | |||
Unvested Shares | |||
Outstanding and Unvested at beginning of year (in shares) | 5,181,000 | 317,000 | 384,000 |
Granted (in shares) | 4,100,000 | 6,781,000 | 301,000 |
Vested (in shares) | (1,956,000) | (1,280,000) | (274,000) |
Forfeited (in shares) | (376,000) | (637,000) | (94,000) |
Outstanding and Unvested at end of year (in shares) | 6,949,000 | 5,181,000 | 317,000 |
Weighted- average grant date fair value | |||
Outstanding and Unvested at beginning (in dollars per shares) | $ 3.39 | $ 14.61 | $ 16.11 |
Granted (in dollars per share) | 5.29 | 3.35 | 13.62 |
Vested (in dollars per shares) | 3.80 | 5.72 | 15.45 |
Forfeited (in dollars per share) | 4.76 | 3.90 | 15.12 |
Outstanding and Unvested at end of year (in dollars per shares) | $ 4.32 | $ 3.39 | $ 14.61 |
RSU's & PSU's | |||
Unvested Shares | |||
Outstanding and Unvested at beginning of year (in shares) | 2,513,000 | 7,368,000 | 0 |
Granted (in shares) | 2,000,000 | 282,000 | 10,466,000 |
Vested (in shares) | (1,576,000) | (4,713,000) | (3,081,000) |
Forfeited (in shares) | (32,000) | (424,000) | (17,000) |
Outstanding and Unvested at end of year (in shares) | 2,905,000 | 2,513,000 | 7,368,000 |
Weighted- average grant date fair value | |||
Outstanding and Unvested at beginning (in dollars per shares) | $ 6.28 | $ 6.28 | $ 0 |
Granted (in dollars per share) | 3.04 | 0.90 | 6.28 |
Vested (in dollars per shares) | 6.28 | 6.27 | 6.28 |
Forfeited (in dollars per share) | 6.28 | 2.81 | 6.28 |
Outstanding and Unvested at end of year (in dollars per shares) | $ 4.05 | $ 6.28 | $ 6.28 |
Supplemental equity information - Rights Agreement (Details) - USD ($) $ in Millions |
Dec. 31, 2021 |
Apr. 06, 2020 |
---|---|---|
Class of Stock | ||
Operating loss carryforwards | $ 613.4 | |
Rights agreement, percent of common stock owned required for exercise | 4.99% | |
Rights agreement, additional percent of common stock owned required for exercise | 0.50% | |
Exercise percent discount | 50.00% | |
Preferred Stock | ||
Class of Stock | ||
Rights agreement, dividend declared (in shares) | 1 | |
Common stock | ||
Class of Stock | ||
Number of shares that may be exchanged per right (in shares) | 1 |
Supplemental equity information - Preferred Stock (Details) - $ / shares |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Class of Stock | ||
Preferred stock authorized (in shares) | 300,000 | 300,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Preferred stock, issued (in shares) | 0 | |
Series A Junior Participating Preferred Stock | ||
Class of Stock | ||
Preferred stock, outstanding (in shares) | 0 | |
Preferred stock, issued (in shares) | 150,000 | 150,000 |
Supplemental equity information - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||
Beginning Balance | $ 364,109 | ||
Ending Balance | 532,100 | $ 364,109 | |
Amounts reclassified from accumulated other comprehensive income | 20 | 10 | |
Pension and postretirement benefit plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||
Beginning Balance | 40,441 | 936 | $ (6,881) |
Other comprehensive income (loss) before reclassifications | 10,382 | 39,479 | 7,731 |
Amounts reclassified from accumulated other comprehensive income | 47 | 26 | 86 |
Net current period other comprehensive income (loss), net of taxes | 10,429 | 39,505 | 7,817 |
Ending Balance | 50,870 | 40,441 | 936 |
Foreign currency translation | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||
Beginning Balance | 9,732 | 7,266 | 0 |
Other comprehensive income (loss) before reclassifications | (604) | 2,466 | 7,266 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 |
Net current period other comprehensive income (loss), net of taxes | (604) | 2,466 | 7,266 |
Ending Balance | 9,128 | 9,732 | 7,266 |
Total | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | |||
Beginning Balance | 50,173 | 8,202 | (6,881) |
Other comprehensive income (loss) before reclassifications | 9,778 | 41,945 | 14,997 |
Amounts reclassified from accumulated other comprehensive income | 47 | 26 | 86 |
Net current period other comprehensive income (loss), net of taxes | 9,825 | 41,971 | 15,083 |
Ending Balance | $ 59,998 | $ 50,173 | $ 8,202 |
Commitments, contingencies and other matters (Detail) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Commitments and Contingencies Disclosure | ||
Self insurance liabilities | $ 55.4 | $ 43.1 |
Printing Contracts and Others | ||
Commitments and Contingencies Disclosure | ||
Purchase commitments under contract | $ 559.0 |
Segment reporting - Narrative (Details) |
12 Months Ended |
---|---|
Dec. 31, 2021
segment
| |
Segment Reporting Information | |
Number of operating segments | 2 |
Publishing | |
Segment Reporting Information | |
Number of operating segments | 2 |
Segment reporting (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Segment Reporting Information | |||
Total revenues | $ 3,208,083 | $ 3,405,670 | $ 1,867,909 |
Adjusted EBITDA (non-GAAP basis) | $ 433,712 | $ 413,895 | $ 223,871 |
Adjusted EBITDA margin (non-GAAP basis) (percent) | 13.50% | 12.20% | 12.00% |
Advertising and marketing services | |||
Segment Reporting Information | |||
Total revenues | $ 1,651,161 | $ 1,710,244 | $ 952,644 |
Circulation | |||
Segment Reporting Information | |||
Total revenues | 1,249,674 | 1,391,996 | 704,842 |
Other | |||
Segment Reporting Information | |||
Total revenues | 307,248 | 303,430 | 210,423 |
Operating Segments | Publishing | |||
Segment Reporting Information | |||
Total revenues | 2,886,735 | 3,080,447 | 1,792,652 |
Adjusted EBITDA (non-GAAP basis) | $ 433,973 | $ 459,195 | $ 268,916 |
Adjusted EBITDA margin (non-GAAP basis) (percent) | 15.00% | 14.90% | 15.00% |
Operating Segments | Publishing | Advertising and marketing services | |||
Segment Reporting Information | |||
Total revenues | $ 1,207,881 | $ 1,295,158 | $ 819,046 |
Operating Segments | Publishing | Circulation | |||
Segment Reporting Information | |||
Total revenues | 1,249,669 | 1,391,983 | 704,811 |
Operating Segments | Publishing | Other | |||
Segment Reporting Information | |||
Total revenues | 299,863 | 278,964 | 190,256 |
Operating Segments | Digital Marketing Solutions | |||
Segment Reporting Information | |||
Total revenues | 442,299 | 428,605 | 149,242 |
Adjusted EBITDA (non-GAAP basis) | $ 50,960 | $ 24,361 | (3,279) |
Adjusted EBITDA margin (non-GAAP basis) (percent) | 11.50% | 5.70% | |
Operating Segments | Digital Marketing Solutions | Advertising and marketing services | |||
Segment Reporting Information | |||
Total revenues | $ 441,394 | $ 411,940 | 131,003 |
Operating Segments | Digital Marketing Solutions | Circulation | |||
Segment Reporting Information | |||
Total revenues | 0 | 0 | 0 |
Operating Segments | Digital Marketing Solutions | Other | |||
Segment Reporting Information | |||
Total revenues | 905 | 16,665 | 18,239 |
Corporate and Other | |||
Segment Reporting Information | |||
Total revenues | 8,371 | 10,960 | 4,554 |
Adjusted EBITDA (non-GAAP basis) | (51,221) | (69,661) | (41,766) |
Corporate and Other | Advertising and marketing services | |||
Segment Reporting Information | |||
Total revenues | 1,886 | 3,146 | 2,595 |
Corporate and Other | Circulation | |||
Segment Reporting Information | |||
Total revenues | 5 | 13 | 31 |
Corporate and Other | Other | |||
Segment Reporting Information | |||
Total revenues | 6,480 | 7,801 | 1,928 |
Intersegment Eliminations | |||
Segment Reporting Information | |||
Total revenues | (129,322) | (114,342) | (78,539) |
Intersegment Eliminations | Advertising and marketing services | |||
Segment Reporting Information | |||
Total revenues | (129,322) | (114,342) | (78,539) |
Intersegment Eliminations | Publishing | Advertising and marketing services | |||
Segment Reporting Information | |||
Total revenues | $ (129,322) | $ (114,342) | $ (78,539) |
Segment reporting - Reconciliation of EBITDA to Operating Income (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Segment Reporting [Abstract] | |||
Net loss attributable to Gannett | $ (134,962) | $ (670,479) | $ (119,842) |
Provision (benefit) for income taxes | 48,250 | (33,450) | (85,994) |
Interest expense | 135,748 | 228,513 | 63,660 |
Loss on early extinguishment of debt | 48,708 | 43,760 | 6,058 |
Non-operating pension income | (95,357) | (72,149) | (9,085) |
Loss on convertible notes derivative | 126,600 | 74,329 | 0 |
Depreciation and amortization | 203,958 | 263,819 | 111,882 |
Integration and reorganization costs | 49,284 | 145,731 | 52,212 |
Other operating expenses | 20,952 | 11,152 | 60,618 |
Asset impairments | 3,976 | 11,029 | 3,009 |
Goodwill and intangible impairments | 0 | 393,446 | 100,743 |
Loss (gain) on sale or disposal of assets, net | 17,208 | (5,680) | 4,723 |
Share-based compensation expense | 18,439 | 26,350 | 11,324 |
Other items | (9,092) | (2,476) | 24,563 |
Adjusted EBITDA (non-GAAP basis) | $ 433,712 | $ 413,895 | $ 223,871 |
Net loss attributable to Gannett margin (percent) | (4.20%) | (19.70%) | (6.40%) |
Adjusted EBITDA margin (non-GAAP basis) (percent) | 13.50% | 12.20% | 12.00% |
Subsequent events (Details) - USD ($) |
Feb. 04, 2022 |
Feb. 01, 2022 |
Jan. 31, 2022 |
Dec. 31, 2021 |
Oct. 15, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|---|---|
Subsequent Event | ||||||
Principal balance | $ 1,368,700,000 | $ 1,575,600,000 | ||||
Debt outstanding | 1,232,300,000 | 1,600,200,000 | ||||
Senior Secured Term Loan | New Senior Secured Term Loan | ||||||
Subsequent Event | ||||||
Principal balance | 480,100,000 | $ 516,000,000 | ||||
Senior Secured Term Loan | 2026 Senior Notes | ||||||
Subsequent Event | ||||||
Principal balance | 400,000,000.0 | $ 400,000,000 | ||||
Convertible Debt | 2027 Notes | ||||||
Subsequent Event | ||||||
Principal balance | 485,300,000 | 497,100,000 | ||||
Convertible Debt | 2024 Notes | ||||||
Subsequent Event | ||||||
Principal balance | $ 3,300,000 | $ 3,300,000 | ||||
Subsequent Event | ||||||
Subsequent Event | ||||||
Debt outstanding | $ 1,419,000,000 | |||||
Subsequent Event | Share Repurchase Program | ||||||
Subsequent Event | ||||||
Shares authorized for repurchase, value | $ 100,000,000 | |||||
Subsequent Event | Senior Secured Term Loan | Incremental Term Loans | ||||||
Subsequent Event | ||||||
Principal balance | $ 50,000,000 | |||||
Subsequent Event | Senior Secured Term Loan | Incremental Term Loans | Share Repurchase Program | ||||||
Subsequent Event | ||||||
Shares authorized for repurchase, value | $ 50,000,000 | |||||
Subsequent Event | Senior Secured Term Loan | New Senior Secured Term Loan | ||||||
Subsequent Event | ||||||
Debt outstanding | 530,100,000 | |||||
Subsequent Event | Senior Secured Term Loan | 2026 Senior Notes | ||||||
Subsequent Event | ||||||
Debt outstanding | 400,000,000 | |||||
Subsequent Event | Convertible Debt | 2027 Notes | ||||||
Subsequent Event | ||||||
Debt outstanding | 485,300,000 | |||||
Subsequent Event | Convertible Debt | 2024 Notes | ||||||
Subsequent Event | ||||||
Debt outstanding | $ 3,300,000 |
Label | Element | Value |
---|---|---|
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-02 [Member] |
6CV]J.@@:A4-,JXA'9%)>$&B<10.\$WZ)">>
M;S*4I-+':9*?RYU!;1_%KX$ TS[ U >8_B? %R;@5 &'T3=:&B0?F*@^D1^J
MECFYN]L.J)KUJF;O4G7+M2";]2EAPP33:$#%O% 0K"@D*.Y6>?6###%]?C9+F
M@CPM3\FA1X]?@,Y]BQN2VD)BVP?]:3]%EFWS_'5O1] ]TSF7AI2PM]#QZ*,M
MCV[;NC505;Z5=@IM8_IM82
UTB_%2#6E592,'YM=]X! (,I'
ML4LG9&F?31OA^1N?+.RB1KOMY_W'/',34@S%J)N-#Q$8CSJR4=Y&;QZ.WJOB
MU>)#6Q2EZA*N
M4P.M2A)OJ*1Q4TVM[73;,#;/]7?55.O6XJ(."$O1*A?Q_SMQ(9"O(DE,J1L/
M!A@PI1$3;G43 LVZQX *Z,P-]!WJM!.&
ML#>@^BQA)BDU&IVA#1%+S
YF,ULU5(O[51O:,#.
M6IM>.DQ-,[,;0[(.1GTW$YQGLUZJ8;*X#&NW9G&IMZY3 ]T:9K=]+\W##75Z
M=S6))X>%#ZIIG5^8+2XWLJ&/Y'[:W!K,9D>46O4T6*4'9FA]-;F.+VY2KQ\4
M?E:TLR
^0_=[%5XD4/#JSR9]2[?JQQ-&7
MZOO8*J?5'&OR?VQOJ%'#X-4/03YC(%(6*!TG:90@#$A%%G&>>W+G40I.80EJ
M25Y"$C'("X8LI6W]Y4EJ@\0*=$'!,U:6'%06GGDY5L LD8LH3N=8B><@4=A+
MQ3Q*BOQ F=,[^(4H./#SE^Q%#"=X%)<\R*+ //;KHO"$2\)JG/,HX:-&BK82
M?AW?TZ
W0((ANP?I34\@90K\]BW@V!-J6TA32>G_6V83Q.]09$O'W3BF/
MV/G/,)P\$.__8":)PN@(\M'Z9!99>E%H47UXA>?0ST^FD-EX0,^/SQ_(N'@9
MLBSR61AX(3#K6UNOZE9TL\0%;LYG4T?^V!3A14F&68*P,/R/!:+TXB!+9$Z,SU @S"FW^DI@RYCVYJZ"F:]9,;*KHY&BSC%Q$-S
M18HQ),7_)/*B//^-D6+6:/]F_ICAXM6L.,A[5KOWMN[*WWNT_S):3
MV25^F$_6^'=YO9@L1/%4MOZ]C/^H4Y.2XFB&Z3XUBZ;KU60N+E;+R?02AUQ>
MXL79S>0&\7[M('I75LJ(Y70Z 5+,%CCSQ6R*?Q8PP'5O8'AW;5^ZD)< _ I@
MO+A=3.8T"\RUN,7U+&_7\#\,=3U9T!WX?[6^@6LPPM*.@.MS_.7^XK6QZ[^6
M%9"$V.X<5K.XOIFL"7/S&