Fair Value Measurements

12 Months Ended

Dec. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company’s financial instruments, including cash, cash equivalents, accounts receivable, interest receivable, accounts payable, and amounts due to customers are carried at cost, which approximates their fair value due to the short-term nature of these instruments. The following fair value information is based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The three levels in the hierarchy used to measure fair value are:

Level I — Unadjusted quoted prices in active markets accessible at the reporting date for identical assets and liabilities.

Level II — Quoted prices for similar assets or liabilities in active markets. Quoted prices for identical or similar assets and liabilities in markets that are not considered active or financial instruments for which all significant inputs are observable, either directly or indirectly.

Level III — Prices or valuations that require inputs that are significant to the valuation and are unobservable.

The table below sets forth the assets by major category that were measured at fair value on a nonrecurring basis during the period, as required by ASC 820–Fair Value Measurements:

			Fair Value Measurements Using
Description	Carrying Value		Quoted Price in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)		Total Losses
December 31, 2012
Property, plant and equipment	$	235	$	—	$	235	$	—	$	(2,444	)
December 31, 2011
Property, plant and equipment	26,444		—		26,444		—		(6,500		)
Assets held for sale	2,396		—		2,396		—		(700		)
December 31, 2010
Investments	—		—		—		—		(2,448		)

In December 2012, The Press-Enterprise ceased printing certain commercial products that were determined to be unprofitable. As a result, various related press assets, with a carrying value of $2,679, were identified that would no longer be used in operations. The Company intends to sell these assets and recorded an impairment charge of $2,444 based on the expected net sales proceeds of $235 estimated from current appraisals.

In the fourth quarter of 2011, the Company realigned certain asset groupings used for purposes of evaluating long-lived assets for impairment to more closely correspond with the Company’s operating strategies.  Certain real estate properties in California were removed from The Press-Enterprise’s production assets group based on revised strategies that would better optimize the return on these assets.  As a result of the economic decline in the California real estate markets, the estimated recovery values on these real estate assets were less than the recorded carrying value.  Accordingly, the Company recorded an impairment charge of $6,500 to record these assets at their fair value.

In the first quarter of 2011, the Company acquired the personal residence of a Company officer for $3,096, pursuant to a retention and relocation agreement. In 2011, the Company recorded a loss of $700 on the residence based on expected net sales proceeds of $2,396. The residence was sold in the second quarter of 2012 for $2,410.

In 2010, the Company impaired the carrying value of its investment in Sawbuck Realty Inc., an investment accounted for under the cost method, as the Company did not anticipate any recovery of this investment.