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Shareholders' equity (Tables)
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12 Months Ended |
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Dec. 28, 2014
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| Shareholders' Equity and Share-based Payments [Abstract] |
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| Earnings (Loss) Per Share (Basic and Diluted) |
Our earnings per share (basic and diluted) for 2014, 2013, and 2012 are presented below: | | | | | | | | | | | In thousands, except per share amounts | | 2014 | 2013 | 2012 | Net income attributable to Gannett Co., Inc. | $ | 1,062,171 |
| $ | 388,680 |
| $ | 424,280 |
| Weighted average number of common shares outstanding (basic) | 226,292 |
| 228,541 |
| 232,327 |
| Effect of dilutive securities | | | | Restricted stock | 2,624 |
| 2,839 |
| 2,552 |
| Performance shares | 1,999 |
| 1,649 |
| 944 |
| Stock options | 992 |
| 1,160 |
| 867 |
| Weighted average number of common shares outstanding (diluted) | 231,907 |
| 234,189 |
| 236,690 |
| Earnings per share (basic) | $ | 4.69 |
| $ | 1.70 |
| $ | 1.83 |
| Earnings per share (diluted) | $ | 4.58 |
| $ | 1.66 |
| $ | 1.79 |
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| Assumptions Used to Estimate Fair Value of Option Awards |
The following assumptions were used to estimate the fair value of performance share awards and stock options: | | | | | Performance Shares Granted During | 2014 | 2013 | 2012 | Expected term | 3 yrs. | 3 yrs. | 3 yrs. | Expected volatility | 39.32% | 40.80% | 69.47% | Risk-free interest rate | 0.78% | 0.36% | 0.41% | Expected dividend yield | 2.70% | 4.44% | 2.39% |
| | | | | Stock Options Granted During(a) | | 2013 | 2012 | Average expected term | | 4.5 yrs. | 4.5 yrs. | Expected volatility |
| 61.94% | 65.74 - 66.95% | Weighted average volatility |
| 61.94% | 66.56% | Risk-free interest rates |
| 0.75% | 0.84% | Expected dividend yield |
| 3.00% | 5.00% | Weighted average expected dividend |
| 3.00% | 5.00% | (a) No stock options were granted after 2013 |
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| Stock-Based Compensation Related Amounts Recognized in the Consolidated Statements of Income (Loss) for Equity Awards |
The following table shows the stock-based compensation related amounts recognized in the Consolidated Statements of Income for equity awards: | | | | | | | | | | | In thousands, except per share amounts | | 2014 | 2013 | 2012 | Restricted stock and RSUs | $ | 17,754 |
| $ | 18,105 |
| $ | 14,362 |
| Performance shares | 14,850 |
| 12,331 |
| 7,991 |
| Stock options and other | 1,278 |
| 3,001 |
| 4,255 |
| Total stock-based compensation | 33,882 |
| 33,437 |
| 26,608 |
| Income tax benefit | 12,875 |
| 12,706 |
| 10,111 |
| Stock-based compensation, net of tax | $ | 21,007 |
| $ | 20,731 |
| $ | 16,497 |
| Per diluted share impact | $ | 0.09 |
| $ | 0.09 |
| $ | 0.07 |
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| Summary of Restricted Stock and RSU Awards |
A summary of restricted stock and RSU awards is presented below: | | | | | | | 2014 Restricted Stock and RSU Activity | Shares | Weighted average fair value | Outstanding and unvested at beginning of year | 4,193,985 |
| $ | 13.92 |
| Granted | 1,048,516 |
| $ | 27.26 |
| Settled | (1,263,702 | ) | $ | 15.92 |
| Canceled | (401,201 | ) | $ | 16.13 |
| Outstanding and unvested at end of year | 3,577,598 |
| $ | 16.97 |
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| | | | | | | 2013 Restricted Stock and RSU Activity | Shares | Weighted average fair value | Outstanding and unvested at beginning of year | 4,069,509 |
| $ | 12.98 |
| Granted | 1,588,628 |
| $ | 15.80 |
| Settled | (1,035,256 | ) | $ | 13.95 |
| Canceled | (428,896 | ) | $ | 13.40 |
| Outstanding and unvested at end of year | 4,193,985 |
| $ | 13.92 |
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| | | | | | | 2012 Restricted Stock and RSU Activity | Shares | Weighted average fair value | Outstanding and unvested at beginning of year | 3,731,033 |
| $ | 10.73 |
| Granted | 1,937,512 |
| $ | 12.33 |
| Settled | (997,584 | ) | $ | 3.29 |
| Canceled | (601,452 | ) | $ | 11.95 |
| Outstanding and unvested at end of year | 4,069,509 |
| $ | 12.98 |
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| Schedule of Nonvested Performance-based Units Activity |
A summary of our performance shares awards is presented below: | | | | | | | 2014 Performance Shares Activity | Target number of shares | Weighted average fair value | Outstanding and unvested at beginning of year | 1,760,488 |
| $ | 16.92 |
| Granted | 436,340 |
| $ | 37.31 |
| Canceled | (96,713 | ) | $ | 21.41 |
| Outstanding and unvested at end of year | 2,100,115 |
| $ | 20.95 |
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| | | | | | | 2013 Performance Shares Activity | Target number of shares | Weighted average fair value | Outstanding and unvested at beginning of year | 982,452 |
| $ | 14.23 |
| Granted | 813,783 |
| $ | 20.12 |
| Canceled | (35,747 | ) | $ | 15.86 |
| Outstanding and unvested at end of year | 1,760,488 |
| $ | 16.92 |
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| | | | | | | 2012 Performance Shares Activity | Target number of shares | Weighted average fair value | Outstanding and unvested at beginning of year | — |
| $ | — |
| Granted | 1,109,873 |
| $ | 14.21 |
| Canceled | (127,421 | ) | $ | 14.12 |
| Outstanding and unvested at end of year | 982,452 |
| $ | 14.23 |
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| Summary of Stock Option Awards |
A summary of our stock option awards is presented below: | | | | | | | | | | | 2014 Stock Option Activity | Shares | Weighted average exercise price | Weighted average remaining contractual term (in years) | Aggregate intrinsic value | Outstanding at beginning of year | 5,575,401 |
| $ | 29.76 |
| 3.2 | $ | 46,988,804 |
| Exercised | (968,891 | ) | $ | 14.47 |
| | | Canceled/expired | (1,599,852 | ) | $ | 53.89 |
| | | Outstanding at end of year | 3,006,658 |
| $ | 21.84 |
| 2.8 | $ | 37,497,113 |
| Options exercisable at year end | 2,818,658 |
| $ | 22.23 |
| 2.7 | $ | 34,543,513 |
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| | | | | | | | | | | | 2013 Stock Option Activity | Shares | Weighted average exercise price | Weighted average remaining contractual term (in years) | Aggregate intrinsic value | Outstanding at beginning of year | 11,344,018 |
| $ | 43.50 |
| 3.2 | $ | 16,902,892 |
| Granted | 22,558 |
| $ | 20.48 |
| | | Exercised | (1,598,902 | ) | $ | 13.44 |
| | | Canceled/expired | (4,192,273 | ) | $ | 73.11 |
| | | Outstanding at end of year | 5,575,401 |
| $ | 29.76 |
| 3.2 | $ | 46,988,804 |
| Options exercisable at year end | 4,574,619 |
| $ | 32.85 |
| 2.8 | $ | 33,348,296 |
| Weighted average grant date fair value of options granted during the year | $ | 8.20 |
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| | | | | | | | | | | | 2012 Stock Option Activity | Shares | Weighted average exercise price | Weighted average remaining contractual term (in years) | Aggregate intrinsic value | Outstanding at beginning of year | 20,340,291 |
| $ | 47.66 |
| 3.5 | $ | 17,184,761 |
| Granted | 109,699 |
| $ | 14.33 |
| | | Exercised | (2,716,637 | ) | $ | 9.38 |
| | | Canceled/expired | (6,389,335 | ) | $ | 70.76 |
| | | Outstanding at end of year | 11,344,018 |
| $ | 43.50 |
| 3.2 | $ | 16,902,892 |
| Options exercisable at year end | 8,942,897 |
| $ | 51.35 |
| 2.6 | $ | 8,845,944 |
| Weighted average grant date fair value of options granted during the year | $ | 5.43 |
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
Accumulated other comprehensive income (loss) The elements of our Accumulated Other Comprehensive Loss consisted of pension, retiree medical and life insurance liabilities and foreign currency translation gains. The following tables summarize the components of, and changes in, Accumulated Other Comprehensive Loss (net of tax and noncontrolling interests): | | | | | | | | | | | In thousands of dollars | 2014 | Retirement Plans | Foreign Currency Translation | Total | Balance at beginning of year | $ | (921,232 | ) | $ | 427,177 |
| $ | (494,055 | ) | Other comprehensive income before reclassifications | (276,219 | ) | (36,064 | ) | (312,283 | ) | Amounts reclassified from accumulated other comprehensive income | 27,569 |
| — |
| 27,569 |
| Balance at end of year | $ | (1,169,882 | ) | $ | 391,113 |
| $ | (778,769 | ) |
| | | | | | | | | | | In thousands of dollars | 2013 | Retirement Plans | Foreign Currency Translation | Total | Balance at beginning of year | $ | (1,119,263 | ) | $ | 418,122 |
| $ | (701,141 | ) | Other comprehensive income (loss) | 156,974 |
| 9,055 |
| 166,029 |
| Amounts reclassified from accumulated other comprehensive income | 41,057 |
| — |
| 41,057 |
| Balance at end of year | $ | (921,232 | ) | $ | 427,177 |
| $ | (494,055 | ) |
| | | | | | | | | | | In thousands of dollars | 2012 | Retirement Plans | Foreign Currency Translation | Total | Balance at beginning of year | $ | (995,854 | ) | $ | 400,015 |
| $ | (595,839 | ) | Other comprehensive income (loss) | (123,409 | ) | 18,107 |
| (105,302 | ) | Balance at end of year | $ | (1,119,263 | ) | $ | 418,122 |
| $ | (701,141 | ) |
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| Reclassification out of Accumulated Other Comprehensive Income |
Reclassifications out of Accumulated Other Comprehensive Loss related to these postretirement plans include the following: | | | | | | | | In thousands of dollars | | 2014 | 2013 | Amortization of prior service credit | $ | (4,082 | ) | $ | (1,599 | ) | Amortization of actuarial loss | 46,489 |
| 64,381 |
| Settlement charge | — |
| 3,077 |
| Total reclassifications, before tax | 42,407 |
| 65,859 |
| Income tax effect | (14,838 | ) | (24,802 | ) | Total reclassifications, net of tax | $ | 27,569 |
| $ | 41,057 |
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