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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 26, 2010	Jan. 30, 2011	Jun. 25, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	GANNETT CO INC /DE/
Entity Central Index Key	0000039899
Document Type	10-K
Document Period End Date	Dec. 26, 2010
Amendment Flag	false
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-26
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 3,544,790,597
Entity Common Stock, Shares Outstanding		239,686,303

Consolidated Balance Sheets - USD ($) $ in Thousands	12 Months Ended
Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 26, 2010	Dec. 27, 2009
Current assets
Cash and cash equivalents	$ 183,014	$ 98,795
Trade receivables, less allowance for doubtful receivables of $39,419 and $46,255, respectively	717,377	759,934
Other receivables	30,746	20,557
Inventories	72,025	63,752
Deferred income taxes	21,254	19,577
Prepaid expenses and other current assets	95,064	86,427
Assets held for sale	19,654	0
Total current assets	1,139,134	1,049,042
Property, plant and equipment
Land	172,786	203,937
Buildings and improvements	1,366,361	1,426,150
Machinery, equipment and fixtures	2,615,796	2,782,595
Construction in progress	15,797	16,177
Total	4,170,740	4,428,859
Less accumulated depreciation	(2,412,629)	(2,457,041)
Net property, plant and equipment	1,758,111	1,971,818
Intangible and other assets
Goodwill	2,836,960	2,854,247
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $197,454 and $170,182, respectively	518,797	565,610
Deferred income taxes	170,385	302,360
Investments and other assets	393,457	405,355
Total intangible and other assets	3,919,599	4,127,572
Total assets	6,816,844	7,148,432
Accounts payable
Trade	200,827	216,721
Other	32,125	35,864
Accrued liabilities
Compensation	150,926	143,182
Interest	26,738	25,281
Other	217,278	201,711
Dividends payable	9,680	9,703
Income taxes	31,565	45,085
Deferred income	224,047	222,556
Total current liabilities	893,186	900,103
Income taxes	137,497	206,115
Long-term debt	2,352,242	3,061,951
Postretirement medical and life insurance liabilities	168,322	185,433
Pension liabilities	619,340	708,133
Other long-term liabilities	228,008	260,918
Total liabilities	4,398,595	5,322,653
Redeemable noncontrolling interest	$ 84,176	$ 78,304
Commitments and contingent liabilities (see Note 12)
Gannett Co., Inc. shareholders' equity
Preferred stock, par value $1: Authorized, 2,000,000 shares: Issued, none	$ 0	$ 0
Common stock, par value $1: Authorized, 800,000,000 shares: Issued, 324,418,632 shares	324,419	324,419
Additional paid-in capital	630,316	629,714
Retained earnings	6,874,641	6,324,586
Accumulated other comprehensive loss	(365,334)	(316,832)
Shareholders' Equity before treasury stock	7,464,042	6,961,887
Less Treasury stock, 84,909,612 shares and 87,261,969 shares, respectively, at cost	(5,300,288)	(5,357,962)
Total Gannett Co., Inc. shareholders' equity	2,163,754	1,603,925
Noncontrolling interests	170,319	143,550
Total equity	2,334,073	1,747,475
Total liabilities, redeemable noncontrolling interest and equity	$ 6,816,844	$ 7,148,432

Consolidated Statements of Income (Loss) $ in Thousands	12 Months Ended
Consolidated Statements of Income (Loss) $ in Thousands	Dec. 26, 2010 USD ($) $ / shares	Dec. 27, 2009 USD ($) $ / shares	Dec. 28, 2008 USD ($) $ / shares
Net operating revenues
Publishing advertising	$ 2,710,524	$ 2,888,034	$ 4,040,890
Publishing circulation	1,086,702	1,144,539	1,196,745
Digital	618,259	586,174	281,378
Broadcasting	769,580	631,085	772,533
All other	253,613	259,771	348,136
Total	5,438,678	5,509,603	6,639,682
Operating expenses
Cost of sales and operating expenses, exclusive of depreciation	2,980,465	3,230,176	3,915,549
Selling, general and administrative expenses, exclusive of depreciation	1,187,633	1,186,970	1,253,008
Depreciation	182,514	207,652	228,259
Amortization of intangible assets	31,362	32,983	31,211
Facility consolidation and asset impairment charges (see Notes 3 and 4)	57,009	132,904	7,939,563
Total	4,438,983	4,790,685	13,367,590
Operating income (loss)	999,695	718,918	(6,727,908)
Non-operating (expense) income
Equity income (losses) in unconsolidated investees, net (see Notes 3 and 6)	19,140	3,927	(374,925)
Interest expense	(172,986)	(175,745)	(190,839)
Other non-operating items	111	22,799	28,430
Total	(153,735)	(149,019)	(537,334)
Income (loss) before income taxes	845,960	569,899	(7,265,242)
Provision (benefit) for income taxes	244,013	191,328	(645,273)
Income (loss) from continuing operations	601,947	378,571	(6,619,969)
(Loss) income from the operation of discontinued operations, net of tax	(322)	3,790	(20,626)
Gain on disposal of newspaper businesses, net of tax	21,195	0	0
Net income (loss)	622,820	382,361	(6,640,595)
Net income attributable to noncontrolling interests	(34,619)	(27,091)	(6,970)
Net income (loss) attributable to Gannett Co., Inc.	588,201	355,270	(6,647,565)
Income (loss) from continuing operations attributable to Gannett Co., Inc.	567,328	351,480	(6,626,939)
(Loss) income from the operation of discontinued operations, net of tax	(322)	3,790	(20,626)
Gain on disposal of publishing businesses, net of tax	21,195	0	0
Net income (loss) attributable to Gannett Co., Inc.	$ 588,201	$ 355,270	$ (6,647,565)
Earnings (loss) from continuing operations per share - basic \| $ / shares	$ 2.38	$ 1.5	$ (29.02)
Earnings from discontinued operations
Discontinued operations per share - basic \| $ / shares	$ 0	$ 0.02	$ (0.09)
Gain on disposal of newspaper businesses per share - basic \| $ / shares	0.09	0	0
Net income (loss) per share - basic \| $ / shares	$ 2.47	$ 1.52	$ (29.11)
Earnings (loss) from continuing operations per share - diluted \| $ / shares	2.35	1.49	(29.02)
Earnings from discontinued operations
Discontinued operations per share - diluted \| $ / shares	$ 0	$ 0.02	$ (0.09)
Gain on disposal of newspaper businesses per share - diluted \| $ / shares	0.08	0	0
Net income (loss) per share - diluted \| $ / shares	$ 2.43	$ 1.51	$ (29.11)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2010	Dec. 27, 2009	Dec. 28, 2008
Cash flows from operating activities
Net income (loss)	$ 622,820	$ 382,361	$ (6,640,595)
Adjustments to reconcile net income (loss) to operating cash flows:
Debt exchange gain	0	(42,746)	0
Gain on sale of discontinued operations, net of tax	(21,195)	0	0
Depreciation	183,322	209,826	230,987
Amortization of intangible assets	31,362	32,983	31,211
Facility consolidation and asset impairment charges (see Notes 3 and 4)	57,009	160,939	7,976,418
Stock-based compensation - equity awards	32,707	25,373	22,646
Provision (benefit) for deferred income taxes	150,363	54,213	(801,988)
Pension (benefit) expense, net of pension contributions	(124,864)	(12,563)	(66,260)
Equity (income) loss in unconsolidated investees, net (see Notes 3 and 6)	(19,140)	(3,927)	374,925
Other, net, including gains on asset sales	(3,996)	14,668	(54,996)
Decrease in trade receivables	34,909	105,184	132,143
Decrease (increase) in other receivables	(5,182)	26,951	16,285
Decrease (increase) in inventories	(10,434)	56,768	(26,856)
Increase (decrease) in accounts payable	(15,199)	(66,765)	50,256
Increase (decrease) in interest and taxes payable	(98,270)	64,526	(165,700)
Increase (decrease) in deferred income	4,745	(50,300)	(24,375)
Change in other assets and liabilities, net	(46,073)	(90,911)	(38,756)
Net cash flow from operating activities	772,884	866,580	1,015,345
Cash flows from investing activities
Purchase of property, plant and equipment	(69,070)	(67,737)	(165,000)
Payments for acquisitions, net of cash acquired	(15,164)	(9,581)	(168,570)
Payments for investments	(10,984)	(9,674)	(46,779)
Proceeds from investments	45,478	20,461	29,049
Proceeds from sale of certain assets, including discontinued operations	112,706	31,908	78,541
Net cash provided by (used for) investing activities	62,966	(34,623)	(272,759)
Cash flows from financing activities
(Payments of) proceeds from borrowings under revolving credit facilities	(1,160,000)	(526,000)	1,907,000
Proceeds from issuance of long-term debt	493,743	492,618	280,000
Payments of unsecured promissory notes	0	0	(833,876)
Payments of unsecured fixed rate notes and other indebtedness	(50,000)	(680,505)	(1,628,458)
Dividends paid	(38,216)	(119,328)	(366,748)
Cost of common shares repurchased	0	0	(72,764)
Proceeds from issuance of common stock upon exercise of stock options	3,214	402	0
Distributions to noncontrolling interest shareholders	0	0	(200)
Net cash used for financing activities	(751,259)	(832,813)	(715,046)
Effect of currency exchange rate change	(372)	702	(5,840)
Increase (decrease) in cash and cash equivalents	84,219	(154)	21,700
Balance of cash and cash equivalents at beginning of year	98,795	98,949	77,249
Balance of cash and cash equivalents at end of year	$ 183,014	$ 98,795	$ 98,949

Consolidated Statements of Equity - USD ($) $ in Thousands	12 Months Ended
Consolidated Statements of Equity - USD ($) $ in Thousands	Dec. 26, 2010	Dec. 27, 2009	Dec. 28, 2008
Statement [Line Items]
Begining balance	$ 1,747,475	$ 1,174,688	$ 9,017,499
Net income (loss) in 2008, 2009, 2010, respectively	622,820	382,361	(6,640,595)
Redeemable noncontrolling interest accretion	(5,872)	(5,463)	(1,736)
Foreign currency translation adjustment	(21,527)	60,934	(421,845)
Interest rate swap		5,075	3,445
Pension and other postretirement benefit liability adjustment, net of tax benefit of $315,832, $74,051, and $17,606 respectively	(27,280)	84,355	(481,743)
Other	(2,488)	5,172	1,330
Total comprehensive income (loss)	565,653	532,434	(7,541,144)
Dividends declared, 2008:$1.60 per share, 2009:$0.16 per share, 2010:$0.16 per share, respectively	(38,146)	(37,437)	(364,825)
Acquisitions/dispositions	815		111,902
Stock options exercised	1,978	308
Treasury stock acquired			(72,764)
Stock option and restricted stock compensation	32,707	25,373	22,646
401(k) match	22,867	45,525
Tax benefit derived from stock awards settled	1,236	94
Other treasury stock activity	(512)	6,490	1,374
Ending Balance	2,334,073	1,747,475	1,174,688
Common stock $1 par value
Statement [Line Items]
Begining balance	324,419	324,419	324,419
Ending Balance	324,419	324,419	324,419
Additional paid-in capital
Statement [Line Items]
Begining balance	629,714	743,199	721,205
Stock options exercised	(6,153)	(678)
Stock option and restricted stock compensation	32,707	25,373	22,646
401(k) match	(22,227)	(139,919)
Tax benefit derived from stock awards settled	1,236	94
Other treasury stock activity	(4,961)	1,645	(652)
Ending Balance	630,316	629,714	743,199
Retained earnings
Statement [Line Items]
Begining balance	6,324,586	6,006,753	13,019,143
Net income (loss) in 2008, 2009, 2010, respectively	588,201	355,270	(6,647,565)
Dividends declared, 2008:$1.60 per share, 2009:$0.16 per share, 2010:$0.16 per share, respectively	(38,146)	(37,437)	(364,825)
Ending Balance	6,874,641	6,324,586	6,006,753
Accumulated other comprehensive income (loss)
Statement [Line Items]
Begining balance	(316,832)	(469,252)	430,891
Foreign currency translation adjustment	(21,527)	60,934	(421,845)
Interest rate swap		5,075	3,445
Pension and other postretirement benefit liability adjustment, net of tax benefit of $315,832, $74,051, and $17,606 respectively	(27,280)	84,355	(481,743)
Other	305	2,056
Ending Balance	(365,334)	(316,832)	(469,252)
Treasury stock
Statement [Line Items]
Begining balance	(5,357,962)	(5,549,237)	(5,478,499)
Stock options exercised	8,131	986
Treasury stock acquired			(72,764)
401(k) match	45,094	185,444
Other treasury stock activity	4,449	4,845	2,026
Ending Balance	(5,300,288)	(5,357,962)	(5,549,237)
Noncontrolling Interests
Statement [Line Items]
Begining balance	143,550	118,806	340
Net income (loss) in 2008, 2009, 2010, respectively	34,619	27,091	6,970
Redeemable noncontrolling interest accretion	(5,872)	(5,463)	(1,736)
Other	(2,793)	3,116	1,330
Acquisitions/dispositions	815		111,902
Ending Balance	$ 170,319	$ 143,550	$ 118,806

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 26, 2010
Summary of significant accounting policies [Abstract]
Summary of significant accounting policies	NOTE 1 Summary of significant accounting policies *Fiscal year:* The company’s fiscal year ends on the last Sunday of the calendar year. The company’s 2010 fiscal year ended on Dec. 26, 2010, and encompassed a 52-week period. The company’s 2009 and 2008 fiscal years also encompassed 52-week periods. *Consolidation:* The consolidated financial statements include the accounts of the company and its wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions and profits. Investments in entities for which the company does not have control, but has the ability to exercise significant influence over operating and financial policies, are accounted for under the equity method. Accordingly, the company’s share of net earnings and losses from these ventures is included in “Equity income (losses) in unconsolidated investees, net” in the Consolidated Statements of Income (Loss). *Segment presentation:* In the third quarter of 2008, the company began reporting a new digital segment and a separate digital revenues line in its Statements of Income (Loss). This revenue line includes only revenue from the businesses that comprise the new digital segment. It therefore includes all revenues from CareerBuilder and ShopLocal beginning with the full consolidation of these businesses in the third quarter of 2008, and revenues from PointRoll, Schedule Star and Planet Discover. Revenues from PointRoll, Schedule Star and Planet Discover had previously been reported within the publishing segment and were included in the “All other” revenue line in the Consolidated Statements of Income (Loss). “All other” revenue is now comprised principally of commercial printing revenues. All periods presented reflect these reclassifications. The digital segment and the digital revenues line do not include online/digital revenues generated by web sites that are associated with the company’s publishing and broadcasting operating properties. Such amounts are reflected within those segments and are included as part of publishing advertising revenues and broadcasting revenues in the Consolidated Statements of Income (Loss). *Noncontrolling interests presentation:* Noncontrolling interests is presented as a component of equity on the Consolidated Balance Sheet. This balance primarily relates to the noncontrolling owners of CareerBuilder, LLC (CareerBuilder). Redeemable non-controlling interest in the mezzanine section of the balance sheet represents redeemable stock held by a noncontrolling owner in CareerBuilder. The redeemable stock is exercisable within 30 days after Jan. 1, 2014. Net income (loss) in the Consolidated Statements of Income (Loss) reflects 100 percent of CareerBuilder results as the company holds the controlling interest. Net income (loss) is subsequently adjusted to remove the noncontrolling interest to arrive at Net income (loss) attributable to Gannett Co., Inc. *Reclassification of certain items within the Consolidated Statements of Cash Flows:* Certain amounts in the Consolidated Statements of Cash Flows in prior years have been reclassified to conform to current year presentation. *Operating agencies:* The company’s newspaper subsidiary in Detroit participates in a joint operating agency. The joint operating agency performs the production, sales and distribution functions for the subsidiary and another newspaper publishing company under a joint operating agreement. Operating results for the Detroit joint operating agency are fully consolidated along with a charge for the noncontrolling partner’s share of profits. Through May 2009, the company also published the Tucson Citizen through the Tucson joint operating agency in which the company held a 50% interest. Because of challenges facing the publishing industry and the difficult economy, particularly in the Tucson area, the company ceased publishing the Citizen on May 16, 2009. The company retained its online site and 50% partnership interest in the joint operating agency which provides services to the remaining non-Gannett newspaper in Tucson. The company’s share of results for its share of Tucson operations are accounted for under the equity method, and are reported as a net amount in “Equity income (losses) in unconsolidated investees, net.” *Critical accounting policies and the use of estimates:* The company prepares its financial statements in accordance with generally accepted accounting principles which require the use of estimates and assumptions that affect the reported amount of assets, liabilities, revenues and expenses and related disclosure of contingent matters. The company bases its estimates on historical experience, actuarial studies and other assumptions, as appropriate. The company re-evaluates its estimates on an ongoing basis. Actual results could differ from these estimates. Critical accounting policies for the company involve its assessment of the recoverability of its long-lived assets, including goodwill and other intangible assets and property, plant and equipment. These assessments are based on factors such as estimated future cash flows and current fair value estimates of businesses. The company’s accounting for pension and retiree medical benefits requires the use of various estimates concerning the work force, interest rates, plan investment return, and involves the use of advice from consulting actuaries. The company periodically evaluates its investments in unconsolidated entities for impairment. When the company determines that an impairment is other-than-temporary, an impairment is recognized equal to the excess of the investment’s carrying amount over its estimated fair value. In making such a determination, the company considers recent financial results and forward looking projections. The company also considers various qualitative factors. These factors include the intent and ability of the company to retain its investment in the entity and the financial condition and long-term prospects of the entity. If the company believes that the decline in the fair value of the investment is temporary, then no impairment is recorded. The company’s accounting for income taxes in the U.S. and foreign jurisdictions is sensitive to interpretation of various laws and regulations therein, and to company policy and expectations as to the repatriation of earnings from foreign sources. 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. If currently available information raises doubt as to the realization of the deferred tax assets, a valuation allowance is established. The company must exercise significant judgment in evaluating the amount and timing of recognition of deferred tax liabilities and assets, including projections of future taxable income. These judgments and estimates are reviewed on a continual basis as regulatory and business factors change. A valuation allowance for deferred tax assets may be required if the amount of taxes recoverable through loss carryback declines, if tax planning strategies are not available, or if the company projects lower levels of future taxable income. A more complete discussion of all of the company’s significant accounting policies follows. *Cash and cash equivalents:* Cash and cash equivalents consist of cash and investments with maturities of three months or less. *Trade receivables and allowances for doubtful accounts:* Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects the company’s estimate of credit exposure, determined principally on the basis of its collection experience, aging of its receivables and significant individual account credit risk. *Inventories:* Inventories, consisting principally of newsprint, printing ink and plate material for the company’s publishing operations, are valued primarily at the lower of cost (first-in, first-out) or market. At certain U.S. publishing operations however, newsprint inventory is carried on a last-in, first-out basis. *Valuation of long-lived assets:* In accordance with the requirements included within ASC Topic 350, “Intangibles — Goodwill and Other” (ASC Topic 350) and Topic 360, “Property, Plant, and Equipment” (ASC Topic 360), the company evaluates the carrying value of long-lived assets (mostly property, plant and equipment and definite-lived intangible assets) to be held and used whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the projected undiscounted future cash flows are less than its carrying value. The company measures impairment based on the amount by which the carrying value exceeds the fair value. Fair value is determined primarily using the projected future cash flows, discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair values are reduced for the cost to dispose. *Property and depreciation:* Property, plant and equipment is recorded at cost, and depreciation is provided generally on a straight-line basis over the estimated useful lives of the assets. The principal estimated useful lives are: buildings and improvements, 10 to 40 years; and machinery, equipment and fixtures, three to 30 years. Changes in the estimated useful life of an asset, which could happen as a result of facility consolidations, can affect depreciation expense and net income (loss). Major renewals and improvements and interest incurred during the construction period of major additions are capitalized. Expenditures for maintenance, repairs and minor renewals are charged to expense as incurred. *Goodwill and other intangible assets:* Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed. In accordance with the impairment testing provisions included in ASC Topic 350, goodwill is tested for impairment on an annual basis 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. The company’s annual measurement date is the end of its fiscal year. The company is 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 determined using various techniques, including multiple of earnings and discounted cash flow valuation techniques. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the company performs the second step of the impairment test, as this is an indication that the reporting unit goodwill may be impaired. In the second step of the impairment test, the company determines the implied fair value of the reporting unit’s goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, then an impairment of goodwill has occurred and the company must recognize an impairment loss for the difference between the carrying amount and the implied fair value of goodwill. In determining the reporting units, the company considers the way it manages its businesses and the nature of those businesses. The company has established its reporting units for publishing at or one level below the segment level. These reporting units therefore consist principally of U.S. Community Publishing, the USA TODAY group, the U.K. newspaper group, and certain individual stand-alone publishing businesses. For Digital, the reporting units are the stand-alone digital businesses. For Broadcasting, goodwill is accounted for at the segment level. The company performs an impairment test annually, or more often if circumstances dictate, of its indefinite-lived intangible assets. Intangible assets that have finite useful lives are amortized over those useful lives and are evaluated for impairment in accordance with ASC Topic 350 as described above. *Investments and other assets:* Investments in non-public businesses in which the company does not have control or does not exert significant influence are carried at cost and losses resulting from periodic evaluations of the carrying value of these investments are included as a non-operating expense. At Dec. 26, 2010, and Dec. 27, 2009, such investments aggregated approximately $16 million. Investments where the company does have significant influence are recorded under the equity method of accounting. See Note 6 for further discussion of these investments. The company’s television stations are parties to program broadcast contracts. These contracts are recorded at the gross amount of the related liability when the programs are available for telecasting. The related assets are recorded at the lower of cost or estimated net realizable value. Program assets are classified as current (as a prepaid expense) or noncurrent (as an other asset) in the Consolidated Balance Sheets, based upon the expected use of the programs in succeeding years. The amount charged to expense appropriately matches the cost of the programs with the revenues associated with them. The liability for these contracts is classified as current or noncurrent in accordance with the payment terms of the contracts. The payment period generally coincides with the period of telecast for the programs, but may be shorter. *Revenue recognition:* The company’s revenues include amounts charged to customers for: space purchased in the company’s newspapers, digital ads placed on its web sites, digital marketing service agreement fees, commercial printing jobs, and advertising broadcast on the company’s television stations. Newspaper revenues also include circulation revenues for newspapers purchased by readers or distributors, reduced by the amount of discounts taken. Broadcast revenues include revenues from the retransmission of the company’s television signals on satellite and cable networks. Advertising revenues are recognized, net of agency commissions, in the period when advertising is printed or placed on web sites or broadcast. Revenues for digital marketing services are generally recognized as web site ad impressions are delivered. Commercial printing revenues are recognized when the job is delivered to the customer. Circulation revenues are recognized when purchased newspapers are distributed. Amounts received from customers in advance of revenue recognition are deferred as liabilities. Broadcasting retransmission fees are recognized over the contract period based on a negotiated fee per subscriber. *Retirement plans:* Pension and other postretirement benefit costs under the company’s retirement plans are actuarially determined. The company recognizes the cost of postretirement benefits including pension, medical and life insurance benefits on an accrual basis over the working lives of employees expected to receive such benefits. *Stock-based employee compensation:* Effective Dec. 26, 2005, the first day of its 2006 fiscal year, the company adopted the fair value recognition provisions of SFAS No. 123(R), “Share-Based Payments,” as subsequently codified in ASC Topic 718, “Compensation-Stock Compensation,” using the modified prospective transition method. Under this transition method, stock-based compensation costs recognized in the income statement beginning in 2006 include (a) compensation expense for all unvested stock-based awards that were granted through Dec. 25, 2005, based on the grant date fair value estimated in accordance with the original provisions of SFAS No. 123 and (b) compensation expense for all share-based payments granted after Dec. 25, 2005, based on grant date fair value estimated in accordance with the provisions of SFAS No. 123(R). The company’s stock option awards generally have graded vesting terms and the company recognizes compensation expense for these options on a straight-line basis over the requisite service period for the entire award (generally four years). See Note 11 for further discussion. The company also grants restricted stock or restricted stock units to employees and members of its Board of Directors as a form of compensation. The expense for such awards is based on the grant date fair value of the award and is recognized on a straight-line basis over the requisite service period, which is generally the four-year incentive period. *Income taxes:* The company accounts for certain income and expense items differently for financial reporting purposes than for income tax reporting purposes. Deferred income taxes are provided in recognition of these temporary differences. See Note 10 for further discussion. *Per share amounts:* The company reports earnings per share on two bases, basic and diluted. All basic income per share amounts are based on the weighted average number of common shares outstanding during the year. The calculation of diluted earnings per share also considers the assumed dilution from the exercise of stock options and from restricted stock units. Loss amounts per share consider only basic shares outstanding due to the antidilutive effect of adding shares for stock option exercises and restricted stock units. *Foreign currency translation:* The income statements 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 rate 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) and are classified as accumulated other comprehensive income (loss) in shareholders’ equity. *Loss contingencies:* The company is subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. The company determines 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. The company accrues for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, the company will disclose the potential range of the loss, if material and estimable. *New accounting pronouncement:* In October 2009, the FASB issued Accounting Standards Update (ASU) 2009-13, Multiple Element Arrangements. ASU 2009-13 addresses the determination of when the individual deliverables included in a multiple arrangement may be treated as separate units of accounting. ASU 2009-13 also modifies the manner in which the transaction consideration is allocated across separately identified deliverables and establishes definitions for determining fair value of elements in an arrangement. The new guidance applies prospectively to agreements entered after 2010. The company is currently assessing the impact of adoption of this pronouncement.

Acquisitions Investments and Dispositions

12 Months Ended

Dec. 26, 2010

Acquisitions, investments and dispositions [Abstract]

Acquisitions, investments and dispositions

NOTE 2

Acquisitions, investments and dispositions

2010: In March 2010, CareerBuilder expanded its reach in the U.K. when it purchased CareerSite.biz, parent of three successful career-related operations there. Founded in 2001, CareerSite.biz operates two online recruitment niche sites focusing on nursing and rail workers as well as successful virtual career fair business.

In October 2010, the company purchased a minority stake in Ongo Inc. Ongo is a personal news service that gives consumers a fundamentally new way to read, discover and share digital news and information.

In the second quarter of 2010, the company completed the sale of The Honolulu Advertiser as well as a small directory publishing operation in Michigan. In connection with these transactions, the company recorded a net after tax gain of $21.2 million in discontinued operations. Income from continuing operations for all periods presented exclude operating results from these former properties which have been reclassified to discontinued operations. Amounts applicable to these discontinued operations are as follows:

In thousands of dollars


	2010			2009		2008
Revenues	$	32,710		$	103,390	$	127,968
Pretax (loss)/income		(758	)		6,262		(33,753	)
Net (loss)/income		(322	)		3,790		(20,626	)
Gains (after tax)		21,195			—		—

Total cash paid in 2010 for business acquisitions and investments was $15.2 million and $11.0 million, respectively.

In early January 2011, the company also announced the acquisition of Reviewed.com, a group of 12 product-review web sites that provide comprehensive reviews for technology products such as digital cameras, camcorders and high-definition televisions. Reviewed.com’s operation will be integrated with USA TODAY as part of USA TODAY’s consumer media strategy.

2009: In February 2009, the company purchased a minority interest in Homefinder, a leading national online marketplace connecting homebuyers, sellers and real estate professionals.

In July 2009, Newsquest sold one of its commercial printing businesses, Southernprint Limited.

Total cash paid in 2009 for business acquisitions (principally post-acquisition consideration) and investments was $9.6 million and $9.7 million, respectively.

2008: On Dec. 31, 2007, the first day of the company’s 2008 fiscal year, the company purchased X.com, Inc. (BNQT.com), which operates a digital media group of affiliated sites covering eight different action sports including surfing, snowboarding and skateboarding. BNQT.com is affiliated with the USA TODAY Sports Media Group.

In February 2008, the company formed QuadrantONE, a new digital ad sales network, with three other large media companies.

In March 2008, the company purchased a minority stake in Fantasy Sports Ventures (FSV). FSV, also known as Big Lead Sports, owns a set of fantasy sports content sites and manages advertising across a group of affiliated sites.

In May 2008, the company purchased a minority stake in Cozi Group Inc. (COZI). COZI is a free web service that helps families manage busy schedules, stay in communication and share memories.

In June 2008, the company acquired from Tribune Company and The McClatchy Company their minority ownership interests in ShopLocal LLC, a leading marketing and database services company for major retailers in the U.S. The company now owns 100% of ShopLocal and began consolidating its results in the digital segment at the beginning of the third quarter of 2008. ShopLocal collaborates with PointRoll to create ads that dynamically connect retail advertisers and consumers, online and in the store. ShopLocal’s operations turned profitable in the third quarter of 2008.

In July 2008, the company purchased a minority stake in Livestream, a company that provides Internet broadcasting services. Also in July 2008, the company increased its investment in 4INFO, maintaining its approximate ownership interest.

In August 2008, the company purchased Pearls Review, Inc., an online nursing certification and continuing education review site, which is operated with Gannett Healthcare Group.

In September 2008, the company acquired an additional 10% stake in CareerBuilder from Tribune Company increasing its investment to 50.8% so that it became the majority and controlling owner.

The total cash paid in 2008 for business acquisitions was $168.6 million and for investments was $46.8 million.

Facility Consolidation and Asset Impairment Charges

12 Months Ended

Dec. 26, 2010

Facility Consolidation and Asset Impairment Charges [Abstract]

Facility consolidation and asset impairment charges

NOTE 3

Facility consolidation and asset impairment charges

Difficult business conditions required the company to perform impairment tests on certain assets including goodwill, other intangible assets, other long-lived assets and investments accounted for under the equity method during 2010, 2009 and 2008. As a result, the company recorded non-cash impairment charges to reduce the book value of certain of those assets. In addition, an impairment charge was taken to reduce the value of certain publishing assets sold in 2009 to fair value less costs to sell.

A summary of these charges by year is presented below:

In millions except per share amounts


	2010
	Pre-Tax		After-Tax		Per Share
	Amount		Amount^(a)		Amount^(a)
Asset impairment and other charges
Goodwill:
Digital	$	11	$	11	$	0.04

Total goodwill		11		11		0.04

Other intangible assets:
Publishing		17		12		0.05
Digital		2		1		—

Total other intangible assets		19		13		0.06

Property, plant and equipment:
Publishing		15		9		0.04
Broadcasting		4		2		0.01

Total property, plant and equipment		19		12		0.05

Other:
Publishing		3		2		0.01
Broadcasting		5		3		0.01

Total other		8		5		0.02

Total asset impairment and other charges-operations	$	57	$	41	$	0.17

Non-operating charges:
Equity method investments		3		2		0.01

Total charges	$	60	$	43	$	0.18


(a)		Total amounts may not sum due to rounding.

In millions except per share amounts


	2009
	Pre-Tax		After-Tax		Per Share
	Amount		Amount^(a)		Amount
Asset impairment and other charges
Goodwill:
Publishing	$	17	$	10	$	0.04
Digital		16		16		0.07

Total goodwill		33		26		0.11

Other intangible assets:
Digital		9		5		0.02

Total other intangible assets		9		5		0.02

Property, plant and equipment:
Publishing		76		47		0.20
Broadcasting		3		2		0.01

Total property, plant and equipment		79		50		0.21

Other:
Publishing		7		4		0.02
Broadcasting		5		3		0.01

Total other		12		7		0.03

Total asset impairment and other charges-operations	$	133	$	88	$	0.37

Non-operating charges:
Publishing assets sold		28		24		0.10
Equity method investments		9		7		0.03

Total charges	$	170	$	119	$	0.50


(a)		Total amounts may not sum due to rounding.

In millions except per share amounts


	2008
	Pre-Tax			After-Tax			Per Share
	Amount^(a)			Amount^(a)			Amount^(a)
Asset impairment and other charges
Goodwill:
Publishing	$	7,448		$	6,812		$	29.83
Digital		10			6			0.03

Total goodwill		7,458			6,818			29.86

Other intangible assets — principally mastheads:
Publishing		232			150			0.66
Digital		2			1			—

Total other intangible assets		233			151			0.66

Property, plant and equipment:
Publishing		218			137			0.60
Broadcasting		2			1			—
Corporate		1			1			—

Total property, plant and equipment		221			138			0.61

Other:
Publishing		17			11			0.05
Digital		3			2			0.01
Broadcasting		7			4			0.02

Total other		27			17			0.08

Total asset impairment and other charges-operations	$	7,940		$	7,124		$	31.20

Non-operating charges:
Newspaper publishing partnerships and other equity method investments		382			251			1.10
Noncontrolling interests reduction		(4	)		(3	)		(0.01	)

Total charges	$	8,317		$	7,372		$	32.29


(a)		Total amounts may not sum due to rounding.

2010: The goodwill impairment charge results from the application of the impairment testing provisions included within the goodwill subtopic of ASC Topic 350. Because of difficult business conditions, testing for one reporting unit was updated during the third quarter of 2010 and for all reporting units on Dec. 26, 2010, in connection with the required annual impairment test of goodwill and indefinite lived intangibles. For one of the stand-alone businesses in the digital segment, a potential impairment was indicated. The fair value of the reporting unit was determined based on a discounted cash flow technique. The company then undertook the next step in the impairment testing process by determining the fair value of assets and liabilities within the reporting unit. The implied value of goodwill was less than the carrying value by $11 million and therefore an impairment charge in this amount was taken. There was no tax benefit recognized related to the impairment charge since the recorded goodwill was non-deductible as it arose from a stock purchase transaction. Therefore, the after-tax effect of the goodwill impairment was $11 million or $.04 per share.

The impairment charge of $19 million for other intangible assets, principally a masthead, was required because revenue results from the underlying business have softened from what was expected at the time these assets were last valued. Fair value was determined using a relief-from-royalty method. Carrying values were reduced to fair value for an indefinite lived asset and for certain definite-lived assets in accordance with ASC Topic 350. Deferred tax benefits have been recognized for these intangible assets impairment charges and therefore the total after-tax impact was $13 million or $.06 per share.

The carrying values of property, plant and equipment at certain publishing and broadcasting businesses were evaluated in 2010 due to facility consolidation efforts and changes in expected useful lives. The company revised the useful lives of certain assets, which were taken out of service or for which management has committed to a plan to discontinue use in the near future, in order to reflect the use of those assets over a shortened useful life. As a result of the evaluation, the company recorded pre-tax charges of $19 million in 2010. Deferred tax benefits were recognized for these charges and the after-tax impact was $12 million or $.05 per share.

The $8 million of charges in the “Other” category include shut down costs as well as the impairment of certain broadcast programming assets. Deferred tax benefits were recognized for these charges and therefore the after-tax impact was $5 million or $.02 per share.

In 2010, the carrying value of an investment for which the company owns a noncontrolling interest was written down to fair value because the business underlying the investment had experienced significant and sustained operating losses, leading the company to conclude that it was other than temporarily impaired. The investment carrying value adjustment totaled $3 million pre-tax and $2 million on an after-tax basis, or $.01 per share.

2009: The goodwill impairment charges result from the application of the impairment testing provisions included within the goodwill subtopic of ASC Topic 350. Because of difficult business conditions due to the economy, testing for certain reporting units was updated during the second quarter of 2009 and for all reporting units on Dec. 27, 2009, in connection with the required annual impairment test of goodwill and indefinite-lived intangibles. For one of the stand-alone business reporting units in the publishing segment and one in the digital segment, a potential impairment was indicated. The fair value of the reporting units was determined based on a multiple of earnings technique and/or a discounted cash flow technique. The company then undertook the next step in the impairment testing process by determining the fair value of assets and liabilities within these reporting units. The implied value of goodwill for these reporting units was less than the carrying amount by $33 million and therefore impairment charges in this total amount were taken. Deferred tax benefits were recognized for the publishing charge only and therefore the after-tax effect of the total goodwill impairment charge was $26 million or $.11 per share.

The impairment charge of $9 million for other intangible assets, principally customer relationships and a trade name, was required because revenue results from the underlying business have softened from what was expected at the time these assets were last valued. Carrying values were reduced to fair value for an indefinite lived asset and for certain definite-lived assets in accordance with ASC Topic 350. Deferred tax benefits have been recognized for these intangible asset impairment charges and therefore the total after-tax impact was $5 million or $.02 per share.

The carrying values of property, plant and equipment at certain publishing and broadcasting businesses were evaluated in 2009 due to facility consolidation efforts, changes in expected useful lives and softening business conditions. The recoverability of these assets was measured in accordance with the requirements included within ASC Topic 360. This process indicated that the carrying values of certain assets were not recoverable, as the expected undiscounted future cash flows to be generated by them were less than their carrying values. The related impairment loss was measured based on the amount by which the asset carrying value exceeded fair value. Asset group fair values were determined using the discounted cash flow technique. Certain asset fair values were based on estimates of prices for similar assets. In addition, as required by ASC Topic 360, the company revised the useful lives of certain assets, which were taken out of service during the year or for which management has committed to a plan to discontinue use in the near future, in order to reflect the use of those assets over their shortened useful life. As a result of the application of the requirements of ASC Topic 360, the company recorded charges of $79 million in 2009. Deferred tax benefits were recognized for these charges and the 2009 after-tax impact was $50 million or $.21 per share.

The $12 million of charges in the “Other” category include shut down costs as well as the impairment of certain broadcast programming assets. Deferred tax benefits were recognized for these charges and therefore the after-tax impact was $7 million or $.03 per share.

In the second quarter of 2009, in accordance with ASC Topic 360, the company recorded an impairment charge to reduce the value of certain publishing assets sold to fair value less costs to sell. Fair value was determined using a discounted cash flow technique that included the cash flows associated with the disposition. This impairment charge was $28 million pre-tax and $24 million after-tax, or $.10 per share. The charge is reflected in “Other non-operating items” in the Consolidated Statements of Income.

In 2009, for certain investments in which the company owns noncontrolling interests, carrying values were written down to fair value because the businesses underlying the investments had experienced significant and sustained operating losses, leading the company to conclude that they were other than temporarily impaired. These investment carrying value adjustments totaled $9 million pre-tax and $7 million on an after-tax basis, or $.03 per share.

2008: Very difficult business conditions, the economic crisis, recessionary conditions in the U.S. and U.K. and a decline in the company’s stock price required the company to perform impairment tests on goodwill, intangible assets, and other long-lived assets as of March 31, 2008, the first day of its fiscal second quarter, as well as on Dec. 28, 2008, in connection with the required annual impairment test of goodwill and indefinite-lived intangibles. As a result, the company recorded non-cash impairment charges to reduce the book value of goodwill, other intangible assets including mastheads, and certain property, plant and equipment assets. The carrying value of certain of the company’s investments in newspaper publishing partnerships and other businesses, which are accounted for under the equity method, were also written down due to other than temporary impairments. The company also recorded accelerated depreciation expense associated with certain facility consolidation and cost reduction initiatives.

The goodwill impairment charges resulted from the application of the impairment testing provisions included within the goodwill subtopic ASC Topic 350. Impairment testing is customarily performed annually. Because of softening business conditions within the company’s publishing segment and the decline in the company’s stock price and market capitalization, this testing was updated as of the beginning of the second quarter of 2008 and as required the testing was performed again as of Dec. 28, 2008. For certain publishing and digital reporting units, an impairment was indicated. The fair values of the reporting units were determined using discounted cash flow and multiple of earnings techniques. The company then undertook the next step in the impairment testing process by determining the fair value of assets and liabilities for these reporting units.

The implied value of goodwill determined by the valuation for these reporting units was less than the carrying amount by $7.46 billion, and therefore an impairment charge in this amount was taken. There was minimal tax benefit recognized related to the impairment charges since much of the recorded goodwill was non-deductible as it arose from stock purchase transactions. Therefore the after-tax effect of the goodwill impairment was $6.82 billion or $29.86 per share.

The goodwill impairment charge recorded in the second quarter, in the amount of $2.14 billion, was related to Newsquest, the company’s U.K. publishing operations that had been acquired relatively recently in several transactions from 1999-2005. Following the second quarter impairment testing, Newsquest’s fourth quarter operating results and projections indicated a significant decline from the amounts estimated in the second quarter and as a result a further goodwill impairment charge of approximately $507 million was recorded.

In the fourth quarter of 2008, the company also recognized an impairment charge for its U.S. Community Publishing reporting unit of approximately $4.4 billion. This reporting unit was then comprised of 82 individual publishing operations which had been acquired at various times over the past several decades.

The goodwill impairment charges for other stand-alone business reporting units totaled $408 million in the fourth quarter.

The impairment charge of $233 million for other intangible assets was required because revenue results from the underlying businesses had softened from what was expected at the time they were purchased and the assets initially valued. In accordance with the requirements included within ASC Topic 350, the carrying values of impaired indefinite-lived intangible assets, principally mastheads, were reduced to fair value. Fair value was determined using a relief-from-royalty method. The carrying values of certain definite-lived intangible assets, principally customer relationships, were reduced to fair value in accordance with the requirements included within ASC Topic 350. Deferred tax benefits have been recognized for these intangible asset impairment charges and therefore the after-tax impact was $151 million or $.66 per share.

The carrying value of property, plant and equipment at certain publishing businesses was also evaluated due to softening business conditions and, in some cases, changes in expected useful lives. The recoverability of these assets was measured in accordance with the requirements included within ASC Topic 360. This process indicated that the carrying values of certain assets were not recoverable, as the expected undiscounted future cash flows to be generated by them would be less than their carrying values.

The related impairment loss was measured based on the amount by which asset carrying value exceeded fair value. Asset fair values were determined using discounted cash flow or multiple of earnings techniques. Certain asset fair values were based on estimates of prices for similar assets. In addition, as required by ASC Topic 360, the company revised the useful lives of certain assets, which were taken out of service during the year or for which management has committed to a plan to discontinue use in the near future, in order to reflect the use of those assets over their shortened useful life. As a result of the application of the requirements within ASC Topic 360, the company recorded charges of $221 million. Deferred tax benefits were recognized for these charges and therefore the after-tax impact was $138 million or $.61 per diluted share.

The charges of $27 million included in the “Other” category include an amount to increase the level of the company’s allowance for doubtful accounts reflecting higher collection risk from the recession-driven increase in delinquency of receivable agings and bankruptcy filings toward the end of 2008. Charges also include amounts for future lease payments for facilities abandoned in connection with consolidation efforts and amounts for the impairment of certain broadcast programming assets. Deferred tax benefits were recognized for these charges and therefore the after-tax impact was $17 million or $.08 per share.

For certain of the company’s newspaper publishing partnership investments, and for certain other investments in which the company owns a minority equity interest, carrying values were written down to fair value because the businesses underlying the investments had experienced significant and sustained declines in operating performance, leading the company to conclude that they were other than temporarily impaired. The adjustment of newspaper publishing partnership carrying values comprise the majority of these investment charges, and these were driven by many of the same factors affecting the company’s wholly owned publishing businesses. Fair values were determined using a multiple of earnings or a multiple of revenues technique. These investment carrying value adjustments were $382 million pre-tax and $251 million on an after-tax basis, or $1.10 per diluted share. The pre-tax impairment charges for these investments are reflected as “Equity income (losses) in unconsolidated investees, net” in the Statement of Income (Loss).

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 26, 2010

Goodwill and Other Intangible Assets [Abstract]

Goodwill and other intangible assets

NOTE 4

Goodwill and other intangible assets

ASC Topic 350 requires that goodwill and indefinite-lived intangible assets be tested for impairment at least annually. Recognized intangible assets that have finite useful lives are amortized over their useful lives and are subject to tests for impairment in accordance with the requirements included within ASC Topic 350.

As discussed in Note 3, the company performed interim and year-end impairment tests on its goodwill and other intangible assets during 2010 and, as a result, recorded non-cash impairment charges totaling $30 million. The charges in 2010 included goodwill and other intangibles for the Digital segment of $11 million and $2 million, respectively, and $17 million for other intangibles for the Publishing segment (for a publication masthead in the U.K.).

During 2009, the company recorded non-cash impairment charges totaling $42 million. The charges in 2009 included goodwill and other intangibles for the Digital segment of $16 million and $9 million, respectively, and $17 million for goodwill for the Publishing segment.

The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets at Dec. 26, 2010, and Dec. 27, 2009.

In thousands of dollars


			Accumulated
	Gross		Amortization		Net
Dec. 26, 2010
Goodwill	$	2,836,960	$	—	$	2,836,960
Indefinite-lived intangibles:
Mastheads and trade names		92,673		—		92,673
Television station FCC licenses		255,304		—		255,304
Amortizable intangible assets:
Customer relationships		311,646		166,068		145,578
Other		56,628		31,386		25,242

Total	$	3,553,211	$	197,454	$	3,355,757

Dec. 27, 2009
Goodwill	$	2,854,247	$	—	$	2,854,247
Indefinite-lived intangibles:
Mastheads and trade names		110,319		—		110,319
Television station FCC licenses		255,304		—		255,304
Amortizable intangible assets:
Customer relationships		311,840		141,902		169,938
Other		58,329		28,280		30,049

Total	$	3,590,039	$	170,182	$	3,419,857

Amortization expense was approximately $31.4 million in 2010 and $33.0 million in 2009. Customer relationships, which include subscriber lists and advertiser relationships, are amortized on a straight-line basis over three to 25 years. Other intangibles primarily include internally developed technology, patents and amortizable trade names and were assigned lives of between three and 21 years and are amortized on a straight-line basis.

Annual amortization expense relating to the amortizable intangibles is expected to be approximately $31 million in 2011 and gradually decline to $19 million in 2015 assuming no acquisitions or dispositions.

The following table shows the changes in the carrying amount of goodwill during 2010 and 2009.

In thousands of dollars


	Publishing			Digital			Broadcasting		Total
Goodwill
Gross balance at Dec. 28, 2008	$	7,473,542		$	670,593		$	1,617,967	$	9,762,102
Accumulated impairment losses		(6,879,214	)		(10,000	)		—		(6,889,214	)

Net balance at Dec. 28, 2008	$	594,328		$	660,593		$	1,617,967	$	2,872,888

Acquisitions & adjustments		1,534			(1,735	)		—		(201	)
Impairment		(17,000	)		(16,000	)		—		(33,000	)
Dispositions		(6,039	)		—			—		(6,039	)
Foreign currency exchange rate changes		18,019			2,118			462		20,599

Balance at Dec. 27, 2009	$	590,842		$	644,976		$	1,618,429	$	2,854,247

Gross balance at Dec. 27, 2009		7,692,437			670,976			1,618,429		9,981,842
Accumulated impairment losses		(7,101,595	)		(26,000	)		—		(7,127,595	)

Net balance at Dec. 27, 2009	$	590,842		$	644,976		$	1,618,429	$	2,854,247

Acquisitions & adjustments		1,476			10,072			—		11,548
Impairment		—			(10,603	)		—		(10,603	)
Dispositions		(5,927	)		—			—		(5,927	)
Foreign currency exchange rate changes		(6,918	)		(5,521	)		134		(12,305	)

Balance at Dec. 26, 2010	$	579,473		$	638,924		$	1,618,563	$	2,836,960

Gross balance at Dec. 26, 2010		7,599,030			675,527			1,618,563		9,893,120
Accumulated impairment losses		(7,019,557	)		(36,603	)		—		(7,056,160	)

Net balance at Dec. 26, 2010	$	579,473		$	638,924		$	1,618,563	$	2,836,960

Long-Term Debt

12 Months Ended

Dec. 26, 2010

Long-Term Debt [Abstract]

Long-term debt

NOTE 7

Long-term debt

The long-term debt of the company is summarized below:

In thousands of dollars


	Dec. 26, 2010		Dec. 27, 2009
Unsecured notes bearing fixed rate interest at 5.75% due June 2011	$	433,196	$	432,648
Unsecured floating rate term loan due July 2011		180,000		230,000
Unsecured notes bearing fixed rate interest at 6.375% due April 2012		306,397		306,260
Borrowings under revolving credit agreements expiring September 2014		221,000		1,381,000
Unsecured notes bearing fixed rate interest at 8.75% due November 2014		246,924		246,304
Unsecured notes bearing fixed rate interest at 10% due June 2015		58,007		56,684
Unsecured notes bearing fixed rate interest at 6.375% due September 2015		247,535		—
Unsecured notes bearing fixed rate interest at 10% due April 2016		165,950		162,531
Unsecured notes bearing fixed rate interest at 9.375% due November 2017		246,830		246,524
Unsecured notes bearing fixed rate interest at 7.125% due September 2018		246,403		—

Total long-term debt	$	2,352,242	$	3,061,951

Total average debt outstanding in 2010 and 2009 was $2.7 billion and $3.6 billion, respectively. The weighted average interest rate on all debt was 6.0% for 2010 and 4.5% for 2009.

During 2010 and 2009, the company completed a series of financing transactions which significantly improved its debt maturity profile.

In September 2010, the company completed a private placement offering of unsecured senior notes totaling $500 million in two tranches: $250 million with a coupon of 6.375% due 2015 and $250 million with a coupon of 7.125% due 2018. The 2015 notes were priced at 98.970% of face value, resulting in a yield to maturity of 6.625%. The 2018 notes were priced at 98.527% of face value, resulting in a yield to maturity of 7.375%. On or after Sept. 1, 2014, the 2018 notes may be redeemed or purchased by the company at the applicable redemption price (expressed as a percentage of the principal amount of the 2018 notes) plus accrued but unpaid interest thereon to the redemption date, if redeemed during the 12-month period commencing on Sept. 1 of the following years: 2014 — 103.563%, 2015 — 101.781% and 2016 and thereafter 100.000%. The company used the net proceeds of the offering to partially repay borrowings outstanding under its revolving credit facilities and term loan.

In September 2010, the company amended its revolving credit agreements and extended the maturity date with the majority of its lenders from March 15, 2012 to Sept. 30, 2014. Total commitments under the amended revolving credit agreements are $1.63 billion through March 15, 2012 and total extended commitments from March 15, 2012 to Sept. 30, 2014 will be $1.14 billion.

In October 2009, the company completed a private placement offering of $250 million in aggregate principal amount of 8.750% senior notes due 2014 and $250 million in aggregate principal amount of 9.375% senior notes due 2017. The 2014 notes were priced at 98.465% of face value, resulting in a yield to maturity of 9.125%. The 2017 notes were priced at 98.582% of face value, resulting in a yield to maturity of 9.625%. On or after November 15, 2013, the 2017 notes may be redeemed or purchased by the company at the applicable redemption price (expressed as a percentage of the principal amount of the 2017 notes) plus accrued but unpaid interest thereon to the redemption date, if redeemed during the 12-month period commencing on November 15 of the following years: 2013 — 104.688%, 2014 — 102.344% and 2015 and thereafter 100.000%. The company used the net proceeds from the offering to partially repay borrowings outstanding under its revolving credit facilities and term loan.

In May 2009, the company completed a private exchange offer related to its 5.75% fixed rate notes due June 2011 and its 6.375% fixed rate notes due April 2012. The company exchanged approximately $67 million in principal amount of its 2011 notes for approximately $67 million principal amount of new 10% senior notes due 2015, and approximately $193 million in principal amount of its 2012 notes for approximately $193 million principal amount of new 10% senior notes due 2016.

In connection with the May 2009 exchange transactions and in accordance with the modifications and extinguishments requirements of ASC Topic 470, “Debt,” the company recorded a gain of approximately $42.7 million which was classified in “Other non-operating items” in the Statement of Income (Loss) for the second quarter of 2009. This gain resulted from recording the notes at fair value as of the time of the exchange and extinguishing the old notes at their historical book values. Fair value of the notes was based on their trading prices on and shortly after the exchange date. The discount created by recording the notes at fair value instead of face value is being amortized over the term of the notes to interest expense.

The notes issued during 2010 and 2009 with maturity dates in 2014 and thereafter were made available in private offerings that were exempt from the registration requirements of the Securities Act of 1933 (Securities Act). These notes are guaranteed on a senior basis by the subsidiaries of the company that guarantee its revolving credit and term loan agreements discussed more fully below.

The company’s three revolving credit agreements and its term loan agreement require the company to maintain a senior leverage ratio of less than 3.5x. The agreements also require the company to maintain a total leverage ratio of less than 4.0x. The total leverage ratio would also include any subordinated debt the company may issue in the future. Currently, all of the company’s debt is senior and unsecured. At Dec. 26, 2010, the senior leverage ratio was 1.97x.

Until March 15, 2012, commitment fees for the revolving credit facilities may range from 0.125% to 0.25% depending on credit ratings for the company’s senior unsecured debt from Moody’s Investor Services (Moody’s) and Standard & Poor’s (S&P). The rate currently in effect is 0.25%. After March 15, 2012, commitment fees will equal 0.50% of the undrawn commitments. In addition, the company pays a fee to the lenders that agreed in September 2010 to extend their commitments from 2012 to 2014 based on the leverage ratio that ranges from 0 to 75 basis points for drawn amounts and 25 basis points for undrawn amounts. At the current leverage ratio, the additional fee is 25 basis points for both the drawn and undrawn amounts. No extension fees are payable after March 15, 2012.

Under each of the agreements, the company may borrow at an applicable margin above the Eurodollar base rate or the higher of the Prime Rate or the Federal Funds Effective Rate plus 0.50%. Until March 15, 2012, the applicable margin for such borrowings ranges from 1.00% to 2.25% depending on credit ratings. Under the term loan agreement, the applicable margin varies from 1.25% to 2.25%. At its current ratings the company will pay an applicable margin of 2.25% under each of the revolving credit agreements and the term loan agreement. After March 15, 2012, the applicable margin will be determined based on the company’s leverage ratio.

In connection with each of its three revolving credit agreements and its term loan agreement, the company agreed to provide guarantees from a majority of its domestic wholly-owned subsidiaries in the event that the company’s credit ratings from either Moody’s or S&P fell below investment grade. In the first quarter of 2009, the company’s credit rating was downgraded below investment grade by both S&P and Moody’s. Accordingly, the guarantees were triggered and the existing notes due 2011 and 2012 and other unsecured debt of the company became structurally subordinated to the revolving credit agreements and the term loan.

In September 2009, the company further amended the terms of its three revolving credit agreements and its term loan agreement to provide for the issuance of up to $500 million of additional long-term debt carrying the same guarantees put in place for the revolving credit agreements and term loan. In addition, the company also amended one of the credit agreements to permit it to obtain up to $100 million of letters of credit from the lenders, which would count toward their commitments.

On Aug. 21, 2009, Moody’s confirmed the company’s Ba1 corporate family rating and its Ba2 senior unsecured note rating. In addition, Moody’s rated the company’s bank debt, which includes its revolving credit agreements and term loan, Baa3. The Baa3 rating also applies to most of the company’s long-term debt which has the same subsidiary guarantees as the bank debt. The company’s debt is rated BB by Standard and Poor’s.

In August 2010, the company further amended the terms of its three revolving credit agreements and its term loan agreement to allow for the issuance of up to $750 million of additional long-term debt carrying the same guarantees put in place for the revolving credit agreements and term loan.

As of Dec. 26, 2010, the company had $221 million of borrowings under its revolving credit facilities. The maximum amount outstanding at the end of any period during 2010 and 2009 was $1.3 billion and $2.5 billion, respectively. The daily average outstanding balance of the revolving credit facilities during 2010 and 2009 was $852 million and $2.0 billion, respectively. The weighted average interest rate for 2010 and 2009 was 2.6% and 3.1%, respectively.

During the first quarter of 2009, the company repurchased $68.8 million in principal amount of its floating rate notes in privately negotiated transactions at a discount. In connection with these transactions, the company recorded a gain of approximately $1.1 million which is classified in “Other non-operating items” in the Statement of Income. This gain is net of $0.6 million reclassified from accumulated other comprehensive loss for related interest rate swap agreements.

In December 2008, the company launched a tender offer to purchase any and all of its outstanding floating rate notes due in May 2009 at a purchase price of $950 per $1,000 in principal amount plus accrued and unpaid interest. In response to the offer, $98.4 million in aggregate principal amount of notes, representing approximately 13.5 percent of the then outstanding notes, were purchased at this price in December 2008. Prior to the tender offer, the company had repurchased $19.4 million in principal amount of the floating rate notes in a privately negotiated transaction. In connection with these transactions, the company recorded a gain of approximately $4 million which was classified in “Other non-operating items” in the Statement of Income (Loss). This gain was net of $1.7 million in losses reclassified from accumulated other comprehensive income (loss) related to the interest rate swap agreements.

In July 2008, the company received proceeds of $280 million from borrowings under a new term loan agreement with certain bank lenders. The term loan is payable in full on July 14, 2011. The loan carries interest at a floating rate and may be prepaid at any time without penalty. The company prepaid $50 million of this loan in each of October 2010 and October 2009 reducing the balance to $180 million.

During part of 2008, the company utilized commercial paper as a source of financing. The maximum amount of such commercial paper outstanding at the end of any period during 2008 was $2.0 billion. The daily average outstanding balance of promissory notes was $883 million during 2008. The weighted average interest rate on such notes was 3.5% for 2008. In June 2008, the company repaid $500 million in unsecured notes bearing interest at 4.125% with proceeds from borrowings in the commercial paper market. Beginning September 2008, liquidity in the commercial paper market was highly constrained and the company elected to borrow under its revolving credit agreements to repay commercial paper outstanding as it matured.

In August 2007, the company entered into three interest rate swap agreements totaling a notional amount of $750 million in order to mitigate the volatility of interest rates. These agreements, which expired in May 2009, effectively fixed the interest rate on the $750 million in floating rate notes due May 2009 at 5.0125%. These instruments were designated as cash flow hedges in accordance with ASC Topic 815, “Derivatives and Hedging,” and changes in fair value were recorded through accumulated other comprehensive income with a corresponding adjustment to other long-term liabilities. As a result of the tender offer and other repurchases discussed above, the cash flow hedging treatment was discontinued for interest rate swaps associated with approximately $118 million of notional value on the retired floating rate notes. Amounts recorded in accumulated other comprehensive income (loss) related to the discontinued cash flow hedges were reclassified into earnings and subsequent changes to the fair value of these interest rate swaps were being recorded through earnings.

In June 2007, the company issued $1.0 billion aggregate principal amount of unsecured senior convertible notes in an underwritten public offering. Proceeds from the notes were used to repay commercial paper obligations. The convertible notes bore interest at a floating rate equal to one month LIBOR, reset monthly, minus twenty-three basis points. As anticipated, on July 15, 2008, the holders of the convertible notes required the company to repurchase the convertible notes for cash at a price equal to 100% of the principal amount of the notes submitted for repurchase, plus accrued and unpaid interest.

Industrial revenue bonds with a principal amount of approximately $17 million were repaid in full in 2008. Prior to repayment, the bonds bore interest at variable interest rates based on a municipal bond index.

In May 2006, the company issued $500 million aggregate principal amount of 5.75% notes due 2011 and $750 million aggregate principal amount of floating rate notes due 2009 in an underwritten public offering. The net proceeds of the offering were used to pay down commercial paper borrowings.

The unsecured fixed rate notes bearing interest at 6.375% were issued in March 2002 and mature in 2012.

The company has an effective universal shelf registration statement under which an unspecified amount of securities may be issued, subject to a $7 billion limit established by the Board of Directors. Proceeds from the sale of such securities may be used for general corporate purposes, including capital expenditures, working capital, securities repurchase programs, repayment of debt and financing of acquisitions. The company may also invest borrowed funds that are not required for other purposes in short-term marketable securities.

The following schedule of annual maturities of long-term debt assumes the company uses available capacity under its revolving credit agreements to refinance the unsecured floating rate notes and term loan due in 2011. Based on this refinancing assumption, all of the obligations are reflected as maturities for 2012 and beyond.

In thousands of dollars


2011 (1)	$	—
2012		306,397
2013		—
2014 (2)		1,081,120
2015		305,542
2016		165,950
2017		246,830
2018		246,403

*Total*	$	2,352,242


(1)		Notes and term loan due of $613 million are assumed to be repaid with funds from revolving credit agreements.

(2)		Notes due of $247 million plus $834 million as deemed as due under the revolving credit agreements.

Notwithstanding the assumptions used in the table above, the company’s debt maturities might be repaid with cash flow from operating activities and with the possible benefit of a further extension of the company’s revolving credit agreements or a combination of both.

Retirement Plans

12 Months Ended

Dec. 26, 2010

Retirement Plans [Abstract]

Retirement plans

NOTE 8

Retirement plans

The company and its subsidiaries have various retirement plans, including plans established under collective bargaining agreements. The company’s principal retirement plan is the Gannett Retirement Plan (GRP). As described more fully below, substantially all participants had their benefits under this plan frozen effective Aug. 1, 2008. Prior to this, benefits under the GRP were generally based on years of service and final average pay.

The disclosure tables below also include the assets and obligations of the Newsquest Pension Plan in the U.K., certain collectively bargained plans, the Gannett Supplemental Retirement Plan (SERP) and a frozen plan for the company’s Board of Directors. The company uses a Dec. 31 measurement date for its retirement plans.

In June 2008, the Board of Directors approved amendments to each of (i) the GRP; (ii) the SERP; (iii) the Gannett 401(k) Savings Plan (401(k) Plan); and (iv) the Gannett Deferred Compensation Plan (DCP). The amendments were designed to improve the 401(k) Plan while reducing the amount and volatility of future pension expense. As a result of the amendments to the GRP and SERP, most participants in these plans had their benefits frozen as of Aug. 1, 2008. Participants whose GRP and, if applicable, SERP benefits were frozen will have their frozen benefits periodically increased by a cost of living adjustment until benefits commence.

Effective Aug. 1, 2008, most participants whose benefits were frozen under the GRP and, if applicable, the SERP receive higher matching contributions under the 401(k) Plan. Under the new formula, the matching contribution rate generally increased from 50% of the first 6% of compensation that an employee elects to contribute to the plan to 100% of the first 5% of contributed compensation. The company also makes additional employer contributions to the 401(k) Plan on behalf of certain long-service employees. The DCP was amended to provide for Gannett contributions on behalf of certain employees whose benefits under the 401(k) Plan are capped by IRS rules.

As a result of the amendments to freeze most benefit accruals in the GRP and the SERP, the company recognized a net pre-tax pension curtailment gain of $46.5 million in 2008 in accordance with the Defined Benefit Plans-Pension subtopic of ASC Topic 715, “Compensation-Retirement Benefits.”

In 2009, the company reached an agreement with one of its unions for a complete withdrawal from the union’s underfunded pension plan and release from any future obligations with respect thereto. Under the agreement, the company made settlement payments of $7.3 million in May 2009 and $7.7 million in May 2010. As a result of this agreement, the company recognized a pre-tax settlement gain of $39.8 million in 2009.

In October 2010, after discussion with its pension plan trustees and employees, the decision was made to close its Newsquest defined benefit plan to future accrual, effective March 31, 2011. The plan closure was made to reduce pension expense and funding volatility and was part of a package of measures to address the plan’s deficit. The company recognized a pre-tax curtailment gain of $3.3 million in connection with this closure.

The company’s pension costs, which include costs for its qualified, non-qualified and union plans, are presented in the following table:

In thousands of dollars


	2010			2009			2008
Service cost — benefits earned during the period	$	14,829		$	14,439		$	64,563
Interest cost on benefit obligation		176,738			178,646			207,758
Expected return on plan assets		(191,614	)		(171,472	)		(266,079	)
Amortization of prior service costs/(credit)		6,731			1,641			(9,682	)
Amortization of actuarial loss		46,870			48,541			23,465

Pension expense (benefit) for company-sponsored retirement plans		53,554			71,795			20,025
Curtailment gains		(3,840	)		—			(46,463	)
Settlement and special termination benefit charge/(credit)		—			(39,159	)		4,168
Union and other pension cost		3,990			5,146			5,002

Total pension cost (benefit)	$	53,704		$	37,782		$	(17,268	)

The following table provides a reconciliation of pension benefit obligations (on a projected benefit obligation measurement basis), plan assets and funded status of company-sponsored retirement plans, along with the related amounts that are recognized in the Consolidated Balance Sheets.

In thousands of dollars


	Dec. 26, 2010			Dec. 27, 2009
*Change in benefit obligations*
Benefit obligations at beginning of year	$	3,088,364		$	3,060,287
Service cost		14,829			14,439
Interest cost		176,738			178,646
Plan participants’ contributions		7,595			11,497
Actuarial loss		189,382			172,717
Foreign currency translation		(24,259	)		51,823
Gross benefits paid		(218,362	)		(275,575	)
Curtailments		(16,410	)		—
Settlement		—			(125,470	)
Benefit obligations at end of year	$	3,217,877		$	3,088,364
*Change in plan assets*
Fair value of plan assets at beginning of year	$	2,375,767		$	2,168,559
Actual return on plan assets		269,263			427,299
Plan participants’ contributions		7,595			11,497
Employer contributions		174,578			45,199
Gross benefits paid		(218,362	)		(275,575	)
Settlements		—			(46,968	)
Foreign currency translation		(20,113	)		45,756
Fair value of plan assets at end of year	$	2,588,728		$	2,375,767

Funded status at end of year	$	(629,149	)	$	(712,597	)

*Amounts recognized in Consolidated Balance Sheets*
Long-term other assets	$	4,140		$	7,682
Accrued benefit cost — current	$	(13,949	)	$	(12,146	)
Accrued benefit cost — long-term	$	(619,340	)	$	(708,133	)

The funded status (on a projected benefit obligation basis) of the company’s principal retirement plans at Dec. 26, 2010, is as follows:

In thousands of dollars


	Fair Value of		Benefit		Funded
	Plan Assets		Obligation		Status
GRP	$	1,926,834	$	2,272,349	$	(345,515	)
SERP		—		195,326		(195,326	)
Newsquest		588,105		679,284		(91,179	)
All other		73,789		70,918		2,871

Total	$	2,588,728	$	3,217,877	$	(629,149	)

The accumulated benefit obligation for all defined benefit pension plans was $3.19 billion and $3.07 billion at Dec. 26, 2010 and Dec. 27, 2009, respectively.

Net actuarial losses recognized in accumulated other comprehensive loss were $1.17 billion in 2010 and $1.13 billion in 2009. Prior service cost recognized in accumulated other comprehensive loss was $75.3 million in 2010 and $78.1 million in 2009.

The actuarial loss and prior service cost amounts expected to be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2011 are $36.5 million and $7.5 million, respectively.

Other changes in plan assets and benefit obligations recognized in other comprehensive income for 2010 consist of the following:

In thousands of dollars


Current year actuarial loss	$	(111,732	)
Current year actuarial gain due to curtailment		16,410
Prior service credit recognized in curtailment		(583	)
Amortization of actuarial loss		46,870
Amortization of prior service costs		6,731
Currency gain		5,531

*Total*	$	(36,773	)

Pension costs: The following assumptions were used to determine net pension costs:


	2010			2009			2008
Discount rate		5.88	%		6.26	%		6.23	%
Expected return on plan assets		8.75	%		8.75	%		8.75	%
Rate of compensation increase		2.88	%		2.54	%		4.00	%

The expected return on asset assumption was determined based on plan asset allocations, a review of historic capital market performance, historical plan asset performance and a forecast of expected future asset returns.

Benefit obligations and funded status: The following assumptions were used to determine the year-end benefit obligations:


	Dec. 26, 2010			Dec. 27, 2009
Discount rate		5.49	%		5.90	%
Rate of compensation increase		2.95	%		2.69	%

The following table presents information for those company retirement plans for which accumulated benefits exceed assets:

In thousands of dollars


	Dec. 26, 2010		Dec. 27, 2009
Accumulated benefit obligation	$	3,123,535	$	3,017,124
Fair value of plan assets	$	2,514,939	$	2,307,328

The following table presents information for those company retirement plans for which the projected benefit obligation exceeds assets:

In thousands of dollars


	Dec. 26, 2010		Dec. 27, 2009
Projected benefit obligation	$	3,148,228	$	3,027,606
Fair value of plan assets	$	2,514,939	$	2,307,328

During 2010, the company made voluntary contributions of $130 million to the GRP. The company contributed $26.6 million to the U.K. retirement plan in 2010 and $21.2 million in 2009. For 2011, the company expects to contribute less than $45 million to the GRP, depending on final actuarial valuation results, and $18.5 million to the U.K. retirement plan.

Plan assets: The fair value of plan assets was approximately $2.6 billion and $2.4 billion at the end of 2010 and 2009, respectively. The expected long-term rate of return on these assets was 8.75% for 2010, 2009 and 2008. The asset allocation for company-sponsored pension plans at the end of 2010 and 2009, and target allocations for 2011, by asset category, are presented in the table below:


	Target Allocation			Allocation of Plan Assets
	2011			2010			2009
Equity securities		59	%		47	%		43	%
Debt securities		30			47			50
Other		11			6			7

Total		100	%		100	%		100	%

The primary objective of company-sponsored retirement plans is to provide eligible employees with scheduled pension benefits: the “prudent man” guideline is followed with regard to the investment management of retirement plan assets. Consistent with prudent standards for preservation of capital and maintenance of liquidity, the goal is to earn the highest possible total rate of return while minimizing risk. The principal means of reducing volatility and exercising prudent investment judgment is diversification by asset class and by investment manager; consequently, portfolios are constructed to attain prudent diversification in the total portfolio, each asset class, and within each individual investment manager’s portfolio. Investment diversification is consistent with the intent to minimize the risk of large losses. All objectives are based upon an investment horizon spanning five years so that interim market fluctuations can be viewed with the appropriate perspective. The target asset allocation represents the long-term perspective. Retirement plan assets will be rebalanced periodically to align them with the target asset allocations. Risk characteristics are measured and compared with an appropriate benchmark quarterly; periodic reviews are made of the investment objectives and the investment managers. The company’s actual investment return (loss) on its Gannett Retirement Plan assets was 14.0% for 2010, 25.6% for 2009 and (25.6)% for 2008. The negative return for 2008 reflects the global economic crisis and sharp decline in equity share values.

Retirement plan assets include approximately 1.2 million shares of the company’s common stock valued at approximately $19 million and $18 million at the end of 2010 and 2009, respectively. The plan received dividends of approximately $199,000 on these shares in 2010.

Cash flows: The company estimates it will make the following benefit payments (from either retirement plan assets or directly from company funds), which reflect expected future service, as appropriate:

In thousands of dollars


2011	$	204,879
2012	$	208,472
2013	$	210,861
2014	$	215,144
2015	$	217,409
2016-2020	$	1,106,088

Postretirement benefits other than pensions

12 Months Ended

Dec. 26, 2010

Postretirement benefits other than pensions [Abstract]

Postretirement benefits other than pensions

NOTE 9

Postretirement benefits other than pensions

The company provides health care and life insurance benefits to certain retired employees who meet age and service requirements. Most of the company’s 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 and accrued over the service period of the active employee group. The company’s policy is to fund benefits as claims and premiums are paid. The company uses a Dec. 31 measurement date for these plans.

Postretirement benefit cost for health care and life insurance included the following components:

In thousands of dollars


	2010			2009			2008
Service cost — benefits earned during the period	$	713		$	1,405		$	1,634
Interest cost on net benefit obligation		10,606			13,339			14,013
Amortization of prior service credit		(19,377	)		(15,689	)		(15,560	)
Amortization of actuarial loss		4,949			4,695			4,752

Net periodic postretirement (benefit) cost	$	(3,109	)	$	3,750		$	4,839

Special termination benefit charge	$	—		$	—		$	1,307

The table below provides a reconciliation of benefit obligations and funded status of the company’s postretirement benefit plans:

In thousands of dollars


	Dec. 26, 2010			Dec. 27, 2009
*Change in benefit obligations*
Net benefit obligations at beginning of year	$	208,213		$	244,190
Service cost		713			1,405
Interest cost		10,606			13,339
Plan participants’ contributions		11,708			10,429
Plan amendments		(677	)		(19,853	)
Actuarial gain		(6,121	)		(7,799	)
Gross benefits paid		(35,658	)		(35,856	)
Federal subsidy on benefits paid		2,498			2,358
Net benefit obligations at end of year	$	191,282		$	208,213
*Change in plan assets*
Fair value of plan assets at beginning of year	$	—		$	—
Employer contributions		23,950			25,427
Plan participants’ contributions		11,708			10,429
Gross benefits paid		(35,658	)		(35,856	)
Fair value of plan assets at end of year	$	—		$	—

Benefit obligation at end of year	$	191,282		$	208,213

Accrued postretirement benefit cost:
Current	$	22,960		$	22,780
Noncurrent	$	168,322		$	185,433

Net actuarial losses recognized in accumulated other comprehensive loss were $33.7 million in 2010 and $44.3 million in 2009. Prior service credits recognized in accumulated other comprehensive loss were $63.6 million in 2010 and $82.3 million in 2009.

The actuarial loss and prior service credit estimated to be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2011 are $4.5 million and $(19.5) million, respectively.

Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income for 2010 consist of the following:

In thousands of dollars


Current year actuarial gain	$	5,637
Prior service credit change		677
Amortization of actuarial loss		4,949
Amortization of prior service credit		(19,377	)

*Total*	$	(8,114	)

Postretirement benefit costs: The following assumptions were used to determine postretirement benefit cost:


	2010			2009			2008
Discount rate		5.80	%		6.15	%		6.13	%
Health care cost trend on coverage		6.50	%		7.00	%		8.00	%
Ultimate trend rate		5.00	%		5.00	%		5.00	%
Year that ultimate trend rate is reached		2014			2014			2014

Benefit obligations and funded status: The following assumptions were used to determine the year-end benefit obligation:


	Dec. 26, 2010			Dec. 27, 2009
Discount rate		5.30	%		5.80	%
Health care cost trend rate assumed for next year		6.50	%		7.00	%
Ultimate trend rate		5.00	%		5.00	%
Year that ultimate trend rate is reached		2014			2014

A 6.50% annual rate of increase in the per capita cost of covered health care benefits was assumed for 2011. Assumed health care cost trend rates have an effect on the amounts reported for the health care plans. The effect of a 1% change in the health care cost trend rate would result in a change of approximately $8 million in the 2010 postretirement benefit obligation and a $0.5 million change in the aggregate service and interest components of the 2010 expense.

Cash flows: The company expects to make the following benefit payments, which reflect expected future service, and to receive the following federal subsidy benefits as appropriate:


In thousands of dollars	Benefit Payments		Subsidy Benefits
2011	$	22,959	$	2,508
2012	$	20,967	$	2,398
2013	$	20,158	$	2,359
2014	$	19,825	$	2,299
2015	$	19,032	$	2,217
2016-2020	$	80,032	$	9,639

The amounts above exclude the participants’ share of the benefit cost. The company’s policy is to fund benefits as claims and premiums are paid.

Income Taxes

12 Months Ended

Dec. 26, 2010

Income Taxes [Abstract]

Income taxes

NOTE 10

Income taxes

The provision (benefit) for income taxes on income from continuing operations consists of the following:

In thousands of dollars


2010	Current			Deferred		Total
Federal	$	135,442		$	129,829	$	265,271
State and other		(51,252	)		19,150		(32,102	)
Foreign		9,460			1,384		10,844

*Total*	$	93,650		$	150,363	$	244,013

In thousands of dollars


2009	Current		Deferred			Total
Federal	$	90,374	$	53,153		$	143,527
State and other		23,846		9,920			33,766
Foreign		22,895		(8,860	)		14,035

*Total*	$	137,115	$	54,213		$	191,328

In thousands of dollars


2008	Current			Deferred			Total
Federal	$	195,827		$	(624,379	)	$	(428,552	)
State and other		(25,519	)		(150,798	)		(176,317	)
Foreign		(13,593	)		(26,811	)		(40,404	)

*Total*	$	156,715		$	(801,988	)	$	(645,273	)

The components of income (loss) from continuing operations attributable to Gannett Co., Inc. before income taxes consist of the following:

In thousands of dollars


	2010		2009		2008
Domestic	$	729,485	$	484,316	$	(4,718,428	)
Foreign		81,856		58,492		(2,553,784	)

*Total*	$	811,341	$	542,808	$	(7,272,212	)

The provision for income taxes on continuing operations varies from the U.S. federal statutory tax rate as a result of the following differences:


Fiscal year	2010			2009			2008
U.S. statutory tax rate		35.0	%		35.0	%		35.0	%
Increase (decrease) in taxes resulting from:
Asset impairments		0.6			1.4			(28.0	)
State/other income taxes net of federal income tax		3.5			3.5			3.1
Statutory rate differential and permanent differences in earnings in foreign jurisdictions		(2.7	)		(3.3	)		(2.0	)
Lapse of state statutes of limitations net of federal income tax		(7.2	)		(0.7	)		0.5
Other, net		0.9			(0.7	)		0.3

*Effective tax rate*		30.1	%		35.2	%		8.9	%

The benefit from the lapse of state statutes of limitations in 2010 is primarily the release of tax reserves and interest related to the sale of a business in a prior year.

Absent the effect of facility consolidation and asset impairment charges and workforce restructuring charges in 2010 and 2009, certain gains in 2009 and the special net tax benefit from the release of certain tax reserves due to the lapse of statutes of limitations for 2010, the company’s effective tax rate would have been 33.1% for 2010, 33.6% for 2009 and 28.7% for 2008.

In addition to the income tax provision presented above for continuing operations, the company also recorded federal and state income taxes payable on discontinued operations in 2010.

Taxes provided on the earnings from discontinued operations include amounts reclassified from previously reported income tax provisions and totaled $11.7 million for 2010, covering U.S. federal and state income taxes and representing an effective rate of 36%. Also included in discontinued operations for 2010 is a recognized gain of $21.2 million, which is net of tax. Taxes provided on the gains from the disposals totaled approximately $12.2 million for 2010, covering U.S. federal and state income taxes and represent an effective rate of 36.4%.

Deferred income taxes reflect temporary differences in the recognition of revenue and expense for tax reporting and financial statement purposes. Amortization of intangibles represents the largest component of the deferred provision. Deferred tax liabilities and assets are adjusted for enacted changes in tax laws or tax rates of the various tax jurisdictions. The amounts of such adjustments for 2008, 2009 and 2010 are not significant.

Deferred tax liabilities and assets were composed of the following at the end of 2010 and 2009:

In thousands of dollars


	Dec. 26, 2010		Dec. 27, 2009
Liabilities
Accelerated depreciation	$	309,477	$	317,547
Accelerated amortization of deductible intangibles		59,709		6,547
Other		27,600		36,143

Total deferred tax liabilities		396,786		360,237

Assets
Accrued compensation costs		98,005		112,339
Pension		239,120		270,403
Postretirement medical and life		75,607		83,859
Federal tax benefits of uncertain state tax positions		46,856		73,736
Partnership investments including impairments		65,874		79,471
Other		62,963		62,366

Total deferred tax assets		588,425		682,174

Total net deferred tax assets		191,639		321,937

Net current deferred tax assets		21,254		19,577

Net long-term deferred tax assets	$	170,385	$	302,360

Included in total deferred tax assets are valuation allowances of approximately $44 million and $38 million in 2010 and 2009, respectively, primarily related to foreign tax credits available for carry forward to future years and to certain foreign losses.

Realization of deferred tax assets for which valuation allowances have not been established is dependent upon generating sufficient future taxable income. The company expects to realize the benefit of these deferred tax assets through future reversals of its deferred tax liabilities, through the recognition of taxable income in the allowable carryback and carryforward periods, and through implementation of future tax planning strategies. Although realization is not assured, the company believes it is more likely than not that all deferred tax assets for which valuation allowances have not been established will be realized.

The company’s legal and tax structure reflects acquisitions that have occurred over the years as well as the multi-jurisdictional nature of the company’s businesses.

The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions:

In thousands of dollars


*Change in unrecognized tax benefits*	Dec. 26, 2010			Dec. 27, 2009
Balance at beginning of year	$	191,715		$	182,025
Additions based on tax positions related to the current year		20,234			19,455
Additions for tax positions of prior years		24,015			14,462
Reductions for tax positions of prior years		(37,869	)		(16,959	)
Settlements		(3,307	)		(3,140	)
Reductions due to lapse of statutes of limitations		(41,257	)		(4,128	)

*Balance at end of year*	$	153,531		$	191,715

The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $109 million as of Dec. 26, 2010, and $126 million as of Dec. 27, 2009. This amount includes the federal tax benefit of state tax deductions.

Included in the $154 million unrecognized tax benefit balance at Dec. 26, 2010, are $11 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.

The company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. The company also recognizes interest income attributable to overpayment of income taxes as a component of income tax expense, and it recognizes interest credits for the reversal of interest expense previously recorded for uncertain tax positions which are subsequently released. During 2010, the company recognized income from interest and the release of penalty reserves of $40 million. During 2009, the company recognized interest expense of $3 million. During 2008, the company recognized income from interest and the release of penalty reserves of $13 million. The amount of accrued interest and penalties payable related to unrecognized tax benefits was $37 million and $74 million as of Dec. 26, 2010, and Dec. 27, 2009, respectively.

The 2005 through 2009 tax years remain subject to examination by the IRS. The IRS is examining the 2005 through 2008 U.S. income tax returns and the company believes it is likely that the examination of these returns will be completed in 2011. The 2005 through 2009 tax years generally remain subject to examination by state authorities, and the years 2003 through 2009 are subject to examination in the U.K. In addition, tax years prior to 2005 remain subject to examination by certain states primarily due to the filing of amended tax returns as a result of the settlement of the IRS examination for these years and due to ongoing audits.

It is reasonably possible that the amount of unrecognized benefit with respect to certain of the company’s unrecognized tax positions will significantly increase or decrease within the next 12 months. These changes may be the result of settlement of ongoing audits, lapses of statutes of limitations or other regulatory developments. At this time, the company estimates that the amount of its gross unrecognized tax positions may decrease by up to approximately $50 million within the next 12 months primarily due to lapses of statutes of limitations and settlement of ongoing audits in various jurisdictions.

Shareholders' Equity

12 Months Ended

Dec. 26, 2010

SHAREHOLDERS' EQUITY [Abstract]

SHAREHOLDERS' EQUITY

NOTE 11 — SHAREHOLDERS’ EQUITY

Capital stock and earnings per share

The company’s earnings (loss) per share (basic and diluted) for 2010, 2009 and 2008 are presented below:

In thousands, except per share amounts


	2010		2009		2008
Net income (loss) attributable to Gannett Co., Inc.	$	588,201	$	355,270	$	(6,647,565	)

Weighted average number of common shares outstanding (basic)		238,230		233,683		228,345
Effect of dilutive securities
Stock options		1,354		723		—
Restricted stock		1,720		1,117		—
401(k) employer match		301		504		—

Weighted average number of common shares outstanding (diluted)		241,605		236,027		228,345

Earnings (loss) per share (basic)	$	2.47	$	1.52	$	(29.11	)
Earnings (loss) per share (diluted)	$	2.43	$	1.51	$	(29.11	)

The diluted earnings per share amounts exclude the effects of approximately 19.6 million stock options outstanding for 2010, 22.3 million for 2009 and 27.1 million for 2008, as their inclusion would be antidilutive. The diluted earnings per share amount for 2008 also excludes 2.2 million restricted stock units.

Share repurchase program

In February 2004, the company announced the reactivation of its existing share repurchase program that was last utilized in February 2000. On July 25, 2006, the authorization to repurchase shares was increased by $1 billion. During 2008, 2.3 million shares were purchased under the program for $72.8 million. There were no shares purchased under the program in 2010 or 2009.

The shares may be repurchased at management’s discretion, either in the open market or in privately negotiated block transactions. Management’s decision to repurchase shares will depend on price, availability and other corporate developments. Purchases may occur from time to time and no maximum purchase price has been set. While there is no expiration date for the repurchase program, the company’s Board of Directors reviews the share repurchase authorization annually, the last such review having occurred in October 2010. Certain of the shares previously acquired by the company have been reissued in settlement of employee stock awards. At this time, the company does not anticipate repurchasing its shares for the near term.

Equity-based awards

In May 2001, the company’s shareholders approved the adoption of the Omnibus Incentive Compensation Plan (the Plan). The Plan is administered by the Executive Compensation Committee of the Board of Directors and was amended and restated as of May 4, 2010 to increase the number of shares reserved for issuance to up to 60.0 million shares of company common stock for awards granted on or after the amendment date. The Plan provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based and cash-based awards. Awards may be granted to employees of the company and members of the Board of Directors. The Plan provides that shares of common stock subject to awards granted become available again for issuance if such awards are canceled or forfeited.

Stock options may be granted as either non-qualified stock options or incentive stock options. Options are granted to purchase common stock of the company at not less than 100% of the fair market value on the day of grant. Options are exercisable at such times and subject to such terms and conditions as the Executive Compensation Committee determines. The Plan restricts the granting of options to any participant in any fiscal year to no more than 1,000,000 shares. Options issued from 1996 through November 2004 have a 10-year exercise period, and options issued in December 2004 and thereafter have an eight-year exercise period. Options generally become exercisable at 25% per year.

In addition to stock options, the company issues stock-based compensation to employees in the form of restricted stock units (RSUs). These awards generally entitle employees to receive at the end of a four-year incentive period one share of common stock for each RSU granted, conditioned on continued employment for the full incentive period. Compensation expense for RSUs is recognized for the awards that are expected to vest. The expense is based on the fair value of the awards on the date of grant recognized on a straight-line basis over the requisite service period, which is generally the four-year incentive period. Under the plan, no more than 500,000 RSUs may be granted to any participant in any fiscal year.

The Plan also permits the company to issue restricted stock. Restricted Stock is an award of common stock that is subject to restrictions and such other terms and conditions as the Executive Compensation Committee determines. Under the Plan, no more than 500,000 restricted shares may be granted to any participant in any fiscal year.

The company issued stock options to certain members of its Board of Directors as compensation for meeting fees and retainer fees, as well as long-term awards. Meeting fees paid as stock options fully vest upon grant. Retainers paid in the form of stock options vest in equal quarterly installments over one year. Long-term stock option awards vest in equal annual installments over four years. Expense is recognized on a straight-line basis over the vesting period based on the grant date fair value. During 2010, 2009 and 2008, members of the Board of Directors were awarded 72,681, 144,667 and 28,683 shares, respectively, of stock options as part of their compensation plan.

The company also issued restricted stock to certain members of its Board of Directors as compensation for meeting fees and retainer fees, as well as annual long-term awards. Meeting fees paid as restricted stock fully vest upon grant. Retainers paid in the form of restricted shares vest in equal quarterly installments over one year. Long-term awards vest in equal monthly installments over three years. Expense is recognized on a straight-line basis over the vesting period based on the grant date fair value. During 2010, 2009 and 2008, members of the Board of Directors were awarded 21,062 shares, 95,543 shares and 15,872 shares, respectively, of restricted stock as part of their compensation plan. All vested shares will be issued to directors when retiring from the Board.

The Executive Compensation Committee may grant other types of awards that are valued in whole or in part by reference to or that are otherwise based on fair market value of the company’s common stock or other criteria established by the Executive Compensation Committee including the achievement of performance goals. The maximum aggregate grant of performance shares that may be awarded to any participant in any fiscal year shall not exceed 500,000 shares of common stock. The maximum aggregate amount of performance units or cash-based awards that may be awarded to any participant in any fiscal year shall not exceed $10,000,000.

In the event of a change in control as defined in the Plan, (1) all outstanding options will become immediately exercisable in full; (2) all restricted periods and restrictions imposed on non-performance based restricted stock awards will lapse; (3) all non-performance based restricted stock units will fully vest; and (4) target payment opportunities attainable under all outstanding awards of performance-based restricted stock, performance units and performance shares will be paid as specified in the Plan.

Determining fair value

Valuation and amortization method — The company determines the fair value of stock options using the Black-Scholes option-pricing formula. Key inputs into this formula include expected term, expected volatility, expected dividend yield and the risk-free rate. Each assumption is discussed below. This fair value is amortized on a straight-line basis over the requisite service periods of the awards, which is generally the four-year vesting period.

Expected term — The expected term represents the period that the company’s stock-based awards are expected to be outstanding, and is determined based on historical experience of similar awards, giving consideration to contractual terms of the awards, vesting schedules and expectations of future employee behavior.

Expected volatility — The fair value of stock-based awards reflects a volatility factor calculated using historical market data for the company’s common stock. The time frame used is equal to the expected term.

Expected dividend — The dividend assumption is based on the company’s expectations about its dividend policy on the date of grant.

Risk-free interest rate — The company bases the risk-free interest rate on the yield to maturity at the time of the stock option grant on zero-coupon U.S. government bonds having a remaining life equal to the option’s expected life.

Estimated forfeitures — When estimating forfeitures, the company considers voluntary termination behavior as well as analysis of actual option forfeitures.

The following assumptions were used to estimate the fair value of option awards:


	2010	2009	2008
Average expected term	4.5 yrs.	4.5 yrs.	4.5 yrs.
Expected volatility	59.41 – 62.24%	38.67 – 59.18%	17.51 – 34.63%
Weighted average volatility	61.01%	48.73%	28.60%
Risk-free interest rates	1.51 – 2.65%	1.97 – 2.63%	1.55 – 3.25%
Expected dividend yield	1.00%	1.00 – 2.20%	4.20 – 13.30%
Weighted average expected dividend	1.00%	1.20%	9.91%

The following table shows the stock-based compensation related amounts recognized in the Consolidated Statements of Income (Loss) for equity awards:

In thousands, except per share amounts


	2010		2009		2008
Stock options	$	18,810	$	12,578	$	13,097
Restricted stock and RSUs		13,897		12,795		9,549

Total stock-based compensation		32,707		25,373		22,646
Income tax benefit		12,429		9,641		8,605

Stock-based compensation, net of tax	$	20,278	$	15,732	$	14,041

Per diluted share impact	$	.08	$	.07	$	.06

As of Dec. 26, 2010, there was $13.6 million of unrecognized compensation cost related to non-vested share-based compensation for options. Such amount will be adjusted for future changes in estimated forfeitures. Unrecognized compensation cost for options will be recognized on a straight-line basis over a weighted average period of 3.5 years.

During 2010, options for 332,060 shares of common stock were exercised from which the company received $2.0 million of cash. The intrinsic value of the options exercised was approximately $3.1 million. The actual tax benefit realized from the option exercises was $1.2 million.

During 2009, options for 44,250 shares of common stock were exercised from which the company received $0.3 million of cash. The intrinsic value of the options exercised was approximately $0.4 million. The actual tax benefit realized from the option exercises was $0.1 million.

During 2008, no options were exercised.

Option exercises are satisfied through the issuance of shares from treasury stock.

A summary of the company’s stock-option awards is presented below:


						Weighted
						average
				Weighted		remaining
				average		contractual		Aggregate
				exercise		term		intrinsic
2010 Stock Option Activity	Shares			price		(in years)		value
Outstanding at beginning of year		25,243,251		$	58.68		4.1	$	33,560,103
Granted		3,451,481		$	15.23
Exercised		(332,060	)	$	6.00
Canceled/Expired		(4,713,382	)	$	63.70
Outstanding at end of year		23,649,290		$	52.08		3.9	$	28,819,223
Options exercisable at year end		17,075,622		$	66.48		2.8	$	8,698,148
Weighted average grant date fair value of options granted during the year	$	7.22


						Weighted
						average
				Weighted		remaining
				average		contractual		Aggregate
				exercise		term		intrinsic
2009 Stock Option Activity	Shares			price		(in years)		value
Outstanding at beginning of year		27,106,695		$	66.58		4.3	$	68,360
Granted		3,171,867		$	8.00
Exercised		(44,250	)	$	7.53
Canceled/Expired		(4,991,061	)	$	69.83
Outstanding at end of year		25,243,251		$	58.68		4.1	$	33,560,103
Options exercisable at year end		19,788,317		$	69.76		3.3	$	3,662,795
Weighted average grant date fair value of options granted during the year	$	3.41


						Weighted
						average
				Weighted		remaining
				average		contractual		Aggregate
				exercise		term		intrinsic
2008 Stock Option Activity	Shares			price		(in years)		value
Outstanding at beginning of year		27,933,353		$	70.88		4.8	$	1,406,344
Granted		2,181,083		$	16.62
Exercised		—			—
Canceled/Expired		(3,007,741	)	$	70.31
Outstanding at end of year		27,106,695		$	66.58		4.3	$	68,360
Options exercisable at year end		23,201,201		$	71.74		3.9		—
Weighted average grant date fair value of options granted during the year	$	1.33

As of Dec. 26, 2010, there was $33.6 million of unrecognized compensation cost related to non-vested restricted stock and RSUs. This amount will be adjusted for future changes in estimated forfeitures and recognized on a straight-line basis over a weighted average period of 3.3 years.

A summary of restricted stock and RSU awards is presented below:


				Weighted
				average
2010 Restricted Stock and RSU Activity	Shares			fair value
Outstanding and unvested at beginning of year		3,293,293		$	13.62
Granted		1,934,351		$	14.91
Settled		(490,716	)	$	31.94
Canceled		(315,491	)	$	12.97

Outstanding and unvested at end of year		4,421,437		$	12.19


				Weighted
				average
2009 Restricted Stock and RSU Activity	Shares			fair value
Outstanding and unvested at beginning of year		2,241,190		$	19.47
Granted		1,714,633		$	11.63
Settled		(445,084	)	$	30.67
Canceled		(217,446	)	$	23.35

Outstanding and unvested at end of year		3,293,293		$	13.62


				Weighted
				average
2008 Restricted Stock and RSU Activity	Shares			fair value
Outstanding and unvested at beginning of year		1,041,222		$	47.89
Granted		1,479,277		$	2.26
Settled		(194,048	)	$	11.36
Canceled		(85,261	)	$	44.33

Outstanding and unvested at end of year		2,241,190		$	19.47

401(k) savings plan

Substantially all employees of the company (other than those covered by a collective bargaining agreement) who are scheduled to work at least 1,000 hours during each year of employment are eligible to participate in the 401(k) Savings Plan (the Plan). Employees can elect to save up to 50% of compensation on a pre-tax basis subject to certain limits.

On Aug. 1, 2008, the company approved amendments to its principal domestic retirement plans and to its 401(k) plan. For most participants, the 401(k) plan matching formula was changed to 100% of the first 5% of employee contributions. Prior to this change, the company generally matched 50% of the first 6% of employee contributions. The company also now makes additional 401(k) employer contributions on behalf of certain long-term employees. Compensation expense related to 401(k) contributions was $46.0 million in 2010, $59.8 million in 2009 and $46.6 million in 2008. In 2010 and 2009, the company’s 401(k) match was settled with a combination of cash and treasury shares. Cash was used to settle 401(k) contributions in 2008.

In 2002, the Board authorized 3,000,000 shares of common stock to be registered in connection with savings-related share option plans available to eligible employees of Newsquest. In July 2004, options covering 143,000 shares were subscribed to by Newsquest employees. The plan had a maturity date of August 31, 2007, and options became exercisable in September 2007. No options were exercised during 2008 or 2009. The options expired unexercised in 2010.

Preferred share purchase rights

In May 1990, the Board of Directors declared a dividend distribution of one Preferred Share Purchase Right (Right) for each common share held, payable to shareholders of record on June 8, 1990. The Rights become exercisable when a person or group of persons acquired or announced an intention to acquire ownership of 15% or more of the company’s common shares. Holders of the Rights could have acquired an interest in a new series of junior participating preferred stock, or they could have acquired an additional interest in the company’s common shares at 50% of the market value of the shares at the time the Rights were exercised.

In May 2000, the company announced that its Board of Directors approved an amendment to its Shareholder Rights Plan to extend the expiration date of the Rights to May 31, 2010, and increase the initial exercise price of each preferred stock purchase right to $280. The Rights expired unexercised on May 31, 2010 and the company has not instituted a new Shareholder Rights Plan.

Accumulated other comprehensive income (loss)

The elements of the company’s Accumulated Other Comprehensive Loss consisted of the following items (net of tax): Pension, retiree medical and life insurance liabilities — a reduction of equity of $762 million at Dec. 26, 2010, and $735 million at Dec. 27, 2009; foreign currency translation gains — an increase of equity of $395 million at Dec. 26, 2010, and $416 million at Dec. 27, 2009; and all other — an increase of $2 million at Dec. 26, 2010.

Fair Value Measurement

12 Months Ended

Dec. 26, 2010

Fair Value Measurement [Abstract]

Fair value measurement

NOTE 13

Fair value measurement

The company measures and records in the accompanying consolidated financial statements certain assets and liabilities at fair value. ASC Topic 820, “Fair Value Measurements and Disclosures,” establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the company’s own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 - Quoted market prices in active markets for identical assets or liabilities;

Level 2 - Inputs other than Level 1 inputs that are either directly or indirectly observable; and

Level 3 - Unobservable inputs developed using estimates and assumptions developed by the company, which reflect those that a market participant would use.

The financial instruments measured at fair value in the accompanying consolidated balance sheets consist of the following:

Company Owned Assets

In thousands of dollars

Fair value measurement as of Dec. 26, 2010


	Level 1		Level 2		Level 3		Total
Assets:
Employee compensation related investments	$	15,976	$	—	$	—	$	15,976
Sundry investments		26,902		—		—		26,902

In thousands of dollars

Fair value measurement as of Dec. 27, 2009


	Level 1		Level 2		Level 3		Total
Assets:
Employee compensation related investments	$	21,757	$	—	$	—	$	21,757
Sundry investments		24,800		—		27,202		52,002

During the second quarter of 2010, the company sold auction rate securities held by CareerBuilder, receiving proceeds of $28.4 million and recording a gain of $2.1 million.

The level 3 sundry investments are financial instruments held by CareerBuilder. During 2009, the company sold some of these instruments receiving proceeds of $1.7 million and recording a gain of $0.2 million. In addition, an unrealized gain of $1.2 million related to these securities was recorded in the company’s Consolidated Balance Sheet. The company utilized a probability-weighted discounted cash flow technique to determine the fair value of these financial instruments. The main assumptions used in the fair value calculation were the estimated coupon rate associated with the securities and the discount rate (determined based on market yields of similar taxable obligations).

The following tables set forth by level within the fair value hierarchy the fair values of the company’s pension plan assets:

Pension Plan Assets/Liabilities

In thousands of dollars

Fair value measurement as of Dec. 26, 2010^(a)


	Level 1		Level 2		Level 3		Total
Assets:
U.S. government-related securities	$	—	$	182,524	$	—	$	182,524
Other government bonds		—		30,841		1,526		32,367
Corporate bonds		—		169,410		5,896		175,306
Corporate stock		676,777		1,338		—		678,115
Real estate		—		—		90,344		90,344
Interest in common/ collective trusts		60,005		661,180		—		721,185
Interest in reg. invest companies		208,023		5,398		—		213,421
Interest in 103-12 investments		—		106,947		—		106,947
Partnership/joint venture interests		—		—		117,698		117,698
Hedge funds		—		77,851		163,349		241,200
Derivative contracts		500		84,641		104		85,245

Total	$	945,305	$	1,320,130	$	378,917	$	2,644,352


	Level 1			Level 2			Level 3			Total
Liabilities:
Derivative liabilities	$	(2,521	)	$	(87,260	)	$	(453	)	$	(90,234	)

Total	$	(2,521	)	$	(87,260	)	$	(453	)	$	(90,234	)

Cash and other		12,885			21,725			—		$	34,610

Total net fair value of plan assets	$	955,669		$	1,254,595		$	378,464		$	2,588,728


(a)		The company uses a Dec. 31 measurement date for its retirement plans.

In thousands of dollars

Fair value measurement as of Dec. 27, 2009^(a)


	Level 1		Level 2		Level 3		Total
Assets:
U.S. government-related securities	$	—	$	235,863	$	3,437	$	239,300
Other government bonds		—		31,314		—		31,314
Corporate bonds		—		178,475		15,191		193,666
Corporate stock		559,886		—		—		559,886
Real estate		—		—		91,765		91,765
Interest in common/ collective trusts		10,916		447,227		—		458,143
Interest in reg. invest. companies		328,404		2,083		—		330,487
Interest in 103-12 investments		—		111,575		—		111,575
Partnership/joint venture interests		—		—		95,965		95,965
Hedge funds		—		73,573		173,559		247,132
Derivative contracts		500		1,574		1,865		3,939

Total	$	899,706	$	1,081,684	$	381,782	$	2,363,172


	Level 1			Level 2			Level 3			Total
Liabilities:
Derivative liabilities	$	(2,615	)	$	(6,100	)	$	(3	)	$	(8,718	)
Liability to purchase U.S. government and other securities		—			(120,747	)		—			(120,747	)

Total	$	(2,615	)	$	(126,847	)	$	(3	)	$	(129,465	)

Cash and other		14,730			127,330			—		$	142,060

Total net fair value of plan assets	$	911,821		$	1,082,167		$	381,779		$	2,375,767


(a)		The company uses a Dec. 31 measurement date for its retirement plans.

Items included in “Cash and other” in the table above primarily consist of amounts categorized as cash and cash equivalents and pending purchases and sales of securities.

Valuation methodologies used for assets and liabilities measured at fair value are as follows:

U.S. government-related securities are primarily mortgage-backed securities that are typically not actively quoted. Values are obtained from industry vendors who use various pricing models or use quotes for identical or similar securities. Investments categorized in Level 3 are thinly traded with values derived using unobservable inputs.

Other government and corporate bonds are mainly valued based on institutional bid evaluations using proprietary models, using discounted cash flow models or models that derive prices based on similar securities. Corporate bonds categorized in Level 3 are primarily from distressed issuers for whom the values represent an estimate of recovery in a potential or actual bankruptcy situation.

Corporate stock is valued 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 valuer 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.

Interest in common/collective trusts and interest in 103-12 investments are valued using the net asset value as provided monthly by the fund family or fund company. Shares in the common/collective trusts are generally redeemable upon request. The investment classified in Level 1 is a money market fund with a constant net asset value.

One of the investments is a fixed income fund which uses individual subfunds to efficiently add a representative sample of securities in individual market sectors to the portfolio. These funds are generally redeemable with a short-term written or verbal notice. Also included is a fund that invests in a select portfolio of large cap domestic stocks perceived to have superior growth characteristics. Shares in this fund are generally redeemable on any business day, upon two-day notice. There are no unfunded commitments related to these types of funds.

Interest in registered investment companies is valued using the published net asset values as quoted through publicly available pricing sources. The investments in Level 2 are proprietary funds of the individual fund managers and are not publicly quoted.

Investments in partnerships and joint venture interests 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. Certain of the partnerships are general leveraged buyout funds and others are venture capital funds. Also included within the partnership portfolio is a fund formed to invest in the leveraged loan market. Interest in partnership investments cannot be redeemed. Instead, distributions are received as the underlying assets of the funds are liquidated. It is estimated that the underlying assets of the funds will be liquidated over approximately 5 to 15 years. There are future funding commitments of $54 million.

Investments in hedge funds are valued at the net asset value as reported by the fund managers. Within this category is a fund of hedge funds whose strategy is to produce a return that is uncorrelated with market movements. Certain of the other funds categorized as hedge funds were formed to invest in mortgage and credit trading opportunities while others were formed to invest in the leveraged loan market. 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 potential 5% holdback. There are no unfunded commitments related to the hedge funds.

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.

Liability to purchase U.S. government and other securities relates to buying and selling contracts in federal agency securities that have not yet been opened up for public trading. In these instances the investment manager has sold the securities prior to owning them, resulting in a negative asset position. These securities are valued in the same manner as those noted above in U.S. government-related securities.

The tables below sets forth a summary of changes in the fair value of the company’s pension plan assets and liabilities, categorized as Level 3, for the fiscal year ended Dec. 26, 2010 and Dec. 27, 2009:

Pension Plan Assets/Liabilities

In thousands of dollars

As of Dec. 26, 2010


				Actual Return on Plan Assets
	Balance at			Relating to			Relating to			Purchases,			Transfers in
	beginning			assets still held			assets sold during			sales, and			and/or out			Balance at
	of year			at report date			the period			settlements			of Level 3⁽¹⁾			end of year
Assets:
U.S. government-related securities	$	3,437		$	—		$	(17	)	$	(3,420	)	$	—		$	—
Other government bonds		—			9			—			1,517			—			1,526
Corporate bonds		15,191			466			7			(7,816	)		(1,952	)		5,896
Real estate		91,765			670			—			(2,091	)		—			90,344
Partnership/joint venture interests		95,965			22,273			—			(5,767	)		5,227			117,698
Hedge funds		173,559			17,032			—			(27,242	)		—			163,349
Derivative contracts		1,865			(228	)		(89	)		(1,444	)		—			104

*Total*	$	381,782		$	40,222		$	(99	)	$	(46,263	)	$	3,275		$	378,917

Liabilities:
Derivative liabilities	$	(3	)	$	(453	)	$	11		$	(8	)	$	—		$	(453	)


(1)		The company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

In thousands of dollars

As of Dec. 27, 2009


				Actual Return on Plan Assets
	Balance at			Relating to			Relating to			Purchases,			Transfers in
	beginning			assets still held			assets sold during			sales, and			and/or out			Balance at
	of year			at report date			the period			settlements			of Level 3⁽¹⁾			end of year
Assets:
U.S. government-related securities	$	2,974		$	486		$	—		$	(23	)	$	—		$	3,437
Corporate bonds		15,715			5,469			2,023			(1,513	)		(6,503	)		15,191
Corporate stock		283			—			—			(283	)		—			—
Real estate		94,723			(9,073	)		—			6,115			—			91,765
Partnership/joint venture interests		134,222			369			10,173			(48,799	)		—			95,965
Hedge funds		141,801			11,533			15,583			4,642			—			173,559
Derivative contracts		17,529			82			(2,008	)		(11,763	)		(1,975	)		1,865

*Total*	$	407,247		$	8,866		$	25,771		$	(51,624	)	$	(8,478	)	$	381,782

Liabilities:
Derivative liabilities	$	(34,332	)	$	170		$	8,954		$	21,708		$	3,497		$	(3	)


(1)		The company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

The fair value of the company’s total long-term debt, determined based on the bid and ask quotes for the related debt, totaled $2.5 billion and $2.9 billion at Dec. 26, 2010 and Dec. 27, 2009, respectively. As described in Note 7, the company recognized the debt resulting from the May 2009 private exchange offer at fair value in accordance with the modifications and extinguishments requirements of ASC Topic 470, “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).

The following tables summarize the nonfinancial assets measured at fair value on a nonrecurring basis in the accompanying consolidated balance sheets as of Dec. 26, 2010 and Dec. 27, 2009:

Non-Financial Assets

In thousands of dollars

Fair value measurement as of Dec. 26, 2010


	Level 1		Level 2		Level 3		Total:
Other intangible assets — Quarter 4	$	—	$	—	$	9,266	$	9,266

In thousands of dollars

Fair value measurement as of Dec. 27, 2009


	Level 1		Level 2		Level 3		Total:
Goodwill — Quarter 2	$	—	$	—	$	5,719	$	5,719
Goodwill and other intangibles — Quarter 4		—		—		12,495		12,495
Long-lived assets held and used — Quarter 2		—		—		36,929		36,929
Long-lived assets held and used — Quarter 3		—		—		8,481		8,481
Long-lived assets held and used — Quarter 4		—		—		29,974		29,974

In addition, the company holds investments in non-public businesses in which the company does not have control and does not exert significant influence. Such investments are carried at cost and reduced for any impairment losses resulting from periodic evaluations of the carrying value of the investment. At Dec. 26, 2010, and Dec. 27, 2009, the aggregate carrying amount of such investments was $16 million. During the second quarter of 2010, the company concluded that one of its investments had an other-than-temporary impairment. Therefore, the carrying value of this investment was written down to fair value. No events or changes in circumstances have occured since Dec. 27, 2009, that suggests a significant and adverse effect on the fair value of the remaining investments. Accordingly, the company did not evaluate such investments for impairment in 2010.

Business Operations and Segment Information

12 Months Ended

Dec. 26, 2010

Business operations and segment information [Abstract]

Business operations and segment information

NOTE 14

Business operations and segment information

The company has determined that its reportable segments based on its management and internal reporting structure are publishing, which is the largest segment of its operations, digital and broadcasting.

The publishing segment at the end of 2010 consisted of 82 U.S. daily newspapers with affiliated online sites in 30 states and one U.S. territory, including USA TODAY, a national, general-interest daily newspaper; USATODAY.com; USA WEEKEND, a magazine supplement for newspapers; Clipper; Gannett Healthcare Group; and Gannett Government Media (formerly Army Times). The publishing segment also includes Newsquest, which is a regional newspaper publisher in the United Kingdom that includes 17 paid-for daily newspapers and more than 200 weekly newspapers, magazines and trade publications. The publishing segment in the U.S. also includes about 600 non-daily publications, a network of offset presses for commercial printing and several smaller businesses.

In the third quarter of 2008, the company began reporting a new digital segment and a separate digital revenues line in its Statements of Income (Loss). This revenue line includes only revenue from the businesses that comprise the new digital segment. It therefore includes all revenues from CareerBuilder and ShopLocal beginning with the full consolidation of these businesses in the third quarter of 2008, and revenues from PointRoll, Schedule Star and Planet Discover. Revenues from PointRoll, Schedule Star and Planet Discover had previously been reported within the publishing segment and were included in the “All other” revenue line in the Statement of Income (Loss). “All other” revenue is now comprised principally of commercial printing revenues. All periods presented reflect these reclassifications.

At the end of 2010, the company’s broadcasting division included 23 television stations and affiliated online sites in markets with more than 21 million households covering 18.2% of the U.S. Captivate Network is also part of the broadcasting division.

The company’s foreign revenues, principally from publishing businesses in the United Kingdom and CareerBuilder subsidiaries in Europe, totaled approximately $564 million in 2010, $621 million in 2009 and $1.0 billion in 2008. The company’s long-lived assets in foreign countries, principally in the United Kingdom, totaled approximately $556 million at Dec. 26, 2010, $535 million at Dec. 27, 2009, and $628 million at Dec. 28, 2008.

Separate financial data for each of the company’s business segments is presented in the table that follows. The accounting policies of the segments are those described in Note 1. The company evaluates the performance of its segments based on operating income. Operating income represents total revenue less operating expenses, including depreciation, amortization of intangibles and facility consolidation and asset impairment charges. In determining operating income by industry segment, general corporate expenses, interest expense, interest income, and other income and expense items of a non-operating nature are not considered, as such items are not allocated to the company’s segments.

Corporate assets include cash and cash equivalents, property, plant and equipment used for corporate purposes and certain other financial investments.

In thousands of dollars

Business segment financial information


	2010			2009			2008
Operating revenues
Publishing	$	4,050,839		$	4,292,344		$	5,585,771
Digital		618,259			586,174			281,378
Broadcasting		769,580			631,085			772,533

Total	$	5,438,678		$	5,509,603		$	6,639,682

Operating income (loss)
Publishing (2)	$	647,741		$	516,328		$	(6,991,934	)
Digital (2)		83,355			43,295			18,934
Broadcasting (2)		329,245			216,101			306,354
Corporate (1) (2)		(60,646	)		(56,806	)		(61,262	)

Total	$	999,695		$	718,918		$	(6,727,908	)

Depreciation, amortization and facility consolidation and asset impairment charges
Publishing (2)	$	170,073		$	255,733		$	8,107,435
Digital (2)		43,313			59,489			31,950
Broadcasting (2)		40,460			42,640			42,520
Corporate (1) (2)		17,039			15,677			17,128

Total	$	270,885		$	373,539		$	8,199,033

Equity income (losses) in unconsolidated investees, net
Publishing	$	19,337		$	4,010		$	(365,371	)
Digital		(197	)		(83	)		(9,554	)

Total	$	19,140		$	3,927		$	(374,925	)

Identifiable assets
Publishing	$	3,162,655		$	3,417,026		$	4,038,015
Digital		1,057,898			1,139,266			1,096,026
Broadcasting		2,003,929			2,058,415			2,153,257
Corporate (1)		592,362			533,725			509,516

Total	$	6,816,844		$	7,148,432		$	7,796,814

Capital expenditures
Publishing	$	36,776		$	44,935		$	104,804
Digital		11,883			8,232			5,445
Broadcasting		19,694			13,656			52,706
Corporate (1)		717			914			2,045

Total	$	69,070		$	67,737		$	165,000


(1)		Corporate amounts represent those not directly related to the company’s three business segments.

(2)		Results for 2010 include pre-tax facility consolidation and asset impairment charges of $36 million for publishing, $13 million for digital and $8 million for broadcasting. Results for 2009 include pre-tax facility consolidation and asset impairment charges of $99 million for publishing, $25 million for digital and $9 million for broadcasting. Results for 2008 include pre-tax facility consolidation and asset impairment charges of $7.92 billion for publishing, $15 million for digital, $8 million for broadcasting, and $1 million for corporate. The asset impairment charges did not affect the company’s operations or cash flow. Refer to Notes 3 and 4 of the Consolidated Financial Statements for more information.

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 26, 2010	Dec. 27, 2009	Dec. 28, 2008
Statement [Line Items]
Tax provision on pension and other postretirement benefit liability adjustment	$ 17,606	$ 74,051	$ 315,832
Dividends declared, per share	$ 0.16	$ 0.16	$ 1.6
Retained earnings
Statement [Line Items]
Dividends declared, per share	$ 0.16	$ 0.16	$ 1.6
Accumulated other comprehensive income (loss)
Statement [Line Items]
Tax provision on pension and other postretirement benefit liability adjustment	$ 17,606	$ 74,051	$ 315,832

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 26, 2010	Dec. 27, 2009
Current assets
Allowance for doubtful receivables	$ 39,419,000	$ 46,255,000
Intangible and other assets
Accumulated amortization on indefinite-lived and amortizable intangible assets	197,454,000	170,182,000
Gannett Co., Inc. shareholders' equity
Preferred stock, par value	$ 1	$ 1
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 1	$ 1
Common stock, shares authorized	800,000,000	800,000,000
Common stock, shares issued	324,418,632	324,418,632
Treasury stock, shares	84,909,612	87,261,969