View Filing Data

Document and Entity Information - USD ($)	3 Months Ended
Document and Entity Information - USD ($)	Mar. 28, 2010	Jun. 26, 2009
Document and Entity Information [Abstract]
Entity Registrant Name	GANNETT CO INC /DE/
Entity Central Index Key	0000039899
Document Type	10-Q
Document Period End Date	Mar. 28, 2010
Amendment Flag	false
Document Fiscal Year Focus	2010
Document Fiscal Period Focus	Q1
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		$ 874,868,691
Entity Common Stock, Shares Outstanding	238,171,891

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 28, 2010	Dec. 27, 2009
Current assets
Cash and cash equivalents	$ 104,148	$ 98,795
Trade receivables, less allowance for doubtful receivables (2010-$49,343; 2009-$46,255)	653,065	759,934
Other receivables	16,334	20,557
Inventories	64,685	63,752
Deferred income taxes	19,378	19,577
Prepaid expenses and other current assets	88,927	86,427
Assets held for sale	65,646	0
Total current assets	1,012,183	1,049,042
Property, plant and equipment
Cost	4,272,996	4,428,859
Less accumulated depreciation	(2,416,357)	(2,457,041)
Net property, plant and equipment	1,856,639	1,971,818
Intangible and other assets
Goodwill	2,841,888	2,854,247
Indefinite-lived and amortizable intangible assets, less accumulated amortization	556,659	565,610
Deferred income taxes	294,255	302,360
Investments and other assets	395,097	405,355
Total intangible and other assets	4,087,899	4,127,572
Total assets	6,956,721	7,148,432
Current liabilities
Accounts payable and current portion of film contracts payable	200,116	252,585
Compensation, interest and other accruals	382,175	370,174
Dividends payable	9,745	9,703
Income taxes	56,815	45,085
Deferred income	251,599	222,556
Total current liabilities	900,450	900,103
Income taxes	203,315	206,115
Long-term debt	2,801,459	3,061,951
Postretirement medical and life insurance liabilities	179,753	185,433
Pension liabilities	695,783	708,133
Other long-term liabilities	252,152	260,918
Total liabilities	5,032,912	5,322,653
Redeemable noncontrolling interest	$ 79,684	$ 78,304
Commitments and contingent liabilities (see Note 13)
Gannett Co., Inc. shareholders' equity
Preferred stock of $1 par value per share Authorized: 2,000,000 shares; Issued: none	$ 0	$ 0
Common stock of $1 par value per share Authorized: 800,000,000 shares; Issued: 324,418,632 shares	324,419	324,419
Additional paid-in capital	623,932	629,714
Retained earnings	6,432,241	6,324,586
Accumulated other comprehensive loss	(345,130)	(316,832)
Shareholders' Equity before treasury stock	7,035,462	6,961,887
Less treasury stock, 82,246,741 shares and 87,261,969 shares, respectively, at cost	(5,333,072)	(5,357,962)
Total Gannett Co., Inc. shareholders' equity	1,702,390	1,603,925
Noncontrolling interests	141,735	143,550
Total equity	1,844,125	1,747,475
Total liabilities, redeemable noncontrolling interest and equity	$ 6,956,721	$ 7,148,432

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 28, 2010	Dec. 27, 2009
Current assets
Allowance for doubtful receivables	$ 49,343,000	$ 46,255,000
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	82,246,741	87,261,969

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2010	Mar. 29, 2009
Net Operating Revenues:
Publishing advertising	$ 665,909	$ 722,755
Publishing circulation	284,533	299,683
Digital	140,638	143,160
Broadcasting	167,488	143,490
All other	63,837	69,390
Total	1,322,405	1,378,478
Operating Expenses:
Cost of sales and operating expenses, exclusive of depreciation	748,559	839,004
Selling, general and administrative expenses, exclusive of depreciation	299,759	309,380
Depreciation	47,941	55,736
Amortization of intangible assets	7,962	8,165
Total	1,104,221	1,212,285
Operating income	218,184	166,193
Non-operating (expense) income:
Equity income (loss) in unconsolidated investees, net	533	(2,689)
Interest expense	(43,480)	(48,912)
Other non-operating items	(523)	2,457
Total	(43,470)	(49,144)
Income before income taxes	174,714	117,049
Provision for income taxes	55,400	39,300
Net income	119,314	77,749
Net income attributable to noncontrolling interests	(2,135)	(314)
Net income attributable to Gannett Co., Inc.	$ 117,179	$ 77,435
Earnings per share-basic	$ 0.49	$ 0.34
Earnings per share-diluted	0.49	0.34
Dividends per share	$ 0.04	$ 0.04

Condensed Consolidated Statements of Income Percentage Increase (Decrease) (Unaudited)	3 Months Ended
	Mar. 28, 2010
Net Operating Revenues:
Publishing advertising	(7.90%)
Publishing circulation	(5.10%)
Digital	(1.80%)
Broadcasting	16.70%
All other	(8.00%)
Total	(4.10%)
Operating Expenses:
Cost of sales and operating expenses, exclusive of depreciation	(10.80%)
Selling, general and administrative expenses, exclusive of depreciation	(3.10%)
Depreciation	(14.00%)
Amortization of intangible assets	(2.50%)
Total	(8.90%)
Operating income	31.30%
Non-operating (expense) income:
Equity income (loss) in unconsolidated investees, net	(119.80%)
Interest expense	(11.10%)
Other non-operating items	(121.30%)
Total	(11.50%)
Income before income taxes	49.30%
Provision for income taxes	41.00%
Net income	53.50%
Net income attributable to noncontrolling interest	579.90%
Net income attributable to Gannett Co., Inc.	51.30%
Earnings per share-basic	44.10%
Earnings per share-diluted	44.10%
Dividends per share	0.00%

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2010	Mar. 29, 2009
Cash flows from operating activities:
Net income	$ 119,314	$ 77,749
Adjustments to reconcile net income to operating cash flows:
Depreciation and amortization	55,903	63,901
Pension (benefit) expense, net of pension contributions	(3,575)	(29,851)
Equity (income) loss in unconsolidated investees, net	(533)	2,689
Stock-based compensation - equity awards	12,943	6,092
Change in other assets and liabilities, net	108,135	55,468
Net cash flow from operating activities	292,187	176,048
Cash flows from investing activities:
Purchase of property, plant and equipment	(8,879)	(18,878)
Payments for acquisitions, net of cash acquired	(15,164)	(5,079)
Payments for investments	(2,716)	(2,827)
Proceeds from investments	5,834	6,861
Proceeds from sale of assets	5,194	5,259
Net cash used for investing activities	(15,731)	(14,664)
Cash flows from financing activities
(Payments of) proceeds from borrowings under revolving credit agreements	(262,000)	547,000
Payments of unsecured floating rate notes	0	(66,897)
Dividends paid	(9,493)	(91,224)
Proceeds from issuance of common stock upon exercise of stock options	638	0
Net cash (used for) provided by financing activities	(270,855)	388,879
Effect of currency exchange rate change	(248)	(157)
Net increase in cash and cash equivalents	5,353	550,106
Balance of cash and cash equivalents at beginning of period	98,795	98,949
Balance of cash and cash equivalents at end of period	$ 104,148	$ 649,055

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 28, 2010
Basis of Presentation [Abstract]
Basis of presentation	NOTE 1 — Basis of presentation The accompanying unaudited Condensed Consolidated Financial Statements of Gannett Co., Inc. (the Company) have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and footnotes, which are normally included in the Form 10-K and annual report to shareholders. The financial statements covering the thirteen week period ended March 28, 2010, and the comparable periods of 2009, reflect all adjustments which, in the opinion of the Company, are necessary for a fair statement of results for the interim periods and reflect all normal and recurring adjustments which are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows as of the dates and for the periods presented.

Recently Issued Accounting Standards	3 Months Ended
Recently Issued Accounting Standards	Mar. 28, 2010
Recently Issued Accounting Standards [Abstract]
Recently issued accounting standards	NOTE 2 — Recently issued accounting standards In January 2010, the FASB issued Accounting Standards Update (ASU) 2010-06, “Improving Disclosures about Fair Value Measurements.” ASU 2010-06 amends ASC Topic 820, “Fair Value Measurements and Disclosures,” to require a number of additional disclosures regarding fair value measurements. ASU 2010-06 is effective for the first reporting period beginning after December 15, 2009. The Company’s disclosures on fair value can be found in Note 9.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 28, 2010

Goodwill and Other Intangible Assets [Abstract]

Goodwill and other intangible assets

NOTE 3 — Goodwill and other intangible assets

The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets at March 28, 2010 and December 27, 2009.


	March 28, 2010				December 27, 2009
			Accumulated				Accumulated
(in thousands of dollars)	Gross		Amortization		Gross		Amortization

Goodwill	$	2,841,888		—	$	2,854,247		—
Indefinite-lived intangibles:
Mastheads and trade names		108,444		—		110,319		—
Television station FCC licenses		255,304		—		255,304		—
Amortizable intangible assets:
Customer relationships		311,426		148,662		311,840		141,902
Other		59,553		29,406		58,329		28,280

Amortization expense was $8.0 million in the quarter ended March 28, 2010. For the first quarter of 2009, amortization expense was $8.2 million. 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 commercial printing relationships, internally developed technology, patents and amortizable trade names. These assets were assigned lives of between three and 21 years and are amortized on a straight-line basis.

The following table summarizes the changes in the Company’s net goodwill balance through March 28, 2010.


(in thousands of dollars)	Publishing			Digital			Broadcasting		Total
Balance at December 27, 2009
Goodwill	$	7,677,800		$	670,976		$	1,618,429	$	9,967,205
Accumulated impairment losses		(7,086,958	)		(26,000	)		—		(7,112,958	)

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


Activity during the period
Acquisitions and adjustments		1,476			8,744			—		10,220
Assets held for sale		(4,211	)		—			—		(4,211	)
Foreign currency exchange rate changes		(13,405	)		(5,035	)		72		(18,368	)

Total activity during the period		(16,140	)		3,709			72		(12,359	)


Balance end of period
Goodwill		7,502,711			674,685			1,618,501		9,795,897
Accumulated impairment losses		(6,928,009	)		(26,000	)		—		(6,954,009	)

Net balance at March 28, 2010	$	574,702		$	648,685		$	1,618,501	$	2,841,888

Long-Term Debt

3 Months Ended

Mar. 28, 2010

Long-Term Debt [Abstract]

Long-term debt

NOTE 4 — Long-term debt

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


	Mar. 28,		Dec. 27,
In thousands of dollars	2010		2009

Unsecured notes bearing fixed rate interest at 5.75% due June 2011	$	432,785	$	432,648
Unsecured floating rate term loan due July 2011		230,000		230,000
Borrowings under revolving credit agreements expiring March 2012		1,119,000		1,381,000
Unsecured notes bearing fixed rate interest at 6.375% due April 2012		306,293		306,260
Unsecured notes bearing fixed rate interest at 8.75% due November 2014		246,454		246,304
Unsecured notes bearing fixed rate interest at 10% due June 2015		57,000		56,684
Unsecured notes bearing fixed rate interest at 10% due April 2016		163,329		162,531
Unsecured notes bearing fixed rate interest at 9.375% due November 2017		246,598		246,524

Total long-term debt	$	2,801,459	$	3,061,951

For the first three months of 2010, the Company’s long-term debt was reduced by $260 million reflecting repayments of borrowings under the revolving credit agreements using cash flow from operations.

Retirement Plans

3 Months Ended

Mar. 28, 2010

Retirement Plans [Abstract]

Retirement plans

NOTE 5 — Retirement plans

The Company and its subsidiaries have various retirement plans, including plans established under collective bargaining agreements, under which most full-time employees are covered. The Gannett Retirement Plan (GRP) is the Company’s principal retirement plan and covers most U.S. employees of the Company and its subsidiaries.

The Company’s pension costs, which include costs for qualified, nonqualified and union plans are presented in the following table:


	Thirteen Weeks Ended
	Mar. 28,			Mar. 29,
(in millions of dollars)	2010			2009

Service cost-benefits earned during the period	$	4.1		$	4.3
Interest cost on benefit obligation		43.1			45.7
Expected return on plan assets		(47.7	)		(43.5	)
Amortization of prior service cost		1.6			0.6
Amortization of actuarial loss		11.1			12.3

Pension expense for Company-sponsored retirement plans		12.2			19.4

Settlement gain		—			(39.8	)
Union and other pension cost		1.3			1.3


Pension cost (credit)	$	13.5		$	(19.1	)

During the first quarter of 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 a settlement payment of $7.3 million in May 2009 and will make a payment of $7.7 million in May 2010. As a result of this agreement, the Company recognized a pre-tax pension settlement gain of $39.8 million in the first quarter of 2009.

Postretirement Benefits Other Than Pensions

3 Months Ended

Mar. 28, 2010

Postretirement Benefits Other Than Pensions [Abstract]

Postretirement benefits other than pensions

NOTE 6 — Postretirement benefits other than pension

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 Company’s policy is to fund benefits as claims and premiums are paid. Postretirement benefit costs for health care and life insurance are presented in the following table:


	Thirteen Weeks Ended
	Mar. 28,			Mar. 29,
(in millions of dollars)	2010			2009

Service cost-benefits earned during the period	$	0.4		$	0.4
Interest cost on net benefit obligation		2.8			3.5
Amortization of prior service credit		(4.8	)		(3.9	)
Amortization of actuarial loss		1.2			1.4

Net periodic postretirement benefit (credit) cost	$	(0.4	)	$	1.4

Income Taxes	3 Months Ended
Income Taxes	Mar. 28, 2010
Income Taxes [Abstract]
Income taxes	NOTE 7 — Income taxes The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was approximately $125.7 million as of December 27, 2009 and $123.6 million as of the end of the first quarter of 2010. This amount reflects the federal tax benefit of state tax deductions. Excluding the federal tax benefit of state tax deductions, the total amount of unrecognized tax benefits as of December 27, 2009 was $191.7 million and as of March 28, 2010 was $186.5 million. The $5.2 million decrease reflects a reduction for prior year tax positions, and a reduction for lapses of statutes of limitations, partially offset by additions in the current year prorated for the first quarter. The reduction for prior year tax positions was primarily related to favorable settlements with tax authorities and currency exchange rate fluctuations. 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. The Company recognized interest and penalty expense (income) of $0.1 million and $(2.0) million during the first quarter of 2010 and 2009, respectively. The amount of net accrued interest and penalties related to uncertain tax benefits as of December 27, 2009 was approximately $73.7 million and as of March 28, 2010, was approximately $75.8 million. The Company files income tax returns in the U.S. and various state and foreign jurisdictions. The 2005 through 2009 tax years remain subject to examination by the IRS. The 2005 through 2009 tax years generally remain subject to examination by state authorities, and the years 2003-2009 are subject to examination in the UK. In addition, tax years prior to 2005 remain subject to examination by certain states primarily due to the filing of amended tax returns upon settlement of the IRS examination for these years and due to ongoing audits. It is reasonably possible that the amount of unrecognized benefits 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 $51 million within the next 12 months, including $32 million in the second quarter of 2010.

Supplemental Shareholders' Equity Information

3 Months Ended

Mar. 28, 2010

Supplemental Shareholders' Equity Information [Abstract]

Supplemental shareholders' equity information

NOTE 8 — Supplemental shareholders’ equity information

The following table summarizes the shareholders’ equity for the 13 weeks ended March 28, 2010 and March 29, 2009. The redeemable noncontrolling interest accretion relates to redeemable stock held by a noncontrolling owner of CareerBuilder that provides a fixed return on the noncontrolling owner’s investment.


	Gannett Co., Inc.
	Shareholders’			Noncontrolling
(in thousands of dollars)	Equity			Interest			Total Equity

Balance at Dec. 27, 2009	$	1,603,925		$	143,550		$	1,747,475
Comprehensive income:
Net income		117,179			2,135			119,314
Less: Redeemable noncontrolling interest accretion (income not available to shareholders)		—			(1,380	)		(1,380	)
Other comprehensive loss		(28,298	)		(2,570	)		(30,868	)
Dividends declared		(9,524	)		—			(9,524	)
Stock option and restricted stock compensation		12,943			—			12,943
401(k) match		5,132			—			5,132
Other activity		1,033			—			1,033

Balance at March 28, 2010	$	1,702,390		$	141,735		$	1,844,125


	Gannett Co., Inc.
	Shareholders’			Noncontrolling
(in thousands of dollars)	Equity			Interest			Total Equity

Balance at Dec. 28, 2008	$	1,055,882		$	118,806		$	1,174,688
Comprehensive income:
Net income		77,435			314			77,749
Less: Redeemable noncontrolling interest accretion (income not available to shareholders)		—			(1,285	)		(1,285	)
Other comprehensive income (loss)		6,512			(3,018	)		3,494
Dividends declared		(9,221	)		—			(9,221	)
Stock option and restricted stock compensation		6,092			—			6,092
401(k) match		12,895			—			12,895
Other activity		2,603			—			2,603

Balance at March 29, 2009	$	1,152,198		$	114,817		$	1,267,015

The table below presents the components of comprehensive income (loss) for the first quarter of 2010 and 2009. Other comprehensive income (loss) consists primarily of foreign currency translation, pension liability adjustments and interest rate swap mark-to-market adjustments.


	Thirteen Weeks Ended
	Mar. 28,			Mar. 29,
(in thousands of dollars)	2010			2009
Net income	$	119,314		$	77,749
Less: Redeemable noncontrolling interest accretion (income not available to shareholders)		(1,380	)		(1,285	)
Other comprehensive income (loss)
Foreign currency translation adjustment		(43,591	)		(14,291	)
Other		12,723			17,785

Total other comprehensive income (loss)		(30,868	)		3,494

Total comprehensive income		87,066			79,958


Comprehensive loss attributable to the noncontrolling interest		(1,815	)		(3,989	)

Comprehensive income attributable to Gannett Co., Inc.	$	88,881		$	83,947

Fair Value Measurement

3 Months Ended

Mar. 28, 2010

Fair Value Measurement [Abstract]

Fair value measurement

NOTE 9 — Fair value measurement

The Company measures and records in the accompanying condensed consolidated financial statements certain assets 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 following table summarizes the financial instruments measured at fair value in the accompanying condensed consolidated balance sheet as of March 28, 2010 (in thousands):


	Fair Value Measurements as of
	March 28, 2010
	Level 1		Level 2		Level 3		Total
Employee compensation related investments	$	22,181	$	—	$	—	$	22,181
Rabbi trust investments	$	25,837	$	—	$	—	$	25,837
Auction rate securities	$	—	$	—	$	23,457	$	23,457

The level 3 securities are auction rate securities held by CareerBuilder. During the period ending March 28, 2010, the Company sold some of these securities receiving proceeds of $4.2 million and recording a gain of $0.4 million. The Company utilized a probability-weighted discounted cash flow technique to determine the fair value of its level 3 securities. 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 fair value of the Company’s total long-term debt, determined based on quoted market prices for the individual tranches of debt, totaled $2.8 billion at March 28, 2010.

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 March 28, 2010 and December 27, 2009, the aggregate carrying amount of such investments was $15 million and $16 million, respectively. No events or changes in circumstances have occurred since December 27, 2009 that suggests a significant and adverse effect on the fair value of such investments. Accordingly, the Company did not evaluate such investments for impairment in 2010.

Business Segment Information

3 Months Ended

Mar. 28, 2010

Business Segment Information [Abstract]

Business segment information

NOTE 10 — Business segment information

The Company has determined that its reportable segments based on its management and internal reporting structures are publishing, digital, and broadcasting. Publishing is the largest component of the Company’s business and includes U.S. Community Publishing, Newsquest operations in the UK and the USA TODAY group. The digital segment includes CareerBuilder, ShopLocal, Schedule Star, Planet Discover, PointRoll and Ripple6. Broadcasting includes the Company’s 23 television stations and Captivate.


	Thirteen weeks ended
	March 28,			March 29,			% Inc
(unaudited, in thousands of dollars)	2010			2009			(Dec)
Net Operating Revenues:
Publishing	$	1,014,279		$	1,091,828			(7.1	)
Digital		140,638			143,160			(1.8	)
Broadcasting		167,488			143,490			16.7

*Total*	$	1,322,405		$	1,378,478			(4.1	)


Operating Income (net of depreciation and amortization):
Publishing	$	165,587		$	137,163			20.7
Digital		3,350			(1,200	)		***
Broadcasting		68,495			44,146			55.2
Corporate		(19,248	)		(13,916	)		38.3

*Total*	$	218,184		$	166,193			31.3


Depreciation and Amortization:
Publishing	$	35,618		$	42,155			(15.5	)
Digital		8,077			9,091			(11.2	)
Broadcasting		8,193			8,603			(4.8	)
Corporate		4,015			4,052			(0.9	)

*Total*	$	55,903		$	63,901			(12.5	)

Derivative Instruments and Hedging Activities	3 Months Ended
Derivative Instruments and Hedging Activities	Mar. 28, 2010
Derivative Instruments and Hedging Activities [Abstract]
Derivative instruments and hedging activities	NOTE 11 — Derivative instruments and hedging activities 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 loss with a corresponding adjustment to other long-term liabilities. As a result of a tender offer and strategic redemptions of part of the floating rate notes during the fourth quarter of 2008 and first quarter of 2009, the cash flow hedging treatment was discontinued for interest rate swaps associated with approximately $186.6 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 the interest rate swaps were recorded through earnings. First quarter 2009 expense associated with the derivatives designated as hedges under ASC Topic 815, which is classified as “Interest expense” on the Company’s Condensed Consolidated Income Statement, was $4.5 million. First quarter 2009 expense associated with the derivatives not designated as hedges under ASC Topic 815, which is classified as “Other non-operating items” on the Company’s Condensed Consolidated Income Statement, was $0.6 million.

Earnings Per Share

3 Months Ended

Mar. 28, 2010

Earnings Per Share [Abstract]

Earnings per share

NOTE 12 — Earnings per share

The Company’s earnings per share (basic and diluted) are presented below:


	Thirteen Weeks Ended
	Mar. 28,		Mar. 29,
(in thousands except per share amounts)	2010		2009
Net income attributable to Gannett Co., Inc.	$	117,179	$	77,435


Weighted average number of common shares outstanding — basic		237,447		229,570
Effect of dilutive securities
Stock options		1,606		486
Restricted stock		1,560		895


Weighted average number of common shares outstanding — diluted		240,613		230,951


Earnings per share — Basic	$	0.49	$	0.34


Earnings per share — Diluted	$	0.49	$	0.34

Litigation	3 Months Ended
Litigation	Mar. 28, 2010
Litigation [Abstract]
Litigation	NOTE 13 — Litigation The Company and a number of its subsidiaries are defendants in judicial and administrative proceedings involving matters incidental to their business. The Company’s management does not believe that any material liability will be imposed as a result of these matters.