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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Page
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Report of Independent Registered Public Accounting Firm
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Financial Statements:
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Statements of Net Assets Available for Benefits
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Statement of Changes in Net Assets Available for Benefits
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Notes to Financial Statements
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Supplemental Schedule:
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Schedule H, line 4i - Schedule of Assets (Held at End of Year)
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Signature
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Exhibit Index
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Schedules required by the Employee Retirement Income Security Act of 1974, other than the schedule listed above, are omitted because of the absence of the conditions under which they are required.
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December 31, 2018
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December 31, 2017
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ASSETS
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Investments at fair value:
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Gannett Co., Inc. common stock
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$
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84,146,679
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$
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96,860,060
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Other investments
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1,130,085,415
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1,274,680,587
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Total investments
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1,214,232,094
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1,371,540,647
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Receivables:
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Employer contribution
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21,857
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1,800,182
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Interest and dividends
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3,988
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1,837
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Notes receivable from participants
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12,705,774
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14,474,965
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Total receivables
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12,731,619
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16,276,984
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Total assets
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1,226,963,713
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1,387,817,631
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Net assets available for benefits
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$
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1,226,963,713
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$
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1,387,817,631
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Year ended
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December 31, 2018
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Net assets available for benefits at beginning of year
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$
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1,387,817,631
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Additions to net assets:
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Contributions:
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Employer, net
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28,042,043
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Rollovers
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6,954,416
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Employee
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48,322,036
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Total contributions
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83,318,495
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Interest income on notes receivable from participants
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640,680
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Investment income:
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Interest and dividends
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14,859,817
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Total investment income
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14,859,817
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Total additions
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98,818,992
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Deductions from net assets:
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Net depreciation in fair value of investments
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102,379,560
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Benefits paid to participants
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155,622,773
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Administrative expenses
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1,670,577
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Total deductions
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259,672,910
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Change in net assets
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(160,853,918
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)
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Net assets available for benefits at end of year
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$
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1,226,963,713
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Level 1
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Level 2
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Total
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Common stock - Gannett Co., Inc.
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$
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84,146,679
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$
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—
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$
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84,146,679
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Mutual funds
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418,231,209
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—
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418,231,209
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Liquidity fund
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—
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2,154,165
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2,154,165
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Self-directed brokerage accounts
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13,639,945
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—
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13,639,945
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Total assets at fair value excluding those measured at net asset value
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$
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516,017,833
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$
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2,154,165
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$
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518,171,998
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Investments measured at net asset value using the practical expedient:
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Target date funds
(a)
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482,505,178
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Common collective funds
(b)
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213,554,918
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Total assets at fair value
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$
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1,214,232,094
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Level 1
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Level 2
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Total
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Common stock - Gannett Co., Inc.
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$
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96,860,060
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$
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—
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$
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96,860,060
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Common stock
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94,480,450
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—
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94,480,450
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Mutual funds
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468,683,969
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—
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468,683,969
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Liquidity fund
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—
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2,138,604
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2,138,604
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Self-directed brokerage accounts
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14,590,221
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—
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14,590,221
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Total assets at fair value excluding those measured at net asset value
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$
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674,614,700
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$
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2,138,604
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$
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676,753,304
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Investments measured at net asset value using the practical expedient:
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Target date funds
(a)
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454,739,945
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Common collective funds
(b)
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240,047,398
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Total assets at fair value
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$
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1,371,540,647
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Identity of issue, borrower, lessor, or similar party
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Description of investment including maturity date, rate of interest, collateral, par, or maturity value
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Cost**
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Current Value
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GANNETT CO., INC., COMPANY STOCK *
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Employer securities
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$
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97,130,053
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$
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84,146,679
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NOTES RECEIVABLE FROM PARTICIPANTS *
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Interest rates ranging from 4.0-4.5%; maximum credit term of 60 months
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$
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12,705,774
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VANGUARD *
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Self-Directed Brokerage Account
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$
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13,639,945
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MFO WT MUT FD CRM SMALL/MID CAP VALUE FD INSTL CL
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Value of Interest in Registered Investment Companies
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17,939,579
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MFOISHARES MSCI TOTAL INTERNATIONAL INDEX FUND
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Value of Interest in Registered Investment Companies
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1,809,866
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MFO DODGE & COX STOCK FD OPEN END FD
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Value of Interest in Registered Investment Companies
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55,345,093
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MFO HARBOR FDS CAP APPRECIATION FD RETIREMENT CL
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Value of Interest in Registered Investment Companies
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64,458,449
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MFO ISHARES S&P 500 INDEX K
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Value of Interest in Registered Investment Companies
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11,775,871
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MFO WASATCH FDS TR SM CAP GROWTH FD INSTL CL
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Value of Interest in Registered Investment Companies
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18,627,299
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MFO ISHARES US AGGREGATE BOND INDEX FUND
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Value of Interest in Registered Investment Companies
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2,477,398
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Tot Stk Mkt Idx Inst Plus *
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Value of Interest in Registered Investment Companies
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162,832,005
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Vanguard Total Bond Idx Inst *
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Value of Interest in Registered Investment Companies
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32,437,705
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Vanguard Total Intl Stk Inst *
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Value of Interest in Registered Investment Companies
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17,936,339
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Vanguard Treasury MM *
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Value of Interest in Registered Investment Companies
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32,591,605
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Total Value of Interest in Registered Investment Companies
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$
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418,231,209
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NTGI COLTV GOVT STIF REGI STERED *
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Value of Interest in Common/Collective Trusts
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2,154,165
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MFO INVESCO INTERNATIONAL GROWTH TRUST CLASS I 588 269
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Value of Interest in Common/Collective Trusts
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22,570,444
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MFO METWEST TOTAL RETURN BOND FUND CLASS D
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Value of Interest in Common/Collective Trusts
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21,426,336
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MFO PRUDENTIAL CORE PLUS BOND FUND (FUND CODE-032441)
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Value of Interest in Common/Collective Trusts
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22,848,815
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MFO NORTHERN TR CO SUB-ADVISED COLLECTIVE FDS TR 66585Y216
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Value of Interest in Common/Collective Trusts
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27,763,804
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Vanguard Retirement Savings Trust III *
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Value of Interest in Common/Collective Trusts
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118,945,519
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Vanguard Tgt Retire 2015 Tr II *
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Value of Interest in Common/Collective Trusts
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16,015,681
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Vanguard Tgt Retire 2020 Tr II *
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Value of Interest in Common/Collective Trusts
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76,256,736
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Vanguard Tgt Retire 2025 Tr II *
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Value of Interest in Common/Collective Trusts
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114,814,910
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Vanguard Tgt Retire 2030 Tr II *
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Value of Interest in Common/Collective Trusts
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91,141,856
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Vanguard Tgt Retire 2035 Tr II *
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Value of Interest in Common/Collective Trusts
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67,970,814
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Vanguard Tgt Retire 2040 Tr II *
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Value of Interest in Common/Collective Trusts
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40,438,862
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Vanguard Tgt Retire 2045 Tr II *
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Value of Interest in Common/Collective Trusts
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34,991,409
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Vanguard Tgt Retire 2050 Tr II *
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Value of Interest in Common/Collective Trusts
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21,380,472
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Vanguard Tgt Retire 2055 Tr II *
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Value of Interest in Common/Collective Trusts
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10,155,823
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Vanguard Tgt Retire 2060 Tr II *
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Value of Interest in Common/Collective Trusts
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2,844,857
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Vanguard Tgt Retire 2065 Tr II *
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Value of Interest in Common/Collective Trusts
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504,359
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Vanguard Tgt Retire Inc Tr II *
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Value of Interest in Common/Collective Trusts
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5,989,399
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Total Value of Interest in Common/Collective Trusts
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$
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698,214,261
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Total Investment and participant loans
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$
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1,226,937,868
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* Indicates party-in-interest to the Plan
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** Cost information for participant directed investments is not required.
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EXHIBITS
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Exhibit Number
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Description of Exhibit
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23.1
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Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm
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SIGNATURES
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The Plan
. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
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The Gannett Co., Inc. 401(k) Savings Plan, by Gannett Co., Inc. as Plan Administrator
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By:
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/s/ David Harmon
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Date:
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June 14, 2019
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David Harmon,
Chief People Officer
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