Retirement plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Retirement plans

NOTE 6 – Retirement plans

We have various defined benefit retirement plans. Our principal defined benefit pension plan is the TEGNA Retirement Plan (TRP). The disclosure tables presented below primarily include the assets and obligations of the TRP and the TEGNA Supplemental Retirement Plan (SERP). We use a December 31 measurement date convention for our retirement plans.

Pension costs, which primarily include costs for our qualified TRP and non-qualified SERP, are presented in the following table (in thousands):

	2024			2023			2022
Interest cost on benefit obligation	$	22,756		$	24,183		$	16,830
Expected return on plan assets		(22,066	)		(20,940	)		(19,502	)
Amortization of prior service cost		90			90			90
Amortization of actuarial loss		5,942			6,059			4,583
Pension settlement charge		10,316			—			300
Expense for (income from) company-sponsored retirement plans	$	17,038		$	9,392		$	2,301

The amounts provided above for amortization of prior service costs and actuarial loss represent the reclassification of prior service cost and actuarial losses that were previously recorded in Accumulated Comprehensive Loss on the Consolidated Balance Sheet in prior periods. We record pension settlement charges when aggregate lump-sum payments from the plan exceed the sum of service and interest cost components associated with the plan for the year.

Benefits no longer accrue for TRP and SERP participants as a result of amendments to the plans in the past years, and as such we no longer incur a service cost component of pension expense. All other components of our pension expense presented above are included within the “Other non-operating items, net” line item of the Consolidated Statements of Income.

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).

	Dec. 31,
	2024			2023
Change in benefit obligations
Benefit obligations as of beginning of year	$	462,466		$	464,309
Interest cost		22,756			24,183
Actuarial (gain) loss		(14,400	)		9,443
Benefits paid		(32,666	)		(35,469	)
Pension settlements (1)		(28,334	)		—
Benefit obligations as of end of year	$	409,822		$	462,466
Change in plan assets
Fair value of plan assets as of beginning of year	$	386,108		$	385,005
Actual gains experienced by plan assets		5,270			32,739
Employer contributions		7,524			3,833
Benefits paid		(32,666	)		(35,469	)
Pension settlements (1)		(28,334	)		—
Fair value of plan assets as of end of year	$	337,902		$	386,108
Funded status as of end of year	$	(71,920	)	$	(76,358	)
Amounts recognized in Consolidated Balance Sheets
Accrued liabilities other—current	$	(5,964	)	$	(5,875	)
Pension liabilities—non-current	$	(65,956	)	$	(70,483	)

(1) Settlements represent lump sum benefit payments to certain TRP participants. When aggregate lump sums exceed the settlement threshold, pension settlement charges are incurred, and the lump sum payments prompting the charge are shown on a separate line from other benefit payments.

The actuarial gain in 2024 of $14.4 million was primarily due to an increase in the discount rate used to calculate the benefit obligations (which increased from 5.20% at December 31, 2023 to 5.60% as of December 31, 2024), which resulted in an actuarial gain of $13.0 million.

The actuarial loss in 2023 of $9.4 million was primarily due to a decrease in the discount rate used to calculate the benefit obligations (which decreased from 5.50% at December 31, 2022 to 5.20% as of December 31, 2023), which resulted in an actuarial loss of $10.9 million.

The funded status (on a projected benefit obligation basis) of our principal retirement plans as of December 31, 2024, is as follows (in thousands):

	Fair Value of Plan Assets		Benefit Obligation		Funded Status
TRP	$	337,902	$	365,381	$	(27,479	)
SERP (1)		—		44,162		(44,162	)
All other		—		279		(279	)
Total	$	337,902	$	409,822	$	(71,920	)

(1) The SERP is an unfunded, unsecured liability.

Cash contributions to the TRP of $3.7 million were made in 2024. No TRP contributions were made in 2023. We made payments to participants of unfunded pension plans, principally the SERP, of $3.7 million and $3.8 million in 2024 and 2023, respectively. During 2025, we are expecting to make no contributions to the TRP and $5.9 million of contributions to the SERP.

The following table presents information for our retirement plans for which accumulated benefit obligation exceed assets (in thousands):

	Dec. 31,
	2024		2023
Accumulated benefit obligation	$	409,822	$	462,466
Fair value of plan assets	$	337,902	$	386,108

The following table presents information for our retirement plans for which projected benefit obligations exceed assets (in thousands):

	Dec. 31,
	2024		2023
Projected benefit obligation	$	409,822	$	462,466
Fair value of plan assets	$	337,902	$	386,108

The following table summarizes the pre-tax amounts recorded in accumulated other comprehensive loss that have not yet been recognized as a component of pension expense (in thousands):

	Dec. 31,
	2024			2023
Net actuarial losses	$	(145,225	)	$	(159,086	)
Prior service cost		(1,346	)		(1,436	)
Amounts in accumulated other comprehensive loss	$	(146,571	)	$	(160,522	)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss), pre-tax, consist of the following (in thousands):

	2024			2023		2022
Current year net actuarial (loss)/gain	$	(2,392	)	$	2,356	$	(23,688	)
Amortization of actuarial loss		5,942			6,059		4,583
Amortization of previously deferred prior service costs		90			90		90
Pension settlement charge		10,316			—		300
Total	$	13,956		$	8,505	$	(18,715	)

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

	2024	2023	2022
Discount rate	5.20%	5.50%	2.89%
Expected return on plan assets	6.00%	5.75%	3.75%

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

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

	Dec. 31,
	2024	2023
Discount rate	5.60%	5.20%

Plan assets: The asset allocation for the TRP as of the end of 2024 and 2023, and target allocations for 2024, by asset category, are presented in the table below:

	Target Allocation	Actual allocation of Plan Assets
	2025	2024	2023
Equity securities	33%	20%	17%
Debt securities	67%	80%	83%
Total	100%	100%	100%

The primary objective of company-sponsored retirement plans is to provide eligible employees with scheduled pension benefits. Consistent with 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 diversification in the total portfolio, and each asset class. 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. Risk characteristics are measured and compared with an appropriate benchmark quarterly; periodic reviews are made of the investment objectives and the investment managers. The target asset allocation represents the long-term perspective. Retirement plan assets will be rebalanced periodically to align them with the target asset allocations. Target asset allocations are based on the funded status of the TRP (fair value of pension assets as a percentage of the projected pension obligation). During 2024, the target allocation was 14% for equity securities and 86% for debt securities. Our actual investment return on our TRP assets was 2.4% for 2024, 10.0% for 2023 and (23.0)% for 2022.

Cash flows: We estimate we will make the following benefit payments from either retirement plan assets or directly from our funds (in thousands):

Future Period	Cash Payments
2025	$	48,697
2026		41,456
2027		36,796
2028		36,465
2029		35,309
2030 through 2034	$	159,004

401(k) savings plan

Substantially all our employees (other than those covered by a collective bargaining agreement) are eligible to participate in our principal defined contribution plan, the TEGNA 401(k) Savings Plan. Employees can elect to contribute up to 50% of their compensation to the plan subject to certain limits.

For most participants, the plan’s 2024 matching formula was 100% of the first 4% of compensation that an employee contributes. We also make additional employer contributions on behalf of certain long-term employees. Compensation expense related to 401(k) contributions was $18.7 million in 2024, $18.6 million in 2023 and $18.7 million in 2022. During 2024, 2023 and 2022, we settled the 401(k) employer match obligation by issuing our common stock from treasury stock and depositing it in the participants’ accounts.

Multi-employer plan

We contribute to the AFTRA Retirement Plan (AFTRA Plan), a multi-employer defined benefit pension plan, under the terms of collective-bargaining agreements (CBA) that cover certain union-represented employees. The Employee Identification Number (EIN) and three-digit plan number of the AFTRA Plan is 13-6414972/001.

The AFTRA Plan reports for plan year (December 1, 2022 to November 30, 2023) that the AFTRA Plan was neither in endangered, critical, or critical and declining status in the Plan Year (e.g. approximately 88% funded). A financial improvement plan or a rehabilitation plan is neither pending nor has one been implemented for the AFTRA Plan.

We make all required contributions to the AFTRA plan as determined under the respective CBAs. We contributed $2.9 million in 2024, $2.8 million in 2023 and $2.7 million in 2022. Our contribution to the AFTRA Retirement Plan represented less than 5% of total contributions to the plan. This calculation is based on the plan financial statements issued for the period ending November 30, 2023.

Expiration dates of the SAG-AFTRA CBAs in place range from April 16, 2025 to December 19, 2026. The AFTRA Plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010.

We incurred no expenses for multi-employer withdrawal liabilities for the years ended December 31, 2024, 2023 and 2022.