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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Components of benefit expense
The components of the expense consisted of the following:
 
 
For the years ended December 31,
(in thousands)
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Interest cost
 
$
23,287

 
$
23,836

 
$
25,966

Expected return on plan assets, net of expenses
 
(19,974
)
 
(22,232
)
 
(17,439
)
Amortization of actuarial loss and prior service cost

 
2,622

 
3,527

 
4,424

Settlement losses
 
—

 
11,713

 
—

Total for defined benefit plans
 
5,935

 
16,844

 
12,951

Multi-employer plans
 
132

 
190

 
253

SERPs
 
1,018

 
2,908

 
1,161

Defined contribution plan
 
10,494

 
8,619

 
9,183

Net periodic benefit cost
 
17,579

 
28,561

 
23,548

Allocated to discontinued operations
 
—

 
(543
)
 
(687
)
Net periodic benefit cost - continuing operations
 
$
17,579

 
$
28,018

 
$
22,861
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
 
 
For the years ended December 31,
(in thousands)
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Actuarial gain/(loss)
 
$
(5,478
)
 
$
(7,765
)
 
$
12,205

Prior service cost
 
—

 
(424
)
 
—

Amortization of actuarial loss and prior service cost

 
2,622

 
3,527

 
4,424

Reclassification of actuarial loss related to settlement
 
—

 
11,713

 
—

Total
 
$
(2,856
)
 
$
7,051

 
$
16,629
Schedule of assumptions used
Assumptions used in determining the annual retirement plans expense were as follows:
 
 
2019
 
2018 (1)
 
2017 (2)
 
 
 
 
 
 
 
Discount rate
 
4.38
%

3.71%-4.58%

 
4.26
%
Long-term rate of return on plan assets
 
5.50
%

5.10
%
 
4.20%-4.30%

(1) Range presented for 2018 discount rate represents the rates used for various remeasurement periods during the year as well as differing rates used for Scripps Pension Plan and Journal Communications, Inc. Plan.
(2) Range presented for long-term rate of return on plan assets for 2017 represents the rates used for Scripps Pension Plan and Journal Communications, Inc. Plan.
Assumptions used to determine the defined benefit pension plans benefit obligations were as follows:
 
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
Weighted average discount rate
 
3.40
%

4.38
%
 
3.70
%
Schedule of employee benefit plan assets and obligations The following table presents information about our employee benefit plan assets and obligations:
 
 
Defined Benefit Plans
 
SERPs
 
 
For the years ended December 31,
(in thousands)
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Change in projected benefit obligation:
 
 
 
 
 
 
 
 
Projected benefit obligation at beginning of year
 
$
544,581

 
$
654,536

 
$
16,985

 
$
23,691

Interest cost
 
23,287

 
23,836

 
718

 
746

Benefits paid
 
(35,186
)
 
(33,872
)
 
(1,019
)
 
(1,021
)
Actuarial (gains)/losses
 
60,909

 
(46,800
)
 
1,857

 
(1,034
)
Plan Amendments
 
—

 
424

 
—

 
—

Settlements
 
—

 
(53,543
)
 
—

 
(5,397
)
Projected benefit obligation at end of year
 
593,591

 
544,581

 
18,541

 
16,985

Plan assets:
 
 
 
 
 
 
 
 
Fair value at beginning of year
 
361,891

 
464,441

 
—

 
—

Actual return on plan assets
 
75,405

 
(32,334
)
 
—

 
—

Company contributions
 
18,589

 
17,199

 
1,019

 
6,418

Benefits paid
 
(35,186
)
 
(33,872
)
 
(1,019
)
 
(1,021
)
Settlements
 
—

 
(53,543
)
 
—

 
(5,397
)
Fair value at end of year
 
420,699

 
361,891

 
—

 
—

Funded status
 
$
(172,892
)
 
$
(182,690
)
 
$
(18,541
)
 
$
(16,985
)
Amounts recognized in Consolidated Balance Sheets:
 
 
 
 
 
 
 
 
Current liabilities
 
$
—

 
$
—

 
$
(1,214
)
 
$
(1,231
)
Noncurrent liabilities
 
(172,892
)
 
(182,690
)
 
(17,327
)
 
(15,754
)
Total
 
$
(172,892
)
 
$
(182,690
)
 
$
(18,541
)
 
$
(16,985
)
 
 
 
 
 
 
 
 
 
Amounts recognized in accumulated other comprehensive loss consist of:
 


 


 


 


  Net actuarial loss
 
$
123,065

 
$
120,191

 
$
7,240

 
$
5,571

  Prior service cost
 
406

 
424

 
—

 
—
Schedule of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets
Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows:
 
 
Defined Benefit Plans
 
SERPs
 
 
As of December 31,
(in thousands)
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
Accumulated benefit obligation
 
$
593,591

 
$
544,581

 
$
18,541

 
$
16,985

Projected benefit obligation
 
593,591

 
544,581

 
18,541

 
16,985

Fair value of plan assets
 
420,699

 
361,891

 
—

 
—
Schedule of allocation of pension plan assets by asset category
Information related to our pension plan asset allocations by asset category were as follows:
 
 
Target
allocation
 
Percentage of plan assets
as of December 31,
 
 
2020
 
2019
 
2018
 
 
 
 
 
 
 
US equity securities
 
20
%
 
17
%
 
19
%
Non-US equity securities
 
30
%
 
39
%
 
28
%
Fixed-income securities
 
45
%
 
43
%
 
46
%
Other
 
5
%
 
1
%
 
7
%
Total
 
100
%
 
100
%
 
100
%
Plan assets measured using the fair value hierarchy
The following table presents our plan assets as of December 31, 2019 and 2018:
 
 
As of December 31,
(in thousands)
 
2019
 
2018
 
 
 
 
 
Equity securities
 
 
 
 
Common/collective trust funds
 
$
237,015

 
$
168,547

Fixed income
 
 
 
 
Common/collective trust funds
 
181,176

 
166,079

Real estate fund
 
—

 
24,798

Cash equivalents
 
2,508

 
2,467

Fair value of plan assets
 
$
420,699

 
$
361,891