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	(447)		(789)		(848)
Net periodic benefit cost - continuing operations	$	17,132	$	27,772	$	22,700

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