Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TGNA | ||
Entity Registrant Name | TEGNA INC | ||
Entity Central Index Key | 39,899 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 214,716,069 | ||
Entity Public Float | $ 4,949,634,035 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 76,920 | $ 129,200 |
Trade receivables, net of allowances of $9,837 and $9,092, respectively | 595,893 | 556,351 |
Other receivables | 25,953 | 18,738 |
Prepaid expenses and other current assets | 91,922 | 94,262 |
Current discontinued operations assets | 0 | 6,608 |
Total current assets | 790,688 | 805,159 |
Property and equipment | ||
Land | 74,747 | 76,089 |
Buildings and improvements | 293,244 | 272,862 |
Equipment, furniture and fixtures | 633,559 | 604,839 |
Construction in progress | 13,192 | 30,395 |
Total | 1,014,742 | 984,185 |
Less accumulated depreciation | (564,726) | (525,866) |
Net property and equipment | 450,016 | 458,319 |
Intangible and other assets | ||
Goodwill | 4,067,529 | 3,919,726 |
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $324,416 and $220,662, respectively | 3,013,432 | 3,065,107 |
Investments and other assets | 221,060 | 256,990 |
Noncurrent discontinued operation assets | 0 | 657 |
Total intangible and other assets | 7,302,021 | 7,242,480 |
Total assets | 8,542,725 | 8,505,958 |
Current liabilities | ||
Accounts payable | 120,911 | 124,654 |
Accrued liabilities | ||
Compensation | 103,590 | 115,679 |
Interest | 42,413 | 49,835 |
Other | 194,497 | 131,301 |
Dividends payable | 30,178 | 31,033 |
Income taxes | 13,478 | 15,742 |
Deferred revenue | 113,468 | 132,650 |
Current portion of long-term debt | 646 | 646 |
Current discontinued operations liabilities | 0 | 5,243 |
Total current liabilities | 619,181 | 606,783 |
Income taxes | 22,644 | 18,191 |
Deferred income taxes | 929,184 | 883,141 |
Long-term debt | 4,042,749 | 4,169,016 |
Pension liabilities | 187,290 | 178,844 |
Other noncurrent liabilities | 142,407 | 168,573 |
Total noncurrent liabilities | 5,324,274 | 5,417,765 |
Total liabilities | 5,943,455 | 6,024,548 |
Redeemable noncontrolling interests | 46,265 | 24,666 |
Commitments and contingent liabilities (see Note 13) | ||
TEGNA Inc. shareholders’ equity | ||
Common stock, par value $1: Authorized, 800,000,000 shares: Issued, 324,418,632 shares | 324,419 | 324,419 |
Additional paid-in capital | 473,742 | 539,505 |
Retained earnings | 7,384,556 | 7,111,129 |
Accumulated other comprehensive loss | (161,573) | (130,951) |
Less treasury stock at cost, 109,930,832 shares and 104,664,452 shares, respectively | (5,749,726) | (5,652,131) |
Total TEGNA Inc. shareholders’ equity | 2,271,418 | 2,191,971 |
Noncontrolling interests | 281,587 | 264,773 |
Total equity | 2,553,005 | 2,456,744 |
Total liabilities, redeemable noncontrolling interests and equity | $ 8,542,725 | $ 8,505,958 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowance for doubtful receivables | $ 9,837 | $ 9,092 |
Indefinite-lived and amortizable intangible assets, accumulated amortization | $ 324,416 | $ 220,662 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, Authorized (in shares) | 800,000,000 | 800,000,000 |
Common stock, Issued (in shares) | 324,418,632 | 324,418,632 |
Treasury stock (in shares) | 109,930,832 | 104,664,452 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Operating Revenues: | |||
Media | $ 1,933,579 | $ 1,682,144 | $ 1,691,866 |
Digital | 1,407,619 | 1,368,801 | 934,275 |
Total | 3,341,198 | 3,050,945 | 2,626,141 |
Operating expenses: | |||
Cost of revenues, exclusive of depreciation | 1,038,667 | 923,336 | 954,990 |
Selling, general and administrative expenses, exclusive of depreciation | 1,093,837 | 1,068,221 | 766,854 |
Depreciation | 89,531 | 90,803 | 85,866 |
Amortization of intangible assets | 114,959 | 114,284 | 65,971 |
Asset impairment and facility consolidation charges (gains) (see Note 12) | 32,130 | (58,857) | 44,961 |
Total | 2,369,124 | 2,137,787 | 1,918,642 |
Operating income | 972,074 | 913,158 | 707,499 |
Non-operating (expense) income | |||
Equity (loss) income in unconsolidated investments, net (see Note 5) | (7,170) | (5,064) | 151,462 |
Interest expense | (232,013) | (273,629) | (272,668) |
Other non-operating items | (20,439) | (11,529) | 404,403 |
Total | (259,622) | (290,222) | 283,197 |
Income before income taxes | 712,452 | 622,936 | 990,696 |
Provision for income taxes | 216,979 | 202,314 | 234,471 |
Income from continuing operations | 495,473 | 420,622 | 756,225 |
Income (loss) from discontinued operations, net of tax | (7,474) | 102,064 | 374,235 |
Net Income | 487,999 | 522,686 | 1,130,460 |
Net income attributable to noncontrolling interests | (51,302) | (63,164) | (68,289) |
Net income attributable to TEGNA Inc. | $ 436,697 | $ 459,522 | $ 1,062,171 |
Earnings from continuing operations per share - basic (in dollars per share) | $ 2.05 | $ 1.59 | $ 3.04 |
Earnings (loss) from discontinued operations per share - basic (in dollars per share) | (0.03) | 0.45 | 1.65 |
Net income per share - basic (in dollars per share) | 2.02 | 2.04 | 4.69 |
Earnings from continuing operations per share - diluted (in dollars per share) | 2.02 | 1.56 | 2.97 |
Earnings from discontinued operations per share - diluted (in dollars per share) | (0.03) | 0.44 | 1.61 |
Net income per share - diluted (in dollars per share) | $ 1.99 | $ 2 | $ 4.58 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 216,358 | 224,688 | 226,292 |
Diluted (in shares) | 219,681 | 229,721 | 231,907 |
Dividends declared per share (in dollars per share) | $ 0.56 | $ 0.68 | $ 0.80 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 487,999 | $ 522,686 | $ 1,130,460 |
Redeemable noncontrolling interests (income not available to shareholders) | (4,511) | (1,796) | (3,420) |
Other comprehensive income (loss), before tax: | |||
Foreign currency translation adjustments | (15,938) | (8,235) | (43,766) |
Pension and other postretirement benefit items: | |||
Recognition of previously deferred post-retirement benefit plan costs | 8,068 | 32,533 | 42,407 |
Actuarial loss arising during the period | (21,337) | (40,069) | (428,496) |
Interim remeasurement of post-retirement benefits liability | 0 | 79,184 | 0 |
Other | 0 | (355) | (10,279) |
Pension and other postretirement benefit items | (13,269) | 71,293 | (396,368) |
Unrealized (losses) gains on available for sale investment during the period | (11,346) | 3,311 | 0 |
Other comprehensive (loss) income before tax | (40,553) | 66,369 | (440,134) |
Income tax effect related to components of other comprehensive income (loss) | 5,066 | (28,289) | 147,718 |
Other comprehensive (loss) income, net of tax | (35,487) | 38,080 | (292,416) |
Comprehensive income | 448,001 | 558,970 | 834,624 |
Comprehensive income attributable to noncontrolling interests, net of tax | (39,284) | (55,099) | (57,167) |
Comprehensive income attributable to TEGNA Inc. | $ 408,717 | $ 503,871 | $ 777,457 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Cash flows from operating activities | |||
Net income | $ 487,999 | $ 522,686 | $ 1,130,460 |
Adjustments to reconcile net income to operating cash flows: | |||
Depreciation | 89,531 | 140,954 | 185,868 |
Amortization of intangible assets | 114,959 | 121,290 | 79,856 |
Stock-based compensation | 17,590 | 26,344 | 33,882 |
Provision for deferred income taxes | 16,535 | 100,202 | 1,200 |
Pension expense (benefit), net of contributions | 3,257 | (122,376) | (111,194) |
Equity loss (income) in unconsolidated investees, net | 7,170 | (5,743) | (167,319) |
Gain on Cars.com acquisition, net of tax | 0 | 0 | (285,860) |
Other, including losses (gains) on sale of assets and impairments | 42,067 | (65,496) | 100,159 |
Changes in operating assets and liabilities: | |||
Decrease (increase) in trade receivables | (32,046) | 32,787 | (1,514) |
Decrease (increase) in inventories | 0 | 1,807 | 10,032 |
Increase (decrease) in accounts payable | (1,506) | (57,643) | 66,740 |
Increase (decrease) in interest and taxes payable | (7,771) | (46,411) | (193,274) |
Increase (decrease) in deferred revenue | (20,004) | 4,822 | (5,353) |
Changes in other assets and liabilities, net | (34,352) | (1,992) | 3,857 |
Net cash flows from operating activities | 683,429 | 651,231 | 847,540 |
Cash flows from investing activities | |||
Purchase of property and equipment | (94,796) | (118,767) | (150,354) |
Payments for acquisitions, net of cash acquired | (206,078) | (53,656) | (1,990,877) |
Payments for investments | (20,797) | (33,715) | (7,026) |
Proceeds from investments | 39,954 | 12,402 | 180,809 |
Proceeds from sale of businesses and assets | 8,441 | 411,012 | 305,347 |
Net cash (used for) provided by investing activities | (273,276) | 217,276 | (1,662,101) |
Cash flows from financing activities | |||
(Payments of) proceeds from borrowings under revolving credit facilities, net | (85,000) | 80,000 | 640,000 |
Proceeds from borrowings | 300,000 | 200,000 | 666,732 |
Debt repayments | (352,590) | (587,509) | (537,490) |
Payments of debt issuance and financing costs | (1,684) | (7,619) | (10,548) |
Dividends paid | (121,639) | (167,508) | (181,328) |
Repurchases of common stock | (161,891) | (271,030) | (75,815) |
Net settlement of stock for tax withholding and proceeds from stock option exercises | (20,352) | (6,841) | 331 |
Distributions to noncontrolling membership interests | (18,840) | (24,783) | (22,072) |
Deferred payments for acquisitions | (437) | (9,136) | (15,687) |
Cash transferred to the Gannett Co., Inc. business | 0 | (63,365) | 0 |
Net cash (used for) provided by financing activities | (462,433) | (857,791) | 464,123 |
Effect of currency exchange rate change | 0 | 0 | (281) |
(Decrease) increase in cash and cash equivalents | (52,280) | 10,716 | (350,719) |
Cash and cash equivalents from continuing operations, beginning of year | 129,200 | 110,305 | 455,023 |
Cash and cash equivalents from discontinued operations, beginning of year | 0 | 8,179 | 14,180 |
Balance of cash and cash equivalents at beginning of year | 129,200 | 118,484 | 469,203 |
Cash and cash equivalents from continuing operations, end of year | 76,920 | 129,200 | 110,305 |
Cash and cash equivalents from discontinued operations, end of year | 0 | 0 | 8,179 |
Balance of cash and cash equivalents at end of year | 76,920 | 129,200 | 118,484 |
Supplemental cash flow information: | |||
Cash paid for income taxes, net of refunds | 206,271 | 105,581 | 207,038 |
Cash paid for interest | 225,462 | 265,174 | 242,190 |
Non-cash investing and financing activities | |||
Non-monetary exchange of investment for acquisition | 0 | (34,403) | 0 |
Assets-held-for-sale proceeds | 0 | 0 | 146,428 |
Escrow deposit disbursement related to London Broadcasting Company television stations acquisition | 0 | 0 | (134,908) |
Capital expenditures | $ 0 | $ 0 | $ (11,520) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Noncontrolling Interests |
Beginning Balance at Dec. 29, 2013 | $ 2,894,793 | $ 324,419 | $ 552,368 | $ 7,720,903 | $ (494,055) | $ (5,410,537) | $ 201,695 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,130,460 | 1,062,171 | 68,289 | ||||
Redeemable noncontrolling interest | (3,420) | (3,420) | |||||
Other comprehensive loss, net of tax | (292,416) | (284,714) | (7,702) | ||||
Comprehensive income | 834,624 | ||||||
Dividends declared, $0.56 per share in 2016, $0.68 per share in 2015, $0.80 per share in 2014 | (180,705) | (180,705) | |||||
Distributions to noncontrolling membership shareholders | (22,072) | (22,072) | |||||
Treasury stock acquired | (75,815) | (75,815) | |||||
Stock-based awards activity | (5,861) | (52,988) | 47,127 | ||||
Stock-based compensation | 33,882 | 33,882 | |||||
Tax benefit from settlement of stock awards | 12,437 | 12,437 | |||||
Other activity | (2,010) | 707 | (286) | (2,431) | |||
Ending Balance at Dec. 28, 2014 | 3,489,273 | 324,419 | 546,406 | 8,602,369 | (778,769) | (5,439,511) | 234,359 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 522,686 | 459,522 | 63,164 | ||||
Redeemable noncontrolling interest | (1,796) | (1,796) | |||||
Other comprehensive loss, net of tax | 38,080 | 44,349 | (6,269) | ||||
Comprehensive income | 558,970 | ||||||
Dividends declared, $0.56 per share in 2016, $0.68 per share in 2015, $0.80 per share in 2014 | (153,022) | (153,022) | |||||
Distributions to noncontrolling membership shareholders | (23,550) | (23,550) | |||||
Spin-off of Publishing businesses | (1,194,271) | (1,797,740) | 603,469 | ||||
Treasury stock acquired | (271,030) | (271,030) | |||||
Stock-based awards activity | (9,816) | (52,436) | 42,620 | ||||
Stock-based compensation | 26,344 | 26,344 | |||||
Tax benefit from settlement of stock awards | 20,439 | 20,439 | |||||
Other activity | 13,407 | (1,248) | 15,790 | (1,135) | |||
Ending Balance at Dec. 31, 2015 | 2,456,744 | 324,419 | 539,505 | 7,111,129 | (130,951) | (5,652,131) | 264,773 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 487,999 | 436,697 | 51,302 | ||||
Redeemable noncontrolling interest | (4,511) | (4,511) | |||||
Other comprehensive loss, net of tax | (35,487) | (27,980) | (7,507) | ||||
Comprehensive income | 448,001 | ||||||
Dividends declared, $0.56 per share in 2016, $0.68 per share in 2015, $0.80 per share in 2014 | (120,784) | (120,784) | |||||
Distributions to noncontrolling membership shareholders | (18,840) | (18,840) | |||||
Spin-off of Publishing businesses | (45,128) | (42,486) | (2,642) | ||||
Treasury stock acquired | (161,891) | (161,891) | |||||
Stock-based awards activity | (20,352) | (84,648) | 64,296 | ||||
Stock-based compensation | 17,590 | 17,590 | |||||
Other activity | (2,335) | 1,295 | 3,630 | ||||
Ending Balance at Dec. 31, 2016 | $ 2,553,005 | $ 324,419 | $ 473,742 | $ 7,384,556 | $ (161,573) | $ (5,749,726) | $ 281,587 |
CONSOLIDATED STATEMENTS OF EQU8
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared, per share (in dollars per share) | $ 0.56 | $ 0.68 | $ 0.80 |
Description of business, basis
Description of business, basis of presentation and summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Description of business, basis of presentation and summary of significant accounting policies | Description of business, basis of presentation and summary of significant accounting policies Description of business : Our Company is comprised of a dynamic portfolio of media and digital businesses that provide content that matters and brands that deliver. Our media business includes 46 television stations operating in 38 markets, offering high-quality television programming and digital content. Our digital business primarily consists of our Cars.com and CareerBuilder business units that operate in the automotive and human capital solutions industries. The Cars.com website provides credible and easy-to-understand information from consumers and experts to provide car buyers with greater control over the car buying and servicing process. CareerBuilder helps companies target, attract and retain workforce talent through an array of product offerings including talent management software and other advertising and recruitment solutions. Fiscal year: Beginning in fiscal year 2015, we changed our financial reporting cycle to a calendar year-end. Accordingly, our 2015 fiscal year began on December 29, 2014 (the day after the end of the 2014 fiscal year) and ended on December 31, 2015. Historically, our fiscal year was a 52-53 week fiscal year that ended on the last Sunday of the calendar year. As a result, our 2015 fiscal year had two and four more days than fiscal years 2016 and 2014, respectively. The impact of the extra days did not have a material impact on our financial statements, and therefore, we have not restated the historical results. Use of estimates: The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). In doing so, we are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, fair value measurements, postretirement benefit plans, income taxes including deferred tax assets, and contingencies. Basis of Presentation: The consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities for which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures is included in “Equity (loss) income in unconsolidated investees, net” in the Consolidated Statements of Income. In addition, certain reclassifications have been made to prior years’ consolidated financial statements to conform to the current year’s presentation. On September 7, 2016, we announced plans to spin-off our Cars.com business unit into a separate stand-alone public company. At that time, we also announced our plans to conduct a strategic review of our 53% ownership interest in CareerBuilder. While we perform the necessary steps to complete the spin and strategic review, we have maintained the current operating and reporting structure and continue to report the financial results of these businesses in continuing operations. See Note 2 for additional information related to these strategic actions. Segment presentation: We classify our operations into two reportable segments: Media Segment : consisting of 46 television stations and Digital Segment : consisting of our Cars.com, CareerBuilder and G/O Digital business units. Our reportable segments have been determined based on management and internal reporting structure, the nature of products and services offered by the businesses within the segments, and the financial information that is evaluated regularly by our chief operating decision maker. Digital Segment revenues exclude online/digital revenues generated by digital platforms that are associated with our Media Segment’s properties. Such amounts are reflected within our Media Segment and included within media revenues in the Consolidated Statements of Income. Noncontrolling interests presentation: Noncontrolling interests are presented as a component of equity on the Consolidated Balance Sheet. This balance primarily relates to the noncontrolling owners of CareerBuilder that own a 47% interest. Net income in the Consolidated Statements of Income reflects 100% of CareerBuilder’s results as we hold the controlling interest. Net income is subsequently adjusted to remove the noncontrolling interest to arrive at Net income attributable to TEGNA Inc. In addition, CareerBuilder has made three strategic acquisitions in which they own a controlling financial interest (see Note 3). The minority shareholders of these acquired businesses hold put rights that permit them to put their equity interest to CareerBuilder. Since redemption of the noncontrolling interest is outside of our control, the minority shareholders’ equity interest is presented on the consolidated balance sheet in the caption “Redeemable noncontrolling interests”. We recognize changes in the fair value of the minority interests redemption value as they occur. Redeemable noncontrolling interests was approximately $46.3 million and $24.7 million as of December 31, 2016 and 2015, respectively. The increase in the current year is primarily due to the acquisition of Workterra (see Note 3). Cash and cash equivalents: Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. Cash and cash equivalents are carried at cost plus accrued interest, which approximates fair value. Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Bad debt expense, which is included in cost of revenues on our Consolidated Statements of Income, was $11.3 million in 2016, $6.9 million in 2015 and $4.1 million in 2014. Write-offs of trade receivables (net of recoveries) were $8.5 million in 2016, $6.0 million in 2015 and $4.3 million in 2014. Property and equipment: Property and equipment are recorded at cost, and depreciation is provided generally on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are generally: buildings and improvements, 10 to 40 years; and machinery, equipment and fixtures, 3 to 25 years. Changes in the estimated useful life of an asset, which, for example, could happen as a result of facility consolidations, can affect depreciation expense and net income. Major building and leasehold improvements and interest incurred during the construction period of major additions are capitalized. Expenditures for maintenance and repairs are expensed as incurred. Valuation of long-lived assets: We review the carrying amount of long-lived assets (mostly property and equipment and definite-lived intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Once an indicator of potential impairment has occurred, the impairment test is based on whether the intent is to hold the asset for continued use or to hold the asset for sale. If the intent is to hold the asset for continued use, the impairment test first requires a comparison of projected undiscounted future cash flows against the carrying amount of the asset group. If the carrying value of the asset group exceeds the estimated undiscounted future cash flows, the asset group would be deemed to be potentially impaired. The impairment, if any, would be measured based on the amount by which the carrying amount exceeds the fair value. Fair value is determined primarily using the projected future cash flows, discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair values are reduced for the cost to dispose. We recognized impairment charges each fiscal year presented related to long-lived assets. See Note 12 for further discussion. Goodwill and indefinite-lived intangible assets: Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed. Goodwill is tested for impairment on an annual basis (first day of our fourth quarter) or between annual tests if events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying amount. Before performing the annual two-step goodwill impairment test, we first have the option to perform a qualitative assessment to determine if the two-step quantitative test must be completed. The qualitative assessment considers events and circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, as well as company and specific reporting unit specifications. If after performing this assessment, we conclude it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we are required to perform the two-step quantitative test. Otherwise, the two-step quantitative test is not required. In 2016, we elected not to perform the optional qualitative assessment of goodwill and instead performed the quantitative impairment test. Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit. The level at which we test goodwill for impairment requires us to determine whether the operations below the operating segment level constitute a business for which discrete financial information is available and segment management regularly reviews the operating results. For Media, goodwill is accounted for at the segment level. For Digital, the reporting units are the stand-alone digital businesses such as Cars.com and CareerBuilder. When performing the first step of the quantitative test, we determine the fair value of each reporting unit and compare it to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, we perform the second step of the impairment test, as this is an indication that the reporting unit goodwill may be impaired. In the second step of the impairment test, we determine the implied fair value of the reporting unit’s goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, then an impairment of goodwill has occurred and we must recognize an impairment loss for the difference between the carrying amount and the implied fair value of goodwill. We estimate the fair value of each reporting unit using a combination of an income approach using the discounted cash flow (DCF) analysis and a market-based valuation methodology using comparable public company trading values. Determining fair value requires the exercise of significant judgment, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable public company multiples. The cash flows employed in the DCF analysis are based on our best estimate of future sales, earnings and cash flows after considering factors such as general market conditions and recent operating performance. The discount rates utilized in the DCF analysis are based on the respective reporting unit’s weighted average cost of capital, which takes into account the relative weights of each component of its capital structure (equity and debt) and represents the expected cost of new capital, adjusted as appropriate to consider the risk inherent in future cash flows of the respective reporting unit. During the third quarter of 2016, we performed an interim impairment test for a small reporting unit within our Digital Segment, and as a result recorded a non-cash impairment charge of $15.2 million within asset impairment and facility consolidation charges in the accompanying Consolidated Statements of Income. See Note 4 for further discussion. In the fourth quarter of 2016, we completed our annual goodwill impairment test for each of our reporting units. The results of these tests indicated that the estimated fair values of all of our reporting units significantly exceed their carrying values. We also have intangible assets with indefinite lives associated with FCC broadcast licenses related to our acquisitions of television stations, and trade names from the Cars.com and CareerBuilder acquisitions. Intangible assets with indefinite lives are tested annually, or more often if circumstances dictate, for impairment and written down to fair value as required. The estimates of fair value for the trade names are determined using the “relief from royalty” methodology, which is a variation of the income approach. Discount rate assumptions are based on an assessment of the risk inherent in the projected future cash flows generated by the intangible asset. To estimate the fair values for the FCC broadcast licenses, we apply an income approach, using the Greenfield method. The Greenfield method involves a DCF model that incorporates several variables, including market revenues, long-term growth projections, estimated market share for a typical market participant, and estimated profit margins based on market size and station type. The results of our 2016 annual impairment test of indefinite lived intangible assets indicated the fair values exceed their carrying amounts; and therefore, no impairment charge was recorded. Investments and other assets: Investments where we have significant influence are recorded under the equity method of accounting. We recognized impairment charges in 2014 and 2016 related to such investments. See Note 5 for additional information. Investments in non-public businesses in which we do not have control or do not exert significant influence are carried at cost and losses resulting from periodic evaluations of the carrying value of these investments are included as a non-operating expense. At December 31, 2016, such investments totaled approximately $21.8 million and at December 31, 2015, they totaled approximately $8.6 million . Our television stations are party to program broadcasting contracts which provide the Media Segment with rights to broadcast syndicated programs, original series and films. These contracts are recorded at the gross amount of the related liability when the programs are available for telecasting. The related assets are recorded at the lower of cost or estimated net realizable value. Program assets are classified as current (as a prepaid expense) or noncurrent (as an other asset) in the Consolidated Balance Sheets, based upon the expected use of the programs in succeeding years. The amount charged to expense appropriately matches the cost of the programs with the revenues associated with them. The liability for these contracts is classified as current or noncurrent in accordance with the payment terms of the contracts. The payment period generally coincides with the period of telecast for the programs, but may be shorter. Revenue recognition: We generate revenue from a diverse set of product and service offerings which include advertising, retransmission consent fees, and software and recruitment services. Revenue is recognized when persuasive evidence of an arrangement exists, performance under the contract has begun, the contract price is fixed or determinable and collectibility of the related fee is reasonably assured. Revenue from sales agreements that contain multiple deliverable elements is allocated to each element based on the relative best estimate of selling price. Elements are treated as separate units of accounting if there is standalone value upon delivery. Amounts received from customers in advance of revenue recognition are deferred as liabilities. Below is a detailed discussion of revenue by our two reportable segments. Media Segment: The primary source of revenue for our Media Segment is through the sale of advertising time on its television stations. Advertising revenues are recognized, net of agency commissions, in the period when the advertisements are aired. Our Media Segment also earns revenue from retransmission consent arrangements. Under these agreements, we receive cash consideration from multichannel video programming distributors (e.g., cable and satellite providers) in return for our consent to permit the cable/satellite provider to retransmit our television signal. Retransmission consent fees are recognized over the contract period based on a negotiated fee per subscriber. Retransmission consent fees revenues have increased as a percentage of overall Media Segment revenue in recent years. In 2016, such revenues accounted for approximately 30% of overall Media Segment revenue compared to 27% in 2015. In addition, our Media Segment also generates online advertising revenue through the display of digital advertisements across its various digital platforms. Online advertising agreements typically take the form of an impression-based contract, fixed fee time-based contract or transaction based contract. The customers are billed for impressions delivered or click-throughs on their advertisements. An impression is the display of an advertisement to an end-user on the website and is a measure of volume. A click-through occurs when an end-user clicks on an advertisement. Revenue is recognized evenly over the contract term for fixed fee contracts where a minimum number of impressions or click-throughs is not guaranteed. Revenue is recognized as the service is delivered for transaction based contracts. Digital Segment : The primary source of revenue for our Digital Segment is through the sale of online subscription advertising products. Cars.com sells subscription advertising products to car dealerships, and CareerBuilder earns revenue through various types of recruitment subscription products. The transaction price for the subscription products is recognized on a straight-line basis over the contract term as the service is provided to our customers. Revenue is recognized for our Digital Segment’s online display advertising arrangements (which includes Cars.com, CareerBuilder and G/O Digital) in the same manner as described above for the Media Segment’s online advertising revenue. CareerBuilder service offerings also includes human capital software as a service (SaaS) and various other recruitment solutions (employment branding services and access to online resume databases). Generally, the human capital SaaS offering and access related to resume databases are subscription-based contracts for which revenue is recognized ratably over the subscription period. SaaS contracts are generally two to three -year contracts. Recruitment solutions (which include sourcing and screening services) are more transactional based contracts, and therefore, revenue is recognized as delivery occurs. Retirement plans: Certain employees are covered by defined benefit pension plans and we provide certain medical and life insurance benefits to eligible retirees (collectively postretirement benefit plans). The amounts we record related to our postretirement benefit plans are computed using actuarial valuations that are based in part on certain key economic assumptions we make, including the discount rate, the expected long-term rate of return on plan assets and other actuarial assumptions including mortality estimates, health care cost trend rates and employee turnover, each as appropriate based on the nature of the plans. Depending on the timing of the estimated payments, we recognize the funded status of our postretirement benefit plans as a current or non-current liability within our Consolidated Balance Sheets. There is a corresponding non-cash adjustment to accumulated other comprehensive loss, net of tax benefits, recorded in the Consolidated Statements of Equity. The funded status is measured as the difference between the fair value of the plan’s assets and the benefit obligation of the plan. Stock-based employee compensation: We grant restricted stock units (RSU) and performance shares to employees as a form of compensation. The expense for such awards is based on the grant date fair value of the award and is generally recognized on a straight-line basis over the requisite service period, which is typically a four -year period for RSUs and a three -year period for performance shares. Performance share expense for participants meeting certain retirement eligible criteria as defined in the plan is recognized using the accelerated attribution method. See Note 10 for further discussion. Advertising and marketing costs : We expense advertising and marketing costs as they are incurred. Advertising expense was $ 161.3 million in 2016, $173.3 million in 2015 and $110.1 million in 2014, and are included in selling, general and administrative expenses on the Consolidated Statements of Income. Income taxes: Income taxes are presented on the consolidated financial statements using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying amount of assets and liabilities and their respective tax basis, as well as from operating loss and tax credit carry-forwards. Deferred income taxes reflect expected future tax benefits (i.e. assets) and future tax costs (i.e. liabilities). The tax effect of net operating loss, capital loss and general business credit carryovers result in deferred tax assets. We measure deferred tax assets and liabilities using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. We recognize the effect on deferred taxes of a change in tax rates in income in the period that includes the enactment date. Valuation allowances are established if, based upon the weight of available evidence, management determines it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. We periodically assess our tax filing exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether it is more likely than not the position will be sustained upon examination by the relevant taxing authority. If we cannot reach a more likely than not determination, no benefit is recorded. If we determine the tax position is more likely than not to be sustained, we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled. We record interest and penalties related to income taxes as a component of income tax expense on our Consolidated Statements of Income. Interest and penalties were not material in each year presented. Foreign currency translation : The income statements of foreign operations have been translated to U.S. dollars using the average currency exchange rates in effect during the relevant period. The balance sheets have been translated using the currency exchange rate as of the end of the accounting period. The impact of currency exchange rate changes on the translation of the balance sheets are included in other comprehensive income (loss) in the Consolidated Statement of Comprehensive Income and are classified as accumulated other comprehensive income (loss) in the Consolidated Balance Sheet and Consolidated Statement of Equity. Loss contingencies: We are subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. We determine whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. We accrue for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, we will disclose the potential range of the loss, if material and estimable. Discontinued operations : In determining whether a group of assets is disposed (or to be disposed) should be presented as a discontinued operation, we analyze whether the group of assets being disposed of represented a component of the entity; that is, whether it had historic operations and cash flows that were clearly distinguished (both operationally and for financial reporting purposes). In addition, we consider whether the disposal represents a strategic shift that has or will have a major effect on our operations and financial results. We concluded that both the spin-off of our former publishing businesses on June 29, 2015, and the sale of our businesses constituting our former Other Segment during the fourth quarter of 2015 met all of the criteria to be presented as discontinued operations. As such, for all periods presented, we have recast our financial information to present the financial position and results of operations of the former publishing businesses and Other Segment as discontinued operations in the accompanying consolidated financial statements, with the exception of the Consolidated Statements of Cash Flows (which include the cash flows from both continuing and discontinuing operations). See Note 14 for more information. Accounting guidance adopted in 2016: In April 2015, the Financial Accounting Standards Board (FASB) issued guidance that changed the way companies present debt issuance costs on the balance sheet. Under the new guidance, debt issuance costs are reported as a direct deduction from the carrying amount of the debt liability, similar to debt discounts, rather than as an asset as recorded under the previous standard. Amortization of the costs will continue to be reported as interest expense. We adopted this guidance in the first quarter of 2016 and have applied the new guidance on a retrospective basis, wherein the balance sheet for each date presented is adjusted to reflect the effects of applying the new guidance. As disclosed in Note 7, as of December 31, 2016, and 2015, we had $27.6 million and $31.8 million , respectively, in debt issuance costs related to our term debt which was recorded as a direct deduction to the carrying amount of the associated debt liability. Debt issuance costs related to our revolving credit facility remained in non-current assets on our balance sheet as permitted under the new guidance. In September 2015, the FASB issued guidance that requires an acquirer to recognize adjustments to provisional amounts recorded in a business combination in the reporting period in which the adjustments are determined. Recognizing the entire impact of a measurement period adjustment in a single reporting period may introduce earnings volatility and reduces comparability between periods when the adjustments are material. Past measurement period adjustments for us have not been material. We adopted and applied this guidance in the first quarter of 2016, our required adoption period, with no material impact on our consolidated financial statements. In March 2016, the FASB issued guidance that changes certain aspects of the accounting for employee share-based payments. The FASB permitted early adoption of this guidance, and we elected to early adopt in the first quarter of 2016. We believe the new guidance reduces the complexity of accounting for share-based payments which, in turn, improves the usefulness of the information provided to the users of our financial statements. Below is a summary of the most significant changes: • All excess tax benefits and tax deduction shortfalls will be recognized as income tax benefit or expense in the income statement (under the prior guidance these amounts were generally recognized in additional paid-in capital on the balance sheet). The tax effects of exercised or vested awards will be treated as discrete items in the reporting period in which they occur. This guidance was applied prospectively beginning in the first quarter of 2016. The adoption of this element of the accounting standard reduced our income tax provision for the year ended December 31, 2016, by $6.4 million and the tax rate for the same period by approximately one percentage point, resulting in an increase to basic and diluted EPS of approximately $0.03 . The reduction to the tax provision predominantly occurred in the first quarter of 2016 in connection with the settlement of performance share unit awards and the fourth quarter of 2016 in connection with the settlement of restricted stock units. • The guidance updated the classification in the Statement of Cash Flows in two areas: 1) excess tax benefits will now be classified along with other income tax cash flows as an operating activity (under prior guidance it was separated from operating activities and presented as a financing activity), and 2) cash paid by an employer to taxing authorities when directly withholding shares for tax withholding purposes will be classified as a financing activity (prior to our adoption of the new guidance, we classified such payments as cash outflow from operating activities). Changes to the classification of the Consolidated Statement of Cash Flows were made on a retrospective basis, wherein each period presented was adjusted to reflect the effects of applying the new guidance. The following table details the impact of adopting this element of the standard on our Consolidated Statement of Cash Flows (in thousands): Year ended Dec. 31, 2016 Previous Accounting Method As Currently Reported Effect of Accounting Change Change in other assets and liabilities, net $ (63,359 ) $ (34,352 ) $ 29,007 Net cash flow from operating activities $ 654,422 $ 683,429 $ 29,007 Net settlement of stock for tax withholding and proceeds from stock option exercises $ 8,655 $ (20,352 ) $ (29,007 ) Net cash used for financing activities $ (433,426 ) $ (462,433 ) $ (29,007 ) Year ended Dec. 31, 2015 Previous Accounting Method As Currently Reported Effect of Accounting Change Change in other assets and liabilities, net $ (40,117 ) $ (1,992 ) $ 38,125 Net cash flow from operating activities $ 613,106 $ 651,231 $ 38,125 Net settlement of stock for tax withholding and proceeds from stock option exercises $ 31,284 $ (6,841 ) $ (38,125 ) Net cash used for financing activities $ (819,666 ) $ (857,791 ) $ (38,125 ) Year ended Dec. 28, 2014 Previous Accounting Method As Currently Reported Effect of Accounting Change Change in other assets and liabilities, net $ (22,484 ) $ 3,857 $ 26,341 Net cash flow from operating activities $ 821,199 $ 847,540 $ 26,341 Net settlement of stock for tax withholding and proceeds from stock option exercises $ 26,672 $ 331 $ (26,341 ) Net cash used for financing activities $ 490,464 $ 464,123 $ (26,341 ) In May 2015, FASB issued new guidance that exempts investments measured using the net asset value (NAV) as a practical expedient from categorization within the fair value hierarchy. The guidance requires retrospective application and is effective for public business entities after December 15, 2015. Accordingly, the standard was retrospectively applied resulting in such investments no longer being reflected within the fair value hierarchy table in Note 9. However, the assets measured using the NAV are presented below the fair value table in Note 9 to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits. New accounting pronouncements not yet adopted: In May 2014, the FASB issued a new standard related to revenue recognition. Under the standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB has recently issued several amendments to the standard, including clarification on accounting for licenses of intellectual property and identifying performance obligations. We will adopt the |
Strategic actions
Strategic actions | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Strategic actions | Strategic actions Spin-off of Cars.com: On September 7, 2016, we announced our intention to spin-off our Cars.com business unit, which is currently reported within our Digital Segment. Cars.com’s 2016 annual revenue was approximately $633 million and it has approximately 1,275 employees. The expected separation will be implemented through a tax-free distribution of shares in a new entity formed to hold the assets of Cars.com to our shareholders. We expect to complete the transaction in the first half of 2017, subject to a number of conditions, including final approval of our Board of Directors, receipt of an opinion from tax counsel regarding the tax-free nature of the distribution, the effectiveness of a Form 10 registration statement filed with the SEC, and other customary matters. There can be no assurance regarding the ultimate timing of the proposed transaction or that it will be completed. While we perform the necessary steps to complete the spin-off, we will maintain the current operating and reporting structure and will continue to report the financial results of Cars.com in our continuing operations until the spin-off transaction is complete. Strategic Review of CareerBuilder: On September 7, 2016, we also announced that we will conduct a strategic review of our 53% ownership interest in CareerBuilder, including a possible sale of it in conjunction with the other owners’ interests. CareerBuilder’s 2016 annual revenue was approximately $714 million and it has approximately 3,300 employees. CareerBuilder’s operations are included within our Digital Segment. At this time, there can be no guarantee that any of the options under review will result in a transaction. We expect to complete our strategic review during the first half of 2017. While we perform our strategic review for CareerBuilder, we will maintain the current operating and reporting structure and will continue to report the financial results of CareerBuilder in our continuing operations. |
Acquisitions, investments and d
Acquisitions, investments and dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions, investments and dispositions | Acquisitions, investments and dispositions We made the following acquisitions, investments and dispositions during 2014 through 2016: Acquisitions 2016 : On March 1, 2016, CareerBuilder acquired 100% of Aurico Inc. (Aurico), a provider of background screening and drug testing which serves both U.S. and international customers. CareerBuilder funded the acquisition with cash on hand. Aurico expands CareerBuilder’s product line to include another critical step in the job hiring process, which will be sold across its sales channels. On August 1, 2016, we acquired 100% of DMR Holdings, Inc. (DealerRater), a leading automotive dealer review website. We funded the acquisition with a combination of borrowing under our revolving credit facility and cash on hand. DealerRater is combined into our Cars.com business unit within our Digital Segment. We expect the addition of DealerRater will further strengthen Cars.com’s position as a leader in online automotive reviews. On September 2, 2016, CareerBuilder acquired 75% of Employee Benefit Specialists, Inc. d/b/a WORKTERRA (Workterra), a cloud-based human capital management platform. CareerBuilder funded the acquisition with cash on hand. The acquisition will expand CareerBuilder’s product offering beyond recruitment into post-hire solutions. Workterra’s cloud-based solution provides onboarding, benefits administration, wellness and compliance solutions to more than 600,000 employees. 2015 : In July 2015, CareerBuilder acquired a majority stake in Textkernel, a leading-edge software company providing semantic recruitment technology to the global market. Textkernel is based in Amsterdam. In March 2015, CareerBuilder increased its controlling interest in EMSI by 11% from 74% to 85% . EMSI is an economic software firm that specializes in employment data and labor market analysis. EMSI collects and interprets large amounts of labor data, which is used in workforce development and talent strategy. On December 3, 2015, we acquired three television stations KGW in Portland, Oregon; WHAS in Louisville, Kentucky; and KMSB in Tucson, Arizona, following approval from the Federal Communications Commission. Since 2013, we had consolidated these three television stations as they were VIEs and we were the primary beneficiary. 2014: On October 1, 2014, we acquired the remaining 73% interest in Cars.com (formerly known as Classified Ventures, LLC) for $1.83 billion . We funded the acquisition with additional borrowings and cash on hand. As part of the acquisition, Cars.com entered into new five -year affiliation agreements with each of the former newspaper investors at economic terms much more favorable to Cars.com. In 2014, we recognized a $476.7 million pre-tax non-cash gain ( $285.9 million after-tax) on the acquisition of Cars.com, which is comprised of a $396.7 million gain on the write-up of our prior 27% investment in Cars.com to fair value and an $80.0 million gain related to the required accounting for the pre-existing affiliate agreement between us and Cars.com. The net gain is included in Other non-operating items on the Consolidated Statements of Income. The impact to our Consolidated Statements of Income, net of intersegment eliminations, from October 1, 2014, the acquisition date to December 28, 2014 was $129.0 million of revenue and $33.6 million of operating income. Pro forma information. The following table sets forth unaudited pro forma results of operations, assuming that the Cars.com acquisition, along with transactions necessary to finance the acquisition, occurred at the beginning of 2014: Unaudited In thousands of dollars 2014 Total revenues $ 2,987,058 Net income attributable to TEGNA Inc. $ 754,851 This pro forma financial information is based on historical results of operations, adjusted for the allocation of the purchase price and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we operated the businesses since the beginning of the annual period presented. The pro forma adjustments reflect amortization of intangibles and unfavorable contracts related to the fair value adjustments of the assets and liabilities acquired, additional interest expense related to the financing of the transactions, alignment of accounting policies and the related tax effects of the adjustments. Changes in affiliation agreements between Cars.com and its former investors that went into effect on October 1, 2014, were excluded from the pro forma adjustments. The pro forma table excludes adjustments for any other acquisitions in 2014. We incurred and expensed a total of $9.3 million of acquisition costs related to Cars.com for the year ended December 28, 2014. Such costs were reflected in Other non-operating items in the Consolidated Statements of Income. These acquisition costs and the $285.9 million after-tax gain on the acquisition of Cars.com are not included in the pro forma amounts above as they are specifically related to the acquisition. In April 2014, CareerBuilder acquired Broadbean. Broadbean is a leading international job distribution, candidate sourcing and big data analytics software company. Broadbean is headquartered in London, United Kingdom and has offices in the U.S., France, Germany, the Netherlands and Australia. In July 2014, we acquired six London Broadcasting Company television stations in Texas for approximately $215.0 million in an all-cash transaction. We used proceeds of $134.9 million from the sale of the Phoenix and St. Louis stations to partially pay for the London Broadcasting Company stations via a tax-efficient exchange. The acquisition included KCEN (NBC) in Waco-Temple-Bryan, KYTX (CBS) in Tyler-Longview, KIII (ABC) in Corpus Christi, KBMT (ABC) and its digital sub-current KJAC (NBC) in Beaumont-Port Arthur, KXVA (FOX) in Abilene-Sweetwater and KIDY (FOX) in San Angelo. Dispositions 2016: On December 15, 2016, we sold our Cofactor business to Liquidus LLC. Cofactor had previously been included in the Digital Segment. On March 18, 2016, we sold Sightline Media Group (Sightline) to Regent Companies LLC. Our Sightline business unit was previously classified as held for sale as of the end of fiscal year 2015; and as a result, the operating results of Sightline have been included in discontinued operations in our consolidated financial statements for all periods presented. See Note 14 for further discussion. 2015: On June 29, 2015, we completed the spin-off of our publishing businesses and began trading as TEGNA on the New York Stock Exchange under the symbol TGNA. See Note 14 for further details regarding the spin-off. On December 29, 2014, which was the first day of our 2015 fiscal year, we completed our sale of Gannett Healthcare Group (GHG), to OnCourse Learning. GHG provides continuing education, certification test preparation, online recruitment, digital media, publications and related services for nurses and other healthcare professionals in the U.S. On November 5, 2015, we also sold our subsidiaries Clipper Magazine (Clipper), a direct mail advertising magazine business, and Mobestream Media (Mobestream), maker of a mobile rewards/coupon platform, to Valassis Direct Mail, Inc. The Clipper and Mobestream business units represented substantially all of the operations of our former Other Segment. As a result, the operating results of our Other Segment have been included in discontinued operations in our consolidated financial statements (see Note 14 for more information). On November 12, 2015, we sold PointRoll which was part of our Cofactor business unit within our Digital Segment to Sizmek Technologies, Inc. 2014: In February 2014, we along with Sander Media, LLC, completed the sale of KMOV in St. Louis, MO, to Meredith Corporation, following regulatory approval. As a condition of the sale, Sander Media conveyed to Meredith Corporation substantially all of its assets used to operate KMOV, which Sander Media acquired when the Gannett-Belo transaction closed on December 23, 2013. We conveyed certain other assets needed to provide services to KMOV, which we also acquired from Belo. In June 2014, we, along with Sander Media, LLC, completed the sale of KTVK and KASW in Phoenix, AZ, to Meredith Corporation. As part of the sale, Sander Media conveyed to Meredith substantially all of its assets used in the operation of both stations, which Sander Media acquired when the Belo transaction was completed in December 2013. We also conveyed certain other assets we used to provide services to both stations, which we acquired from the Belo transaction. At the closing, Meredith simultaneously conveyed KASW to SagamoreHill of Phoenix, LLC, which through its affiliates, owns and operates two television stations in two markets. The total sale price of the Phoenix and St. Louis stations was $ 407.5 million plus working capital. In March 2014, Classified Ventures, in which we owned a 27% interest, agreed to sell Apartments.com to CoStar Group, Inc. for $ 585 million . This transaction closed on April 1, 2014. As a result of our ownership stake, we received a $ 154.6 million distribution from Classified Ventures after the close of the transaction. |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and other intangible assets The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets at December 31, 2016 and December 31, 2015. In thousands of dollars Gross Accumulated Amortization Net Dec. 31, 2016 Goodwill $ 4,067,529 $ — $ 4,067,529 Indefinite-lived intangibles: Television station FCC licenses 1,191,950 — 1,191,950 Trade names 925,171 — 925,171 Amortizable intangible assets: Customer relationships 929,852 (210,691 ) 719,161 Other 290,875 (113,725 ) 177,150 Total $ 7,405,377 $ (324,416 ) $ 7,080,961 Dec. 31, 2015 Goodwill $ 3,919,726 $ — $ 3,919,726 Indefinite-lived intangibles: Television station FCC licenses 1,191,950 — 1,191,950 Trade names 925,019 — 925,019 Amortizable intangible assets: Customer relationships 903,652 (145,398 ) 758,254 Other 265,148 (75,264 ) 189,884 Total $ 7,205,495 $ (220,662 ) $ 6,984,833 Customer relationships, which include subscriber lists and advertiser relationships, are amortized on a straight-line basis over their useful lives. Other intangibles primarily include retransmission agreements, network affiliations, developed technology, and patents and are amortized on a straight-line basis over their useful lives. In connection with the purchase accounting for the Aurico transaction, we recorded intangible assets of $14.1 million , related to technology, customer relationships and trade name, which will be amortized over a weighted-average period of 8 years . In connection with the purchase accounting for the DealerRater acquisition, we recorded customer relationships of $24.7 million and other intangible assets of $14.1 million , related to trade name, technology and content library which will be amortized over a weighted average period of 10 years. In connection with our preliminary purchase accounting related to the Workterra acquisition, we recorded other intangible assets of $13.7 million , related to technology, and customer relationships which will be amortized over a weighted average period of 8 years. The following table shows the projected annual amortization expense, as of December 31, 2016, related to our existing amortizable intangible assets: In thousands of dollars 2017 $ 114,557 2018 $ 111,789 2019 $ 107,234 2020 $ 101,906 2021 $ 90,498 The following table shows the changes from 2015 to 2016 in the carrying amount of goodwill by reportable segment. In thousands of dollars Media Digital Total Goodwill Gross balance at Dec. 28, 2014 $ 2,578,601 $ 1,503,141 $ 4,081,742 Accumulated impairment losses — (166,971 ) (166,971 ) Net balance at Dec. 28, 2014 $ 2,578,601 $ 1,336,170 $ 3,914,771 Acquisitions & adjustments 817 25,667 26,484 Dispositions — (252 ) (252 ) Impairment — (8,000 ) (8,000 ) Foreign currency exchange rate changes — (13,277 ) (13,277 ) Balance at Dec. 31, 2015 $ 2,579,418 $ 1,340,308 $ 3,919,726 Gross balance at Dec. 31, 2015 2,579,418 1,515,279 4,094,697 Accumulated impairment losses — (174,971 ) (174,971 ) Net balance at Dec. 31, 2015 $ 2,579,418 $ 1,340,308 $ 3,919,726 Acquisitions & adjustments — 176,775 176,775 Impairment — (15,218 ) (15,218 ) Foreign currency exchange rate changes — (13,754 ) (13,754 ) Balance at Dec. 31, 2016 $ 2,579,418 $ 1,488,111 $ 4,067,529 Gross balance at Dec. 31, 2016 2,579,418 1,678,300 4,257,718 Accumulated impairment losses — (190,189 ) (190,189 ) Net balance at Dec. 31, 2016 $ 2,579,418 $ 1,488,111 $ 4,067,529 In the third quarter of 2016, based on continued adverse business trends and changes in our strategic plans, we concluded it was more likely than not that the fair value of a small reporting unit within our Digital Segment was lower than its carrying value, and accordingly we performed an interim goodwill impairment test for this reporting unit. As a result of this test, we recorded a non-cash goodwill impairment charge of $15.2 million in the third quarter of 2016, representing the full amount of goodwill associated with this reporting unit. This impairment charge is recorded within asset impairment and facility consolidation charges in the accompanying Consolidated Statements of Income. |
Other assets and investments
Other assets and investments | 12 Months Ended |
Dec. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Other assets and investments | Other assets and investments Our investments and other assets consisted of the following as of December 31, 2016 and December 31, 2015: In thousands of dollars Dec. 31, 2016 Dec. 31, 2015 Cash value life insurance $ 64,134 $ 68,332 Deferred compensation investments 52,273 77,199 Equity method investments 19,970 27,824 Available for sale investment 16,744 28,090 Deferred debt issuance cost 9,856 13,620 Other long-term assets 58,083 41,925 Total $ 221,060 $ 256,990 Deferred compensation : Employee compensation related investments consist of debt and equity securities which are classified as trading securities and fund our deferred compensation plan liabilities (See Note 9 for further discussion on how fair value is determined). Net gains on trading securities in 2016, 2015, and 2014 were $3.2 million , $0.5 million and $2.9 million . Gains and losses on these investments are included in Other non-operating items within our Consolidated Statement of Income. Equity method investments : Investments where we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in non-operating income, on our Consolidated Statements of Income. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Certain differences exist between our investment carrying value and the underlying equity of the investee companies principally due to fair value measurement at the date of investment acquisition and due to impairment charges we recorded for certain of the investments. Pre-tax impairments on equity method investments were $3.9 million in 2016 and $3.0 million in 2014 and were recorded in equity loss in unconsolidated investments, net, in the accompanying Consolidated Statements of Income. No material impairments were recorded in 2015. For the year ended December 28, 2014, the net gain in Equity income in unconsolidated investees of $151.5 million was primarily related to a pre-tax gain of $148.4 million related to the sale of our investment in Apartments.com by Classified Ventures. Cost method investments: The carrying value of cost method investments at December 31, 2016, was $21.8 million and $8.6 million at December 31, 2015, and is included within other long-term assets in the table above. The increase is primarily due to our new investments in WhistleSports and Kin Community during 2016. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The provision (benefit) for income taxes from continuing operations consists of the following: In thousands of dollars 2016 Current Deferred Total Federal $ 189,900 $ 25,854 $ 215,754 State and other 13,107 (12,077 ) 1,030 Foreign 1,537 (1,342 ) 195 Total $ 204,544 $ 12,435 $ 216,979 In thousands of dollars 2015 Current Deferred Total Federal $ 114,161 $ 76,816 $ 190,977 State and other 12,795 (2,247 ) 10,548 Foreign 1,849 (1,060 ) 789 Total $ 128,805 $ 73,509 $ 202,314 In thousands of dollars 2014 Current Deferred Total Federal $ 139,710 $ 51,245 $ 190,955 State and other 23,114 20,232 43,346 Foreign 1,100 (930 ) 170 Total $ 163,924 $ 70,547 $ 234,471 The components of income from continuing operations attributable to TEGNA Inc. before income taxes consist of the following: In thousands of dollars 2016 2015 2014 Domestic $ 667,556 $ 568,534 $ 927,453 Foreign (6,406 ) (8,762 ) (5,046 ) Total $ 661,150 $ 559,772 $ 922,407 The provision for income taxes varies from the U.S. federal statutory tax rate as a result of the following differences: 2016 2015 2014 U.S. statutory tax rate 35.0 % 35.0 % 35.0 % Increase (decrease) in taxes resulting from: State taxes (net of federal income tax benefit) 2.8 3.2 2.4 Domestic Manufacturing Deduction (2.8 ) (2.0 ) (1.6 ) Uncertain tax positions, settlements and lapse of statutes of limitations (0.3 ) (0.2 ) (0.3 ) Net deferred tax write offs and deferred tax rate adjustments (1.2 ) (1.6 ) (0.3 ) Non-deductible transactions costs 0.5 0.5 0.7 Loss on sale of subsidiary — — (12.6 ) Non-deductible goodwill — 0.4 3.0 Net excess benefits on share-based payments (1.0 ) — — Other, net (0.2 ) 0.8 (0.9 ) Effective tax rate 32.8 % 36.1 % 25.4 % Deferred income taxes reflect temporary differences in the recognition of revenue and expense for tax reporting and financial statement purposes. Deferred tax liabilities and assets are adjusted for changes in tax laws or tax rates of the various tax jurisdictions as of the enacted date. Deferred tax liabilities and assets were composed of the following at the end of December 31, 2016 and December 31, 2015: In thousands of dollars Dec. 31, 2016 Dec. 31, 2015 Liabilities Accelerated depreciation $ 80,101 $ 55,783 Accelerated amortization of deductible intangibles 667,015 663,545 Partnership investments including impairments 309,515 282,784 Other 7,570 9,057 Total deferred tax liabilities 1,064,201 1,011,169 Assets Accrued compensation costs 32,361 28,119 Pension and postretirement medical and life 78,318 73,470 Loss carryforwards 197,812 184,117 Other 36,465 26,735 Total deferred tax assets 344,956 312,441 Valuation allowance 209,939 184,413 Total net deferred tax (liabilities) $ (929,184 ) $ (883,141 ) As of December 31, 2016, we had approximately $388.9 million of capital loss carryforwards for federal and state purposes which can only be utilized to the extent capital gains are recognized. Losses of $361.5 million will expire if not used prior to 2020, while the remaining losses will expire if not used prior to 2022. As of December 31, 2016, we also had approximately $17.7 million of state net operating loss carryovers that, if not utilized, will expire in various amounts beginning in 2017 through 2036. Included in total deferred tax assets are valuation allowances of approximately $209.9 million as of December 31, 2016 and $184.4 million as of December 31, 2015, primarily related to federal and state capital losses and state net operating losses available for carry forward to future years. The increase in the valuation allowance from 2015 to 2016 is primarily related to additional federal and state capital loss carryforwards generated on the sale of certain capital assets during the year, as well as certain non-broadcast minority investments that would generate a capital loss if they were to be sold. If, in the future, we believe that it is more-likely-than-not that these deferred tax benefits will be realized, the valuation allowances will be reversed in the Consolidated Statement of Income. Realization of deferred tax assets for which valuation allowances have not been established is dependent upon generating sufficient future taxable income. We expect to realize the benefit of these deferred tax assets through future reversals of our deferred tax liabilities, through the recognition of taxable income in the allowable carryback and carryforward periods, and through implementation of future tax planning strategies. Although realization is not assured, we believe it is more likely than not that all deferred tax assets for which valuation allowances have not been established will be realized. Tax Matters Agreement Prior to the June 29, 2015 spin-off of our publishing businesses, we entered into a Tax Matters Agreement with Gannett Co., Inc. that governs each company’s respective rights, responsibilities, and obligations with respect to tax liabilities and benefits, tax attributes, tax contests and other matters regarding income taxes, non-income taxes and related tax returns. The agreement provides that we will generally indemnify Gannett Co., Inc. against taxes attributable to assets or operations for all tax periods or portions thereof prior to the spin-off date including separately-filed U.S., state, and foreign taxes. Uncertain Tax Positions The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions: In thousands of dollars 2016 2015 2014 Change in unrecognized tax benefits Balance at beginning of year $ 19,491 $ 58,886 $ 57,324 Additions based on tax positions related to the current year 213 6,095 12,426 Additions for tax positions of prior years 162 853 868 Reductions for tax positions of prior years (1,214 ) (24,858 ) (4,563 ) Settlements — — (129 ) Reductions for transfers to Gannett Co., Inc. — (18,804 ) — Reductions due to lapse of statutes of limitations (1,352 ) (2,681 ) (7,040 ) Balance at end of year $ 17,300 $ 19,491 $ 58,886 The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $10.8 million as of December 31, 2016, and $12.5 million as of December 31, 2015. This amount includes the federal tax benefit of state tax deductions. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. We also recognize interest income attributable to overpayment of income taxes and from the reversal of interest expense previously recorded for uncertain tax positions which are subsequently released as a component of income tax expense. We recognized expense from interest for uncertain tax positions of $0.7 million in 2016 while recording income of $0.4 million in 2015 and $3.4 million in 2014. The amount of accrued interest expense and penalties payable related to unrecognized tax benefits was $1.5 million as of December 31, 2016 and $1.7 million as of December 31, 2015. We file income tax returns in the U.S. and various state jurisdictions. The 2013 through 2016 tax years remain subject to examination by the Internal Revenue Service and state authorities. Tax years before 2013 remain subject to examination by certain states due to ongoing audits. It is reasonably possible that the amount of unrecognized benefit with respect to certain of our unrecognized tax positions will 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, we estimate the amount of our gross unrecognized tax positions may decrease by up to approximately $1.8 million within the next 12 months primarily due to lapses of statutes of limitations and settlement of ongoing audits in various jurisdictions. |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt Our long-term debt is summarized below (in thousands): Dec. 31, 2016 Dec. 31, 2015 Unsecured floating rate term loan due quarterly through August 2018 $ 52,100 $ 83,700 VIE unsecured floating rate term loans due quarterly through December 2018 1,292 1,938 Unsecured floating rate term loan due quarterly through June 2020 140,000 180,000 Unsecured floating rate term loan due quarterly through September 2020 285,000 — Borrowings under revolving credit agreement expiring June 2020 635,000 720,000 Unsecured notes bearing fixed rate interest at 10% due April 2016 — 193,429 Unsecured notes bearing fixed rate interest at 7.125% due September 2018 — 70,000 Unsecured notes bearing fixed rate interest at 5.125% due October 2019 600,000 600,000 Unsecured notes bearing fixed rate interest at 5.125% due July 2020 600,000 600,000 Unsecured notes bearing fixed rate interest at 4.875% due September 2021 350,000 350,000 Unsecured notes bearing fixed rate interest at 6.375% due October 2023 650,000 650,000 Unsecured notes bearing fixed rate interest at 5.50% due September 2024 325,000 325,000 Unsecured notes bearing fixed rate interest at 7.75% due June 2027 200,000 200,000 Unsecured notes bearing fixed rate interest at 7.25% due September 2027 240,000 240,000 Total principal long-term debt 4,078,392 4,214,067 Debt issuance costs (27,615 ) (31,800 ) Other (fair market value adjustments and discounts) (7,382 ) (12,605 ) Total long-term debt 4,043,395 4,169,662 Less current portion of long-term debt maturities of VIE loans 646 646 Long-term debt, net of current portion $ 4,042,749 $ 4,169,016 On April 1, 2016 our unsecured notes bearing a fixed rate of 10% became due, and therefore, we made a debt maturity payment of approximately $203.1 million (comprised of principal and accrued interest). The payment was made using borrowings from our revolving credit facility. On September 30, 2016, we borrowed $300 million under a new four -year term loan due in 2020. The interest rate on the term loan is equal to the same interest rates as borrowings under the Amended and Restated Competitive Advance and Revolving Credit Agreement. Both the revolving credit agreement and the term loan are guaranteed by a majority of our wholly-owned material domestic subsidiaries. We used substantially all of the proceeds from the new term loan to repay a portion of the outstanding obligation under our revolving credit facility. On November 1, 2016, we redeemed the remaining $70 million of 7.125% unsecured notes due in September 2018 at par. In 2015, we entered into an agreement to amend and extend our existing revolving credit facility with one expiring on June 29, 2020 (the Amended and Restated Competitive Advance and Revolving Credit Agreement). As a result, the maximum total leverage ratio permitted by the new agreement is 5.0 x through June 30, 2017, after which, as amended, it is reduced to 4.75 x through June 30, 2018, and then to 4.50 x thereafter. Commitment fees on the revolving credit agreement are equal to 0.25% - 0.40% of the undrawn commitments, depending upon our leverage ratio, and are computed on the average daily undrawn balance under the revolving credit agreement and paid each quarter. Under the Amended and Restated Competitive Advance and Revolving Credit Agreement, we may borrow at an applicable margin above the Eurodollar base rate (LIBOR loan) or the higher of the Prime Rate, the Federal Funds Effective Rate plus 0.50% , or the one month LIBOR rate plus 1.00% (ABR loan). The applicable margin is determined based on our leverage ratio but differs between LIBOR loans and ABR loans. For LIBOR-based borrowing, the margin varies from 1.75% to 2.50% . For ABR-based borrowing, the margin will vary from 0.75% to 1.50% . On September 26, 2016, we amended the Amended and Restated Competitive Advance and Revolving Credit Agreement to increase the capacity of the facility by $103 million . Total commitments under the Amended and Restated Competitive Advance and Revolving Credit Agreement are $1.5 billion . As of December 31, 2016, we had unused borrowing capacity of $844 million under our revolving credit facility. We also have an effective shelf registration statement on Form S-3 on file with the U.S. Securities and Exchange Commission under which an unspecified amount of securities may be issued, subject to a $7.0 billion limit established by the Board of Directors. Proceeds from the sale of such securities may be used for general corporate purposes, including capital expenditures, working capital, securities repurchase programs, repayment of debt and financing of acquisitions. We may also invest borrowed funds that are not required for other purposes in short-term marketable securities. Our debt maturities may be repaid with cash flow from operating activities, accessing capital markets or a combination of both. The following schedule of annual maturities of the principal amount of total debt assumes we use available capacity under our revolving credit agreement to refinance unsecured floating rate term loans and fixed rate notes due in 2017 through 2018. Based on this refinancing assumption, all of the obligations other than the VIE unsecured floating rate term loan due prior to 2019 are reflected as maturities for 2019 and beyond. In thousands of dollars 2017 (1) $ 646 2018 (1) 646 2019 700,000 2020 (2) 1,612,100 2021 350,000 Thereafter 1,415,000 Total $ 4,078,392 (1) Amortization of term debt due in 2017 and 2018 is assumed to be repaid with funds from the revolving credit agreement, which matures in 2020. Excluding our ability to repay funds with the revolving credit agreement, contractual debt maturities are $132 million and $121 million in 2017 and 2018, respectively. (2) Assumes current revolving credit agreement borrowings comes due in 2020 and credit facility is not extended. |
Retirement plans
Retirement plans | 12 Months Ended |
Dec. 31, 2016 | |
Retirement Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Retirement plans | Retirement plans We have various defined benefit retirement plans, including plans established under collective bargaining agreements. Our principal retirement plan is the TEGNA Retirement Plan (TRP). The TRP was formed in connection with the spin-off of our former publishing businesses. The TRP assumed certain assets and liabilities from the Gannett Retirement Plan, with the remaining pension obligations being retained by Gannett. The G. B. Dealey Retirement Pension Plan (Dealey Plan), a pension plan covering former Belo employees, merged with the TRP plan as of December 31, 2015. The disclosure tables below 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. Substantially all participants in the TRP and SERP had their benefits frozen before 2009. Our pension costs, which include costs for our qualified and non-qualified plans, are presented in the following table: In thousands of dollars 2016 2015 2014 Service cost—benefits earned during the period $ 816 $ 920 $ 812 Interest cost on benefit obligation 26,111 23,800 23,558 Expected return on plan assets (26,764 ) (31,464 ) (28,697 ) Amortization of prior service costs 670 673 599 Amortization of actuarial loss 7,615 6,335 4,003 Total pension expense for company-sponsored retirement plans $ 8,448 $ 264 $ 275 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 of dollars Dec. 31, 2016 Dec. 31, 2015 Change in benefit obligations Benefit obligations at beginning of year $ 586,624 $ 566,224 Service cost 816 920 Interest cost 26,111 23,800 Actuarial loss (gain) 17,755 (12,514 ) Gross benefits paid (38,532 ) (34,401 ) Adjustment due to spin-off of publishing businesses 13,639 42,595 Benefit obligations at end of year $ 606,413 $ 586,624 Change in plan assets Fair value of plan assets at beginning of year $ 400,193 $ 387,626 Actual return on plan assets 21,316 (725 ) Employer contributions 5,191 12,008 Gross benefits paid (38,532 ) (34,401 ) Transfers — 35,685 Fair value of plan assets at end of year $ 388,168 $ 400,193 Funded status at end of year $ (218,245 ) $ (186,431 ) Amounts recognized in Consolidated Balance Sheets Accrued benefit cost—current $ (30,955 ) $ (7,587 ) Accrued benefit cost—noncurrent $ (187,290 ) $ (178,844 ) In 2016, we identified certain actuarial discrepancies in participant data that resulted in an overstatement of the postretirement benefits liabilities transferred to our former publishing businesses in conjunction with the spin-off. Based on our assessment of qualitative and quantitative factors, the impact of these discrepancies was not considered material to the consolidated financial statements for the prior periods. The correction of these discrepancies resulted in an increase in pension liabilities of $ 13.6 million (which is shown in the table above) and postretirement medical and life insurance liabilities of $ 3.1 million . The increase in postretirement benefits liabilities was offset by a reduction in retained earnings of $ 7.7 million , a $ 2.6 million increase, net of taxes, in accumulated other comprehensive loss, and an increase in deferred tax assets of $ 6.4 million . The funded status (on a projected benefit obligation basis) of our principal retirement plans at December 31, 2016, is as follows: In thousands of dollars Fair Value of Plan Assets Benefit Obligation Funded Status TRP $ 388,168 $ 502,922 $ (114,754 ) SERP (a) — 102,856 (102,856 ) All other — 635 (635 ) Total $ 388,168 $ 606,413 $ (218,245 ) (a) The SERP is an unfunded, unsecured liability The accumulated benefit obligation for all defined benefit pension plans was $601.4 million at December 31, 2016 and $576.3 million at December 31, 2015. Based on actuarial projections, contributions of $ 53.3 million are expected to be made to our retirement plans during the year ended December 31, 2017. The following table presents information for our retirement plans for which accumulated benefits exceed assets: In thousands of dollars Dec. 31, 2016 Dec. 31, 2015 Accumulated benefit obligation $ 601,430 $ 576,333 Fair value of plan assets $ 388,168 $ 400,193 The following table presents information for our retirement plans for which projected benefit obligations exceed assets: In thousands of dollars Dec. 31, 2016 Dec. 31, 2015 Projected benefit obligation $ 606,413 $ 586,624 Fair value of plan assets $ 388,168 $ 400,193 The following table summarizes the amounts recorded in accumulated other comprehensive income (loss) that have not yet been recognized as a component of pension expense as of the dates presented (pre-tax): In thousands of dollars Dec. 31, 2016 Dec. 31, 2015 Net actuarial losses $ (204,761 ) $ (184,808 ) Prior service cost (2,717 ) (3,367 ) Amounts in accumulated other comprehensive income (loss) $ (207,478 ) $ (188,175 ) The actuarial loss amounts expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2017 are $8.0 million . The prior service cost amounts expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2017 are $0.6 million . Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) consist of the following for continuing operations only: In thousands of dollars 2016 Current year actuarial loss $ (23,203 ) Amortization of previously deferred actuarial loss 7,615 Amortization of previously deferred prior service costs 670 Adjustment due to spin-off of publishing businesses (4,386 ) Total $ (19,304 ) Pension costs: The following assumptions were used to determine net pension costs: 2016 2015 2014 Discount rate 4.46% 4.19% 4.84% Expected return on plan assets 7.00% 8.00% 8.00% Rate of compensation increase 3.00% 3.00% 3.00% The expected return on plan assets assumption was determined based on plan asset allocations, a review of historic 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, 2016 Dec. 31, 2015 Discount rate 4.12% 4.46% Rate of compensation increase 3.00% 3.00% Plan assets: The asset allocation for the TRP at the end of 2016 and 2015 , and target allocations for 2017, by asset category, are presented in the table below: Target Allocation Allocation of Plan Assets 2017 2016 2015 Equity securities 60 % 59 % 58 % Debt securities 25 34 35 Other 15 7 7 Total 100 % 100 % 100 % The primary objective of company-sponsored retirement plans is to provide eligible employees with scheduled pension benefits. Consistent with prudent 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 prudent diversification in the total portfolio, each asset class, and within each individual investment manager’s portfolio. 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. The target asset allocation represents the long-term perspective. Retirement plan assets will be rebalanced periodically to align them with the target asset allocations. Risk characteristics are measured and compared with an appropriate benchmark quarterly; periodic reviews are made of the investment objectives and the investment managers. Our actual investment return on our TRP assets was 7.4% for 2016, 1.0% for 2015 and 8.2% for 2014. Cash flows: We estimate we will make the following benefit payments (from either retirement plan assets or directly from our funds), which reflect expected future employee service, as appropriate: In thousands of dollars 2017 $ 62,588 2018 $ 36,675 2019 $ 38,514 2020 $ 38,030 2021 $ 38,272 2022-2026 $ 196,925 401(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 save up to 50% of compensation on a pre-tax basis subject to certain limits. For most participants, the plan’s matching formula is 100% of the first 5% of employee contributions. We also make additional employer contributions on behalf of certain long-term employees. Compensation expense related to 401(k) contributions was $15.5 million in 2016, $18.2 million in 2015 and $19.3 million in 2014. We settle the 401(k) employee company stock match obligation by buying our stock in the open market 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 our union-represented employees. The risks of participating in this multi-employer plan are different from single-employer plans in the following aspects: • We play no part in the management of plan investments or any other aspect of plan administration. • Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If we choose to stop participating in some of our multi-employer plans, we may be required to pay those plans an amount based on the unfunded status of the plan, referred to as withdrawal liability. The Employee Identification Number (EIN) and three-digit plan number of the AFTRA Plan is 13-6414972/001 . The AFTRA Plan has a certified green zone status as of November 30, 2014. The zone status is based on information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded; plans in the orange zone are both a) less than 80% funded and b) have an accumulated/expected funding deficiency in any of the next six plan years, net of any amortization extensions; plans in the yellow zone meet either one of the criteria mentioned in the orange zone; and plans in the green zone are at least 80% funded. A financial improvement plan or a rehabilitation plan is neither pending nor has one been implemented. We make all required contributions to the plan as determined under the respective CBAs. We contributed $1.8 million in 2016, $1.1 million in 2015 and $ 1.0 million in 2014. 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, 2015. At the date we issued our financial statements, Forms 5500 were unavailable for the plan years ending after November 30, 2015. Expiration dates of the CBAs in place range from April 16, 2017 to February 23, 2019. 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, 2016 and 2015. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement | Fair value measurement We measure and record certain assets and liabilities at fair value in the accompanying consolidated financial statements. U.S. GAAP establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our 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 our own estimates and assumptions, which reflect those that a market participant would use. The financial instruments measured at fair value in the accompanying Consolidated Balance Sheets consist of the following: Company Owned Assets In thousands of dollars Fair value measurement as of Dec. 31, 2016 Level 1 Level 2 Level 3 Total Assets: Deferred compensation investments $ 28,558 $ — $ — $ 28,558 Available for sale investment 16,744 — — 16,744 Total $ 45,302 $ — $ — $ 45,302 Deferred compensation investments valued using net asset value as a practical expedient: Interest in registered investment companies $ 10,140 Fixed income fund 13,575 Total investments at fair value $ 69,017 In thousands of dollars Fair value measurement as of Dec. 31, 2015 Level 1 Level 2 Level 3 Total Assets: Deferred compensation investments $ 27,770 $ — $ — $ 27,770 Available for sale investment 28,090 — — 28,090 Total $ 55,860 $ — $ — $ 55,860 Deferred compensation investments valued using net asset value as a practical expedient: Interest in registered investment companies $ 36,114 Fixed income fund 13,315 Total investments at fair value $ 105,289 Deferred compensation investments as of December 31, 2016 and 2015 were $28.6 million and $27.8 million , respectively. These investments consist of mutual funds which have publicly quoted prices and are therefore classified as Level 1 assets. The available for sale investment is our investment in Gannett, which has been classified as a Level 1 asset as the shares are listed on the New York Stock Exchange. Interest in registered investment companies are valued using the net asset values as quoted through publicly available pricing sources and investments are redeemable on request. These investments include one fund which invests in intermediate-term investment grade bonds and a fund which invests in equities listed predominantly on European and Asian exchanges. The fixed income fund is valued using the net asset value provided monthly by the fund company and shares are generally redeemable on request. There are no unfunded commitments to these investments as of December 31, 2016. In addition to the financial instruments listed in the table above, we hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values. The fair value of our total long-term debt, determined based on the bid and ask quotes for the related debt (Level 2), totaled $4.19 billion at December 31, 2016 and $4.31 billion at December 31, 2015. In 2016, 2015 and 2014, we recorded non-cash goodwill impairment charges of $15.2 million , $8.0 million and $30.3 million in connection with our interim and annual goodwill impairment test. The fair value determination of goodwill was determined using a combination of an income approach (DCF valuation analysis) and market-based approach (guideline public company analysis) and was classified as a Level 3 fair value measurement due to the significance of the unobservable inputs used. See Note 1 and 12 for further information on the non-cash goodwill impairment charges and our valuation methodologies. Pension Plan Assets In thousands of dollars Fair value measurement as of Dec. 31, 2016 Level 1 Level 2 Level 3 Total Assets: Cash and other $ 2,206 $ — $ — $ 2,206 Corporate stock 60,730 — — 60,730 Total $ 62,936 $ — $ — $ 62,936 Pension plan investments valued using net asset value as a practical expedient: Common collective trust - equities $ 167,647 Common collective trust - fixed income 127,043 Hedge funds 14,754 Partnership/joint venture interests 8,985 Interest in registered investment companies 6,803 Total fair value of plan assets $ 388,168 In thousands of dollars Fair value measurement as of Dec. 31, 2015 Level 1 Level 2 Level 3 Total Assets: Cash and other $ 1,098 $ — $ — $ 1,098 Corporate stock 58,291 — — 58,291 Corporate bonds — 99 — 99 Total $ 59,389 $ 99 $ — $ 59,488 Pension plan investments valued using net asset value as a practical expedient: Common collective trust - equities $ 172,046 Common collective trust - fixed income 135,914 Hedge funds 14,290 Partnership/joint venture interests 11,796 Interest in registered investment companies 6,659 Total fair value of plan assets $ 400,193 Valuation methodologies used for assets and liabilities measured at fair value are as follows: Corporate stock classified as Level 1 is valued primarily at the closing price reported on the active market on which the individual securities are traded. The investments in Level 2 are corporate bonds which are valued based on institutional bid evaluations using proprietary models, using discounted cash flow models or models that derive prices based on similar securities. Interest in common/collective trusts are valued using the net asset value as provided monthly by the investment manager or fund company. Ten of the investments in collective trusts are fixed income funds, whose strategy is to use individual subfunds to efficiently add a representative sample of securities in individual market sectors to the portfolio. The remaining eleven investments in collective trusts held by the Plan are invested in equity funds. The strategy of these funds is to generate returns predominantly from developed equity markets. These funds are generally redeemable with a short-term written or verbal notice. There are no unfunded commitments related to these types of funds. Interest in registered investment companies is valued using the published net asset values as quoted through publicly available pricing sources. The investment strategy of this company is to generate returns from government issued debt securities. These investments are redeemable on request. Investments in partnerships are valued at the net asset value of our investment in the fund as reported by the fund managers. The Plan holds investments in two partnerships. One partnership’s strategy is to generate returns through real estate-related investments. Certain distributions are received from this fund as the underlying assets are liquidated. The other partnership’s strategy is to generate returns through investment in developing equity markets. This fund is redeemable with a 30 -day notice, subject to a 0.55% charge. Future funding commitments to our partnership investments totaled $0.8 million as of December 31, 2016 and $1.0 million as of December 31, 2015. As of December 31, 2016, pension plan assets include one hedge fund which is a fund of hedge funds whose objective is to produce a return that is uncorrelated with market movements. Investments in hedge funds are valued at the net asset value as reported by the fund managers. Shares in the hedge fund are generally redeemable twice a year or on the last business day of each quarter with at least 95 days written notice subject to a potential 5% holdback. There are no unfunded commitments related to the hedge funds. We review audited financial statements and additional investor information to evaluate fair value estimates from our investment managers or fund administrator. Our policy is to recognize transfers between levels at the beginning of the reporting period. There were no transfers between levels during the period. |
Shareholders' equity
Shareholders' equity | 12 Months Ended |
Dec. 31, 2016 | |
Shareholders' Equity and Share-based Payments [Abstract] | |
Shareholders' equity | Shareholders’ equity At December 31, 2016, and 2015, our authorized capital was comprised of 800 million shares of common stock and 2 million shares of preferred stock. At December 31, 2016, shareholders’ equity of TEGNA included 215 million shares that were outstanding (net of 110 million shares of common stock held in treasury). At December 31, 2015, shareholders’ equity of TEGNA included 220 million shares that were outstanding (net of 105 million shares of common stock held in treasury). No shares of preferred stock were issued and outstanding at December 31, 2016, or 2015. Capital stock and earnings per share We report earnings per share on two bases, basic and diluted. All basic income per share amounts are based on the weighted average number of common shares outstanding during the year. The calculation of diluted earnings per share also considers the assumed dilution from the exercise of stock options and from performance shares and restricted stock units. Our earnings per share (basic and diluted) for 2016, 2015, and 2014 are presented below: In thousands, except per share amounts 2016 2015 2014 Income from continuing operations attributable to TEGNA Inc. $ 444,171 $ 357,458 $ 687,936 Income from discontinued operations, net of tax (7,474 ) 102,064 374,235 Net income attributable to TEGNA Inc. $ 436,697 $ 459,522 $ 1,062,171 Weighted average number of common shares outstanding - basic 216,358 224,688 226,292 Effect of dilutive securities Restricted stock 1,424 2,236 2,624 Performance Share Units 997 1,867 1,999 Stock options 902 930 992 Weighted average number of common shares outstanding - diluted 219,681 229,721 231,907 Earnings from continuing operations per share - basic $ 2.05 $ 1.59 $ 3.04 Earnings from discontinued operations per share - basic (0.03 ) 0.45 1.65 Earnings per share - basic $ 2.02 $ 2.04 $ 4.69 Earnings from continuing operations per share - diluted $ 2.02 $ 1.56 $ 2.97 Earnings from discontinued operations per share - diluted (0.03 ) 0.44 1.61 Earnings per share - diluted $ 1.99 $ 2.00 $ 4.58 Our calculation of diluted earnings per share includes the dilutive effects for the assumed vesting of outstanding restricted stock units, performance share units, and exercises of outstanding stock options based on the treasury stock method. The diluted earnings per share amounts exclude the effects of approximately 150,000 stock awards for 2016, 200,000 for 2015 and 800,000 for 2014, as their inclusion would be anti-dilutive. Share repurchase program In 2015, our Board of Directors approved an $825 million share repurchase program to be completed over a three -year period ending June 2018. During 2016, 7.0 million shares were purchased under the current program for $161.9 million . In connection with our announcement to spin-off our Cars.com business unit, we temporarily suspended repurchasing shares starting in July 2016 through early November 2016. In 2015, 9.6 million shares were purchased under the current and a former program for $271.0 million and in 2014, 2.7 million shares were purchased under a former program for $75.8 million . Repurchased shares are included in the Consolidated Balance Sheets as Treasury Stock. As of December 31, 2016, the value of shares that may be repurchased under the existing program is $467.2 million . The shares may be repurchased at management’s discretion, either in the open market or in privately negotiated block transactions. Management’s decision to repurchase shares will depend on price and other corporate needs. Purchases may occur from time to time and no maximum purchase price has been set. Certain of the shares we previously acquired have been reissued in settlement of employee stock awards. Stock-Based Compensation Plans In May 2001, our shareholders approved the adoption of the 2001 Omnibus Incentive Compensation Plan (the Plan). The Plan is administered by the Executive Compensation Committee of the Board of Directors and was amended and restated as of May 4, 2010, to increase the number of shares reserved for issuance to 60.0 million shares of our common stock. The Plan provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and other equity-based and cash-based awards. Awards may be granted to our employees and members of the Board of Directors. The Plan provides that shares of common stock subject to awards granted become available again for issuance if such awards are canceled or forfeited. In 2011, we established a performance share award plan for senior executives pursuant to which awards were first made with a grant date of January 1, 2012. Pursuant to the terms of this award, we may issue shares of our common stock (Performance Shares) to senior executives following the completion of a three -year period beginning on the grant date. Generally, if an executive remains in continuous employment with us during the full three -year incentive period, the number of performance share units (PSU) that an executive will receive will be determined based upon how our total shareholder return (TSR) compares to the TSR of a peer group of companies during the three -year period. We recognize the grant date fair value of each PSU, less estimated forfeitures, as compensation expense ratably over the incentive period. Fair value is determined by using a Monte Carlo valuation model. Each PSU is equal to and paid in one share of our common stock, but carries no voting or dividend rights. The number of shares ultimately issued for each PSU award may range from 0% to 200% of the award’s target. We also issue stock-based compensation to employees in the form of restricted stock units (RSUs). These awards generally entitle employees to receive at the end of a four -year incentive period one share of common stock for each RSU granted, conditioned on continued employment for the full incentive period. For RSU grants after 2014, the grants generally vest 25% per year. Employees who are granted RSUs have the right to receive shares of stock after completion of the incentive period; however, the RSUs do not pay dividends or carry voting rights during the incentive period. RSUs are valued based on the fair value of our common stock on the date of grant less the present value of the expected dividends not received during the relevant incentive period. The fair value of the RSU, less estimated forfeitures, is recognized as compensation expense ratably over the incentive period. We generally grant both RSUs and PSUs to employees on January 1. The Plan also permits us to issue restricted stock. Restricted Stock is an award of common stock that is subject to restrictions and such other terms and conditions determined by the Executive Compensation Committee. Determining fair value of PSUs Valuation and amortization method – We determined the fair value of Performance Shares using the Monte Carlo valuation model. This model considers the likelihood of the share prices of our peer group companies’ and our shares ending at various levels subject to certain price caps at the conclusion of the three -year incentive period. Key inputs into the Monte Carlo valuation model include expected term, expected volatility, risk-free interest rate and expected dividend yield. Each assumption is discussed below. Expected term – The expected term represents the period that our stock-based awards are expected to be outstanding. The expected term for Performance Share awards is based on the incentive period. Expected volatility – The fair value of stock-based awards reflects volatility factors calculated using historical market data for our common stock and also our peer group when the Monte Carlo method is used. The time frame used is equal to the expected term. Risk-free interest rate – We base the risk-free interest rate on the yield to maturity at the time of the award grant on zero-coupon U.S. government bonds having a remaining life equal to the award’s expected life. Expected dividend – The dividend assumption is based on our expectations about our dividend policy on the date of grant. Estimated forfeitures – When estimating forfeitures, we consider voluntary termination behavior as well as analysis of actual forfeitures. The following assumptions were used to estimate the fair value of performance share awards: PSUs Granted During 2016 2015 2014 Expected term 3 yrs. 3 yrs. 3 yrs. Expected volatility 39.60% 32.00% 39.32% Risk-free interest rate 1.31% 1.10% 0.78% Expected dividend yield 2.19% 2.51% 2.70% Impact from Publishing Spin on Equity Awards: In connection with the spin-off of our publishing businesses, and in accordance with our equity award Plan, the number of stock options, RSUs and target PSUs outstanding (collectively, stock awards) on June 29, 2015 (the Distribution Date), and the exercise prices of such stock options were adjusted with the intention of preserving the intrinsic value of the awards prior to the separation. Employees with outstanding stock awards granted prior to 2015 received one share of an equivalent Gannett stock award for every two shares of TEGNA stock award then outstanding. For RSUs and PSUs granted in 2015 but prior to the Distribution Date, adjustments were determined by comparing the fair value of such awards immediately prior to the spin-off to the fair value of such awards immediately after (the Adjustments). Accordingly, each stock award granted in 2015 and outstanding as of the Distribution Date was increased by multiplying the size of such award by a factor of 1.18 . The Adjustments resulted in an aggregate increase of approximately 125,000 equity awards (comprised of 75 thousand RSUs and 50 thousand target PSUs) and are included in the line item “Adjustment due to spin-off of Publishing” in the tables that follow. These adjustments to our stock-based compensation awards did not have a material impact on compensation expense. Stock-based Compensation Expense: The following table shows the stock-based compensation related amounts recognized in the Consolidated Statements of Income for equity awards: In thousands, except per share amounts 2016 2015 2014 Restricted stock and RSUs $ 10,607 $ 8,438 $ 8,604 PSUs 6,983 10,363 7,517 Stock options — 857 662 Total stock-based compensation $ 17,590 $ 19,658 $ 16,783 Restricted Stock and RSUs: As of December 31, 2016, there was $16.6 million of unrecognized compensation cost related to non-vested restricted stock and RSUs. This amount will be adjusted for future changes in estimated forfeitures and recognized on a straight-line basis over a weighted average period of 2.4 years . The tax benefit realized from the settlement of RSUs was $2.3 million in 2016, $5.9 million in 2015 and $9.5 million in 2014. A summary of restricted stock and RSU awards is presented below: 2016 Restricted Stock and RSU Activity Shares Weighted average fair value Unvested at beginning of year 2,126,526 $ 21.55 Granted 616,743 $ 25.08 Settled (1,277,444 ) $ 19.22 Canceled (322,404 ) $ 22.27 Unvested at end of year 1,143,421 $ 25.66 2015 Restricted Stock and RSU Activity Shares Weighted average fair value Unvested at beginning of year 3,577,598 $ 16.97 Granted 491,690 $ 31.78 Settled (1,485,735 ) $ 14.66 Canceled (532,524 ) $ 19.28 Adjustment due to spin-off of Publishing (a) 75,497 Unvested at end of year (a) 2,126,526 $ 21.55 (a) The weighted-average grant date fair value of the RSUs included in the line item “Adjustment due to spin-off of publishing” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.18 . The weighted-average grant date fair value of the unvested RSUs as of Dec. 31, 2015 reflect the adjustment. 2014 Restricted Stock and RSU Activity Shares Weighted average fair value Unvested at beginning of year 4,193,985 $ 13.92 Granted 1,048,516 $ 27.26 Settled (1,263,702 ) $ 15.92 Canceled (401,201 ) $ 16.13 Unvested at end of year 3,577,598 $ 16.97 PSUs: As of December 31, 2016, there was $4.3 million of unrecognized compensation cost related to non-vested performance shares. This amount will be adjusted for future changes in estimated forfeitures and recognized over a weighted average period of 1.8 years . The tax benefit realized from the settlement of PSUs was $4.5 million and $11.2 million in 2016 and 2015, respectively. A summary of our performance shares awards is presented below: 2016 PSUs Activity Target number of shares Weighted average fair value Unvested at beginning of year 1,385,940 $ 29.21 Granted 392,589 $ 30.69 Settled (687,125 ) $ 20.12 Canceled (72,454 ) $ 34.96 Unvested at end of year 1,018,950 $ 35.60 2015 PSUs Activity Target number of shares Weighted average fair value Unvested at beginning of year 2,100,115 $ 20.95 Granted 285,458 $ 39.47 Settled (925,640 ) $ 14.23 Canceled (123,621 ) $ 29.84 Adjustment due to spin-off of Publishing (a) 49,628 Unvested at end of year (a) 1,385,940 $ 29.21 (a) The weighted-average grant date fair value of the PSUs included in the line item “Adjustment due to spin-off of publishing” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.18 . The weighted-average grant date fair value of the unvested PSUs as of Dec. 31, 2015 reflect the adjustment. 2014 PSUs Activity Target number of shares Weighted average fair value Unvested at beginning of year 1,760,488 $ 16.92 Granted 436,340 $ 37.31 Canceled (96,713 ) $ 21.41 Unvested at end of year 2,100,115 $ 20.95 Stock Options: No stock options were granted in 2016, 2015 or 2014. All outstanding options were fully vested as of December 2015, which we previously recognized as compensation cost ratably over the four -year incentive period. At December 31, 2016 and 2015, there were 1.3 million (weighted average exercise price of $15.26 ) and 1.7 million (weighted average exercise price of $16.61 ) stock options outstanding. Stock options outstanding at December 31, 2016, have a weighted average remaining contractual life of approximately 1.66 years and an aggregate intrinsic value of $8.2 million . Stock options exercised totaled 0.2 million in 2016, 0.7 million in 2015, and 1.0 million in 2014. The weighted average exercise price was $11.03 in 2016, $16.17 in 2015, and $14.47 in 2014. The tax benefit realized from the stock options exercised was $0.3 million in 2016, $3.3 million in 2015 and $3.0 million in 2014. The grant-date fair value of stock options that vested was $1.0 million in 2015 and $6.0 million in 2014. No stock options vested in 2016. The intrinsic value of all stock options exercised was $2.3 million in 2016, $11.4 million in 2015 and $15.0 million in 2014. Accumulated other comprehensive income (loss) The elements of our Accumulated Other Comprehensive Loss (AOCL) principally consisted of pension, retiree medical and life insurance liabilities and foreign currency translation gains. The following tables summarize the components of, and changes in, AOCL (net of tax and noncontrolling interests): In thousands of dollars 2016 Retirement Plans Foreign Currency Translation Other Total Balance at beginning of year $ (116,496 ) $ (20,129 ) $ 5,674 $ (130,951 ) Other comprehensive loss before reclassifications (13,143 ) (8,431 ) (11,346 ) (32,920 ) Adjustment due to spin-off of publishing businesses (2,642 ) — — (2,642 ) Amounts reclassified from AOCL 4,940 — — 4,940 Balance at end of year $ (127,341 ) $ (28,560 ) $ (5,672 ) $ (161,573 ) In thousands of dollars 2015 Retirement Plans Foreign Currency Translation Other Total Balance at beginning of year $ (1,172,245 ) $ 391,113 $ 2,363 $ (778,769 ) Other comprehensive income (loss) before reclassifications 23,094 (1,966 ) 3,311 24,439 Spin-off publishing businesses 1,012,745 (409,276 ) — 603,469 Amounts reclassified from AOCL 19,910 — — 19,910 Balance at end of year $ (116,496 ) $ (20,129 ) $ 5,674 $ (130,951 ) In thousands of dollars 2014 Retirement Plans Foreign Currency Translation Other Total Balance at beginning of year $ (923,595 ) $ 427,177 $ 2,363 $ (494,055 ) Other comprehensive loss before reclassifications (276,219 ) (36,064 ) — (312,283 ) Amounts reclassified from AOCL 27,569 — — 27,569 Balance at end of year $ (1,172,245 ) $ 391,113 $ 2,363 $ (778,769 ) AOCL components are included in the computation of net periodic post-retirement costs which include pension costs discussed in Note 8 and our other post-retirement benefits (health care and life insurance). Reclassifications out of AOCL related to these post-retirement plans include the following: In thousands of dollars 2016 2015 2014 Amortization of prior service cost $ 96 $ 1,176 $ (4,082 ) Amortization of actuarial loss 7,972 31,357 46,489 Total reclassifications, before tax 8,068 32,533 42,407 Income tax effect (3,128 ) (12,623 ) (14,838 ) Total reclassifications, net of tax $ 4,940 $ 19,910 $ 27,569 Adjustments related to spin-off of publishing businesses During 2016, we reduced retained earnings in our Consolidated Statements of Equity by $42.5 million related to two adjustments pertaining to the spin-off of our publishing businesses. The first adjustment reduced retained earnings by $7.7 million related to discrepancies in participant data in our post-retirement plans as disclosed in Note 8. The second adjustment reduced retained earnings by $34.8 million as a result of adjusting the deferred tax assets and liabilities that were previously transferred to Gannett on June 29, 2015. The adjustments were identified as part of our annual procedure to true-up the 2015 tax provision estimates to the actual 2015 federal corporate income tax returns filed during the third quarter of 2016 and the state corporate income tax returns filed in the fourth quarter of 2016. These changes in estimates primarily relate to the deferred tax liability associated with depreciable assets and other 2015 tax provision to tax return adjustments impacting the previously estimated deferred taxes for Gannett. |
Business operations and segment
Business operations and segment information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business operations and segment information | Business operations and segment information We classify our operations into two reportable segments: Media : consisting of 46 television stations operating in 38 markets, offering high-quality television programming and digital content; and Digital : primarily consisting of our Cars.com and CareerBuilder business units which operate in the automotive and human capital solutions industries. Our reportable segments have been determined based on management and internal reporting structure, the nature of products and services offered by the businesses within the segments, and the financial information that is evaluated regularly by our chief operating decision maker. The Digital Segment and the digital revenues line exclude online/digital revenues generated by digital platforms that are associated with our Media Segment’s operating properties as such amounts are reflected in the Media Segment. We generate most of our sales from work performed in the U.S. Our Digital Segment, principally from the CareerBuilder business unit, also generates sales from international operations. International sales totaled approximately $79.0 million in 2016 , $76.0 million in 2015 and $75.8 million in 2014 . Our long-lived assets in international countries totaled approximately $192.6 million at December 31, 2016, and $213.8 million at December 31, 2015. Separate financial data for each of our business segments is presented in the table that follows. The accounting policies of the segments are those described in Note 1. We evaluate the performance of our segments based on operating income. Operating income represents total revenue less operating expenses, including depreciation, amortization of intangibles and asset impairment and facility consolidation charges. Operating income by reportable segment does not include general corporate expenses, interest expense, interest income, and other income and expense items of a non-operating nature, as the effects of these items are not considered as part of management’s evaluation of the segment’s operating performance. Corporate assets primarily include cash and cash equivalents, property and equipment used for corporate purposes and certain other financial investments. Business segment financial information In thousands of dollars 2016 2015 2014 Operating revenues Media $ 1,933,579 $ 1,682,144 $ 1,691,866 Digital 1,407,619 1,368,801 934,275 Total $ 3,341,198 $ 3,050,945 $ 2,626,141 Operating income Media (2) $ 806,411 $ 714,237 $ 747,020 Digital (2) 230,121 229,386 119,908 Corporate (1) (2) (64,458 ) (68,418 ) (71,256 ) Net gain on sale of corporate building — 89,892 — Unallocated (4) — (51,939 ) (88,173 ) Total $ 972,074 $ 913,158 $ 707,499 Depreciation, amortization, asset impairment and facility consolidation charges (gains) Media (2) $ 82,639 $ 81,665 $ 94,129 Digital (2) 150,382 146,907 91,967 Corporate (1) (2) 3,599 (82,342 ) 10,702 Total $ 236,620 $ 146,230 $ 196,798 Equity (losses) income in unconsolidated investments, net Media $ (3,906 ) $ (2,794 ) $ (1,667 ) Digital (2,322 ) (2,151 ) 154,370 Corporate (942 ) (119 ) (1,241 ) Total $ (7,170 ) $ (5,064 ) $ 151,462 Capital expenditures Media $ 39,136 $ 52,141 $ 42,147 Digital 54,017 44,903 38,549 Corporate (1) 1,643 790 1,556 Total $ 94,796 $ 97,834 $ 82,252 Identifiable assets Media $ 4,786,050 $ 4,799,375 Digital 3,649,347 3,529,124 Corporate (1) 107,328 170,194 Total (3) $ 8,542,725 $ 8,498,693 (1) Corporate amounts represent those not directly related to our two business segments. (2) Operating income for Media and Digital Segments includes pre-tax net asset impairment and facility consolidation charges (gains) for each year presented. See Note 12. (3) Total of business segment identifiable assets exclude assets recorded in discontinued operations on the consolidated balance sheets of $7.3 million at Dec. 31, 2015. (4) Unallocated expenses represent certain expenses that historically were allocated to the former Publishing Segment but that could not be allocated to discontinued operations as they were not clearly and specifically identifiable to the spun-off businesses. |
Asset impairment and facility c
Asset impairment and facility consolidation charges (gains) | 12 Months Ended |
Dec. 31, 2016 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Asset impairment and facility consolidation charges (gains) | Asset impairment and facility consolidation charges (gains) For each year presented, we recognized charges related to facility consolidations efforts, and also recorded non-cash impairment charges to reduce the book value of goodwill, other intangible assets and long-lived assets. In 2015, we recorded a gain on the sale of our headquarters building. A summary of these items by year is presented below (in thousands): 2016 Pre-Tax Amount Asset impairment and facility consolidation charges: Goodwill - Digital $ 15,218 Other: Media 8,633 Digital 5,915 Corporate 2,364 Total asset impairment and facility consolidation charges against operations $ 32,130 2015 Pre-Tax Amount Asset impairment and facility consolidation charges (gains): Goodwill - Digital $ 8,000 Other intangibles - Digital 900 Other: Media 8,078 Digital 13,095 Corporate 962 Gain on sale of corporate headquarters (89,892 ) Total asset impairment and facility consolidation charges (gains) against operations $ (58,857 ) 2014 Pre-Tax Amount Asset impairment and facility consolidation charges: Goodwill - Digital $ 30,271 Other intangibles - Digital 971 Other - Media 13,719 Total asset impairment and facility consolidation charges against operations $ 44,961 Goodwill : In each year presented, we recorded non-cash goodwill impairment charges for certain reporting units within our Digital Segment. As disclosed in Note 4, based on an interim goodwill impairment test performed during the third quarter of 2016, we recorded a non-cash goodwill impairment charge of $15.2 million during the third quarter of 2016, representing the full amount of goodwill for that reporting unit. In addition, during 2015 and 2014 in connection with interim and annual goodwill impairment tests, we recorded non-cash goodwill impairment charges related to certain reporting units within our Digital Segment (primarily PointRoll, CoFactor and BLiNQ). Other Intangibles : During 2015 and 2014, we recorded non-cash impairment charges within our Digital Segment for certain intangible assets, principally trade names, after the qualitative assessments indicated it was more likely than not that the carrying values exceeded the respective fair values. Accordingly, we prepared quantitative assessments in both years which also indicated that impairments existed. As a result of these assessments, we recorded non-cash impairment charges to reduce the carrying value of each asset to its respective fair value. Fair values were determined using a relief-from-royalty method. The impairments recorded were principally a result of revenue projections which were lower than expected. In 2014, the revised revenue projections were also coupled with a decrease in royalty rates of comparable arrangements thus negatively impacting our royalty assumptions. Other charges (gains) : Other charges recorded by Media, Digital and Corporate during 2016 include: a $4.7 million impairment associated with a long-lived asset previously used by Corporate and Media that is now held for sale, and therefore, was written down to its estimated fair value (which was determined using comparable market transactions); a $6.2 million charge associated with an internally produced program at our Media Segment; a $4.6 million lease exit accrual at our Digital Segment; and a $1.4 million impairment associated with a disposal of a long-lived asset at our Digital Segment. During the fourth quarter of 2015, we recorded a pre-tax gain of $89.9 million ( $54.9 million after tax) on the sale of our corporate headquarters building. Other charges recorded at our Media and Digital Segments during 2015 and 2014 primarily relate to facility consolidation plans which led us to recognize charges associated with revising the useful lives of certain assets over a shortened period as well as shutdown costs. |
Other matters
Other matters | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other matters | Other matters Litigation: We are defendants in judicial and administrative proceedings involving matters incidental to our business. We do not believe that any material liability will be imposed as a result of these matters. Commitments : The following table summarizes the expected cash outflow related to our unconditional purchase obligations that are not recorded on our balance sheet as of December 31, 2016. Such obligations include future payments related to operating leases, programming contracts and purchase obligations. In thousands of dollars Operating Leases Program Broadcast Contracts Purchase Obligations 2017 $ 42,971 $ 376,623 $ 70,881 2018 35,764 431,104 53,043 2019 25,172 336,191 15,460 2020 19,255 210,960 10,387 2021 18,236 535 8,557 Thereafter 117,111 944 6,352 Total $ 258,509 $ 1,356,357 $ 164,680 Leases: Approximate future minimum annual rentals payable under non-cancelable operating leases, primarily relate to facilities and equipment, total $258.5 million . Total minimum annual rentals have not been reduced for future minimum sublease rentals aggregating $5.9 million . Total rental expense reflected in 2016 was $46.4 million , $38.1 million in 2015 and $29.5 million in 2014 . Program broadcast contracts: We have $1.36 billion of commitments under programming contracts that include television station commitments to purchase programming to be produced in future years. This also includes amounts related to our network affiliation agreements. Purchase obligations: We have commitments under purchasing obligations totaling $164.7 million related to capital projects, interactive marketing agreements, licensing fees and other legally binding commitments. Amounts which we are liable for under purchase orders outstanding at December 31, 2016, are reflected in the Consolidated Balance Sheet as accounts payable and accrued liabilities and are excluded from the $164.7 million . Voluntary Retirement Program : During the first quarter of 2016, we initiated a Voluntary Retirement Program (VRP) within our Media Segment. Under the VRP, Media employees meeting certain eligibility requirements were offered buyout payments in exchange for voluntarily retiring. Eligible non-union employees had until April 7, 2016, to retire under the plan. During 2016, based on acceptances received, we recorded $16.0 million of severance expense. Upon separation, employees accepting the VRP received salary continuation payments primarily based on years of service, the majority of which will occur evenly over the 12-month period following the separation date. As of December 31, 2016, we had approximately $4.6 million of VRP buyout obligation remaining. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations | Discontinued operations On June 29, 2015, we completed the spin-off of our publishing businesses, creating a new independent publicly traded company, through the distribution of 98.5% of our interest in Gannett to holders of our common shares. On June 29, 2015, each of our shareholders of record as of the close of business on the record date of June 22, 2015, received one share of Gannett common stock for every two shares of TEGNA common stock held. Immediately following the distribution, we owned 1.5% of Gannett’s outstanding common shares. We will continue to own Gannett shares for a period of time not to exceed five years after the distribution. In conjunction with the spin-off of the publishing businesses, we entered into a separation and distribution agreement with Gannett and also entered into various other agreements to effect the separation and provide a framework for a short term set of transition services as well as a tax matters agreement and an employee matters agreement. During the fourth quarter of 2015, we sold our subsidiaries Clipper Magazine (Clipper), a direct mail advertising magazine business, and Mobestream Media (Mobestream), maker of a mobile rewards/coupon platform, to Valassis Direct Mail, Inc. On March 18, 2016, we sold Sightline Media (Sightline) to Regent Companies LLC. Our Sightline business unit was previously included within our Other Segment and was classified as held for sale as of December 31, 2015. With the sale of these businesses, we divested all the operations of our Other Segment. Accordingly, we have presented the financial condition and results of operations of the former Publishing and Other Segments as discontinued operations. Financial Statement Presentation The former publishing businesses and Other Segment are presented as discontinued operations in our Consolidated Balance Sheet and the Consolidated Statement of Income. In our Consolidated Statement of Cash Flows, the cash flows from discontinued operations are not separately classified, but supplemental cash flow information for these business units is presented below. The financial results of discontinued operations through December 31, 2016, are presented as a profit (loss) from discontinued operations, net of income taxes, on our Consolidated Statements of Income. For earnings per share information on discontinued operations, see Note 10. Discontinued operations for 2016 are attributable to operations of our Sightline business through the date of sale on March 18, 2016, while results for 2015 are comprised of the operating results of both the Publishing Segment and Other Segment. The table below presents the financial results of discontinued operations for 2015 and 2014. The following table presents the financial results of discontinued operations: In thousands Year ended Dec. 31, 2015 Publishing Other Total Operating revenues $ 1,400,006 $ 191,025 $ 1,591,031 Income (loss) from discontinued operations, before income taxes 169,220 (36,068 ) 133,152 Provision for income taxes 43,735 (12,647 ) 31,088 Income (loss) from discontinued operations, net of tax 125,485 (23,421 ) 102,064 In thousands Year ended Dec. 28, 2014 Publishing Other Total Operating revenues $ 3,133,861 $ 248,172 $ 3,382,033 Income (loss) from discontinued operations, before income taxes 372,549 (7,185 ) 365,364 Provision for income taxes (11,817 ) 2,946 (8,871 ) Income (loss) from discontinued operations, net of tax 384,366 (10,131 ) 374,235 The financial results reflected above may not represent our Publishing and Other Segments stand-alone operating results, as the results reported within income from discontinued operations, net, include only certain costs that are directly attributable to those businesses and exclude certain corporate overhead costs that were previously allocated for each period. In addition, the 2015 financial results include the pre-tax loss of $26.3 million ( $14.8 million after tax) on the disposal of our Other Segment. The depreciation, amortization, capital expenditures and significant cash investing items of the discontinued operations were as follows: In thousands Year ended Dec. 31, 2015 Publishing Other Total Depreciation $ 49,542 $ 725 $ 50,267 Amortization 7,008 — 7,008 Capital expenditures (20,252 ) (681 ) (20,933 ) Payments for acquisitions, net of cash acquired (28,668 ) — (28,668 ) Payments for investments (2,000 ) — (2,000 ) Proceeds from investments 12,402 — 12,402 In thousands Year ended Dec. 28, 2014 Publishing Other Total Depreciation $ 99,029 $ 973 $ 100,002 Amortization 13,885 — 13,885 Capital expenditures (79,168 ) (454 ) (79,622 ) Payments for acquisitions, net of cash acquired (113 ) — (113 ) Payments for investments (2,500 ) — (2,500 ) Proceeds from investments 18,629 — 18,629 |
Description of business, basi23
Description of business, basis of presentation and summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Use of estimates | Use of estimates: The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). In doing so, we are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, fair value measurements, postretirement benefit plans, income taxes including deferred tax assets, and contingencies. |
Basis of Presentation | Basis of Presentation: The consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities for which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures is included in “Equity (loss) income in unconsolidated investees, net” in the Consolidated Statements of Income. In addition, certain reclassifications have been made to prior years’ consolidated financial statements to conform to the current year’s presentation. |
Segment presentation | Segment presentation: We classify our operations into two reportable segments: Media Segment : consisting of 46 television stations and Digital Segment : consisting of our Cars.com, CareerBuilder and G/O Digital business units. Our reportable segments have been determined based on management and internal reporting structure, the nature of products and services offered by the businesses within the segments, and the financial information that is evaluated regularly by our chief operating decision maker. Digital Segment revenues exclude online/digital revenues generated by digital platforms that are associated with our Media Segment’s properties. Such amounts are reflected within our Media Segment and included within media revenues in the Consolidated Statements of Income. |
Noncontrolling interests presentation | Noncontrolling interests presentation: Noncontrolling interests are presented as a component of equity on the Consolidated Balance Sheet. This balance primarily relates to the noncontrolling owners of CareerBuilder that own a 47% interest. Net income in the Consolidated Statements of Income reflects 100% of CareerBuilder’s results as we hold the controlling interest. Net income is subsequently adjusted to remove the noncontrolling interest to arrive at Net income attributable to TEGNA Inc. In addition, CareerBuilder has made three strategic acquisitions in which they own a controlling financial interest (see Note 3). The minority shareholders of these acquired businesses hold put rights that permit them to put their equity interest to CareerBuilder. Since redemption of the noncontrolling interest is outside of our control, the minority shareholders’ equity interest is presented on the consolidated balance sheet in the caption “Redeemable noncontrolling interests”. We recognize changes in the fair value of the minority interests redemption value as they occur. |
Cash and cash equivalents | Cash and cash equivalents: Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. Cash and cash equivalents are carried at cost plus accrued interest, which approximates fair value. |
Trade receivables and allowances for doubtful accounts | Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. |
Property and depreciation | Property and equipment: Property and equipment are recorded at cost, and depreciation is provided generally on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are generally: buildings and improvements, 10 to 40 years; and machinery, equipment and fixtures, 3 to 25 years. Changes in the estimated useful life of an asset, which, for example, could happen as a result of facility consolidations, can affect depreciation expense and net income. Major building and leasehold improvements and interest incurred during the construction period of major additions are capitalized. Expenditures for maintenance and repairs are expensed as incurred. |
Valuation of long-lived assets | Valuation of long-lived assets: We review the carrying amount of long-lived assets (mostly property and equipment and definite-lived intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Once an indicator of potential impairment has occurred, the impairment test is based on whether the intent is to hold the asset for continued use or to hold the asset for sale. If the intent is to hold the asset for continued use, the impairment test first requires a comparison of projected undiscounted future cash flows against the carrying amount of the asset group. If the carrying value of the asset group exceeds the estimated undiscounted future cash flows, the asset group would be deemed to be potentially impaired. The impairment, if any, would be measured based on the amount by which the carrying amount exceeds the fair value. Fair value is determined primarily using the projected future cash flows, discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair values are reduced for the cost to dispose. We recognized impairment charges each fiscal year presented related to long-lived assets. See Note 12 for further discussion. |
Goodwill and indefinite-lived intangible assets | Goodwill and indefinite-lived intangible assets: Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed. Goodwill is tested for impairment on an annual basis (first day of our fourth quarter) or between annual tests if events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying amount. Before performing the annual two-step goodwill impairment test, we first have the option to perform a qualitative assessment to determine if the two-step quantitative test must be completed. The qualitative assessment considers events and circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, as well as company and specific reporting unit specifications. If after performing this assessment, we conclude it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we are required to perform the two-step quantitative test. Otherwise, the two-step quantitative test is not required. In 2016, we elected not to perform the optional qualitative assessment of goodwill and instead performed the quantitative impairment test. Our goodwill has been allocated to and is tested for impairment at a level referred to as the reporting unit. The level at which we test goodwill for impairment requires us to determine whether the operations below the operating segment level constitute a business for which discrete financial information is available and segment management regularly reviews the operating results. For Media, goodwill is accounted for at the segment level. For Digital, the reporting units are the stand-alone digital businesses such as Cars.com and CareerBuilder. When performing the first step of the quantitative test, we determine the fair value of each reporting unit and compare it to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, we perform the second step of the impairment test, as this is an indication that the reporting unit goodwill may be impaired. In the second step of the impairment test, we determine the implied fair value of the reporting unit’s goodwill. If the carrying value of a reporting unit’s goodwill exceeds its implied fair value, then an impairment of goodwill has occurred and we must recognize an impairment loss for the difference between the carrying amount and the implied fair value of goodwill. We estimate the fair value of each reporting unit using a combination of an income approach using the discounted cash flow (DCF) analysis and a market-based valuation methodology using comparable public company trading values. Determining fair value requires the exercise of significant judgment, including the amount and timing of expected future cash flows, long-term growth rates, discount rates and relevant comparable public company multiples. The cash flows employed in the DCF analysis are based on our best estimate of future sales, earnings and cash flows after considering factors such as general market conditions and recent operating performance. The discount rates utilized in the DCF analysis are based on the respective reporting unit’s weighted average cost of capital, which takes into account the relative weights of each component of its capital structure (equity and debt) and represents the expected cost of new capital, adjusted as appropriate to consider the risk inherent in future cash flows of the respective reporting unit. During the third quarter of 2016, we performed an interim impairment test for a small reporting unit within our Digital Segment, and as a result recorded a non-cash impairment charge of $15.2 million within asset impairment and facility consolidation charges in the accompanying Consolidated Statements of Income. See Note 4 for further discussion. In the fourth quarter of 2016, we completed our annual goodwill impairment test for each of our reporting units. The results of these tests indicated that the estimated fair values of all of our reporting units significantly exceed their carrying values. We also have intangible assets with indefinite lives associated with FCC broadcast licenses related to our acquisitions of television stations, and trade names from the Cars.com and CareerBuilder acquisitions. Intangible assets with indefinite lives are tested annually, or more often if circumstances dictate, for impairment and written down to fair value as required. The estimates of fair value for the trade names are determined using the “relief from royalty” methodology, which is a variation of the income approach. Discount rate assumptions are based on an assessment of the risk inherent in the projected future cash flows generated by the intangible asset. To estimate the fair values for the FCC broadcast licenses, we apply an income approach, using the Greenfield method. The Greenfield method involves a DCF model that incorporates several variables, including market revenues, long-term growth projections, estimated market share for a typical market participant, and estimated profit margins based on market size and station type. The results of our 2016 annual impairment test of indefinite lived intangible assets indicated the fair values exceed their carrying amounts; and therefore, no impairment charge was recorded. |
Investments and other assets | Investments and other assets: Investments where we have significant influence are recorded under the equity method of accounting. We recognized impairment charges in 2014 and 2016 related to such investments. See Note 5 for additional information. Investments in non-public businesses in which we do not have control or do not exert significant influence are carried at cost and losses resulting from periodic evaluations of the carrying value of these investments are included as a non-operating expense. At December 31, 2016, such investments totaled approximately $21.8 million and at December 31, 2015, they totaled approximately $8.6 million . Our television stations are party to program broadcasting contracts which provide the Media Segment with rights to broadcast syndicated programs, original series and films. These contracts are recorded at the gross amount of the related liability when the programs are available for telecasting. The related assets are recorded at the lower of cost or estimated net realizable value. Program assets are classified as current (as a prepaid expense) or noncurrent (as an other asset) in the Consolidated Balance Sheets, based upon the expected use of the programs in succeeding years. The amount charged to expense appropriately matches the cost of the programs with the revenues associated with them. The liability for these contracts is classified as current or noncurrent in accordance with the payment terms of the contracts. The payment period generally coincides with the period of telecast for the programs, but may be shorter. |
Revenue recognition | Revenue recognition: We generate revenue from a diverse set of product and service offerings which include advertising, retransmission consent fees, and software and recruitment services. Revenue is recognized when persuasive evidence of an arrangement exists, performance under the contract has begun, the contract price is fixed or determinable and collectibility of the related fee is reasonably assured. Revenue from sales agreements that contain multiple deliverable elements is allocated to each element based on the relative best estimate of selling price. Elements are treated as separate units of accounting if there is standalone value upon delivery. Amounts received from customers in advance of revenue recognition are deferred as liabilities. Below is a detailed discussion of revenue by our two reportable segments. Media Segment: The primary source of revenue for our Media Segment is through the sale of advertising time on its television stations. Advertising revenues are recognized, net of agency commissions, in the period when the advertisements are aired. Our Media Segment also earns revenue from retransmission consent arrangements. Under these agreements, we receive cash consideration from multichannel video programming distributors (e.g., cable and satellite providers) in return for our consent to permit the cable/satellite provider to retransmit our television signal. Retransmission consent fees are recognized over the contract period based on a negotiated fee per subscriber. Retransmission consent fees revenues have increased as a percentage of overall Media Segment revenue in recent years. In 2016, such revenues accounted for approximately 30% of overall Media Segment revenue compared to 27% in 2015. In addition, our Media Segment also generates online advertising revenue through the display of digital advertisements across its various digital platforms. Online advertising agreements typically take the form of an impression-based contract, fixed fee time-based contract or transaction based contract. The customers are billed for impressions delivered or click-throughs on their advertisements. An impression is the display of an advertisement to an end-user on the website and is a measure of volume. A click-through occurs when an end-user clicks on an advertisement. Revenue is recognized evenly over the contract term for fixed fee contracts where a minimum number of impressions or click-throughs is not guaranteed. Revenue is recognized as the service is delivered for transaction based contracts. Digital Segment : The primary source of revenue for our Digital Segment is through the sale of online subscription advertising products. Cars.com sells subscription advertising products to car dealerships, and CareerBuilder earns revenue through various types of recruitment subscription products. The transaction price for the subscription products is recognized on a straight-line basis over the contract term as the service is provided to our customers. Revenue is recognized for our Digital Segment’s online display advertising arrangements (which includes Cars.com, CareerBuilder and G/O Digital) in the same manner as described above for the Media Segment’s online advertising revenue. CareerBuilder service offerings also includes human capital software as a service (SaaS) and various other recruitment solutions (employment branding services and access to online resume databases). Generally, the human capital SaaS offering and access related to resume databases are subscription-based contracts for which revenue is recognized ratably over the subscription period. SaaS contracts are generally two to three -year contracts. Recruitment solutions (which include sourcing and screening services) are more transactional based contracts, and therefore, revenue is recognized as delivery occurs. |
Retirement plans | Retirement plans: Certain employees are covered by defined benefit pension plans and we provide certain medical and life insurance benefits to eligible retirees (collectively postretirement benefit plans). The amounts we record related to our postretirement benefit plans are computed using actuarial valuations that are based in part on certain key economic assumptions we make, including the discount rate, the expected long-term rate of return on plan assets and other actuarial assumptions including mortality estimates, health care cost trend rates and employee turnover, each as appropriate based on the nature of the plans. Depending on the timing of the estimated payments, we recognize the funded status of our postretirement benefit plans as a current or non-current liability within our Consolidated Balance Sheets. There is a corresponding non-cash adjustment to accumulated other comprehensive loss, net of tax benefits, recorded in the Consolidated Statements of Equity. The funded status is measured as the difference between the fair value of the plan’s assets and the benefit obligation of the plan. |
Stock-based employee compensation | Stock-based employee compensation: We grant restricted stock units (RSU) and performance shares to employees as a form of compensation. The expense for such awards is based on the grant date fair value of the award and is generally recognized on a straight-line basis over the requisite service period, which is typically a four -year period for RSUs and a three -year period for performance shares. Performance share expense for participants meeting certain retirement eligible criteria as defined in the plan is recognized using the accelerated attribution method. See Note 10 for further discussion. |
Advertising Costs | Advertising and marketing costs : We expense advertising and marketing costs as they are incurred. |
Income taxes | Income taxes: Income taxes are presented on the consolidated financial statements using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying amount of assets and liabilities and their respective tax basis, as well as from operating loss and tax credit carry-forwards. Deferred income taxes reflect expected future tax benefits (i.e. assets) and future tax costs (i.e. liabilities). The tax effect of net operating loss, capital loss and general business credit carryovers result in deferred tax assets. We measure deferred tax assets and liabilities using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. We recognize the effect on deferred taxes of a change in tax rates in income in the period that includes the enactment date. Valuation allowances are established if, based upon the weight of available evidence, management determines it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. We periodically assess our tax filing exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether it is more likely than not the position will be sustained upon examination by the relevant taxing authority. If we cannot reach a more likely than not determination, no benefit is recorded. If we determine the tax position is more likely than not to be sustained, we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled. We record interest and penalties related to income taxes as a component of income tax expense on our Consolidated Statements of Income. Interest and penalties were not material in each year presented. |
Foreign currency translation | Foreign currency translation : The income statements of foreign operations have been translated to U.S. dollars using the average currency exchange rates in effect during the relevant period. The balance sheets have been translated using the currency exchange rate as of the end of the accounting period. The impact of currency exchange rate changes on the translation of the balance sheets are included in other comprehensive income (loss) in the Consolidated Statement of Comprehensive Income and are classified as accumulated other comprehensive income (loss) in the Consolidated Balance Sheet and Consolidated Statement of Equity. |
Loss contingencies | Loss contingencies: We are subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. We determine whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. We accrue for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, we will disclose the potential range of the loss, if material and estimable. |
Discontinued operations | Discontinued operations : In determining whether a group of assets is disposed (or to be disposed) should be presented as a discontinued operation, we analyze whether the group of assets being disposed of represented a component of the entity; that is, whether it had historic operations and cash flows that were clearly distinguished (both operationally and for financial reporting purposes). In addition, we consider whether the disposal represents a strategic shift that has or will have a major effect on our operations and financial results. We concluded that both the spin-off of our former publishing businesses on June 29, 2015, and the sale of our businesses constituting our former Other Segment during the fourth quarter of 2015 met all of the criteria to be presented as discontinued operations. As such, for all periods presented, we have recast our financial information to present the financial position and results of operations of the former publishing businesses and Other Segment as discontinued operations in the accompanying consolidated financial statements, with the exception of the Consolidated Statements of Cash Flows (which include the cash flows from both continuing and discontinuing operations). See Note 14 for more information. |
Accounting guidance adopted in 2016 and New accounting pronouncements not yet adopted | Accounting guidance adopted in 2016: In April 2015, the Financial Accounting Standards Board (FASB) issued guidance that changed the way companies present debt issuance costs on the balance sheet. Under the new guidance, debt issuance costs are reported as a direct deduction from the carrying amount of the debt liability, similar to debt discounts, rather than as an asset as recorded under the previous standard. Amortization of the costs will continue to be reported as interest expense. We adopted this guidance in the first quarter of 2016 and have applied the new guidance on a retrospective basis, wherein the balance sheet for each date presented is adjusted to reflect the effects of applying the new guidance. As disclosed in Note 7, as of December 31, 2016, and 2015, we had $27.6 million and $31.8 million , respectively, in debt issuance costs related to our term debt which was recorded as a direct deduction to the carrying amount of the associated debt liability. Debt issuance costs related to our revolving credit facility remained in non-current assets on our balance sheet as permitted under the new guidance. In September 2015, the FASB issued guidance that requires an acquirer to recognize adjustments to provisional amounts recorded in a business combination in the reporting period in which the adjustments are determined. Recognizing the entire impact of a measurement period adjustment in a single reporting period may introduce earnings volatility and reduces comparability between periods when the adjustments are material. Past measurement period adjustments for us have not been material. We adopted and applied this guidance in the first quarter of 2016, our required adoption period, with no material impact on our consolidated financial statements. In March 2016, the FASB issued guidance that changes certain aspects of the accounting for employee share-based payments. The FASB permitted early adoption of this guidance, and we elected to early adopt in the first quarter of 2016. We believe the new guidance reduces the complexity of accounting for share-based payments which, in turn, improves the usefulness of the information provided to the users of our financial statements. Below is a summary of the most significant changes: • All excess tax benefits and tax deduction shortfalls will be recognized as income tax benefit or expense in the income statement (under the prior guidance these amounts were generally recognized in additional paid-in capital on the balance sheet). The tax effects of exercised or vested awards will be treated as discrete items in the reporting period in which they occur. This guidance was applied prospectively beginning in the first quarter of 2016. The adoption of this element of the accounting standard reduced our income tax provision for the year ended December 31, 2016, by $6.4 million and the tax rate for the same period by approximately one percentage point, resulting in an increase to basic and diluted EPS of approximately $0.03 . The reduction to the tax provision predominantly occurred in the first quarter of 2016 in connection with the settlement of performance share unit awards and the fourth quarter of 2016 in connection with the settlement of restricted stock units. • The guidance updated the classification in the Statement of Cash Flows in two areas: 1) excess tax benefits will now be classified along with other income tax cash flows as an operating activity (under prior guidance it was separated from operating activities and presented as a financing activity), and 2) cash paid by an employer to taxing authorities when directly withholding shares for tax withholding purposes will be classified as a financing activity (prior to our adoption of the new guidance, we classified such payments as cash outflow from operating activities). Changes to the classification of the Consolidated Statement of Cash Flows were made on a retrospective basis, wherein each period presented was adjusted to reflect the effects of applying the new guidance. The following table details the impact of adopting this element of the standard on our Consolidated Statement of Cash Flows (in thousands): Year ended Dec. 31, 2016 Previous Accounting Method As Currently Reported Effect of Accounting Change Change in other assets and liabilities, net $ (63,359 ) $ (34,352 ) $ 29,007 Net cash flow from operating activities $ 654,422 $ 683,429 $ 29,007 Net settlement of stock for tax withholding and proceeds from stock option exercises $ 8,655 $ (20,352 ) $ (29,007 ) Net cash used for financing activities $ (433,426 ) $ (462,433 ) $ (29,007 ) Year ended Dec. 31, 2015 Previous Accounting Method As Currently Reported Effect of Accounting Change Change in other assets and liabilities, net $ (40,117 ) $ (1,992 ) $ 38,125 Net cash flow from operating activities $ 613,106 $ 651,231 $ 38,125 Net settlement of stock for tax withholding and proceeds from stock option exercises $ 31,284 $ (6,841 ) $ (38,125 ) Net cash used for financing activities $ (819,666 ) $ (857,791 ) $ (38,125 ) Year ended Dec. 28, 2014 Previous Accounting Method As Currently Reported Effect of Accounting Change Change in other assets and liabilities, net $ (22,484 ) $ 3,857 $ 26,341 Net cash flow from operating activities $ 821,199 $ 847,540 $ 26,341 Net settlement of stock for tax withholding and proceeds from stock option exercises $ 26,672 $ 331 $ (26,341 ) Net cash used for financing activities $ 490,464 $ 464,123 $ (26,341 ) In May 2015, FASB issued new guidance that exempts investments measured using the net asset value (NAV) as a practical expedient from categorization within the fair value hierarchy. The guidance requires retrospective application and is effective for public business entities after December 15, 2015. Accordingly, the standard was retrospectively applied resulting in such investments no longer being reflected within the fair value hierarchy table in Note 9. However, the assets measured using the NAV are presented below the fair value table in Note 9 to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits. New accounting pronouncements not yet adopted: In May 2014, the FASB issued a new standard related to revenue recognition. Under the standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB has recently issued several amendments to the standard, including clarification on accounting for licenses of intellectual property and identifying performance obligations. We will adopt the standard beginning January 1, 2018. The two permitted transition methods are the full retrospective method, in which case the standard would be applied to each prior reporting period presented and the cumulative effect of applying the standard would be recognized at the earliest period shown; and the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. We currently anticipate adopting the standard using the modified retrospective method. While we continue to evaluate the full impact of the standard, after our initial evaluation, we do not believe the standard will have a material impact on our consolidated financial statements. Below is a summary of our evaluation by reportable segment: Media Segment : While our assessment is ongoing, we currently do not expect a material change to our television advertising revenue, which comprised approximately 60% of 2016 Media Segment revenue. Generally, our television spot advertisement contracts are short term in nature with transaction price consideration agreed upon in advance. We expect revenue will continue to be recognized when commercials are aired. Further, we expect that revenue earned under retransmission agreements will be recognized under the licensing of intellectual property guidance in the standard, which will not have a material change to our current revenue recognition. Retransmission revenue comprised approximately 30% of 2016 Media Segment revenue. We continue to evaluate the impact to Media’s online digital and other services revenue. Digital Segment : Our Digital Segment is primarily comprised of our Cars.com and CareerBuilder business units. Cars.com’s primary source of revenue is through the sale of online subscription advertising products to car dealerships. We currently do not expect the standard to have a material impact on this revenue stream, which will continue to be recognized on a straight-line basis over the contract term as the service is provided to our customers. CareerBuilder’s sources of revenue include various types of recruitment solutions which consist primarily of advertisements, access to CareerBuilder’s online resume database and SaaS. Generally, advertising revenue is recognized once delivery has occurred, and revenue related to access to the online resume database and SaaS is recognized ratably over the subscription period. Contracts with customers range from one to three years. We are evaluating the impact, if any, of the new standard on some of the features of CareerBuilder’s revenue streams, such as multi-year contracts and the combination of recruitment solutions. In January 2016, the FASB issued new guidance that amended several elements surrounding the recognition and measurement of financial instruments. Most notably for our company, the new guidance requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation) to be measured at fair value with changes in fair value recognized in net income. Under current GAAP, changes in fair value for our investment in Gannett, our only available-for-sale equity investment, are recorded as unrealized gains or losses through other comprehensive income until such investment is sold. The new guidance is effective for public companies beginning in the first quarter of 2019 and will be adopted using a cumulative-effect adjustment through retained earnings. Early adoption is permitted. We recorded approximately $11.3 million in unrealized losses on our available for sale investment in the Consolidated Statements of Comprehensive Income for the year ended December 31, 2016. Losses of this nature in the future will be recorded within the Consolidated Statements of Income under this new guidance. In February 2016, the FASB issued new guidance related to leases which will require lessees to recognize assets and liabilities on the balance sheet for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP—which requires only capital leases to be recognized on the balance sheet—the new guidance will require both types of leases to be recognized on the balance sheet. The new guidance is effective for us beginning in the first quarter of 2019 and will be adopted using a modified retrospective approach. We are evaluating the effect it is expected to have on our consolidated financial statements and related disclosures. Currently all of our leases are classified as operating leases, and our future commitments under our operating leases are located at Note 13. In June 2016, the FASB issued new guidance related to the measurement of credit losses on financial instruments. The new guidance changes the way credit losses on accounts receivable are estimated. Under current GAAP, credit losses on trade accounts receivable are recognized once it is probable that such losses will occur. Under the new guidance, we will be required to estimate credit losses based on the expected amount of future collections which may result in earlier recognition of allowance for doubtful accounts. The new guidance is effective for public companies beginning in the first quarter of 2020 and will be adopted using a modified retrospective approach. We are currently evaluating the effect this new guidance will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued guidance that eliminates the requirement to calculate the implied fair value of goodwill (i.e., Step 2 of today’s goodwill impairment test) to measure a goodwill impairment charge. Instead, companies will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value (i.e., measure the charge based on Step 1 of the impairment test). The standard has tiered effective dates, starting in 2020. Early adoption is permitted for interim and annual goodwill impairment testing dates after January 1, 2017. |
Description of business, basi24
Description of business, basis of presentation and summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncement, Early Adoption | The following table details the impact of adopting this element of the standard on our Consolidated Statement of Cash Flows (in thousands): Year ended Dec. 31, 2016 Previous Accounting Method As Currently Reported Effect of Accounting Change Change in other assets and liabilities, net $ (63,359 ) $ (34,352 ) $ 29,007 Net cash flow from operating activities $ 654,422 $ 683,429 $ 29,007 Net settlement of stock for tax withholding and proceeds from stock option exercises $ 8,655 $ (20,352 ) $ (29,007 ) Net cash used for financing activities $ (433,426 ) $ (462,433 ) $ (29,007 ) Year ended Dec. 31, 2015 Previous Accounting Method As Currently Reported Effect of Accounting Change Change in other assets and liabilities, net $ (40,117 ) $ (1,992 ) $ 38,125 Net cash flow from operating activities $ 613,106 $ 651,231 $ 38,125 Net settlement of stock for tax withholding and proceeds from stock option exercises $ 31,284 $ (6,841 ) $ (38,125 ) Net cash used for financing activities $ (819,666 ) $ (857,791 ) $ (38,125 ) Year ended Dec. 28, 2014 Previous Accounting Method As Currently Reported Effect of Accounting Change Change in other assets and liabilities, net $ (22,484 ) $ 3,857 $ 26,341 Net cash flow from operating activities $ 821,199 $ 847,540 $ 26,341 Net settlement of stock for tax withholding and proceeds from stock option exercises $ 26,672 $ 331 $ (26,341 ) Net cash used for financing activities $ 490,464 $ 464,123 $ (26,341 ) |
Acquisitions, investments and25
Acquisitions, investments and dispositions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information | Pro forma information. The following table sets forth unaudited pro forma results of operations, assuming that the Cars.com acquisition, along with transactions necessary to finance the acquisition, occurred at the beginning of 2014: Unaudited In thousands of dollars 2014 Total revenues $ 2,987,058 Net income attributable to TEGNA Inc. $ 754,851 |
Goodwill and other intangible26
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Indefinite-Lived Intangible Assets, and Amortizable Intangible Assets | The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets at December 31, 2016 and December 31, 2015. In thousands of dollars Gross Accumulated Amortization Net Dec. 31, 2016 Goodwill $ 4,067,529 $ — $ 4,067,529 Indefinite-lived intangibles: Television station FCC licenses 1,191,950 — 1,191,950 Trade names 925,171 — 925,171 Amortizable intangible assets: Customer relationships 929,852 (210,691 ) 719,161 Other 290,875 (113,725 ) 177,150 Total $ 7,405,377 $ (324,416 ) $ 7,080,961 Dec. 31, 2015 Goodwill $ 3,919,726 $ — $ 3,919,726 Indefinite-lived intangibles: Television station FCC licenses 1,191,950 — 1,191,950 Trade names 925,019 — 925,019 Amortizable intangible assets: Customer relationships 903,652 (145,398 ) 758,254 Other 265,148 (75,264 ) 189,884 Total $ 7,205,495 $ (220,662 ) $ 6,984,833 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table shows the projected annual amortization expense, as of December 31, 2016, related to our existing amortizable intangible assets: In thousands of dollars 2017 $ 114,557 2018 $ 111,789 2019 $ 107,234 2020 $ 101,906 2021 $ 90,498 |
Summary of the Change in Net Goodwill | The following table shows the changes from 2015 to 2016 in the carrying amount of goodwill by reportable segment. In thousands of dollars Media Digital Total Goodwill Gross balance at Dec. 28, 2014 $ 2,578,601 $ 1,503,141 $ 4,081,742 Accumulated impairment losses — (166,971 ) (166,971 ) Net balance at Dec. 28, 2014 $ 2,578,601 $ 1,336,170 $ 3,914,771 Acquisitions & adjustments 817 25,667 26,484 Dispositions — (252 ) (252 ) Impairment — (8,000 ) (8,000 ) Foreign currency exchange rate changes — (13,277 ) (13,277 ) Balance at Dec. 31, 2015 $ 2,579,418 $ 1,340,308 $ 3,919,726 Gross balance at Dec. 31, 2015 2,579,418 1,515,279 4,094,697 Accumulated impairment losses — (174,971 ) (174,971 ) Net balance at Dec. 31, 2015 $ 2,579,418 $ 1,340,308 $ 3,919,726 Acquisitions & adjustments — 176,775 176,775 Impairment — (15,218 ) (15,218 ) Foreign currency exchange rate changes — (13,754 ) (13,754 ) Balance at Dec. 31, 2016 $ 2,579,418 $ 1,488,111 $ 4,067,529 Gross balance at Dec. 31, 2016 2,579,418 1,678,300 4,257,718 Accumulated impairment losses — (190,189 ) (190,189 ) Net balance at Dec. 31, 2016 $ 2,579,418 $ 1,488,111 $ 4,067,529 |
Other assets and investments (T
Other assets and investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, All Other Investments [Abstract] | |
Schedule of Other Assets | Our investments and other assets consisted of the following as of December 31, 2016 and December 31, 2015: In thousands of dollars Dec. 31, 2016 Dec. 31, 2015 Cash value life insurance $ 64,134 $ 68,332 Deferred compensation investments 52,273 77,199 Equity method investments 19,970 27,824 Available for sale investment 16,744 28,090 Deferred debt issuance cost 9,856 13,620 Other long-term assets 58,083 41,925 Total $ 221,060 $ 256,990 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision (Benefit) for Income Taxes on Income from Continuing Operations | The provision (benefit) for income taxes from continuing operations consists of the following: In thousands of dollars 2016 Current Deferred Total Federal $ 189,900 $ 25,854 $ 215,754 State and other 13,107 (12,077 ) 1,030 Foreign 1,537 (1,342 ) 195 Total $ 204,544 $ 12,435 $ 216,979 In thousands of dollars 2015 Current Deferred Total Federal $ 114,161 $ 76,816 $ 190,977 State and other 12,795 (2,247 ) 10,548 Foreign 1,849 (1,060 ) 789 Total $ 128,805 $ 73,509 $ 202,314 In thousands of dollars 2014 Current Deferred Total Federal $ 139,710 $ 51,245 $ 190,955 State and other 23,114 20,232 43,346 Foreign 1,100 (930 ) 170 Total $ 163,924 $ 70,547 $ 234,471 |
Components of Income (Loss) from Continuing Operations Attributable to Gannett Co., Inc. Before Income Taxes | The components of income from continuing operations attributable to TEGNA Inc. before income taxes consist of the following: In thousands of dollars 2016 2015 2014 Domestic $ 667,556 $ 568,534 $ 927,453 Foreign (6,406 ) (8,762 ) (5,046 ) Total $ 661,150 $ 559,772 $ 922,407 |
Reconciliation of Effective Tax Rate | The provision for income taxes varies from the U.S. federal statutory tax rate as a result of the following differences: 2016 2015 2014 U.S. statutory tax rate 35.0 % 35.0 % 35.0 % Increase (decrease) in taxes resulting from: State taxes (net of federal income tax benefit) 2.8 3.2 2.4 Domestic Manufacturing Deduction (2.8 ) (2.0 ) (1.6 ) Uncertain tax positions, settlements and lapse of statutes of limitations (0.3 ) (0.2 ) (0.3 ) Net deferred tax write offs and deferred tax rate adjustments (1.2 ) (1.6 ) (0.3 ) Non-deductible transactions costs 0.5 0.5 0.7 Loss on sale of subsidiary — — (12.6 ) Non-deductible goodwill — 0.4 3.0 Net excess benefits on share-based payments (1.0 ) — — Other, net (0.2 ) 0.8 (0.9 ) Effective tax rate 32.8 % 36.1 % 25.4 % |
Deferred Tax Liabilities and Assets | Deferred tax liabilities and assets were composed of the following at the end of December 31, 2016 and December 31, 2015: In thousands of dollars Dec. 31, 2016 Dec. 31, 2015 Liabilities Accelerated depreciation $ 80,101 $ 55,783 Accelerated amortization of deductible intangibles 667,015 663,545 Partnership investments including impairments 309,515 282,784 Other 7,570 9,057 Total deferred tax liabilities 1,064,201 1,011,169 Assets Accrued compensation costs 32,361 28,119 Pension and postretirement medical and life 78,318 73,470 Loss carryforwards 197,812 184,117 Other 36,465 26,735 Total deferred tax assets 344,956 312,441 Valuation allowance 209,939 184,413 Total net deferred tax (liabilities) $ (929,184 ) $ (883,141 ) |
Summary of Activity Related to Unrecognized Tax Benefits, Excluding Federal Tax Benefit of State Tax Deductions | The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions: In thousands of dollars 2016 2015 2014 Change in unrecognized tax benefits Balance at beginning of year $ 19,491 $ 58,886 $ 57,324 Additions based on tax positions related to the current year 213 6,095 12,426 Additions for tax positions of prior years 162 853 868 Reductions for tax positions of prior years (1,214 ) (24,858 ) (4,563 ) Settlements — — (129 ) Reductions for transfers to Gannett Co., Inc. — (18,804 ) — Reductions due to lapse of statutes of limitations (1,352 ) (2,681 ) (7,040 ) Balance at end of year $ 17,300 $ 19,491 $ 58,886 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-term debt | Our long-term debt is summarized below (in thousands): Dec. 31, 2016 Dec. 31, 2015 Unsecured floating rate term loan due quarterly through August 2018 $ 52,100 $ 83,700 VIE unsecured floating rate term loans due quarterly through December 2018 1,292 1,938 Unsecured floating rate term loan due quarterly through June 2020 140,000 180,000 Unsecured floating rate term loan due quarterly through September 2020 285,000 — Borrowings under revolving credit agreement expiring June 2020 635,000 720,000 Unsecured notes bearing fixed rate interest at 10% due April 2016 — 193,429 Unsecured notes bearing fixed rate interest at 7.125% due September 2018 — 70,000 Unsecured notes bearing fixed rate interest at 5.125% due October 2019 600,000 600,000 Unsecured notes bearing fixed rate interest at 5.125% due July 2020 600,000 600,000 Unsecured notes bearing fixed rate interest at 4.875% due September 2021 350,000 350,000 Unsecured notes bearing fixed rate interest at 6.375% due October 2023 650,000 650,000 Unsecured notes bearing fixed rate interest at 5.50% due September 2024 325,000 325,000 Unsecured notes bearing fixed rate interest at 7.75% due June 2027 200,000 200,000 Unsecured notes bearing fixed rate interest at 7.25% due September 2027 240,000 240,000 Total principal long-term debt 4,078,392 4,214,067 Debt issuance costs (27,615 ) (31,800 ) Other (fair market value adjustments and discounts) (7,382 ) (12,605 ) Total long-term debt 4,043,395 4,169,662 Less current portion of long-term debt maturities of VIE loans 646 646 Long-term debt, net of current portion $ 4,042,749 $ 4,169,016 |
Schedule of Annual Maturities of Long-Term Debt | The following schedule of annual maturities of the principal amount of total debt assumes we use available capacity under our revolving credit agreement to refinance unsecured floating rate term loans and fixed rate notes due in 2017 through 2018. Based on this refinancing assumption, all of the obligations other than the VIE unsecured floating rate term loan due prior to 2019 are reflected as maturities for 2019 and beyond. In thousands of dollars 2017 (1) $ 646 2018 (1) 646 2019 700,000 2020 (2) 1,612,100 2021 350,000 Thereafter 1,415,000 Total $ 4,078,392 (1) Amortization of term debt due in 2017 and 2018 is assumed to be repaid with funds from the revolving credit agreement, which matures in 2020. Excluding our ability to repay funds with the revolving credit agreement, contractual debt maturities are $132 million and $121 million in 2017 and 2018, respectively. (2) Assumes current revolving credit agreement borrowings comes due in 2020 and credit facility is not extended. |
Retirement plans (Tables)
Retirement plans (Tables) - Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | Our pension costs, which include costs for our qualified and non-qualified plans, are presented in the following table: In thousands of dollars 2016 2015 2014 Service cost—benefits earned during the period $ 816 $ 920 $ 812 Interest cost on benefit obligation 26,111 23,800 23,558 Expected return on plan assets (26,764 ) (31,464 ) (28,697 ) Amortization of prior service costs 670 673 599 Amortization of actuarial loss 7,615 6,335 4,003 Total pension expense for company-sponsored retirement plans $ 8,448 $ 264 $ 275 |
Schedule of Changes in Projected Benefit Obligations | 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 of dollars Dec. 31, 2016 Dec. 31, 2015 Change in benefit obligations Benefit obligations at beginning of year $ 586,624 $ 566,224 Service cost 816 920 Interest cost 26,111 23,800 Actuarial loss (gain) 17,755 (12,514 ) Gross benefits paid (38,532 ) (34,401 ) Adjustment due to spin-off of publishing businesses 13,639 42,595 Benefit obligations at end of year $ 606,413 $ 586,624 Change in plan assets Fair value of plan assets at beginning of year $ 400,193 $ 387,626 Actual return on plan assets 21,316 (725 ) Employer contributions 5,191 12,008 Gross benefits paid (38,532 ) (34,401 ) Transfers — 35,685 Fair value of plan assets at end of year $ 388,168 $ 400,193 Funded status at end of year $ (218,245 ) $ (186,431 ) Amounts recognized in Consolidated Balance Sheets Accrued benefit cost—current $ (30,955 ) $ (7,587 ) Accrued benefit cost—noncurrent $ (187,290 ) $ (178,844 ) |
Schedule of Net Funded Status | The funded status (on a projected benefit obligation basis) of our principal retirement plans at December 31, 2016, is as follows: In thousands of dollars Fair Value of Plan Assets Benefit Obligation Funded Status TRP $ 388,168 $ 502,922 $ (114,754 ) SERP (a) — 102,856 (102,856 ) All other — 635 (635 ) Total $ 388,168 $ 606,413 $ (218,245 ) (a) The SERP is an unfunded, unsecured liability |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table presents information for our retirement plans for which accumulated benefits exceed assets: In thousands of dollars Dec. 31, 2016 Dec. 31, 2015 Accumulated benefit obligation $ 601,430 $ 576,333 Fair value of plan assets $ 388,168 $ 400,193 |
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets | The following table presents information for our retirement plans for which projected benefit obligations exceed assets: In thousands of dollars Dec. 31, 2016 Dec. 31, 2015 Projected benefit obligation $ 606,413 $ 586,624 Fair value of plan assets $ 388,168 $ 400,193 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following table summarizes the amounts recorded in accumulated other comprehensive income (loss) that have not yet been recognized as a component of pension expense as of the dates presented (pre-tax): In thousands of dollars Dec. 31, 2016 Dec. 31, 2015 Net actuarial losses $ (204,761 ) $ (184,808 ) Prior service cost (2,717 ) (3,367 ) Amounts in accumulated other comprehensive income (loss) $ (207,478 ) $ (188,175 ) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) consist of the following for continuing operations only: In thousands of dollars 2016 Current year actuarial loss $ (23,203 ) Amortization of previously deferred actuarial loss 7,615 Amortization of previously deferred prior service costs 670 Adjustment due to spin-off of publishing businesses (4,386 ) Total $ (19,304 ) |
Schedule of Assumptions Used | Pension costs: The following assumptions were used to determine net pension costs: 2016 2015 2014 Discount rate 4.46% 4.19% 4.84% Expected return on plan assets 7.00% 8.00% 8.00% Rate of compensation increase 3.00% 3.00% 3.00% |
Schedule Of Assumptions Used In Calculating Pension Benefit Obligations Table | Benefit obligations and funded status: The following assumptions were used to determine the year-end benefit obligations: Dec. 31, 2016 Dec. 31, 2015 Discount rate 4.12% 4.46% Rate of compensation increase 3.00% 3.00% |
Schedule of Allocation of Plan Assets | The asset allocation for the TRP at the end of 2016 and 2015 , and target allocations for 2017, by asset category, are presented in the table below: Target Allocation Allocation of Plan Assets 2017 2016 2015 Equity securities 60 % 59 % 58 % Debt securities 25 34 35 Other 15 7 7 Total 100 % 100 % 100 % |
Schedule of Expected Benefit Payments | We estimate we will make the following benefit payments (from either retirement plan assets or directly from our funds), which reflect expected future employee service, as appropriate: In thousands of dollars 2017 $ 62,588 2018 $ 36,675 2019 $ 38,514 2020 $ 38,030 2021 $ 38,272 2022-2026 $ 196,925 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured at Fair Value | The financial instruments measured at fair value in the accompanying Consolidated Balance Sheets consist of the following: Company Owned Assets In thousands of dollars Fair value measurement as of Dec. 31, 2016 Level 1 Level 2 Level 3 Total Assets: Deferred compensation investments $ 28,558 $ — $ — $ 28,558 Available for sale investment 16,744 — — 16,744 Total $ 45,302 $ — $ — $ 45,302 Deferred compensation investments valued using net asset value as a practical expedient: Interest in registered investment companies $ 10,140 Fixed income fund 13,575 Total investments at fair value $ 69,017 In thousands of dollars Fair value measurement as of Dec. 31, 2015 Level 1 Level 2 Level 3 Total Assets: Deferred compensation investments $ 27,770 $ — $ — $ 27,770 Available for sale investment 28,090 — — 28,090 Total $ 55,860 $ — $ — $ 55,860 Deferred compensation investments valued using net asset value as a practical expedient: Interest in registered investment companies $ 36,114 Fixed income fund 13,315 Total investments at fair value $ 105,289 |
Fair Value of Pension Plan Assets by Level within Fair Value Hierarchy | Pension Plan Assets In thousands of dollars Fair value measurement as of Dec. 31, 2016 Level 1 Level 2 Level 3 Total Assets: Cash and other $ 2,206 $ — $ — $ 2,206 Corporate stock 60,730 — — 60,730 Total $ 62,936 $ — $ — $ 62,936 Pension plan investments valued using net asset value as a practical expedient: Common collective trust - equities $ 167,647 Common collective trust - fixed income 127,043 Hedge funds 14,754 Partnership/joint venture interests 8,985 Interest in registered investment companies 6,803 Total fair value of plan assets $ 388,168 In thousands of dollars Fair value measurement as of Dec. 31, 2015 Level 1 Level 2 Level 3 Total Assets: Cash and other $ 1,098 $ — $ — $ 1,098 Corporate stock 58,291 — — 58,291 Corporate bonds — 99 — 99 Total $ 59,389 $ 99 $ — $ 59,488 Pension plan investments valued using net asset value as a practical expedient: Common collective trust - equities $ 172,046 Common collective trust - fixed income 135,914 Hedge funds 14,290 Partnership/joint venture interests 11,796 Interest in registered investment companies 6,659 Total fair value of plan assets $ 400,193 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Shareholders' Equity and Share-based Payments [Abstract] | |
Earnings (Loss) Per Share (Basic and Diluted) | Our earnings per share (basic and diluted) for 2016, 2015, and 2014 are presented below: In thousands, except per share amounts 2016 2015 2014 Income from continuing operations attributable to TEGNA Inc. $ 444,171 $ 357,458 $ 687,936 Income from discontinued operations, net of tax (7,474 ) 102,064 374,235 Net income attributable to TEGNA Inc. $ 436,697 $ 459,522 $ 1,062,171 Weighted average number of common shares outstanding - basic 216,358 224,688 226,292 Effect of dilutive securities Restricted stock 1,424 2,236 2,624 Performance Share Units 997 1,867 1,999 Stock options 902 930 992 Weighted average number of common shares outstanding - diluted 219,681 229,721 231,907 Earnings from continuing operations per share - basic $ 2.05 $ 1.59 $ 3.04 Earnings from discontinued operations per share - basic (0.03 ) 0.45 1.65 Earnings per share - basic $ 2.02 $ 2.04 $ 4.69 Earnings from continuing operations per share - diluted $ 2.02 $ 1.56 $ 2.97 Earnings from discontinued operations per share - diluted (0.03 ) 0.44 1.61 Earnings per share - diluted $ 1.99 $ 2.00 $ 4.58 |
Assumptions Used to Estimate Fair Value of Option Awards | The following assumptions were used to estimate the fair value of performance share awards: PSUs Granted During 2016 2015 2014 Expected term 3 yrs. 3 yrs. 3 yrs. Expected volatility 39.60% 32.00% 39.32% Risk-free interest rate 1.31% 1.10% 0.78% Expected dividend yield 2.19% 2.51% 2.70% |
Stock-Based Compensation Related Amounts Recognized in the Consolidated Statements of Income (Loss) for Equity Awards | The following table shows the stock-based compensation related amounts recognized in the Consolidated Statements of Income for equity awards: In thousands, except per share amounts 2016 2015 2014 Restricted stock and RSUs $ 10,607 $ 8,438 $ 8,604 PSUs 6,983 10,363 7,517 Stock options — 857 662 Total stock-based compensation $ 17,590 $ 19,658 $ 16,783 |
Summary of Restricted Stock and RSU Awards | A summary of restricted stock and RSU awards is presented below: 2016 Restricted Stock and RSU Activity Shares Weighted average fair value Unvested at beginning of year 2,126,526 $ 21.55 Granted 616,743 $ 25.08 Settled (1,277,444 ) $ 19.22 Canceled (322,404 ) $ 22.27 Unvested at end of year 1,143,421 $ 25.66 2015 Restricted Stock and RSU Activity Shares Weighted average fair value Unvested at beginning of year 3,577,598 $ 16.97 Granted 491,690 $ 31.78 Settled (1,485,735 ) $ 14.66 Canceled (532,524 ) $ 19.28 Adjustment due to spin-off of Publishing (a) 75,497 Unvested at end of year (a) 2,126,526 $ 21.55 (a) The weighted-average grant date fair value of the RSUs included in the line item “Adjustment due to spin-off of publishing” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.18 . The weighted-average grant date fair value of the unvested RSUs as of Dec. 31, 2015 reflect the adjustment. 2014 Restricted Stock and RSU Activity Shares Weighted average fair value Unvested at beginning of year 4,193,985 $ 13.92 Granted 1,048,516 $ 27.26 Settled (1,263,702 ) $ 15.92 Canceled (401,201 ) $ 16.13 Unvested at end of year 3,577,598 $ 16.97 |
Schedule of Nonvested Performance-based Units Activity | A summary of our performance shares awards is presented below: 2016 PSUs Activity Target number of shares Weighted average fair value Unvested at beginning of year 1,385,940 $ 29.21 Granted 392,589 $ 30.69 Settled (687,125 ) $ 20.12 Canceled (72,454 ) $ 34.96 Unvested at end of year 1,018,950 $ 35.60 2015 PSUs Activity Target number of shares Weighted average fair value Unvested at beginning of year 2,100,115 $ 20.95 Granted 285,458 $ 39.47 Settled (925,640 ) $ 14.23 Canceled (123,621 ) $ 29.84 Adjustment due to spin-off of Publishing (a) 49,628 Unvested at end of year (a) 1,385,940 $ 29.21 (a) The weighted-average grant date fair value of the PSUs included in the line item “Adjustment due to spin-off of publishing” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.18 . The weighted-average grant date fair value of the unvested PSUs as of Dec. 31, 2015 reflect the adjustment. 2014 PSUs Activity Target number of shares Weighted average fair value Unvested at beginning of year 1,760,488 $ 16.92 Granted 436,340 $ 37.31 Canceled (96,713 ) $ 21.41 Unvested at end of year 2,100,115 $ 20.95 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) The elements of our Accumulated Other Comprehensive Loss (AOCL) principally consisted of pension, retiree medical and life insurance liabilities and foreign currency translation gains. The following tables summarize the components of, and changes in, AOCL (net of tax and noncontrolling interests): In thousands of dollars 2016 Retirement Plans Foreign Currency Translation Other Total Balance at beginning of year $ (116,496 ) $ (20,129 ) $ 5,674 $ (130,951 ) Other comprehensive loss before reclassifications (13,143 ) (8,431 ) (11,346 ) (32,920 ) Adjustment due to spin-off of publishing businesses (2,642 ) — — (2,642 ) Amounts reclassified from AOCL 4,940 — — 4,940 Balance at end of year $ (127,341 ) $ (28,560 ) $ (5,672 ) $ (161,573 ) In thousands of dollars 2015 Retirement Plans Foreign Currency Translation Other Total Balance at beginning of year $ (1,172,245 ) $ 391,113 $ 2,363 $ (778,769 ) Other comprehensive income (loss) before reclassifications 23,094 (1,966 ) 3,311 24,439 Spin-off publishing businesses 1,012,745 (409,276 ) — 603,469 Amounts reclassified from AOCL 19,910 — — 19,910 Balance at end of year $ (116,496 ) $ (20,129 ) $ 5,674 $ (130,951 ) In thousands of dollars 2014 Retirement Plans Foreign Currency Translation Other Total Balance at beginning of year $ (923,595 ) $ 427,177 $ 2,363 $ (494,055 ) Other comprehensive loss before reclassifications (276,219 ) (36,064 ) — (312,283 ) Amounts reclassified from AOCL 27,569 — — 27,569 Balance at end of year $ (1,172,245 ) $ 391,113 $ 2,363 $ (778,769 ) |
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of AOCL related to these post-retirement plans include the following: In thousands of dollars 2016 2015 2014 Amortization of prior service cost $ 96 $ 1,176 $ (4,082 ) Amortization of actuarial loss 7,972 31,357 46,489 Total reclassifications, before tax 8,068 32,533 42,407 Income tax effect (3,128 ) (12,623 ) (14,838 ) Total reclassifications, net of tax $ 4,940 $ 19,910 $ 27,569 |
Business operations and segme33
Business operations and segment information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segment Financial Information | Business segment financial information In thousands of dollars 2016 2015 2014 Operating revenues Media $ 1,933,579 $ 1,682,144 $ 1,691,866 Digital 1,407,619 1,368,801 934,275 Total $ 3,341,198 $ 3,050,945 $ 2,626,141 Operating income Media (2) $ 806,411 $ 714,237 $ 747,020 Digital (2) 230,121 229,386 119,908 Corporate (1) (2) (64,458 ) (68,418 ) (71,256 ) Net gain on sale of corporate building — 89,892 — Unallocated (4) — (51,939 ) (88,173 ) Total $ 972,074 $ 913,158 $ 707,499 Depreciation, amortization, asset impairment and facility consolidation charges (gains) Media (2) $ 82,639 $ 81,665 $ 94,129 Digital (2) 150,382 146,907 91,967 Corporate (1) (2) 3,599 (82,342 ) 10,702 Total $ 236,620 $ 146,230 $ 196,798 Equity (losses) income in unconsolidated investments, net Media $ (3,906 ) $ (2,794 ) $ (1,667 ) Digital (2,322 ) (2,151 ) 154,370 Corporate (942 ) (119 ) (1,241 ) Total $ (7,170 ) $ (5,064 ) $ 151,462 Capital expenditures Media $ 39,136 $ 52,141 $ 42,147 Digital 54,017 44,903 38,549 Corporate (1) 1,643 790 1,556 Total $ 94,796 $ 97,834 $ 82,252 Identifiable assets Media $ 4,786,050 $ 4,799,375 Digital 3,649,347 3,529,124 Corporate (1) 107,328 170,194 Total (3) $ 8,542,725 $ 8,498,693 (1) Corporate amounts represent those not directly related to our two business segments. (2) Operating income for Media and Digital Segments includes pre-tax net asset impairment and facility consolidation charges (gains) for each year presented. See Note 12. (3) Total of business segment identifiable assets exclude assets recorded in discontinued operations on the consolidated balance sheets of $7.3 million at Dec. 31, 2015. (4) Unallocated expenses represent certain expenses that historically were allocated to the former Publishing Segment but that could not be allocated to discontinued operations as they were not clearly and specifically identifiable to the spun-off businesses. |
Asset impairment and facility34
Asset impairment and facility consolidation charges (gains) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Summary of Facility Consolidation and Asset Impairment Charges | A summary of these items by year is presented below (in thousands): 2016 Pre-Tax Amount Asset impairment and facility consolidation charges: Goodwill - Digital $ 15,218 Other: Media 8,633 Digital 5,915 Corporate 2,364 Total asset impairment and facility consolidation charges against operations $ 32,130 2015 Pre-Tax Amount Asset impairment and facility consolidation charges (gains): Goodwill - Digital $ 8,000 Other intangibles - Digital 900 Other: Media 8,078 Digital 13,095 Corporate 962 Gain on sale of corporate headquarters (89,892 ) Total asset impairment and facility consolidation charges (gains) against operations $ (58,857 ) 2014 Pre-Tax Amount Asset impairment and facility consolidation charges: Goodwill - Digital $ 30,271 Other intangibles - Digital 971 Other - Media 13,719 Total asset impairment and facility consolidation charges against operations $ 44,961 |
Other matters (Tables)
Other matters (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Annual Rentals Payable Under Non-Cancelable Operating Leases | The following table summarizes the expected cash outflow related to our unconditional purchase obligations that are not recorded on our balance sheet as of December 31, 2016. Such obligations include future payments related to operating leases, programming contracts and purchase obligations. In thousands of dollars Operating Leases Program Broadcast Contracts Purchase Obligations 2017 $ 42,971 $ 376,623 $ 70,881 2018 35,764 431,104 53,043 2019 25,172 336,191 15,460 2020 19,255 210,960 10,387 2021 18,236 535 8,557 Thereafter 117,111 944 6,352 Total $ 258,509 $ 1,356,357 $ 164,680 |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table presents the financial results of discontinued operations: In thousands Year ended Dec. 31, 2015 Publishing Other Total Operating revenues $ 1,400,006 $ 191,025 $ 1,591,031 Income (loss) from discontinued operations, before income taxes 169,220 (36,068 ) 133,152 Provision for income taxes 43,735 (12,647 ) 31,088 Income (loss) from discontinued operations, net of tax 125,485 (23,421 ) 102,064 In thousands Year ended Dec. 28, 2014 Publishing Other Total Operating revenues $ 3,133,861 $ 248,172 $ 3,382,033 Income (loss) from discontinued operations, before income taxes 372,549 (7,185 ) 365,364 Provision for income taxes (11,817 ) 2,946 (8,871 ) Income (loss) from discontinued operations, net of tax 384,366 (10,131 ) 374,235 The depreciation, amortization, capital expenditures and significant cash investing items of the discontinued operations were as follows: In thousands Year ended Dec. 31, 2015 Publishing Other Total Depreciation $ 49,542 $ 725 $ 50,267 Amortization 7,008 — 7,008 Capital expenditures (20,252 ) (681 ) (20,933 ) Payments for acquisitions, net of cash acquired (28,668 ) — (28,668 ) Payments for investments (2,000 ) — (2,000 ) Proceeds from investments 12,402 — 12,402 In thousands Year ended Dec. 28, 2014 Publishing Other Total Depreciation $ 99,029 $ 973 $ 100,002 Amortization 13,885 — 13,885 Capital expenditures (79,168 ) (454 ) (79,622 ) Payments for acquisitions, net of cash acquired (113 ) — (113 ) Payments for investments (2,500 ) — (2,500 ) Proceeds from investments 18,629 — 18,629 |
Description of business, basi37
Description of business, basis of presentation and summary of significant accounting policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($)segmentmarketstation$ / shares | Dec. 31, 2015USD ($) | Dec. 28, 2014USD ($) | Sep. 07, 2016 | |
Significant Accounting Policies [Line Items] | |||||
Number of television stations | station | 46 | ||||
Number of markets In which entity operates | market | 38 | ||||
Additional days in 2015 fiscal period | 2 days | 4 days | |||
Redeemable noncontrolling interest | $ 46,300,000 | $ 24,700,000 | |||
Number of operating segments | segment | 2 | ||||
Write-offs of accounts receivable | $ 8,500,000 | 6,000,000 | $ 4,300,000 | ||
Non-cash goodwill impairment charge | 15,218,000 | 8,000,000 | $ 30,300,000 | ||
Impairment of indefinite-lived intangible assets | $ 0 | ||||
Retransmission consent revenue (as a percent of total revenue) | 30.00% | 27.00% | |||
Debt issuance costs | $ 27,615,000 | 31,800,000 | |||
Provision for income taxes | $ 216,979,000 | $ 202,314,000 | $ 234,471,000 | ||
Effective tax rate (as a percent) | 32.80% | 36.10% | 25.40% | ||
Unrealized (losses) gains on available for sale investment during the period | $ (11,346,000) | $ 3,311,000 | $ 0 | ||
Media | |||||
Significant Accounting Policies [Line Items] | |||||
Number of television stations | station | 46 | ||||
Digital | |||||
Significant Accounting Policies [Line Items] | |||||
Non-cash goodwill impairment charge | $ 15,200,000 | $ 15,218,000 | 8,000,000 | ||
Other | |||||
Significant Accounting Policies [Line Items] | |||||
Investments in non-public businesses, non-operating expense | $ 21,800,000 | 8,600,000 | |||
Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Term of SaaS contract | 2 years | ||||
Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Term of SaaS contract | 3 years | ||||
Building and Building Improvements | Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 10 years | ||||
Building and Building Improvements | Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 40 years | ||||
Machinery and Equipment | Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 3 years | ||||
Machinery and Equipment | Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 25 years | ||||
Restricted Stock | |||||
Significant Accounting Policies [Line Items] | |||||
Requisite service period | 4 years | ||||
Performance Shares | |||||
Significant Accounting Policies [Line Items] | |||||
Requisite service period | 3 years | ||||
Career Builder | |||||
Significant Accounting Policies [Line Items] | |||||
Percentage of ownership interests in subsidiary (as a percent) | 47.00% | 53.00% | |||
Cost of Sales | |||||
Significant Accounting Policies [Line Items] | |||||
Bad debt expense | $ 11,300,000 | 6,900,000 | 4,100,000 | ||
Selling, General and Administrative Expenses | |||||
Significant Accounting Policies [Line Items] | |||||
Advertising costs | 161,300,000 | 173,300,000 | 110,100,000 | ||
PointRoll | Digital | |||||
Significant Accounting Policies [Line Items] | |||||
Non-cash goodwill impairment charge | 15,200,000 | ||||
Operating Segments | Digital | |||||
Significant Accounting Policies [Line Items] | |||||
Non-cash goodwill impairment charge | $ 15,200,000 | $ 15,218,000 | $ 8,000,000 | $ 30,271,000 | |
Advertising Revenue | Sales Revenue | Operating Segments | Media | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk (as a percent) | 60.00% | ||||
Retransmission Revenue | Sales Revenue | Operating Segments | Media | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk (as a percent) | 30.00% | ||||
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-09 | |||||
Significant Accounting Policies [Line Items] | |||||
Provision for income taxes | $ (6,400,000) | ||||
Effective tax rate (as a percent) | (1.00%) | ||||
Increase to basic and diluted earnings per share (in dollars per share) | $ / shares | $ 0.03 |
Description of business, basi38
Description of business, basis of presentation and summary of significant accounting policies - Early Adoption of New Accounting Pronouncements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Changes in other assets and liabilities, net | $ (34,352) | $ (1,992) | $ 3,857 |
Net cash flows from operating activities | 683,429 | 651,231 | 847,540 |
Net cash (used for) provided by financing activities | (462,433) | (857,791) | 464,123 |
Previously Accounting Method | Accounting Standards Update 2016-09 | |||
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Changes in other assets and liabilities, net | (63,359) | (40,117) | (22,484) |
Net cash flows from operating activities | 654,422 | 613,106 | 821,199 |
Net settlement of stock for tax withholding and proceeds from stock option exercises | 8,655 | 31,284 | 26,672 |
Net cash (used for) provided by financing activities | (433,426) | (819,666) | 490,464 |
New Accounting Pronouncement, Early Adoption, Effect | Accounting Standards Update 2016-09 | |||
New Accounting Pronouncement, Early Adoption [Line Items] | |||
Changes in other assets and liabilities, net | 29,007 | 38,125 | 26,341 |
Net cash flows from operating activities | 29,007 | 38,125 | 26,341 |
Net settlement of stock for tax withholding and proceeds from stock option exercises | (29,007) | (38,125) | (26,341) |
Net cash (used for) provided by financing activities | $ (29,007) | $ (38,125) | $ (26,341) |
Strategic actions - Narrative (
Strategic actions - Narrative (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 28, 2014USD ($) | Sep. 07, 2016employee | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | $ 3,341,198 | $ 3,050,945 | $ 2,626,141 | |
Digital | Operating Segments | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 1,407,619 | $ 1,368,801 | $ 934,275 | |
Digital | Cars.com | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | 633,000 | |||
Entity number of employees | employee | 1,275 | |||
Digital | CareerBuilder | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Revenues | $ 714,000 | |||
Entity number of employees | employee | 3,300 | |||
Ownership interest (as a percent) | 53.00% |
Acquisitions, Investments and40
Acquisitions, Investments and dispositions - Narrative (Detail) $ in Thousands | Oct. 01, 2014USD ($) | Apr. 01, 2014USD ($) | Mar. 31, 2015 | Jul. 31, 2014USD ($)station | Jun. 30, 2014USD ($)marketstation | Dec. 28, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 28, 2014USD ($) | Dec. 31, 2016station | Sep. 02, 2016employee | Aug. 01, 2016 | Mar. 01, 2016 | Dec. 03, 2015station | Feb. 28, 2015 | Mar. 31, 2014 |
Business Acquisition [Line Items] | |||||||||||||||
Number of stations | station | 3 | ||||||||||||||
Business Acquisition, Pro Forma Information | |||||||||||||||
Number of television stations | station | 46 | ||||||||||||||
Number of stations conveyed | station | 2 | ||||||||||||||
Number of markets acquired | market | 2 | ||||||||||||||
Investment Classified Ventures | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Ownership percentage in subsidiary | 27.00% | ||||||||||||||
Business Acquisition, Pro Forma Information | |||||||||||||||
Proceeds from equity method investment, dividends or distributions | $ 154,600 | ||||||||||||||
Economic Modeling | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Percentage of ownership interests in subsidiary | 85.00% | 74.00% | |||||||||||||
Change in ownership interest (as a percent) | 11.00% | ||||||||||||||
Cars.com | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Percentage of ownership interests in subsidiary | 73.00% | ||||||||||||||
Payments to acquire businesses | $ 1,830,000 | ||||||||||||||
Affiliation agreement period | 5 years | ||||||||||||||
Remeasurement gain on acquisition | $ 476,700 | ||||||||||||||
Remeasurement gain on acquisition, net of tax | 285,900 | ||||||||||||||
Remeasurement gain on acquisition on pre-existing ownership interest | $ 396,700 | ||||||||||||||
Ownership percentage in subsidiary | 27.00% | ||||||||||||||
Remeasurement gain on acquisition related to affiliate agreement | $ 80,000 | ||||||||||||||
Revenue since acquisition | $ 129,000 | ||||||||||||||
Operating income since acquisition | $ 33,600 | ||||||||||||||
Business Acquisition, Pro Forma Information | |||||||||||||||
Total revenues | $ 2,987,058 | ||||||||||||||
Net income attributable to TEGNA Inc. | $ 754,851 | ||||||||||||||
Acquisition related costs | $ 9,300 | ||||||||||||||
London Broadcasting Company | |||||||||||||||
Business Acquisition, Pro Forma Information | |||||||||||||||
Number of television stations | station | 6 | ||||||||||||||
Purchase of television stations from London Broadcasting Company | $ 215,000 | ||||||||||||||
Escrow deposit disbursement related to London Broadcasting Company television stations acquisition | $ 134,900 | ||||||||||||||
Apartments.com | Investment Classified Ventures | |||||||||||||||
Business Acquisition, Pro Forma Information | |||||||||||||||
Proceeds from divestiture of businesses and interests in affiliates | $ 585,000 | ||||||||||||||
Phoenix and St. Louis Stations | |||||||||||||||
Business Acquisition, Pro Forma Information | |||||||||||||||
Total sale price of Phoenix and St. Louis stations | $ 407,500 | ||||||||||||||
CareerBuilder | Aurico Inc. | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Percentage of ownership interests in subsidiary | 100.00% | ||||||||||||||
CareerBuilder | DealerRater | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Percentage of ownership interests in subsidiary | 100.00% | ||||||||||||||
CareerBuilder | Workterra LLC | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Percentage of ownership interests in subsidiary | 75.00% | ||||||||||||||
Number of employees served by cloud based solution, more than | employee | 600,000 |
Goodwill and other intangible41
Goodwill and other intangible assets - Narrative (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment charges | $ 15,218 | $ 8,000 | $ 30,300 | |
Digital | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment charges | $ 15,200 | 15,218 | 8,000 | |
Operating Segments | Digital | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment charges | $ 15,200 | 15,218 | $ 8,000 | $ 30,271 |
Aurico Inc. | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ 14,100 | |||
Weighted average useful life | 8 years | |||
DealerRater | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted average useful life | 10 years | |||
DealerRater | Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ 24,700 | |||
DealerRater | Other | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ 14,100 | |||
Workterra LLC | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted average useful life | 8 years | |||
Workterra LLC | Other | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ 13,700 |
Goodwill and other intangible42
Goodwill and other intangible assets - Goodwill, Indefinite-Lived Intangible Assets, and Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 |
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill | $ 4,067,529 | $ 3,919,726 | $ 3,914,771 |
Total intangible assets, gross | 7,405,377 | 7,205,495 | |
Intangible assets, accumulated amortization | (324,416) | (220,662) | |
Total intangible assets, net | 7,080,961 | 6,984,833 | |
Customer relationships | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 929,852 | 903,652 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (210,691) | (145,398) | |
Finite-Lived Intangible Assets, Net | 719,161 | 758,254 | |
Other | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 290,875 | 265,148 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (113,725) | (75,264) | |
Finite-Lived Intangible Assets, Net | 177,150 | 189,884 | |
Television station FCC licenses | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 1,191,950 | 1,191,950 | |
Intangible assets, accumulated amortization | 0 | 0 | |
Trade names | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Indefinite-Lived Intangible Assets (Excluding Goodwill) | 925,171 | 925,019 | |
Intangible assets, accumulated amortization | 0 | 0 | |
Goodwill | |||
Goodwill and Intangible Assets Disclosure [Line Items] | |||
Goodwill | 4,067,529 | 3,919,726 | |
Intangible assets, accumulated amortization | $ 0 | $ 0 |
Goodwill and other intangible43
Goodwill and other intangible assets - Future Annual Amortization Expense (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 114,557 |
2,018 | 111,789 |
2,019 | 107,234 |
2,020 | 101,906 |
2,021 | $ 90,498 |
Goodwill and other intangible44
Goodwill and other intangible assets - Summary of the Change in Net Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Goodwill [Roll Forward] | ||||
Goodwill before accumulated impairment losses beginning balance | $ 4,094,697 | $ 4,081,742 | ||
Accumulated impairment losses beginning balance | (174,971) | (166,971) | ||
Beginning Balance | 3,919,726 | 3,914,771 | ||
Acquisitions & adjustments | 176,775 | 26,484 | ||
Dispositions | (252) | |||
Impairment | (15,218) | (8,000) | $ (30,300) | |
Foreign currency exchange rate changes | (13,754) | (13,277) | ||
Goodwill before accumulated impairment losses beginning balance | 4,257,718 | 4,094,697 | 4,081,742 | |
Accumulated impairment losses ending balance | (190,189) | (174,971) | (166,971) | |
Ending Balance | 4,067,529 | 3,919,726 | 3,914,771 | |
Media | ||||
Goodwill [Roll Forward] | ||||
Goodwill before accumulated impairment losses beginning balance | 2,579,418 | 2,578,601 | ||
Accumulated impairment losses beginning balance | 0 | 0 | ||
Beginning Balance | 2,579,418 | 2,578,601 | ||
Acquisitions & adjustments | 0 | 817 | ||
Dispositions | 0 | |||
Impairment | 0 | 0 | ||
Foreign currency exchange rate changes | 0 | 0 | ||
Goodwill before accumulated impairment losses beginning balance | 2,579,418 | 2,579,418 | 2,578,601 | |
Accumulated impairment losses ending balance | 0 | 0 | 0 | |
Ending Balance | 2,579,418 | 2,579,418 | 2,578,601 | |
Digital | ||||
Goodwill [Roll Forward] | ||||
Goodwill before accumulated impairment losses beginning balance | 1,515,279 | 1,503,141 | ||
Accumulated impairment losses beginning balance | (174,971) | (166,971) | ||
Beginning Balance | 1,340,308 | 1,336,170 | ||
Acquisitions & adjustments | 176,775 | 25,667 | ||
Dispositions | (252) | |||
Impairment | $ (15,200) | (15,218) | (8,000) | |
Foreign currency exchange rate changes | (13,754) | (13,277) | ||
Goodwill before accumulated impairment losses beginning balance | 1,678,300 | 1,515,279 | 1,503,141 | |
Accumulated impairment losses ending balance | (190,189) | (174,971) | (166,971) | |
Ending Balance | $ 1,488,111 | $ 1,340,308 | $ 1,336,170 |
Other assets and investments -
Other assets and investments - Components of Investments and Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investments, All Other Investments [Abstract] | ||
Cash value life insurance | $ 64,134 | $ 68,332 |
Deferred compensation investments | 52,273 | 77,199 |
Equity method investments | 19,970 | 27,824 |
Available for sale investment | 16,744 | 28,090 |
Deferred debt issuance cost | 9,856 | 13,620 |
Other long-term assets | 58,083 | 41,925 |
Total | $ 221,060 | $ 256,990 |
Other assets and investments 46
Other assets and investments - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Schedule of Cost-method Investments [Line Items] | |||
Net gains in trading securities | $ 3,200 | $ 500 | $ 2,900 |
Pre-tax impairments on equity method investments | 3,900 | 0 | 3,000 |
Equity (losses) income in unconsolidated investments, net | (7,170) | (5,064) | 151,462 |
Pre-tax gain on sale of equity method investment | $ 148,400 | ||
Other long term assets | |||
Schedule of Cost-method Investments [Line Items] | |||
Cost method investments | $ 21,800 | $ 8,600 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Income Taxes [Line Items] | |||
Capital loss carryforwards | $ 388,900 | ||
Deferred tax assets valuation allowance | 209,939 | $ 184,413 | |
Unrecognized tax benefits that, if recognized, would impact effective tax rate | 10,800 | 12,500 | |
Recognized interest and the release of penalty reserves | 700 | 400 | $ 3,400 |
Accrued interest and penalties payable related to unrecognized tax benefits | 1,500 | $ 1,700 | |
Estimated decrease in gross unrecognized tax positions within the next 12 months, maximum | 1,800 | ||
State | |||
Income Taxes [Line Items] | |||
Tax credit carryforward | $ 17,700 | ||
Tax years subject to examination | Tax years before 2013 remain subject to examination by certain states due to ongoing audits. | ||
Federal | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | The 2013 through 2016 tax years remain subject to examination by the Internal Revenue Service and state authorities. | ||
Tax Year 2020 | |||
Income Taxes [Line Items] | |||
Capital loss carryforwards subject to expiration | $ 361,500 |
Income taxes - Provision (Benef
Income taxes - Provision (Benefit) for Income Taxes on Income from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Current | |||
Federal | $ 189,900 | $ 114,161 | $ 139,710 |
State and other | 13,107 | 12,795 | 23,114 |
Foreign | 1,537 | 1,849 | 1,100 |
Total | 204,544 | 128,805 | 163,924 |
Deferred | |||
Federal | 25,854 | 76,816 | 51,245 |
State and other | (12,077) | (2,247) | 20,232 |
Foreign | (1,342) | (1,060) | (930) |
Total | 12,435 | 73,509 | 70,547 |
Total | |||
Federal | 215,754 | 190,977 | 190,955 |
State and other | 1,030 | 10,548 | 43,346 |
Foreign | 195 | 789 | 170 |
Total | $ 216,979 | $ 202,314 | $ 234,471 |
Income taxes - Components of In
Income taxes - Components of Income (Loss) from Continuing Operations Attributable to Gannett Co., Inc. Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 667,556 | $ 568,534 | $ 927,453 |
Foreign | (6,406) | (8,762) | (5,046) |
Total | $ 661,150 | $ 559,772 | $ 922,407 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory tax rate | 35.00% | 35.00% | 35.00% |
Increase (decrease) in taxes resulting from: | |||
State taxes (net of federal income tax benefit) | 2.80% | 3.20% | 2.40% |
Domestic Manufacturing Deduction | (2.80%) | (2.00%) | (1.60%) |
Uncertain tax positions, settlements and lapse of statutes of limitations | (0.30%) | (0.20%) | (0.30%) |
Net deferred tax write offs and deferred tax rate adjustments | (1.20%) | (1.60%) | (0.30%) |
Non-deductible transactions costs | 0.50% | 0.50% | 0.70% |
Loss on sale of subsidiary | 0.00% | 0.00% | (12.60%) |
Non-deductible goodwill | 0.00% | 0.40% | 3.00% |
Net excess benefits on share-based payments | (1.00%) | (0.00%) | (0.00%) |
Other, net | (0.20%) | 0.80% | (0.90%) |
Effective tax rate | 32.80% | 36.10% | 25.40% |
Income taxes - Deferred Tax Lia
Income taxes - Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities | ||
Accelerated depreciation | $ 80,101 | $ 55,783 |
Accelerated amortization of deductible intangibles | 667,015 | 663,545 |
Partnership investments including impairments | 309,515 | 282,784 |
Other | 7,570 | 9,057 |
Total deferred tax liabilities | 1,064,201 | 1,011,169 |
Assets | ||
Accrued compensation costs | 32,361 | 28,119 |
Postretirement medical and life | 78,318 | 73,470 |
Loss carryforwards | 197,812 | 184,117 |
Other | 36,465 | 26,735 |
Total deferred tax assets | 344,956 | 312,441 |
Valuation allowance | 209,939 | 184,413 |
Total net deferred tax (liabilities) | $ (929,184) | $ (883,141) |
Income taxes - Summary of Activ
Income taxes - Summary of Activity Related to Unrecognized Tax Benefits, Excluding Federal Tax Benefit of State Tax Deductions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Change in unrecognized tax benefits | |||
Balance at beginning of year | $ 19,491 | $ 58,886 | $ 57,324 |
Additions based on tax positions related to the current year | 213 | 6,095 | 12,426 |
Additions for tax positions of prior years | 162 | 853 | 868 |
Reductions for tax positions of prior years | (1,214) | (24,858) | (4,563) |
Settlements | 0 | 0 | (129) |
Reductions for transfers to Gannett Co., Inc. | 0 | (18,804) | 0 |
Reductions due to lapse of statutes of limitations | (1,352) | (2,681) | (7,040) |
Balance at end of year | $ 17,300 | $ 19,491 | $ 58,886 |
Long-term debt (Detail)
Long-term debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Line Items] | ||
Total principal long-term debt | $ 4,078,392 | $ 4,214,067 |
Debt issuance costs | (27,615) | (31,800) |
Other (fair market value adjustments and discounts) | (7,382) | (12,605) |
Total long-term debt | 4,043,395 | 4,169,662 |
Less current portion of long-term debt maturities of VIE loans | 646 | 646 |
Long-term debt, net of current portion | 4,042,749 | 4,169,016 |
Unsecured floating rate term loan due quarterly through August 2018 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 52,100 | 83,700 |
VIE unsecured floating rate term loans due quarterly through December 2018 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 1,292 | 1,938 |
Unsecured floating rate term loan due quarterly through June 2020 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 140,000 | 180,000 |
Unsecured floating rate term loan due quarterly through September 2020 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 285,000 | 0 |
Borrowings under revolving credit agreement expiring June 2020 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 635,000 | 720,000 |
Unsecured notes bearing fixed rate interest at 10% due April 2016 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 0 | 193,429 |
Unsecured notes bearing fixed rate interest at 7.125% due September 2018 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 0 | 70,000 |
Unsecured notes bearing fixed rate interest at 5.125% due October 2019 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 600,000 | 600,000 |
Unsecured notes bearing fixed rate interest at 5.125% due July 2020 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 600,000 | 600,000 |
Unsecured notes bearing fixed rate interest at 4.875% due September 2021 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 350,000 | 350,000 |
Unsecured notes bearing fixed rate interest at 6.375% due October 2023 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 650,000 | 650,000 |
Unsecured notes bearing fixed rate interest at 5.50% due September 2024 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 325,000 | 325,000 |
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 200,000 | 200,000 |
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | $ 240,000 | $ 240,000 |
Long-term debt - Interest Rates
Long-term debt - Interest Rates (Detail) | Dec. 31, 2016 | Nov. 01, 2016 | Apr. 01, 2016 |
Unsecured notes bearing fixed rate interest at 10% due April 2016 | |||
Debt Disclosure [Line Items] | |||
Interest rate stated percentage | 10.00% | 10.00% | |
Unsecured notes bearing fixed rate interest at 7.125% due September 2018 | |||
Debt Disclosure [Line Items] | |||
Interest rate stated percentage | 7.125% | 7.125% | |
Unsecured notes bearing fixed rate interest at 5.125% due October 2019 | |||
Debt Disclosure [Line Items] | |||
Interest rate stated percentage | 5.125% | ||
Unsecured notes bearing fixed rate interest at 5.125% due July 2020 | |||
Debt Disclosure [Line Items] | |||
Interest rate stated percentage | 5.125% | ||
Unsecured notes bearing fixed rate interest at 4.875% due September 2021 | |||
Debt Disclosure [Line Items] | |||
Interest rate stated percentage | 4.875% | ||
Unsecured notes bearing fixed rate interest at 6.375% due October 2023 | |||
Debt Disclosure [Line Items] | |||
Interest rate stated percentage | 6.375% | ||
Unsecured notes bearing fixed rate interest at 5.50% due September 2024 | |||
Debt Disclosure [Line Items] | |||
Interest rate stated percentage | 5.50% | ||
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 | |||
Debt Disclosure [Line Items] | |||
Interest rate stated percentage | 7.75% | ||
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 | |||
Debt Disclosure [Line Items] | |||
Interest rate stated percentage | 7.25% |
Long-term debt - Narrative (Det
Long-term debt - Narrative (Detail) | Sep. 30, 2016USD ($) | Apr. 01, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 28, 2014USD ($) | Nov. 01, 2016USD ($) | Sep. 26, 2016USD ($) | Sep. 23, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||
Proceeds from borrowings | $ 300,000,000 | $ 200,000,000 | $ 666,732,000 | |||||
Shelf registration statement maximum amount of securities authorized for issuance | 7,000,000,000 | |||||||
Contractual debt maturities, 2017 | 132,000,000 | |||||||
Contractual debt maturities, 2018 | 121,000,000 | |||||||
Contractual debt maturities, 2019 | $ 121,000,000 | |||||||
Unsecured notes bearing fixed rate interest at 10% due April 2016 | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of long-term debt | $ 203,100,000 | |||||||
Interest rate stated percentage | 10.00% | 10.00% | ||||||
Unsecured floating rate term loan due quarterly through September 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from borrowings | $ 300,000,000 | |||||||
Debt term | 4 years | |||||||
Unsecured notes bearing fixed rate interest at 7.125% due September 2018 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate stated percentage | 7.125% | 7.125% | ||||||
Redemption of bonds | $ 70,000,000 | |||||||
Line of Credit | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum total leverage ratio through June 30, 2017 | 5 | |||||||
Maximum total leverage ratio through June 30, 2018 | 4.75 | |||||||
Maximum total leverage ratio, thereafter | 4.50 | |||||||
Maximum borrowing capacity | $ 1,500,000,000 | |||||||
Line of Credit | Minimum | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage | 0.25% | |||||||
Line of Credit | Maximum | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Commitment fee percentage | 0.40% | |||||||
Line of Credit | Federal Funds Rate | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 0.50% | |||||||
Line of Credit | LIBOR | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 1.00% | |||||||
Line of Credit | LIBOR | Minimum | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 1.75% | |||||||
Line of Credit | LIBOR | Maximum | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 2.50% | |||||||
Line of Credit | ABR | Minimum | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 0.75% | |||||||
Line of Credit | ABR | Maximum | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate (as a percent) | 1.50% | |||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused borrowing capacity | $ 844,000,000 | |||||||
Revolving Credit Facility | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Increase in borrowing capacity | $ 103,000,000 |
Long-term debt - Schedule of An
Long-term debt - Schedule of Annual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
2,017 | $ 646 | |
2,018 | 646 | |
2,019 | 700,000 | |
2,020 | 1,612,100 | |
2,021 | 350,000 | |
Thereafter | 1,415,000 | |
Total | $ 4,078,392 | $ 4,214,067 |
Retirement plans - Narrative (D
Retirement plans - Narrative (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Spin-off of Publishing businesses | $ 45,128,000 | $ 1,194,271,000 | |
Deferred tax assets | $ 344,956,000 | 312,441,000 | |
401(k) employee maximum matching contribution | 50.00% | ||
401(k) employer matching contribution | 100.00% | ||
Contributions per employee subject to employer match | 5.00% | ||
Compensation expense related to 401(k) contributions | $ 15,500,000 | 18,200,000 | $ 19,300,000 |
Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Employer's contributions as a percent of total contribution | 5.00% | ||
Plans in red zone | Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multi-employer plans funded percentage (less than 65% of red zone, less than 80% of orange zone, and at least 80% of green zone) | Less than 65 percent | ||
Plans in yellow zone | Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multi-employer plans funded percentage (less than 65% of red zone, less than 80% of orange zone, and at least 80% of green zone) | Between 65 and less than 80 percent | ||
Plans in green zone | Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Multi-employer plans funded percentage (less than 65% of red zone, less than 80% of orange zone, and at least 80% of green zone) | At least 80 percent | ||
Retirement Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Adjustment due to spin-off of publishing businesses | $ 13,639,000 | 42,595,000 | |
Accumulated other comprehensive loss | 207,478,000 | 188,175,000 | |
Accumulated benefit obligation | 601,430,000 | $ 576,333,000 | |
Contributions expected to be made during next fiscal year | 53,300,000 | ||
Actuarial loss estimated to be amortized from accumulated other comprehensive loss into net periodic benefit cost | 8,000,000 | ||
Prior service credit estimated to be amortized from accumulated other comprehensive loss into net periodic benefit cost | $ 600,000 | ||
Actual rate of return on plan assets (as a percent) | 7.40% | 1.00% | 8.20% |
Multiemployer Plans, Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Expected funding deficiency, period | 6 years | ||
Expenses incurred for multi-employer withdrawal liabilities | $ 0 | $ 0 | |
AFTRA Plan | Multiemployer Plans, Pension | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
EIN Number | 136,414,972 | ||
Multiemployer Plan Number | 1 | ||
Contributions | $ 1,800,000 | $ 1,100,000 | $ 1,000,000 |
Adjustments to Postretirement Benefits Transferred, Spinoff Transaction | Retirement Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Adjustment due to spin-off of publishing businesses | 13,600,000 | ||
Spin-off of Publishing businesses | 7,700,000 | ||
Accumulated other comprehensive loss | 2,600,000 | ||
Deferred tax assets | 6,400,000 | ||
Adjustments to Postretirement Benefits Transferred, Spinoff Transaction | Postretirement Medical and Life Insurance | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Adjustment due to spin-off of publishing businesses | $ 3,100,000 |
Retirement plans - Pension Cost
Retirement plans - Pension Costs (Detail) - Retirement Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost—benefits earned during the period | $ 816 | $ 920 | $ 812 |
Interest cost on benefit obligation | 26,111 | 23,800 | 23,558 |
Expected return on plan assets | (26,764) | (31,464) | (28,697) |
Amortization of prior service costs | 670 | 673 | 599 |
Amortization of actuarial loss | 7,615 | 6,335 | 4,003 |
Total pension expense for company-sponsored retirement plans | $ 8,448 | $ 264 | $ 275 |
Retirement plans - Reconciliati
Retirement plans - Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Company-Sponsored Retirement Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Change in benefit obligations | |||
Benefit obligations at end of year | $ 606,413 | ||
Change in plan assets | |||
Fair value of plan assets at end of year | 388,168 | ||
Funded status at end of year | (218,245) | ||
Amounts recognized in Consolidated Balance Sheets | |||
Accrued benefit cost—noncurrent | (187,290) | $ (178,844) | |
Retirement Plans | |||
Change in benefit obligations | |||
Benefit obligations at beginning of year | 586,624 | 566,224 | |
Service cost | 816 | 920 | $ 812 |
Interest cost | 26,111 | 23,800 | 23,558 |
Actuarial loss (gain) | 17,755 | (12,514) | |
Gross benefits paid | (38,532) | (34,401) | |
Adjustment due to spin-off of publishing businesses | 13,639 | 42,595 | |
Benefit obligations at end of year | 606,413 | 586,624 | 566,224 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 400,193 | 387,626 | |
Actual return on plan assets | 21,316 | (725) | |
Employer contributions | 5,191 | 12,008 | |
Gross benefits paid | (38,532) | (34,401) | |
Transfers | 0 | 35,685 | |
Fair value of plan assets at end of year | 388,168 | 400,193 | $ 387,626 |
Funded status at end of year | (218,245) | (186,431) | |
Amounts recognized in Consolidated Balance Sheets | |||
Accrued benefit cost—current | (30,955) | (7,587) | |
Accrued benefit cost—noncurrent | $ (187,290) | $ (178,844) |
Retirement plans - Funded Statu
Retirement plans - Funded Status of Principal Retirement Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | $ 388,168 | ||
Benefit Obligation | 606,413 | ||
Funded status at end of year | (218,245) | ||
Retirement Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 388,168 | $ 400,193 | $ 387,626 |
Benefit Obligation | 606,413 | 586,624 | $ 566,224 |
Funded status at end of year | (218,245) | $ (186,431) | |
SERP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Benefit Obligation | 102,856 | ||
Funded status at end of year | (102,856) | ||
All other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Benefit Obligation | 635 | ||
Funded status at end of year | (635) | ||
TRP | Retirement Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 388,168 | ||
Benefit Obligation | 502,922 | ||
Funded status at end of year | $ (114,754) |
Retirement plans - Accumulated
Retirement plans - Accumulated Benefit Obligations (Details) - Retirement Plans - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 601,430 | $ 576,333 |
Fair value of plan assets | $ 388,168 | $ 400,193 |
Retirement plans - Projected Be
Retirement plans - Projected Benefit Obligation (Details) - Retirement Plans - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 606,413 | $ 586,624 |
Fair value of plan assets | $ 388,168 | $ 400,193 |
Retirement plans - Amounts Reco
Retirement plans - Amounts Recorded in AOCI (Details) - Retirement Plans - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial losses | $ (204,761) | $ (184,808) |
Prior service cost | (2,717) | (3,367) |
Amounts in accumulated other comprehensive income (loss) | $ (207,478) | $ (188,175) |
Retirement plans - Other Change
Retirement plans - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Comprehensive Income (Loss) [Line Items] | |||
Current year actuarial loss | $ (21,337) | $ (40,069) | $ (428,496) |
Pension and other postretirement benefit items | (13,269) | $ 71,293 | $ (396,368) |
Retirement Plans | |||
Comprehensive Income (Loss) [Line Items] | |||
Current year actuarial loss | (23,203) | ||
Amortization of previously deferred actuarial loss | 7,615 | ||
Amortization of previously deferred prior service costs | 670 | ||
Adjustment due to spin-off of publishing businesses | (4,386) | ||
Pension and other postretirement benefit items | $ (19,304) |
Retirement plans - Assumptions
Retirement plans - Assumptions Used to Determine Defined Benefit Plans Costs (Detail) - Retirement Plans | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate (as a percent) | 4.46% | 4.19% | 4.84% |
Expected return on plan assets (as a percent) | 7.00% | 8.00% | 8.00% |
Rate of compensation increase (as a percent) | 3.00% | 3.00% | 3.00% |
Retirement plans - Assumption66
Retirement plans - Assumptions Used to Determine Pension Year-End Benefit Obligations (Detail) - Retirement Plans | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate (as a percent) | 4.12% | 4.46% |
Rate of compensation increase (as a percent) | 3.00% | 3.00% |
Retirement plans - Asset Alloca
Retirement plans - Asset Allocation for Company-Sponsored Pension Plans and Target Allocations by Asset Category (Detail) - Retirement Plans | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target allocation (as a percent) | 100.00% | |
Allocation of Plan Assets (as a percent) | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target allocation (as a percent) | 60.00% | |
Allocation of Plan Assets (as a percent) | 59.00% | 58.00% |
Debt securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target allocation (as a percent) | 25.00% | |
Allocation of Plan Assets (as a percent) | 34.00% | 35.00% |
Other | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Target allocation (as a percent) | 15.00% | |
Allocation of Plan Assets (as a percent) | 7.00% | 7.00% |
Retirement plans - Estimated Be
Retirement plans - Estimated Benefit Payments (Detail) - Retirement Plans $ in Thousands | Dec. 31, 2016USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,017 | $ 62,588 |
2,018 | 36,675 |
2,019 | 38,514 |
2,020 | 38,030 |
2,021 | 38,272 |
2022-2026 | $ 196,925 |
Fair value measurement - Narrat
Fair value measurement - Narrative (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)investment | Dec. 31, 2015USD ($) | Dec. 28, 2014USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Non-cash goodwill impairment charge | $ 15,218 | $ 8,000 | $ 30,300 |
Hedge funds redemption period | 95 days | ||
Future funding commitments | $ 800 | 1,000 | |
Hedge funds redemption potential holdback percentage | 5.00% | ||
Hedge funds redemption description | Shares in the hedge funds are generally redeemable twice a year or on the last business day of each quarter with at least 60 days written notice subject to potential 5% holdback. There are no unfunded commitments related to the hedge funds. | ||
Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Deferred compensation investments | $ 28,600 | 27,800 | |
Common collective trust - fixed income | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of investments held in collective trusts | investment | 10 | ||
Common collective trust - equities | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of investments held in collective trusts | investment | 11 | ||
Partnership/joint venture interests | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Number of investments held in collective trusts | investment | 2 | ||
Hedge funds redemption period | 30 days | ||
Redemption fee (as a percent) | 0.55% | ||
Fair value | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Fair value of long-term debt | $ 4,190,000 | $ 4,310,000 |
Fair value measurement - Financ
Fair value measurement - Financial Instruments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Investments at fair value | $ 45,302 | $ 55,860 |
Total investments at fair value | 69,017 | 105,289 |
Level 1 | ||
Assets: | ||
Investments at fair value | 45,302 | 55,860 |
Level 2 | ||
Assets: | ||
Investments at fair value | 0 | 0 |
Level 3 | ||
Assets: | ||
Investments at fair value | 0 | 0 |
Common collective trust - equities | ||
Assets: | ||
Deferred compensation investments valued using net asset value as a practical expedient: | 10,140 | 36,114 |
Fixed income fund | ||
Assets: | ||
Deferred compensation investments valued using net asset value as a practical expedient: | 13,575 | 13,315 |
Deferred compensation investments | ||
Assets: | ||
Investments at fair value | 28,558 | 27,770 |
Deferred compensation investments | Level 1 | ||
Assets: | ||
Investments at fair value | 28,558 | 27,770 |
Deferred compensation investments | Level 2 | ||
Assets: | ||
Investments at fair value | 0 | 0 |
Deferred compensation investments | Level 3 | ||
Assets: | ||
Investments at fair value | 0 | 0 |
Available for sale investment | ||
Assets: | ||
Investments at fair value | 16,744 | 28,090 |
Available for sale investment | Level 1 | ||
Assets: | ||
Investments at fair value | 16,744 | 28,090 |
Available for sale investment | Level 2 | ||
Assets: | ||
Investments at fair value | 0 | 0 |
Available for sale investment | Level 3 | ||
Assets: | ||
Investments at fair value | $ 0 | $ 0 |
Fair value measurement - Fair V
Fair value measurement - Fair Value of Pension Plan Assets by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | $ 388,168 | ||
Retirement Plans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 388,168 | $ 400,193 | $ 387,626 |
Total | 62,936 | 59,488 | |
Retirement Plans | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 62,936 | 59,389 | |
Retirement Plans | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 0 | 99 | |
Retirement Plans | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 0 | 0 | |
Retirement Plans | Cash and other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 2,206 | 1,098 | |
Retirement Plans | Cash and other | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 2,206 | 1,098 | |
Retirement Plans | Cash and other | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 0 | 0 | |
Retirement Plans | Cash and other | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 0 | 0 | |
Retirement Plans | Corporate stock | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 60,730 | 58,291 | |
Retirement Plans | Corporate stock | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 60,730 | 58,291 | |
Retirement Plans | Corporate stock | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 0 | 0 | |
Retirement Plans | Corporate stock | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 0 | 0 | |
Retirement Plans | Corporate bonds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 99 | ||
Retirement Plans | Corporate bonds | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 0 | ||
Retirement Plans | Corporate bonds | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 99 | ||
Retirement Plans | Corporate bonds | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 0 | ||
Retirement Plans | Common collective trust - equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Pension plan investments valued using net asset value as a practical expedient: | 167,647 | 172,046 | |
Retirement Plans | Common collective trust - fixed income | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Pension plan investments valued using net asset value as a practical expedient: | 127,043 | 135,914 | |
Retirement Plans | Hedge funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Pension plan investments valued using net asset value as a practical expedient: | 14,754 | 14,290 | |
Retirement Plans | Partnership/joint venture interests | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Pension plan investments valued using net asset value as a practical expedient: | 8,985 | 11,796 | |
Retirement Plans | Interest in registered investment companies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Pension plan investments valued using net asset value as a practical expedient: | $ 6,803 | $ 6,659 |
Shareholders' equity - Narrativ
Shareholders' equity - Narrative (Detail) | Jun. 29, 2015shares | Dec. 31, 2016USD ($)adjustment$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 28, 2014USD ($)$ / sharesshares | May 04, 2010shares |
Stockholders Equity Note [Line Items] | |||||
Common stock, Authorized (in shares) | shares | 800,000,000 | 800,000,000 | |||
Preferred stock, Authorized (in shares) | shares | 2,000,000 | 2,000,000 | |||
Common stock, Outstanding (in shares) | shares | 215,000,000 | 220,000,000 | |||
Treasury stock (in shares) | shares | 109,930,832 | 104,664,452 | |||
Preferred Stock, Issued (in shares) | shares | 0 | 0 | |||
Preferred Stock, Outstanding (in shares) | shares | 0 | 0 | |||
Stock options outstanding excluded from calculation of diluted earnings per share (in shares) | shares | 150,000 | 200,000 | 800,000 | ||
Shares approved to be repurchased under share repurchase program, amount | $ 825,000,000 | ||||
Share repurchase program, period in force | 3 years | ||||
Shares repurchased under share repurchase program (in shares) | shares | 7,000,000 | 9,600,000 | 2,700,000 | ||
Cost of common shares repurchased | $ 161,891,000 | $ 271,030,000 | $ 75,815,000 | ||
Remaining authorized repurchase amount | 467,200,000 | ||||
Conversion ratio for every share of Tegna common stock owned by stockholders | 0.5 | ||||
Spin-off adjustment, conversion factor | 1.18 | ||||
Equity awards granted (in shares) | shares | 125,000 | ||||
Spin-off of Publishing businesses | $ 45,128,000 | 1,194,271,000 | |||
Minimum | |||||
Stockholders Equity Note [Line Items] | |||||
Number of units ultimately paid for performance share awards of target (as a percent) | 0 | ||||
Maximum | |||||
Stockholders Equity Note [Line Items] | |||||
Number of units ultimately paid for performance share awards of target (as a percent) | 2 | ||||
Stock Options | |||||
Stockholders Equity Note [Line Items] | |||||
Award vesting period | 4 years | ||||
Tax benefit realized from option exercises | $ 300,000 | $ 3,300,000 | $ 3,000,000 | ||
Stock options outstanding (in shares) | shares | 1,300,000 | 1,700,000 | |||
Stock options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 15.26 | $ 16.61 | |||
Weighted average remaining contractual life | 1 year 7 months 28 days | ||||
Aggregate intrinsic value | $ 8,200,000 | ||||
Stock options exercised (in shares) | shares | 200,000 | 700,000 | 1,000,000 | ||
Stock options exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 11.03 | $ 16.17 | $ 14.47 | ||
Grant-date fair value of all stock options that vested | $ 0 | $ 1,000,000 | $ 6,000,000 | ||
Intrinsic value of all stock options exercised | $ 2,300,000 | $ 11,400,000 | $ 15,000,000 | ||
Stock Options | Employee | |||||
Stockholders Equity Note [Line Items] | |||||
Shares reserved for issuance (in shares) | shares | 60,000,000 | ||||
Performance Based Awards | |||||
Stockholders Equity Note [Line Items] | |||||
Award vesting period | 3 years | ||||
Restricted Stock Units (RSUs) | |||||
Stockholders Equity Note [Line Items] | |||||
Spin-off adjustment, conversion factor | 1.18 | ||||
Equity awards granted (in shares) | shares | 75,000 | ||||
Restricted Stock Units (RSUs) | Employee | |||||
Stockholders Equity Note [Line Items] | |||||
Requisite service period | 4 years | ||||
Number of shares of common stock received for each RSU granted | shares | 1 | ||||
Award vesting percentage | 25.00% | ||||
Restricted Stock | |||||
Stockholders Equity Note [Line Items] | |||||
Requisite service period | 4 years | ||||
Performance Shares | |||||
Stockholders Equity Note [Line Items] | |||||
Requisite service period | 3 years | ||||
Spin-off adjustment, conversion factor | 1.18 | ||||
Equity awards granted (in shares) | shares | 50,000 | 392,589 | 285,458 | 436,340 | |
Unrecognized compensation cost related to non-vested share-based compensation | $ 4,300,000 | ||||
Unrecognized compensation cost related to non-vested share-based compensation for options, recognition period | 1 year 9 months 15 days | ||||
Tax benefit realized from option exercises | $ 4,500,000 | $ 11,200,000 | |||
Restricted Stock and Restricted Stock Units | |||||
Stockholders Equity Note [Line Items] | |||||
Equity awards granted (in shares) | shares | 616,743 | 491,690 | 1,048,516 | ||
Unrecognized compensation cost related to non-vested share-based compensation | $ 16,600,000 | ||||
Unrecognized compensation cost related to non-vested share-based compensation for options, recognition period | 2 years 4 months 24 days | ||||
Income tax benefit from exercise of award | $ 2,300,000 | $ 5,900,000 | $ 9,500,000 | ||
Publishing | |||||
Stockholders Equity Note [Line Items] | |||||
Number of adjustments to retained earnings | adjustment | 2 | ||||
Adjustments to Postretirement Benefits Transferred, Spinoff Transaction | Retirement Plans | |||||
Stockholders Equity Note [Line Items] | |||||
Spin-off of Publishing businesses | $ 7,700,000 | ||||
Adjustments to Postretirement Benefits Transferred, Spinoff Transaction | Retirement Plans | Publishing | |||||
Stockholders Equity Note [Line Items] | |||||
Spin-off of Publishing businesses | 7,700,000 | ||||
Adjustments to Deferred Tax Assets and Liabilities Transferred, Spinoff Transaction | Retirement Plans | Publishing | |||||
Stockholders Equity Note [Line Items] | |||||
Spin-off of Publishing businesses | 34,800,000 | ||||
Retained earnings | |||||
Stockholders Equity Note [Line Items] | |||||
Spin-off of Publishing businesses | 42,486,000 | $ 1,797,740,000 | |||
Retained earnings | Publishing | |||||
Stockholders Equity Note [Line Items] | |||||
Spin-off of Publishing businesses | $ 42,500,000 |
Shareholders' equity - Earnings
Shareholders' equity - Earnings Per Share (Basic and Diluted) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Earnings Per Share [Abstract] | |||
Income from continuing operations attributable to TEGNA Inc. | $ 444,171 | $ 357,458 | $ 687,936 |
Income (loss) from discontinued operations, net of tax | (7,474) | 102,064 | 374,235 |
Net income attributable to TEGNA Inc. | $ 436,697 | $ 459,522 | $ 1,062,171 |
Weighted average number of common shares outstanding - basic | 216,358 | 224,688 | 226,292 |
Effect of dilutive securities | |||
Weighted average number of common shares outstanding - diluted | 219,681 | 229,721 | 231,907 |
Earnings from continuing operations per share - basic (in dollars per share) | $ 2.05 | $ 1.59 | $ 3.04 |
Earnings from discontinued operations per share - basic (in dollars per share) | (0.03) | 0.45 | 1.65 |
Net income per share - basic (in dollars per share) | 2.02 | 2.04 | 4.69 |
Earnings from continuing operations per share - diluted (in dollars per share) | 2.02 | 1.56 | 2.97 |
Earnings from discontinued operations per share - diluted (in dollars per share) | (0.03) | 0.44 | 1.61 |
Net income per share - diluted (in dollars per share) | $ 1.99 | $ 2 | $ 4.58 |
Restricted Stock | |||
Effect of dilutive securities | |||
Effect of dilutive securities (in shares) | 1,424 | 2,236 | 2,624 |
Performance Shares | |||
Effect of dilutive securities | |||
Effect of dilutive securities (in shares) | 997 | 1,867 | 1,999 |
Stock Options | |||
Effect of dilutive securities | |||
Effect of dilutive securities (in shares) | 902 | 930 | 992 |
Shareholders' equity - Assumpti
Shareholders' equity - Assumptions Used to Estimate Fair Value of Option Awards (Detail) - Performance Shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 3 years | 3 years | 3 years |
Expected volatility (as a percent) | 39.60% | 32.00% | 39.32% |
Risk free interest rate (as a percent) | 1.31% | 1.10% | 0.78% |
Expected dividend yield (as a percent) | 2.19% | 2.51% | 2.70% |
Shareholders' equity - Stock-Ba
Shareholders' equity - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 17,590 | $ 19,658 | $ 16,783 |
Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 10,607 | 8,438 | 8,604 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 6,983 | 10,363 | 7,517 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 0 | $ 857 | $ 662 |
Shareholders' equity - Summary
Shareholders' equity - Summary of Restricted Stock and RSU Awards (Detail) - $ / shares | Jun. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 |
Shares | ||||
Granted (in shares) | 125,000 | |||
Restricted Stock and Restricted Stock Units | ||||
Shares | ||||
Unvested at beginning of year (in shares) | 2,126,526 | 3,577,598 | 4,193,985 | |
Granted (in shares) | 616,743 | 491,690 | 1,048,516 | |
Settled (in shares) | (1,277,444) | (1,485,735) | (1,263,702) | |
Canceled (in shares) | (322,404) | (532,524) | (401,201) | |
Adjustment due to spin-off of Publishing (in shares) | 75,497 | |||
Unvested at end of year (in shares) | 1,143,421 | 2,126,526 | 3,577,598 | |
Weighted average fair value | ||||
Unvested at beginning of year (in dollars per share) | $ 21.55 | $ 16.97 | $ 13.92 | |
Granted (in dollars per share) | 25.08 | 31.78 | 27.26 | |
Settled (in dollars per share) | 19.22 | 14.66 | 15.92 | |
Canceled (in dollars per share) | 22.27 | 19.28 | 16.13 | |
Unvested at end of year (in dollars per share) | $ 25.66 | $ 21.55 | $ 16.97 |
Shareholders' equity - Summar77
Shareholders' equity - Summary of Performance Shares (Details) - $ / shares | Jun. 29, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 |
Shares | ||||
Granted (in shares) | 125,000 | |||
Performance Shares | ||||
Shares | ||||
Unvested at beginning of year (in shares) | 1,385,940 | 2,100,115 | 1,760,488 | |
Granted (in shares) | 50,000 | 392,589 | 285,458 | 436,340 |
Settled (in shares) | (687,125) | (925,640) | ||
Canceled (in shares) | (72,454) | (123,621) | (96,713) | |
Adjustment due to spin-off of Publishing (in shares) | 49,628 | |||
Unvested at end of year (in shares) | 1,018,950 | 1,385,940 | 2,100,115 | |
Weighted average fair value | ||||
Unvested at beginning of year (in dollars per share) | $ 29.21 | $ 20.95 | $ 16.92 | |
Granted (in dollars per share) | 30.69 | 39.47 | 37.31 | |
Settled (in dollars per share) | 20.12 | 14.23 | ||
Canceled (in dollars per share) | 34.96 | 29.84 | 21.41 | |
Unvested at end of year (in dollars per share) | $ 35.60 | $ 29.21 | $ 20.95 |
Shareholders' equity - Accumula
Shareholders' equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of year | $ (130,951) | $ (778,769) | $ (494,055) | |
Other comprehensive income (loss) before reclassifications | $ 24,439 | (32,920) | ||
Spin-off publishing businesses | 603,469 | (2,642) | ||
Other comprehensive loss before reclassifications | (312,283) | |||
Amounts reclassified from AOCL | 19,910 | 4,940 | 27,569 | |
Balance at end of year | (130,951) | (161,573) | (130,951) | (778,769) |
Retirement Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of year | (116,496) | (1,172,245) | (923,595) | |
Other comprehensive income (loss) before reclassifications | 23,094 | (13,143) | ||
Spin-off publishing businesses | 1,012,745 | (2,642) | ||
Other comprehensive loss before reclassifications | (276,219) | |||
Amounts reclassified from AOCL | 19,910 | 4,940 | 19,910 | 27,569 |
Balance at end of year | (116,496) | (127,341) | (116,496) | (1,172,245) |
Foreign Currency Translation | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of year | (20,129) | 391,113 | 427,177 | |
Other comprehensive income (loss) before reclassifications | (1,966) | (8,431) | ||
Spin-off publishing businesses | (409,276) | 0 | ||
Other comprehensive loss before reclassifications | (36,064) | |||
Amounts reclassified from AOCL | 0 | 0 | 0 | |
Balance at end of year | (20,129) | (28,560) | (20,129) | 391,113 |
Other | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of year | 5,674 | 2,363 | 2,363 | |
Other comprehensive income (loss) before reclassifications | 3,311 | (11,346) | ||
Spin-off publishing businesses | 0 | 0 | ||
Other comprehensive loss before reclassifications | 0 | |||
Amounts reclassified from AOCL | 0 | 0 | 0 | |
Balance at end of year | $ 5,674 | $ (5,672) | $ 5,674 | $ 2,363 |
Shareholders' equity - Reclassi
Shareholders' equity - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income before income taxes | $ 712,452 | $ 622,936 | $ 990,696 | |
Income tax effect | (216,979) | (202,314) | (234,471) | |
Total reclassifications, net of tax | $ 19,910 | 4,940 | 27,569 | |
Retirement Plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, net of tax | $ 19,910 | 4,940 | 19,910 | 27,569 |
Retirement Plans | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of prior service cost | 96 | 1,176 | (4,082) | |
Amortization of actuarial loss | 7,972 | 31,357 | 46,489 | |
Income before income taxes | 8,068 | 32,533 | 42,407 | |
Income tax effect | $ (3,128) | $ (12,623) | $ (14,838) |
Business operations and segme80
Business operations and segment information - Narrative (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)segmentmarketstation | Dec. 31, 2015USD ($) | Dec. 28, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | segment | 2 | ||
Number of television stations | station | 46 | ||
Number of markets In which entity operates | market | 38 | ||
Revenues | $ 3,341,198 | $ 3,050,945 | $ 2,626,141 |
Foreign Countries | |||
Segment Reporting Information [Line Items] | |||
Revenues | 79,000 | 76,000 | 75,800 |
Long-lived assets | $ 192,600 | 213,800 | |
Media | |||
Segment Reporting Information [Line Items] | |||
Number of markets In which entity operates | market | 38 | ||
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Assets of discontinued operations | 7,300 | ||
Operating Segments | Media | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,933,579 | $ 1,682,144 | $ 1,691,866 |
Business operations and segme81
Business operations and segment information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Segment Reporting Information [Line Items] | ||||
Operating revenues | $ 3,341,198 | $ 3,050,945 | $ 2,626,141 | |
Operating income | 972,074 | 913,158 | 707,499 | |
Depreciation, amortization, asset impairment and facility consolidation charges (gains) | 236,620 | 146,230 | 196,798 | |
Equity (losses) income in unconsolidated investments, net | (7,170) | (5,064) | 151,462 | |
Capital expenditures | 94,796 | 97,834 | 82,252 | |
Identifiable assets | $ 8,505,958 | 8,542,725 | 8,505,958 | |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Identifiable assets | 8,498,693 | 8,542,725 | 8,498,693 | |
Operating Segments | Media | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 1,933,579 | 1,682,144 | 1,691,866 | |
Operating income | 806,411 | 714,237 | 747,020 | |
Depreciation, amortization, asset impairment and facility consolidation charges (gains) | 82,639 | 81,665 | 94,129 | |
Equity (losses) income in unconsolidated investments, net | (3,906) | (2,794) | (1,667) | |
Capital expenditures | 39,136 | 52,141 | 42,147 | |
Identifiable assets | 4,799,375 | 4,786,050 | 4,799,375 | |
Operating Segments | Digital | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 1,407,619 | 1,368,801 | 934,275 | |
Operating income | 230,121 | 229,386 | 119,908 | |
Depreciation, amortization, asset impairment and facility consolidation charges (gains) | 150,382 | 146,907 | 91,967 | |
Equity (losses) income in unconsolidated investments, net | (2,322) | (2,151) | 154,370 | |
Capital expenditures | 54,017 | 44,903 | 38,549 | |
Identifiable assets | 3,529,124 | 3,649,347 | 3,529,124 | |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | (64,458) | (68,418) | (71,256) | |
Depreciation, amortization, asset impairment and facility consolidation charges (gains) | 3,599 | (82,342) | 10,702 | |
Equity (losses) income in unconsolidated investments, net | (942) | (119) | (1,241) | |
Capital expenditures | 1,643 | 790 | 1,556 | |
Identifiable assets | 170,194 | 107,328 | 170,194 | |
Segment Reconciling Items | ||||
Segment Reporting Information [Line Items] | ||||
Net gain on sale of corporate building | $ 89,900 | 0 | 89,892 | 0 |
Unallocated | ||||
Segment Reporting Information [Line Items] | ||||
Operating income | $ 0 | $ (51,939) | $ (88,173) |
Asset impairment and facility82
Asset impairment and facility consolidation charges (gains) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Unusual or Infrequent Item [Line Items] | |||||
Goodwill impairment charges | $ 15,218 | $ 8,000 | $ 30,300 | ||
Total asset impairment and facility consolidation charges (gains) against operations | 32,130 | (58,857) | 44,961 | ||
Asset impairment charges | 4,700 | ||||
Digital | |||||
Unusual or Infrequent Item [Line Items] | |||||
Goodwill impairment charges | $ 15,200 | 15,218 | 8,000 | ||
Media | |||||
Unusual or Infrequent Item [Line Items] | |||||
Goodwill impairment charges | 0 | 0 | |||
Operating Segments | Digital | |||||
Unusual or Infrequent Item [Line Items] | |||||
Goodwill impairment charges | $ 15,200 | 15,218 | 8,000 | 30,271 | |
Impairment of other intangibles | 900 | 971 | |||
Other impairment charges | 5,915 | 13,095 | |||
Asset impairment charges | 1,400 | ||||
Lease exit costs | 4,600 | ||||
Operating Segments | Media | |||||
Unusual or Infrequent Item [Line Items] | |||||
Other impairment charges | 8,633 | 8,078 | 13,719 | ||
Corporate | |||||
Unusual or Infrequent Item [Line Items] | |||||
Other impairment charges | 2,364 | 962 | |||
Segment Reconciling Items | |||||
Unusual or Infrequent Item [Line Items] | |||||
Gain on sale of corporate headquarters | $ (89,900) | 0 | $ (89,892) | $ 0 | |
Gain on sale of corporate headquarters, net of tax | $ 54,900 | ||||
Internally produced program | Operating Segments | Media | |||||
Unusual or Infrequent Item [Line Items] | |||||
Asset impairment charges | $ 6,200 |
Other matters - Narrative (Deta
Other matters - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Future minimum payments due under non-cancelable operating leases | $ 258,509 | ||
Future minimum sublease rentals | 5,900 | ||
Total rental costs reflected in continuing operations | 46,400 | $ 38,100 | $ 29,500 |
Programming Contracts | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Purchase commitments under contract | 1,360,000 | ||
Capital Projects, Interactive Marketing Agreement, Licensing Fees and Other Commitments | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Purchase commitments under contract | 164,700 | ||
Voluntary Retirement Program (VRP) | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Accrued separation liability | 4,600 | ||
Severance | Voluntary Retirement Program (VRP) | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Restructuring charges | $ 16,000 |
Other matters - Future Commitme
Other matters - Future Commitments (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases | |
2,017 | $ 42,971 |
2,018 | 35,764 |
2,019 | 25,172 |
2,020 | 19,255 |
2,021 | 18,236 |
Thereafter | 117,111 |
Total | 258,509 |
Program Broadcast Contracts | |
Recorded Unconditional Purchase Obligation [Line Items] | |
2,017 | 376,623 |
2,018 | 431,104 |
2,019 | 336,191 |
2,020 | 210,960 |
2,021 | 535 |
Thereafter | 944 |
Total | 1,356,357 |
Purchase Obligations | |
Recorded Unconditional Purchase Obligation [Line Items] | |
2,017 | 70,881 |
2,018 | 53,043 |
2,019 | 15,460 |
2,020 | 10,387 |
2,021 | 8,557 |
Thereafter | 6,352 |
Total | $ 164,680 |
Discontinued operations - Narra
Discontinued operations - Narrative (Details) $ in Millions | Jun. 29, 2015 | Dec. 31, 2015USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Pro rata distribution to stockholders (as a percent) | 98.50% | |
Conversion ratio for every share of Tegna common stock owned by stockholders | 0.5 | |
Shares held by Tegna after distribution (as a percent) | 1.50% | |
Tegna to own shares for a period, not to exceed | 5 years | |
Other | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loss on disposal of other segment | $ 26.3 | |
Loss on disposal of other segment, net of tax | $ 14.8 |
Discontinued operations - Incom
Discontinued operations - Income Statement Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 28, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Income (loss) from discontinued operations, net of tax | $ (7,474) | $ 102,064 | $ 374,235 |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating revenues | 1,591,031 | 3,382,033 | |
Income (loss) from discontinued operations, before income taxes | 133,152 | 365,364 | |
Provision for income taxes | 31,088 | (8,871) | |
Income (loss) from discontinued operations, net of tax | 102,064 | 374,235 | |
Publishing | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating revenues | 1,400,006 | 3,133,861 | |
Income (loss) from discontinued operations, before income taxes | 169,220 | 372,549 | |
Provision for income taxes | 43,735 | (11,817) | |
Income (loss) from discontinued operations, net of tax | 125,485 | 384,366 | |
Other | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating revenues | 191,025 | 248,172 | |
Income (loss) from discontinued operations, before income taxes | (36,068) | (7,185) | |
Provision for income taxes | (12,647) | 2,946 | |
Income (loss) from discontinued operations, net of tax | $ (23,421) | $ (10,131) |
Discontinued operations - Depre
Discontinued operations - Depreciation, Amortization and Capital Expenditures (Details) - Discontinued Operations, Disposed of by Means Other than Sale, Spinoff - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 28, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation | $ 50,267 | $ 100,002 |
Amortization | 7,008 | 13,885 |
Capital expenditures | (20,933) | (79,622) |
Payments for acquisitions, net of cash acquired | (28,668) | (113) |
Payments for investments | (2,000) | (2,500) |
Proceeds from investments | 12,402 | 18,629 |
Publishing | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation | 49,542 | 99,029 |
Amortization | 7,008 | 13,885 |
Capital expenditures | (20,252) | (79,168) |
Payments for acquisitions, net of cash acquired | (28,668) | (113) |
Payments for investments | (2,000) | (2,500) |
Proceeds from investments | 12,402 | 18,629 |
Other | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation | 725 | 973 |
Amortization | 0 | 0 |
Capital expenditures | (681) | (454) |
Payments for acquisitions, net of cash acquired | 0 | 0 |
Payments for investments | 0 | 0 |
Proceeds from investments | $ 0 | $ 0 |