Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 30, 2018 | |
Document Documentand Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 215,801,306 | ||
Entity Public Float | $ 2,329,631,130 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 135,862 | $ 98,801 |
Trade receivables, net of allowances of $3,090 and $3,266, respectively | 425,404 | 406,852 |
Other receivables | 20,967 | 32,442 |
Prepaid expenses and other current assets | 17,737 | 61,070 |
Programming rights | 35,252 | 37,758 |
Total current assets | 635,222 | 636,923 |
Property and equipment | ||
Land | 68,540 | 62,885 |
Buildings and improvements | 259,053 | 246,917 |
Equipment, furniture and fixtures | 489,799 | 467,265 |
Construction in progress | 40,778 | 5,535 |
Total | 858,170 | 782,602 |
Less accumulated depreciation | (482,955) | (447,262) |
Net property and equipment | 375,215 | 335,340 |
Intangible and other assets (see Note 3) | ||
Goodwill | 2,596,863 | 2,579,417 |
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $118,958 and $88,120, respectively | 1,526,077 | 1,273,269 |
Investments and other assets | 143,465 | 137,166 |
Total intangible and other assets | 4,266,405 | 3,989,852 |
Total assets | 5,276,842 | 4,962,115 |
Current liabilities | ||
Accounts payable | 83,226 | 52,992 |
Accrued liabilities | ||
Compensation | 52,726 | 54,088 |
Interest | 37,458 | 39,217 |
Contracts payable for programming rights | 112,059 | 105,040 |
Other | 49,211 | 58,196 |
Dividends payable | 15,154 | 15,173 |
Income taxes | 19,383 | 0 |
Current portion of long-term debt | 0 | 646 |
Total current liabilities | 369,217 | 325,352 |
Income taxes | 13,624 | 20,203 |
Deferred income taxes | 396,847 | 382,310 |
Long-term debt | 2,944,466 | 3,007,047 |
Pension liabilities | 139,375 | 144,220 |
Other noncurrent liabilities | 72,389 | 87,942 |
Total noncurrent liabilities | 3,566,701 | 3,641,722 |
Total liabilities | 3,935,918 | 3,967,074 |
Commitments and contingent liabilities (see Note 13) | ||
TEGNA Inc. shareholders’ equity | ||
Common stock of $1 par value per share, 800,000,000 shares authorized, 324,418,632 shares issued | 324,419 | 324,419 |
Additional paid-in capital | 301,352 | 382,127 |
Retained earnings | 6,429,512 | 6,062,995 |
Accumulated other comprehensive loss | (136,511) | (106,923) |
Less treasury stock at cost, 108,660,002 shares and 109,487,979 shares, respectively | (5,577,848) | (5,667,577) |
Total equity | 1,340,924 | 995,041 |
Total liabilities, redeemable noncontrolling interests and equity | $ 5,276,842 | $ 4,962,115 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowance for doubtful receivables | $ 3,090 | $ 3,266 |
Indefinite-lived and amortizable intangible assets, accumulated amortization | $ 118,958 | $ 88,120 |
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) | 108,660,002 | 109,487,979 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Total | $ 2,207,282 | $ 1,903,026 | $ 2,004,088 |
Operating expenses: | |||
Cost of revenues, exclusive of depreciation | 1,065,933 | 933,718 | 795,454 |
Business units - Selling, general and administrative expenses, exclusive of depreciation | 315,320 | 287,396 | 331,028 |
Corporate - General and administrative expenses, exclusive of depreciation | 52,467 | 54,943 | 58,692 |
Depreciation | 55,949 | 55,068 | 55,369 |
Amortization of intangible assets | 30,838 | 21,570 | 23,263 |
Asset impairment and other (gains) charges (see Note 11) | (11,701) | 4,429 | 32,130 |
Total | 1,508,806 | 1,357,124 | 1,295,936 |
Operating income | 698,476 | 545,902 | 708,152 |
Non-operating income (expense): | |||
Equity income (loss) in unconsolidated investments, net (see Note 4) | 13,792 | 10,402 | (3,414) |
Interest expense | (192,065) | (210,284) | (231,995) |
Other non-operating expenses, net | (11,496) | (35,304) | (23,452) |
Total | (189,769) | (235,186) | (258,861) |
Income before income taxes | 508,707 | 310,716 | 449,291 |
Provision (benefit) for income taxes | 107,367 | (137,246) | 140,171 |
Income from continuing operations | 401,340 | 447,962 | 309,120 |
Income (loss) from discontinued operations, net of tax | 4,325 | (232,916) | 178,879 |
Net income | 405,665 | 215,046 | 487,999 |
Net loss (income) attributable to noncontrolling interests from discontinued operations | 0 | 58,698 | (51,302) |
Net income attributable to TEGNA Inc. | $ 405,665 | $ 273,744 | $ 436,697 |
Earnings from continuing operations per share - basic (in dollars per share) | $ 1.86 | $ 2.08 | $ 1.43 |
Earnings (loss) from discontinued operations per share - basic (in dollars per share) | 0.02 | (0.81) | 0.59 |
Net income per share - basic (in dollars per share) | 1.88 | 1.27 | 2.02 |
Earnings from continuing operations per share - diluted (in dollars per share) | 1.85 | 2.06 | 1.41 |
Earnings from discontinued operations per share - diluted (in dollars per share) | 0.02 | (0.80) | 0.58 |
Net income per share - diluted (in dollars per share) | $ 1.87 | $ 1.26 | $ 1.99 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 216,184 | 215,587 | 216,358 |
Diluted (in shares) | 216,621 | 217,478 | 219,681 |
Media | |||
Revenues: | |||
Total | $ 2,207,282 | $ 1,903,026 | $ 1,994,120 |
Digital | |||
Revenues: | |||
Total | $ 0 | $ 0 | $ 9,968 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 405,665 | $ 215,046 | $ 487,999 |
Redeemable noncontrolling interests (income not available to shareholders) | 0 | (2,797) | (4,511) |
Other comprehensive income (loss), before tax: | |||
Foreign currency translation adjustments | 362 | 34,563 | (15,938) |
Pension and other post-retirement benefit items: | |||
Recognition of previously deferred post-retirement benefit plan costs | 5,141 | 8,837 | 8,068 |
Actuarial (loss) gain arising during the period | (19,279) | 20,373 | (21,337) |
Pension payment timing related charges | 7,498 | 0 | 0 |
Pension and other postretirement benefit items | (6,640) | 29,210 | (13,269) |
Unrealized gain (losses) on available for sale investment during the period | 0 | 1,776 | (11,346) |
Other comprehensive (loss) income before tax | (6,278) | 65,549 | (40,553) |
Income tax effect related to components of other comprehensive income (loss) | 1,535 | (11,340) | 5,066 |
Other comprehensive (loss) income, net of tax | (4,743) | 54,209 | (35,487) |
Comprehensive income | 400,922 | 266,458 | 448,001 |
Comprehensive loss (income) attributable to noncontrolling interests, net of tax | 0 | 55,676 | (39,284) |
Comprehensive income attributable to TEGNA Inc. | $ 400,922 | $ 322,134 | $ 408,717 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||
Net income | $ 405,665 | $ 215,046 | $ 487,999 |
Adjustments to reconcile net income to operating cash flows: | |||
Depreciation | 55,949 | 74,637 | 89,531 |
Amortization of intangible assets | 30,838 | 61,870 | 114,959 |
Stock-based compensation | 12,531 | 17,098 | 17,590 |
Loss on sale of CareerBuilder | 0 | 342,900 | 0 |
Provision (benefit) for deferred income taxes | 17,258 | (296,820) | 16,535 |
Equity (income) loss in unconsolidated investees, net | (13,792) | (10,462) | 7,170 |
Other, including (gains) losses on sale of assets and impairments | (4,991) | 19,803 | 42,067 |
Changes in operating assets and liabilities: | |||
(Increase) decrease in trade receivables | (5,351) | 14,541 | (32,046) |
Increase (decrease) in accounts payable | 29,357 | (21,474) | (1,506) |
Increase (decrease) in interest and taxes payable | 22,895 | (29,977) | (7,771) |
Increase (decrease) in deferred revenue | 898 | (3,888) | (20,004) |
Pension (contributions), net of expense | (42,015) | (13,276) | 3,257 |
Spectrum channel share proceeds | 0 | 32,588 | 0 |
Changes in other assets and liabilities, net | 17,967 | (13,157) | (39,080) |
Net cash flows from operating activities | 527,209 | 389,429 | 678,701 |
Cash flows from investing activities | |||
Purchase of property and equipment | (65,230) | (76,886) | (94,796) |
Reimbursement from spectrum repacking | 7,400 | 0 | 0 |
Payments for acquisitions, net of cash acquired | (328,433) | 0 | (206,078) |
Payments for investments | (11,677) | (6,405) | (20,797) |
Proceeds from investments | 7,189 | 37,880 | 40,409 |
Proceeds from sale of businesses and assets | 16,335 | 205,188 | 8,441 |
Proceeds from insurance settlements | 0 | 16,454 | 0 |
Net cash (used for) provided by investing activities | (374,416) | 176,231 | (272,821) |
Cash flows from financing activities | |||
Proceeds from (payments of) borrowings under revolving credit facilities, net | 50,000 | (635,000) | (85,000) |
Proceeds from Cars.com borrowings | 0 | 675,000 | 0 |
Proceeds from borrowings | 0 | 0 | 300,000 |
Debt repayments | (121,146) | (412,246) | (352,590) |
Payments for debt issuance and premiums for early redemption costs | (5,269) | (9,795) | (1,684) |
Dividends paid | (60,290) | (90,170) | (121,639) |
Repurchases of common stock | (5,831) | (23,480) | (161,891) |
Net settlement of stock for tax withholding and proceeds from stock option exercises | (2,436) | (3,932) | (20,352) |
Distributions to noncontrolling membership interests | 0 | (22,980) | (18,840) |
Cash transferred to the Cars.com business | 0 | (20,133) | 0 |
Deferred payments for acquisitions | 0 | 0 | (437) |
Net cash used for financing activities | (144,972) | (542,736) | (462,433) |
Increase (decrease) in cash, cash equivalents and restricted cash | 7,821 | 22,924 | (56,553) |
Cash, cash equivalents and restricted cash from continuing operations, beginning of year | 128,041 | 44,076 | 58,566 |
Cash, cash equivalents and restricted cash from discontinued operations, beginning of year | 0 | 61,041 | 103,104 |
Balance of cash, cash equivalents and restricted cash at beginning of year | 128,041 | 105,117 | 161,670 |
Cash, cash equivalents and restricted cash from continuing operations, end of year | 135,862 | 128,041 | 44,076 |
Cash, cash equivalents and restricted cash from discontinued operations, end of year | 0 | 0 | 61,041 |
Balance of cash, cash equivalents and restricted cash at end of year | $ 135,862 | $ 128,041 | $ 105,117 |
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. 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 interests | (4,511) | (4,511) | |||||
Other comprehensive loss, net of tax | (35,487) | (27,980) | (7,507) | ||||
Comprehensive income | 448,001 | ||||||
Dividends declared | (120,784) | (120,784) | |||||
Spin-off of businesses | (45,128) | (42,486) | (2,642) | ||||
Distributions to noncontrolling membership shareholders | (18,840) | (18,840) | |||||
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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 215,046 | 273,744 | (58,698) | ||||
Redeemable noncontrolling interests | (2,797) | (2,797) | |||||
Other comprehensive loss, net of tax | 54,209 | (6,260) | 54,650 | 5,819 | |||
Comprehensive income | 266,458 | ||||||
Dividends declared | (75,164) | (75,164) | |||||
Spin-off of businesses | (1,513,881) | (1,513,881) | |||||
Distributions to noncontrolling membership shareholders | (22,980) | (22,980) | |||||
Treasury stock acquired | (23,480) | (23,480) | |||||
Stock-based awards activity | (3,931) | (109,560) | 105,629 | ||||
Stock-based compensation | 17,098 | 17,098 | |||||
Deconsolidation of CareerBuilder | (202,931) | (202,931) | |||||
Other activity | 847 | 847 | |||||
Ending Balance at Dec. 31, 2017 | 995,041 | 324,419 | 382,127 | 6,062,995 | (106,923) | (5,667,577) | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Cumulative effect of accounting change | (3,724) | 21,121 | (24,845) | ||||
Net income | 405,665 | 405,665 | |||||
Other comprehensive loss, net of tax | (4,743) | (4,743) | |||||
Comprehensive income | 400,922 | ||||||
Dividends declared | (60,269) | (60,269) | |||||
Treasury stock acquired | (5,831) | (5,831) | |||||
Stock-based awards activity | (500) | (96,060) | 95,560 | ||||
Stock-based compensation | 12,531 | 12,531 | |||||
Other activity | 2,754 | 2,754 | |||||
Ending Balance at Dec. 31, 2018 | $ 1,340,924 | $ 324,419 | $ 301,352 | $ 6,429,512 | $ (136,511) | $ (5,577,848) | $ 0 |
CONSOLIDATED STATEMENTS OF EQ_2
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared, per share (in dollars per share) | $ 0.28 | $ 0.35 | $ 0.56 |
Description of business, basis
Description of business, basis of presentation and summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2018 | |
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 : We are an innovative media company serving the greater good of our communities. Our business includes 49 television stations operating and two radio stations in 41 markets, offering high-quality television programming and digital content. Each television station also has a robust digital presence across online, mobile and social platforms. 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, post-retirement 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 income (loss) in unconsolidated investments, net in the Consolidated Statements of Income. On May 31, 2017, we completed the spin-off of our digital automotive marketplace business, Cars.com. In addition, on July 31, 2017, we completed the sale of our majority ownership stake in CareerBuilder. Our digital marketing services (DMS) business is now reported within our Media business. As a result of these strategic actions, we have disposed of substantially all of our Digital Segment business and have therefore classified its historical financial results as discontinued operations. See Note 14, for further details regarding the spin-off of Cars.com and the sale of CareerBuilder and the impact of each transaction on our consolidated financial statements. Segment presentation: After the spin-off of Cars.com and the sale of our majority stake in CareerBuilder, we began classifying our operations as one operating and reportable segment, Media, which consists of our 49 television stations, as well as our Premion and DMS product lines. Our reportable segment structure has been determined based on management and internal reporting structure, the nature of products and services offered by our businesses, and the financial information that is evaluated regularly by our chief operating decision maker. As a result of classifying the former Digital Segment’s historical financial results as discontinued operations there is no remaining activity in 2018 or 2017. The 2016 activity for our Digital Segment relates to our former Cofactor business which did not meet the criteria for discontinued operation reporting when the business was sold in December 2016. 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 $3.9 million in 2018, $2.6 million in 2017 and $5.2 million in 2016. Write-offs of trade receivables (net of recoveries) were $3.9 million in 2018, $1.9 million in 2017 and $3.6 million in 2016. 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. During 2018, we had expenditures related to the Federal Communication Commission’s (FCC) repack project (see Note 13), our new corporate headquarters facility, and our new facility for our Houston station. As of December 31, 2018, approximately $40.8 million of expenditures were recorded within construction in progress on our Consolidated Balance Sheet, largely as a result of these. 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 in 2017 and 2016 related to long-lived assets. See Note 11 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 our reporting unit may be below its carrying amount. Before performing the annual goodwill impairment test quantitatively, we first have the option to perform a qualitative assessment to determine if the 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 quantitative test. Otherwise, the quantitative test is not required. In 2018, 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. Goodwill is accounted for at the segment level. We have determined that our one segment, Media, consists of a single reporting unit. When performing the quantitative test, we determine the fair value of the 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, the reporting unit’s goodwill is impaired and we must recognize an impairment loss for the difference between the carrying amount and the fair value of the reporting unit. We estimate the fair value of our reporting unit based on a market-based valuation methodology, which is primarily based on our consolidated market capitalization plus a reasonable control premium. In the fourth quarter of 2018, we completed our annual goodwill impairment test for our reporting unit. The results of the test indicated that the estimated fair value of our reporting unit significantly exceeded the carrying value. We also have intangible assets with indefinite lives associated with FCC broadcast licenses related to our acquisitions of television stations. Intangible assets with indefinite lives are tested annually, or more often if circumstances dictate, for impairment and written down to fair value as required. To estimate the fair values for the FCC broadcast licenses, we apply an income approach, using the Greenfield method. The Greenfield method involves a discounted cash flow 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 2018 annual impairment test of FCC broadcast licenses indicated the fair value of each license exceeded its carrying amount; and therefore, no impairment charge was recorded. Investments and other assets: 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. We recognized an impairment charge of $2.6 million in 2017 related to one such investment. Investments in non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as a non-operating expense. At December 31, 2018, such investments totaled approximately $24.5 million and at December 31, 2017, they totaled approximately $17.4 million . During 2018, we recorded a $2.0 impairment on a debt investment which had been classified as an other long-term asset. Our television stations are party to program broadcasting contracts which provide us 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. We evaluate the net realizable value of our program broadcasting contract assets when a triggering event occurs, such as a change in our intended usage, or sustained lower than expected ratings for the program. Impairment analysis are performed at the syndicated program level (across all stations that utilize the program). We determine the net realizable value based on a projection of the estimated advertising revenues less projected direct costs associated with the syndicated program (which is classified as Level 3 in the fair value hierarchy). If the future direct costs exceed expected revenues, impairment of the program asset may be required. Any impairments of programming rights are recorded to asset impairment and other (gains) charges in the Consolidated Statements of Income. No impairment charges were recognized in 2018 and 2017. In 2016 a $6.3 million impairment charge was recorded associated with an internally produced program. Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue. Our primary source of revenue is earned through the sale of advertising and marketing services (AMS). This revenue stream includes all sources of our traditional television and radio advertising, as well as digital revenues including Premion, our digital marketing services (DMS) business unit and other digital advertising across our platforms. Contracts within this revenue stream are short-term in nature (most often three months or less). Contracts generally consist of multiple deliverables, such as television commercials, or digital advertising solutions, that we have identified as individual performance obligations. Before performing under the contract we establish the transaction price with our customer based on the agreed upon rates for each performance obligation. There is no material variability in the transaction price during the term of the contract. Revenue is recognized as we fulfill our performance obligations to our customers. For our AMS revenue stream, we measure the fulfillment of our performance obligations based on the airing of the individual television commercials or display of digital advertisements. This measure is most appropriate as it aligns our revenue recognition with the value we are providing to our customers. The price of each individual commercial and digital advertisement is negotiated with our customer and is determined based on multiple factors, including, but not limited to, the programming and day-part selected, supply of available inventory, our station’s viewership ratings and overall market conditions (e.g., timing of the year and strength of U.S. economy). Customers are billed monthly and payment is generally due 30 days after the date of invoice. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the contracts. We also earn subscription revenue from retransmission consent contracts with multichannel video programming distributors (e.g., cable and satellite providers) and over the top providers (companies that deliver video content to consumers over the Internet). Under these multi-year contracts, we have performance obligations to provide our customers with our stations’ signals, as well as our consent to retransmit those signals to their customers. Subscription revenue is recognized in accordance with the guidance for licensing intellectual property utilizing a usage based method. The amount of revenue earned is based on the number of subscribers to which our customers retransmit our signal, and the negotiated fee per subscriber included in our contract agreement. Our customers submit payments monthly, generally within 60 - 90 days after the month that service was provided. Our performance obligations are satisfied, and revenue is recognized, as we provide our consent for our customers to retransmit our signal. This measure toward satisfaction of our performance obligations and recognition of revenue is the most appropriate as it aligns our revenue recognition with the value that we are delivering to our customers through our retransmission consent. We also generate revenue from the sale of political advertising. Contracts within this revenue stream are short-term in nature (typically weekly or monthly buys during political campaigns). Customers pre-pay these contracts and we therefore defer the associated revenue until the advertising has been delivered, at which time we have satisfied our performance obligations and recognize revenue. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the contracts. Our remaining revenue is comprised of various other services, primarily production services (for news content and commercials) and sublease rental income. Revenue is recognized as these various services are provided to our customers. In instances where we sell services from more than one revenue stream to the same customer at the same time, we recognize one contract and allocate the transaction price to each deliverable element (e.g. performance obligation) based on the relative fair value of each element. Revenue earned by categories in 2018, 2017 and 2016 are shown below (amounts in thousands): Year ended Dec. 31, 2018 2017 2016 Advertising & Marketing Services $ 1,106,754 $ 1,139,642 $ 1,237,735 Subscription 840,838 718,750 581,733 Political 233,613 23,258 154,808 Other 26,077 21,376 19,844 Former Digital Business — — 9,968 Total revenues $ 2,207,282 $ 1,903,026 $ 2,004,088 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 (RSUs) and performance shares to employees as a form of compensation. We have two different ongoing performance share programs. The expense for the RSUs and one of the performance share programs is based on the grant date fair value of the award and is generally recognized on a straight-line basis. Expense related to the other performance share program is marked to market each month. Expense under these programs is recognized 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 9 for further discussion. Advertising and marketing costs : We expense advertising and marketing costs as they are incurred. Advertising expense was $10.4 million in 2018, $5.0 million in 2017 and $7.1 million in 2016, and are included in Selling, general and administrative expenses, exclusive of depreciation 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 tax 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. 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 which has been disposed of (or is to be disposed of) 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. On May 31, 2017, we completed the spin-off of our digital automotive marketplace business, Cars.com. In addition, on July 31, 2017, we completed the sale of our majority ownership stake in CareerBuilder. As a result of these strategic actions, we have disposed of substantially all of our Digital Segment business and have therefore classified the majority its historical financial results as discontinued operations. See Note 14 for more information. Accounting guidance adopted in 2018: In May 2014, the Financial Accounting Standards Board (FASB) issued new guidance related to revenue recognition. Under the new guidance, 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 guidance requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. We adopted the guidance beginning January 1, 2018 using the modified retrospective method. We began recognizing revenue under this new guidance in the first quarter of 2018 and did not restate prior years. We applied the standard to all contracts open as of January 1, 2018. The cumulative prior period effect of applying the guidance was $3.7 million which was recorded as a decrease to retained earnings upon adoption. This adjustment represents a deferral of revenue associated with certain performance obligations that were not fully completed as of the reporting date. In addition, with the adoption of the new guidance, we have determined that certain barter revenue and expense related to syndicated programming will no longer be recognized. The revenue and expense previously recognized for this type of barter transaction would have been approximately $2.0 million in 2018. Other than these two items, there were no other changes to the timing and amount of revenue recognition for our contracts. For contracts with an effective term of less than one year, and for our subscription revenue contracts, we applied certain of the standard’s practical expedients relating to disclosure that permit the exclusion of quantifying and disclosing unsatisfied performance obligations. In addition, the adoption of this standard did not result in significant changes to our accounting policies, business processes, systems or controls. See discussion of our revenue policy above. In August 2016, the FASB issued new guidance which clarifies several specific cash flow classification issues. The objective of the new guidance is to reduce the existing diversity in practice in how these cash flows are presented in the Statement of Cash Flows. The guidance updated the classification in the Statement of Cash Flows in several areas. The most relevant updates for us are the following: 1) payments made for premiums, fees paid to lenders and other related third party costs when debt is repaid early will each be classified as financing cash outflows (we have historically classified these types of cash payments as operating outflows), 2) contingent consideration payments made for acquisitions will be classified as either operating, investing, or financing cash outflows depending on the timing and nature of the payment, 3) cash receipts received due to the settlement of insurance claims will be classified as either operating or investing cash inflows, depending on the nature of the underlying loss, 4) proceeds received from trust owned life insurance policies will be classified as investing cash inflows (we have historically classified these types of cash receipts as operating inflows), and 5) distributions received from equity method investments will be classified as either operating or investing cash inflows, depending on the amount of cash received as compared to the amount of inception to date earnings recognized on the individual investment. We adopted the guidance retrospectively beginning in the first quarter of 2018. As a result of adopting this guidance, we reclassified life insurance proceeds of approximately $1.4 million and $0.5 million received in 2017 and 2016, respectively, from operating to investing inflows. No life insurance proceeds were received in 2018. In addition, for 2017 we reclassified $3.6 million of debt pre-payment costs from operating cash outflows to financing cash outflows. 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. For equity investments that do not have readily determinable prices, those investments may be recorded at cost less impairments, if any, plus or minus changes in observable prices for those investments. This new guidance requires us to adjust the value of our cost method investments to account for any observable price changes in those investments. Cost method investments had previously been recorded at cost, less any impairments. We adopted the new guidance in the first quarter of 2018 and the provision discussed above has been adopted on a prospective basis. There was no impact to our financial statements as a result of adopting this new guidance. In February 2018, the FASB issued guidance on accounting for certain tax effects that resulted from the Tax Cuts and Jobs Act (the Tax Act), that was enacted into law as of December 22, 2017. The guidance addresses the accounting for amounts that had previously been recorded in accumulated other comprehensive income on a net tax basis, using the tax rate that was in effect at the time. Due to the reduction in the tax rates under the Tax Act, certain tax effects were “stranded” in accumulated other comprehensive income. This new guidance allows these stranded tax effects to be reclassified from accumulated other comprehensive income to retained earnings. Other tax amounts stranded in accumulated other comprehensive income due to reasons other than the Tax Act may not be reclassified. As a result of adopting this guidance, in the first quarter of 2018, we reclassified the cumulative effect of the accounting change of approximately $24.8 million from accumulated other comprehensive loss to retained earnings. We believe that reclassifying these amounts more accurately presents the balance of accumulated other comprehensive loss. In November 2016, the FASB issued guidance on the presentation of restricted cash which requires that on the statement of cash flows, amounts generally described as restricted cash or restricted cash equivalents should be included within the beginning and ending balances of cash and cash equivalents. We adopted this guidance in the first quarter of 2018 on a retrospective basis. As a result, restricted cash amounts that have historically been included in prepaid expenses and other current assets and investments and other assets on our Consolidated Balance Sheets are now included with cash and cash equivalents on the Consolidated Statements of Cash Flows. We did no t have any restricted cash as of December 31, 2018, however, these restricted cash balances totaled $29.2 million as of December 31, 2017, and $28.2 million as of December 31, 2016. Our restricted cash was used to pay obligations associated with our deferred compensation and TEGNA Supplemental Retirement Plan (SERP). The adoption of this standard did not change our balance sheet presentation. See Note 12 for additional information about our restricted cash balances. New accounting guidance not yet adopted: 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 (renamed financing leases under the new guidance) to be recognized on the balance sheet—the new guidance will require both finance and operating leases to be recognized on the balance sheet. This update will require the lessee to recognize a lease liability equal to the present value of the lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for all leases longer |
Acquisitions and dispositions
Acquisitions and dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisitions and dispositions | Acquisitions and dispositions We made the following acquisitions, investments and dispositions during 2016 through the date of this report: Acquisitions On January 2, 2019, we completed our acquisition of WTOL, the CBS affiliate in Toledo, OH, and KWES, the NBC affiliate in Midland-Odessa, TX from Gray Television, Inc. for approximately $108.9 million in cash (which includes $3.9 million for estimated working capital paid at closing). The acquisition was funded through the use of available cash and borrowings under our revolving credit facility. On February 15, 2018, we acquired assets in San Diego consisting of KFMB-TV (CBS affiliate station on its primary channel and a CW affiliate on multicast channel KFMB-D2) and radio stations KFMB-AM and KFMB-FM, collectively KFMB. The transaction price was $328.4 million in cash, which we funded through the use of available cash and borrowings under our revolving credit facility. Dispositions On October 18, 2017, we completed the sale of our equity investment in Livestream, a business specializing in live video streaming. Our share of the sale proceeds was $21.4 million . On July 31, 2017, we sold our majority ownership interest in CareerBuilder. Per the terms of the sale agreement, we remain an ongoing partner in CareerBuilder, reducing our 53% controlling interest to approximately 17% interest (or approximately 10% on a fully-diluted basis). As a result, subsequent to the sale, CareerBuilder is no longer consolidated within our reported operating results. See Note 14 for further details regarding the sale. On May 31, 2017, we completed the previously announced spin-off of Cars.com into a separate, stand-alone publicly traded company. See Note 14 for further details regarding the spin-off. On December 15, 2016, we sold our Cofactor business to Liquidus LLC. The historical financial results of Cofactor had previously been included in the Digital Segment, and were not reclassified to discontinued operations (as the sale did not meet the criteria for discontinued operation reporting when the business was sold). |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2018 | |
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 as of December 31, 2018 and December 31, 2017 (in thousands). Gross Accumulated Amortization Net Dec. 31, 2018 Goodwill $ 2,596,863 $ — $ 2,596,863 Indefinite-lived intangibles: Television station FCC licenses 1,384,186 — 1,384,186 Amortizable intangible assets: Retransmission agreements 121,594 (79,274 ) 42,320 Network affiliation agreements 110,390 (30,802 ) 79,588 Other 28,865 (8,882 ) 19,983 Total $ 4,241,898 $ (118,958 ) $ 4,122,940 Dec. 31, 2017 Goodwill $ 2,579,417 $ — $ 2,579,417 Indefinite-lived intangibles: Television station FCC licenses 1,191,950 — 1,191,950 Amortizable intangible assets: Retransmission agreements 110,191 (62,355 ) 47,836 Network affiliation agreements 43,485 (19,371 ) 24,114 Other 15,763 (6,394 ) 9,369 Total $ 3,940,806 $ (88,120 ) $ 3,852,686 Our retransmission agreements and network affiliation agreements are amortized on a straight-line basis over their estimated useful lives. Other intangibles primarily include customer relationships which are amortized on a straight-line basis over their useful lives. On February 15, 2018, we acquired KFMB for $328.4 million in cash, which included a final working capital payment of $2.5 million that we made to the seller in the third quarter of 2018. The purchase price was paid in cash and funded through the use of available cash and borrowings under our revolving credit facility. In connection with this acquisition, we recorded indefinite-lived intangible assets for FCC licenses of $192.2 million and amortizable intangible assets of $91.4 million , primarily related to network affiliation agreement and retransmission consent contracts. The amortizable assets will be amortized over a weighted average period of 10 years. We also recognized goodwill of $17.4 million as a result of the acquisition, all of which is deductible for tax purposes. There were no other changes in our goodwill balance in 2018 or 2017. We completed purchase accounting for the transaction in the third quarter of 2018. During the second quarter of 2017, we recorded a $332.9 million goodwill impairment charge within discontinued operations related to our former CareerBuilder reporting unit. In 2016, we performed an interim goodwill impairment test for a small reporting unit in our former Digital segment. As a result of this test, we recorded a non-cash goodwill impairment charge of $15.2 million , representing the full amount of goodwill associated with this reporting unit. The following table shows the projected annual amortization expense related to amortizable intangible assets existing as of December 31, 2018 (in thousands): 2019 $ 30,803 2020 27,106 2021 21,129 2022 18,005 2023 11,455 Thereafter 33,393 Total $ 141,891 |
Investments and other assets
Investments and other assets | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Investments and other assets | Investments and other assets Our investments and other assets consisted of the following as of December 31, 2018 and 2017 (in thousands): Dec. 31, 2018 Dec. 31, 2017 Cash value life insurance $ 50,452 $ 51,188 Equity method investments 22,960 27,098 Cost method investments 24,497 17,374 Deferred debt issuance costs 9,350 6,048 Other long-term assets 36,206 35,458 Total $ 143,465 $ 137,166 Cash value life insurance: We are the beneficiary of life insurance policies on the lives of certain employees/retirees, which are recorded at their cash surrender value as determined by the insurance carrier. These policies are utilized as a partial funding source for deferred compensation and other non-qualified employee retirement plans. Gains and losses on these investments are included in Other non-operating expenses within our Consolidated Statement of Income and were not material for all periods presented. Equity method investments : We hold several strategic equity method investments. Our largest equity method investment is our ownership in CareerBuilder, of which we own approximately 17% (or approximately 10% on a fully-diluted basis) and has an investment balance of $12.4 million as of December 31, 2018. Our ownership stake provides us with two seats on CareerBuilder’s board of directors and thus we concluded that we have significant influence over the entity. On May 14, 2018, CareerBuilder sold Economic Modeling LLC (also known as EMSI). As a result, we received a dividend of $9.9 million in connection with the sale commensurate with our equity ownership in CareerBuilder. Our share of CareerBuilder’s gain on the sale of EMSI was approximately $17.9 million which is included in Equity income (loss) in unconsolidated investments, net, on our Consolidated Statements of Income. In 2018, we recorded $14.2 million of equity earnings from our CareerBuilder investment (inclusive of the $17.9 million gain from EMSI sale). Dividends received in 2018 from equity method investments totaled $13.5 million (inclusive of the $9.9 million CareerBuilder dividend discussed above). In 2017, prior to the sale of our majority ownership interest, CareerBuilder issued a dividend to its selling shareholders, of which $25.8 million was paid to TEGNA. Cost method investments : The carrying value of cost method investments at December 31, 2018, was $24.5 million and $17.4 million at December 31, 2017. The increase is primarily due to new investments in Hudson MX, MadHive and Vizbee businesses during 2018. Deferred debt issuance costs : These costs consist of amounts paid to lenders related to our revolving credit agreement. Debt issuance costs paid for our term debt and unsecured notes are accounted for as a reduction in the debt obligation (see Note 6). |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Income taxes The provision (benefit) for income taxes from continuing operations consists of the following (in thousands): 2018 Current Deferred Total Federal $ 77,795 $ 15,765 $ 93,560 State and other 9,527 4,280 13,807 Total $ 87,322 $ 20,045 $ 107,367 2017 Current Deferred Total Federal $ 81,355 $ (214,539 ) $ (133,184 ) State and other 7,981 (12,043 ) (4,062 ) Total $ 89,336 $ (226,582 ) $ (137,246 ) 2016 Current Deferred Total Federal $ 155,558 $ (4,323 ) $ 151,235 State and other 5,792 (16,856 ) (11,064 ) Total $ 161,350 $ (21,179 ) $ 140,171 Income from continuing operations before income taxes attributable to TEGNA Inc. consists entirely of domestic income. The provision for income taxes varies from the U.S. federal statutory tax rate as a result of the following differences: 2018 2017 2016 U.S. statutory tax rate 21.0% 35.0% 35.0% Increase (decrease) in taxes resulting from: State taxes (net of federal income tax benefit) 2.9 2.4 2.4 Domestic manufacturing deduction — (3.0) (3.3) Uncertain tax positions, settlements and lapse of statutes of limitations (0.3) (0.9) (0.5) Net deferred tax write offs and deferred tax rate adjustments (1.0) (6.3) (2.4) Enactment of the Tax Cuts and Jobs Act (1.1) (70.9) — Non-deductible transactions costs — 1.2 0.8 Net excess benefits on share-based payments 0.1 (0.4) (1.4) Other, net (0.5) (1.3) 0.6 Effective tax rate 21.1% (44.2%) 31.2% 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. Pub. L. No. 115-97, commonly referred to as the Tax Cuts and Jobs Act (Tax Act), was enacted into law as of December 22, 2017. Among other provisions, the Tax Act reduced the federal tax rate to 21% effective for us as of January 1, 2018. On the same date, the SEC staff issued Staff Accounting Bulletin No. 118 to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. We recognized the provisional tax impacts related to the revaluation of deferred tax assets and liabilities and included these amounts in our consolidated financial statements for the year ended December 31, 2017. We completed our 2017 U.S. federal and state returns in 2018 and recorded measurement period adjustments for the revaluation of deferred tax assets and liabilities at the reduced 21% federal tax rate, which reduced tax expense by $5.4 million and our 2018 effective income tax rate by one percentage point. As of December 31, 2018, the accounting for the income tax effects of the Tax Act has been completed. Deferred tax liabilities and assets were composed of the following at the end of December 31, 2018 and December 31, 2017 (in thousands): Dec. 31, 2018 2017 Liabilities Accelerated depreciation $ 43,396 $ 40,568 Accelerated amortization of deductible intangibles 427,760 420,301 Other 2,655 5,255 Total deferred tax liabilities 473,811 466,124 Assets Accrued compensation costs 13,440 15,133 Pension and other post-retirement benefits 34,679 39,769 Loss carryforwards 120,695 132,214 Other 34,044 33,116 Total deferred tax assets 202,858 220,232 Valuation allowance 125,894 136,418 Total net deferred tax (liabilities) $ (396,847 ) $ (382,310 ) As of December 31, 2018, we had approximately $452.9 million of capital loss carryforwards for federal and state purposes which can only be utilized to the extent capital gains are recognized. Losses of $351.8 million will expire if not used in 2019, while the remaining losses will expire if not used prior to 2023. As of December 31, 2018, we also had approximately $18.6 million of state net operating loss carryovers that, if not utilized, will expire in various amounts beginning in 2019 through 2038 and $0.4 million of state interest disallowance carryovers that do not expire. Included in total deferred tax assets are valuation allowances of approximately $125.9 million as of December 31, 2018 and $136.4 million as of December 31, 2017, primarily related to federal and state capital losses and state net operating losses available for carry forward to future years. This $10.5 million change in the valuation allowance was the result of a $14.4 million decrease primarily due to the utilization and expected utilization of capital loss deferred tax assets, and a $3.9 million increase primarily related to valuation allowance required on certain stock-based compensation. If, in the future, we believe that it is more-likely-than-not that these deferred tax assets 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 Agreements Prior to the May 31, 2017 spin-off of the Cars.com business and the June 29, 2015 spin-off of our publishing businesses, we entered into a Tax Matters Agreement with each of Cars.com Inc. and 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. Each agreement provides that we will generally indemnify the spun-off business (Cars.com Inc. or Gannett Co. Inc. as applicable) 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. federal, 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): 2018 2017 2016 Change in unrecognized tax benefits Balance at beginning of year $ 15,043 $ 17,300 $ 19,491 Additions based on tax positions related to the current year 40 156 213 Additions for tax positions of prior years 2,631 11 162 Reductions for tax positions of prior years — (636 ) (1,214 ) Settlements (182 ) (852 ) — Reductions due to lapse of statutes of limitations (4,689 ) (936 ) (1,352 ) Balance at end of year $ 12,843 $ 15,043 $ 17,300 The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $10.6 million as of December 31, 2018, and $10.7 million as of December 31, 2017. 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 income from interest for uncertain tax positions of $0.2 million in 2018 and $0.3 million in 2017 while recording expense of $0.7 million in 2016. The amount of accrued interest expense and penalties payable related to unrecognized tax benefits was $1.4 million as of December 31, 2018 and $1.6 million as of December 31, 2017. We file income tax returns in the U.S. and various state jurisdictions. The 2015 through 2018 tax years remain subject to examination by the Internal Revenue Service and state authorities. Tax years before 2015 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 $3.9 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, 2018 | |
Debt Disclosure [Abstract] | |
Long-term debt | Long-term debt Our long-term debt is summarized below (in thousands): Dec. 31, 2018 2017 Unsecured floating rate term loan paid quarterly through August 2018 $ — $ 20,500 VIE unsecured floating rate term loans paid quarterly through December 2018 — 646 Unsecured floating rate term loan due quarterly through June 2020 60,000 100,000 Unsecured floating rate term loan due quarterly through September 2020 165,000 225,000 Borrowings under revolving credit agreement expiring June 2023 50,000 — Unsecured notes bearing fixed rate interest at 5.125% due October 2019 320,000 320,000 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 2,960,000 3,031,146 Debt issuance costs (15,458 ) (20,551 ) Other (fair market value adjustments and discounts) (76 ) (2,902 ) Total long-term debt 2,944,466 3,007,693 Less current portion of long-term debt maturities of VIE loans — 646 Long-term debt, net of current portion $ 2,944,466 $ 3,007,047 On June 21, 2018, we entered into an amendment of our Amended and Restated Competitive Advance and Revolving Credit Agreement. Under the amended terms, the $1.51 billion of revolving credit commitments and letter of credit commitments have been extended until June 21, 2023. The amendment also extended our permitted total leverage ratio to remain at 5.0 x through June 30, 2019, reducing to 4.75 x for the first quarter ending September 30, 2019 through the end of the fiscal quarter ending June 30, 2020, and then reducing to 4.5 x for the fiscal quarter ending September 30, 2020 and thereafter. As of December 31, 2018, we had unused borrowing capacity of $1.44 billion 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 loan payments and unsecured notes due in 2019 and 2020. Based on this refinancing assumption, all of the obligations due prior to 2023 are reflected as maturities for 2023, the year the revolving credit agreement expires (in thousands). 2019 (1) $ — 2020 (1) — 2021 (1) 55,000 2022 — 2023 (2) 2,140,000 Thereafter 765,000 Total $ 2,960,000 (1) Debt payments due in 2019, 2020 and 2021 are assumed to be repaid with funds from the revolving credit agreement, up to our maximum borrowing capacity. The revolving credit agreement expires in 2023. Excluding our ability to repay funds with the revolving credit agreement, contractual debt maturities are $420 million for 2019, $725 million in 2020 and $350 million in 2021. (2) Assumes current revolving credit agreement borrowings come due in 2023 and credit facility is not extended. |
Retirement plans
Retirement plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Retirement plans | Retirement plans We have various defined benefit retirement plans. Our principal defined benefit pension plan is the TEGNA Retirement Plan (TRP). In connection with our acquisition of KFMB, we assumed its preexisting pension plan which, as of the acquisition date, had a total net pension obligation of $7.3 million . All of KFMB’s plan participants’ benefits were frozen prior to the acquisition date. During the second quarter of 2018, the KFMB pension plan was merged into the TRP. The disclosure tables presented 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, and in December 2017, we froze all remaining accruing benefits for certain grandfathered SERP participants. Our pension expense, which include costs for our qualified TRP plan and non-qualified SERP plan, are presented in the following table (in thousands): 2018 2017 2016 Service cost—benefits earned during the period $ 12 $ 872 $ 816 Interest cost on benefit obligation 21,337 23,985 26,111 Expected return on plan assets (30,935 ) (26,322 ) (26,764 ) Amortization of prior service costs 168 635 670 Amortization of actuarial loss 5,124 8,357 7,615 Pension payment timing related charges 7,498 26 — Total pension expense for company-sponsored retirement plans $ 3,204 $ 7,553 $ 8,448 The service cost component of our pension expense is recorded within the operating expense line items Cost of revenue, Business units - Selling, general and administrative, and Corporate - General and administrative within the Consolidated Statements of Income. All other components of the pension expense are included within the Other non-operating expenses line item of the Consolidated Statements of Income. The following table provides a reconciliation of pension benefit obligations (on a projected benefit obligation measurement basis), plan assets and funded status of company-sponsored retirement plans, along with the related amounts that are recognized in the Consolidated Balance Sheets (in thousands). Dec. 31, 2018 2017 Change in benefit obligations Benefit obligations at beginning of year $ 614,111 $ 606,413 Service cost 12 872 Interest cost 21,337 23,985 Actuarial (gain) loss (40,135 ) 26,700 Benefits paid (36,222 ) (39,143 ) Acquisition of KFMB 25,966 — Curtailment gain (1) — (4,716 ) Settlements (2) (30,274 ) — Benefit obligations at end of year $ 554,795 $ 614,111 Change in plan assets Fair value of plan assets at beginning of year $ 439,149 $ 388,168 Actual (loss) return on plan assets (29,016 ) 69,295 Employer contributions 45,219 20,829 Benefits paid (36,222 ) (39,143 ) Acquisition of KFMB 18,694 — Settlements (2) (30,274 ) — Fair value of plan assets at end of year $ 407,550 $ 439,149 Funded status at end of year $ (147,245 ) $ (174,962 ) Amounts recognized in Consolidated Balance Sheets Accrued benefit cost—current $ (7,870 ) $ (30,742 ) Accrued benefit cost—noncurrent $ (139,375 ) $ (144,220 ) (1) Curtailment gain in 2017 was a result of our decision to freeze the SERP plan accruals for certain grandfathered participants. Beginning in 2018, all SERP participants will no longer accrue benefits under this plan. (2) Settlements represent lump sum benefit payments to plan participants. When aggregate lump sums exceed the settlement threshold, pension payment timing related charges are incurred, and the lump sum payments prompting the charge are shown on a separate line from other benefit payments. The funded status (on a projected benefit obligation basis of our principal retirement plans at December 31, 2018, is as follows (in thousands): Fair Value of Plan Assets Benefit Obligation Funded Status TRP $ 407,550 $ 491,354 $ (83,804 ) SERP (a) — 62,892 (62,892 ) All other — 549 (549 ) Total $ 407,550 $ 554,795 $ (147,245 ) (a) The SERP is an unfunded, unsecured liability The accumulated benefit obligation for all defined benefit pension plans was $554.8 million at December 31, 2018 and $614.1 million at December 31, 2017. Based on actuarial projections, cash contributions of $11.6 million are expected to be made to our retirement plans (comprised of contributions of $7.8 million for the SERP, $3.8 million for the TRP) during the year ended December 31, 2019. The following table presents information for our retirement plans for which accumulated benefit obligation exceed assets (in thousands): Dec. 31, 2018 2017 Accumulated benefit obligation $ 554,768 $ 614,079 Fair value of plan assets $ 407,550 $ 439,149 The following table presents information for our retirement plans for which projected benefit obligations exceed assets (in thousands): Dec. 31, 2018 2017 Projected benefit obligation $ 554,795 $ 614,111 Fair value of plan assets $ 407,550 $ 439,149 The following table summarizes the pre-tax amounts recorded in accumulated other comprehensive loss that have not yet been recognized as a component of pension expense (in thousands): Dec. 31, 2018 2017 Net actuarial losses $ (182,610 ) $ (175,415 ) Prior service cost (1,888 ) (2,056 ) Amounts in accumulated other comprehensive loss $ (184,498 ) $ (177,471 ) The actuarial loss amounts expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2019 are $6.0 million . The prior service cost amounts expected to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost in 2019 are $0.1 million . Additionally, in 2019, we expect to incur a settlement charge of $0.7 million as a result of certain lump-sum payments that we expect to make from the SERP plan in 2019. Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) consist of the following (in thousands): 2018 2017 Current year net actuarial (loss) gain $ (19,817 ) $ 16,272 Amortization of previously deferred actuarial loss 5,124 8,357 Amortization of previously deferred prior service costs 168 635 Pension payment timing related charges 7,498 — Curtailment gain — 4,716 Prior service cost recognized in curtailment — 26 Total $ (7,027 ) $ 30,006 Pension costs: The following assumptions were used to determine net pension costs: 2018 2017 2016 Discount rate 3.64% 4.12% 4.46% Expected return on plan assets 7.00% 7.00% 7.00% 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. In 2019, we expect to have pension expense of approximately $3.5 million . Benefit obligations and funded status: The following assumptions were used to determine the year-end benefit obligations: Dec. 31, 2018 2017 Discount rate 4.34% 3.64% Plan assets: The asset allocation for the TRP at the end of 2018 and 2017 , and target allocations for 2019, by asset category, are presented in the table below: Target Allocation Allocation of Plan Assets 2019 2018 2017 Equity securities 57 % 57 % 56 % Debt securities 38 % 39 % 39 % Other 5 % 4 % 5 % 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 -5.6% for 2018, 20.3% for 2017 and 7.4% for 2016. 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): 2019 $ 48,038 2020 37,882 2021 38,384 2022 39,342 2023 39,195 2024-2028 $ 192,299 401(k) savings plan Substantially all our employees (other than those covered by a collective bargaining agreement) are eligible to participate in our principal defined contribution plan, The TEGNA 401(k) Savings Plan. Employees can elect to contribute up to 50% of their compensation to the plan subject to certain limits. For most participants, the plan’s 2018 matching formula is 100% of the first 4% of employee contributions. We also make additional employer contributions on behalf of certain long-term employees. Compensation expense related to 401(k) contributions was $13.3 million in 2018, $14.4 million in 2017 and $13.5 million in 2016. 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 certain 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, 2017. 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 for the AFTRA Plan. We make all required contributions to the AFTRA plan as determined under the respective CBAs. We contributed $2.4 million in 2018, $2.4 million in 2017 and $ 1.8 million in 2016. 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, 2017. Expiration dates of the CBAs in place range from January 28, 2019 to December 5, 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, 2018 and 2017. |
Fair value measurement
Fair value measurement | 12 Months Ended |
Dec. 31, 2018 | |
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. Our deferred compensation investments were valued using Level 1 inputs with a fair value of $14.6 million as of December 31, 2017. Our deferred compensation assets were invested in a fixed income mutual fund. During the first quarter of 2018, we liquidated the deferred compensation investment to cover payments made to SERP participants. Cost method investments in private companies are recorded at cost, less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. The carrying value of these investments was $24.5 million as of December 31, 2018 and $17.4 million as of December 31, 2017. There were no events or changes in circumstance that suggested an impairment or an observable price change to any of our cost method investments in 2018, 2017 and 2016. The cost method investments are classified in Level 3 of the fair value hierarchy. We additionally hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and long-term debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values due to the short-term nature of these instruments. The fair value of our total long-term debt, determined based on the bid and ask quotes for the related debt (Level 2), totaled $2.96 billion at December 31, 2018 and $3.16 billion at December 31, 2017. In the second quarter of 2017, we recorded a non-cash impairment charge of $332.9 million related to our former CareerBuilder reporting unit. This impairment charge is recorded within the income (loss) from discontinued operations line item within the Consolidated Statements of Income. In 2016, we recorded non-cash goodwill impairment charge of $15.2 million related to our former Cofactor reporting unit. In each case, the fair value determination of goodwill was determined using a combination of an income approach (discounted cash flow 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. During the second half of 2017, a few of our television stations were impacted by hurricanes Harvey and Irma. In particular, Hurricane Harvey caused major damage to our Houston television station (KHOU), and as a result in 2017, we recognized $11.1 million in non-cash charges, writing off destroyed equipment and recording an impairment on the building (fair value of the building was determined using a market based valuation). In addition, we incurred $15.8 million in cash expenses related to repairing the studio and office and providing for additional staffing and operational needs to keep the station operating during and immediately following these weather emergencies. Partially offsetting these expenses, we received insurance proceeds of $26.0 million ( $5.0 million was received in the third quarter of 2017 and $21.0 million was received in the fourth quarter of 2017). The net expense impact from the hurricane of $0.9 million has been recorded in asset impairment and other (gains) charges on our Consolidated Statements of Income. During 2018 we recorded a $2.0 million impairment charge associated with debt investments due to decline in the fair value of the investee. We also recorded a non-cash impairment charge of $5.8 million in 2017 associated with the write-off of a note receivable from one of our former equity method investments. The below fair value tables relate to our TRP pension plan assets (in thousands): Pension Plan Assets Fair value measurement as of Dec. 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash and other $ 958 $ — $ — $ 958 Corporate stock 83,489 — — 83,489 Interest in registered investment companies 39,007 — — 39,007 Total $ 123,454 $ — $ — $ 123,454 Pension plan investments valued using net asset value as a practical expedient: Common collective trust - equities $ 104,993 Common collective trust - fixed income 158,580 Hedge funds 16,126 Partnership/joint venture interests 4,397 Total fair value of plan assets $ 407,550 Fair value measurement as of Dec. 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash and other $ 935 $ — $ — $ 935 Corporate stock 82,698 — — 82,698 Interest in registered investment companies 45,186 — — 45,186 Total $ 128,819 $ — $ — $ 128,819 Pension plan investments valued using net asset value as a practical expedient: Common collective trust - equities $ 117,778 Common collective trust - fixed income 170,977 Hedge funds 15,756 Partnership/joint venture interests 5,819 Total fair value of plan assets $ 439,149 Valuation methodologies used for TRP pension 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. 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. Interest in common/collective trusts are valued using the net asset value as provided monthly by the investment manager or fund company. Nine 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 four 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. 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 $0.7 million as of December 31, 2018 and 2017. As of December 31, 2018, 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, 2018 | |
Shareholders' Equity and Share-based Payments [Abstract] | |
Shareholders' equity | Shareholders’ equity At December 31, 2018, and 2017, our authorized capital was comprised of 800 million shares of common stock and 2 million shares of preferred stock. At December 31, 2018, shareholders’ equity of TEGNA included 215.8 million shares that were outstanding (net of 108.7 million shares of common stock held in treasury). At December 31, 2017, shareholders’ equity of TEGNA included 214.9 million that were outstanding (net of 109.5 million shares of common stock held in treasury). No shares of preferred stock were issued and outstanding at December 31, 2018, or 2017. 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 the issuance of performance shares and restricted stock units. Our earnings per share (basic and diluted) for 2018, 2017, and 2016 are presented below (in thousands, except per share amounts): 2018 2017 2016 Income from continuing operations $ 401,340 $ 447,962 $ 309,120 Income (loss) from discontinued operations, net of tax 4,325 (232,916 ) 178,879 Net loss (income) attributable to noncontrolling interests from discontinued operations — 58,698 (51,302 ) Net income attributable to TEGNA Inc. $ 405,665 $ 273,744 $ 436,697 Weighted average number of common shares outstanding - basic 216,184 215,587 216,358 Effect of dilutive securities Restricted stock 139 659 1,424 Performance share units 97 550 997 Stock options 201 682 902 Weighted average number of common shares outstanding - diluted 216,621 217,478 219,681 Earnings from continuing operations per share - basic $ 1.86 $ 2.08 $ 1.43 Earnings from discontinued operations per share - basic 0.02 (0.81 ) 0.59 Earnings per share - basic $ 1.88 $ 1.27 $ 2.02 Earnings from continuing operations per share - diluted $ 1.85 $ 2.06 $ 1.41 Earnings from discontinued operations per share - diluted 0.02 (0.80 ) 0.58 Earnings per share - diluted $ 1.87 $ 1.26 $ 1.99 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 205,000 stock awards for 2018, 190,000 for 2017, and 150,000 for 2016, as their inclusion would be accretive to earnings per share. Share repurchase program In the third quarter of 2017, our Board of Directors approved a new share repurchase program for up to $300.0 million of our common stock over the next three years. During 2018, 0.5 million shares were repurchased for $5.8 million . In 2017, 1.5 million shares were purchased for $23.5 million , and in 2016, 7.0 million shares were purchased for $161.9 million . Repurchased shares are included in the Consolidated Balance Sheets as Treasury Stock. As of December 31, 2018, the value of shares that may be repurchased under the existing program is $279.1 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 (RSUs), performance share units, performance share awards, 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. During the first quarter of 2018, the Leadership Development and Compensation Committee (LDCC) of the Board of Directors established new performance metrics for long-term incentive awards for our executives under the Plan, as amended, designed to better reflect TEGNA as a pure-play broadcaster. On March 1, 2018, we granted certain employees performance share awards (PSAs) reflecting these new metrics with aggregate target awards of approximately 0.6 million shares of our common stock. The number of shares earned under the PSA program will be determined based on the achievement of certain financial performance criteria (adjusted EBITDA and free cash flow as defined by the PSA) over a two-year cumulative financial performance period. If the financial performance criteria are met and certified by the LDCC, the shares earned under the PSA will be subject to an additional one year service period before the common stock is released to the employees. The PSAs do not pay dividends or allow voting rights during the performance period. Therefore, the fair value of the PSA is the quoted market value of our stock on the grant date less the present value of the expected dividends not received during the relevant performance period. The PSA provides the LDCC with limited discretion to make adjustments to the financial targets to ensure consistent year-to-year comparison for the performance criteria. For expense recognition, in the period it becomes probable that the minimum performance criteria specified in the PSA will be achieved, we will recognize expense for the proportionate share of the total fair value of the shares subject to the PSA related to the vesting period that has already lapsed. Each reporting period we will adjust the fair value of the PSAs to the quoted market value of our stock price. In the event we determine it is no longer probable that we will achieve the minimum performance criteria specified in the PSA, we will reverse all of the previously recognized compensation expense in the period such a determination is made. Prior to 2018, senior executives participated in a performance share award plan (PSU) in which the number of shares that an executive receives is determined based upon how our total shareholder return (TSR) compares to the TSR of a peer group of companies during the three-year period. For this PSU award, we recognize the grant date fair value of each PSU, less estimated forfeitures, as compensation expense ratably over the incentive period. Fair value was 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. No PSUs were awarded in 2018. We also issue stock-based compensation to employees in the form of RSUs. These awards generally entitle employees to receive at the end of a specified vesting period one share of common stock for each RSU granted, conditioned on continued employment for the relevant vesting period. RSUs granted in 2015 and 2016 vest 25% per year over a four-year vesting period and are settled in common stock at the end of the four-year vesting period. RSUs granted since 2016 vest 25% per year and settle annually. RSUs do not pay dividends or confer voting rights in respect of the underlying common stock during the vesting 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 vesting period. The fair value of the RSU, less estimated forfeitures, is recognized as compensation expense ratably over the vesting period. We have generally granted both RSUs and performance share awards to employees on January 1, however, beginning in 2018, awards were granted on March 1 and we expect this will be the annual grant date for the foreseeable future. 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 LDCC. Determining fair value of PSUs Valuation and amortization method – We determined the fair value of PSUs 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 PSU 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 PSUs: PSU Activity 2017 2016 Expected term 3 yrs. 3 yrs. Expected volatility 29.90% 39.60% Risk-free interest rate 1.47% 1.31% Expected dividend yield 2.62% 2.19% Stock-based Compensation Expense: The following table shows the stock-based compensation related amounts recognized in the Consolidated Statements of Income for equity awards pertaining to continuing operations (in thousands): 2018 2017 2016 Restricted stock and RSUs $ 7,260 $ 9,408 $ 9,957 PSAs and PSUs 5,271 6,234 6,341 Stock options — 427 — Total stock-based compensation 12,531 16,069 16,298 Total income tax (provision) benefit (184 ) 7,442 12,677 Stock-based compensation net of tax $ 12,715 $ 8,627 $ 3,621 Restricted Stock and RSUs: As of December 31, 2018, there was $15.1 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 2.5 years . In connection with the spin-off of our Cars.com business, and in accordance with our equity award Plan, the number of RSUs outstanding on May 31, 2017 (the Cars.com Distribution Date) were adjusted with the intention of preserving the intrinsic value of the awards prior to the separation. For restricted stock and RSUs granted in 2016 and 2017 prior to the Cars.com 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 Cars.com Adjustment), which resulted in an aggregate increase of 606,377 RSUs as noted in the table below. A summary of restricted stock and RSU awards is presented below: 2018 2017 2016 Restricted Stock and RSU Activity Shares Weighted average fair value Shares Weighted average fair value Shares Weighted average fair value Unvested at beginning of year 1,062,550 $ 21.29 1,143,421 $ 25.66 2,126,526 $ 21.55 Granted 1,198,787 11.99 989,443 19.41 616,743 25.08 Vested (477,050 ) 15.11 (1,162,231 ) 25.18 (1,277,444 ) 19.22 Canceled (216,583 ) 17.98 (514,460 ) 21.49 (322,404 ) 22.27 Adjustment due to spin-off of Cars.com (a) — 606,377 — Unvested at end of year (a) 1,567,704 $ 14.65 1,062,550 $ 21.29 1,143,421 $ 25.66 (a) The weighted-average grant date fair value of the RSUs included in the line item “Adjustment due to spin-off of Cars.com” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.59 . The weighted-average grant date fair value of the unvested RSUs as of Dec. 31, 2017 reflect the adjustment. PSUs: As of December 31, 2018, there was $1.1 million of unrecognized compensation cost related to non-vested PSUs. This amount will be adjusted for future changes in estimated forfeitures and recognized over a weighted average period of 1.0 year . In connection with the spin-off of our Cars.com business, and in accordance with our equity award Plan, the number of target PSUs outstanding on the Cars.com Distribution Date were adjusted with the intention of preserving the intrinsic value of the awards prior to the separation. For PSUs granted in 2017 prior to the Cars.com Distribution Date, the Cars.com Adjustment was made and resulted in an aggregate increase of 178,775 PSUs as noted in the table below. A summary of our PSUs is presented below: 2018 2017 2016 PSUs Activity Target number of shares Weighted average fair value Target number of shares Weighted average fair value Target number of shares Weighted average fair value Unvested at beginning of year 662,835 $ 25.87 1,018,950 $ 35.60 1,385,940 $ 29.21 Granted — 307,950 23.92 392,589 30.69 Vested (383,095 ) 27.19 (774,267 ) 36.94 (687,125 ) 20.12 Canceled (28,900 ) 25.39 (68,573 ) 31.80 (72,454 ) 34.96 Adjustment due to spin-off of Cars.com (a) — 178,775 — Unvested at end of year (a) 250,840 $ 23.92 662,835 $ 25.87 1,018,950 $ 35.60 (a) The weighted-average grant date fair value of the PSUs included in the line item “Adjustment due to spin-off of Cars.com” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.59 . The weighted-average grant date fair value of the unvested PSUs as of Dec. 31, 2017 reflect the adjustment. PSAs: The PSAs were first granted in 2018. A summary 2018 activity for the PSAs is presented below: 2018 PSAs Activity Target number of shares Weighted average fair value Unvested at beginning of year — Granted 565,187 $ 12.05 Vested (91,451 ) 12.05 Canceled (23,651 ) 12.05 Unvested at end of year 450,085 $ 12.05 Stock Options: No stock options were granted in 2018, 2017 or 2016. All outstanding options were fully vested as of December 2016, which we previously recognized as compensation cost ratably over the four -year incentive period. At December 31, 2018 and 2017, there were 0.4 million (weighted average exercise price of $8.56 ) and 1.3 million (weighted average exercise price of $8.25 ) stock options outstanding. Stock options outstanding at December 31, 2018, have a weighted average remaining contractual life of approximately 0.33 years and an aggregate intrinsic value of $0.9 million . Stock options exercised totaled 0.8 million in 2018, 0.8 million in 2017, and 0.2 million in 2016. The weighted average exercise price was $8.10 in 2018, $9.07 in 2017, and $11.03 in 2016. The intrinsic value of all stock options exercised was $5.2 million in 2018, $5.3 million in 2017 and $2.3 million in 2016. Accumulated other comprehensive loss The elements of our Accumulated Other Comprehensive Loss (AOCL) principally consisted of pension, retiree medical and life insurance liabilities and foreign currency translation. The following tables summarize the components of, and changes in AOCL, net of tax and noncontrolling interests (in thousands): 2018 Retirement Plans Foreign Currency Translation Total Balance at beginning of year $ (107,037 ) $ 114 $ (106,923 ) Other comprehensive (loss) income before reclassifications (14,450 ) 268 (14,182 ) Amounts reclassified from AOCL 9,439 — 9,439 Total other comprehensive income $ (5,011 ) $ 268 $ (4,743 ) Reclassification of stranded tax effects to retained earnings (24,845 ) — (24,845 ) Balance at end of year $ (136,893 ) $ 382 $ (136,511 ) 2017 Retirement Plans Foreign Currency Translation (1) Other Total Balance at beginning of year $ (124,978 ) $ (28,560 ) $ (8,035 ) $ (161,573 ) Other comprehensive income (loss) before reclassifications 12,496 6,649 (1,707 ) 17,438 Amounts reclassified from AOCL 5,445 22,025 9,742 37,212 Balance at end of year $ (107,037 ) $ 114 $ — $ (106,923 ) (1) Our entire foreign currency translation adjustment is related to our CareerBuilder investment. As a result of deconsolidating the investment due to the sale of our majority ownership, we reclassified the translation adjustment from AOCL to the Consolidated Statement of Income as of the date of sale, July 31, 2017. Due to the noncontrolling ownership stake that we retained in CareerBuilder, we will continue to record our share of foreign currently translation adjustments through our equity method investment. 2016 Retirement Plans Foreign Currency Translation Other Total Balance at beginning of year $ (114,133 ) $ (20,129 ) $ 3,311 $ (130,951 ) Other comprehensive (loss) before reclassifications (13,143 ) (8,431 ) (11,346 ) (32,920 ) Spin-off publishing businesses (2,642 ) — — (2,642 ) Amounts reclassified from AOCL 4,940 — — 4,940 Balance at end of year $ (124,978 ) $ (28,560 ) $ (8,035 ) $ (161,573 ) AOCL components are included in the computation of net periodic post-retirement costs which include pension costs discussed in Note 7 and our other post-retirement benefits (health care and life insurance benefits). Reclassifications out of AOCL related to these post-retirement plans include the following (in thousands): 2018 2017 2016 Amortization of prior service (credit) cost $ (403 ) $ 63 $ 96 Amortization of actuarial loss 5,544 8,774 7,972 Pension payment timing related charges 7,498 — — Total reclassifications, before tax 12,639 8,837 8,068 Income tax effect (3,200 ) (3,392 ) (3,128 ) Total reclassifications, net of tax $ 9,439 $ 5,445 $ 4,940 Adjustments related to spun-off businesses Cars.com On May 31, 2017, we completed the spin-off of Cars.com. As a result of the spin-off, we disposed of all Cars.com asset and liability amounts, which resulted in a reduction of retained earnings of $1.5 billion in 2017. Publishing 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 in 2015. The first adjustment reduced retained earnings by $7.7 million related to discrepancies in participant data in our post-retirement plans. 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, 2018 | |
Segment Reporting [Abstract] | |
Business operations and segment information | Business operations and segment information Our reportable segment determination is based on our management and internal reporting structure, the nature of products and services offered by the segments, and the financial information that is evaluated regularly by our chief operating decision maker. Immediately following the spin-off of Cars.com and the sale of our majority stake in CareerBuilder, we began classifying our operations as one operating and reportable segment, Media, which consists of our 49 television stations operating in 41 markets, offering high-quality television programming and digital content. Also included in the Media Segment is our DMS business which was previously reported in our Digital Segment. The historical periods below have also been updated to restate the historical results of our DMS business within our Media business. As a result of classifying the former Digital Segment’s historical financial results as discontinued operations there is no remaining activity following 2016 as shown in the tables below. The 2016 activity shown below for our Digital Segment relates to our former Cofactor business which did not meet the criteria for discontinued operation reporting when the business was sold in December 2016. Segment operating results for continuing operations are summarized as follows (in thousands): Business segment financial information 2018 2017 2016 Revenues Media $ 2,207,282 $ 1,903,026 $ 1,994,120 Digital — — 9,968 Total $ 2,207,282 $ 1,903,026 $ 2,004,088 Operating income Media (1) $ 752,292 $ 602,514 $ 800,791 Digital (1) — — (30,241 ) Corporate (1) (53,816 ) (56,612 ) (62,398 ) Total $ 698,476 $ 545,902 $ 708,152 Depreciation, amortization, asset impairment and other (gains) charges Media (1) $ 73,737 $ 79,398 $ 85,890 Digital (1) — — 21,166 Corporate (1) 1,349 1,669 3,706 Total $ 75,086 $ 81,067 $ 110,762 Capital expenditures Media $ 62,141 $ 39,055 $ 41,572 Digital — — — Corporate 3,089 390 1,643 Total $ 65,230 $ 39,445 $ 43,215 (1) Operating income for Media and Digital Segments includes pre-tax net asset impairment and other (gains) charges for each year presented. See Note 11. |
Asset impairment and other (gai
Asset impairment and other (gains) charges | 12 Months Ended |
Dec. 31, 2018 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Asset impairment and other (gains) charges | Asset impairment and other (gains) charges As events occur, or circumstances change, we may recognize non-cash impairment charges to reduce the book value of goodwill, other intangible assets and other long-lived assets or to record charges (gains) related to facility consolidations efforts, or unique events. A summary of these items by year (pre-tax basis) is presented below (in thousands): 2018 2017 2016 Property and equipment (gains) impairments $ (5,989 ) $ 2,183 $ 6,085 Lease exit and other charges 551 1,350 4,558 Hurricane related losses, net 1,137 896 — Reimbursement of spectrum repacking (7,400 ) — — Goodwill and intangible asset impairments — — 21,487 Total asset impairment and other (gains) charges $ (11,701 ) $ 4,429 $ 32,130 Property and equipment (gains) impairments : In 2018 we recognized a $6.0 million gain as a result of the sale of real estate in Houston. During 2017, we recorded $2.2 million of impairment charges associated with operating assets at one of our television stations. The 2016 charge is primarily related to a $4.7 million impairment associated with a long-lived asset that was sold. Lease exit and other charges: These charges primarily relate to the early exit of various leases. The 2018 and 2016 charges relate to exiting a lease used by our former Cofactor business, which operated within our former Digital segment. The 2017 charge relates to the consolidation of office space at corporate headquarters and at our DMS business unit. Hurricane related losses, net: In the third quarter of 2017, a few of our television stations were impacted by hurricanes Harvey and Irma and a result, we incurred net losses of $0.9 million , comprised of expenses of $26.9 million , partially offset by $26.0 million of insurance proceeds. We recognized additional losses of $1.1 million related to hurricane damage in 2018. Reimbursement of spectrum repacking: Some of our stations have had to purchase new equipment in order to comply with the FCC spectrum repacking initiative. As part of this initiative, the FCC is reimbursing companies for costs incurred to comply with the new requirements. In 2018, we received $7.4 million of such reimbursements, which we have recorded as contra expense. Goodwill and intangible asset impairments : In 2016, we recorded a non-cash goodwill impairment charge of $15.2 million for our former Cofactor reporting unit, representing the full amount of goodwill for that reporting unit. Also in 2016, we recognized a $6.3 million charge associated with an internally produced program. |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information | Supplemental cash flow information The following table provides a reconciliation of cash and cash equivalents, as reported on our Consolidated Balance Sheets, to cash, cash equivalents, and restricted cash, as reported on our Consolidated Statement of Cash Flows (in thousands): Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Cash and cash equivalents included in: Continuing operations $ 135,862 $ 98,801 $ 15,879 Discontinued operations — — 61,041 Restricted cash equivalents included in: Prepaid expenses and other current assets — 29,240 — Investments and other assets — — 28,197 Cash, cash equivalents and restricted cash $ 135,862 $ 128,041 $ 105,117 Our restricted cash equivalents consisted of highly liquid investments that were held within a rabbi trust and were used to pay our deferred compensation and SERP obligations. The following table provides additional information about cash flows related to interest and taxes (in thousands): For the year ended Dec. 31, 2018 2017 2016 Supplemental cash flow information: Cash paid for income taxes, net of refunds $ 62,889 $ 154,693 $ 206,271 Cash paid for interest $ 182,465 $ 200,512 $ 225,462 |
Other matters
Other matters | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other matters | Other matters Litigation: In the third quarter of 2018, certain national media outlets reported the existence of a confidential investigation by the United States Department of Justice Antitrust Division (DOJ) into the local television advertising sales practices of station owners. We have received a Civil Investigative Demand (CID) in connection with the DOJ’s investigation. The investigation is ongoing. Since the national media reports, numerous putative class action lawsuits have been filed against owners of television stations (the Advertising Cases) in different jurisdictions. The Advertising Cases assert antitrust and other claims and seek monetary damages, attorneys’ fees, costs and interest, as well as injunctions against the allegedly wrongful conduct. We have been named as a defendant in sixteen of the Advertising Cases. The Advertising Cases are in the very early stages, and have been consolidated into a single proceeding in the United States District Court for the Northern District of Illinois, captioned Clay, Massey & Associates, P.C. v. Gray Television, Inc. et. al., filed on July 30, 2018. Plaintiffs are a class consisting of all persons and entities in the United States who paid for all or a portion of advertisement time on local TV provided by the defendants. The defendants named in the complaint are Gray Television, Inc., Hearst Communications, Nexstar Media, Inc., TEGNA Inc., Tribune Media Company and Sinclair Broadcast Group, Inc. We deny any violation of law, believe that the claims asserted in the Advertising Cases are without merit, and intend to defend ourselves vigorously against them. We, along with a number of our subsidiaries, also are defendants in other 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 any of the foregoing 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, 2018. Such obligations include future payments related to operating leases, programming contracts and purchase obligations (in thousands). Operating Leases Programming Contracts Purchase Obligations 2019 $ 10,443 $ 480,379 $ 72,637 2020 9,938 398,050 34,374 2021 11,680 124,501 4,908 2022 10,861 133,980 1,040 2023 10,322 120,702 336 Thereafter 73,933 310 — Total $ 127,177 $ 1,257,922 $ 113,295 Leases: Approximate future minimum annual rentals payable under non-cancelable operating leases, primarily relate to facilities and antenna sites, total $127.2 million . Total rental expense in 2018 was $18.5 million , $21.0 million in 2017 and $24.6 million in 2016 . Programming contracts: We have $1.26 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. Network affiliation agreements may include variable fee components such as subscriber levels, which in have been estimated and reflected in the table above. Purchase obligations: We have commitments under purchasing obligations totaling $113.3 million pertaining to technology related capital projects, news and market data services, and other legally binding commitments. Amounts which we are liable for under purchase orders outstanding at December 31, 2018, are reflected in the Consolidated Balance Sheet as accounts payable and accrued liabilities and are excluded from the $113.3 million . Major Customers: Customers that purchase our advertising and marketing services are comprised of local, regional, and national advertisers across our markets. Our subscription revenue customers include cable operators and satellite providers for carriage of our television stations. We have two customers that purchase both advertising and marketing services and pay us compensation related to retransmission consent agreements, each of which represented more than 10% of consolidated revenues in 2018 and 2017. Such customers represented $245.3 million and $223.8 million of consolidated revenue in fiscal year ended December 31, 2018. The same customers accounted for $215.4 million and $202.4 million of consolidated revenue in 2017, and no customer accounted for more than 10% of consolidated revenues in 2016. FCC Broadcast Spectrum Program: In April 2017, the FCC announced the completion of a voluntary incentive auction to reallocate certain spectrum currently occupied by television broadcast stations to mobile wireless broadband services, along with a related “repacking” of the television spectrum for remaining television stations. None of our stations will relinquish any spectrum rights as a result of the auction, and accordingly we will not receive any incentive auction proceeds. The FCC has, however, notified us that 13 of our stations will be repacked to new channels. In general, television stations moving channels may have smaller service areas and/or experience additional interference; however, based on our transition planning to date, we do not expect the repacking to have any material effect on the geographic areas or populations served by our repacked full-power stations’ over-the-air signals. The legislation authorizing the incentive auction and repacking established a $1.75 billion fund for reimbursement of costs incurred by stations required to change channels in the repacking. Subsequent legislation enacted on March 23, 2018, appropriated an additional $1 billion for the repacking fund, of which up to $750 million may be made available to repacked full power and Class A television stations and multichannel video programming distributors. Other funds are earmarked to assist affected low power television stations, television translator stations, and FM radio stations, as well for consumer education efforts. Some of our television translator stations have been or will be displaced as a result of the repacking, and thus are eligible under the new repacking funds appropriation to seek reimbursement for costs incurred as a result of such displacement (subject to the translator locating an available alternative channel, which is not guaranteed). The repacking process is scheduled to occur over a 39 -month period, divided into ten phases. Our full power stations have been assigned to phases two through nine, and a majority of our capital expenditures in connection with the repack will occur in 2018 and 2019. To date, we have incurred approximately $17.6 million in capital expenditures for the spectrum repack project (of which $16.3 million was paid during 2018). We have received FCC reimbursements of approximately $7.4 million through December 31, 2018. The reimbursements were recorded as a contra operating expense within our asset impairment and other (gains) charges line item on our Consolidated Statement of Income and reported as an investing inflow on the Consolidated Statement of Cash Flows. Each repacked full power commercial television station, including each of our 13 repacked stations, has been allocated a reimbursement amount equal to approximately 92.5% of the station’s estimated repacking costs, as verified by the FCC’s fund administrator. Although we expect the FCC to make additional allocations from the fund, it is not guaranteed that the FCC will approve all reimbursement requests necessary to completely reimburse each repacked station for all amounts incurred in connection with the repack. As noted above, while we did not sell any of our spectrum in the auction, we did enter into a channel share agreement with another broadcaster that sold spectrum in the auction. Pursuant to the terms of our channel share agreement we received $32.6 million in cash proceeds during the third quarter of 2017. These proceeds were deferred and will be amortized on a straight-line basis as other revenue over a 20 year period. The $32.6 million cash proceeds were reflected as cash flow from operating activities on our Consolidated Statements of Cash Flow in 2017. Reduction in Force Programs: During the third quarter of 2018, we initiated reduction in force programs at our corporate headquarters and our DMS business unit, which resulted in a total severance charge of $7.3 million which was recorded within the Cost of revenues, Business units - Selling, general and administrative, and Corporate - General and administrative costs within the Statement of Income. The corporate headquarters reductions were part of our ongoing consolidations of our corporate structure following our strategic transformation into a pure-play broadcast company. The reduction in force at our DMS unit is a result of a rebranding of our service offerings and unification of our sales strategy to better serve our customers. A majority of the employees impacted by these reductions will receive lump sum severance payments. As of the end of 2018, we have a remaining accrual of approximately $4.9 million related to these actions, substantially all of which will be paid in 2019. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations | Discontinued operations Cars.com Spin-off On May 31, 2017, we completed the spin-off of Cars.com. The spin-off was effected through a pro rata distribution of all outstanding common shares of Cars.com to TEGNA stockholders of record at the close of business on May 18, 2017 (the Record Date). Stockholders retained their TEGNA shares and received one share of Cars.com for every three shares of TEGNA stock they owned on the Record Date. Cars.com began “regular way” trading on the New York Stock Exchange on June 1, 2017 under the symbol “CARS”. CareerBuilder Sale On July 31, 2017, we sold our majority ownership interest in CareerBuilder to an investor group led by investment funds managed by affiliates of Apollo Global Management, LLC, a leading global alternative investment manager, and the Ontario Teachers’ Pension Plan Board. Our share of the pre-tax net cash proceeds from the sale was $198.3 million . As part of the agreement, we remain an ongoing partner in CareerBuilder, retaining an approximately 17% interest (or approximately 10% on a fully-diluted basis) and two seats on CareerBuilder’s 10 person board. Following the sale, CareerBuilder is no longer consolidated within our reported operating results. Our remaining ownership interest is being accounted for as an equity method investment. In 2018, we recorded $14.2 million of equity earnings from our remaining interest in CareerBuilder. Financial Statement Presentation As a result of the Cars.com and CareerBuilder transactions described above, the operating results of our former Digital Segment have been included in discontinued operations in the Consolidated Statements of Income for all periods presented. The 2017 discontinued operations activity includes a $342.9 million pre-tax loss related to the sale of CareerBuilder (after noncontrolling interest, $271.7 million of the pre-tax loss is attributable to TEGNA). The pre-tax loss includes a goodwill impairment charge of $332.9 million and costs to sell the business of $10.9 million . Fair value used for the pre-tax loss was based on the enterprise value of CareerBuilder as determined in the definitive purchase agreement. In the third quarter of 2018, we recorded a tax benefit from discontinued operations of $4.3 million . The tax benefit primarily relates to updating the 2017 income tax provision estimates for CareerBuilder and Cars.com to the 2017 federal tax return completed during the third quarter of 2018. The following table presents the financial results of Digital Segment discontinued operations (in thousands): 2018 2017 2016 Revenues $ — $ 647,021 $ 1,340,489 Operating expenses — 923,683 1,071,028 (Loss) income from discontinued operations, before income taxes — (277,741 ) 256,863 (Benefit) provision for income taxes (4,325 ) (44,826 ) 77,984 Income (loss) from discontinued operations, net of tax 4,325 (232,915 ) 178,879 Net loss (income) attributable to noncontrolling interests from discontinued operations $ — $ 58,698 $ (51,302 ) The financial results reflected above may not represent our former Digital Segment stand-alone operating results, as the results reported within income from discontinued operations, net, include only certain costs that are directly attributable to these businesses and exclude certain corporate overhead costs that were previously allocated for each period. For earnings per share information on discontinued operations, see Note 9. 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 depreciation, amortization, and significant cash investing items of the former Digital Segment discontinued operations were as follows (in thousands): 2018 2017 2016 Depreciation $ — $ 19,569 $ 34,162 Amortization of intangible assets — 40,300 91,696 Capital expenditures — 37,441 51,581 Payments for acquisitions, net of cash acquired $ — $ — $ 206,077 |
Description of business, basi_2
Description of business, basis of presentation and summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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, post-retirement 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 income (loss) in unconsolidated investments, net in the Consolidated Statements of Income. |
Segment presentation | Segment presentation: After the spin-off of Cars.com and the sale of our majority stake in CareerBuilder, we began classifying our operations as one operating and reportable segment, Media, which consists of our 49 television stations, as well as our Premion and DMS product lines. Our reportable segment structure has been determined based on management and internal reporting structure, the nature of products and services offered by our businesses, and the financial information that is evaluated regularly by our chief operating decision maker. As a result of classifying the former Digital Segment’s historical financial results as discontinued operations there is no remaining activity in 2018 or 2017. The 2016 activity for our Digital Segment relates to our former Cofactor business which did not meet the criteria for discontinued operation reporting when the business was sold in December 2016. |
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 in 2017 and 2016 related to long-lived assets. See Note 11 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 our reporting unit may be below its carrying amount. Before performing the annual goodwill impairment test quantitatively, we first have the option to perform a qualitative assessment to determine if the 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 quantitative test. Otherwise, the quantitative test is not required. In 2018, 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. Goodwill is accounted for at the segment level. We have determined that our one segment, Media, consists of a single reporting unit. When performing the quantitative test, we determine the fair value of the 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, the reporting unit’s goodwill is impaired and we must recognize an impairment loss for the difference between the carrying amount and the fair value of the reporting unit. We estimate the fair value of our reporting unit based on a market-based valuation methodology, which is primarily based on our consolidated market capitalization plus a reasonable control premium. In the fourth quarter of 2018, we completed our annual goodwill impairment test for our reporting unit. The results of the test indicated that the estimated fair value of our reporting unit significantly exceeded the carrying value. We also have intangible assets with indefinite lives associated with FCC broadcast licenses related to our acquisitions of television stations. Intangible assets with indefinite lives are tested annually, or more often if circumstances dictate, for impairment and written down to fair value as required. To estimate the fair values for the FCC broadcast licenses, we apply an income approach, using the Greenfield method. The Greenfield method involves a discounted cash flow 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 2018 annual impairment test of FCC broadcast licenses indicated the fair value of each license exceeded its carrying amount; and therefore, no impairment charge was recorded. |
Investments and other assets | Investments and other assets: 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. We recognized an impairment charge of $2.6 million in 2017 related to one such investment. Investments in non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as a non-operating expense. At December 31, 2018, such investments totaled approximately $24.5 million and at December 31, 2017, they totaled approximately $17.4 million . During 2018, we recorded a $2.0 impairment on a debt investment which had been classified as an other long-term asset. Our television stations are party to program broadcasting contracts which provide us 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. We evaluate the net realizable value of our program broadcasting contract assets when a triggering event occurs, such as a change in our intended usage, or sustained lower than expected ratings for the program. Impairment analysis are performed at the syndicated program level (across all stations that utilize the program). We determine the net realizable value based on a projection of the estimated advertising revenues less projected direct costs associated with the syndicated program (which is classified as Level 3 in the fair value hierarchy). If the future direct costs exceed expected revenues, impairment of the program asset may be required. Any impairments of programming rights are recorded to asset impairment and other (gains) charges in the Consolidated Statements of Income. |
Revenue recognition | Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue. Our primary source of revenue is earned through the sale of advertising and marketing services (AMS). This revenue stream includes all sources of our traditional television and radio advertising, as well as digital revenues including Premion, our digital marketing services (DMS) business unit and other digital advertising across our platforms. Contracts within this revenue stream are short-term in nature (most often three months or less). Contracts generally consist of multiple deliverables, such as television commercials, or digital advertising solutions, that we have identified as individual performance obligations. Before performing under the contract we establish the transaction price with our customer based on the agreed upon rates for each performance obligation. There is no material variability in the transaction price during the term of the contract. Revenue is recognized as we fulfill our performance obligations to our customers. For our AMS revenue stream, we measure the fulfillment of our performance obligations based on the airing of the individual television commercials or display of digital advertisements. This measure is most appropriate as it aligns our revenue recognition with the value we are providing to our customers. The price of each individual commercial and digital advertisement is negotiated with our customer and is determined based on multiple factors, including, but not limited to, the programming and day-part selected, supply of available inventory, our station’s viewership ratings and overall market conditions (e.g., timing of the year and strength of U.S. economy). Customers are billed monthly and payment is generally due 30 days after the date of invoice. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the contracts. We also earn subscription revenue from retransmission consent contracts with multichannel video programming distributors (e.g., cable and satellite providers) and over the top providers (companies that deliver video content to consumers over the Internet). Under these multi-year contracts, we have performance obligations to provide our customers with our stations’ signals, as well as our consent to retransmit those signals to their customers. Subscription revenue is recognized in accordance with the guidance for licensing intellectual property utilizing a usage based method. The amount of revenue earned is based on the number of subscribers to which our customers retransmit our signal, and the negotiated fee per subscriber included in our contract agreement. Our customers submit payments monthly, generally within 60 - 90 days after the month that service was provided. Our performance obligations are satisfied, and revenue is recognized, as we provide our consent for our customers to retransmit our signal. This measure toward satisfaction of our performance obligations and recognition of revenue is the most appropriate as it aligns our revenue recognition with the value that we are delivering to our customers through our retransmission consent. We also generate revenue from the sale of political advertising. Contracts within this revenue stream are short-term in nature (typically weekly or monthly buys during political campaigns). Customers pre-pay these contracts and we therefore defer the associated revenue until the advertising has been delivered, at which time we have satisfied our performance obligations and recognize revenue. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the contracts. Our remaining revenue is comprised of various other services, primarily production services (for news content and commercials) and sublease rental income. Revenue is recognized as these various services are provided to our customers. In instances where we sell services from more than one revenue stream to the same customer at the same time, we recognize one contract and allocate the transaction price to each deliverable element (e.g. performance obligation) based on the relative fair value of each element. |
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 (RSUs) and performance shares to employees as a form of compensation. We have two different ongoing performance share programs. The expense for the RSUs and one of the performance share programs is based on the grant date fair value of the award and is generally recognized on a straight-line basis. Expense related to the other performance share program is marked to market each month. Expense under these programs is recognized 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 9 for further discussion. |
Advertising and marketing 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 tax 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. |
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 which has been disposed of (or is to be disposed of) 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. On May 31, 2017, we completed the spin-off of our digital automotive marketplace business, Cars.com. In addition, on July 31, 2017, we completed the sale of our majority ownership stake in CareerBuilder. As a result of these strategic actions, we have disposed of substantially all of our Digital Segment business and have therefore classified the majority its historical financial results as discontinued operations. See Note 14 for more information. |
Accounting guidance adopted in 2018 and New accounting pronouncements not yet adopted | Accounting guidance adopted in 2018: In May 2014, the Financial Accounting Standards Board (FASB) issued new guidance related to revenue recognition. Under the new guidance, 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 guidance requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. We adopted the guidance beginning January 1, 2018 using the modified retrospective method. We began recognizing revenue under this new guidance in the first quarter of 2018 and did not restate prior years. We applied the standard to all contracts open as of January 1, 2018. The cumulative prior period effect of applying the guidance was $3.7 million which was recorded as a decrease to retained earnings upon adoption. This adjustment represents a deferral of revenue associated with certain performance obligations that were not fully completed as of the reporting date. In addition, with the adoption of the new guidance, we have determined that certain barter revenue and expense related to syndicated programming will no longer be recognized. The revenue and expense previously recognized for this type of barter transaction would have been approximately $2.0 million in 2018. Other than these two items, there were no other changes to the timing and amount of revenue recognition for our contracts. For contracts with an effective term of less than one year, and for our subscription revenue contracts, we applied certain of the standard’s practical expedients relating to disclosure that permit the exclusion of quantifying and disclosing unsatisfied performance obligations. In addition, the adoption of this standard did not result in significant changes to our accounting policies, business processes, systems or controls. See discussion of our revenue policy above. In August 2016, the FASB issued new guidance which clarifies several specific cash flow classification issues. The objective of the new guidance is to reduce the existing diversity in practice in how these cash flows are presented in the Statement of Cash Flows. The guidance updated the classification in the Statement of Cash Flows in several areas. The most relevant updates for us are the following: 1) payments made for premiums, fees paid to lenders and other related third party costs when debt is repaid early will each be classified as financing cash outflows (we have historically classified these types of cash payments as operating outflows), 2) contingent consideration payments made for acquisitions will be classified as either operating, investing, or financing cash outflows depending on the timing and nature of the payment, 3) cash receipts received due to the settlement of insurance claims will be classified as either operating or investing cash inflows, depending on the nature of the underlying loss, 4) proceeds received from trust owned life insurance policies will be classified as investing cash inflows (we have historically classified these types of cash receipts as operating inflows), and 5) distributions received from equity method investments will be classified as either operating or investing cash inflows, depending on the amount of cash received as compared to the amount of inception to date earnings recognized on the individual investment. We adopted the guidance retrospectively beginning in the first quarter of 2018. As a result of adopting this guidance, we reclassified life insurance proceeds of approximately $1.4 million and $0.5 million received in 2017 and 2016, respectively, from operating to investing inflows. No life insurance proceeds were received in 2018. In addition, for 2017 we reclassified $3.6 million of debt pre-payment costs from operating cash outflows to financing cash outflows. 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. For equity investments that do not have readily determinable prices, those investments may be recorded at cost less impairments, if any, plus or minus changes in observable prices for those investments. This new guidance requires us to adjust the value of our cost method investments to account for any observable price changes in those investments. Cost method investments had previously been recorded at cost, less any impairments. We adopted the new guidance in the first quarter of 2018 and the provision discussed above has been adopted on a prospective basis. There was no impact to our financial statements as a result of adopting this new guidance. In February 2018, the FASB issued guidance on accounting for certain tax effects that resulted from the Tax Cuts and Jobs Act (the Tax Act), that was enacted into law as of December 22, 2017. The guidance addresses the accounting for amounts that had previously been recorded in accumulated other comprehensive income on a net tax basis, using the tax rate that was in effect at the time. Due to the reduction in the tax rates under the Tax Act, certain tax effects were “stranded” in accumulated other comprehensive income. This new guidance allows these stranded tax effects to be reclassified from accumulated other comprehensive income to retained earnings. Other tax amounts stranded in accumulated other comprehensive income due to reasons other than the Tax Act may not be reclassified. As a result of adopting this guidance, in the first quarter of 2018, we reclassified the cumulative effect of the accounting change of approximately $24.8 million from accumulated other comprehensive loss to retained earnings. We believe that reclassifying these amounts more accurately presents the balance of accumulated other comprehensive loss. In November 2016, the FASB issued guidance on the presentation of restricted cash which requires that on the statement of cash flows, amounts generally described as restricted cash or restricted cash equivalents should be included within the beginning and ending balances of cash and cash equivalents. We adopted this guidance in the first quarter of 2018 on a retrospective basis. As a result, restricted cash amounts that have historically been included in prepaid expenses and other current assets and investments and other assets on our Consolidated Balance Sheets are now included with cash and cash equivalents on the Consolidated Statements of Cash Flows. We did no t have any restricted cash as of December 31, 2018, however, these restricted cash balances totaled $29.2 million as of December 31, 2017, and $28.2 million as of December 31, 2016. Our restricted cash was used to pay obligations associated with our deferred compensation and TEGNA Supplemental Retirement Plan (SERP). The adoption of this standard did not change our balance sheet presentation. See Note 12 for additional information about our restricted cash balances. New accounting guidance not yet adopted: 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 (renamed financing leases under the new guidance) to be recognized on the balance sheet—the new guidance will require both finance and operating leases to be recognized on the balance sheet. This update will require the lessee to recognize a lease liability equal to the present value of the lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for all leases longer than 12 months. We will be adopting the new guidance in the first quarter of 2019. In July 2018, the FASB issued an amendment giving companies the option to apply the requirements of the standard in the period of adoption (January 1, 2019), with no restatement of prior periods. A cumulative effect of applying the guidance would be recorded to the opening balance of retained earnings. We are utilizing this adoption method. We will also elect the practical expedient to not account for lease and non-lease components separately. We have formed a cross-functional team to oversee the implementation of the new guidance. Our implementation efforts included the review of our lease contracts, review of service contracts for embedded leases, and the deployment of a new lease software solution. In conjunction with adopting the new guidance, we evaluated any changes needed to our current lease accounting policies and business practices and made the necessary updates. The guidance also requires expanded disclosure regarding the amounts, timing and uncertainties of cash flows related to our lease portfolio. While we are continuing to assess the impacts of the new standard, we currently estimate that our total assets and liabilities as presented on our Consolidated Balance Sheet as of December 31, 2018, will increase by less than three percent of our total assets as a result of adopting this standard. We do not expect the standard to have a material impact on our Consolidated Statements of Income, Statement of Comprehensive Income, or Statement of Cash Flows. Additionally, we do not expect there to be a significant difference in our pattern of lease expense recognition under the new standard and it will not affect our ability to comply with our existing debt covenants. 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 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 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. |
Description of business, basi_3
Description of business, basis of presentation and summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue | Revenue earned by categories in 2018, 2017 and 2016 are shown below (amounts in thousands): Year ended Dec. 31, 2018 2017 2016 Advertising & Marketing Services $ 1,106,754 $ 1,139,642 $ 1,237,735 Subscription 840,838 718,750 581,733 Political 233,613 23,258 154,808 Other 26,077 21,376 19,844 Former Digital Business — — 9,968 Total revenues $ 2,207,282 $ 1,903,026 $ 2,004,088 |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 as of December 31, 2018 and December 31, 2017 (in thousands). Gross Accumulated Amortization Net Dec. 31, 2018 Goodwill $ 2,596,863 $ — $ 2,596,863 Indefinite-lived intangibles: Television station FCC licenses 1,384,186 — 1,384,186 Amortizable intangible assets: Retransmission agreements 121,594 (79,274 ) 42,320 Network affiliation agreements 110,390 (30,802 ) 79,588 Other 28,865 (8,882 ) 19,983 Total $ 4,241,898 $ (118,958 ) $ 4,122,940 Dec. 31, 2017 Goodwill $ 2,579,417 $ — $ 2,579,417 Indefinite-lived intangibles: Television station FCC licenses 1,191,950 — 1,191,950 Amortizable intangible assets: Retransmission agreements 110,191 (62,355 ) 47,836 Network affiliation agreements 43,485 (19,371 ) 24,114 Other 15,763 (6,394 ) 9,369 Total $ 3,940,806 $ (88,120 ) $ 3,852,686 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table shows the projected annual amortization expense related to amortizable intangible assets existing as of December 31, 2018 (in thousands): 2019 $ 30,803 2020 27,106 2021 21,129 2022 18,005 2023 11,455 Thereafter 33,393 Total $ 141,891 |
Investments and other assets (T
Investments and other assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Schedule of Other Assets | Our investments and other assets consisted of the following as of December 31, 2018 and 2017 (in thousands): Dec. 31, 2018 Dec. 31, 2017 Cash value life insurance $ 50,452 $ 51,188 Equity method investments 22,960 27,098 Cost method investments 24,497 17,374 Deferred debt issuance costs 9,350 6,048 Other long-term assets 36,206 35,458 Total $ 143,465 $ 137,166 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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): 2018 Current Deferred Total Federal $ 77,795 $ 15,765 $ 93,560 State and other 9,527 4,280 13,807 Total $ 87,322 $ 20,045 $ 107,367 2017 Current Deferred Total Federal $ 81,355 $ (214,539 ) $ (133,184 ) State and other 7,981 (12,043 ) (4,062 ) Total $ 89,336 $ (226,582 ) $ (137,246 ) 2016 Current Deferred Total Federal $ 155,558 $ (4,323 ) $ 151,235 State and other 5,792 (16,856 ) (11,064 ) Total $ 161,350 $ (21,179 ) $ 140,171 |
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: 2018 2017 2016 U.S. statutory tax rate 21.0% 35.0% 35.0% Increase (decrease) in taxes resulting from: State taxes (net of federal income tax benefit) 2.9 2.4 2.4 Domestic manufacturing deduction — (3.0) (3.3) Uncertain tax positions, settlements and lapse of statutes of limitations (0.3) (0.9) (0.5) Net deferred tax write offs and deferred tax rate adjustments (1.0) (6.3) (2.4) Enactment of the Tax Cuts and Jobs Act (1.1) (70.9) — Non-deductible transactions costs — 1.2 0.8 Net excess benefits on share-based payments 0.1 (0.4) (1.4) Other, net (0.5) (1.3) 0.6 Effective tax rate 21.1% (44.2%) 31.2% |
Deferred Tax Liabilities and Assets | Deferred tax liabilities and assets were composed of the following at the end of December 31, 2018 and December 31, 2017 (in thousands): Dec. 31, 2018 2017 Liabilities Accelerated depreciation $ 43,396 $ 40,568 Accelerated amortization of deductible intangibles 427,760 420,301 Other 2,655 5,255 Total deferred tax liabilities 473,811 466,124 Assets Accrued compensation costs 13,440 15,133 Pension and other post-retirement benefits 34,679 39,769 Loss carryforwards 120,695 132,214 Other 34,044 33,116 Total deferred tax assets 202,858 220,232 Valuation allowance 125,894 136,418 Total net deferred tax (liabilities) $ (396,847 ) $ (382,310 ) |
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): 2018 2017 2016 Change in unrecognized tax benefits Balance at beginning of year $ 15,043 $ 17,300 $ 19,491 Additions based on tax positions related to the current year 40 156 213 Additions for tax positions of prior years 2,631 11 162 Reductions for tax positions of prior years — (636 ) (1,214 ) Settlements (182 ) (852 ) — Reductions due to lapse of statutes of limitations (4,689 ) (936 ) (1,352 ) Balance at end of year $ 12,843 $ 15,043 $ 17,300 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term debt | Our long-term debt is summarized below (in thousands): Dec. 31, 2018 2017 Unsecured floating rate term loan paid quarterly through August 2018 $ — $ 20,500 VIE unsecured floating rate term loans paid quarterly through December 2018 — 646 Unsecured floating rate term loan due quarterly through June 2020 60,000 100,000 Unsecured floating rate term loan due quarterly through September 2020 165,000 225,000 Borrowings under revolving credit agreement expiring June 2023 50,000 — Unsecured notes bearing fixed rate interest at 5.125% due October 2019 320,000 320,000 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 2,960,000 3,031,146 Debt issuance costs (15,458 ) (20,551 ) Other (fair market value adjustments and discounts) (76 ) (2,902 ) Total long-term debt 2,944,466 3,007,693 Less current portion of long-term debt maturities of VIE loans — 646 Long-term debt, net of current portion $ 2,944,466 $ 3,007,047 |
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 loan payments and unsecured notes due in 2019 and 2020. Based on this refinancing assumption, all of the obligations due prior to 2023 are reflected as maturities for 2023, the year the revolving credit agreement expires (in thousands). 2019 (1) $ — 2020 (1) — 2021 (1) 55,000 2022 — 2023 (2) 2,140,000 Thereafter 765,000 Total $ 2,960,000 (1) Debt payments due in 2019, 2020 and 2021 are assumed to be repaid with funds from the revolving credit agreement, up to our maximum borrowing capacity. The revolving credit agreement expires in 2023. Excluding our ability to repay funds with the revolving credit agreement, contractual debt maturities are $420 million for 2019, $725 million in 2020 and $350 million in 2021. (2) Assumes current revolving credit agreement borrowings come due in 2023 and credit facility is not extended. |
Retirement plans (Tables)
Retirement plans (Tables) - Retirement Plans | 12 Months Ended |
Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | Our pension expense, which include costs for our qualified TRP plan and non-qualified SERP plan, are presented in the following table (in thousands): 2018 2017 2016 Service cost—benefits earned during the period $ 12 $ 872 $ 816 Interest cost on benefit obligation 21,337 23,985 26,111 Expected return on plan assets (30,935 ) (26,322 ) (26,764 ) Amortization of prior service costs 168 635 670 Amortization of actuarial loss 5,124 8,357 7,615 Pension payment timing related charges 7,498 26 — Total pension expense for company-sponsored retirement plans $ 3,204 $ 7,553 $ 8,448 |
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). Dec. 31, 2018 2017 Change in benefit obligations Benefit obligations at beginning of year $ 614,111 $ 606,413 Service cost 12 872 Interest cost 21,337 23,985 Actuarial (gain) loss (40,135 ) 26,700 Benefits paid (36,222 ) (39,143 ) Acquisition of KFMB 25,966 — Curtailment gain (1) — (4,716 ) Settlements (2) (30,274 ) — Benefit obligations at end of year $ 554,795 $ 614,111 Change in plan assets Fair value of plan assets at beginning of year $ 439,149 $ 388,168 Actual (loss) return on plan assets (29,016 ) 69,295 Employer contributions 45,219 20,829 Benefits paid (36,222 ) (39,143 ) Acquisition of KFMB 18,694 — Settlements (2) (30,274 ) — Fair value of plan assets at end of year $ 407,550 $ 439,149 Funded status at end of year $ (147,245 ) $ (174,962 ) Amounts recognized in Consolidated Balance Sheets Accrued benefit cost—current $ (7,870 ) $ (30,742 ) Accrued benefit cost—noncurrent $ (139,375 ) $ (144,220 ) (1) Curtailment gain in 2017 was a result of our decision to freeze the SERP plan accruals for certain grandfathered participants. Beginning in 2018, all SERP participants will no longer accrue benefits under this plan. (2) Settlements represent lump sum benefit payments to plan participants. When aggregate lump sums exceed the settlement threshold, pension payment timing related charges are incurred, and the lump sum payments prompting the charge are shown on a separate line from other benefit payments. |
Schedule of Net Funded Status | The funded status (on a projected benefit obligation basis of our principal retirement plans at December 31, 2018, is as follows (in thousands): Fair Value of Plan Assets Benefit Obligation Funded Status TRP $ 407,550 $ 491,354 $ (83,804 ) SERP (a) — 62,892 (62,892 ) All other — 549 (549 ) Total $ 407,550 $ 554,795 $ (147,245 ) (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 benefit obligation exceed assets (in thousands): Dec. 31, 2018 2017 Accumulated benefit obligation $ 554,768 $ 614,079 Fair value of plan assets $ 407,550 $ 439,149 |
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): Dec. 31, 2018 2017 Projected benefit obligation $ 554,795 $ 614,111 Fair value of plan assets $ 407,550 $ 439,149 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | The following table summarizes the pre-tax amounts recorded in accumulated other comprehensive loss that have not yet been recognized as a component of pension expense (in thousands): Dec. 31, 2018 2017 Net actuarial losses $ (182,610 ) $ (175,415 ) Prior service cost (1,888 ) (2,056 ) Amounts in accumulated other comprehensive loss $ (184,498 ) $ (177,471 ) |
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 (in thousands): 2018 2017 Current year net actuarial (loss) gain $ (19,817 ) $ 16,272 Amortization of previously deferred actuarial loss 5,124 8,357 Amortization of previously deferred prior service costs 168 635 Pension payment timing related charges 7,498 — Curtailment gain — 4,716 Prior service cost recognized in curtailment — 26 Total $ (7,027 ) $ 30,006 |
Schedule of Assumptions Used | Pension costs: The following assumptions were used to determine net pension costs: 2018 2017 2016 Discount rate 3.64% 4.12% 4.46% Expected return on plan assets 7.00% 7.00% 7.00% |
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, 2018 2017 Discount rate 4.34% 3.64% |
Schedule of Allocation of Plan Assets | The asset allocation for the TRP at the end of 2018 and 2017 , and target allocations for 2019, by asset category, are presented in the table below: Target Allocation Allocation of Plan Assets 2019 2018 2017 Equity securities 57 % 57 % 56 % Debt securities 38 % 39 % 39 % Other 5 % 4 % 5 % 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): 2019 $ 48,038 2020 37,882 2021 38,384 2022 39,342 2023 39,195 2024-2028 $ 192,299 |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Pension Plan Assets by Level within Fair Value Hierarchy | The below fair value tables relate to our TRP pension plan assets (in thousands): Pension Plan Assets Fair value measurement as of Dec. 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash and other $ 958 $ — $ — $ 958 Corporate stock 83,489 — — 83,489 Interest in registered investment companies 39,007 — — 39,007 Total $ 123,454 $ — $ — $ 123,454 Pension plan investments valued using net asset value as a practical expedient: Common collective trust - equities $ 104,993 Common collective trust - fixed income 158,580 Hedge funds 16,126 Partnership/joint venture interests 4,397 Total fair value of plan assets $ 407,550 Fair value measurement as of Dec. 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash and other $ 935 $ — $ — $ 935 Corporate stock 82,698 — — 82,698 Interest in registered investment companies 45,186 — — 45,186 Total $ 128,819 $ — $ — $ 128,819 Pension plan investments valued using net asset value as a practical expedient: Common collective trust - equities $ 117,778 Common collective trust - fixed income 170,977 Hedge funds 15,756 Partnership/joint venture interests 5,819 Total fair value of plan assets $ 439,149 |
Shareholders' equity (Tables)
Shareholders' equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Shareholders' Equity and Share-based Payments [Abstract] | |
Earnings (Loss) Per Share (Basic and Diluted) | Our earnings per share (basic and diluted) for 2018, 2017, and 2016 are presented below (in thousands, except per share amounts): 2018 2017 2016 Income from continuing operations $ 401,340 $ 447,962 $ 309,120 Income (loss) from discontinued operations, net of tax 4,325 (232,916 ) 178,879 Net loss (income) attributable to noncontrolling interests from discontinued operations — 58,698 (51,302 ) Net income attributable to TEGNA Inc. $ 405,665 $ 273,744 $ 436,697 Weighted average number of common shares outstanding - basic 216,184 215,587 216,358 Effect of dilutive securities Restricted stock 139 659 1,424 Performance share units 97 550 997 Stock options 201 682 902 Weighted average number of common shares outstanding - diluted 216,621 217,478 219,681 Earnings from continuing operations per share - basic $ 1.86 $ 2.08 $ 1.43 Earnings from discontinued operations per share - basic 0.02 (0.81 ) 0.59 Earnings per share - basic $ 1.88 $ 1.27 $ 2.02 Earnings from continuing operations per share - diluted $ 1.85 $ 2.06 $ 1.41 Earnings from discontinued operations per share - diluted 0.02 (0.80 ) 0.58 Earnings per share - diluted $ 1.87 $ 1.26 $ 1.99 |
Assumptions Used to Estimate Fair Value of Option Awards | The following assumptions were used to estimate the fair value of PSUs: PSU Activity 2017 2016 Expected term 3 yrs. 3 yrs. Expected volatility 29.90% 39.60% Risk-free interest rate 1.47% 1.31% Expected dividend yield 2.62% 2.19% |
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 pertaining to continuing operations (in thousands): 2018 2017 2016 Restricted stock and RSUs $ 7,260 $ 9,408 $ 9,957 PSAs and PSUs 5,271 6,234 6,341 Stock options — 427 — Total stock-based compensation 12,531 16,069 16,298 Total income tax (provision) benefit (184 ) 7,442 12,677 Stock-based compensation net of tax $ 12,715 $ 8,627 $ 3,621 |
Summary of Restricted Stock and RSU Awards | A summary of restricted stock and RSU awards is presented below: 2018 2017 2016 Restricted Stock and RSU Activity Shares Weighted average fair value Shares Weighted average fair value Shares Weighted average fair value Unvested at beginning of year 1,062,550 $ 21.29 1,143,421 $ 25.66 2,126,526 $ 21.55 Granted 1,198,787 11.99 989,443 19.41 616,743 25.08 Vested (477,050 ) 15.11 (1,162,231 ) 25.18 (1,277,444 ) 19.22 Canceled (216,583 ) 17.98 (514,460 ) 21.49 (322,404 ) 22.27 Adjustment due to spin-off of Cars.com (a) — 606,377 — Unvested at end of year (a) 1,567,704 $ 14.65 1,062,550 $ 21.29 1,143,421 $ 25.66 (a) The weighted-average grant date fair value of the RSUs included in the line item “Adjustment due to spin-off of Cars.com” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.59 . The weighted-average grant date fair value of the unvested RSUs as of Dec. 31, 2017 reflect the adjustment. |
Schedule of Nonvested Performance-based Units Activity | A summary of our PSUs is presented below: 2018 2017 2016 PSUs Activity Target number of shares Weighted average fair value Target number of shares Weighted average fair value Target number of shares Weighted average fair value Unvested at beginning of year 662,835 $ 25.87 1,018,950 $ 35.60 1,385,940 $ 29.21 Granted — 307,950 23.92 392,589 30.69 Vested (383,095 ) 27.19 (774,267 ) 36.94 (687,125 ) 20.12 Canceled (28,900 ) 25.39 (68,573 ) 31.80 (72,454 ) 34.96 Adjustment due to spin-off of Cars.com (a) — 178,775 — Unvested at end of year (a) 250,840 $ 23.92 662,835 $ 25.87 1,018,950 $ 35.60 (a) The weighted-average grant date fair value of the PSUs included in the line item “Adjustment due to spin-off of Cars.com” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.59 . The weighted-average grant date fair value of the unvested PSUs as of Dec. 31, 2017 reflect the adjustment. PSAs: The PSAs were first granted in 2018. A summary 2018 activity for the PSAs is presented below: 2018 PSAs Activity Target number of shares Weighted average fair value Unvested at beginning of year — Granted 565,187 $ 12.05 Vested (91,451 ) 12.05 Canceled (23,651 ) 12.05 Unvested at end of year 450,085 $ 12.05 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the components of, and changes in AOCL, net of tax and noncontrolling interests (in thousands): 2018 Retirement Plans Foreign Currency Translation Total Balance at beginning of year $ (107,037 ) $ 114 $ (106,923 ) Other comprehensive (loss) income before reclassifications (14,450 ) 268 (14,182 ) Amounts reclassified from AOCL 9,439 — 9,439 Total other comprehensive income $ (5,011 ) $ 268 $ (4,743 ) Reclassification of stranded tax effects to retained earnings (24,845 ) — (24,845 ) Balance at end of year $ (136,893 ) $ 382 $ (136,511 ) 2017 Retirement Plans Foreign Currency Translation (1) Other Total Balance at beginning of year $ (124,978 ) $ (28,560 ) $ (8,035 ) $ (161,573 ) Other comprehensive income (loss) before reclassifications 12,496 6,649 (1,707 ) 17,438 Amounts reclassified from AOCL 5,445 22,025 9,742 37,212 Balance at end of year $ (107,037 ) $ 114 $ — $ (106,923 ) (1) Our entire foreign currency translation adjustment is related to our CareerBuilder investment. As a result of deconsolidating the investment due to the sale of our majority ownership, we reclassified the translation adjustment from AOCL to the Consolidated Statement of Income as of the date of sale, July 31, 2017. Due to the noncontrolling ownership stake that we retained in CareerBuilder, we will continue to record our share of foreign currently translation adjustments through our equity method investment. 2016 Retirement Plans Foreign Currency Translation Other Total Balance at beginning of year $ (114,133 ) $ (20,129 ) $ 3,311 $ (130,951 ) Other comprehensive (loss) before reclassifications (13,143 ) (8,431 ) (11,346 ) (32,920 ) Spin-off publishing businesses (2,642 ) — — (2,642 ) Amounts reclassified from AOCL 4,940 — — 4,940 Balance at end of year $ (124,978 ) $ (28,560 ) $ (8,035 ) $ (161,573 ) |
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of AOCL related to these post-retirement plans include the following (in thousands): 2018 2017 2016 Amortization of prior service (credit) cost $ (403 ) $ 63 $ 96 Amortization of actuarial loss 5,544 8,774 7,972 Pension payment timing related charges 7,498 — — Total reclassifications, before tax 12,639 8,837 8,068 Income tax effect (3,200 ) (3,392 ) (3,128 ) Total reclassifications, net of tax $ 9,439 $ 5,445 $ 4,940 |
Business operations and segme_2
Business operations and segment information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Business Segment Financial Information | Segment operating results for continuing operations are summarized as follows (in thousands): Business segment financial information 2018 2017 2016 Revenues Media $ 2,207,282 $ 1,903,026 $ 1,994,120 Digital — — 9,968 Total $ 2,207,282 $ 1,903,026 $ 2,004,088 Operating income Media (1) $ 752,292 $ 602,514 $ 800,791 Digital (1) — — (30,241 ) Corporate (1) (53,816 ) (56,612 ) (62,398 ) Total $ 698,476 $ 545,902 $ 708,152 Depreciation, amortization, asset impairment and other (gains) charges Media (1) $ 73,737 $ 79,398 $ 85,890 Digital (1) — — 21,166 Corporate (1) 1,349 1,669 3,706 Total $ 75,086 $ 81,067 $ 110,762 Capital expenditures Media $ 62,141 $ 39,055 $ 41,572 Digital — — — Corporate 3,089 390 1,643 Total $ 65,230 $ 39,445 $ 43,215 (1) Operating income for Media and Digital Segments includes pre-tax net asset impairment and other (gains) charges for each year presented. See Note 11. |
Asset impairment and other (g_2
Asset impairment and other (gains) charges (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Summary of Facility Consolidation and Asset Impairment Charges | A summary of these items by year (pre-tax basis) is presented below (in thousands): 2018 2017 2016 Property and equipment (gains) impairments $ (5,989 ) $ 2,183 $ 6,085 Lease exit and other charges 551 1,350 4,558 Hurricane related losses, net 1,137 896 — Reimbursement of spectrum repacking (7,400 ) — — Goodwill and intangible asset impairments — — 21,487 Total asset impairment and other (gains) charges $ (11,701 ) $ 4,429 $ 32,130 |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | The following table provides additional information about cash flows related to interest and taxes (in thousands): For the year ended Dec. 31, 2018 2017 2016 Supplemental cash flow information: Cash paid for income taxes, net of refunds $ 62,889 $ 154,693 $ 206,271 Cash paid for interest $ 182,465 $ 200,512 $ 225,462 The following table provides a reconciliation of cash and cash equivalents, as reported on our Consolidated Balance Sheets, to cash, cash equivalents, and restricted cash, as reported on our Consolidated Statement of Cash Flows (in thousands): Dec. 31, 2018 Dec. 31, 2017 Dec. 31, 2016 Cash and cash equivalents included in: Continuing operations $ 135,862 $ 98,801 $ 15,879 Discontinued operations — — 61,041 Restricted cash equivalents included in: Prepaid expenses and other current assets — 29,240 — Investments and other assets — — 28,197 Cash, cash equivalents and restricted cash $ 135,862 $ 128,041 $ 105,117 |
Other matters (Tables)
Other matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018. Such obligations include future payments related to operating leases, programming contracts and purchase obligations (in thousands). Operating Leases Programming Contracts Purchase Obligations 2019 $ 10,443 $ 480,379 $ 72,637 2020 9,938 398,050 34,374 2021 11,680 124,501 4,908 2022 10,861 133,980 1,040 2023 10,322 120,702 336 Thereafter 73,933 310 — Total $ 127,177 $ 1,257,922 $ 113,295 |
Discontinued operations (Tables
Discontinued operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The depreciation, amortization, and significant cash investing items of the former Digital Segment discontinued operations were as follows (in thousands): 2018 2017 2016 Depreciation $ — $ 19,569 $ 34,162 Amortization of intangible assets — 40,300 91,696 Capital expenditures — 37,441 51,581 Payments for acquisitions, net of cash acquired $ — $ — $ 206,077 As a result of the Cars.com and CareerBuilder transactions described above, the operating results of our former Digital Segment have been included in discontinued operations in the Consolidated Statements of Income for all periods presented. The 2017 discontinued operations activity includes a $342.9 million pre-tax loss related to the sale of CareerBuilder (after noncontrolling interest, $271.7 million of the pre-tax loss is attributable to TEGNA). The pre-tax loss includes a goodwill impairment charge of $332.9 million and costs to sell the business of $10.9 million . Fair value used for the pre-tax loss was based on the enterprise value of CareerBuilder as determined in the definitive purchase agreement. In the third quarter of 2018, we recorded a tax benefit from discontinued operations of $4.3 million . The tax benefit primarily relates to updating the 2017 income tax provision estimates for CareerBuilder and Cars.com to the 2017 federal tax return completed during the third quarter of 2018. The following table presents the financial results of Digital Segment discontinued operations (in thousands): 2018 2017 2016 Revenues $ — $ 647,021 $ 1,340,489 Operating expenses — 923,683 1,071,028 (Loss) income from discontinued operations, before income taxes — (277,741 ) 256,863 (Benefit) provision for income taxes (4,325 ) (44,826 ) 77,984 Income (loss) from discontinued operations, net of tax 4,325 (232,915 ) 178,879 Net loss (income) attributable to noncontrolling interests from discontinued operations $ — $ 58,698 $ (51,302 ) |
Description of business, basi_4
Description of business, basis of presentation and summary of significant accounting policies - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)marketstation | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Number of television stations | station | 49 | ||||
Number of radio stations | station | 2 | ||||
Number of markets In which entity operates | market | 41 | ||||
Write-offs of accounts receivable | $ 3,900,000 | $ 1,900,000 | $ 3,600,000 | ||
Construction in progress | 40,778,000 | 5,535,000 | |||
Impairment of indefinite-lived intangible assets | 0 | 0 | 6,300,000 | ||
Investments in non-public businesses, non-operating expense | 24,500,000 | 17,400,000 | |||
Debt Investment, Impairment Charges | 2,000,000 | ||||
Impairment charge to cost method investments | 2,000,000 | 2,600,000 | |||
Cost of revenues, exclusive of depreciation | 1,065,933,000 | 933,718,000 | 795,454,000 | ||
Cumulative effect of accounting change | (3,724,000) | ||||
Life insurance proceeds | $ 0 | ||||
Restricted Cash | $ 0 | 29,200,000 | 28,200,000 | ||
Restricted Stock | |||||
Significant Accounting Policies [Line Items] | |||||
Requisite service period | 4 years | ||||
Performance Shares | |||||
Significant Accounting Policies [Line Items] | |||||
Requisite service period | 3 years | ||||
Cost of Sales | |||||
Significant Accounting Policies [Line Items] | |||||
Bad debt expense | $ 3,900,000 | 2,600,000 | 5,200,000 | ||
Minimum | |||||
Significant Accounting Policies [Line Items] | |||||
Submission period for customers to submit payments | P60D | ||||
Minimum | Building and Improvements | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 10 years | ||||
Minimum | Machinery, Equipment, and Fixtures | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 3 years | ||||
Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Submission period for customers to submit payments | P90D | ||||
Maximum | Building and Improvements | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 40 years | ||||
Maximum | Machinery, Equipment, and Fixtures | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life (in years) | 25 years | ||||
Advertising | Selling, General and Administrative Expenses | |||||
Significant Accounting Policies [Line Items] | |||||
Cost of revenues, exclusive of depreciation | $ 10,400,000 | 5,000,000 | 7,100,000 | ||
Accumulated other comprehensive income (loss) | |||||
Significant Accounting Policies [Line Items] | |||||
Cumulative effect of accounting change | (24,845,000) | ||||
Retained earnings | |||||
Significant Accounting Policies [Line Items] | |||||
Cumulative effect of accounting change | 21,121,000 | ||||
Accounting Standards Update 2014-09 | Barter Arrangement, Syndicated Programming | |||||
Significant Accounting Policies [Line Items] | |||||
Revenues | $ 2,000,000 | ||||
Accounting Standards Update 2014-09 | Retained earnings | |||||
Significant Accounting Policies [Line Items] | |||||
Cumulative effect of accounting change | $ (3,700,000) | ||||
Previously Reported | Accounting Standards Update 2016-15 | |||||
Significant Accounting Policies [Line Items] | |||||
Reclassification of life insurance proceeds from operating inflows | 1,400,000 | 500,000 | |||
Reclassification of debt prepayment costs from operating cash outflows | 3,600,000 | ||||
Reclassification of life insurance proceeds to investing inflows | 1,400,000 | $ 500,000 | |||
Reclassification of debt prepayment costs to financing cash outflows | $ 3,600,000 |
Description of business, basi_5
Description of business, basis of presentation and summary of significant accounting policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 2,207,282 | $ 1,903,026 | $ 2,004,088 |
Advertising & Marketing Services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 1,106,754 | 1,139,642 | 1,237,735 |
Subscription | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 840,838 | 718,750 | 581,733 |
Political | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 233,613 | 23,258 | 154,808 |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 26,077 | 21,376 | 19,844 |
Former Digital Business | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 0 | $ 0 | $ 9,968 |
Acquisitions and dispositions -
Acquisitions and dispositions - Narrative (Detail) - USD ($) $ in Millions | Jan. 02, 2019 | Feb. 15, 2018 | Oct. 18, 2017 | Jul. 31, 2017 |
Career Builder | ||||
Business Acquisition [Line Items] | ||||
Equity method investment retained after disposal (as a percent) | 17.00% | |||
Equity method investment retained after disposal, ownership Interest after disposal, diluted (as a percent) | 10.00% | |||
Livestream | ||||
Business Acquisition [Line Items] | ||||
Proceeds from sale of equity method investments | $ 21.4 | |||
WTOL and KWES | Subsequent Event | ||||
Business Acquisition [Line Items] | ||||
Transaction price | $ 108.9 | |||
Working capital adjustments | $ 3.9 | |||
KFMB | ||||
Business Acquisition [Line Items] | ||||
Transaction price | $ 328.4 | |||
Career Builder | CareerBuilder | ||||
Business Acquisition [Line Items] | ||||
Percentage of ownership interests in subsidiary (as a percent) | 53.00% |
Goodwill and other intangible_3
Goodwill and other intangible assets - Narrative (Detail) - USD ($) $ in Millions | Feb. 15, 2018 | Sep. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment charges | $ 332.9 | $ 15.2 | ||
Digital | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment charges | $ 15.2 | |||
KFMB | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Purchase price of acquired business | $ 328.4 | |||
Working capital adjustment | $ 2.5 | |||
Weighted average amortization period | 10 years | |||
Goodwill acquired | $ 17.4 | |||
Licensing Agreements | KFMB | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite lived intangible assets | 192.2 | |||
Retransmission And Network Affiliation Agreements | KFMB | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortizable intangible assets | $ 91.4 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Goodwill, Indefinite-Lived Intangible Assets, and Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Goodwill, gross | $ 2,596,863 | $ 2,579,417 |
Goodwill, accumulated amortization | 0 | 0 |
Goodwill | 2,596,863 | 2,579,417 |
Amortizable intangible assets: | ||
Amortizable intangible assets, net | 141,891 | |
Total intangible assets, gross | 4,241,898 | 3,940,806 |
Intangible assets, accumulated amortization | (118,958) | (88,120) |
Total intangible assets, net | 4,122,940 | 3,852,686 |
Retransmission agreements | ||
Amortizable intangible assets: | ||
Amortizable intangible assets, gross | 121,594 | 110,191 |
Amortizable intangible assets, accumulated amortization | (79,274) | (62,355) |
Amortizable intangible assets, net | 42,320 | 47,836 |
Network affiliation agreements | ||
Amortizable intangible assets: | ||
Amortizable intangible assets, gross | 110,390 | 43,485 |
Amortizable intangible assets, accumulated amortization | (30,802) | (19,371) |
Amortizable intangible assets, net | 79,588 | 24,114 |
Other | ||
Amortizable intangible assets: | ||
Amortizable intangible assets, gross | 28,865 | 15,763 |
Amortizable intangible assets, accumulated amortization | (8,882) | (6,394) |
Amortizable intangible assets, net | 19,983 | 9,369 |
Television station FCC licenses | ||
Indefinite-lived intangibles: | ||
Television station FCC licenses | $ 1,384,186 | $ 1,191,950 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Future Annual Amortization Expense (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,019 | $ 30,803 |
2,020 | 27,106 |
2,021 | 21,129 |
2,022 | 18,005 |
2,023 | 11,455 |
Thereafter | 33,393 |
Amortizable intangible assets, net | $ 141,891 |
Investments and other assets -
Investments and other assets - Components of Investments and Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Investments, All Other Investments [Abstract] | ||
Cash value life insurance | $ 50,452 | $ 51,188 |
Equity method investments | 22,960 | 27,098 |
Cost method investments | 24,497 | 17,374 |
Deferred debt issuance costs | 9,350 | 6,048 |
Other long-term assets | 36,206 | 35,458 |
Total | $ 143,465 | $ 137,166 |
Investments and other assets _2
Investments and other assets - Narrative (Detail) - USD ($) $ in Thousands | May 14, 2018 | Jul. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 22,960 | $ 27,098 | |||
Proceeds from sale of equity method investments | 13,500 | 25,800 | |||
Equity earnings from equity method investment | 13,792 | 10,402 | $ (3,414) | ||
Cost method investments | 24,500 | $ 17,400 | |||
Career Builder | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment retained after disposal (as a percent) | 17.00% | ||||
Equity method investment retained after disposal, ownership Interest after disposal, diluted (as a percent) | 10.00% | ||||
Equity method investments | 12,400 | ||||
Proceeds from sale of equity method investments | $ 9,900 | ||||
Pre-tax gain on sale of equity method investment | $ 17,900 | ||||
Equity earnings from equity method investment | $ 14,200 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
Tax Cuts and Jobs Act, reduction of tax expense | $ 5,400 | ||
Capital loss carryforwards | $ 452,900 | ||
Loss carryforwards | 120,695 | 132,214 | |
Deferred tax assets valuation allowance | 125,894 | 136,418 | |
Increase (decrease) in valuation allowance | (10,500) | ||
Unrecognized tax benefits that, if recognized, would impact effective tax rate | 10,600 | 10,700 | |
Recognized interest and the release of penalty reserves | 200 | 300 | $ 700 |
Accrued interest and penalties payable related to unrecognized tax benefits | 1,400 | $ 1,600 | |
Estimated decrease in gross unrecognized tax positions within the next 12 months, maximum | 3,900 | ||
State | |||
Income Taxes [Line Items] | |||
Tax credit carryforward | 18,600 | ||
Loss carryforwards | $ 400 | ||
Tax years subject to examination | Tax years before 2015 remain subject to examination by certain states due to ongoing audits. | ||
Federal | |||
Income Taxes [Line Items] | |||
Tax years subject to examination | The 2015 through 2018 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 | $ 351,800 | ||
Capital Loss Deferred Tax Assets | |||
Income Taxes [Line Items] | |||
Increase (decrease) in valuation allowance | (14,400) | ||
CareerBuilder, LLC Deferred Tax Assets | |||
Income Taxes [Line Items] | |||
Increase (decrease) in valuation allowance | $ 3,900 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Current | |||
Federal | $ 77,795 | $ 81,355 | $ 155,558 |
State and other | 9,527 | 7,981 | 5,792 |
Total | 87,322 | 89,336 | 161,350 |
Deferred | |||
Federal | 15,765 | (214,539) | (4,323) |
State and other | 4,280 | (12,043) | (16,856) |
Total | 20,045 | (226,582) | (21,179) |
Total | |||
Federal | 93,560 | (133,184) | 151,235 |
State and other | 13,807 | (4,062) | (11,064) |
Total | $ 107,367 | $ (137,246) | $ 140,171 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory tax rate | 21.00% | 35.00% | 35.00% |
Increase (decrease) in taxes resulting from: | |||
State taxes (net of federal income tax benefit) | 2.90% | 2.40% | 2.40% |
Domestic manufacturing deduction | (0.00%) | (3.00%) | (3.30%) |
Uncertain tax positions, settlements and lapse of statutes of limitations | (0.30%) | (0.90%) | (0.50%) |
Net deferred tax write offs and deferred tax rate adjustments | (1.00%) | (6.30%) | (2.40%) |
Enactment of the Tax Cuts and Jobs Act | (1.10%) | (70.90%) | 0.00% |
Non-deductible transactions costs | 0.00% | 1.20% | 0.80% |
Net excess benefits on share-based payments | 0.10% | (0.40%) | (1.40%) |
Other, net | (0.50%) | (1.30%) | 0.60% |
Effective tax rate | 21.10% | (44.20%) | 31.20% |
Income taxes - Deferred Tax Lia
Income taxes - Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Liabilities | ||
Accelerated depreciation | $ 43,396 | $ 40,568 |
Accelerated amortization of deductible intangibles | 427,760 | 420,301 |
Other | 2,655 | 5,255 |
Total deferred tax liabilities | 473,811 | 466,124 |
Assets | ||
Accrued compensation costs | 13,440 | 15,133 |
Pension and other post-retirement benefits | 34,679 | 39,769 |
Loss carryforwards | 120,695 | 132,214 |
Other | 34,044 | 33,116 |
Total deferred tax assets | 202,858 | 220,232 |
Valuation allowance | 125,894 | 136,418 |
Total net deferred tax (liabilities) | $ (396,847) | $ (382,310) |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in unrecognized tax benefits | |||
Balance at beginning of year | $ 15,043 | $ 17,300 | $ 19,491 |
Additions based on tax positions related to the current year | 40 | 156 | 213 |
Additions for tax positions of prior years | 2,631 | 11 | 162 |
Reductions for tax positions of prior years | 0 | (636) | (1,214) |
Settlements | (182) | (852) | 0 |
Reductions due to lapse of statutes of limitations | (4,689) | (936) | (1,352) |
Balance at end of year | $ 12,843 | $ 15,043 | $ 17,300 |
Long-term debt (Detail)
Long-term debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Line Items] | ||
Total principal long-term debt | $ 2,960,000 | $ 3,031,146 |
Debt issuance costs | (15,458) | (20,551) |
Other (fair market value adjustments and discounts) | (76) | (2,902) |
Total long-term debt | 2,944,466 | 3,007,693 |
Less current portion of long-term debt maturities of VIE loans | 0 | 646 |
Long-term debt, net of current portion | 2,944,466 | 3,007,047 |
Unsecured floating rate term loan paid quarterly through August 2018 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 0 | 20,500 |
VIE unsecured floating rate term loans paid quarterly through December 2018 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 0 | 646 |
Unsecured floating rate term loan due quarterly through June 2020 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 60,000 | 100,000 |
Unsecured floating rate term loan due quarterly through September 2020 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 165,000 | 225,000 |
Borrowings under revolving credit agreement expiring June 2023 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 50,000 | 0 |
Unsecured notes bearing fixed rate interest at 5.125% due October 2019 | ||
Debt Disclosure [Line Items] | ||
Total principal long-term debt | 320,000 | 320,000 |
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, 2018 |
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) | Jun. 21, 2018USD ($) | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | ||
Shelf registration statement maximum amount of securities authorized for issuance | $ 7,000,000,000 | |
Contractual debt maturities, 2019 | 420,000,000 | |
Contractual debt maturities, 2020 | 725,000,000 | |
Contractual debt maturities, 2021 | 350,000,000 | |
Line of Credit | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,510,000,000 | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Unused borrowing capacity | $ 1,440,000,000 | |
Debt Covenant, Period One | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||
Debt Instrument [Line Items] | ||
Covenant requirement, maximum total leverage ratio | 5 | |
Debt Covenant, Period Two | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||
Debt Instrument [Line Items] | ||
Covenant requirement, maximum total leverage ratio | 4.75 | |
Debt Covenant, Period Three | Amended and Restated Competitive Advance and Revolving Credit Agreement | ||
Debt Instrument [Line Items] | ||
Covenant requirement, maximum total leverage ratio | 4.5 |
Long-term debt - Schedule of An
Long-term debt - Schedule of Annual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 0 | |
2,020 | 0 | |
2,021 | 55,000 | |
2,022 | 0 | |
2,023 | 2,140,000 | |
Thereafter | 765,000 | |
Total | $ 2,960,000 | $ 3,031,146 |
Retirement plans - Narrative (D
Retirement plans - Narrative (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contributions expected to be made during next fiscal year | $ 11,600,000 | ||
401(k) employee maximum matching contribution | 50.00% | ||
401(k) employer matching contribution | 100.00% | ||
Contributions per employee subject to employer match | 4.00% | ||
Compensation expense related to 401(k) contributions | $ 13,300,000 | $ 14,400,000 | $ 13,500,000 |
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] | |||
Acquisition of KFMB | $ 25,966,000 | 0 | |
Accumulated other comprehensive loss | 184,498,000 | 177,471,000 | |
Accumulated benefit obligation | 554,768,000 | $ 614,079,000 | |
Contributions expected to be made during next fiscal year | 3,800,000 | ||
Actuarial loss estimated to be amortized from accumulated other comprehensive loss into net periodic benefit cost | 6,000,000 | ||
Prior service credit estimated to be amortized from accumulated other comprehensive loss into net periodic benefit cost | 100,000 | ||
Expected pension expense, net of contributions | $ 3,500,000 | ||
Actual rate of return on plan assets (as a percent) | (5.60%) | (20.30%) | (7.40%) |
SERP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Contributions expected to be made during next fiscal year | $ 7,800,000 | ||
Actuarial loss estimated to be amortized from accumulated other comprehensive loss into net periodic benefit cost | $ 700,000 | ||
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 | $ 2,400,000 | $ 2,400,000 | $ 1,800,000 |
KFMB | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net pension obligation | $ 7,300,000 |
Retirement plans - Pension Cost
Retirement plans - Pension Costs (Detail) - Retirement Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost—benefits earned during the period | $ 12 | $ 872 | $ 816 |
Interest cost on benefit obligation | 21,337 | 23,985 | 26,111 |
Expected return on plan assets | (30,935) | (26,322) | (26,764) |
Amortization of prior service costs | 168 | 635 | 670 |
Amortization of actuarial loss | 5,124 | 8,357 | 7,615 |
Pension payment timing related charges | 7,498 | 26 | 0 |
Total pension expense for company-sponsored retirement plans | $ 3,204 | $ 7,553 | $ 8,448 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in benefit obligations | |||
Settlements (2) | $ (30,274) | $ 0 | |
Benefit obligations at end of year | 554,795 | ||
Change in plan assets | |||
Acquisition of KFMB | 18,694 | 0 | |
Settlements (2) | (30,274) | 0 | |
Fair value of plan assets at end of year | 407,550 | ||
Funded status at end of year | (147,245) | ||
Amounts recognized in Consolidated Balance Sheets | |||
Accrued benefit cost—noncurrent | (139,375) | (144,220) | |
Retirement Plans | |||
Change in benefit obligations | |||
Benefit obligations at beginning of year | 614,111 | 606,413 | |
Service cost | 12 | 872 | $ 816 |
Interest cost | 21,337 | 23,985 | 26,111 |
Actuarial (gain) loss | (40,135) | 26,700 | |
Benefits paid | (36,222) | (39,143) | |
Acquisition of KFMB | 25,966 | 0 | |
Curtailment gain | 0 | (4,716) | |
Benefit obligations at end of year | 554,795 | 614,111 | 606,413 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 439,149 | 388,168 | |
Actual (loss) return on plan assets | (29,016) | 69,295 | |
Employer contributions | 45,219 | 20,829 | |
Benefits paid | (36,222) | (39,143) | |
Fair value of plan assets at end of year | 407,550 | 439,149 | $ 388,168 |
Funded status at end of year | (147,245) | (174,962) | |
Amounts recognized in Consolidated Balance Sheets | |||
Accrued benefit cost—current | (7,870) | (30,742) | |
Accrued benefit cost—noncurrent | $ (139,375) | $ (144,220) |
Retirement plans - Funded Statu
Retirement plans - Funded Status of Principal Retirement Plans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | $ 407,550 | ||
Benefit Obligation | 554,795 | ||
Funded status at end of year | (147,245) | ||
Retirement Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 407,550 | $ 439,149 | $ 388,168 |
Benefit Obligation | 554,795 | 614,111 | $ 606,413 |
Funded status at end of year | (147,245) | $ (174,962) | |
SERP | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Benefit Obligation | 62,892 | ||
Funded status at end of year | (62,892) | ||
All other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Benefit Obligation | 549 | ||
Funded status at end of year | (549) | ||
TRP | Retirement Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair Value of Plan Assets | 407,550 | ||
Benefit Obligation | 491,354 | ||
Funded status at end of year | $ (83,804) |
Retirement plans - Accumulated
Retirement plans - Accumulated Benefit Obligations (Details) - Retirement Plans - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 554,768 | $ 614,079 |
Fair value of plan assets | $ 407,550 | $ 439,149 |
Retirement plans - Projected Be
Retirement plans - Projected Benefit Obligation (Details) - Retirement Plans - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 554,795 | $ 614,111 |
Fair value of plan assets | $ 407,550 | $ 439,149 |
Retirement plans - Amounts Reco
Retirement plans - Amounts Recorded in AOCI (Details) - Retirement Plans - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial losses | $ (182,610) | $ (175,415) |
Prior service cost | (1,888) | (2,056) |
Amounts in accumulated other comprehensive loss | $ (184,498) | $ (177,471) |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Comprehensive Income (Loss) [Line Items] | |||
Current year net actuarial (loss) gain | $ (19,279) | $ 20,373 | $ (21,337) |
Pension and other postretirement benefit items | (6,640) | 29,210 | $ (13,269) |
Retirement Plans | |||
Comprehensive Income (Loss) [Line Items] | |||
Current year net actuarial (loss) gain | (19,817) | 16,272 | |
Amortization of previously deferred actuarial loss | 5,124 | 8,357 | |
Amortization of previously deferred prior service costs | 168 | 635 | |
Pension payment timing related charges | 7,498 | 0 | |
Curtailment gain | 0 | 4,716 | |
Prior service cost recognized in curtailment | 0 | 26 | |
Pension and other postretirement benefit items | $ (7,027) | $ 30,006 |
Retirement plans - Assumptions
Retirement plans - Assumptions Used to Determine Defined Benefit Plans Costs (Detail) - Retirement Plans | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate (as a percent) | 3.64% | 4.12% | 4.46% |
Expected return on plan assets (as a percent) | 7.00% | 7.00% | 7.00% |
Retirement plans - Assumption_2
Retirement plans - Assumptions Used to Determine Pension Year-End Benefit Obligations (Detail) | Dec. 31, 2018 | Dec. 31, 2017 |
Retirement Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Discount rate (as a percent) | 4.34% | 3.64% |
Retirement plans - Asset Alloca
Retirement plans - Asset Allocation for Company-Sponsored Pension Plans and Target Allocations by Asset Category (Detail) - Retirement Plans | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
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] | |||
Allocation of Plan Assets (as a percent) | 57.00% | 56.00% | |
Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Allocation of Plan Assets (as a percent) | 39.00% | 39.00% | |
Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Allocation of Plan Assets (as a percent) | 4.00% | 5.00% | |
Scenario, Forecast [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation (as a percent) | 100.00% | ||
Scenario, Forecast [Member] | Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation (as a percent) | 57.00% | ||
Scenario, Forecast [Member] | Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation (as a percent) | 38.00% | ||
Scenario, Forecast [Member] | Other | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Target allocation (as a percent) | 5.00% |
Retirement plans - Estimated Be
Retirement plans - Estimated Benefit Payments (Detail) - Retirement Plans $ in Thousands | Dec. 31, 2018USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2,019 | $ 48,038 |
2,020 | 37,882 |
2,021 | 38,384 |
2,022 | 39,342 |
2,023 | 39,195 |
2024-2028 | $ 192,299 |
Fair value measurement - Narrat
Fair value measurement - Narrative (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)investment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Cost method investments | $ 17,374 | $ 17,374 | $ 24,497 | $ 17,374 | |||
Impairment charge to cost method investments | 2,600 | 2,600 | $ 2,000 | 2,600 | |||
Non-cash goodwill impairment charge | $ 332,900 | $ 15,200 | |||||
Pre-tax impairments on equity method investments | 5,800 | ||||||
Hedge funds redemption period | 95 days | ||||||
Future funding commitments | $ 700 | ||||||
Hedge funds redemption potential holdback percentage | 5.00% | ||||||
Level 1 | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Deferred compensation investments | 14,600 | 14,600 | 14,600 | ||||
Common collective trust - fixed income | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Number of investments held in collective trusts | investment | 9 | ||||||
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 | 3,160,000 | 3,160,000 | $ 2,960,000 | $ 3,160,000 | |||
Hurricane Harvey | |||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||
Non-cash impairment charges for damage to television station | 11,100 | ||||||
Cash expenses related to repairing studio | $ 26,900 | 15,800 | |||||
Insurance recovery | $ 21,000 | 5,000 | 26,000 | 26,000 | |||
Net expense impact from hurricane | $ 900 | $ 900 | $ 1,100 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | $ 407,550 | ||
Retirement Plans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 407,550 | $ 439,149 | $ 388,168 |
Total | 123,454 | 128,819 | |
Retirement Plans | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 123,454 | 128,819 | |
Retirement Plans | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total | 0 | 0 | |
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 | 958 | 935 | |
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 | 958 | 935 | |
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 | 83,489 | 82,698 | |
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 | 83,489 | 82,698 | |
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 | Interest in registered investment companies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 39,007 | 45,186 | |
Retirement Plans | Interest in registered investment companies | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total fair value of plan assets | 39,007 | 45,186 | |
Retirement Plans | Interest in registered investment companies | 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 | Interest in registered investment companies | 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 | 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: | 104,993 | 117,778 | |
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: | 158,580 | 170,977 | |
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: | 16,126 | 15,756 | |
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: | $ 4,397 | $ 5,819 |
Shareholders' equity - Narrativ
Shareholders' equity - Narrative (Detail) | Mar. 01, 2018shares | May 31, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)adjustment$ / sharesshares | May 04, 2010shares |
Stockholders Equity Note [Line Items] | |||||||
Common stock, authorized (in shares) | 800,000,000 | 800,000,000 | |||||
Preferred stock, authorized (in shares) | 2,000,000 | 2,000,000 | |||||
Common stock, outstanding (in shares) | 215,800,000 | 214,900,000 | |||||
Treasury stock (in shares) | 108,660,002 | 109,487,979 | |||||
Preferred stock, issued (in shares) | 0 | 0 | |||||
Preferred stock, outstanding (in shares) | 0 | 0 | |||||
Stock options outstanding excluded from calculation of diluted earnings per share (in shares) | 205,000,000 | 190,000,000 | 150,000,000 | ||||
Shares approved to be repurchased under share repurchase program, amount | $ | $ 300,000,000 | ||||||
Share repurchase program, period in force | 3 years | ||||||
Shares repurchased under share repurchase program (in shares) | 500,000 | 1,500,000 | 7,000,000 | ||||
Cost of common shares repurchased | $ | $ 5,831,000 | $ 23,480,000 | $ 161,891,000 | ||||
Remaining authorized repurchase amount | $ | $ 279,100,000 | ||||||
Shares granted with aggregate target awards (in shares) | 600,000 | ||||||
Spin-off of Publishing businesses | $ | $ 1,513,881,000 | $ 45,128,000 | |||||
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 | ||||||
Stock options outstanding (in shares) | 400,000 | 1,300,000 | |||||
Stock options outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 8.56 | $ 8.25 | |||||
Weighted average remaining contractual life | 3 months 30 days | ||||||
Aggregate intrinsic value | $ | $ 900,000 | ||||||
Stock options exercised (in shares) | 800,000 | 800,000 | 200,000 | ||||
Stock options exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 8.10 | $ 9.07 | $ 11.03 | ||||
Intrinsic value of all stock options exercised | $ | $ 5,200,000 | $ 5,300,000 | $ 2,300,000 | ||||
Stock Options | Employee | |||||||
Stockholders Equity Note [Line Items] | |||||||
Shares reserved for issuance (in shares) | 60,000,000 | ||||||
Performance Based Awards | |||||||
Stockholders Equity Note [Line Items] | |||||||
Award vesting period | 3 years | ||||||
Restricted Stock Units (RSUs) | Employee | |||||||
Stockholders Equity Note [Line Items] | |||||||
Number of shares of common stock received for each RSU granted | 1 | ||||||
Award vesting percentage | 25.00% | ||||||
Performance Shares | |||||||
Stockholders Equity Note [Line Items] | |||||||
Spin-off adjustment, conversion factor | 1.59 | ||||||
Unrecognized compensation cost related to non-vested share-based compensation | $ | $ 1,100,000 | ||||||
Unrecognized compensation cost related to non-vested share-based compensation for options, recognition period | 1 year | ||||||
Restricted Stock and Restricted Stock Units | |||||||
Stockholders Equity Note [Line Items] | |||||||
Unrecognized compensation cost related to non-vested share-based compensation | $ | $ 15,100,000 | ||||||
Unrecognized compensation cost related to non-vested share-based compensation for options, recognition period | 2 years 6 months 13 days | ||||||
Publishing | |||||||
Stockholders Equity Note [Line Items] | |||||||
Number of adjustments to retained earnings | adjustment | 2 | ||||||
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 | 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 | $ | $ 1,513,881,000 | 42,486,000 | |||||
Retained earnings | Cars.com | |||||||
Stockholders Equity Note [Line Items] | |||||||
Spin-off of Publishing businesses | $ | $ 1,500,000,000 | ||||||
Retained earnings | Publishing | |||||||
Stockholders Equity Note [Line Items] | |||||||
Spin-off of Publishing businesses | $ | $ 42,500,000 | ||||||
Cars.com | Performance Shares | |||||||
Stockholders Equity Note [Line Items] | |||||||
Adjustment due to spin-off of Publishing (in shares) | 0 | 178,775 | 0 | ||||
Cars.com | Restricted Stock and Restricted Stock Units | |||||||
Stockholders Equity Note [Line Items] | |||||||
Adjustment due to spin-off of Publishing (in shares) | 0 | 606,377 | 0 |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Income from continuing operations | $ 401,340 | $ 447,962 | $ 309,120 |
Income (loss) from discontinued operations, net of tax | 4,325 | (232,916) | 178,879 |
Net loss (income) attributable to noncontrolling interests from discontinued operations | 0 | 58,698 | (51,302) |
Net income attributable to TEGNA Inc. | $ 405,665 | $ 273,744 | $ 436,697 |
Weighted average number of common shares outstanding - basic | 216,184 | 215,587 | 216,358 |
Effect of dilutive securities | |||
Weighted average number of common shares outstanding - diluted | 216,621 | 217,478 | 219,681 |
Earnings from continuing operations per share - basic (in dollars per share) | $ 1.86 | $ 2.08 | $ 1.43 |
Earnings from discontinued operations per share - basic (in dollars per share) | 0.02 | (0.81) | 0.59 |
Net income per share - basic (in dollars per share) | 1.88 | 1.27 | 2.02 |
Earnings from continuing operations per share - diluted (in dollars per share) | 1.85 | 2.06 | 1.41 |
Earnings from discontinued operations per share - diluted (in dollars per share) | 0.02 | (0.80) | 0.58 |
Net income per share - diluted (in dollars per share) | $ 1.87 | $ 1.26 | $ 1.99 |
Restricted Stock | |||
Effect of dilutive securities | |||
Effect of dilutive securities (in shares) | 139 | 659 | 1,424 |
Performance Shares | |||
Effect of dilutive securities | |||
Effect of dilutive securities (in shares) | 97 | 550 | 997 |
Stock Options | |||
Effect of dilutive securities | |||
Effect of dilutive securities (in shares) | 201 | 682 | 902 |
Shareholders' equity - Assumpti
Shareholders' equity - Assumptions Used to Estimate Fair Value of Option Awards (Detail) - Performance Shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term | 3 years | 3 years | 3 years |
Expected volatility (as a percent) | 29.90% | 39.60% | |
Risk free interest rate (as a percent) | 1.47% | 1.31% | |
Expected dividend yield (as a percent) | 2.62% | 2.19% |
Shareholders' equity - Stock-Ba
Shareholders' equity - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 12,531 | $ 16,069 | $ 16,298 |
Total income tax (provision) benefit | (184) | 7,442 | 12,677 |
Stock-based compensation net of tax | 12,715 | 8,627 | 3,621 |
Restricted Stock and Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 7,260 | 9,408 | 9,957 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 5,271 | 6,234 | 6,341 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 0 | $ 427 | $ 0 |
Shareholders' equity - Summary
Shareholders' equity - Summary of Restricted Stock and RSU Awards (Detail) - Restricted Stock and Restricted Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | |||
Unvested at beginning of year (in shares) | 1,062,550 | 1,143,421 | 2,126,526 |
Granted (in shares) | 1,198,787 | 989,443 | 616,743 |
Settled (in shares) | (477,050) | (1,162,231) | (1,277,444) |
Canceled (in shares) | (216,583) | (514,460) | (322,404) |
Unvested at end of year (in shares) | 1,567,704 | 1,062,550 | 1,143,421 |
Weighted average fair value | |||
Unvested at beginning of year (in dollars per share) | $ 21.29 | $ 25.66 | $ 21.55 |
Granted (in dollars per share) | 11.99 | 19.41 | 25.08 |
Settled (in dollars per share) | 15.11 | 25.18 | 19.22 |
Canceled (in dollars per share) | 17.98 | 21.49 | 22.27 |
Unvested at end of year (in dollars per share) | $ 14.65 | $ 21.29 | $ 25.66 |
Cars.com | |||
Shares | |||
Adjustment due to spin-off of Publishing (in shares) | 0 | 606,377 | 0 |
Shareholders' equity - Summar_2
Shareholders' equity - Summary of Performance Shares and Performance Share Awards (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Performance Shares | |||
Target number of shares | |||
Unvested at beginning of year (in shares) | 662,835 | 1,018,950 | 1,385,940 |
Granted (in shares) | 0 | 307,950 | 392,589 |
Settled (in shares) | (383,095) | (774,267) | (687,125) |
Canceled (in shares) | (28,900) | (68,573) | (72,454) |
Unvested at end of year (in shares) | 250,840 | 662,835 | 1,018,950 |
Weighted average fair value | |||
Unvested at beginning of year (in dollars per share) | $ 25.87 | $ 35.60 | $ 29.21 |
Granted (in dollars per share) | 23.92 | 30.69 | |
Settled (in dollars per share) | 27.19 | 36.94 | 20.12 |
Canceled (in dollars per share) | 25.39 | 31.80 | 34.96 |
Unvested at end of year (in dollars per share) | $ 23.92 | $ 25.87 | $ 35.60 |
Performance Share Awards | |||
Target number of shares | |||
Unvested at beginning of year (in shares) | 0 | ||
Granted (in shares) | 565,187 | ||
Settled (in shares) | (91,451) | ||
Canceled (in shares) | (23,651) | ||
Unvested at end of year (in shares) | 450,085 | 0 | |
Weighted average fair value | |||
Granted (in dollars per share) | $ 12.05 | ||
Settled (in dollars per share) | 12.05 | ||
Canceled (in dollars per share) | 12.05 | ||
Unvested at end of year (in dollars per share) | $ 12.05 | ||
Cars.com | Performance Shares | |||
Target number of shares | |||
Adjustment due to spin-off of Publishing (in shares) | 0 | 178,775 | 0 |
Shareholders' equity - Accumula
Shareholders' equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 995,041 | $ 995,041 | $ 2,553,005 | $ 2,456,744 |
Other comprehensive (loss) income before reclassifications | (14,182) | 17,438 | (32,920) | |
Amounts reclassified from AOCL | 9,439 | 37,212 | 4,940 | |
Other comprehensive (loss) income, net of tax | (4,743) | 54,209 | (35,487) | |
Spin-off publishing businesses | (2,642) | |||
Reclassification of stranded tax effects to retained earnings | (24,800) | (24,845) | ||
Ending Balance | 1,340,924 | 995,041 | 2,553,005 | |
Retirement Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (107,037) | (107,037) | (124,978) | (114,133) |
Other comprehensive (loss) income before reclassifications | (14,450) | 12,496 | (13,143) | |
Amounts reclassified from AOCL | 9,439 | 5,445 | 4,940 | |
Other comprehensive (loss) income, net of tax | (5,011) | |||
Spin-off publishing businesses | (2,642) | |||
Reclassification of stranded tax effects to retained earnings | (24,845) | |||
Ending Balance | (136,893) | (107,037) | (124,978) | |
Foreign Currency Translation | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 114 | 114 | (28,560) | (20,129) |
Other comprehensive (loss) income before reclassifications | 268 | 6,649 | (8,431) | |
Amounts reclassified from AOCL | 0 | 22,025 | 0 | |
Other comprehensive (loss) income, net of tax | 268 | |||
Spin-off publishing businesses | 0 | |||
Reclassification of stranded tax effects to retained earnings | 0 | |||
Ending Balance | 382 | 114 | (28,560) | |
Other | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | 0 | 0 | (8,035) | 3,311 |
Other comprehensive (loss) income before reclassifications | (1,707) | (11,346) | ||
Amounts reclassified from AOCL | 9,742 | 0 | ||
Spin-off publishing businesses | 0 | |||
Ending Balance | 0 | (8,035) | ||
AOCI Including Portion Attributable to Noncontrolling Interest | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ (106,923) | (106,923) | (161,573) | (130,951) |
Ending Balance | $ (136,511) | $ (106,923) | $ (161,573) |
Shareholders' equity - Reclassi
Shareholders' equity - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Pension payment timing related charges | $ 7,498 | $ 0 | $ 0 |
Income before income taxes | 508,707 | 310,716 | 449,291 |
Income tax effect | (107,367) | 137,246 | (140,171) |
Total reclassifications, net of tax | 9,439 | 37,212 | 4,940 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | 9,439 | 5,445 | 4,940 |
Retirement Plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of tax | 9,439 | 5,445 | 4,940 |
Retirement Plans | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of prior service cost | (403) | 63 | 96 |
Amortization of actuarial loss | 5,544 | 8,774 | 7,972 |
Pension payment timing related charges | 7,498 | 0 | 0 |
Income before income taxes | 12,639 | 8,837 | 8,068 |
Income tax effect | $ (3,200) | $ (3,392) | $ (3,128) |
Business operations and segme_3
Business operations and segment information - Narrative (Detail) | Dec. 31, 2018marketstation |
Segment Reporting [Abstract] | |
Number of television stations | station | 49 |
Number of markets In which entity operates | market | 41 |
Business operations and segme_4
Business operations and segment information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Operating revenues | $ 2,207,282 | $ 1,903,026 | $ 2,004,088 |
Operating income | 698,476 | 545,902 | 708,152 |
Depreciation, amortization, asset impairment and other (gains) charges | 75,086 | 81,067 | 110,762 |
Capital expenditures | 65,230 | 39,445 | 43,215 |
Operating Segments | Media | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 2,207,282 | 1,903,026 | 1,994,120 |
Operating income | 752,292 | 602,514 | 800,791 |
Depreciation, amortization, asset impairment and other (gains) charges | 73,737 | 79,398 | 85,890 |
Capital expenditures | 62,141 | 39,055 | 41,572 |
Operating Segments | Digital | |||
Segment Reporting Information [Line Items] | |||
Operating revenues | 0 | 0 | 9,968 |
Operating income | 0 | 0 | (30,241) |
Depreciation, amortization, asset impairment and other (gains) charges | 0 | 0 | 21,166 |
Capital expenditures | 0 | 0 | 0 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Operating income | (53,816) | (56,612) | (62,398) |
Depreciation, amortization, asset impairment and other (gains) charges | 1,349 | 1,669 | 3,706 |
Capital expenditures | $ 3,089 | $ 390 | $ 1,643 |
Asset impairment and other (g_3
Asset impairment and other (gains) charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unusual or Infrequent Items, or Both [Abstract] | |||
Property and equipment (gains) impairments | $ (5,989) | $ 2,183 | $ 6,085 |
Lease exit and other charges | 551 | 1,350 | 4,558 |
Hurricane related losses, net | 1,137 | 896 | 0 |
Reimbursement from spectrum repacking | (7,400) | 0 | 0 |
Goodwill and intangible asset impairments | 0 | 0 | 21,487 |
Total asset impairment and other (gains) charges | $ (11,701) | $ 4,429 | $ 32,130 |
Asset impairment and other (g_4
Asset impairment and other (gains) charges - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Gain on sale of real estate | $ 6,000 | ||||||
Asset impairment charges | $ 2,200 | $ 4,700 | |||||
Reimbursement from spectrum repacking | 7,400 | $ 0 | 0 | ||||
Goodwill impairment charges | $ 332,900 | 15,200 | |||||
Hurricane Harvey | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Net expense impact from hurricane | $ 900 | $ 900 | 1,100 | ||||
Gross hurricane related expenses | 26,900 | 15,800 | |||||
Insurance recovery | $ 21,000 | $ 5,000 | $ 26,000 | $ 26,000 | |||
Cofactor Reporting Unit | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Goodwill impairment charges | 15,200 | ||||||
Internally produced program | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Asset impairment charges | $ 6,300 |
Supplemental cash flow inform_3
Supplemental cash flow information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Continuing operations | $ 135,862 | $ 98,801 | $ 15,879 | |
Discontinued operations | 0 | 0 | 61,041 | |
Balance of cash, cash equivalents and restricted cash at end of year | 135,862 | 128,041 | 105,117 | $ 161,670 |
Supplemental Cash Flow Information [Abstract] | ||||
Cash paid for income taxes, net of refunds | 62,889 | 154,693 | 206,271 | |
Cash paid for interest | 182,465 | 200,512 | 225,462 | |
Continuing Operations | Prepaid expenses and other current assets | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Restricted cash equivalents | 0 | 29,240 | 0 | |
Continuing Operations | Investments and other assets | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Restricted cash equivalents | $ 0 | $ 0 | $ 28,197 |
Other matters - Narrative (Deta
Other matters - Narrative (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2017USD ($)stationphase | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2018USD ($)customer | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Mar. 23, 2018USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |||||||
Future minimum payments due under non-cancelable operating leases | $ 127,177,000 | ||||||
Total rental costs reflected in continuing operations | 18,500,000 | $ 21,000,000 | $ 24,600,000 | ||||
FCC Broadcast Spectrum Program, number of stations affected | station | 13 | ||||||
FCC Broadcast Spectrum Program, authorized reimbursement amount | $ 1,750,000,000 | ||||||
FCC Broadcast Spectrum Program, repacking fund | $ 1,000,000,000 | ||||||
FCC Broadcast Spectrum Program, repacking fund available for distributors | $ 750,000,000 | ||||||
FCC Broadcast Spectrum Program, repacking period | 39 months | ||||||
FCC Broadcast Spectrum Program, number of repacking phases | phase | 10 | ||||||
FCC Broadcast Spectrum Program, capital expenditures incurred | 17,600,000 | ||||||
FCC Broadcast Spectrum Program, amount purchased | 16,300,000 | ||||||
FCC Broadcast Spectrum Program, amount of reimbursement received | 7,400,000 | ||||||
FCC Broadcast Spectrum Program, amounts reimbursed as a percentage of total costs | 92.50% | ||||||
Proceeds from operating agreements | $ 32,600,000 | $ 0 | 32,588,000 | $ 0 | |||
Deferred revenue, recognition period | 20 years | ||||||
Severance charge | $ 7,300,000 | $ 4,900,000 | |||||
Programming Contracts | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Purchase commitments under contract | 1,260,000,000 | ||||||
Capital Projects, Interactive Marketing Agreement, Licensing Fees and Other Commitments | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Purchase commitments under contract | $ 113,300,000 | ||||||
Sales Revenue | Customer Concentration Risk | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Number of customers which represent significant percentage of revenue | customer | 2 | ||||||
Customer A | Sales Revenue | Customer Concentration Risk | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Revenues | $ 245,300,000 | 215,400,000 | |||||
Customer B | Sales Revenue | Customer Concentration Risk | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Revenues | $ 223,800,000 | $ 202,400,000 |
Other matters - Future Commitme
Other matters - Future Commitments (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases | |
2,019 | $ 10,443 |
2,020 | 9,938 |
2,021 | 11,680 |
2,022 | 10,861 |
2,023 | 10,322 |
Thereafter | 73,933 |
Total | 127,177 |
Programming Contracts | |
Recorded Unconditional Purchase Obligation [Line Items] | |
2,019 | 480,379 |
2,020 | 398,050 |
2,021 | 124,501 |
2,022 | 133,980 |
2,023 | 120,702 |
Thereafter | 310 |
Total | 1,257,922 |
Purchase Obligations | |
Recorded Unconditional Purchase Obligation [Line Items] | |
2,019 | 72,637 |
2,020 | 34,374 |
2,021 | 4,908 |
2,022 | 1,040 |
2,023 | 336 |
Thereafter | 0 |
Total | $ 113,295 |
Discontinued operations - Narra
Discontinued operations - Narrative (Details) $ in Thousands | Jul. 31, 2017USD ($)seat | Sep. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | May 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Conversion ratio for every share of Tegna common stock owned by stockholders | 0.3333 | ||||||
Goodwill impairment charges | $ 332,900 | $ 15,200 | |||||
Cash paid for interest | $ 182,465 | $ 200,512 | $ 225,462 | ||||
Career Builder | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Pre-tax loss related to sale of business | 342,900 | ||||||
Goodwill impairment charges | 332,900 | ||||||
Business exit costs | 10,900 | ||||||
Career Builder | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Equity method investment retained after disposal (as a percent) | 17.00% | ||||||
Equity method investment retained after disposal, ownership Interest after disposal, diluted (as a percent) | 10.00% | ||||||
Discontinued Operations, Disposed of by Sale | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Tax benefit from discontinued operations | $ 4,300 | ||||||
Discontinued Operations, Disposed of by Sale | Career Builder | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Total sale price | $ 198,300 | ||||||
Discontinued Operations, Disposed of by Sale | Career Builder | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Equity method investment retained after disposal (as a percent) | 17.00% | ||||||
Equity method investment retained after disposal, ownership Interest after disposal, diluted (as a percent) | 10.00% | ||||||
Number seats retained on Board of Directors | seat | 2 | ||||||
Number of members on Board of Directors | seat | 10 | ||||||
Income (Loss) from ongoing equity method investment in discontinued operation after disposal | $ 14,200 | ||||||
Parent Company | Career Builder | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Pre-tax loss related to sale of business | $ 271,700 |
Discontinued operations - Incom
Discontinued operations - Income Statement Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of tax | $ 4,325 | $ (232,916) | $ 178,879 | |
Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Provision for income taxes | $ 4,300 | |||
Discontinued Operations, Disposed of by Sale | Digital | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Operating revenues | 0 | 647,021 | 1,340,489 | |
Operating expenses | 0 | 923,683 | 1,071,028 | |
Income (loss) from discontinued operations, before income taxes | 0 | (277,741) | 256,863 | |
Provision for income taxes | (4,325) | (44,826) | 77,984 | |
Income (loss) from discontinued operations, net of tax | 4,325 | (232,915) | 178,879 | |
Net loss (income) attributable to noncontrolling interests from discontinued operations | $ 0 | $ 58,698 | $ (51,302) |
Discontinued operations - Depre
Discontinued operations - Depreciation, Amortization and Capital Expenditures (Details) - Discontinued Operations, Disposed of by Sale - Digital - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation | $ 0 | $ 19,569 | $ 34,162 |
Amortization of intangible assets | 0 | 40,300 | 91,696 |
Capital expenditures | 0 | 37,441 | 51,581 |
Payments for acquisitions, net of cash acquired | $ 0 | $ 0 | $ 206,077 |