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v3.19.3.a.u2

Shareholders' equity (Tables) | 12 Months Ended
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Dec. 31, 2019
Shareholders' Equity and Share-based Payments [Abstract] |
Earnings (Loss) Per Share (Basic and Diluted) | Our earnings per share (basic and diluted) for 2019, 2018, and 2017 are presented below (in thousands, except per share amounts):
| 2019 |  | 2018 |  | 2017
Income from continuing operations | $ | 286,235 |  |  | $ | 401,340 |  |  | $ | 447,962 |
Income (loss) from discontinued operations, net of tax | — |  |  | 4,325 |  |  | (232,916 | )
Net loss attributable to noncontrolling interests from discontinued operations | — |  |  | — |  |  | 58,698 |
Net income attributable to TEGNA Inc. | $ | 286,235 |  |  | $ | 405,665 |  |  | $ | 273,744 |
Weighted average number of common shares outstanding - basic | 217,138 |  |  | 216,184 |  |  | 215,587 |
Effect of dilutive securities |  |  |  |  |
Restricted stock | 461 |  |  | 139 |  |  | 659 |
Performance share units | 346 |  |  | 97 |  |  | 550 |
Stock options | 32 |  |  | 201 |  |  | 682 |
Weighted average number of common shares outstanding - diluted | 217,977 |  |  | 216,621 |  |  | 217,478 |
Earnings from continuing operations per share - basic | $ | 1.32 |  |  | $ | 1.86 |  |  | $ | 2.08 |
Earnings from discontinued operations per share - basic | — |  |  | 0.02 |  |  | (0.81 | )
Earnings per share - basic | $ | 1.32 |  |  | $ | 1.88 |  |  | $ | 1.27 |
Earnings from continuing operations per share - diluted | $ | 1.31 |  |  | $ | 1.85 |  |  | $ | 2.06 |
Earnings from discontinued operations per share - diluted | — |  |  | 0.02 |  |  | (0.80 | )
Earnings per share - diluted | $ | 1.31 |  |  | $ | 1.87 |  |  | $ | 1.26 |
Assumptions Used to Estimate Fair Value of Option Awards | The following assumptions were used to estimate the fair value of PSUs:
| 2017
Expected term | 3 years
Expected volatility | 29.90%
Risk-free interest rate | 1.47%
Expected dividend yield | 2.62%
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):
| 2019 |  | 2018 |  | 2017
RSUs | $ | 9,699 |  |  | $ | 7,260 |  |  | $ | 9,408 |
PSAs | 9,277 |  |  | 2,693 |  |  | — |
PSUs | 1,170 |  |  | 2,578 |  |  | 6,234 |
Stock options | — |  |  | — |  |  | 427 |
Total stock-based compensation | 20,146 |  |  | 12,531 |  |  | 16,069 |
Total income tax benefit (provision) | 4,354 |  |  | (184 | ) |  | 7,442 |
Stock-based compensation net of tax | $ | 15,792 |  |  | $ | 12,715 |  |  | $ | 8,627 |
Summary of Restricted Stock and RSU Awards | A summary of RSU awards is presented below:
| 2019 |  | 2018 |  | 2017
RSU Activity | Shares |  | Weighted average fair value |  | Shares |  | Weighted average fair value |  | Shares |  | Weighted average fair value
Unvested at beginning of year | 1,567,704 |  |  | $ | 14.65 |  |  | 1,062,550 |  |  | $ | 21.29 |  |  | 1,143,421 |  |  | $ | 25.66 |
Granted | 1,356,848 |  |  | 13.09 |  |  | 1,198,787 |  |  | 11.99 |  |  | 989,443 |  |  | 19.41 |
Vested | (581,479 | ) |  | 16.31 |  |  | (477,050 | ) |  | 15.11 |  |  | (1,162,231 | ) |  | 25.18 |
Canceled | (210,137 | ) |  | 14.53 |  |  | (216,583 | ) |  | 17.98 |  |  | (514,460 | ) |  | 21.49 |
Adjustment due to spin-off of Cars.com (a) | — |  |  |  |  | — |  |  |  |  | 606,377 |  |  |
Unvested at end of year (a) | 2,132,936 |  |  | $ | 13.22 |  |  | 1,567,704 |  |  | $ | 14.65 |  |  | 1,062,550 |  |  | $ | 21.29 |
(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 | PSAs: The PSAs were first granted in 2018. A summary for the PSAs activity is presented below:
| 2019 |  | 2018
PSAs Activity | Target number of shares |  | Weighted average fair value |  | Target number of shares |  | Weighted average fair value
Unvested at beginning of year | 450,085 |  |  | $ | 12.05 |  |  | — |  |  |
Granted | 567,356 |  |  | 12.36 |  |  | 565,187 |  |  | $ | 12.05 |
Vested | (261,286 | ) |  | 12.16 |  |  | (91,451 | ) |  | 12.05 |
Canceled | (57,673 | ) |  | 12.08 |  |  | (23,651 | ) |  | 12.05 |
Unvested at end of year | 698,482 |  |  | $ | 12.26 |  |  | 450,085 |  |  | $ | 12.05 |
PSUs: As of December 31, 2019, there was no unrecognized compensation cost related to non-vested PSUs as the last awards fully vested as of December 31, 2019. A summary of our PSUs is presented below:
| 2019 |  | 2018 |  | 2017
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 | 250,840 |  |  | $ | 23.92 |  |  | 662,835 |  |  | $ | 25.87 |  |  | 1,018,950 |  |  | $ | 35.60 |
Granted | — |  |  |  |  |  | — |  |  |  |  |  | 307,950 |  |  | 23.92 |
Vested | (228,287 | ) |  | 23.92 |  |  | (383,095 | ) |  | 27.19 |  |  | (774,267 | ) |  | 36.94 |
Canceled | (22,553 | ) |  | 23.92 |  |  | (28,900 | ) |  | 25.39 |  |  | (68,573 | ) |  | 31.80 |
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 |
(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.
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables summarize the components of, and changes in AOCL, net of tax (in thousands):
2019 | Retirement Plans |  | Foreign Currency Translation (1) |  | Total
Balance at beginning of year | $ | (136,893 | ) |  | $ | 382 |  |  | $ | (136,511 | )
Other comprehensive loss before reclassifications | (10,339 | ) |  | (581 | ) |  | (10,920 | )
Amounts reclassified from AOCL | 4,834 |  |  | — |  |  | 4,834 |
Balance at end of year | $ | (142,398 | ) |  | $ | (199 | ) |  | $ | (142,597 | )
2018 | Retirement Plans |  | Foreign Currency Translation (1) |  | 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.
Reclassification out of Accumulated Other Comprehensive Income | Reclassifications out of AOCL related to these post-retirement plans include the following (in thousands):
| 2019 |  | 2018 |  | 2017
Amortization of prior service (credit) cost | $ | (481 | ) |  | $ | (403 | ) |  | $ | 63 |
Amortization of actuarial loss | 6,246 |  |  | 5,544 |  |  | 8,774 |
Pension payment timing related charges | 686 |  |  | 7,498 |  |  | — |
Total reclassifications, before tax | 6,451 |  |  | 12,639 |  |  | 8,837 |
Income tax effect | (1,617 | ) |  | (3,200 | ) |  | (3,392 | )
Total reclassifications, net of tax | $ | 4,834 |  |  | $ | 9,439 |  |  | $ | 5,445 |

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