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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Components of benefit expense | The components of the expense consisted of the following:
|  | For the years ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Interest cost |  | $ | 19,799 |  |  | $ | 23,287 |  |  | $ | 23,836 |
Expected return on plan assets, net of expenses |  | (21,016) |  |  | (19,974) |  |  | (22,232) |
Amortization of actuarial loss and prior service cost |  | 4,672 |  |  | 2,622 |  |  | 3,527 |
Settlement losses |  | — |  |  | — |  |  | 11,713 |
Total for defined benefit plans |  | 3,455 |  |  | 5,935 |  |  | 16,844 |
Multi-employer plans |  | 5 |  |  | 132 |  |  | 190 |
SERPs |  | 933 |  |  | 1,018 |  |  | 2,908 |
Defined contribution plan |  | 14,074 |  |  | 10,494 |  |  | 8,619 |
Net periodic benefit cost |  | 18,467 |  |  | 17,579 |  |  | 28,561 |
Allocated to discontinued operations |  | (522) |  |  | (447) |  |  | (789) |
Net periodic benefit cost - continuing operations |  | $ | 17,945 |  |  | $ | 17,132 |  |  | $ | 27,772 |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
|  | For the years ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Actuarial gain/(loss) |  | $ | (5,296) |  |  | $ | (5,478) |  |  | $ | (7,765) |
Prior service cost |  | — |  |  | — |  |  | (424) |
Amortization of actuarial loss and prior service cost |  | 4,672 |  |  | 2,622 |  |  | 3,527 |
Reclassification of actuarial loss related to settlement |  | — |  |  | — |  |  | 11,713 |
Total |  | $ | (624) |  |  | $ | (2,856) |  |  | $ | 7,051 |
Schedule of assumptions used | Assumptions used in determining the annual retirement plans expense were as follows:
|  | 2020 |  | 2019 |  | 2018 (1)
Discount rate |  | 3.40 | % |  | 4.38% |  | 3.71%-4.58%
Long-term rate of return on plan assets |  | 5.50 | % |  | 5.50 | % |  | 5.10%
(1) Range presented for 2018 discount rate represents the rates used for various remeasurement periods during the year as well as differing rates used for Scripps Pension Plan and Journal Communications, Inc. Plan. Assumptions used to determine the defined benefit pension plans benefit obligations were as follows:
|  | 2020 |  | 2019 |  | 2018
Weighted average discount rate |  | 2.64 | % |  | 3.40 | % |  | 4.38 | %
Schedule of employee benefit plan assets and obligations | The following table presents information about our employee benefit plan assets and obligations:
|  | Defined Benefit Plan |  | SERPs
|  | For the years ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in projected benefit obligation: |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 593,591 |  |  | $ | 544,581 |  |  | $ | 18,541 |  |  | $ | 16,985 |
Interest cost |  | 19,799 |  |  | 23,287 |  |  | 586 |  |  | 718 |
Benefits paid |  | (31,576) |  |  | (35,186) |  |  | (1,236) |  |  | (1,019) |
Actuarial (gains)/losses |  | 55,351 |  |  | 60,909 |  |  | 999 |  |  | 1,857 |
Projected benefit obligation at end of year |  | 637,165 |  |  | 593,591 |  |  | 18,890 |  |  | 18,541 |
Plan assets: |  |  |  |  |  |  |  |
Fair value at beginning of year |  | 420,699 |  |  | 361,891 |  |  | — |  |  | — |
Actual return on plan assets |  | 71,071 |  |  | 75,405 |  |  | — |  |  | — |
Company contributions |  | 32,633 |  |  | 18,589 |  |  | 1,236 |  |  | 1,019 |
Benefits paid |  | (31,576) |  |  | (35,186) |  |  | (1,236) |  |  | (1,019) |
Fair value at end of year |  | 492,827 |  |  | 420,699 |  |  | — |  |  | — |
Funded status |  | $ | (144,338) |  |  | $ | (172,892) |  |  | $ | (18,890) |  |  | $ | (18,541) |
Amounts recognized in Consolidated Balance Sheets: |  |  |  |  |  |  |  |
Current liabilities |  | $ | — |  |  | $ | — |  |  | $ | (1,383) |  |  | $ | (1,214) |
Noncurrent liabilities |  | (144,338) |  |  | (172,892) |  |  | (17,507) |  |  | (17,327) |
Total |  | $ | (144,338) |  |  | $ | (172,892) |  |  | $ | (18,890) |  |  | $ | (18,541) |
Amounts recognized in accumulated other comprehensive loss consist of: |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | 123,707 |  |  | $ | 123,065 |  |  | $ | 7,999 |  |  | $ | 7,240 |
Prior service cost |  | 388 |  |  | 406 |  |  | — |  |  | — |
Schedule of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets | Information for plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows:
|  | Defined Benefit Plan |  | SERPs
|  | As of December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Accumulated benefit obligation |  | $ | 637,165 |  |  | $ | 593,591 |  |  | $ | 18,890 |  |  | $ | 18,541 |
Projected benefit obligation |  | 637,165 |  |  | 593,591 |  |  | 18,890 |  |  | 18,541 |
Fair value of plan assets |  | 492,827 |  |  | 420,699 |  |  | — |  |  | — |
Schedule of allocation of pension plan assets by asset category | Information related to our pension plan asset allocations by asset category were as follows:
|  | Target allocation |  | Percentage of plan assets as of December 31,
|  | 2021 |  | 2020 |  | 2019
US equity securities |  | 20 | % |  | 16 | % |  | 17 | %
Non-US equity securities |  | 30 | % |  | 39 | % |  | 39 | %
Fixed-income securities |  | 45 | % |  | 44 | % |  | 43 | %
Other |  | 5 | % |  | 1 | % |  | 1 | %
Total |  | 100 | % |  | 100 | % |  | 100 | %
Plan assets measured using the fair value hierarchy | The following table presents our plan assets as of December 31, 2020 and 2019:
|  | As of December 31,
(in thousands) |  | 2020 |  | 2019
Equity securities |  |  |  |
Common/collective trust funds |  | $ | 274,810 |  |  | $ | 237,015 |
Fixed income |  |  |  |
Common/collective trust funds |  | 215,444 |  |  | 181,176 |
Cash equivalents |  | 2,573 |  |  | 2,508 |
Fair value of plan assets |  | $ | 492,827 |  |  | $ | 420,699 |

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