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Employee Benefit Plans (Tables)

12 Months Ended

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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