Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Pension Plan Assets by Level within Fair Value Hierarchy

The weighted average target asset allocation of our plans for 2020 and allocations at the end of 2019 and 2018, by asset category, are presented in the table below:

	Target Allocation	Allocation of Plan Assets
	2020	2019	2018
Equity securities	35%	39%	63%
Debt securities	47%	46%	35%
Alternative investments(a)	18%	15%	2%
Total	100%	100%	100%

^(a)Alternative investments include real estate, private equity and hedge funds.

The following tables set forth, by level within the fair value hierarchy, the December 31 measurement date fair values of our pension plans assets relating to the George W. Prescott Company pension plan, the Times Publishing Company pension plan, the GRP, the U.K. Pension Plans, and the Newspaper Guild of Detroit Pension Plan:

Pension Plan Assets/Liabilities
In thousands
Fair value measurement as of December 31, 2019
	Level 1			Level 2			Level 3			Total
Assets:
Cash and cash equivalents	$	27,884		$	4,003		$	—		$	31,887
Corporate common stock	537,295			—			—			537,295
Real estate	—			—			99,223			99,223
Interest in common/collective trusts:
Equities	19,191			249,890			—			269,081
Fixed income	12,435			506,586			—			519,021
Partnership/joint venture interests	—			—			149,018			149,018
Hedge funds	—			—			123,126			123,126
Derivative contracts	—			—			5			5
Total assets at fair value excluding those measured at net asset value	$	596,805		$	760,479		$	371,372		$	1,728,656
Instruments measured at net asset value using the practical expedient:
Real estate funds										10,966
Interest in common/collective trusts:
Equities										314,955
Fixed income										766,512
Partnership/joint venture interests										37,145
Other										1,202
Total assets at fair value										$	2,859,436
Liabilities:
Derivative liabilities	$	(634	)	$	(498	)	$	(2,008	)	$	(3,140	)
Total liabilities at fair value	$	(634	)	$	(498	)	$	(2,008	)	$	(3,140	)

In thousands
Fair value measurement as of December 30, 2018
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	—	$	780	$	—	$	780
Interest in registered investment companies							—
Equities	18,746		—		—		18,746
Fixed income	14,074		—		—		14,074
Total assets at fair value excluding those measured at net asset value	$	32,820	$	780	$	—	$	33,600
Instruments measured at net asset value using the practical expedient:
Interest in registered investment companies
Equities							15,104
Fixed income							4,357
Other							974
Total assets at fair value							$	54,035

Schedule of Changes in Fair Value of Pension Plan Assets and Liabilities, Categorized as Level 3

The following tables set forth a summary of changes in the fair value of our pension plan assets and liabilities that are categorized as Level 3:

Level 3 Pension Plan Assets/Liabilities
In thousands
For the year ended December 31, 2019
					Actual Return on Plan  Assets
	Balance at Beginning of Year		Level 3 Assets Acquired		Relating to Assets Still Held at Report Date			Relating to Assets Sold During the Period		Purchases		Sales			Settlements			Balance at End of  Year
Assets:
Real estate	$	—	$	109,047	$	(1,324	)	$	2,911	$	—	$	(11,411	)	$	—		$	99,223
Partnership/joint venture interests	—		147,225		3,185			—		133		—			(1,525		)	149,018
Hedge funds	—		121,588		1,538			—		—		—			—			123,126
Derivative contracts	—		4		1			—		—		—			—			5
Total	$	—	$	377,864	$	3,400		$	2,911	$	133	$	(11,411	)	$	(1,525	)	$	371,372
Liabilities:
Derivative liabilities	$	—	$	2,008	$	—		$	—	$	—	$	—		$	—		$	2,008