Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of fair value of pension plan assets by level within fair value hierarchy

The following table sets forth by level, within the fair value hierarchy, the fair values of assets related to the following pension plans: the (i) GWP Plan, (ii) TPC Plan, (iii) GR Plan, (iv) U.K. Pension Plans and (v) Newspaper Guild of Detroit Pension Plan as of December 31, 2021:


Pension Plan Assets and Liabilities as of December 31, 2021
In thousands	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	21,829	$	4,187	$	—	$	26,016
Corporate common stock	293,563		—		—		293,563
Corporate and government bonds	—		337,785		—		337,785
Real estate	—		—		150,589		150,589
Interest in common/collective trusts:
Equities	30,633		403,025		—		433,658
Fixed income	23,943		1,347,233		—		1,371,176
Interest in 103-12 investment entities	—		75,481		—		75,481
Partnership/joint venture interests	—		—		186,817		186,817
Hedge funds	—		—		100,828		100,828
Other assets	—		—		2		2
Total plan assets at fair value excluding those measured at NAV	369,968		2,167,711		438,236		2,975,915
Instruments measured at NAV using the practical expedient:
Real estate funds							11,856
Interest in common/collective trusts:
Equities							87,221
Fixed income							93,819
Partnerships/joint ventures							53,009
Total plan assets at fair value							$	3,221,820
Liabilities:
Other liabilities	$	(361)	$	(498)	$	(2,008)	$	(2,867)
Total plan liabilities at fair value	$	(361)	$	(498)	$	(2,008)	$	(2,867)

The following table sets forth by level, within the fair value hierarchy, the fair values of assets and liabilities related to the following pension plans: the (i) GWP Plan, (ii) TPC Plan, (iii) GR Plan, (iv) U.K. Pension Plans and (v) the Newspaper Guild of Detroit Pension Plan as of December 31, 2020:


Pension Plan Assets and Liabilities as of December 31, 2020
In thousands	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents	$	14,975	$	4,577	$	—	$	19,552
Corporate common stock	517,123		—		—		517,123
Real estate	—		$	1,096	125,929		127,025
Interest in registered investment companies:
Equities	19,398		559,190		—		578,588
Fixed income	23,481		1,427,963		—		1,451,444
Interest in 103-12 investment entities	—		76,430		—		76,430
Partnership/joint venture interests	—		—		174,789		174,789
Hedge funds	—		—		113,850		113,850
Derivative contracts	3,307		—		2		3,309
Total plan assets at fair value, excluding those measured at NAV	$	578,284	$	2,069,256	$	414,570	$	3,062,110
Assets measured at NAV using the practical expedient:
Real estate funds							10,581
Interest in common/collective trusts:
Equities							48,632
Fixed income							53,178
Partnership/joint venture interests							53,377
Total plan assets at fair value							$	3,227,878
Liabilities:
Derivative liabilities	$	—	$	(498)	$	(2,008)	$	(2,506)
Total plan liabilities at fair value	$	—	$	(498)	$	(2,008)	$	(2,506)

Schedule of changes in fair value of pension plan assets and liabilities, categorized as level 3

The following table sets forth a summary of changes in the fair value of the Level 3 pension plan assets for the year ended December 31, 2021:


			Actual return on plan assets
In thousands	Balance at beginning of year		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	$	125,929	$	17,874	$	—	$	9,082	$	(2,296)	$	—	$	150,589
Partnership/joint venture interests	174,789		7,607		—		35,964		(26,339)		(5,204)		186,817
Hedge funds	113,850		6,978		—		—		—		(20,000)		100,828
Other assets	2		—		—		—		—		—		2
Total assets	$	414,570	$	32,459	$	—	$	45,046	$	(28,635)	$	(25,204)	$	438,236
Liabilities:
Other liabilities	$	2,008	$	—	$	—	$	—	$	—	$	—	$	2,008

The following table sets forth a summary of changes in the fair value of the Level 3 pension plan assets and liabilities for the year ended December 31, 2020:


			Actual return on plan assets
In thousands	Balance at beginning of year		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	$	99,223	$	2,556	$	—	$	24,150	$	—	$	—	$	125,929
Partnership/joint venture interests	149,018		2,845		—		54,543		(31,617)		—		174,789
Hedge funds	123,126		5,724		—		—		—		(15,000)		113,850
Derivative contracts	5		(3)		—		—		—		—		2
Total assets	$	371,372	$	11,122	$	—	$	78,693	$	(31,617)	$	(15,000)	$	414,570
Liabilities:
Derivative liabilities	$	2,008	$	—	$	—	$	—	$	—	$	—	$	2,008