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) | |
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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 | |
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