Shareholders' equity (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Shareholders' Equity and Share-based Payments [Abstract] |
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| Earnings (Loss) Per Share (Basic and Diluted) |
Our earnings per share (basic and diluted) for 2016, 2015, and 2014 are presented below: | | | | | | | | | | | In thousands, except per share amounts | | 2016 | 2015 | 2014 | Income from continuing operations attributable to TEGNA Inc. | $ | 444,171 |
| $ | 357,458 |
| $ | 687,936 |
| Income from discontinued operations, net of tax | (7,474 | ) | 102,064 |
| 374,235 |
| Net income attributable to TEGNA Inc. | $ | 436,697 |
| $ | 459,522 |
| $ | 1,062,171 |
| Weighted average number of common shares outstanding - basic | 216,358 |
| 224,688 |
| 226,292 |
| Effect of dilutive securities | | | | Restricted stock | 1,424 |
| 2,236 |
| 2,624 |
| Performance Share Units | 997 |
| 1,867 |
| 1,999 |
| Stock options | 902 |
| 930 |
| 992 |
| Weighted average number of common shares outstanding - diluted | 219,681 |
| 229,721 |
| 231,907 |
| Earnings from continuing operations per share - basic | $ | 2.05 |
| $ | 1.59 |
| $ | 3.04 |
| Earnings from discontinued operations per share - basic | (0.03 | ) | 0.45 |
| 1.65 |
| Earnings per share - basic | $ | 2.02 |
| $ | 2.04 |
| $ | 4.69 |
| Earnings from continuing operations per share - diluted | $ | 2.02 |
| $ | 1.56 |
| $ | 2.97 |
| Earnings from discontinued operations per share - diluted | (0.03 | ) | 0.44 |
| 1.61 |
| Earnings per share - diluted | $ | 1.99 |
| $ | 2.00 |
| $ | 4.58 |
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| Assumptions Used to Estimate Fair Value of Option Awards |
The following assumptions were used to estimate the fair value of performance share awards: | | | | | PSUs Granted During | 2016 | 2015 | 2014 | Expected term | 3 yrs. | 3 yrs. | 3 yrs. | Expected volatility | 39.60% | 32.00% | 39.32% | Risk-free interest rate | 1.31% | 1.10% | 0.78% | Expected dividend yield | 2.19% | 2.51% | 2.70% |
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| Stock-Based Compensation Related Amounts Recognized in the Consolidated Statements of Income (Loss) for Equity Awards |
The following table shows the stock-based compensation related amounts recognized in the Consolidated Statements of Income for equity awards: | | | | | | | | | | | In thousands, except per share amounts | | 2016 | 2015 | 2014 | Restricted stock and RSUs | $ | 10,607 |
| $ | 8,438 |
| $ | 8,604 |
| PSUs | 6,983 |
| 10,363 |
| 7,517 |
| Stock options | — |
| 857 |
| 662 |
| Total stock-based compensation | $ | 17,590 |
| $ | 19,658 |
| $ | 16,783 |
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| Summary of Restricted Stock and RSU Awards |
A summary of restricted stock and RSU awards is presented below: | | | | | | | 2016 Restricted Stock and RSU Activity | Shares | Weighted average fair value | Unvested at beginning of year | 2,126,526 |
| $ | 21.55 |
| Granted | 616,743 |
| $ | 25.08 |
| Settled | (1,277,444 | ) | $ | 19.22 |
| Canceled | (322,404 | ) | $ | 22.27 |
| Unvested at end of year | 1,143,421 |
| $ | 25.66 |
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| | | | | | | 2015 Restricted Stock and RSU Activity | Shares | Weighted average fair value | Unvested at beginning of year | 3,577,598 |
| $ | 16.97 |
| Granted | 491,690 |
| $ | 31.78 |
| Settled | (1,485,735 | ) | $ | 14.66 |
| Canceled | (532,524 | ) | $ | 19.28 |
| Adjustment due to spin-off of Publishing (a) | 75,497 |
| | Unvested at end of year (a) | 2,126,526 |
| $ | 21.55 |
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(a) The weighted-average grant date fair value of the RSUs included in the line item “Adjustment due to spin-off of publishing” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.18. The weighted-average grant date fair value of the unvested RSUs as of Dec. 31, 2015 reflect the adjustment. | | | | | | | 2014 Restricted Stock and RSU Activity | Shares | Weighted average fair value | Unvested at beginning of year | 4,193,985 |
| $ | 13.92 |
| Granted | 1,048,516 |
| $ | 27.26 |
| Settled | (1,263,702 | ) | $ | 15.92 |
| Canceled | (401,201 | ) | $ | 16.13 |
| Unvested at end of year | 3,577,598 |
| $ | 16.97 |
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| Schedule of Nonvested Performance-based Units Activity |
A summary of our performance shares awards is presented below: | | | | | | | 2016 PSUs Activity | Target number of shares | Weighted average fair value | Unvested at beginning of year | 1,385,940 |
| $ | 29.21 |
| Granted | 392,589 |
| $ | 30.69 |
| Settled | (687,125 | ) | $ | 20.12 |
| Canceled | (72,454 | ) | $ | 34.96 |
| Unvested at end of year | 1,018,950 |
| $ | 35.60 |
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| | | | | | | 2015 PSUs Activity | Target number of shares | Weighted average fair value | Unvested at beginning of year | 2,100,115 |
| $ | 20.95 |
| Granted | 285,458 |
| $ | 39.47 |
| Settled | (925,640 | ) | $ | 14.23 |
| Canceled | (123,621 | ) | $ | 29.84 |
| Adjustment due to spin-off of Publishing (a) | 49,628 |
| | Unvested at end of year (a) | 1,385,940 |
| $ | 29.21 |
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(a) The weighted-average grant date fair value of the PSUs included in the line item “Adjustment due to spin-off of publishing” is equal to the weighted-average grant date fair value of the awards at their respective grant date divided by a factor of approximately 1.18. The weighted-average grant date fair value of the unvested PSUs as of Dec. 31, 2015 reflect the adjustment. | | | | | | | 2014 PSUs Activity | Target number of shares | Weighted average fair value | Unvested at beginning of year | 1,760,488 |
| $ | 16.92 |
| Granted | 436,340 |
| $ | 37.31 |
| Canceled | (96,713 | ) | $ | 21.41 |
| Unvested at end of year | 2,100,115 |
| $ | 20.95 |
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
Accumulated other comprehensive income (loss) The elements of our Accumulated Other Comprehensive Loss (AOCL) principally consisted of pension, retiree medical and life insurance liabilities and foreign currency translation gains. The following tables summarize the components of, and changes in, AOCL (net of tax and noncontrolling interests): | | | | | | | | | | | | | | In thousands of dollars | 2016 | Retirement Plans | Foreign Currency Translation | Other | Total | Balance at beginning of year | $ | (116,496 | ) | $ | (20,129 | ) | $ | 5,674 |
| $ | (130,951 | ) | Other comprehensive loss before reclassifications | (13,143 | ) | (8,431 | ) | (11,346 | ) | (32,920 | ) | Adjustment due to spin-off of publishing businesses | (2,642 | ) | — |
| — |
| (2,642 | ) | Amounts reclassified from AOCL | 4,940 |
| — |
| — |
| 4,940 |
| Balance at end of year | $ | (127,341 | ) | $ | (28,560 | ) | $ | (5,672 | ) | $ | (161,573 | ) |
| | | | | | | | | | | | | | In thousands of dollars | 2015 | Retirement Plans | Foreign Currency Translation | Other | Total | Balance at beginning of year | $ | (1,172,245 | ) | $ | 391,113 |
| $ | 2,363 |
| $ | (778,769 | ) | Other comprehensive income (loss) before reclassifications | 23,094 |
| (1,966 | ) | 3,311 |
| 24,439 |
| Spin-off publishing businesses | 1,012,745 |
| (409,276 | ) | — |
| 603,469 |
| Amounts reclassified from AOCL | 19,910 |
| — |
| — |
| 19,910 |
| Balance at end of year | $ | (116,496 | ) | $ | (20,129 | ) | $ | 5,674 |
| $ | (130,951 | ) |
| | | | | | | | | | | | | | In thousands of dollars | 2014 | Retirement Plans | Foreign Currency Translation | Other | Total | Balance at beginning of year | $ | (923,595 | ) | $ | 427,177 |
| $ | 2,363 |
| $ | (494,055 | ) | Other comprehensive loss before reclassifications | (276,219 | ) | (36,064 | ) | — |
| (312,283 | ) | Amounts reclassified from AOCL | 27,569 |
| — |
| — |
| 27,569 |
| Balance at end of year | $ | (1,172,245 | ) | $ | 391,113 |
| $ | 2,363 |
| $ | (778,769 | ) |
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| Reclassification out of Accumulated Other Comprehensive Income |
Reclassifications out of AOCL related to these post-retirement plans include the following: | | | | | | | | | | | In thousands of dollars | | | 2016 | 2015 | 2014 | Amortization of prior service cost | $ | 96 |
| $ | 1,176 |
| $ | (4,082 | ) | Amortization of actuarial loss | 7,972 |
| 31,357 |
| 46,489 |
| Total reclassifications, before tax | 8,068 |
| 32,533 |
| 42,407 |
| Income tax effect | (3,128 | ) | (12,623 | ) | (14,838 | ) | Total reclassifications, net of tax | $ | 4,940 |
| $ | 19,910 |
| $ | 27,569 |
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