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Retirement plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Retirement plans Retirement plans
We have various defined benefit retirement plans. Our principal defined benefit pension plan is the TEGNA Retirement Plan (TRP). The disclosure tables presented below primarily include the assets and obligations of the TRP and the TEGNA Supplemental Retirement Plan (SERP). We use a December 31 measurement date convention for our retirement plans.

Pension costs, which primarily include costs for our qualified TRP and non-qualified SERP, are presented in the following table (in thousands):
202220212020
Service cost-benefits earned during the period$— $2 $7 
Interest cost on benefit obligation16,830 15,887 19,487 
Expected return on plan assets(19,502)(34,679)(31,058)
Amortization of prior service cost90 90 90 
Amortization of actuarial loss4,583 4,952 6,207 
Pension payment timing related charge300 946 — 
Expense for (income from) company-sponsored retirement plans$2,301 $(12,802)$(5,267)

Benefits no longer accrue for TRP and SERP participants as a result of amendments to the plans in the past years and as such we no longer incur a service cost component of pension expense. All other components of our pension expense presented above are included within the “Other non-operating items, net” line item of the Consolidated Statements of Income.

The following table provides a reconciliation of pension benefit obligations (on a projected benefit obligation measurement basis), plan assets and funded status of company-sponsored retirement plans, along with the related amounts that are recognized in the Consolidated Balance Sheets (in thousands).
Dec. 31,
20222021
Change in benefit obligations
Benefit obligations as of beginning of year$605,834 $646,662 
Service cost— 2 
Interest cost16,830 15,887 
Actuarial gains(119,462)(18,246)
Benefits paid(36,943)(35,874)
Settlements (1)
(1,950)(2,597)
Benefit obligations as of end of year$464,309 $605,834 
Change in plan assets
Fair value of plan assets as of beginning of year$541,758 $552,996 
Actual (losses) gains experienced by plan assets(123,648)20,896 
Employer contributions5,788 6,337 
Benefits paid(36,943)(35,874)
Settlements (1)
(1,950)(2,597)
Fair value of plan assets as of end of year$385,005 $541,758 
Funded status as of end of year$(79,304)$(64,076)
Amounts recognized in Consolidated Balance Sheets
Accrued liabilities other—current$(5,620)$(6,013)
Pension liabilities—non-current$(73,684)$(58,063)
(1) Settlements represent lump sum benefit payments to certain SERP plan participants. When aggregate lump sums exceed the settlement threshold, pension payment timing related charges are incurred, and the lump sum payments prompting the charge are shown on a separate line from other benefit payments.

The actuarial gain in 2022 of $119.5 million was primarily due to an increase in the discount rate used to calculate the benefit obligations (which increased from 2.89% at December 31, 2021 to 5.50% as of December 31, 2022) which resulted in an actuarial gain of $120.1 million.

The actuarial gain in 2021 of $18.2 million was primarily due to increase in the discount rate used to calculate the benefit obligations (which increased from 2.54% at December 31, 2020 to 2.89% as of December 31, 2021) which resulted in an actuarial gain of $22.1 million.
The funded status (on a projected benefit obligation basis) of our principal retirement plans as of December 31, 2022, is as follows (in thousands):
Fair Value of Plan AssetsBenefit ObligationFunded Status
TRP$385,005 $417,950 $(32,945)
SERP (1)
— 46,048 (46,048)
All other— 311 (311)
Total$385,005 $464,309 $(79,304)
(1) The SERP is an unfunded, unsecured liability.

The accumulated benefit obligation for all defined benefit pension plans was $464.3 million as of December 31, 2022 and $605.8 million as of December 31, 2021. No contributions to the TRP were required nor made in 2021 and 2022. We made payments to participants of unfunded pension plans, principally the SERP, of $5.8 million in 2022. Based on actuarial projections, we do not expect to make any contributions to the TRP in 2023. Cash payments of $5.5 million are expected to be made to our SERP participants in 2023.

The following table presents information for our retirement plans for which accumulated benefit obligation exceed assets (in thousands):
Dec. 31,
20222021
Accumulated benefit obligation$464,309 $605,817 
Fair value of plan assets$385,005 $541,758 

The following table presents information for our retirement plans for which projected benefit obligations exceed assets (in thousands):
Dec. 31,
20222021
Projected benefit obligation$464,309 $605,834 
Fair value of plan assets$385,005 $541,758 

The following table summarizes the pre-tax amounts recorded in accumulated other comprehensive loss that have not yet been recognized as a component of pension expense (in thousands):
Dec. 31,
20222021
Net actuarial losses$(167,502)$(148,696)
Prior service cost(1,526)(1,617)
Amounts in accumulated other comprehensive loss$(169,028)$(150,313)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss), pre-tax, consist of the following (in thousands):
202220212020
Current year net actuarial (loss) gain$(23,688)$4,463 $23,597 
Amortization of actuarial loss4,583 4,952 6,207 
Amortization of previously deferred prior service costs90 90 91 
Pension payment timing related charges300 946 — 
Total$(18,715)$10,451 $29,895 

Pension costs: The following assumptions were used to determine net pension costs:
202220212020
Discount rate2.89%2.54%3.29%
Expected return on plan assets3.75%6.50%6.75%

The expected return on plan assets assumption was determined based on plan asset allocations, a review of historical capital market performance, historical plan asset performance and a forecast of expected future plan asset returns.
Benefit obligations and funded status: The following assumptions were used to determine the year-end benefit obligations:
Dec. 31,
20222021
Discount rate5.50%2.89%

Plan assets: The asset allocation for the TRP as of the end of 2022 and 2021, and target allocations for 2023, by asset category, are presented in the table below: 
Target AllocationAllocation of Plan Assets
202320222021
Equity securities14 %14 %10 %
Debt securities86 %86 %86 %
Other (including hedge funds and private real estate)— %— %4 %
Total100 %100 %100 %

The primary objective of company-sponsored retirement plans is to provide eligible employees with scheduled pension benefits. Consistent with standards for preservation of capital and maintenance of liquidity, the goal is to earn the highest possible total rate of return while minimizing risk. The principal means of reducing volatility and exercising prudent investment judgment is diversification by asset class and by investment manager; consequently, portfolios are constructed to attain diversification in the total portfolio, and each asset class. Investment diversification is consistent with the intent to minimize the risk of large losses. All objectives are based upon an investment horizon spanning five years so that interim market fluctuations can be viewed with the appropriate perspective. Risk characteristics are measured and compared with an appropriate benchmark quarterly; periodic reviews are made of the investment objectives and the investment managers. The target asset allocation represents the long-term perspective. Retirement plan assets will be rebalanced periodically to align them with the target asset allocations. Target asset allocations are based on the funded status of the TRP (fair value of pension assets as a percentage of the projected pension obligation). During 2022, the target allocation was 14% for equity securities and 86% for debt securities. In early 2022, we switched our investment portfolio from being mostly actively managed to a passive (or indexed) investment strategy. Our actual investment return on our TRP assets was (23.0)% for 2022, 4.5% for 2021 and 23.5% for 2020.

Cash flows: We estimate we will make the following benefit payments from either retirement plan assets or directly from our funds (in thousands):
2023$50,145 
2024$39,405 
2025$39,884 
2026$39,473 
2027$38,829 
2028 through 2032$179,115 

401(k) savings plan

Substantially all our employees (other than those covered by a collective bargaining agreement) are eligible to participate in our principal defined contribution plan, The TEGNA 401(k) Savings Plan. Employees can elect to contribute up to 50% of their compensation to the plan subject to certain limits.

For most participants, the plan’s 2022 matching formula is 100% of the first 4% of compensation that an employee contributes. We also make additional employer contributions on behalf of certain long-term employees. Compensation expense related to 401(k) contributions was $18.7 million in 2022, $17.1 million in 2021 and $16.5 million in 2020. During 2022, 2021 and 2020, we settled the 401(k) employer match obligation by issuing our common stock from treasury stock and depositing it in the participants’ accounts.

Multi-employer plan

We contribute to the AFTRA Retirement Plan (AFTRA Plan), a multi-employer defined benefit pension plan, under the terms of collective-bargaining agreements (CBA) that cover certain union-represented employees. The Employee Identification Number (EIN) and three-digit plan number of the AFTRA Plan is 13-6414972/001.

The AFTRA Plan reports for plan year (December 1, 2020 to November 30, 2021) that the AFTRA Plan was neither in endangered, critical, or critical and declining status in the Plan Year (e.g. 79% funded). A financial improvement plan or a rehabilitation plan is neither pending nor has one been implemented for the AFTRA Plan.
We make all required contributions to the AFTRA plan as determined under the respective CBAs. We contributed $2.7 million in 2022 and $2.9 million in 2021 and $2.4 million in 2020. Our contribution to the AFTRA Retirement Plan represented less than 5% of total contributions to the plan. This calculation is based on the plan financial statements issued for the period ending November 30, 2021.

Expiration dates of the CBAs in place range from May 16, 2023 to June 16, 2025. The AFTRA Plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010.

We incurred no expenses for multi-employer withdrawal liabilities for the years ended December 31, 2022, 2021 and 2020.