Accumulated other comprehensive loss

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Accumulated other comprehensive loss

Accumulated other comprehensive loss

The following table summarizes the components of, and the changes in, Accumulated Other Comprehensive Loss (AOCL), net of tax (in thousands):

	Retirement Plans		Foreign Currency Translation		Available-For-Sale Investment		Total
Quarters ended:
Balance at June 30, 2023	$	(123,999)	$	532	$	—	$	(123,467)
Amounts reclassified from AOCL	1,032		—		—		1,032
Total other comprehensive income	1,032		—		—		1,032
Balance at Sept. 30, 2023	$	(122,967)	$	532	$	—	$	(122,435)
Balance at June 30, 2022	$	(111,560)	$	532	$	—	$	(111,028)
Amounts reclassified from AOCL	766		—		—		766
Total other comprehensive income	766		—		—		766
Balance at Sept. 30, 2022	$	(110,794)	$	532	$	—	$	(110,262)
	Retirement Plans		Foreign Currency Translation		Available-For-Sale Investment		Total
Nine months ended:
Balance at Dec. 31, 2022	$	(126,065)	$	532	$	—	$	(125,533)
Amounts reclassified from AOCL	3,098		—		—		3,098
Total other comprehensive income	3,098		—		—		3,098
Balance at Sept. 30, 2023	$	(122,967)	$	532	$	—	$	(122,435)
Balance at Dec. 31, 2021	$	(113,090)	$	455	$	15,419	$	(97,216)
Other comprehensive income before reclassifications	—		77		—		77
Amounts reclassified from AOCL	2,296		—		(15,419)		(13,123)
Total other comprehensive income	2,296		77		(15,419)		(13,046)
Balance at Sept. 30, 2022	$	(110,794)	$	532	$	—	$	(110,262)

Reclassifications from AOCL to the Consolidated Statements of Income are comprised of recognition of a realized gain on an available-for-sale investment as well as pension and other post-retirement components. Pension and other post retirement reclassifications are related to the amortizations of prior service costs and actuarial losses. Amounts reclassified out of AOCL are summarized below (in thousands):

	Quarter ended Sept. 30,				Nine months ended Sept. 30,
	2023		2022		2023		2022
Amortization of prior service credit, net	$	(116)	$	(106)	$	(348)	$	(354)
Amortization of actuarial loss	1,504		1,137		4,513		3,446
Realized gain on available-for-sale investment	—		—		—		(20,800)
Total reclassifications, before tax	1,388		1,031		4,165		(17,708)
Income tax effect	(356)		(265)		(1,067)		4,585
Total reclassifications, net of tax	$	1,032	$	766	$	3,098	$	(13,123)

Share repurchase programs

In December 2020, our Board of Directors authorized the renewal of our share repurchase program for up to $300 million of our common stock over three years. No purchases occurred under this program from its inception to June 30, 2023. In the third quarter of 2023, 1.7 million shares were repurchased under this program at an average share price of $15.96 for an aggregate cost of $27.9 million.

On June 2, 2023, we entered into an accelerated share repurchase (ASR) program with JPMorgan Chase Bank, National Association (JPMorgan). Under the terms of the ASR, we repurchased $300 million in TEGNA common shares from JPMorgan, with an initial delivery of approximately 15.2 million shares received on June 6, 2023, representing 80% ($240 million) of the value of the ASR contract. The ASR program was completed during the third quarter of 2023 at which time JPMorgan delivered an additional 3.1 million shares to us. The final share settlement was based on the average daily volume-weighted average price of TEGNA shares during the term of the ASR program, less a discount, less the previously delivered 15.2 million shares.