Retirement plans

12 Months Ended

Dec. 31, 2023

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):

	2023		2022		2021
Service cost-benefits earned during the period	$	—	$	—	$	2
Interest cost on benefit obligation	24,183		16,830		15,887
Expected return on plan assets	(20,940)		(19,502)		(34,679)
Amortization of prior service cost	90		90		90
Amortization of actuarial loss	6,059		4,583		4,952
Pension payment timing related charge	—		300		946
Expense for (income from) company-sponsored retirement plans	$	9,392	$	2,301	$	(12,802)

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,
	2023		2022
Change in benefit obligations
Benefit obligations as of beginning of year	$	464,309	$	605,834
Interest cost	24,183		16,830
Actuarial loss (gain)	9,443		(119,462)
Benefits paid	(35,469)		(36,943)
Settlements (1)	—		(1,950)
Benefit obligations as of end of year	$	462,466	$	464,309
Change in plan assets
Fair value of plan assets as of beginning of year	$	385,005	$	541,758
Actual gains (losses) experienced by plan assets	32,739		(123,648)
Employer contributions	3,833		5,788
Benefits paid	(35,469)		(36,943)
Settlements (1)	—		(1,950)
Fair value of plan assets as of end of year	$	386,108	$	385,005
Funded status as of end of year	$	(76,358)	$	(79,304)
Amounts recognized in Consolidated Balance Sheets
Accrued liabilities other—current	$	(5,875)	$	(5,620)
Pension liabilities—non-current	$	(70,483)	$	(73,684)
(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 loss in 2023 of $9.4 million was primarily due to a decrease in the discount rate used to calculate the benefit obligations (which decreased from 5.50% at December 31, 2022 to 5.20% as of December 31, 2023) which resulted in an actuarial loss of $10.9 million.

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 funded status (on a projected benefit obligation basis) of our principal retirement plans as of December 31, 2023, is as follows (in thousands):

	Fair Value of Plan Assets		Benefit Obligation		Funded Status
TRP	$	386,108	$	415,041	$	(28,933)
SERP (1)	—		47,128		(47,128)
All other	—		297		(297)
Total	$	386,108	$	462,466	$	(76,358)

(1) The SERP is an unfunded, unsecured liability.

No contributions to the TRP were required nor made in 2022 and 2023. We made payments to participants of unfunded pension plans, principally the SERP, of $3.8 million in 2023. We expect to make contributions of $6.9 million to the TRP and $5.8 million are expected to be made to our SERP participants in 2024.

The following table presents information for our retirement plans for which accumulated benefit obligation exceed assets (in thousands):

	Dec. 31,
	2023		2022
Accumulated benefit obligation	$	462,466	$	464,309
Fair value of plan assets	$	386,108	$	385,005

The following table presents information for our retirement plans for which projected benefit obligations exceed assets (in thousands):

	Dec. 31,
	2023		2022
Projected benefit obligation	$	462,466	$	464,309
Fair value of plan assets	$	386,108	$	385,005

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,
	2023		2022
Net actuarial losses	$	(159,086)	$	(167,502)
Prior service cost	(1,436)		(1,526)
Amounts in accumulated other comprehensive loss	$	(160,522)	$	(169,028)

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss), pre-tax, consist of the following (in thousands):

	2023		2022		2021
Current year net actuarial (loss) gain	$	2,356	$	(23,688)	$	4,463
Amortization of actuarial loss	6,059		4,583		4,952
Amortization of previously deferred prior service costs	90		90		90
Pension payment timing related charges	—		300		946
Total	$	8,505	$	(18,715)	$	10,451

Pension costs: The following assumptions were used to determine net pension costs:

	2023	2022	2021
Discount rate	5.50%	2.89%	2.54%
Expected return on plan assets	5.75%	3.75%	6.50%

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,
	2023	2022
Discount rate	5.20%	5.50%

Plan assets: The asset allocation for the TRP as of the end of 2023 and 2022, and target allocations for 2024, by asset category, are presented in the table below: 

Target Allocation			Actual allocation of Plan Assets
	2024		2023		2022
Equity securities	14	%	17	%	14	%
Debt securities	86	%	83	%	86	%
Total	100	%	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 2023, 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 10.0% for 2023, (23.0)% for 2022 and 4.5% for 2021.

Cash flows: We estimate we will make the following benefit payments from either retirement plan assets or directly from our funds (in thousands):

2024	$	50,756
2025	40,329
2026	39,644
2027	39,071
2028	38,620
2029 through 2033	$	173,387

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 2023 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 $18.6 million in 2023, $18.7 million in 2022 and $17.1 million in 2021. During 2023, 2022 and 2021, 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, 2021 to November 30, 2022) that the AFTRA Plan was neither in endangered, critical, or critical and declining status in the Plan Year (e.g. 82% 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 $2.8 million in 2023, $2.7 million in 2022 and $2.9 million in 2021. 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, 2022.

Expiration dates of the SAG-AFTRA CBAs in place range from January 26, 2024 to December 19, 2026. 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, 2023, 2022 and 2021.