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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Components of benefit expense
The components of the expense consisted of the following:
 
 
For the years ended December 31,
(in thousands)
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
Interest cost
 
$
23,836

 
$
25,966

 
$
27,359

Expected return on plan assets, net of expenses
 
(22,232
)
 
(17,439
)
 
(18,466
)
Amortization of actuarial loss
 
3,527

 
4,424

 
4,406

Settlement losses
 
11,713

 
—

 
—

Total for defined benefit plans
 
16,844

 
12,951

 
13,299

Multi-employer plans
 
190

 
253

 
168

SERPs
 
2,908

 
1,161

 
1,033

Defined contribution plan
 
8,619

 
9,183

 
8,265

Net periodic benefit cost
 
28,561

 
23,548

 
22,765

Allocated to discontinued operations
 
(543
)
 
(687
)
 
(652
)
Net periodic benefit cost - continuing operations
 
$
28,018

 
$
22,861

 
$
22,113
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
 
 
For the years ended December 31,
(in thousands)
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
Actuarial gain/(loss)
 
$
(7,765
)
 
$
12,205

 
$
(9,379
)
Amortization of actuarial loss
 
3,527

 
4,424

 
4,406

Prior service cost
 
(424
)
 
—

 
—

Reclassification of actuarial loss related to settlement
 
11,713

 
—

 
—

Total
 
$
7,051

 
$
16,629

 
$
(4,973
)
Schedule of assumptions used
Assumptions used to determine the defined benefit pension plans benefit obligations were as follows:
 
 
2018
 
2017
 
2016
 
 
 
 
 
 
 
Weighted average discount rate
 
4.38
%

3.70
%
 
4.26
%
Assumptions used in determining the annual retirement plans expense were as follows:
 
 
2018 (1)
 
2017 (2)
 
2016 (2)
 
 
 
 
 
 
 
Discount rate
 
3.71% - 4.58%


4.26
%
 
4.55
%
Long-term rate of return on plan assets
 
5.10
%

4.20%-4.30%

 
4.50%-4.65%

(1) Range presented for 2018 discount rate represents the rates used for various remeasurement periods during the year as well as differing rates used for Scripps Pension Plan and Journal Communications, Inc. Plan.
(2) Ranges presented for long-term rate of return on plan assets for 2017 and 2016 represent the rates used for Scripps Pension Plan and Journal Communications, Inc. Plan.
Schedule of employee benefit plan assets and obligations
The following table presents information about our employee benefit plan assets and obligations:
 
 
Defined Benefit Plans
 
SERPs
 
 
For the years ended December 31,
(in thousands)
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
Change in projected benefit obligation:
 
 
 
 
 
 
 
 
Projected benefit obligation at beginning of year
 
$
654,536

 
$
625,535

 
$
23,691

 
$
21,260

Interest cost
 
23,836

 
25,966

 
746

 
869

Benefits paid
 
(33,872
)
 
(34,997
)
 
(1,021
)
 
(948
)
Actuarial (gains)/losses
 
(46,800
)
 
38,032

 
(1,034
)
 
2,510

Plan Amendments
 
424

 
—

 
—

 
—

Settlements
 
(53,543
)
 
—

 
(5,397
)
 
—

Projected benefit obligation at end of year
 
544,581

 
654,536

 
16,985

 
23,691

Plan assets:
 
 
 
 
 
 
 
 
Fair value at beginning of year
 
464,441

 
412,459

 
—

 
—

Actual return on plan assets
 
(32,334
)
 
67,676

 
—

 
—

Company contributions
 
17,199

 
19,303

 
6,418

 
948

Benefits paid
 
(33,872
)
 
(34,997
)
 
(1,021
)
 
(948
)
Settlements
 
(53,543
)
 
—

 
(5,397
)
 
—

Fair value at end of year
 
361,891

 
464,441

 
—

 
—

Funded status
 
$
(182,690
)
 
$
(190,095
)
 
$
(16,985
)
 
$
(23,691
)
Amounts recognized in Consolidated Balance Sheets:
 
 
 
 
 
 
 
 
Current liabilities
 
$
—

 
$
—

 
$
(1,231
)
 
$
(6,380
)
Noncurrent liabilities
 
(182,690
)
 
(190,095
)
 
(15,754
)
 
(17,311
)
Total
 
$
(182,690
)
 
$
(190,095
)
 
$
(16,985
)
 
$
(23,691
)
 
 
 
 
 
 
 
 
 
Amounts recognized in accumulated other comprehensive loss consist of:
 


 


 


 


  Net actuarial loss
 
$
120,191

 
$
127,666

 
$
5,571

 
$
8,667

  Prior service cost
 
424

 
—

 
—

 
—
Schedule of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets
Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows:
 
 
Defined Benefit Plans
 
SERPs
 
 
As of December 31,
(in thousands)
 
2018
 
2017
 
2018
 
2017
 
 
 
 
 
 
 
 
 
Accumulated benefit obligation
 
$
544,581

 
$
654,536

 
$
16,985

 
$
23,691

Projected benefit obligation
 
544,581

 
654,536

 
16,985

 
23,691

Fair value of plan assets
 
361,891

 
464,441

 
—

 
—
Schedule of allocation of pension plan assets by asset category
Information related to our pension plan asset allocations by asset category were as follows:
 
 
Target
allocation
 
Percentage of plan assets
as of December 31,
 
 
2019
 
2018
 
2017
 
 
 
 
 
 
 
US equity securities
 
20
%
 
19
%
 
21
%
Non-US equity securities
 
30
%
 
28
%
 
29
%
Fixed-income securities
 
45
%
 
46
%
 
44
%
Other
 
5
%
 
7
%
 
6
%
Total
 
100
%
 
100
%
 
100
%
Plan assets measured using the fair value hierarchy
The following table presents our plan assets as of December 31, 2018 and 2017:
 
 
As of December 31,
(in thousands)
 
2018
 
2017
 
 
 
 
 
Equity securities
 
 
 
 
Common/collective trust funds
 
$
168,547

 
$
234,061

Fixed income
 
 
 
 
Common/collective trust funds
 
166,079

 
204,453

Real estate fund
 
24,798

 
23,102

Cash equivalents
 
2,467

 
2,825

Fair value of plan assets
 
$
361,891

 
$
464,441