0000039899-22-000007 | 10-K | XBRL Viewer

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CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock
Beginning balance at Dec. 31, 2018	$ 0
Ending balance at Dec. 31, 2019	0
Beginning Balance at Dec. 31, 2018	1,340,924	$ 324,419	$ 301,352	$ 6,429,512	$ (136,511)	$ (5,577,848)
TEGNA Inc. Shareholders’ Equity
Net income attributable to TEGNA Inc.	286,235			286,235
Other comprehensive loss, net of tax	(6,086)				(6,086)
Total comprehensive income	280,149
Dividends declared	(60,659)			(60,659)
Company stock 401(k) contribution	9,558		(23,090)			32,648
Stock-based awards activity	(820)		(51,990)			51,170
Stock-based compensation	20,146		20,146
Other activity	1,079		1,079
Ending Balance at Dec. 31, 2019	1,590,377	324,419	247,497	6,655,088	(142,597)	(5,494,030)
Redeemable noncontrolling interest
Net Income (loss)	(15)
Sale of minority interest in Premion	14,000
Adjustment of redeemable noncontrolling interest to redemption value	948
Ending balance at Dec. 31, 2020	14,933
TEGNA Inc. Shareholders’ Equity
Net income attributable to TEGNA Inc.	482,778			482,778
Other comprehensive loss, net of tax	21,521				21,521
Total comprehensive income	504,299
Dividends declared	(61,278)			(61,278)
Company stock 401(k) contribution	16,469		(71,808)			88,277
Stock-based awards activity	(9,207)		(80,805)			71,598
Stock-based compensation	20,306		20,306
Adjustment of redeemable noncontrolling interest to redemption value	(948)			(948)
Other activity	(1,923)		(1,923)
Ending Balance at Dec. 31, 2020	2,058,095	324,419	113,267	7,075,640	(121,076)	(5,334,155)
Redeemable noncontrolling interest
Net Income (loss)	1,242
Adjustment of redeemable noncontrolling interest to redemption value	(46)
Ending balance at Dec. 31, 2021	16,129
TEGNA Inc. Shareholders’ Equity
Net income attributable to TEGNA Inc.	476,955			476,955
Other comprehensive loss, net of tax	23,860				23,860
Total comprehensive income	500,815
Dividends declared	(78,466)			(78,466)
Company stock 401(k) contribution	17,142		(32,777)	(14,795)		64,714
Stock-based awards activity	(10,613)		(85,436)			74,823
Stock-based compensation	31,515		31,515
Adjustment of redeemable noncontrolling interest to redemption value	46			46
Other activity	1,372		1,372
Ending Balance at Dec. 31, 2021	$ 2,519,906	$ 324,419	$ 27,941	$ 7,459,380	$ (97,216)	$ (5,194,618)

Fair value measurement - Fair Value of Pension Plan Assets by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	$ 541,758
Retirement Plans
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	541,758	$ 552,996	$ 479,735
Retirement Plans \| Fair Value, Inputs, Level 1, 2 and 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	32,107	181,398
Retirement Plans \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	32,107	181,398
Retirement Plans \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	0	0
Retirement Plans \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	0	0
Retirement Plans \| Cash and other \| Fair Value, Inputs, Level 1, 2 and 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	544	1,310
Retirement Plans \| Cash and other \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	544	1,310
Retirement Plans \| Cash and other \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	0	0
Retirement Plans \| Cash and other \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	0	0
Retirement Plans \| Corporate stock \| Fair Value, Inputs, Level 1, 2 and 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	25,324	109,088
Retirement Plans \| Corporate stock \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	25,324	109,088
Retirement Plans \| Corporate stock \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	0	0
Retirement Plans \| Corporate stock \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	0	0
Retirement Plans \| Interest in registered investment companies \| Fair Value, Inputs, Level 1, 2 and 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	6,239	71,000
Retirement Plans \| Interest in registered investment companies \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	6,239	71,000
Retirement Plans \| Interest in registered investment companies \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	0	0
Retirement Plans \| Interest in registered investment companies \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	0	0
Retirement Plans \| Common collective trust - equities \| Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	22,356	96,447
Retirement Plans \| Common collective trust - fixed income \| Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	465,842	252,426
Retirement Plans \| Hedge fund \| Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	19,156	18,033
Retirement Plans \| Partnership/joint venture interests \| Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total fair value of plan assets	$ 2,297	$ 4,692

Other matters - Schedule of Future Commitments (Detail) - Programming Contracts $ in Thousands	Dec. 31, 2021 USD ($)
Recorded Unconditional Purchase Obligation [Line Items]
2022	$ 808,378
2023	527,113
2024	10,224
2025	4,371
2026	2,823
Thereafter	398
Total	$ 1,353,307

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 478,197	$ 482,763	$ 286,235
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation	64,841	66,880	60,525
Amortization of intangible assets	63,011	67,690	50,104
Stock-based compensation	31,515	20,306	20,146
Company stock 401(k) contribution	17,142	16,469	9,558
Amortization of deferred financing costs, debt discounts and premiums	8,323	20,251	12,012
Losses (gains) on assets	0	12,457	(7,402)
Provision for deferred income taxes	9,916	8,533	22,064
Equity loss (income) in unconsolidated investees, net	9,713	(10,397)	(10,149)
Pension contributions, net of income	(19,139)	(10,400)	(19,447)
Changes in operating assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(88,687)	27,474	(86,245)
Increase (decrease) in accounts payable	14,947	7,245	(29,526)
(Decrease) increase in interest and taxes payable	(53,303)	66,466	(8,284)
Increase in deferred revenue	1,589	1,013	1,007
Changes in other assets and liabilities, net	(36,453)	28,386	(3,125)
Net cash flows from operating activities	501,612	805,136	297,473
Cash flows from investing activities:
Purchase of property and equipment	(63,076)	(45,499)	(88,356)
Reimbursement from spectrum repacking	4,942	13,180	16,974
Payments for acquisitions of businesses and other assets, net of cash acquired	(13,335)	(34,841)	(1,514,183)
Payments for investments	(1,791)	(2,415)	(4,986)
Proceeds from investments	3,701	5,028	4,698
Proceeds from sale of businesses and assets	303	5,026	22,383
Net cash used for investing activities	(69,256)	(59,521)	(1,563,470)
Cash flows from by financing activities:
(Payments of) proceeds from borrowings under revolving credit facilities, net	(189,000)	(548,000)
(Payments of) proceeds from borrowings under revolving credit facilities, net			853,000
Proceeds from borrowings	0	1,550,000	1,100,000
Debt repayments	(137,000)	(1,623,000)	(710,000)
Payments for debt issuance and premiums for early redemption costs	(1,256)	(41,378)	(22,018)
Dividends paid	(78,465)	(76,465)	(60,624)
Other, net	(10,614)	(9,208)	(819)
Proceeds from sale of minority ownership interest in Premion	0	14,000	0
Net cash (used for) provided by financing activities	(416,335)	(734,051)	1,159,539
Increase (decrease ) in cash	16,021	11,564	(106,458)
Balance of cash at beginning of year	40,968	29,404	135,862
Balance of cash at end of year	56,989	40,968	29,404
Supplemental cash flow information:
Cash paid for income taxes, net of refunds	179,164	84,889	84,045
Cash paid for interest	$ 179,803	$ 200,766	$ 186,086

Long-term debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term debt

Our long-term debt is summarized below (in thousands):


	Dec. 31,
	2021		2020
Borrowings under revolving credit facility expiring August 2024	$	166,000	$	355,000
Unsecured notes bearing fixed rate interest at 5.50% due September 2024	—		137,000
Unsecured notes bearing fixed rate interest at 4.75% due March 2026	550,000		550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027	200,000		200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027	240,000		240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028	1,000,000		1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029	1,100,000		1,100,000
Total principal long-term debt	3,256,000		3,582,000
Debt issuance costs	(31,378)		(36,595)
Unamortized premiums and discounts, net	7,348		7,815
Total long-term debt	$	3,231,970	$	3,553,220

Schedule of Annual Maturities of Long-Term Debt

The following schedule discloses annual maturities of the principal amount of total debt due (in thousands):


Repayment schedule of principal long-term debt as of Dec. 31, 2021
2022	$	—
2023	—
2024 (1)	166,000
2025	—
2026	550,000
Thereafter	2,540,000
Total	$	3,256,000

(1) Assumes current revolving credit facility borrowings come due in 2024 and credit facility is not extended.

Retirement plans - Pension Costs (Detail) - Retirement Plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost-benefits earned during the period	$ 2	$ 7	$ 8
Interest cost on benefit obligation	15,887	19,487	23,066
Expected return on plan assets	(34,679)	(31,058)	(26,320)
Amortization of prior service cost	90	90	90
Amortization of actuarial loss	4,952	6,207	6,123
Pension payment timing related charge	946	0	686
(Income from) expense for company-sponsored retirement plans	$ (12,802)	$ (5,267)	$ 3,653

Shareholders' equity - Earnings Per Share (Basic and Diluted) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 478,197	$ 482,763	$ 286,235
Net (income) loss attributable to noncontrolling interest	(1,242)	15	0
Adjustment of redeemable noncontrolling interest to redemption value	46	(948)	0
Earnings available to common shareholders	$ 477,001	$ 481,830	$ 286,235
Weighted average number of common shares outstanding - basic	221,504	219,232	217,138
Effect of dilutive securities
Weighted average number of common shares outstanding - diluted	222,471	219,733	217,977
Earnings per share - basic (in dollars per share)	$ 2.15	$ 2.20	$ 1.32
Earnings per share - diluted (in dollars per share)	$ 2.14	$ 2.19	$ 1.31
Restricted stock
Effect of dilutive securities
Effect of dilutive securities (in shares)	736	246	461
Performance share units
Effect of dilutive securities
Effect of dilutive securities (in shares)	230	254	346
Stock options
Effect of dilutive securities
Effect of dilutive securities (in shares)	1	1	32

Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Pension Plan Assets by Level within Fair Value Hierarchy

The below fair value tables relate to our TRP pension plan assets (in thousands):


Pension Plan Assets
Fair value measurement as of Dec. 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash and other	$	544	$	—	$	—	$	544
Corporate stock	25,324		—		—		25,324
Interest in registered investment companies	6,239		—		—		6,239
Total	$	32,107	$	—	$	—	$	32,107
Pension plan investments valued using net asset value as a practical expedient:
Common collective trust - equities							$	22,356
Common collective trust - fixed income							465,842
Hedge fund							19,156
Partnership/joint venture interests							2,297
Total fair value of plan assets							$	541,758


Fair value measurement as of Dec. 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash and other	$	1,310	$	—	$	—	$	1,310
Corporate stock	109,088		—		—		109,088
Interest in registered investment companies	71,000		—		—		71,000
Total	$	181,398	$	—	$	—	$	181,398
Pension plan investments valued using net asset value as a practical expedient:
Common collective trust - equities							$	96,447
Common collective trust - fixed income							252,426
Hedge fund							18,033
Partnership/joint venture interests							4,692
Total fair value of plan assets							$	552,996

Investments and other assets - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Increase in the fair value of the debt security	$ 20,800
Equity investments, impairment loss		$ 9,200
Available-for-sale debt security	23,800	$ 3,000
One Of Investments
Schedule of Equity Method Investments [Line Items]
Recorded gains	1,900
Different investment
Schedule of Equity Method Investments [Line Items]
Equity investments, impairment loss	$ 1,900

Fair value measurement - Narrative (Detail) $ in Thousands	12 Months Ended
Fair value measurement - Narrative (Detail) $ in Thousands	Dec. 31, 2021 USD ($) station investment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity investments, impairment loss		$ 9,200
Increase in the fair value of the debt security	$ 20,800
Available-for-sale debt security	$ 23,800	3,000
Number of investments held in collective trusts \| investment			4
Hedge funds redemption period	95 days
Future funding commitments	$ 700	700
Hedge funds redemption potential holdback percentage	5.00%
One Of Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recorded gains	$ 1,900
Different investment
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity investments, impairment loss	1,900
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Recorded gains	1,900		$ 5,900
Equity investments, impairment loss	$ 1,900	9,200
Common collective trust - fixed income
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments held in collective trusts \| station	5
Partnership/joint venture interests
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments held in collective trusts \| investment	2
Hedge funds redemption period	30 days
Redemption fee (as a percent)	0.45%
Hedge fund
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of investments held in collective trusts \| investment	1
Fair value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long-term debt	$ 3,400,000	$ 3,790,000

Spectrum repacking reimbursements and other, net - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unusual or Infrequent Item, or Both [Line Items]
Reimbursement from spectrum repacking	$ 4,942,000	$ 13,180,000	$ 16,974,000
IImpairment of long-lived assets to be disposed of operating assets	0	3,225,000	9,063,000
Asset impairment charges	1,100,000		9,100,000
Gain on sale of real estate			2,900,000
Impairment of indefinite-lived intangible assets	0	0	0
Contract termination and other costs related to national sales	$ 1,540,000	0	$ 5,456,000
Licensing Agreements
Unusual or Infrequent Item, or Both [Line Items]
Impairment of indefinite-lived intangible assets		1,100,000
Trade Names
Unusual or Infrequent Item, or Both [Line Items]
Impairment of indefinite-lived intangible assets		$ 2,100,000

Investments and other assets (Tables)

12 Months Ended

Dec. 31, 2021

Investments, All Other Investments [Abstract]

Schedule of Other Assets

Our investments and other assets consisted of the following as of December 31, 2021 and 2020 (in thousands):


	Dec. 31,
	2021		2020
Cash value life insurance	53,189		52,883
Available-for-sale debt security	$	23,800	$	3,000
Equity method investments	21,986		32,067
Other equity investments	20,331		20,271
Deferred debt issuance costs	5,805		9,378
Other long-term assets	27,397		18,620
Total	$	152,508	$	136,219

Goodwill and other intangible assets - Future Annual Amortization Expense (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 59,882
2023	53,467
2024	47,293
2025	28,468
2026	24,431
Thereafter	104,049
Total	$ 317,590

Goodwill and other intangible assets - Schedule of Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Goodwill [Roll Forward]
Beginning balance	$ 2,968,693	$ 2,950,587
Adjustments		18,106
Business acquisition	12,894
Ending balance	$ 2,981,587	$ 2,968,693

Subsequent Event (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Feb. 22, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)		$ 1	$ 1
Subsequent Event		Subsequent Event Merger Agreement On February 22, 2022, TEGNA Inc., a Delaware corporation (the Company), entered into an Agreement and Plan of Merger (the Merger Agreement), with Teton Parent Corp., a newly formed Delaware corporation (Parent), Teton Merger Corp., a newly formed Delaware corporation and an indirect wholly owned subsidiary of Parent (Merger Sub), and solely for purposes of certain provisions specified therein, other subsidiaries of Parent, certain affiliates of Standard General L.P., a Delaware limited partnership (Standard General) and CMG Media Corporation, a Delaware corporation (CMG,) and certain of its subsidiaries. Parent, Merger Sub, the other subsidiaries of Parent, those affiliates of Standard General, CMG and those subsidiaries of CMG, are collectively, referred to as the “Parent Restructuring Entities.” The Merger Agreement provides, among other things and subject to the terms and conditions set forth therein, that Merger Sub will be merged with and into the Company (the Merger), with the Company continuing as the surviving corporation and as an indirect wholly owned subsidiary of Parent. The Merger Agreement provides that each share of common stock, par value $1.00 per share, of the Company (the Common Stock) outstanding immediately prior to the effective time of the Merger (the Effective Time), other than certain excluded shares, will at the Effective Time automatically be converted into the right to receive (i) $24.00 per share of Common Stock in cash, without interest, plus (ii) additional amounts in cash, without interest, if the Merger does not close within a certain period of time after the date of the Merger Agreement. The Merger is subject to the approval of the Merger Agreement by the stockholders of the Company and the satisfaction of customary closing conditions, including receipt of applicable regulatory approvals, and is expected to close in the second half of 2022. The Merger Agreement contains certain termination rights and provides that, upon termination of the Merger Agreement under certain specified circumstances, the Company will be required to pay Parent a termination fee of $163,000,000, and Parent will be required to pay the Company a termination fee of (i) $136,000,000 or (ii) $272,000,000, in each case under certain specified circumstances. The Company has made customary representations, warranties and covenants in the Merger Agreement. If the Merger is consummated, the shares of Common Stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934.
Subsequent Event
Subsequent Event [Line Items]
Common stock, par value (in dollars per share)	$ 1.00
Subsequent Event \| Business Combination Termination Scenario One
Subsequent Event [Line Items]
Termination fee	$ 136
Subsequent Event \| Business Combination Termination Scenario Two
Subsequent Event [Line Items]
Termination fee	272
Subsequent Event \| Teton Parent Corp
Subsequent Event [Line Items]
Termination fee	$ 163
Conversion price (in dollars per share)	$ 24.00

Goodwill and other intangible assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

We operate as one operating and reportable segment which includes the goodwill balances as of December 31, 2021 and 2020 shown below (in thousands):


	Goodwill


Balance as of Dec. 31, 2019	$	2,950,587

Adjustments	18,106
Balance as of Dec. 31, 2020	2,968,693
Business acquisition	12,894
Balance as of Dec. 31, 2021	$	2,981,587

The following table displays indefinite-lived intangible assets and amortizable intangible assets as of December 31, 2021 and 2020 (in thousands):


	Gross		Accumulated Amortization		Net
Dec. 31, 2021
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,123,898	$	—	$	2,123,898
Amortizable intangible assets:
Retransmission agreements	235,215		(168,439)		66,776
Network affiliation agreements	309,503		(97,195)		212,308
Other	71,465		(32,959)		38,506
Total indefinite-lived and amortizable intangible assets	$	2,740,081	$	(298,593)	$	2,441,488
Dec. 31, 2020
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,123,898	$	—	$	2,123,898
Amortizable intangible assets:
Retransmission agreements	235,215		(138,928)		96,287
Network affiliation agreements	309,503		(72,694)		236,809
Other	70,610		(23,960)		46,650
Total indefinite-lived and amortizable intangible assets	$	2,739,226	$	(235,582)	$	2,503,644

Our retransmission agreements and network affiliation agreements are amortized on a straight-line basis over their estimated useful lives. Other intangibles primarily include distribution agreements from our multicast networks acquisition and brand names which are also amortized on a straight-line basis over their useful lives.

On January 27, 2021, we acquired Locked On Podcast Network LLC for $13.3 million, which consisted of a base purchase price of $13.8 million and a working capital adjustment of $0.5 million. Locked On produces daily podcasts for every team across the four major professional sports leagues, as well as for major college sports teams. In connection with this acquisition, we recorded goodwill and trade name assets of $12.9 million and $0.9 million, respectively. The goodwill is calculated as the excess of the purchase price over the net fair value of the identifiable assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from the acquisition that do not qualify for separate recognition, including assembled workforce, as well as future synergies that we expect to generate. The goodwill recognized is deductible for tax purposes.

The following table shows the projected annual amortization expense related to amortizable intangible assets existing as of December 31, 2021 (in thousands):


2022	$	59,882
2023	53,467
2024	47,293
2025	28,468
2026	24,431
Thereafter	104,049
Total	$	317,590

Long-term debt - Long-term debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 03, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total principal long-term debt	$ 3,256,000		$ 3,582,000
Debt issuance costs	(31,378)		(36,595)
Unamortized premiums and discounts, net	7,348		7,815
Total long-term debt	3,231,970		3,553,220
Borrowings under revolving credit facility expiring August 2024
Debt Instrument [Line Items]
Total principal long-term debt	$ 166,000		355,000
Unsecured notes bearing fixed rate interest at 5.50% due September 2024 \| Senior Notes
Debt Instrument [Line Items]
Interest rate stated percentage	5.50%	5.50%
Total principal long-term debt	$ 0		137,000
Unsecured notes bearing fixed rate interest at 4.75% due March 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate stated percentage	4.75%
Total principal long-term debt	$ 550,000		550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate stated percentage	7.75%
Total principal long-term debt	$ 200,000		200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 \| Senior Notes
Debt Instrument [Line Items]
Interest rate stated percentage	7.25%
Total principal long-term debt	$ 240,000		240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028 \| Senior Notes
Debt Instrument [Line Items]
Interest rate stated percentage	4.625%
Total principal long-term debt	$ 1,000,000		1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest rate stated percentage	5.00%
Total principal long-term debt	$ 1,100,000		$ 1,100,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 478,197	$ 482,763	$ 286,235
Other comprehensive (loss) income, before tax:
Foreign currency translation adjustments	743	138	(774)
Pension and other post-retirement benefit items:
Recognition of previously deferred post-retirement benefit plan costs	5,217	6,209	5,764
Actuarial gain (loss) arising during the period	4,463	22,574	(13,822)
Pension payment timing related charge	946	0	686
Pension and other postretirement benefit items	10,626	28,783	(7,372)
Unrealized gain on available-for-sale investment during the period	20,800	0	0
Other comprehensive income (loss), before tax	32,169	28,921	(8,146)
Income tax effect related to components of other comprehensive income (loss)	(8,309)	(7,400)	2,060
Other comprehensive income (loss), net of tax	23,860	21,521	(6,086)
Comprehensive income	502,057	504,284	280,149
Comprehensive loss attributable to redeemable non-controlling interest	(1,242)	15	0
Total comprehensive income	$ 500,815	$ 504,299	$ 280,149

Description of business, basis of presentation and summary of significant accounting policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,991,093	$ 2,937,780	$ 2,299,497
Subscription
Disaggregation of Revenue [Line Items]
Total revenues	1,466,433	1,286,611	1,005,030
Advertising & Marketing Services
Disaggregation of Revenue [Line Items]
Total revenues	1,428,082	1,174,774	1,226,607
Political
Disaggregation of Revenue [Line Items]
Total revenues	60,573	445,535	38,478
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 36,005	$ 30,860	$ 29,382

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 32
-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 4
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Retirement plans - Projected Benefit Obligation (Details) - Retirement Plans - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 605,834	$ 646,662
Fair value of plan assets	$ 541,758	$ 552,996

Retirement plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

Pension costs, which primarily include costs for our qualified TRP and non-qualified SERP, are presented in the following table (in thousands):


	2021		2020		2019
Service cost-benefits earned during the period	$	2	$	7	$	8
Interest cost on benefit obligation	15,887		19,487		23,066
Expected return on plan assets	(34,679)		(31,058)		(26,320)
Amortization of prior service cost	90		90		90
Amortization of actuarial loss	4,952		6,207		6,123
Pension payment timing related charge	946		—		686
(Income from) expense for company-sponsored retirement plans	$	(12,802)	$	(5,267)	$	3,653

Schedule of Changes in Projected Benefit Obligations

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,
	2021		2020
Change in benefit obligations
Benefit obligations as of beginning of year	$	646,662	$	613,695
Service cost	2		7
Interest cost	15,887		19,487
Actuarial (gain)/loss	(18,246)		48,491
Benefits paid	(35,874)		(35,018)
Settlements (1)	(2,597)		—
Benefit obligations as of end of year	$	605,834	$	646,662
Change in plan assets
Fair value of plan assets as of beginning of year	$	552,996	$	479,735
Actual gains return on plan assets	20,896		103,146
Employer contributions	6,337		5,133
Benefits paid	(35,874)		(35,018)
Settlements (1)	(2,597)		—
Fair value of plan assets as of end of year	$	541,758	$	552,996
Funded status as of end of year	$	(64,076)	$	(93,666)
Amounts recognized in Consolidated Balance Sheets
Accrued liabilities other—current	$	(6,013)	$	(7,758)
Pension liabilities—non-current	$	(58,063)	$	(85,908)
(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.

Schedule of Net Funded Status

The funded status (on a projected benefit obligation basis) of our principal retirement plans as of December 31, 2021, is as follows (in thousands):


	Fair Value of Plan Assets		Benefit Obligation		Funded Status
TRP	$	541,758	$	543,029	$	(1,271)
SERP (1)			62,444		(62,444)
All other			361		(361)
Total	$	541,758	$	605,834	$	(64,076)

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

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

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


	Dec. 31,
	2021		2020
Accumulated benefit obligation	$	605,817	$	646,644
Fair value of plan assets	$	541,758	$	552,996

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

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


	Dec. 31,
	2021		2020
Projected benefit obligation	$	605,834	$	646,662
Fair value of plan assets	$	541,758	$	552,996

Schedule of Net Periodic Benefit Cost Not yet Recognized

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,
	2021		2020
Net actuarial losses	$	(148,696)	$	(159,057)
Prior service cost	(1,617)		(1,707)
Amounts in accumulated other comprehensive loss	$	(150,313)	$	(160,764)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

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


	2021		2020		2019
Current year net actuarial gain (loss)	$	4,463	$	23,597	$	(13,060)
Amortization of actuarial loss	4,952		6,207		6,123
Amortization of previously deferred prior service costs	90		91		90
Pension payment timing related charges	946		—		686
Total	$	10,451	$	29,895	$	(6,161)

Schedule of Assumptions Used

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


	2021	2020	2019
Discount rate	2.54%	3.29%	4.34%
Expected return on plan assets	6.50%	6.75%	6.75%

Schedule Of Assumptions Used In Calculating Pension Benefit Obligations Table

The following assumptions were used to determine the year-end benefit obligations:


	Dec. 31,
	2021	2020
Discount rate	2.89%	2.54%

Schedule of Allocation of Plan Assets

The asset allocation for the TRP as of the end of 2021 and 2020, and target allocations for 2022, by asset category, are presented in the table below:


Target Allocation			Allocation of Plan Assets
	2022		2021		2020
Equity securities	14	%	10	%	47	%
Debt securities	86	%	86	%	50	%
Other (including hedge funds and private real estate)	—	%	4	%	3	%
Total	100	%	100	%	100	%

Schedule of Expected Benefit Payments

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


2022	$	42,856
2023	$	39,907
2024	$	39,852
2025	$	40,302
2026	$	39,965
2027 through 2031	$	184,331

Goodwill and other intangible assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

We operate as one operating and reportable segment which includes the goodwill balances as of December 31, 2021 and 2020 shown below (in thousands):


	Goodwill


Balance as of Dec. 31, 2019	$	2,950,587

Adjustments	18,106
Balance as of Dec. 31, 2020	2,968,693
Business acquisition	12,894
Balance as of Dec. 31, 2021	$	2,981,587

Schedule of Goodwill, Indefinite-Lived Intangible Assets, and Amortizable Intangible Assets

The following table displays indefinite-lived intangible assets and amortizable intangible assets as of December 31, 2021 and 2020 (in thousands):


	Gross		Accumulated Amortization		Net
Dec. 31, 2021
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,123,898	$	—	$	2,123,898
Amortizable intangible assets:
Retransmission agreements	235,215		(168,439)		66,776
Network affiliation agreements	309,503		(97,195)		212,308
Other	71,465		(32,959)		38,506
Total indefinite-lived and amortizable intangible assets	$	2,740,081	$	(298,593)	$	2,441,488
Dec. 31, 2020
Indefinite-lived intangibles:
Television and radio station FCC broadcast licenses	$	2,123,898	$	—	$	2,123,898
Amortizable intangible assets:
Retransmission agreements	235,215		(138,928)		96,287
Network affiliation agreements	309,503		(72,694)		236,809
Other	70,610		(23,960)		46,650
Total indefinite-lived and amortizable intangible assets	$	2,739,226	$	(235,582)	$	2,503,644

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The following table shows the projected annual amortization expense related to amortizable intangible assets existing as of December 31, 2021 (in thousands):


2022	$	59,882
2023	53,467
2024	47,293
2025	28,468
2026	24,431
Thereafter	104,049
Total	$	317,590

Income taxes - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
Income taxes - Narrative (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes [Line Items]
Capital loss carryforwards	$ 74,000
Loss carryforwards	31,841	$ 38,348
Deferred tax assets valuation allowance	41,929	43,467	$ 45,661	$ 125,894
Unrecognized tax benefits that, if recognized, would impact effective tax rate	6,800	6,000
Recognized income from the release of penalty reserves	700	0	$ 1,700
Accrued interest and penalties payable related to unrecognized tax benefits	700	$ 100
Estimated decrease in gross unrecognized tax positions within the next 12 months, maximum	500
State
Income Taxes [Line Items]
Tax credit carryforward	10,300
Loss carryforwards	6,800
Tax Year 2020
Income Taxes [Line Items]
Capital loss carryforwards subject to expiration	$ 73,000

Goodwill and other intangible assets - Narrative (Detail) $ in Thousands	Jan. 27, 2021 USD ($) sportLeague	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of major professional sports leagues \| sportLeague	4
Goodwill		$ 2,981,587	$ 2,968,693	$ 2,950,587
Locked On Podcast Network LLC
Finite-Lived Intangible Assets [Line Items]
Initial purchase price	$ 13,300
Base purchase price	13,800
Working capital adjustment	500
Goodwill	12,900
Locked On Podcast Network LLC \| Trade Names
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 900

Other matters

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Other matters

Litigation: In the third quarter of 2018, certain national media outlets reported the existence of a confidential investigation by the United States Department of Justice Antitrust Division (DOJ) into the local television advertising sales practices of station owners. We received a Civil Investigative Demand (CID) in connection with the DOJ’s investigation. On November 13 and December 13, 2018, the DOJ and seven other broadcasters settled a DOJ complaint alleging the exchange of competitively sensitive information in the broadcast television industry. In June 2019, we and four other broadcasters entered into a substantially identical agreement with DOJ, which was entered by the court on December 3, 2019. The settlement contains no finding of wrongdoing or liability and carries no penalty. It prohibits us and the other settling entities from sharing certain confidential business information, or using such information pertaining to other broadcasters, except under limited circumstances. The settlement also requires the settling parties to make certain enhancements to their antitrust compliance programs, to continue to cooperate with the DOJ’s investigation, and to permit DOJ to verify compliance. We do not expect the costs of compliance to be material.

Since the national media reports, numerous putative class action lawsuits were filed against owners of television stations (the Advertising Cases) in different jurisdictions. Plaintiffs are a class consisting of all persons and entities in the United States who paid for all or a portion of advertisement time on local television provided by the defendants. The Advertising Cases assert antitrust and other claims and seek monetary damages, attorneys’ fees, costs and interest, as well as injunctions against the allegedly wrongful conduct.

These cases have been consolidated into a single proceeding in the United States District Court for the Northern District of Illinois, In re Local Television Advertising Litigation, 1:18-cv-06785, filed on July 30, 2018. At the court’s direction, plaintiffs filed an amended complaint on April 3, 2019, that superseded the original complaints. Although we were named as a defendant in sixteen of the original complaints, the amended complaint did not name TEGNA as a defendant. After TEGNA and four other broadcasters entered into consent decrees with the DOJ in June 2019, the plaintiffs sought leave from the court to further amend the complaint to add TEGNA and the other settling broadcasters to the proceeding. The court granted the plaintiffs’ motion, and the plaintiffs filed the second amended complaint on September 9, 2019. On October 8, 2019, the defendants jointly filed a motion to dismiss the matter. On November 6, 2020, the court denied the motion to dismiss. Fact discovery is now underway and, under the current schedule, is expected to be completed by December 30, 2022. We deny any violation of law, believe that the claims asserted in the Advertising Cases are without merit, and intend to defend ourselves vigorously against them.

We, along with a number of our subsidiaries, also are defendants in other judicial and administrative proceedings involving matters incidental to our business. We do not believe that any material liability will be imposed as a result of any of the foregoing matters.

Commitments: The following table summarizes the expected cash outflow related to our commitments related to licensed broadcast agreements that are not recorded on our balance sheet as of December 31, 2021. Such obligations include future payments related to our programming contracts (in thousands). See Note 7 for further information on our lease commitments. We have $1.35 billion of commitments under programming contracts that include syndicated television station commitments to purchase programming to be produced in future years. This also includes amounts related to our network affiliation agreements. Certain network affiliation agreements include variable fee components such as a rate per number of subscribers, which in have been estimated based on current subscriber levels and reflected in the table below.


Year	Programming Contracts
2022	$	808,378
2023	527,113
2024	10,224
2025	4,371
2026	2,823
Thereafter	398
Total	$	1,353,307

Major Customers: Customers that purchase our advertising and marketing services are comprised of local, regional, and national advertisers across our markets. Our subscription revenue customers include cable operators and satellite providers for carriage of our television stations. In 2021, two customers purchased both advertising and marketing services and paid us compensation related to retransmission consent agreements, which payments in the aggregate represented more than 10% of consolidated revenues in 2021. These customers represented $410.8 million and $399.7 million of consolidated revenue in fiscal year ended December 31, 2021. In 2020 we had one major customer that purchased more than 10% of our revenue with $393.4 million, while we had two customers that purchased more than 10% of our revenue with $270.3 million and $251.2 million in 2019.

Related Party Transactions: We have an equity and debt investment in MadHive which is a related party of TEGNA. In addition to our investment, we also have commercial agreements with MadHive where they support our Premion business in acquiring OTT advertising inventory, as well as delivering and tracking the ad impressions. During the year ended December 31,

2021, we incurred expenses of $80.3 million as a result of the commercial agreements with MadHive. During the years ended December 31, 2020 and 2019, we incurred $55.1 million and $34.3 million of expenses respectively, under the commercial agreements. These expenses are recorded as “Cost of revenue” on our Consolidated Statements of Income. As of December 31, 2021 and 2020 we had accounts payable and accrued liabilities of $8.9 million and $13.5 million, respectively.

In December 2021, we renewed our two existing commercial agreements with MadHive. Simultaneously with the commercial agreement renewals, we also amended the terms of our existing available-for-sale convertible debt security with MadHive, which became effective on January 3, 2022. The amendments to the convertible debt agreement modified several items, including the conversion rights as well as the maturity date of the note. In exchange for the convertible debt modifications, we received favorable rates in our renewed commercial agreements. We estimated the fair value of our available-for-sale security at December 31, 2021 using a market fair value approach based on the cash we expect to receive upon maturity of the note and the estimated cash savings that the favorable contract rates will provide over the term of the commercial agreements. We expect to record a gain of $20.8 million in “Other non-operating items, net” in the Consolidated Statements of Income in the first quarter of 2022, when the terms of the amended convertible debt security become effective. In January 2022, we will also record an intangible contract asset for $20.8 million which will be amortized to expense over the noncancellable term of the commercial agreements of two years.

Sale of minority ownership interest in Premion: On March 2, 2020, we sold a minority ownership interest in Premion, LLC (Premion) for $14.0 million to an affiliate of Gray Television (Gray). In connection with that transaction, Premion and Gray entered into a commercial arrangement under which Gray resells Premion services across all of Gray’s 113 television markets. Our TEGNA stations and Gray each have the right to independently sell Premion’s inventory in markets where we both operate a local television station. The sale of spot television advertising is not part of this agreement, and Gray and our TEGNA stations continue to sell spot advertising for our respective stations without any involvement from the other party.

In connection with acquiring a minority interest, Gray has the right to sell its interest to Premion if there is a change in control of TEGNA or if the commercial reselling agreement terminates. Since redemption of the minority ownership interest is outside our control, Gray’s equity interest is presented outside of the Equity section on the Consolidated Balance Sheet in the caption “Redeemable noncontrolling interest.” On the date of sale, we recorded a $14.0 million redeemable noncontrolling interest on the Consolidated Balance Sheet in connection with Gray’s investment. When the redemption value or the carrying value (the acquisition date fair value adjusted for the noncontrolling interest’s share of net income (loss) and dividends) is less than the redemption value, we adjust the redeemable noncontrolling interest to equal the redemption value with changes recognized as an adjustment to retained earnings. Any such adjustment, when necessary, will be performed as of the applicable balance sheet date.

Retirement plans - Assumptions Used to Determine Pension Year-End Benefit Obligations (Detail)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate (as a percent)	2.89%	2.54%	3.29%

Description of business, basis of presentation and summary of significant accounting policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Description of business, basis of presentation and summary of significant accounting policies

Description of business: We are an innovative media company serving the greater good of our communities. Our business includes 64 television stations operating and two radio stations in 51 U.S. markets, offering high-quality television programming and digital content. We also own leading multicast networks True Crime Network, Twist and Quest. Each television station also has a robust digital presence across online, mobile and social platforms, reaching consumers on all devices and platforms they use to consume news content. Through TEGNA Marketing Solutions (TMS), our integrated sales and back-end fulfillment operations, we deliver results for advertisers across television, digital and over-the-top (OTT) platforms, including Premion, our OTT advertising network.

Use of estimates: The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). In doing so, we are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, allocation of purchase price to assets and liabilities in business combinations, fair value measurements, post-retirement benefit plans, income taxes including deferred tax assets, and contingencies.

COVID-19 pandemic: Since early 2020, the world has been, and continues to be, impacted by the novel coronavirus (COVID-19) and its variants. The COVID-19 pandemic has brought unprecedented challenges including widespread economic and social change throughout the United States. The U.S. economy continued on a path to recovery during 2021 with millions of Americans receiving COVID-19 vaccines, states/municipalities increasingly reopening and continued growth in employment. In addition, the U.S. federal government continued to enact policies to provide fiscal stimulus to the economy and relief to those affected by the pandemic, with the stimulus bolstering household finances as well as those of small businesses, states and municipalities. Our AMS revenues were most negatively impacted by the pandemic in the second quarter of 2020 but since then AMS has improved as steps toward economic re-opening were implemented and as federal government stimulus programs were enacted. However, there continues to be considerable uncertainty regarding how current and future health and safety measures implemented in response to the pandemic will impact our business.

The impact of COVID-19 and the extent of its adverse impact on our financial and operating results will be dictated by the degree to which the pandemic continues to affect our advertising customers. This will depend on future pandemic-related developments including the severity of COVID-19 variants, disruptions to our customers’ supply chains and impacts to their advertising and marketing purchasing patterns, the effectiveness, distribution and acceptance of COVID-19 vaccines and booster shots, consumer confidence; and U.S. government actions to prevent and manage the virus spread, all of which are uncertain and cannot be predicted. While we use the best information available in developing significant estimates included in our financial statements, the effects of the pandemic on our operations may not be fully realized, or reflected in our financial results, until future periods. As such, actual results could differ from our estimates and these differences resulting from changes in facts and circumstances could be material.

Basis of presentation: The consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities for which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures is included in “Equity income in unconsolidated investments, net” in the Consolidated Statements of Income. In 2021, we reclassified amounts previously recorded as noncurrent "Income taxes" to "Other noncurrent liabilities" in the Consolidated Balance Sheets and, as a result, the prior year balance has been reclassified to conform to current year presentation.

Segment presentation: We operate one operating and reportable segment, which primarily consists of our 64 television stations and two radio stations operating in 51 markets. Our reportable segment structure has been determined based on our management and internal reporting structure, the nature of products and services we offer, and the financial information that is evaluated regularly by our chief operating decision maker.

Cash and cash equivalents: Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. Cash and cash equivalents are carried at cost plus accrued interest, which approximates fair value.

Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth, unemployment and demand for our products and services, including the impacts of the COVID-19 pandemic on these trends. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers. Bad debt expense is included in “Business units - Selling, general and administrative expenses” on our Consolidated Statements of Income. In 2021, we had a net reversal of bad

debt expense of $0.7 million, resulting from improved collections during 2021. We had bad debt expense of $8.0 million in 2020 and $2.4 million in 2019. Write-offs of trade receivables (net of recoveries) were $1.9 million in 2021, $4.7 million in 2020 and $3.0 million in 2019.

Property and equipment: Property and equipment are recorded at cost, and depreciation expense is recorded generally on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are generally: buildings and improvements, 10 to 40 years; and machinery, equipment and fixtures, 3 to 25 years. Expenditures for maintenance and repairs are expensed as incurred. During 2021, 2020 and 2019, we had expenditures related to the Federal Communication Commission’s (FCC) repack project. See Note 11 for further discussion.

Valuation of long-lived assets: We review the carrying amount of long-lived assets (mostly property and equipment and definite-lived intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Once an indicator of potential impairment has occurred, the impairment test is based on whether the intent is to hold the asset for continued use or to hold the asset for sale. If the intent is to hold the asset for continued use, the impairment test first requires a comparison of projected undiscounted future cash flows against the carrying amount of the asset group. If the carrying value of the asset group exceeds the estimated undiscounted future cash flows, the asset group would be deemed to be potentially impaired. The impairment, if any, would be measured based on the amount by which the carrying amount exceeds the fair value. Fair value is determined primarily using the projected future cash flows, discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair values are reduced for the cost to dispose. We recognized impairment charges in 2021 and 2019 related to long-lived assets. See Note 10 for further discussion.

Goodwill and indefinite-lived intangible assets: The assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the date of acquisition. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed.

Our goodwill balance was $2.98 billion and $2.97 billion as of December 31, 2021 and 2020, respectively. Goodwill is tested for impairment on an annual basis (first day of our fourth quarter) or between annual tests if events or changes in circumstances indicate that the fair value of our reporting unit may be below its carrying amount.

Before performing the annual goodwill impairment test quantitatively, we first have the option to perform a qualitative assessment to determine if the quantitative test must be completed. The qualitative assessment considers events and circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, as well as company and specific reporting unit specifications. If after performing this assessment, we conclude it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we are required to perform the quantitative test. Otherwise, the quantitative test is not required. In 2021, we elected not to perform the optional qualitative assessment of goodwill and instead performed the quantitative impairment test.

Goodwill is accounted for at the segment level and allocated to, and tested for impairment at, a level referred to as the reporting unit. We have determined that our one segment, Media, consists of a single reporting unit.

When performing the quantitative test, we determine the fair value of the reporting unit and compare it to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the reporting unit’s goodwill is impaired and we must recognize an impairment loss for the difference between the carrying amount and the fair value of the reporting unit.

We estimate the fair value of our reporting unit based on a market-based valuation methodology, which is primarily based on our consolidated market capitalization plus a reasonable control premium. In the fourth quarter of 2021, we completed our annual goodwill impairment test for our reporting unit. The results of the test indicated that the estimated fair value of our reporting unit significantly exceeded the carrying value.

We also have significant intangible assets with indefinite lives associated with FCC broadcast licenses related to our acquisitions of television and radio stations. The FCC broadcast licenses are recorded at their estimated fair value at the date of acquisition. Fair value is estimated using an income approach called the Greenfield method, which utilizes a discounted cash flow model that incorporates several key assumptions, including market revenues, long-term growth projections, estimated market share for a typical market participant, estimated profit margins based on market size and station type, and a discount rate (determined using a weighted average cost of capital). Since these licenses are considered indefinite lived intangible assets we do not amortize them, rather they are tested for impairment annually (first day of our fourth quarter), or more often if circumstances dictate, for impairment and written down to fair value as required. We have the option to first perform a qualitative assessment to determine if it is more likely than not that the fair value of the indefinite lived asset is more than its carrying amount. If that is the case, then we do not need to perform the quantitative analysis. The qualitative assessment considers trends in macroeconomic conditions, industry and market conditions, cost factors and overall financial performance of the indefinite lived asset.

In 2021, we elected to perform the quantitative assessment for all of our FCC licenses. We have FCC licenses acquired in the KFMB acquisition as well as those acquired in our 2019 acquisitions (Gray stations, Dispatch stations, and Nexstar stations), which represented an aggregate carrying value of $897.7 million. These licenses have more limited headroom due to the fact that we recently recorded them at fair value upon their respective acquisition, and as a result are more susceptible to the risk of impairment due to changes in underlying market factors. To estimate the fair values for the FCC broadcast licenses, we applied an income approach, using the Greenfield method. The results of our 2021 annual impairment test of FCC broadcast licenses indicated the fair value of each license exceeded its carrying amount; and therefore, no impairment charge was recorded. However, material adverse changes in any of the significant valuation inputs, including changes as a result of the uncertainty surrounding the COVID-19 pandemic, could result in future declines in the fair value of these FCC license assets, and could result in non-cash impairment charges which could have a material adverse impact on our on future results from operations.

Investments and other assets: Investments where we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in non-operating income, on our Consolidated Statements of Income. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Certain differences exist between our investment carrying value and the underlying equity of the investee companies principally due to fair value measurement at the date of investment acquisition and due to impairment charges we recorded for certain of the investments. We recognized gains of $19.7 million on the sale of four such investments in 2019.

Investments in the equity of non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as a non-operating expense on our Consolidated Statements of Income. As of December 31, 2021 and 2020, such investments totaled $20.3 million. During 2021, we recorded a $1.9 million gain one of these investments and a $1.9 million impairment on a different investment. During 2020, we recorded a $9.2 million impairment related to the decline in fair value of one or our investees. During 2019, we recorded gains of $5.9 million due to an observable price increase in two such investments.

We also hold a debt security investment issued by MadHive, Inc. (MadHive), that we classify as an available-for-sale investment. Under the terms of our investment agreement, our debt investment may converted into an equity investment based on the occurrence of certain specified events. This investment is carried at fair value. Unrealized gains/losses on this investment are included within “Accumulated other comprehensive loss” on the Condensed Consolidated Balance Sheet. Gains and losses will be recognized in our Consolidated Statements of Income when realized. See Note 3, Note 8 and Note 11 for additional information.

Our television stations are party to program broadcasting contracts which provide us with rights to broadcast syndicated programs, original series and films. These contracts are recorded at the gross amount of the related liability when the programs are available for telecasting. The related assets are recorded at the lower of cost or estimated net realizable value. Program assets are classified as current (as a prepaid expense) or noncurrent (as an other asset) in the Consolidated Balance Sheets, based on when the programming is expected to air. Expense is recognized on a straight line basis which appropriately matches the cost of the programs with the revenues associated with them. During 2021, 2020 and 2019, we incurred programming expense of $70.7 million, $71.1 million and $60.8 million, respectively. Programming expense is included in “Cost of revenues” within our Consolidated Statements of Income. As of December 31, 2021, $53.1 million of programming assets existed which we expect to be expensed within the next twelve months. The liability for these contracts is classified as current or noncurrent in accordance with the payment terms of the contracts. The payment period generally coincides with the period of telecast for the programs, but may be shorter.

We evaluate the net realizable value of our program broadcasting contract assets when a triggering event occurs, such as a change in our intended usage, or sustained lower than expected ratings for the program. Impairment analysis are performed at the syndicated program level (across all stations that utilize the program). We determine the net realizable value based on a projection of the estimated revenues less projected direct costs associated with the syndicated program (which is classified as Level 3 in the fair value hierarchy). If the future direct costs exceed expected revenues, impairment of the program asset may be required. No impairment charges were recognized in 2021, 2020 or 2019.

Redeemable Noncontrolling interest: Our Premion business operates an advertising network for over-the-top (OTT) streaming and connected television platforms. In March 2020, we sold a minority interest in Premion to an affiliate of Gray Television (Gray) and entered into a three year commercial reselling agreement with the affiliate. Gray’s investment allows it to sell its interest to Premion if there is a change in control of TEGNA or if the existing commercial agreement terminates. Since redemption of the minority ownership interest is outside our control, Gray’s equity interest is presented outside of the Equity section on the Condensed Consolidated Balance Sheet in the caption “Redeemable noncontrolling interest.”

Treasury Stock: We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital (APIC) in our Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of APIC to the extent

that there are previously recorded gains to offset the losses. If there are no treasury stock gains in APIC, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Consolidated Balance Sheets.

Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue.

Our primary source of revenue is our subscription revenue from retransmission consent contracts with multichannel video programming distributors (e.g., cable and satellite providers) and over the top providers (companies that deliver video content to consumers over the Internet). Under these multi-year contracts, we have performance obligations to provide our customers with our stations’ signals, as well as our consent to retransmit those signals to their customers. Subscription revenue is recognized in accordance with the guidance for licensing intellectual property utilizing a usage based method. The amount of revenue earned is based on the number of subscribers to which our customers retransmit our signal, and the negotiated fee per subscriber included in our contract agreement. Our customers generally submit payments monthly, generally within 60-90 days after the month that the service was provided. Our performance obligations are satisfied, and revenue is recognized, as our customers retransmit our signal. This measure toward satisfaction of our performance obligations and recognition of revenue is the most appropriate as it aligns our revenue recognition with the value that we are delivering to our customers through our retransmission consent.

We also earn revenue through the sale of advertising and marketing services (AMS). This revenue stream includes all sources of our traditional television and radio advertising, as well as digital revenues including Premion. Contracts within this revenue stream are short-term in nature (most often three months or less). Contracts generally consist of multiple deliverables, such as television commercials, or digital advertising solutions, that we have identified as individual performance obligations. Before performing under the contract, we establish the transaction price with our customer based on the agreed upon rates for each performance obligation. There is no material variability in the transaction price during the term of the contract.

Revenue is recognized as we fulfill our performance obligations to our customers. For our AMS revenue stream, we measure the fulfillment of our performance obligations based on the airing of the individual television commercials or display of digital advertisements. This measure is most appropriate as it aligns our revenue recognition with the value we are providing to our customers. The price of each individual commercial and digital advertisement is negotiated with our customer and is determined based on multiple factors, including, but not limited to, the programming and day-part selected, supply of available inventory, our station’s viewership ratings and overall market conditions (e.g., timing of the year and strength of U.S. economy). Customers are billed monthly and payment is generally due 30 days after the date of invoice. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the contracts.

We also generate revenue from the sale of political advertising. Contracts within this revenue stream are short-term in nature (typically weekly or monthly buys during political campaigns). Customers pre-pay these contracts and we therefore defer the associated revenue until the advertising has been delivered, at which time we have satisfied our performance obligations and recognize revenue. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the contracts.

Our remaining revenue is comprised of various other services, primarily production services (for news content and commercials) and sublease tower rental income and distribution of our local news content. Revenue is recognized as these various services are provided to our customers.

In instances where we sell services from more than one revenue stream to the same customer at the same time, we recognize one contract and allocate the transaction price to each deliverable element (e.g., performance obligation) based on the relative fair value of each element.

Revenue earned by categories in 2021, 2020 and 2019 are shown below (amounts in thousands):


	2021		2020		2019
Subscription	$	1,466,433	$	1,286,611	$	1,005,030
Advertising & Marketing Services	1,428,082		1,174,774		1,226,607
Political	60,573		445,535		38,478
Other	36,005		30,860		29,382
Total revenues	$	2,991,093	$	2,937,780	$	2,299,497

Retirement plans: Certain employees are covered by defined benefit pension plans and we provide certain medical and life insurance benefits to eligible retirees (collectively postretirement benefit plans). The amounts we record related to our postretirement benefit plans are computed using actuarial valuations that are based in part on certain key economic assumptions we make, including the discount rate, the expected long-term rate of return on plan assets and other actuarial assumptions including mortality estimates, health care cost trend rates and employee turnover, each as appropriate based on the nature of the plans. Depending on the timing of the estimated payments, we recognize the funded status of our postretirement benefit plans as

a current or non-current liability within our Consolidated Balance Sheets. When annually adjusting to recognize the funded status of the plan, there is a corresponding non-cash adjustment to accumulated other comprehensive loss, net of tax benefits, recorded in the Consolidated Statements of Equity. The funded status is measured as the difference between the fair value of the plan’s assets and the benefit obligation of the plan.

Stock-based employee compensation: We grant restricted stock units (RSUs) and performance shares to employees as a form of compensation. The expense for the RSUs is based on the grant date fair value of the award and is generally recognized on a straight-line basis. Expense related to the performance share program is marked to market each month over the first two-year performance period, as the award provides the Leadership Development and Compensation Committee with limited discretion to make adjustments to the financial targets to ensure consistent year-to-year comparison for the performance criteria. Expense under these programs is recognized over the requisite service period, which is typically a four-year period for RSUs and a three-year period for performance shares. Performance share expense for participants meeting certain retirement eligible criteria as defined in the plan is recognized using the accelerated attribution method. See Note 9 for further discussion.

Advertising and marketing costs: We expense advertising and marketing costs, such as costs to promote our brands, as they are incurred. Advertising expense was $9.8 million in 2021, $5.8 million in 2020 and $9.4 million in 2019, and are included in “Selling, general and administrative expenses” on the Consolidated Statements of Income.

London Interbank Offered Rate (LIBOR) Interest Rates: Effective after December 31, 2021 no new LIBOR based interest rate benchmarks will be originated for one week or two month durations. Rates for one day, one month, three month, six month and twelve month durations will continue be originated through June 2023. Under our revolving credit agreement we have the ability to draw loans based on two different interest rate indices, one of which is LIBOR based. We are able to draw loans based on the durations that continue to be originated through June 2023. We are working with our lenders to establish alternative interest rate measurements for periods subsequent to June 2023.

Income taxes: Income taxes are presented on the consolidated financial statements using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying amount of assets and liabilities and their respective tax basis, as well as from tax loss and tax credit carry-forwards. Deferred income taxes reflect expected future tax benefits (i.e., assets) and future tax costs (i.e., liabilities). The tax effect of net operating loss, capital loss and general business credit carryovers result in deferred tax assets. We measure deferred tax assets and liabilities using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. We recognize the effect on deferred taxes of a change in tax rates in income in the period that includes the enactment date. Valuation allowances are established if, based upon the weight of available evidence, management determines it is “more likely than not” that some portion or all of the deferred tax asset will not be realized.

We periodically assess our tax filing exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether it is more likely than not the position will be sustained upon examination by the relevant taxing authority. If we cannot reach a more likely than not determination, no benefit is recorded. If we determine the tax position is more likely than not to be sustained, we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled. We record interest and penalties related to income taxes as a component of income tax expense on our Consolidated Statements of Income. Interest and penalties were not material in each year presented.

Loss contingencies: We are subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. We determine whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. We accrue for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, we will disclose the potential range of the loss, if material and estimable.

Accounting guidance adopted in 2021: We did not adopt any new accounting guidance in 2021 that had a material impact on our consolidated financial statements or disclosures.

New accounting guidance not yet adopted: There is no accounting guidance currently pending that we expect to have a material impact on our consolidated financial statements or disclosures.

Income taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Provision (Benefit) for Income Taxes on Income Consists

The provision (benefit) for income taxes consists of the following (in thousands):



2021	Current		Deferred		Total
Federal	$	114,255	$	15,400	$	129,655
State and other	11,310		(5,484)		5,826
Total	$	125,565	$	9,916	$	135,481



2020	Current		Deferred		Total
Federal	$	123,882	$	4,532	$	128,414
State and other	21,878		4,001		25,879
Total	$	145,760	$	8,533	$	154,293



2019	Current		Deferred		Total
Federal	$	59,791	$	21,345	$	81,136
State and other	7,567		719		8,286
Total	$	67,358	$	22,064	$	89,422

Schedule of Reconciliation of Effective Tax Rate

The provision for income taxes varies from the U.S. federal statutory tax rate as a result of the following differences:


	2021	2020	2019
U.S. statutory tax rate	21.0%	21.0%	21.0%
Increase (decrease) in taxes resulting from:
State taxes (net of federal income tax benefit)	2.6	3.3	3.1
Uncertain tax positions, settlements and lapse of statutes of limitations	0.3	(0.1)	(1.6)
Other valuation allowances, tax rate changes, & deferred adjustments	(1.7)	(0.1)	(1.7)
Valuation allowance on equity method investment	—	0.4	1.7

Non-deductible transactions costs	0.1	—	0.3
Net excess benefits or expense on share-based payments	(0.2)	(0.1)	0.4
Other, net	—	(0.2)	0.6
Effective tax rate	22.1%	24.2%	23.8%

Schedule of Deferred Tax Liabilities and Assets

Deferred tax liabilities and assets were composed of the following as of December 31, 2021 and 2020 (in thousands):


	Dec. 31,
	2021		2020
Deferred tax liabilities
Accelerated depreciation	$	67,697	$	67,479
Accelerated amortization of deductible intangibles	534,438		536,740
Right-of-use assets for operating leases	21,648		24,220
Other	3,792		3,322
Total deferred tax liabilities	627,575		631,761
Deferred tax assets
Accrued compensation costs	24,147		18,559
Pension and post-retirement medical and life	17,400		25,523
Loss carryforwards	31,841		38,348
Operating lease liabilities	22,582		25,319
Other	25,160		37,239
Total deferred tax assets	121,130		144,988
Deferred tax asset valuation allowance	41,929		43,467
Total net deferred tax (liabilities)	$	(548,374)	$	(530,240)

The following table summarizes the activity related to deferred tax asset valuation allowances (in thousands):


	2021		2020		2019
Beginning at beginning of period	$	43,467	$	45,661	$	125,894
Additions to valuation allowance	6,108		3,719		9,545
Reductions to valuation allowance	(7,646)		(5,913)		(89,778)
Balance at the end of the period	$	41,929	$	43,467	$	45,661

Schedule of Activity Related to Unrecognized Tax Benefits, Excluding Federal Tax Benefit of State Tax Deductions

The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions (in thousands):



	2021		2020		2019
Change in unrecognized tax benefits
Balance at beginning of year	$	7,435	$	8,050	$	12,843
Additions for tax positions of prior years	1,363		630		—
Reductions for tax positions of prior years	—		—		(959)
Settlements	—		—		(288)
Reductions due to lapse of statutes of limitations	(602)		(1,245)		(3,546)
Balance as of end of year	$	8,196	$	7,435	$	8,050

Retirement plans - Funded Status of Principal Retirement Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	$ 541,758
Benefit Obligation	605,834
Funded Status	(64,076)
Retirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets	541,758	$ 552,996	$ 479,735
Benefit Obligation	543,029	646,662	$ 613,695
Funded Status	(1,271)	$ (93,666)
SERP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets
Benefit Obligation	62,444
Funded Status	(62,444)
All other
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair Value of Plan Assets
Benefit Obligation	361
Funded Status	$ (361)

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Spectrum repacking reimbursements and other, net (Tables)

12 Months Ended

Dec. 31, 2021

Unusual or Infrequent Items, or Both [Abstract]

Schedule of Facility Consolidation and Asset Impairment Charges

A summary of these items by year (pre-tax basis) is presented below (in thousands):


	2021		2020		2019
Reimbursement of spectrum repacking	$	(4,942)	$	(13,180)	$	(16,974)
Property and equipment impairments (gains)	1,095		—		(2,880)
Intangible asset impairments and other charges	—		3,225		9,063
Contract termination and other costs related to national sales	1,540		—		5,456


Total spectrum repacking reimbursements and other, net	$	(2,307)	$	(9,955)	$	(5,335)

Long-term debt - Annual Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 0
2023	0
2024	166,000
2025	0
2026	550,000
Thereafter	2,540,000
Total	$ 3,256,000	$ 3,582,000

Retirement plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

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 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):


	2021		2020		2019
Service cost-benefits earned during the period	$	2	$	7	$	8
Interest cost on benefit obligation	15,887		19,487		23,066
Expected return on plan assets	(34,679)		(31,058)		(26,320)
Amortization of prior service cost	90		90		90
Amortization of actuarial loss	4,952		6,207		6,123
Pension payment timing related charge	946		—		686
(Income from) expense for company-sponsored retirement plans	$	(12,802)	$	(5,267)	$	3,653

Benefits no longer accrue for substantially all TRP and SERP participants as a result of amendments to the plans in the past years and as such we no longer incur a significant amount of the 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.


	Dec. 31,
	2021		2020
Change in benefit obligations
Benefit obligations as of beginning of year	$	646,662	$	613,695
Service cost	2		7
Interest cost	15,887		19,487
Actuarial (gain)/loss	(18,246)		48,491
Benefits paid	(35,874)		(35,018)
Settlements (1)	(2,597)		—
Benefit obligations as of end of year	$	605,834	$	646,662
Change in plan assets
Fair value of plan assets as of beginning of year	$	552,996	$	479,735
Actual gains return on plan assets	20,896		103,146
Employer contributions	6,337		5,133
Benefits paid	(35,874)		(35,018)
Settlements (1)	(2,597)		—
Fair value of plan assets as of end of year	$	541,758	$	552,996
Funded status as of end of year	$	(64,076)	$	(93,666)
Amounts recognized in Consolidated Balance Sheets
Accrued liabilities other—current	$	(6,013)	$	(7,758)
Pension liabilities—non-current	$	(58,063)	$	(85,908)
(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 2021 of $18.2 million was primarily due to an 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 actuarial loss in 2020 of $48.5 million was primarily due to decline in the discount rate used to calculate the benefit obligations (which declined from 3.29% at December 31, 2019 to 2.54% as of December 31, 2020) which resulted in an actuarial loss of $49.3 million.

The funded status (on a projected benefit obligation basis) of our principal retirement plans as of December 31, 2021, is as follows (in thousands):


	Fair Value of Plan Assets		Benefit Obligation		Funded Status
TRP	$	541,758	$	543,029	$	(1,271)
SERP (1)			62,444		(62,444)
All other			361		(361)
Total	$	541,758	$	605,834	$	(64,076)

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

The accumulated benefit obligation for all defined benefit pension plans was $605.8 million as of December 31, 2021 and $646.6 million as of December 31, 2020. In December of 2019, a discretionary contribution was made to TRP of $12 million. No additional contributions were required in 2020 and 2021. We made payments to SERP participants of $6.3 million in 2021. Based on actuarial projections, we do not expect to make any contributions to the TRP in 2022. Cash payments of $5.9 million are expected to be made to our SERP participants in 2022.

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


	Dec. 31,
	2021		2020
Accumulated benefit obligation	$	605,817	$	646,644
Fair value of plan assets	$	541,758	$	552,996

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


	Dec. 31,
	2021		2020
Projected benefit obligation	$	605,834	$	646,662
Fair value of plan assets	$	541,758	$	552,996

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,
	2021		2020
Net actuarial losses	$	(148,696)	$	(159,057)
Prior service cost	(1,617)		(1,707)
Amounts in accumulated other comprehensive loss	$	(150,313)	$	(160,764)

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


	2021		2020		2019
Current year net actuarial gain (loss)	$	4,463	$	23,597	$	(13,060)
Amortization of actuarial loss	4,952		6,207		6,123
Amortization of previously deferred prior service costs	90		91		90
Pension payment timing related charges	946		—		686
Total	$	10,451	$	29,895	$	(6,161)

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


	2021	2020	2019
Discount rate	2.54%	3.29%	4.34%
Expected return on plan assets	6.50%	6.75%	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,
	2021	2020
Discount rate	2.89%	2.54%

Plan assets: The asset allocation for the TRP as of the end of 2021 and 2020, and target allocations for 2022, by asset category, are presented in the table below:


Target Allocation			Allocation of Plan Assets
	2022		2021		2020
Equity securities	14	%	10	%	47	%
Debt securities	86	%	86	%	50	%
Other (including hedge funds and private real estate)	—	%	4	%	3	%
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, each asset class, and within each individual investment manager’s portfolio. 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 the fourth quarter of 2021, the target allocation was lowered for equity securities to 14% and increased debt securities to 86%. This was a result of the recent improvement in the funded status of the plan. In early 2022, we elected to switch our investment portfolio from being mostly actively managed to a passive (or indexed) investment strategy. Our actual investment return on our TRP assets was 4.5% for 2021, 23.5% for 2020 and 23.6% for 2019.

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


2022	$	42,856
2023	$	39,907
2024	$	39,852
2025	$	40,302
2026	$	39,965
2027 through 2031	$	184,331

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 2021 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 $17.1 million in 2021, $16.5 million in 2020 and $14.6 million in 2019. During 2021 and 2020, we settled the 401(k) employee company stock match obligation by issuing our common stock from treasury stock and depositing it in the participants’ accounts. During 2019, we settled the 401(k) employee company stock match obligation through a combination of buying our stock in the open market and 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, 2019 to November 30, 2020) that the AFTRA Plan was neither in endangered, critical, or critical and declining status in the Plan Year (e.g. 78% 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 $2.9 million in 2021 and $2.4 million in each of 2020 and 2019. 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, 2020.

Expiration dates of the CBAs in place range from January 26, 2022 to May 16, 2023. 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, 2021, 2020 and 2019.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Shareholders' equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Shareholders' equity

Shareholders’ equity

As of December 31, 2021, and 2020, our authorized capital was comprised of 800 million shares of common stock and 2 million shares of preferred stock. As of December 31, 2021, shareholders’ equity of TEGNA included 221.4 million shares that were outstanding (net of 103.0 million shares of common stock held in treasury). As of December 31, 2020, shareholders’ equity of TEGNA included 219.5 million shares that were outstanding (net of 104.9 million shares of common stock held in treasury). No shares of preferred stock were issued and outstanding as of December 31, 2021, or 2020.

Capital stock and earnings per share

We report earnings per share on two bases, basic and diluted. All basic income per share amounts are based on the weighted average number of common shares outstanding during the year. The calculation of diluted earnings per share also considers the assumed dilution from the issuance of performance shares and restricted stock units and exercise of stock options.

Our earnings per share (basic and diluted) for 2021, 2020, and 2019 are presented below (in thousands, except per share amounts):


	2021		2020		2019
Net income	$	478,197	$	482,763	$	286,235
Net (income) loss attributable to noncontrolling interest	(1,242)		15		—
Adjustment of redeemable noncontrolling interest to redemption value	46		(948)		—
Earnings available to common shareholders	$	477,001	$	481,830	$	286,235

Weighted average number of common shares outstanding - basic	221,504		219,232		217,138
Effect of dilutive securities
Restricted stock	736		246		461
Performance share units	230		254		346
Stock options	1		1		32
Weighted average number of common shares outstanding - diluted	222,471		219,733		217,977

Earnings per share - basic	$	2.15	$	2.20	$	1.32

Earnings per share - diluted	$	2.14	$	2.19	$	1.31

Our calculation of diluted earnings per share includes the dilutive effects for the assumed vesting of outstanding restricted stock units and performance share units.

Share repurchase program

In December 2020, our Board of Directors authorized a new share repurchase program for up to $300.0 million of our common stock over the next three years. From 2019 through 2021, no shares were repurchased. Certain of the shares we previously acquired have been reissued in settlement of employee stock awards. As a result of the announcement of the Merger Agreement on February 22, 2022, we have suspended share repurchases under this program.

Stock-Based Compensation Plans

In May 2001, our shareholders approved the adoption of the 2001 Omnibus Incentive Compensation Plan. This plan was amended and restated as of May 4, 2010, to increase the number of shares reserved for issuance to 60.0 million shares of our common stock. In April 2020, our shareholders approved the adoption of the 2020 Omnibus Incentive Compensation Plan (the Plan). The Plan reserved the issuance of an additional 20.0 million shares or our common stock. The Plan provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units (RSUs), performance share units, performance share awards, and other equity-based and cash-based awards. Awards may be granted to our employees and members of the Board of Directors. The Plan provides that shares of common stock subject to awards granted become available again for issuance if such awards are canceled or forfeited.

Performance share program - The Leadership Development and Compensation Committee (LDCC) of the Board of Directors has established a long-term incentive performance share program for our executives under the Plan. The number of shares

earned under the performance share awards (PSAs) program is determined based on the achievement of certain financial performance criteria (adjusted EBITDA and free cash flow as defined by the PSA agreement) over a two-year cumulative financial performance period. If the financial performance criteria are met and certified by the LDCC, the shares earned under the PSA will be subject to an additional one year service period before the common stock is released to the employees. The PSAs do not pay dividends or allow voting rights during the three-year incentive period. Therefore, the fair value of the PSA is the quoted market value of our stock on the grant date less the present value of the expected dividends not received during the relevant performance period. The PSA provides the LDCC with limited discretion to make adjustments to the financial targets to ensure consistent year-to-year comparison for the performance criteria. For expense recognition, in the period it becomes probable that the minimum performance criteria specified in the PSA will be achieved, we recognize expense, net of estimated forfeitures, for the proportionate share of the total fair value of the shares subject to the PSA related to the vesting period that has already lapsed. Each reporting period during the two-year performance period, we adjust the fair value of the PSAs to the quoted market value of our stock price. In the event we determine it is no longer probable that we will achieve the minimum performance criteria specified in the PSA, we reverse all of the previously recognized compensation expense in the period such a determination is made.

RSU program - We also issue stock-based compensation to employees in the form of RSUs. These awards generally entitle employees to receive at the end of a specified vesting period one share of common stock for each RSU granted, conditioned on continued employment for the relevant vesting period. RSUs vest 25% per year and settle annually. RSUs do not pay dividends or confer voting rights in respect of the underlying common stock during the vesting period. RSUs are valued based on the fair value of our common stock on the date of grant less the present value of the expected dividends not received during the relevant vesting period. The fair value of the RSU, less estimated forfeitures, is recognized as compensation expense ratably over the vesting period.

Total shareholder return program - Prior to 2018, senior executives participated in a performance share award plan (PSU) in which the number of shares that an executive receives is determined based upon how our total shareholder return (TSR) compares to the TSR of a peer group of companies during the three-year period. For this PSU award, we recognized the grant date fair value of each PSU, less estimated forfeitures, as compensation expense ratably over the incentive period. Fair value was determined by using a Monte Carlo valuation model. Each PSU is equal to and paid in one share of our common stock, but carries no voting or dividend rights. The number of shares ultimately issued for each PSU award ranged from 0% to 200% of the award’s target. No PSUs were granted in 2021, 2020, and 2019.

We generally grant both RSUs and performance share awards annually to employees on March 1.

Stock-based Compensation Expense: The following table shows the stock-based compensation related amounts recognized in the Consolidated Statements of Income for equity awards (in thousands):


	2021		2020		2019
RSUs	$	12,806	$	11,686	$	9,699
PSAs	18,709		8,620		9,277
PSUs	—		—		1,170

Total stock-based compensation	31,515		20,306		20,146
Total income tax benefit	8,082		4,297		4,354
Stock-based compensation net of tax	$	23,433	$	16,009	$	15,792

RSUs: As of December 31, 2021, there was $26.3 million of unrecognized compensation cost related to non-vested restricted stock and RSUs. This amount will be adjusted for future changes in estimated forfeitures and recognized on a straight-line basis over a weighted average period of 2.5 years.

A summary of RSU awards is presented below:


	2021			2020			2019
RSU Activity	Shares	Weighted average fair value		Shares	Weighted average fair value		Shares	Weighted average fair value
Unvested at beginning of year	2,614,654	$	13.09	2,132,936	$	13.22	1,567,704	$	14.65
Granted	1,282,636	17.83		1,416,300	13.39		1,356,848	13.09
Vested	(899,282)	13.21		(738,159)	14.03		(581,479)	16.31
Canceled	(155,720)	14.56		(196,423)	13.14		(210,137)	14.53
Unvested at end of year	2,842,288	$	15.11	2,614,654	$	13.09	2,132,936	$	13.22

PSAs: The PSAs were first granted in 2018. As of December 31, 2021, there was $8.1 million of unrecognized compensation cost related to non-vested PSAs (holding valuation inputs as of December 31, 2021 constant). This amount will be recognized as expense over a weighted average period of 1.7 years. A summary for the PSAs activity is presented below:


	2021			2020			2019
PSAs Activity	Target number of shares	Weighted average fair value		Target number of shares	Weighted average fair value		Target number of shares	Weighted average fair value
Unvested at beginning of year	1,142,879	$	12.87	698,482	$	12.26	450,085	$	12.05
Granted	553,090	17.48		673,127	13.47		567,356	12.36
Vested	(646,635)	13.22		(151,511)	13.40		(261,286)	12.16
Canceled	(33,901)	14.20		(77,219)	12.50		(57,673)	12.08
Unvested at end of year	1,015,433	$	15.04	1,142,879	$	12.87	698,482	$	12.26

PSUs: As of December 31, 2019, there was no unrecognized compensation cost related to non-vested PSUs as the last awards fully vested as of December 31, 2019.

A summary of our PSUs is presented below:


	2019
PSUs Activity	Target number of shares	Weighted average fair value
Unvested at beginning of year	250,840	$	23.92
Granted	—	—
Vested	(228,287)	23.92
Canceled	(22,553)	23.92
Unvested at end of year	—	$	—

Accumulated other comprehensive loss

The elements of our Accumulated Other Comprehensive Loss (AOCL) principally consisted of pension, retiree medical and life insurance liabilities, foreign currency translation and an unrealized gain on our available-for-sale investment. The following tables summarize the components of, and changes in AOCL, net of tax (in thousands):


2021	Retirement Plans		Foreign Currency Translation (1)		Available-For-Sale Investment		Total
Balance at beginning of year	$	(120,979)	$	(97)	—		$	(121,076)
Other comprehensive gain before reclassifications	3,316		552		15,419		19,287
Amounts reclassified from AOCL	4,573		—		—		4,573


Balance at end of year	$	(113,090)	$	455	$	15,419	$	(97,216)


2020	Retirement Plans		Foreign Currency Translation (1)		Total
Balance at beginning of year	$	(142,398)	$	(199)	$	(142,597)
Other comprehensive gain before reclassifications	16,779		102		16,881
Amounts reclassified from AOCL	4,640		—		4,640


Balance at end of year	$	(120,979)	$	(97)	$	(121,076)


2019	Retirement Plans		Foreign Currency Translation (1)		Total
Balance at beginning of year	$	(136,893)	$	382	$	(136,511)
Other comprehensive income (loss) before reclassifications	(10,339)		(581)		(10,920)
Amounts reclassified from AOCL	4,834		—		4,834

Balance at end of year	$	(142,398)	$	(199)	$	(142,597)

(1) Our entire foreign currency translation adjustment is related to our CareerBuilder investment. We record our share of foreign currency translation adjustments through our equity method investment.

AOCL components are included in the computation of net periodic post-retirement costs which include pension costs discussed in Note 6 and our other post-retirement benefits (health care and life insurance benefits). Reclassifications out of AOCL related to these post-retirement plans included the following (in thousands):


	2021		2020		2019
Amortization of prior service (credit) cost	$	(481)	$	(481)	$	(481)
Amortization of actuarial loss	5,698		6,690		6,246
Pension payment timing related charges	946		—		686
Total reclassifications, before tax	6,163		6,209		6,451
Income tax effect	(1,590)		(1,569)		(1,617)
Total reclassifications, net of tax	$	4,573	$	4,640	$	4,834

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Lessee, Operating Leases, Assets and Liabilities

The following table presents lease related assets and liabilities on the Consolidated Balance Sheets as of December 31, 2021 and 2020 (in thousands):


	Dec. 31,
	2021		2020
Assets
Right-of-use assets for operating leases	$	87,279	$	97,190

Liabilities
Operating lease liabilities (current)1	$	11,867	$	12,250
Operating lease liabilities (non-current)	88,970		99,337
Total operating lease liabilities	$	100,837	$	111,587

(1) Current operating lease liabilities are included within the other accrued liabilities line item of the Consolidated Balance Sheets.

Schedule of Future Rent Payments on Lease Liabilities

The table below reconciles future lease payments for each of the next five years and remaining years thereafter, in aggregate, to the lease liabilities recorded on the Consolidated Balance Sheets as of December 31, 2021 (in thousands):


Future Period	Cash Payments
2022	$	17,445
2023	16,485
2024	14,596
2025	12,197
2026	11,543
Thereafter	55,459
Total lease payments	127,725
Less: amount of lease payments representing interest	26,888
Present value of lease liabilities	$	100,837

Income taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income taxes

The provision (benefit) for income taxes consists of the following (in thousands):



2021	Current		Deferred		Total
Federal	$	114,255	$	15,400	$	129,655
State and other	11,310		(5,484)		5,826
Total	$	125,565	$	9,916	$	135,481



2020	Current		Deferred		Total
Federal	$	123,882	$	4,532	$	128,414
State and other	21,878		4,001		25,879
Total	$	145,760	$	8,533	$	154,293



2019	Current		Deferred		Total
Federal	$	59,791	$	21,345	$	81,136
State and other	7,567		719		8,286
Total	$	67,358	$	22,064	$	89,422

Income before income taxes attributable to TEGNA Inc. consists entirely of domestic income.

The provision for income taxes varies from the U.S. federal statutory tax rate as a result of the following differences:


	2021	2020	2019
U.S. statutory tax rate	21.0%	21.0%	21.0%
Increase (decrease) in taxes resulting from:
State taxes (net of federal income tax benefit)	2.6	3.3	3.1
Uncertain tax positions, settlements and lapse of statutes of limitations	0.3	(0.1)	(1.6)
Other valuation allowances, tax rate changes, & deferred adjustments	(1.7)	(0.1)	(1.7)
Valuation allowance on equity method investment	—	0.4	1.7

Non-deductible transactions costs	0.1	—	0.3
Net excess benefits or expense on share-based payments	(0.2)	(0.1)	0.4
Other, net	—	(0.2)	0.6
Effective tax rate	22.1%	24.2%	23.8%

Deferred income taxes reflect temporary differences in the recognition of revenue and expense for tax reporting and financial statement purposes. Deferred tax liabilities and assets are adjusted for changes in tax laws or tax rates of the various tax jurisdictions as of the enacted date.

Deferred tax liabilities and assets were composed of the following as of December 31, 2021 and 2020 (in thousands):


	Dec. 31,
	2021		2020
Deferred tax liabilities
Accelerated depreciation	$	67,697	$	67,479
Accelerated amortization of deductible intangibles	534,438		536,740
Right-of-use assets for operating leases	21,648		24,220
Other	3,792		3,322
Total deferred tax liabilities	627,575		631,761
Deferred tax assets
Accrued compensation costs	24,147		18,559
Pension and post-retirement medical and life	17,400		25,523
Loss carryforwards	31,841		38,348
Operating lease liabilities	22,582		25,319
Other	25,160		37,239
Total deferred tax assets	121,130		144,988
Deferred tax asset valuation allowance	41,929		43,467
Total net deferred tax (liabilities)	$	(548,374)	$	(530,240)

As of December 31, 2021, we had approximately $74.0 million of capital loss carryforwards for federal and state purposes including $73.0 million of which will expire if not used prior to 2023, and the remainder of which will expire if not used prior to 2027. Capital loss carryforwards can only be utilized to the extent capital gains are recognized. As of December 31, 2021, we have established a valuation allowance on all federal and state capital loss carryforwards. As of December 31, 2021, we also had approximately $10.3 million of state net operating loss carryovers that, if not utilized, will expire in various amounts beginning in 2022 through 2040 and $6.8 million of state interest disallowance carryovers that do not expire.

Included in total deferred tax assets are valuation allowances of approximately $41.9 million as of December 31, 2021 and $43.5 million as of December 31, 2020, primarily related to federal and state capital losses, accrued compensation costs, minority investments, state interest disallowance carryovers, and state net operating losses available for carry forward to future years. If, in the future, we believe that it is more likely than not that these deferred tax assets will be realized, the valuation allowances will be reversed in the Consolidated Statements of Income.

Realization of deferred tax assets for which valuation allowances have not been established is dependent upon generating sufficient future taxable income. We expect to realize the benefit of these deferred tax assets through future reversals of our deferred tax liabilities, through the recognition of taxable income in the allowable carryback and carryforward periods, and through implementation of future tax planning strategies. Although realization is not assured, we believe it is more likely than not that all deferred tax assets for which valuation allowances have not been established will be realized.

The following table summarizes the activity related to deferred tax asset valuation allowances (in thousands):


	2021		2020		2019
Beginning at beginning of period	$	43,467	$	45,661	$	125,894
Additions to valuation allowance	6,108		3,719		9,545
Reductions to valuation allowance	(7,646)		(5,913)		(89,778)
Balance at the end of the period	$	41,929	$	43,467	$	45,661

Tax Matters Agreements

Prior to the May 31, 2017 spin-off of the Cars.com business, we entered into a Tax Matters Agreement with Cars.com Inc. that governs each company’s respective rights, responsibilities, and obligations with respect to tax liabilities and benefits, tax attributes, tax contests and other matters regarding income taxes, non-income taxes and related tax returns. The agreement provides that we will generally indemnify Cars.com against taxes attributable to assets or operations for all tax periods or portions thereof prior to the spin-off date including separately-filed U.S. federal, state, and foreign taxes. Our, 2017 tax year is currently under examination by the Internal Revenue Service and the relevant federal statute of limitations remains open until December 31, 2022.

Uncertain Tax Positions

The following table summarizes the activity related to unrecognized tax benefits, excluding the federal tax benefit of state tax deductions (in thousands):



	2021		2020		2019
Change in unrecognized tax benefits
Balance at beginning of year	$	7,435	$	8,050	$	12,843
Additions for tax positions of prior years	1,363		630		—
Reductions for tax positions of prior years	—		—		(959)
Settlements	—		—		(288)
Reductions due to lapse of statutes of limitations	(602)		(1,245)		(3,546)
Balance as of end of year	$	8,196	$	7,435	$	8,050

The total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate was $6.8 million as of December 31, 2021, and $6.0 million as of December 31, 2020. This amount includes the federal tax benefit of state tax deductions.

We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. We also recognize interest income attributable to overpayment of income taxes and from the reversal of interest expense previously recorded for uncertain tax positions which are subsequently released as a component of income tax expense. We recognized expense from interest for uncertain tax positions of $0.7 million in 2021 while recording income of $1.7 million in 2019. We did not recognize income or expense in 2020. The amount of accrued interest expense and penalties payable related to unrecognized tax benefits was $0.7 million as of December 31, 2021 and $0.1 million as of December 31, 2020.

We file income tax returns in the U.S. and various state jurisdictions. The 2016 through 2021 tax years remain subject to examination by the Internal Revenue Service and state authorities. Tax years before 2016 remain subject to examination by certain states due to ongoing audits.

It is reasonably possible that the amount of unrecognized benefit with respect to certain of our unrecognized tax positions will increase or decrease within the next 12 months. These changes may be the result of settlement of ongoing audits, lapses of statutes of limitations or other regulatory developments. At this time, we estimate the amount of our gross unrecognized tax positions may decrease by up to approximately $0.5 million within the next 12 months primarily due to lapses of statutes of limitations and settlement of ongoing audits in various jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

Long-term debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-term debt

Our long-term debt is summarized below (in thousands):


	Dec. 31,
	2021		2020
Borrowings under revolving credit facility expiring August 2024	$	166,000	$	355,000
Unsecured notes bearing fixed rate interest at 5.50% due September 2024	—		137,000
Unsecured notes bearing fixed rate interest at 4.75% due March 2026	550,000		550,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027	200,000		200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027	240,000		240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028	1,000,000		1,000,000
Unsecured notes bearing fixed rate interest at 5.00% due September 2029	1,100,000		1,100,000
Total principal long-term debt	3,256,000		3,582,000
Debt issuance costs	(31,378)		(36,595)
Unamortized premiums and discounts, net	7,348		7,815
Total long-term debt	$	3,231,970	$	3,553,220

On December 3, 2021 we utilized available cash and our revolving credit facility to repay the remaining $137 million of our 5.500% unsecured senior notes, which were due in September 2024. We incurred $1.3 million of early redemption fees and wrote off $1.2 million of unamortized financing fees and discounts related to this early payoff of the 2024 notes. These charges were recorded in “Other non-operating items, net” line item within our Consolidated Statements of Income.

As of December 31, 2021, we had unused borrowing capacity of $1.33 billion under our revolving credit facility. As of December 31, 2021, we were in compliance with all covenants contained in our debt agreements and credit facility, including the leverage ratio (our one financial covenant) contained in our debt agreements and revolving credit facility. We believe that we will remain compliant with all covenants for the foreseeable future.

Our debt maturities may be repaid with cash flow from operating activities, accessing capital markets or a combination of both. The following schedule discloses annual maturities of the principal amount of total debt due (in thousands):


Repayment schedule of principal long-term debt as of Dec. 31, 2021
2022	$	—
2023	—
2024 (1)	166,000
2025	—
2026	550,000
Thereafter	2,540,000
Total	$	3,256,000

(1) Assumes current revolving credit facility borrowings come due in 2024 and credit facility is not extended.

Shareholders' equity - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Pension payment timing related charges	$ 946	$ 0	$ 686
Income before income taxes	613,678	637,056	375,657
Income tax effect	(135,481)	(154,293)	(89,422)
Total reclassifications, net of tax	(4,573)	(4,640)	(4,834)
Retirement Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	(4,573)	(4,640)	(4,834)
Retirement Plans \| Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of prior service cost	(481)	(481)	(481)
Amortization of actuarial loss	5,698	6,690	6,246
Pension payment timing related charges	946	0	686
Income before income taxes	6,163	6,209	6,451
Income tax effect	(1,590)	(1,569)	(1,617)
Total reclassifications, net of tax	$ 4,573	$ 4,640	$ 4,834

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 56,989	$ 40,968
Accounts receivable, net of allowances of $4,371 and $7,035, respectively	642,280	550,755
Other receivables	15,496	14,031
Syndicated programming rights	53,100	47,331
Prepaid expenses and other current assets	19,724	19,509
Total current assets	787,589	672,594
Property and equipment
Land	86,447	86,456
Buildings and improvements	341,112	329,088
Equipment, furniture and fixtures	615,531	593,517
Construction in progress	10,761	17,398
Total	1,053,851	1,026,459
Less accumulated depreciation	(586,656)	(556,100)
Net property and equipment	467,195	470,359
Intangible and other assets
Goodwill	2,981,587	2,968,693
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $298,593 and $235,582, respectively	2,441,488	2,503,644
Right-of-use assets for operating leases	87,279	97,190
Investments and other assets	152,508	136,219
Total intangible and other assets	5,662,862	5,705,746
Total assets	6,917,646	6,848,699
Current liabilities
Accounts payable	72,996	58,049
Accrued liabilities
Compensation	55,179	46,213
Interest	45,905	47,249
Contracts payable for programming rights	98,534	130,522
Other	91,098	78,219
Income taxes payable	11,420	63,923
Total current liabilities	375,132	424,175
Noncurrent liabilities
Deferred income tax liability	548,374	530,240
Long-term debt	3,231,970	3,553,220
Pension liabilities	58,063	85,908
Operating lease liabilities	88,970	99,337
Other noncurrent liabilities	79,102	82,791
Total noncurrent liabilities	4,006,479	4,351,496
Total liabilities	4,381,611	4,775,671
Commitments and contingent liabilities (see Note 11)
Redeemable noncontrolling interest (see Note 11)	16,129	14,933
Shareholders’ equity
Common stock of $1 par value per share, 800,000,000 shares authorized, 324,418,632 shares issued	324,419	324,419
Additional paid-in capital	27,941	113,267
Retained earnings	7,459,380	7,075,640
Accumulated other comprehensive loss	(97,216)	(121,076)
Less treasury stock at cost, 103,012,455 shares and 104,918,360 shares, respectively	(5,194,618)	(5,334,155)
Total equity	2,519,906	2,058,095
Total liabilities, redeemable noncontrolling interest and equity	$ 6,917,646	$ 6,848,699

Spectrum repacking reimbursements and other, net - Schedule of Non-Cash Impairment Charges (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unusual or Infrequent Items, or Both [Abstract]
Reimbursement of spectrum repacking	$ (4,942)	$ (13,180)	$ (16,974)
Tangible Asset Impairment Charges (Recoveries)	1,095	0	(2,880)
Intangible asset impairments and other charges	0	3,225	9,063
Contract termination and other costs related to national sales	1,540	0	5,456
Total spectrum repacking reimbursements and other, net	$ (2,307)	$ (9,955)	$ (5,335)

Retirement plans - Narrative (Detail) - USD ($)	1 Months Ended	12 Months Ended
Retirement plans - Narrative (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
401(k) employee maximum matching contribution (up to)		50.00%
401(k) employer matching contribution		100.00%
Contributions per employee subject to employer match		4.00%
Compensation expense related to 401(k) contributions		$ 17,100,000	$ 16,500,000	$ 14,600,000
Expenses incurred for multi-employer withdrawal liabilities		0	0	$ 0
Retirement Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Actuarial (gain)/loss		$ 18,246,000	$ (48,491,000)
Discount rate (as a percent)	3.29%	2.89%	2.54%	3.29%
Actuarial gain (losses) from change in discount rate		$ 22,100,000	$ (49,300,000)
Accumulated benefit obligation		605,817,000	646,644,000
Discretionary contributions by employer	$ 12,000,000
Contributions made to SERP		6,337,000	$ 5,133,000
Contributions expected to be made during next fiscal year		$ 5,900,000
Target allocation (as a percent)		100.00%
Actual rate of return on plan assets (as a percent)		4.50%	23.50%	23.60%
Retirement Plans \| Corporate stock
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocation (as a percent)		14.00%
Retirement Plans \| Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocation (as a percent)		86.00%
SERP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Contributions made to SERP		$ 6,300,000
AFTRA Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Funded percentage		78.00%
Contribution by employer		$ 2,900,000	$ 2,400,000	$ 2,400,000

Retirement plans - Accumulated Benefit Obligations (Details) - Retirement Plans - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 605,817	$ 646,644
Fair value of plan assets	$ 541,758	$ 552,996

Retirement plans - Asset Allocation for Company-Sponsored Pension Plans and Target Allocations by Asset Category (Detail) - Retirement Plans	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocation (as a percent)	100.00%
Allocation of Plan Assets (as a percent)	100.00%	100.00%
Equity securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocation (as a percent)	14.00%
Allocation of Plan Assets (as a percent)	10.00%	47.00%
Debt securities
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocation (as a percent)	86.00%
Allocation of Plan Assets (as a percent)	86.00%	50.00%
Other (including hedge funds and private real estate)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Target allocation (as a percent)	0.00%
Allocation of Plan Assets (as a percent)	4.00%	3.00%

Leases - Future Rent Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Future Period
2022	$ 17,445
2023	16,485
2024	14,596
2025	12,197
2026	11,543
Thereafter	55,459
Total lease payments	127,725
Less: amount of lease payments representing interest	26,888
Present value of lease liabilities	$ 100,837	$ 111,587

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful receivables	$ 4,371	$ 7,035
Indefinite-lived and amortizable intangible assets, accumulated amortization	$ 298,593	$ 235,582
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized (in shares)	800,000,000	800,000,000
Common stock, Issued (in shares)	324,418,632	324,418,632
Treasury stock (in shares)	103,012,455	104,918,360

Shareholders' equity - Performance Shares and Performance Share Awards (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Performance Share Awards
Target number of shares
Unvested at beginning of year (in shares)	1,142,879,000	698,482,000	450,085,000
Granted (in shares)	553,090,000	673,127,000	567,356,000
Settled (in shares)	(646,635,000)	(151,511,000)	(261,286,000)
Canceled (in shares)	(33,901,000)	(77,219,000)	(57,673,000)
Unvested at end of year (in shares)	1,015,433,000	1,142,879,000	698,482,000
Weighted average fair value
Unvested at beginning of year (in dollars per share)	$ 12.87	$ 12.26	$ 12.05
Granted (in dollars per share)	17.48	13.47	12.36
Settled (in dollars per share)	13.22	13.40	12.16
Canceled (in dollars per share)	14.20	12.50	12.08
Unvested at end of year (in dollars per share)	$ 15.04	$ 12.87	$ 12.26
Performance share units
Target number of shares
Unvested at beginning of year (in shares)		0	250,840
Granted (in shares)			0
Settled (in shares)			(228,287)
Canceled (in shares)			(22,553)
Unvested at end of year (in shares)			0
Weighted average fair value
Unvested at beginning of year (in dollars per share)		$ 0	$ 23.92
Granted (in dollars per share)			0
Settled (in dollars per share)			23.92
Canceled (in dollars per share)			23.92
Unvested at end of year (in dollars per share)			$ 0

CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Income Statement [Abstract]

Revenues

$ 2,991,093

$ 2,937,780

$ 2,299,497

Operating expenses:

Cost of revenues

^[1]

1,598,759

1,503,287

1,228,237

Business units - Selling, general and administrative expenses

396,446

365,601

326,804

Corporate - General and administrative expenses

68,127

73,295

80,144

Depreciation

64,841

66,880

60,525

Amortization of intangible assets

63,011

67,690

50,104

Spectrum repacking reimbursements and other, net (see Note 10)

(2,307)

(9,955)

(5,335)

Total

2,188,877

2,066,798

1,740,479

Operating income

802,216

870,982

559,018

Non-operating income (expense):

Equity (loss) income in unconsolidated investments, net

(9,713)

10,397

10,149

Interest expense

(185,650)

(210,294)

(205,470)

Other non-operating items, net

6,825

(34,029)

11,960

Total

(188,538)

(233,926)

(183,361)

Income before income taxes

613,678

637,056

375,657

Provision for income taxes

135,481

154,293

89,422

Net Income

478,197

482,763

286,235

Net (income) loss attributable to redeemable noncontrolling interest

(1,242)

Net income attributable to TEGNA Inc.

$ 476,955

$ 482,778

$ 286,235

Earnings per share - basic (in dollars per share)

$ 2.15

$ 2.20

$ 1.32

Earnings per share - diluted (in dollars per share)

$ 2.14

$ 2.19

$ 1.31

Weighted average number of common shares outstanding:

Basic (in shares)

221,504

219,232

217,138

Diluted (in shares)

222,471

219,733

217,977

[1]	Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately above.

Spectrum repacking reimbursements and other, net

12 Months Ended

Dec. 31, 2021

Unusual or Infrequent Items, or Both [Abstract]

Spectrum repacking reimbursements and other, net

As events occur, or circumstances change, we may recognize non-cash impairment charges to reduce the book value of goodwill, other intangible assets and other long-lived assets or to record charges (gains) related to spectrum repacking reimbursements and other efforts, or unique events.

A summary of these items by year (pre-tax basis) is presented below (in thousands):


	2021		2020		2019
Reimbursement of spectrum repacking	$	(4,942)	$	(13,180)	$	(16,974)
Property and equipment impairments (gains)	1,095		—		(2,880)
Intangible asset impairments and other charges	—		3,225		9,063
Contract termination and other costs related to national sales	1,540		—		5,456


Total spectrum repacking reimbursements and other, net	$	(2,307)	$	(9,955)	$	(5,335)

Reimbursement of spectrum repacking: Some of our stations have had to purchase new equipment in order to comply with the FCC spectrum repacking initiative. As part of this initiative, the FCC is reimbursing companies for costs incurred to comply with the new requirements. In 2021, 2020 and 2019, we received $4.9 million, $13.2 million, $17.0 million of such reimbursements, which we have recorded as contra expense. All of our repacked stations have completed their transitions to their new channels.

Property and equipment impairments (gains): During 2021, we recorded $1.1 million impairment charges associated with the disposal of operating assets at several of our television stations. In 2019, we recognized a $2.9 million gain related to sale of one of our real estate properties.

Intangible asset impairments and other charges: In 2020, as a result of our annual impairment analysis we determined that a radio FCC license experienced a decline in value which resulted in a $1.1 million impairment charge. Also in 2020, we recognized a $2.1 million impairment charge in connection with eliminating the use of the Justice Network brand name and re-establishing the business under a new brand name called True Crime Network. In 2019, we recognized $9.1 million of impairment charges, related to assets classified as held-for sale.

Contract termination and other costs related to national sales: In 2021 and 2019, we incurred $1.5 million and $5.5 million charges associated with contract termination and other incremental transition costs related to bringing our national sales organization in-house. Prior to the transition we utilized a third party national marketing representation firm for our national television advertising.

Income taxes - Reconciliation of Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. statutory tax rate	21.00%	21.00%	21.00%
Increase (decrease) in taxes resulting from:
State taxes (net of federal income tax benefit)	2.60%	3.30%	3.10%
Uncertain tax positions, settlements and lapse of statutes of limitations	0.30%	(0.10%)	(1.60%)
Other valuation allowances, tax rate changes, & deferred adjustments	(1.70%)	(0.10%)	(1.70%)
Valuation allowance on equity method investment	0.00%	0.40%	1.70%
Non-deductible transactions costs	0.10%	0.00%	0.30%
Net excess benefits or expense on share-based payments	(0.20%)	(0.10%)	0.40%
Other, net	0.00%	(0.20%)	0.60%
Effective tax rate	22.10%	24.20%	23.80%

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Merger Agreement On February 22, 2022, TEGNA Inc., a Delaware corporation (the Company), entered into an Agreement and Plan of Merger (the Merger Agreement), with Teton Parent Corp., a newly formed Delaware corporation (Parent), Teton Merger Corp., a newly formed Delaware corporation and an indirect wholly owned subsidiary of Parent (Merger Sub), and solely for purposes of certain provisions specified therein, other subsidiaries of Parent, certain affiliates of Standard General L.P., a Delaware limited partnership (Standard General) and CMG Media Corporation, a Delaware corporation (CMG,) and certain of its subsidiaries. Parent, Merger Sub, the other subsidiaries of Parent, those affiliates of Standard General, CMG and those subsidiaries of CMG, are collectively, referred to as the “Parent Restructuring Entities.” The Merger Agreement provides, among other things and subject to the terms and conditions set forth therein, that Merger Sub will be merged with and into the Company (the Merger), with the Company continuing as the surviving corporation and as an indirect wholly owned subsidiary of Parent. The Merger Agreement provides that each share of common stock, par value $1.00 per share, of the Company (the Common Stock) outstanding immediately prior to the effective time of the Merger (the Effective Time), other than certain excluded shares, will at the Effective Time automatically be converted into the right to receive (i) $24.00 per share of Common Stock in cash, without interest, plus (ii) additional amounts in cash, without interest, if the Merger does not close within a certain period of time after the date of the Merger Agreement. The Merger is subject to the approval of the Merger Agreement by the stockholders of the Company and the satisfaction of customary closing conditions, including receipt of applicable regulatory approvals, and is expected to close in the second half of 2022. The Merger Agreement contains certain termination rights and provides that, upon termination of the Merger Agreement under certain specified circumstances, the Company will be required to pay Parent a termination fee of $163,000,000, and Parent will be required to pay the Company a termination fee of (i) $136,000,000 or (ii) $272,000,000, in each case under certain specified circumstances. The Company has made customary representations, warranties and covenants in the Merger Agreement. If the Merger is consummated, the shares of Common Stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934.

Description of business, basis of presentation and summary of significant accounting policies - Narrative (Detail)

12 Months Ended

Dec. 31, 2021

USD ($)

station

market

segment

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

investment

Significant Accounting Policies [Line Items]

Number of television stations | station

Number of radio stations | station

Number of markets In which entity operates | market

Number of operating segments | segment

Number of reportable segments | segment

Write-offs of accounts receivable

$ 1,900,000

$ 4,700,000

$ 3,000,000

Goodwill

2,981,587,000

2,968,693,000

2,950,587,000

Gain on sale of equity investments

$ 19,700,000

Number of investments | investment

Investments

20,300,000

Equity investments, impairment loss

9,200,000

Programming expense

70,700,000

71,100,000

$ 60,800,000

Syndicated programming rights

53,100,000

47,331,000

Impairment of indefinite-lived intangible assets

$ 0

Commercial reselling agreement, term

3 years

Submission period for customers to submit payments

Our customers generally submit payments monthly, generally within 60-90 days after the month that the service was provided.

Cost of revenues

^[1]

$ 1,598,759,000

1,503,287,000

1,228,237,000

Licensing Agreements

Significant Accounting Policies [Line Items]

Impairment of indefinite-lived intangible assets

1,100,000

Intangible assets acquired

897,700,000

Level 2

Significant Accounting Policies [Line Items]

Recorded gains

1,900,000

5,900,000

Equity investments, impairment loss

$ 1,900,000

9,200,000

Restricted stock

Significant Accounting Policies [Line Items]

Requisite service period

4 years

Performance share units

Significant Accounting Policies [Line Items]

Requisite service period

3 years

Cost of Sales

Significant Accounting Policies [Line Items]

Bad debt expense

$ (700,000)

8,000,000

2,400,000

Minimum | Building and Improvements

Significant Accounting Policies [Line Items]

Property, plant and equipment, useful life (in years)

10 years

Minimum | Machinery, Equipment, and Fixtures

Significant Accounting Policies [Line Items]

Property, plant and equipment, useful life (in years)

3 years

Maximum | Building and Improvements

Significant Accounting Policies [Line Items]

Property, plant and equipment, useful life (in years)

40 years

Maximum | Machinery, Equipment, and Fixtures

Significant Accounting Policies [Line Items]

Property, plant and equipment, useful life (in years)

25 years

Advertising | Selling, General and Administrative Expenses

Significant Accounting Policies [Line Items]

Cost of revenues

$ 9,800,000

$ 5,800,000

$ 9,400,000

[1]	Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately above.

Investments and other assets - Components of Investments and Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments, All Other Investments [Abstract]
Cash value life insurance	$ 53,189	$ 52,883
Available-for-sale debt security	23,800	3,000
Equity method investments	21,986	32,067
Other equity investments	20,331	20,271
Deferred debt issuance costs	5,805	9,378
Other long-term assets	27,397	18,620
Total	$ 152,508	$ 136,219

Shareholders' equity - Restricted Stock and RSU Awards (Detail) - Restricted Stock and Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Unvested at beginning of year (in shares)	2,614,654,000	2,132,936,000	1,567,704,000
Granted (in shares)	1,282,636,000	1,416,300,000	1,356,848,000
Settled (in shares)	(899,282,000)	(738,159,000)	(581,479,000)
Canceled (in shares)	(155,720,000)	(196,423,000)	(210,137,000)
Unvested at end of year (in shares)	2,842,288,000	2,614,654,000	2,132,936,000
Weighted average fair value
Unvested at beginning of year (in dollars per share)	$ 13.09	$ 13.22	$ 14.65
Granted (in dollars per share)	17.83	13.39	13.09
Settled (in dollars per share)	13.21	14.03	16.31
Canceled (in dollars per share)	14.56	13.14	14.53
Unvested at end of year (in dollars per share)	$ 15.11	$ 13.09	$ 13.22

Other matters - Narrative (Detail) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
Other matters - Narrative (Detail) $ in Thousands	Mar. 02, 2020 USD ($) market	Jan. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Number of television markets \| market	113
Proceeds from sale of minority ownership interest	$ 14,000			$ 0	$ 14,000	$ 0
Subsequent Event \| Intangible Contract Asset
Commitments and Contingencies Disclosure [Line Items]
Amortizable intangible assets, gross		$ 20,800
Intangible asset useful life		2 years
Subsequent Event \| Forecast
Commitments and Contingencies Disclosure [Line Items]
Debt instrument, amendment gain			$ 20,800
One Major Customer \| Sales Revenue \| Customer Concentration Risk
Commitments and Contingencies Disclosure [Line Items]
Revenues					393,400
Two Customers \| Sales Revenue \| Customer Concentration Risk
Commitments and Contingencies Disclosure [Line Items]
Revenues				410,800	399,700
Customer A \| Sales Revenue \| Customer Concentration Risk
Commitments and Contingencies Disclosure [Line Items]
Revenues						270,300
Customer B \| Sales Revenue \| Customer Concentration Risk
Commitments and Contingencies Disclosure [Line Items]
Revenues						251,200
Programming Contracts
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments under contract				1,350,000
Equity And Debt Investment
Commitments and Contingencies Disclosure [Line Items]
Expenses incurred with related party				80,300	55,100	$ 34,300
Accounts payable and accrued liabilities with related party				$ 8,900	$ 13,500

Income taxes - Deferred Tax Liabilities and Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred tax liabilities
Accelerated depreciation	$ 67,697	$ 67,479
Accelerated amortization of deductible intangibles	534,438	536,740
Right-of-use assets for operating leases	21,648	24,220
Other	3,792	3,322
Total deferred tax liabilities	627,575	631,761
Deferred tax assets
Accrued compensation costs	24,147	18,559
Pension and post-retirement medical and life	17,400	25,523
Loss carryforwards	31,841	38,348
Operating lease liabilities	22,582	25,319
Other	25,160	37,239
Total deferred tax assets	121,130	144,988
Deferred tax asset valuation allowance	41,929	43,467	$ 45,661	$ 125,894
Total net deferred tax (liabilities)	$ (548,374)	$ (530,240)

Shareholders' equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 2,058,095	$ 1,590,377	$ 1,340,924
Other comprehensive gain before reclassifications	19,287	16,881	(10,920)
Amounts reclassified from AOCL	4,573	4,640	4,834
Ending Balance	2,519,906	2,058,095	1,590,377
Retirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(120,979)	(142,398)	(136,893)
Other comprehensive gain before reclassifications	3,316	16,779	(10,339)
Amounts reclassified from AOCL	4,573	4,640	4,834
Ending Balance	(113,090)	(120,979)	(142,398)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(97)	(199)	382
Other comprehensive gain before reclassifications	552	102	(581)
Amounts reclassified from AOCL	0	0	0
Ending Balance	455	(97)	(199)
Available-For-Sale Investment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0
Other comprehensive gain before reclassifications	15,419
Amounts reclassified from AOCL	0
Ending Balance	15,419	0
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(121,076)	(142,597)	(136,511)
Ending Balance	$ (97,216)	$ (121,076)	$ (142,597)

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

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+ Details

Long-term debt - Narrative (Detail) - USD ($) $ in Thousands		12 Months Ended
	Dec. 03, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Repayments of debt		$ 137,000	$ 1,623,000	$ 710,000
Senior Notes \| Unsecured notes bearing fixed rate interest at 5.50% due September 2024
Debt Instrument [Line Items]
Repayments of debt	$ 137,000
Interest rate stated percentage	5.50%	5.50%
Early redemption fee	$ 1,300
Write off of unamortized financing fees and discounts	$ 1,200
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Unused borrowing capacity		$ 1,330,000

Description of business, basis of presentation and summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Use of estimates	Use of estimates: The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). In doing so, we are required to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, allocation of purchase price to assets and liabilities in business combinations, fair value measurements, post-retirement benefit plans, income taxes including deferred tax assets, and contingencies.
Basis of Presentation	Basis of presentation: The consolidated financial statements include the accounts of subsidiaries we control and variable interest entities if we are the primary beneficiary. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities for which we have significant influence, but do not have control, are accounted for under the equity method. Our share of net earnings and losses from these ventures is included in “Equity income in unconsolidated investments, net” in the Consolidated Statements of Income. In 2021, we reclassified amounts previously recorded as noncurrent "Income taxes" to "Other noncurrent liabilities" in the Consolidated Balance Sheets and, as a result, the prior year balance has been reclassified to conform to current year presentation.
Segment presentation	Segment presentation: We operate one operating and reportable segment, which primarily consists of our 64 television stations and two radio stations operating in 51 markets. Our reportable segment structure has been determined based on our management and internal reporting structure, the nature of products and services we offer, and the financial information that is evaluated regularly by our chief operating decision maker.
Cash and cash equivalents	Cash and cash equivalents: Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. Cash and cash equivalents are carried at cost plus accrued interest, which approximates fair value.
Trade receivables and allowances for doubtful accounts	Trade receivables and allowances for doubtful accounts: Trade receivables are recorded at invoiced amounts and generally do not bear interest. The allowance for doubtful accounts reflects our estimate of credit exposure, determined principally on the basis of our collection experience, aging of our receivables and any specific reserves needed for certain customers based on their credit risk. Our allowance also takes into account expected future trends which may impact our customers’ ability to pay, such as economic growth, unemployment and demand for our products and services, including the impacts of the COVID-19 pandemic on these trends. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers.
Property and equipment	Property and equipment: Property and equipment are recorded at cost, and depreciation expense is recorded generally on a straight-line basis over the estimated useful lives of the assets. The estimated useful lives are generally: buildings and improvements, 10 to 40 years; and machinery, equipment and fixtures, 3 to 25 years. Expenditures for maintenance and repairs are expensed as incurred.
Valuation of long-lived assets	Valuation of long-lived assets: We review the carrying amount of long-lived assets (mostly property and equipment and definite-lived intangible assets) for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Once an indicator of potential impairment has occurred, the impairment test is based on whether the intent is to hold the asset for continued use or to hold the asset for sale. If the intent is to hold the asset for continued use, the impairment test first requires a comparison of projected undiscounted future cash flows against the carrying amount of the asset group. If the carrying value of the asset group exceeds the estimated undiscounted future cash flows, the asset group would be deemed to be potentially impaired. The impairment, if any, would be measured based on the amount by which the carrying amount exceeds the fair value. Fair value is determined primarily using the projected future cash flows, discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair values are reduced for the cost to dispose. We recognized impairment charges in 2021 and 2019 related to long-lived assets. See Note 10 for further discussion.
Goodwill and indefinite-lived intangible assets	Goodwill and indefinite-lived intangible assets: The assets and liabilities of acquired businesses are recorded under the acquisition method of accounting at their estimated fair values at the date of acquisition. Goodwill represents the excess of acquisition cost over the fair value of assets acquired, including identifiable intangible assets, net of liabilities assumed. Before performing the annual goodwill impairment test quantitatively, we first have the option to perform a qualitative assessment to determine if the quantitative test must be completed. The qualitative assessment considers events and circumstances such as macroeconomic conditions, industry and market conditions, cost factors and overall financial performance, as well as company and specific reporting unit specifications. If after performing this assessment, we conclude it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then we are required to perform the quantitative test. Otherwise, the quantitative test is not required. In 2021, we elected not to perform the optional qualitative assessment of goodwill and instead performed the quantitative impairment test. Goodwill is accounted for at the segment level and allocated to, and tested for impairment at, a level referred to as the reporting unit. We have determined that our one segment, Media, consists of a single reporting unit. When performing the quantitative test, we determine the fair value of the reporting unit and compare it to the carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds the fair value of the reporting unit, the reporting unit’s goodwill is impaired and we must recognize an impairment loss for the difference between the carrying amount and the fair value of the reporting unit. We estimate the fair value of our reporting unit based on a market-based valuation methodology, which is primarily based on our consolidated market capitalization plus a reasonable control premium. In the fourth quarter of 2021, we completed our annual goodwill impairment test for our reporting unit. The results of the test indicated that the estimated fair value of our reporting unit significantly exceeded the carrying value. We also have significant intangible assets with indefinite lives associated with FCC broadcast licenses related to our acquisitions of television and radio stations. The FCC broadcast licenses are recorded at their estimated fair value at the date of acquisition. Fair value is estimated using an income approach called the Greenfield method, which utilizes a discounted cash flow model that incorporates several key assumptions, including market revenues, long-term growth projections, estimated market share for a typical market participant, estimated profit margins based on market size and station type, and a discount rate (determined using a weighted average cost of capital). Since these licenses are considered indefinite lived intangible assets we do not amortize them, rather they are tested for impairment annually (first day of our fourth quarter), or more often if circumstances dictate, for impairment and written down to fair value as required. We have the option to first perform a qualitative assessment to determine if it is more likely than not that the fair value of the indefinite lived asset is more than its carrying amount. If that is the case, then we do not need to perform the quantitative analysis. The qualitative assessment considers trends in macroeconomic conditions, industry and market conditions, cost factors and overall financial performance of the indefinite lived asset.
Investments and other assets	Investments and other assets: Investments where we have the ability to exercise significant influence, but do not control, are accounted for under the equity method of accounting. Significant influence typically exists if we have a 20% to 50% ownership interest in the investee. Under this method of accounting, our share of the net earnings or losses of the investee is included in non-operating income, on our Consolidated Statements of Income. We evaluate our equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may be impaired. If a decline in the value of an equity method investment is determined to be other than temporary, a loss is recorded in earnings in the current period. Certain differences exist between our investment carrying value and the underlying equity of the investee companies principally due to fair value measurement at the date of investment acquisition and due to impairment charges we recorded for certain of the investmentsInvestments in the equity of non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. Gains or losses resulting from changes in the carrying value of these investments are included as a non-operating expense on our Consolidated Statements of Income.We also hold a debt security investment issued by MadHive, Inc. (MadHive), that we classify as an available-for-sale investment. Under the terms of our investment agreement, our debt investment may converted into an equity investment based on the occurrence of certain specified events. This investment is carried at fair value. Unrealized gains/losses on this investment are included within “Accumulated other comprehensive loss” on the Condensed Consolidated Balance Sheet. Gains and losses will be recognized in our Consolidated Statements of Income when realized. See Note 3, Note 8 and Note 11 for additional information.Our television stations are party to program broadcasting contracts which provide us with rights to broadcast syndicated programs, original series and films. These contracts are recorded at the gross amount of the related liability when the programs are available for telecasting. The related assets are recorded at the lower of cost or estimated net realizable value. Program assets are classified as current (as a prepaid expense) or noncurrent (as an other asset) in the Consolidated Balance Sheets, based on when the programming is expected to air.The liability for these contracts is classified as current or noncurrent in accordance with the payment terms of the contracts. The payment period generally coincides with the period of telecast for the programs, but may be shorter. We evaluate the net realizable value of our program broadcasting contract assets when a triggering event occurs, such as a change in our intended usage, or sustained lower than expected ratings for the program. Impairment analysis are performed at the syndicated program level (across all stations that utilize the program). We determine the net realizable value based on a projection of the estimated revenues less projected direct costs associated with the syndicated program (which is classified as Level 3 in the fair value hierarchy). If the future direct costs exceed expected revenues, impairment of the program asset may be required.
Temporary Equity, Policy	Redeemable Noncontrolling interest: Our Premion business operates an advertising network for over-the-top (OTT) streaming and connected television platforms. In March 2020, we sold a minority interest in Premion to an affiliate of Gray Television (Gray) and entered into a three year commercial reselling agreement with the affiliate. Gray’s investment allows it to sell its interest to Premion if there is a change in control of TEGNA or if the existing commercial agreement terminates. Since redemption of the minority ownership interest is outside our control, Gray’s equity interest is presented outside of the Equity section on the Condensed Consolidated Balance Sheet in the caption “Redeemable noncontrolling interest.”
Treasury Stock	Treasury Stock: We account for treasury stock under the cost method. When treasury stock is re-issued at a price higher than its cost, the difference is recorded as a component of additional paid-in-capital (APIC) in our Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference is recorded as a component of APIC to the extent that there are previously recorded gains to offset the losses. If there are no treasury stock gains in APIC, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Consolidated Balance Sheets.
Revenue recognition	Revenue recognition: Revenue is recognized upon the transfer of control of promised services to our customers in an amount that reflects the consideration we expect to receive in exchange for those services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. Amounts received from customers in advance of providing services to our customers are recorded as deferred revenue. Our primary source of revenue is our subscription revenue from retransmission consent contracts with multichannel video programming distributors (e.g., cable and satellite providers) and over the top providers (companies that deliver video content to consumers over the Internet). Under these multi-year contracts, we have performance obligations to provide our customers with our stations’ signals, as well as our consent to retransmit those signals to their customers. Subscription revenue is recognized in accordance with the guidance for licensing intellectual property utilizing a usage based method. The amount of revenue earned is based on the number of subscribers to which our customers retransmit our signal, and the negotiated fee per subscriber included in our contract agreement. Our customers generally submit payments monthly, generally within 60-90 days after the month that the service was provided. Our performance obligations are satisfied, and revenue is recognized, as our customers retransmit our signal. This measure toward satisfaction of our performance obligations and recognition of revenue is the most appropriate as it aligns our revenue recognition with the value that we are delivering to our customers through our retransmission consent. We also earn revenue through the sale of advertising and marketing services (AMS). This revenue stream includes all sources of our traditional television and radio advertising, as well as digital revenues including Premion. Contracts within this revenue stream are short-term in nature (most often three months or less). Contracts generally consist of multiple deliverables, such as television commercials, or digital advertising solutions, that we have identified as individual performance obligations. Before performing under the contract, we establish the transaction price with our customer based on the agreed upon rates for each performance obligation. There is no material variability in the transaction price during the term of the contract. Revenue is recognized as we fulfill our performance obligations to our customers. For our AMS revenue stream, we measure the fulfillment of our performance obligations based on the airing of the individual television commercials or display of digital advertisements. This measure is most appropriate as it aligns our revenue recognition with the value we are providing to our customers. The price of each individual commercial and digital advertisement is negotiated with our customer and is determined based on multiple factors, including, but not limited to, the programming and day-part selected, supply of available inventory, our station’s viewership ratings and overall market conditions (e.g., timing of the year and strength of U.S. economy). Customers are billed monthly and payment is generally due 30 days after the date of invoice. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the contracts. We also generate revenue from the sale of political advertising. Contracts within this revenue stream are short-term in nature (typically weekly or monthly buys during political campaigns). Customers pre-pay these contracts and we therefore defer the associated revenue until the advertising has been delivered, at which time we have satisfied our performance obligations and recognize revenue. Commission costs related to these contracts are expensed as incurred due to the short-term nature of the contracts. Our remaining revenue is comprised of various other services, primarily production services (for news content and commercials) and sublease tower rental income and distribution of our local news content. Revenue is recognized as these various services are provided to our customers. In instances where we sell services from more than one revenue stream to the same customer at the same time, we recognize one contract and allocate the transaction price to each deliverable element (e.g., performance obligation) based on the relative fair value of each element.
Retirement plans	Retirement plans: Certain employees are covered by defined benefit pension plans and we provide certain medical and life insurance benefits to eligible retirees (collectively postretirement benefit plans). The amounts we record related to our postretirement benefit plans are computed using actuarial valuations that are based in part on certain key economic assumptions we make, including the discount rate, the expected long-term rate of return on plan assets and other actuarial assumptions including mortality estimates, health care cost trend rates and employee turnover, each as appropriate based on the nature of the plans. Depending on the timing of the estimated payments, we recognize the funded status of our postretirement benefit plans as a current or non-current liability within our Consolidated Balance Sheets. When annually adjusting to recognize the funded status of the plan, there is a corresponding non-cash adjustment to accumulated other comprehensive loss, net of tax benefits, recorded in the Consolidated Statements of Equity. The funded status is measured as the difference between the fair value of the plan’s assets and the benefit obligation of the plan.
Stock-based employee compensation	Stock-based employee compensation: We grant restricted stock units (RSUs) and performance shares to employees as a form of compensation. The expense for the RSUs is based on the grant date fair value of the award and is generally recognized on a straight-line basis. Expense related to the performance share program is marked to market each month over the first two-year performance period, as the award provides the Leadership Development and Compensation Committee with limited discretion to make adjustments to the financial targets to ensure consistent year-to-year comparison for the performance criteria. Expense under these programs is recognized over the requisite service period, which is typically a four-year period for RSUs and a three-year period for performance shares. Performance share expense for participants meeting certain retirement eligible criteria as defined in the plan is recognized using the accelerated attribution method. See Note 9 for further discussion.
Advertising and marketing costs	Advertising and marketing costs: We expense advertising and marketing costs, such as costs to promote our brands, as they are incurred.
London Interbank Offered Rate (LIBOR) Interest Rates	London Interbank Offered Rate (LIBOR) Interest Rates: Effective after December 31, 2021 no new LIBOR based interest rate benchmarks will be originated for one week or two month durations. Rates for one day, one month, three month, six month and twelve month durations will continue be originated through June 2023. Under our revolving credit agreement we have the ability to draw loans based on two different interest rate indices, one of which is LIBOR based. We are able to draw loans based on the durations that continue to be originated through June 2023. We are working with our lenders to establish alternative interest rate measurements for periods subsequent to June 2023.
Income taxes	Income taxes: Income taxes are presented on the consolidated financial statements using the asset and liability method, under which deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying amount of assets and liabilities and their respective tax basis, as well as from tax loss and tax credit carry-forwards. Deferred income taxes reflect expected future tax benefits (i.e., assets) and future tax costs (i.e., liabilities). The tax effect of net operating loss, capital loss and general business credit carryovers result in deferred tax assets. We measure deferred tax assets and liabilities using the enacted tax rate expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. We recognize the effect on deferred taxes of a change in tax rates in income in the period that includes the enactment date. Valuation allowances are established if, based upon the weight of available evidence, management determines it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. We periodically assess our tax filing exposures related to periods that are open to examination. Based on the latest available information, we evaluate our tax positions to determine whether it is more likely than not the position will be sustained upon examination by the relevant taxing authority. If we cannot reach a more likely than not determination, no benefit is recorded. If we determine the tax position is more likely than not to be sustained, we record the largest amount of benefit that is more likely than not to be realized when the tax position is settled. We record interest and penalties related to income taxes as a component of income tax expense on our Consolidated Statements of Income. Interest and penalties were not material in each year presented.
Loss contingencies	Loss contingencies: We are subject to various legal proceedings, claims and regulatory matters, the outcomes of which are subject to significant uncertainty. We determine whether to disclose or accrue for loss contingencies based on an assessment of whether the risk of loss is remote, reasonably possible or probable, and whether it can be reasonably estimated. We accrue for loss contingencies when such amounts are probable and reasonably estimable. If a contingent liability is only reasonably possible, we will disclose the potential range of the loss, if material and estimable.
Accounting guidance adopted in 2021 and New accounting guidance not yet adopted	Accounting guidance adopted in 2021: We did not adopt any new accounting guidance in 2021 that had a material impact on our consolidated financial statements or disclosures. New accounting guidance not yet adopted: There is no accounting guidance currently pending that we expect to have a material impact on our consolidated financial statements or disclosures.

Retirement plans - Amounts Recorded in AOCI (Details) - Retirement Plans - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Net actuarial losses	$ (148,696)	$ (159,057)
Prior service cost	(1,617)	(1,707)
Amounts in accumulated other comprehensive loss	$ (150,313)	$ (160,764)

Description of business, basis of presentation and summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Disaggregation of Revenue

Revenue earned by categories in 2021, 2020 and 2019 are shown below (amounts in thousands):


	2021		2020		2019
Subscription	$	1,466,433	$	1,286,611	$	1,005,030
Advertising & Marketing Services	1,428,082		1,174,774		1,226,607
Political	60,573		445,535		38,478
Other	36,005		30,860		29,382
Total revenues	$	2,991,093	$	2,937,780	$	2,299,497

Income taxes - Valuation Allowances (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets, Valuation Allowance [Roll Forward]
Beginning at beginning of period	$ 43,467	$ 45,661	$ 125,894
Additions to valuation allowance	6,108	3,719	9,545
Reductions to valuation allowance	(7,646)	(5,913)	(89,778)
Balance at the end of the period	$ 41,929	$ 43,467	$ 45,661

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

We determine if an arrangement contains a lease at the agreement’s inception. Our portfolio of leases primarily consists of leases for the use of corporate offices, station facilities, equipment and for antenna/transmitter sites. Our lease portfolio consists entirely of operating leases, with most of our leases having remaining terms of less than 15 years. Operating lease balances are included in our right-of-use assets for operating leases, other accrued liabilities and operating lease liabilities on our Consolidated Balance Sheet.

Lease liabilities are calculated as of the lease commencement date based on the present value of lease payments to be made over the term of the lease. Our lease agreements often contain lease and non-lease components (e.g., common-area maintenance or other executory costs). We include the non-lease payments in the calculation of our lease liabilities to the extent they are either fixed or included within the fixed base rental payments. Some of our leases include variable lease components (e.g., rent increases based on the consumer price index) and variable non-lease components, which are expensed as they are incurred. Such variable costs are not material. The interest rate implicit in our lease contracts is typically not readily determinable. As a result, we use our estimated incremental borrowing rate in determining the present value of future payments, which reflects the fixed rate at which we could borrow on a collateralized basis the amount of the lease payments for a similar term.

The operating lease right-of-use asset as of the lease commencement date is calculated based on the amount of the operating lease liability, less any lease incentive. Some of our lease agreements include options to renew for additional terms or provide us with the ability terminate the lease early. In determining the term of the lease, we consider whether or not we are reasonably certain to exercise these options. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term.

The following table presents lease related assets and liabilities on the Consolidated Balance Sheets as of December 31, 2021 and 2020 (in thousands):


	Dec. 31,
	2021		2020
Assets
Right-of-use assets for operating leases	$	87,279	$	97,190

Liabilities
Operating lease liabilities (current)1	$	11,867	$	12,250
Operating lease liabilities (non-current)	88,970		99,337
Total operating lease liabilities	$	100,837	$	111,587

(1) Current operating lease liabilities are included within the other accrued liabilities line item of the Consolidated Balance Sheets.

As of December 31, 2021, the weighted-average remaining lease term for our lease portfolio was 8.7 years and the weighted average discount rate used to calculate the present value of our lease liabilities was 4.9%.

For the years ended December 31, 2021, 2020 and 2019, we recognized lease expense of $17.8 million, $18.0 million, and $13.9 million respectively. In addition, in 2021, 2020 and 2019, we made cash payments for operating leases of $18.5 million, $17.1 million and $11.0 million, respectively, which are included in cash flows from operating activities on Consolidated Statements of Cash Flows.


Future Period	Cash Payments
2022	$	17,445
2023	16,485
2024	14,596
2025	12,197
2026	11,543
Thereafter	55,459
Total lease payments	127,725
Less: amount of lease payments representing interest	26,888
Present value of lease liabilities	$	100,837

Income taxes - Provision (Benefit) for Income Taxes on Income Consists (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 114,255	$ 123,882	$ 59,791
State and other	11,310	21,878	7,567
Total	125,565	145,760	67,358
Deferred
Federal	15,400	4,532	21,345
State and other	(5,484)	4,001	719
Total	9,916	8,533	22,064
Total
Federal	129,655	128,414	81,136
State and other	5,826	25,879	8,286
Total	$ 135,481	$ 154,293	$ 89,422

Shareholders' equity (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Schedule of Earnings (Loss) Per Share (Basic and Diluted)

Our earnings per share (basic and diluted) for 2021, 2020, and 2019 are presented below (in thousands, except per share amounts):


	2021		2020		2019
Net income	$	478,197	$	482,763	$	286,235
Net (income) loss attributable to noncontrolling interest	(1,242)		15		—
Adjustment of redeemable noncontrolling interest to redemption value	46		(948)		—
Earnings available to common shareholders	$	477,001	$	481,830	$	286,235

Weighted average number of common shares outstanding - basic	221,504		219,232		217,138
Effect of dilutive securities
Restricted stock	736		246		461
Performance share units	230		254		346
Stock options	1		1		32
Weighted average number of common shares outstanding - diluted	222,471		219,733		217,977

Earnings per share - basic	$	2.15	$	2.20	$	1.32

Earnings per share - diluted	$	2.14	$	2.19	$	1.31

Schedule of Stock-Based Compensation Related Amounts Recognized in the Consolidated Statements of Income 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):


	2021		2020		2019
RSUs	$	12,806	$	11,686	$	9,699
PSAs	18,709		8,620		9,277
PSUs	—		—		1,170

Total stock-based compensation	31,515		20,306		20,146
Total income tax benefit	8,082		4,297		4,354
Stock-based compensation net of tax	$	23,433	$	16,009	$	15,792

Schedule of Restricted Stock and RSU Awards

A summary of RSU awards is presented below:


	2021			2020			2019
RSU Activity	Shares	Weighted average fair value		Shares	Weighted average fair value		Shares	Weighted average fair value
Unvested at beginning of year	2,614,654	$	13.09	2,132,936	$	13.22	1,567,704	$	14.65
Granted	1,282,636	17.83		1,416,300	13.39		1,356,848	13.09
Vested	(899,282)	13.21		(738,159)	14.03		(581,479)	16.31
Canceled	(155,720)	14.56		(196,423)	13.14		(210,137)	14.53
Unvested at end of year	2,842,288	$	15.11	2,614,654	$	13.09	2,132,936	$	13.22

Schedule of Nonvested Performance-based Units Activity

A summary for the PSAs activity is presented below:


	2021			2020			2019
PSAs Activity	Target number of shares	Weighted average fair value		Target number of shares	Weighted average fair value		Target number of shares	Weighted average fair value
Unvested at beginning of year	1,142,879	$	12.87	698,482	$	12.26	450,085	$	12.05
Granted	553,090	17.48		673,127	13.47		567,356	12.36
Vested	(646,635)	13.22		(151,511)	13.40		(261,286)	12.16
Canceled	(33,901)	14.20		(77,219)	12.50		(57,673)	12.08
Unvested at end of year	1,015,433	$	15.04	1,142,879	$	12.87	698,482	$	12.26

PSUs: As of December 31, 2019, there was no unrecognized compensation cost related to non-vested PSUs as the last awards fully vested as of December 31, 2019.

A summary of our PSUs is presented below:


	2019
PSUs Activity	Target number of shares	Weighted average fair value
Unvested at beginning of year	250,840	$	23.92
Granted	—	—
Vested	(228,287)	23.92
Canceled	(22,553)	23.92
Unvested at end of year	—	$	—

Schedule of Accumulated Other Comprehensive Loss

The following tables summarize the components of, and changes in AOCL, net of tax (in thousands):


2021	Retirement Plans		Foreign Currency Translation (1)		Available-For-Sale Investment		Total
Balance at beginning of year	$	(120,979)	$	(97)	—		$	(121,076)
Other comprehensive gain before reclassifications	3,316		552		15,419		19,287
Amounts reclassified from AOCL	4,573		—		—		4,573


Balance at end of year	$	(113,090)	$	455	$	15,419	$	(97,216)


2020	Retirement Plans		Foreign Currency Translation (1)		Total
Balance at beginning of year	$	(142,398)	$	(199)	$	(142,597)
Other comprehensive gain before reclassifications	16,779		102		16,881
Amounts reclassified from AOCL	4,640		—		4,640


Balance at end of year	$	(120,979)	$	(97)	$	(121,076)


2019	Retirement Plans		Foreign Currency Translation (1)		Total
Balance at beginning of year	$	(136,893)	$	382	$	(136,511)
Other comprehensive income (loss) before reclassifications	(10,339)		(581)		(10,920)
Amounts reclassified from AOCL	4,834		—		4,834

Balance at end of year	$	(142,398)	$	(199)	$	(142,597)

Schedule of Reclassification out of Accumulated Other Comprehensive Loss

Reclassifications out of AOCL related to these post-retirement plans included the following (in thousands):


	2021		2020		2019
Amortization of prior service (credit) cost	$	(481)	$	(481)	$	(481)
Amortization of actuarial loss	5,698		6,690		6,246
Pension payment timing related charges	946		—		686
Total reclassifications, before tax	6,163		6,209		6,451
Income tax effect	(1,590)		(1,569)		(1,617)
Total reclassifications, net of tax	$	4,573	$	4,640	$	4,834

Retirement plans - Estimated Benefit Payments (Detail) - Retirement Plans $ in Thousands	Dec. 31, 2021 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2022	$ 42,856
2023	39,907
2024	39,852
2025	40,302
2026	39,965
2027 through 2031	$ 184,331

Goodwill and other intangible assets - Goodwill, Indefinite-Lived Intangible Assets, and Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (298,593)	$ (235,582)
Amortizable intangible assets, net	317,590
Intangible assets, gross	2,740,081	2,739,226
Intangible assets, net	2,441,488	2,503,644
Licensing Agreements
Indefinite-lived Intangible Assets [Line Items]
Television and radio station FCC broadcast licenses	2,123,898	2,123,898
Retransmission agreements
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	235,215	235,215
Accumulated Amortization	(168,439)	(138,928)
Amortizable intangible assets, net	66,776	96,287
Network affiliation agreements
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	309,503	309,503
Accumulated Amortization	(97,195)	(72,694)
Amortizable intangible assets, net	212,308	236,809
Other
Finite-Lived Intangible Assets [Line Items]
Amortizable intangible assets, gross	71,465	70,610
Accumulated Amortization	(32,959)	(23,960)
Amortizable intangible assets, net	$ 38,506	$ 46,650

Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets
Right-of-use assets for operating leases	$ 87,279	$ 97,190
Liabilities
Operating lease liabilities (current)	11,867	12,250
Operating lease liabilities (non-current)	88,970	99,337
Total operating lease liabilities	$ 100,837	$ 111,587
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other	Other

Investments and other assets

12 Months Ended

Dec. 31, 2021

Investments, All Other Investments [Abstract]

Investments and other assets

Our investments and other assets consisted of the following as of December 31, 2021 and 2020 (in thousands):


	Dec. 31,
	2021		2020
Cash value life insurance	53,189		52,883
Available-for-sale debt security	$	23,800	$	3,000
Equity method investments	21,986		32,067
Other equity investments	20,331		20,271
Deferred debt issuance costs	5,805		9,378
Other long-term assets	27,397		18,620
Total	$	152,508	$	136,219

Cash value life insurance: We are the beneficiary of life insurance policies on the lives of certain employees/retirees, which are recorded at their cash surrender value as determined by the insurance carrier. These policies are utilized as a partial funding source for deferred compensation and supplemental executive retirement plan. Gains and losses on these investments are included in “Other non-operating items, net” within our Consolidated Statements of Income and were not material for all periods presented.

Available-for-sale debt security: Available-for-sale debt securities are required to be carried at their fair value, with unrealized gains and losses (net of income taxes) that are considered temporary in nature recorded in “Accumulated other comprehensive loss” on the Consolidated Balance Sheet. As of December 31, 2021, we performed a market based fair value analysis which resulted in a fair value of $23.8 million for the debt security issued by MadHive that we hold. This available-for-sale debt security includes features that allow us to convert our investment into equity ownership upon the occurrence of certain events. The associated unrealized gain has been recorded in “Accumulated other comprehensive loss” on the Consolidated Balance Sheet. See Note 8 and Note 11 for additional information.

Other equity investments: Represent investments in non-public businesses that do not have readily determinable pricing, and for which we do not have control or do not exert significant influence. These investments are recorded at cost less impairments, if any, plus or minus changes in observable prices for those investments. In 2021, we recognized a $1.9 million gain on one of these investments due to an observable price increase in the fair value of the investment. Also in 2021, we recorded a $1.9 million impairment charge, due to the decline in the fair value of a different investment. In 2020, we recorded a $9.2 million impairment charge due to the decline in the fair value of one of our investees. The impairment charges and gains were recorded within “Other non-operating items, net” in the Consolidated Statements of Income.

Deferred debt issuance costs: These costs consist of amounts paid to lenders related to our revolving credit facility. Debt issuance costs paid for our term debt and unsecured notes are accounted for as a reduction in the debt obligation.

Shareholders' equity - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 31,515	$ 20,306	$ 20,146
Total income tax benefit	8,082	4,297	4,354
Stock-based compensation net of tax	23,433	16,009	15,792
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	12,806	11,686	9,699
PSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	18,709	8,620	9,277
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 0	$ 0	$ 1,170

Other matters (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Recorded Unconditional Purchase Obligations

The following table summarizes the expected cash outflow related to our commitments related to licensed broadcast agreements that are not recorded on our balance sheet as of December 31, 2021. Such obligations include future payments related to our programming contracts (in thousands). See Note 7 for further information on our lease commitments. We have $1.35 billion of commitments under programming contracts that include syndicated television station commitments to purchase programming to be produced in future years. This also includes amounts related to our network affiliation agreements. Certain network affiliation agreements include variable fee components such as a rate per number of subscribers, which in have been estimated based on current subscriber levels and reflected in the table below.


Year	Programming Contracts
2022	$	808,378
2023	527,113
2024	10,224
2025	4,371
2026	2,823
Thereafter	398
Total	$	1,353,307

Income taxes - Activity Related to Unrecognized Tax Benefits, Excluding Federal Tax Benefit of State Tax Deductions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in unrecognized tax benefits
Balance at beginning of year	$ 7,435	$ 8,050	$ 12,843
Additions for tax positions of prior years	1,363	630	0
Reductions for tax positions of prior years	0	0	(959)
Settlements	0	0	(288)
Reductions due to lapse of statutes of limitations	(602)	(1,245)	(3,546)
Balance as of end of year	$ 8,196	$ 7,435	$ 8,050

Retirement plans - Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Company-Sponsored Retirement Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in benefit obligations
Benefit obligations as of end of year	$ 605,834
Change in plan assets
Fair value of plan assets as of end of year	541,758
Funded status as of end of year	(64,076)
Amounts recognized in Consolidated Balance Sheets
Pension liabilities—non-current	(58,063)	$ (85,908)
Retirement Plans
Change in benefit obligations
Benefit obligations as of beginning of year	646,662	613,695
Service cost	2	7	$ 8
Interest cost	15,887	19,487	23,066
Actuarial (gain)/loss	(18,246)	48,491
Benefits paid	(35,874)	(35,018)
Settlements	(2,597)	0
Benefit obligations as of end of year	543,029	646,662	613,695
Change in plan assets
Fair value of plan assets as of beginning of year	552,996	479,735
Actual gains return on plan assets	20,896	103,146
Employer contributions	6,337	5,133
Benefits paid	(35,874)	(35,018)
Settlements	(2,597)	0
Fair value of plan assets as of end of year	541,758	552,996	$ 479,735
Funded status as of end of year	(1,271)	(93,666)
Amounts recognized in Consolidated Balance Sheets
Accrued liabilities other—current	(6,013)	(7,758)
Pension liabilities—non-current	$ (58,063)	$ (85,908)

Retirement plans - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Comprehensive Income (Loss) [Line Items]
Current year net actuarial gain (loss)	$ 4,463	$ 22,574	$ (13,822)
Amortization of previously deferred prior service costs	5,217	6,209	5,764
Pension and other postretirement benefit items	10,626	28,783	(7,372)
Retirement Plans
Comprehensive Income (Loss) [Line Items]
Current year net actuarial gain (loss)	4,463	23,597	(13,060)
Amortization of actuarial loss	4,952	6,207	6,123
Amortization of previously deferred prior service costs	90	91	90
Pension payment timing related charges	946	0	686
Pension and other postretirement benefit items	$ 10,451	$ 29,895	$ (6,161)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term for lease portfolio (in years)	8 years 8 months 12 days
Weighted average discount rate (as a percent)	4.90%
Lease expense	$ 17.8	$ 18.0	$ 13.9
Cash payments for operating leases	$ 18.5	$ 17.1	$ 11.0
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	15 years

Retirement plans - Assumptions Used to Determine Defined Benefit Plans Costs (Detail) - Retirement Plans	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount rate	2.54%	3.29%	4.34%
Expected return on plan assets	6.50%	6.75%	6.75%

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share (in dollars per share)	$ 0.36	$ 0.28	$ 0.28

Shareholders' equity - Narrative (Detail) - USD ($)	1 Months Ended	12 Months Ended
Shareholders' equity - Narrative (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Apr. 30, 2020	May 04, 2010
Stockholders Equity Note [Line Items]
Common stock, authorized (in shares)	800,000,000	800,000,000	800,000,000
Preferred stock, authorized (in shares)	2,000,000	2,000,000	2,000,000
Common stock, outstanding (in shares)	219,500,000	221,400,000	219,500,000
Treasury stock (in shares)	104,918,360	103,012,455	104,918,360
Preferred stock, issued (in shares)	0	0	0
Preferred stock, outstanding (in shares)	0	0	0
Shares approved to be repurchased under share repurchase program, amount (up to)		$ 300,000,000
Share repurchase program period (in years)	3 years
Shares repurchased under share repurchase program (in shares)		0	0	0
Stock options \| Employee
Stockholders Equity Note [Line Items]
Shares reserved for issuance (in shares)					20,000,000	60,000,000
Restricted Stock Units (RSUs) \| Employee
Stockholders Equity Note [Line Items]
Number of shares of common stock received for each RSU granted		1
Award vesting percentage		25.00%
Performance share units
Stockholders Equity Note [Line Items]
Unrecognized compensation cost related to non-vested share-based compensation		$ 8,100,000		$ 0
Unrecognized compensation cost related to non-vested share-based compensation for options, recognition period		1 year 8 months 12 days
Performance share units \| Minimum
Stockholders Equity Note [Line Items]
Number of shares ultimately issued for each award (as a percent)		0.00%
Performance share units \| Maximum
Stockholders Equity Note [Line Items]
Number of shares ultimately issued for each award (as a percent)		200.00%
Performance share units \| Employee
Stockholders Equity Note [Line Items]
Number of shares of common stock received for each RSU granted		1
Restricted Stock and Restricted Stock Units
Stockholders Equity Note [Line Items]
Unrecognized compensation cost related to non-vested share-based compensation		$ 26,300,000
Unrecognized compensation cost related to non-vested share-based compensation for options, recognition period		2 years 6 months

Fair value measurement

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Fair value measurement

We measure and record certain assets and liabilities at fair value in the accompanying consolidated financial statements. U.S. GAAP establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1 – Quoted market prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than Level 1 inputs that are either directly or indirectly observable; and

Level 3 – Unobservable inputs developed using our own estimates and assumptions, which reflect those that a market participant would use.

Equity investments in private companies that we do not significantly influence are recorded at cost, less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. In 2021, we recognized a $1.9 million gain on one such investment and a $1.9 million impairment charge on another, which related to fair value changes. These adjustments were a result of observable price changes in their fair values (Level 2). In 2020, we recorded a $9.2 million impairment charge due to the decline in the fair value of one of our investees. The fair value was determined using a market approach which was based significant inputs not observable in the market, and thus represented a Level 3 fair value measurement.

In 2021, we recorded an unrealized gain of $20.8 million due to the increase in the fair value of an available-for-sale debt security, which includes features that allow us to convert the investment into equity ownership upon the occurrence of certain events. The fair value of the available for sale debt security was determined to be $23.8 million. The valuation utilized a market based fair value approach relying on observable market data (Level 3). The unrealized gain has been recorded in "Accumulated other comprehensive loss” on the Consolidated Balance Sheet.

We additionally hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and long-term debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values due to the short-term nature of these instruments. The fair value of our total long-term debt, determined based on the bid and ask quotes for the related debt (Level 2), totaled $3.40 billion as of December 31, 2021 and $3.79 billion as of December 31, 2020.

The below fair value tables relate to our TRP pension plan assets (in thousands):


Pension Plan Assets
Fair value measurement as of Dec. 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash and other	$	544	$	—	$	—	$	544
Corporate stock	25,324		—		—		25,324
Interest in registered investment companies	6,239		—		—		6,239
Total	$	32,107	$	—	$	—	$	32,107
Pension plan investments valued using net asset value as a practical expedient:
Common collective trust - equities							$	22,356
Common collective trust - fixed income							465,842
Hedge fund							19,156
Partnership/joint venture interests							2,297
Total fair value of plan assets							$	541,758


Fair value measurement as of Dec. 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash and other	$	1,310	$	—	$	—	$	1,310
Corporate stock	109,088		—		—		109,088
Interest in registered investment companies	71,000		—		—		71,000
Total	$	181,398	$	—	$	—	$	181,398
Pension plan investments valued using net asset value as a practical expedient:
Common collective trust - equities							$	96,447
Common collective trust - fixed income							252,426
Hedge fund							18,033
Partnership/joint venture interests							4,692
Total fair value of plan assets							$	552,996

Valuation methodologies used for TRP pension assets measured at fair value are as follows:

Corporate stock classified as Level 1 is valued primarily at the closing price reported on the active market on which the individual securities are traded.

Interest in registered investment companies is valued using the published net asset values as quoted through publicly available pricing sources. These investments are redeemable on request.

Interest in common/collective trusts are valued using the net asset value as provided monthly by the investment manager or fund company.

Five of the investments in collective trusts are fixed income funds, whose strategy is to use individual subfunds to efficiently add a representative sample of securities in individual market sectors to the portfolio. The remaining three investments in collective trusts held by the Plan are invested in equity funds. The strategy of these funds is to generate returns predominantly from developed equity markets. These funds are generally redeemable with a short-term written or verbal notice. There are no unfunded commitments related to these types of funds.

Investments in partnerships are valued at the net asset value of our investment in the fund as reported by the fund managers. The Plan holds investments in two partnerships. One partnership’s strategy is to generate returns through real estate-related investments. Certain distributions are received from this fund as the underlying assets are liquidated. The other partnership’s strategy is to generate returns through investment in developing equity markets. This fund is redeemable with a 30-day notice, subject to a withdrawal charge equal to 0.45% of the amount redeemed. Future funding commitments to our partnership investments totaled $0.7 million as of December 31, 2021 and 2020.

As of December 31, 2021, pension plan assets include one hedge fund which is a fund of hedge funds whose objective is to produce a return that is uncorrelated with market movements. Investments in the hedge fund are valued at the net asset value as reported by the fund managers. Shares in the hedge fund are generally redeemable twice a year or on the last business day of each quarter with at least 95 days written notice subject to a potential 5% holdback. There are no unfunded commitments related to the hedge funds.

We review audited financial statements and additional investor information to evaluate fair value estimates from our investment managers or fund administrator. Our policy is to recognize transfers between levels at the beginning of the reporting period. There were no transfers between levels during the year.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details