TEGNA (TGNA) 10-Q 8 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Jul. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-6961
Entity Registrant Name	TEGNA INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	16-0442930
Entity Address, Address Line One	8350 Broad Street, Suite 2000,
Entity Address, City or Town	Tysons,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	22102-5151
City Area Code	(703)
Local Phone Number	873-6600
Title of 12(b) Security	Common Stock
Trading Symbol	TGNA
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		223,110,797
Entity Central Index Key	0000039899
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 200,770	$ 56,989
Accounts receivable, net of allowances of $5,564 and $4,371, respectively	615,824	642,280
Other receivables	7,802	15,496
Syndicated programming rights	24,114	53,100
Prepaid expenses and other current assets	36,867	19,724
Total current assets	885,377	787,589
Property and equipment
Cost	1,070,911	1,053,851
Less accumulated depreciation	(611,576)	(586,656)
Net property and equipment	459,335	467,195
Intangible and other assets
Goodwill	2,981,587	2,981,587
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $328,592 and $298,593, respectively	2,411,489	2,441,488
Right-of-use assets for operating leases	84,270	87,279
Investments and other assets	143,420	152,508
Total intangible and other assets	5,620,766	5,662,862
Total assets	6,965,478	6,917,646
Current liabilities
Accounts payable	86,381	72,996
Accrued liabilities
Compensation	49,490	55,179
Interest	44,720	45,905
Contracts payable for programming rights	93,829	98,534
Other	88,696	91,098
Income taxes payable	7,610	11,420
Total current liabilities	370,726	375,132
Noncurrent liabilities
Deferred income tax liability	552,250	548,374
Long-term debt	3,067,608	3,231,970
Pension liabilities	54,795	58,063
Operating lease liabilities	85,436	88,970
Other noncurrent liabilities	76,175	79,102
Total noncurrent liabilities	3,836,264	4,006,479
Total liabilities	4,206,990	4,381,611
Commitments and contingent liabilities (see Note 9)
Redeemable noncontrolling interest (see Note 1)	16,765	16,129
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	27,941
Retained earnings	7,583,436	7,459,380
Accumulated other comprehensive loss	(111,028)	(97,216)
Less treasury stock at cost, 101,391,312 shares and 103,012,455 shares, respectively	(5,083,045)	(5,194,618)
Total equity	2,741,723	2,519,906
Total liabilities, redeemable noncontrolling interest and equity	$ 6,965,478	$ 6,917,646

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 5,564	$ 4,371
Accumulated amortization	$ 328,592	$ 298,593
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, authorized shares (in shares)	800,000,000	800,000,000
Common stock, issued shares (in shares)	324,418,632	324,418,632
Treasury stock, shares (in shares)	101,391,312	103,012,455

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Statement [Abstract]
Revenues		$ 784,881	$ 732,908	$ 1,559,004	$ 1,459,959
Operating expenses:
Cost of revenues	[1]	420,235	397,118	831,685	791,810
Business units - Selling, general and administrative expenses		99,585	96,949	201,554	186,275
Corporate - General and administrative expenses		13,612	23,183	34,932	40,053
Depreciation		15,534	15,838	30,839	31,734
Amortization of intangible assets		14,999	15,773	29,999	31,533
Spectrum repacking reimbursements and other, net		(105)	(1,475)	(163)	(2,898)
Total		563,860	547,386	1,128,846	1,078,507
Operating income		221,021	185,522	430,158	381,452
Non-operating (expense) income:
Equity loss in unconsolidated investments, net		(236)	(2,597)	(4,047)	(3,926)
Interest expense		(42,950)	(46,609)	(86,570)	(93,094)
Other non-operating items, net		(1,865)	1,524	15,454	1,854
Total		(45,051)	(47,682)	(75,163)	(95,166)
Income before income taxes		175,970	137,840	354,995	286,286
Provision for income taxes		44,030	30,986	88,768	66,600
Net Income		131,940	106,854	266,227	219,686
Net income attributable to redeemable noncontrolling interest		(371)	(227)	(424)	(442)
Net income attributable to TEGNA Inc.		$ 131,569	$ 106,627	$ 265,803	$ 219,244
Earnings per share:
Basic (in dollars per share)		$ 0.59	$ 0.48	$ 1.19	$ 0.99
Diluted (in dollars per share)		$ 0.59	$ 0.48	$ 1.19	$ 0.99
Weighted average number of common shares outstanding:
Basic shares (in shares)		223,675	221,522	223,197	221,064
Diluted shares (in shares)		224,489	222,506	223,867	221,855
[1] 1 Cost of revenues exclude charges for depreciation and amortization expense, which are shown separately above.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 131,940	$ 106,854	$ 266,227	$ 219,686
Other comprehensive income, before tax:
Foreign currency translation adjustments	0	255	142	751
Recognition of previously deferred post-retirement benefit plan costs	1,085	1,353	2,061	2,578
Realized gain on available-for-sale investment during the period	0	0	(20,800)	0
Other comprehensive income (loss), before tax	1,085	1,608	(18,597)	3,329
Income tax effect related to components of other comprehensive income	(279)	(414)	4,785	(857)
Other comprehensive income (loss), net of tax	806	1,194	(13,812)	2,472
Comprehensive income	132,746	108,048	252,415	222,158
Comprehensive income attributable to redeemable noncontrolling interest	(371)	(227)	(424)	(442)
Comprehensive income attributable to TEGNA Inc.	$ 132,375	$ 107,821	$ 251,991	$ 221,716

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net Income	$ 266,227	$ 219,686
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization	60,838	63,267
Stock-based compensation	17,209	16,172
Company stock 401(k) contribution	9,929	9,384
Gains on assets, net	(18,308)	0
Equity loss from unconsolidated investments, net	4,047	3,926
Pension contributions including income, net of expense	(1,070)	(8,781)
Change in other assets and liabilities, net of acquisitions:
Decrease (increase) in trade receivables	25,263	(37,207)
Increase (decrease) in accounts payable	13,385	(20,692)
Increase (decrease) in interest and taxes payable, net	9,615	(52,483)
Increase (decrease) in deferred revenue	1,687	(1,015)
Change in other assets and liabilities, net	2,565	4,236
Net cash flow from operating activities	391,387	196,493
Cash flows from investing activities:
Purchase of property and equipment	(23,094)	(27,621)
Reimbursements from spectrum repacking	163	4,438
Payments for acquisitions of businesses	0	(13,341)
Purchases of investments	(4,706)	(408)
Proceeds from investments	3,451	2,418
Proceeds from sale of assets	367	262
Net cash flow used for investing activities	(23,819)	(34,252)
Cash flows from financing activities:
Payments under revolving credit facilities, net	(166,000)	(99,000)
Dividends paid	(42,331)	(36,426)
Other, net	(15,456)	(10,521)
Net cash flow used for financing activities	(223,787)	(145,947)
Increase in cash	143,781	16,294
Balance of cash, beginning of period	56,989	40,968
Balance of cash, end of period	200,770	57,262
Supplemental cash flow information:
Cash paid for income taxes, net of refunds	79,915	117,600
Cash paid for interest	$ 84,361	$ 91,022

Consolidated Statements of Equi

Consolidated Statements of Equity And Redeemable Noncontrolling Interest - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock
Beginning balance at Dec. 31, 2020	$ 14,933
Redeemable noncontrolling interest
Net income	442
Adjustment of redeemable noncontrolling interest to redemption value	148
Ending balance at Jun. 30, 2021	15,523
Beginning balance at Dec. 31, 2020	2,058,095	$ 324,419	$ 113,267	$ 7,075,640	$ (121,076)	$ (5,334,155)
Total Equity
Net income	219,244			219,244
Other comprehensive income, net of tax	2,472				2,472
Comprehensive income attributable to TEGNA Inc.	221,716
Dividends declared	(36,426)			(36,426)
Company stock 401(k) contribution	9,384		(17,674)	(9,053)		36,111
Stock-based awards activity	(10,522)		(84,509)			73,987
Stock-based compensation	16,172		16,172
Adjustment of redeemable noncontrolling interest to redemption value	(148)			(148)
Other activity	685		685
Ending balance at Jun. 30, 2021	2,258,956	324,419	27,941	7,249,257	(118,604)	(5,224,057)
Beginning balance at Mar. 31, 2021	15,220
Redeemable noncontrolling interest
Net income	227
Adjustment of redeemable noncontrolling interest to redemption value	76
Ending balance at Jun. 30, 2021	15,523
Beginning balance at Mar. 31, 2021	2,139,338	324,419	27,596	7,151,716	(119,798)	(5,244,595)
Total Equity
Net income	106,627			106,627
Other comprehensive income, net of tax	1,194				1,194
Comprehensive income attributable to TEGNA Inc.	107,821
Dividends declared: $0.165 per share	43			43
Company stock 401(k) contribution	4,079		(1,420)	(9,053)		14,552
Stock-based awards activity	(4)		(5,990)			5,986
Stock-based compensation	7,410		7,410
Adjustment of redeemable noncontrolling interest to redemption value	(76)			(76)
Other activity	345		345
Ending balance at Jun. 30, 2021	2,258,956	324,419	27,941	7,249,257	(118,604)	(5,224,057)
Beginning balance at Dec. 31, 2021	16,129
Redeemable noncontrolling interest
Net income	424
Adjustment of redeemable noncontrolling interest to redemption value	212
Ending balance at Jun. 30, 2022	16,765
Beginning balance at Dec. 31, 2021	2,519,906	324,419	27,941	7,459,380	(97,216)	(5,194,618)
Total Equity
Net income	265,803			265,803
Other comprehensive income, net of tax	(13,812)				(13,812)
Comprehensive income attributable to TEGNA Inc.	251,991
Dividends declared	(42,331)			(42,331)
Company stock 401(k) contribution	9,929		(6,326)	(16,084)		32,339
Stock-based awards activity	(15,456)		(11,570)	(83,120)		79,234
Stock-based compensation	17,209		17,209
Adjustment of redeemable noncontrolling interest to redemption value	(212)			(212)
Other activity	687		687
Ending balance at Jun. 30, 2022	2,741,723	324,419	27,941	7,583,436	(111,028)	(5,083,045)
Beginning balance at Mar. 31, 2022	16,430
Redeemable noncontrolling interest
Net income	371
Adjustment of redeemable noncontrolling interest to redemption value	(36)
Ending balance at Jun. 30, 2022	16,765
Beginning balance at Mar. 31, 2022	2,618,849	324,419	27,941	7,479,795	(111,834)	(5,101,472)
Total Equity
Net income	131,569			131,569
Other comprehensive income, net of tax	806				806
Comprehensive income attributable to TEGNA Inc.	132,375
Dividends declared	(21,180)			(21,180)
Company stock 401(k) contribution	4,591		(5,004)	(4,810)		14,405
Stock-based awards activity	(5)		(2,053)	(1,974)		4,022
Stock-based compensation	6,714		6,714
Adjustment of redeemable noncontrolling interest to redemption value	36			36
Other activity	343		343
Ending balance at Jun. 30, 2022	$ 2,741,723	$ 324,419	$ 27,941	$ 7,583,436	$ (111,028)	$ (5,083,045)

Consolidated Statements of Eq_2

Consolidated Statements of Equity And Redeemable Noncontrolling Interest (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.095	$ 0.165	$ 0.19	$ 0.235

Accounting policies

Accounting policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Accounting policies	Accounting policies Basis of presentation: Our accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all information and footnotes which are normally included in the Form 10-K and annual report to shareholders. In our opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with our (or TEGNA’s) audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. We use the best information available in developing significant estimates inherent in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, fair value measurements, post-retirement benefit plans, income taxes including deferred taxes, and contingencies. The condensed consolidated financial statements include the accounts of subsidiaries we control. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities over 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 loss in unconsolidated investments, net” in the Consolidated Statements of Income. We operate one operating and reportable segment, which primarily consists of our 64 television stations and two radio stations operating in 51 markets, providing high-quality television programming and digital content. Our reportable segment determination is 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. Merger Agreement : On February 22, 2022, we entered into an Agreement and Plan of Merger (as amended, 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 TEGNA (the Merger), with TEGNA 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, TEGNA (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. TEGNA shareholders will receive additional cash consideration in the form of a “ticking fee” of $0.00167 per share per day (or $0.05 per month) if the closing occurs between the 9- and 12-month anniversary of signing, increasing to $0.0025 per share per day (or $0.075 per month) if the closing occurs between the 12- and 13-month anniversary of signing, $0.00333 per share per day (or $0.10 per month) if the closing occurs between the 13- and 14-month anniversary of signing, and $0.00417 per share per day (or $0.125 per month) if the closing occurs on or after the 14-month anniversary of signing. The Merger Agreement contains certain termination rights and provides that, upon termination of the Merger Agreement under certain specified circumstances, TEGNA will be required to pay Parent a termination fee of $163.0 million, and Parent will be required to pay TEGNA a termination fee of either $136.0 million or $272.0 million. TEGNA has made customary representations, warranties and covenants in the Merger Agreement. If the Merger is consummated, the Common Stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934. On March 10, 2022, TEGNA, Parent, Merger Sub, and, solely for purposes of certain provisions specified therein, the other Parent Restructuring Entities, entered into an amendment to the Merger Agreement (the Amendment). The Amendment provides, among other things and subject to the terms and conditions set forth therein, that certain regulatory efforts covenants will apply with respect to certain station transfers from Parent or an affiliate of Parent to CMG or an affiliate of CMG that are contemplated to be consummated as of immediately following the Effective Time. On May 17, 2022 the stockholders of TEGNA voted to adopt the Merger Agreement. The Merger is subject to the satisfaction of customary closing conditions, including receipt of applicable regulatory approvals, and is expected to close in the second half of 2022. Accounting guidance adopted in 2022: We did not adopt any new accounting guidance in 2022 that had a material impact on our consolidated financial statements or disclosures. New accounting guidance not yet adopted: There is currently no pending accounting guidance that we expect to have a material impact on our consolidated financial statements or disclosures. 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 (or declines), unemployment and demand for our products and services. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers. As of June 30, 2022, our allowance for doubtful accounts was $5.6 million as compared to $4.4 million as of December 31, 2021. 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 3 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 Condensed 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 Condensed 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. The primary sources of our revenues are: 1) subscription revenues, reflecting fees paid by satellite, cable, OTT (companies that deliver video content to consumers over the Internet) and telecommunications providers to carry our television signals on their systems; 2) advertising & marketing services revenues, which include local and national non-political television advertising, digital marketing services (including Premion), advertising on the stations’ websites, tablet and mobile products, and OTT apps; 3) political advertising revenues, which are driven by even-year election cycles at the local and national level (e.g. 2022, 2020 etc.) and particularly in the second half of those years; and 4) other services, such as production of programming, tower rentals and distribution of our local news content. Revenue earned by these sources in the second quarter and first six months of 2022 and 2021 are shown below (amounts in thousands): Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 Subscription $ 389,079 $ 375,081 $ 780,733 $ 761,818 Advertising & Marketing Services 335,259 340,889 689,726 663,723 Political 50,858 9,581 68,823 19,009 Other 9,685 7,357 19,722 15,409 Total revenues $ 784,881 $ 732,908 $ 1,559,004 $ 1,459,959

Goodwill and other intangible a

Goodwill and other intangible assets	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and other intangible assets	Goodwill and other intangible assets The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 Dec. 31, 2021 Gross Accumulated Amortization Gross Accumulated Amortization Goodwill $ 2,981,587 $ — $ 2,981,587 $ — Indefinite-lived intangibles: Television and radio station FCC broadcast licenses 2,123,898 — 2,123,898 — Amortizable intangible assets: Retransmission agreements 235,215 (181,867) 235,215 (168,439) Network affiliation agreements 309,503 (109,430) 309,503 (97,195) Other 71,465 (37,295) 71,465 (32,959) Total indefinite-lived and amortizable intangible assets $ 2,740,081 $ (328,592) $ 2,740,081 $ (298,593)

Investments and other assets

Investments and other assets	6 Months Ended
	Jun. 30, 2022
Investments, All Other Investments [Abstract]
Investments and other assets	Investments and other assets Our investments and other assets consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 Dec. 31, 2021 Cash value insurance $ 48,958 $ 53,189 Available-for-sale debt security — 23,800 Equity method investments 17,143 21,986 Other equity investments 20,158 20,331 Deferred debt issuance costs 4,033 5,805 Long-term contract assets 22,253 — Other long-term assets 30,875 27,397 Total $ 143,420 $ 152,508 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 other non-qualified employee retirement plans. Gains and losses on these investments are included in “Other non-operating items, net” within our Consolidated Statement of Income and were not material for all periods presented. Available-for-sale debt security : We previously held a debt security investment issued by MadHive, Inc. (MadHive), that we classified as an available-for-sale investment. 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 Condensed Consolidated Balance Sheet. In the first quarter of 2022, we amended the terms of the debt security, which became effective on January 3, 2022, in parallel with an amendment and extension of our commercial agreements with MadHive. The amendments 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 terms in our renewed commercial agreements with MadHive. As a result of these amendments, in the first quarter of 2022 we recognized a previously unrecognized gain of $20.8 million. The gain was recorded in “Other non-operating items, net” within our Consolidated Statement of Income. The debt matured in June 2022 at which time the principal balance of $3.0 million plus accrued interest was paid to us. The $3.0 million principal balance was classified as “Proceeds from investments” within our Consolidated Statement of Cash Flow”. See Note 9 for additional information regarding our related party transactions with MadHive. Other equity investments : Represents 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 the first quarter of 2022, we recorded a $2.5 million impairment charge, in “Other non-operating items, net” within our Consolidated Statement of Income, due to the decline in the fair value of one of our investments. 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. Long-term contract assets: These amounts primarily consist of a $15.0 million asset related to a long-term services agreement for IT security and a $5.2 million asset representing the long-term portion of a contract asset that was recognized as a result of the $20.8 million gain discussed above related to favorable rates obtained on recent commercial agreements with Madhive. This gain resulted in a contract asset which was recognized in January 2022 and is being amortized over two years (through December 2023). See Note 9 for additional details.

Long-term debt

Long-term debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Long-term debt	Long-term debt Our long-term debt is summarized below (in thousands): June 30, 2022 Dec. 31, 2021 Borrowings under revolving credit agreement expiring August 2024 $ — $ 166,000 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 3,090,000 3,256,000 Debt issuance costs (29,194) (31,378) Unamortized premiums 6,802 7,348 Total long-term debt $ 3,067,608 $ 3,231,970

Retirement plans

Retirement plans	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Retirement plans	Retirement plans We have various defined benefit retirement plans. Our principal defined benefit pension plan is the TEGNA Retirement Plan (TRP). The disclosure table below primarily includes the pension expenses of the TRP and the TEGNA Supplemental Retirement Plan (SERP). The total net pension obligations, including both current and non-current liabilities, as of June 30, 2022, were $60.8 million, of which $6.0 million is recorded as a current obligation within accrued liabilities on the Condensed Consolidated Balance Sheet. Pension costs (income), which primarily include costs for the qualified TRP and the non-qualified SERP, are presented in the following table (in thousands): Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 Service cost-benefits earned during the period $ — $ 1 $ — $ 1 Interest cost on benefit obligation 4,241 3,988 8,541 7,938 Expected return on plan assets (4,851) (8,690) (9,751) (17,340) Amortization of prior service cost (117) 20 (242) 45 Amortization of actuarial loss 1,202 1,246 2,302 2,446 Expense (income) from company-sponsored retirement plans $ 475 $ (3,435) $ 850 $ (6,910) Benefits no longer accrue for substantially all TRP and SERP participants as a result of amendments to the plans in 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. During the six months ended June 30, 2022 and 2021, we did not make any cash contributions to the TRP. We made benefit payments to participants of the SERP of $1.9 million and $1.8 million during the six months ended June 30, 2022 and 2021, respectively. Based on actuarial projections and funding levels, we do not expect to make any cash payments to the TRP in 2022 (as none are required based on our current funding levels). We expect to make additional cash payments of $3.6 million to our SERP participants during the remainder of 2022.

Accumulated other comprehensive

Accumulated other comprehensive loss	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Accumulated other comprehensive loss	Accumulated other comprehensive loss The following table summarizes the components of, and the changes in, Accumulated Other Comprehensive Loss (AOCL), net of tax (in thousands): Retirement Plans Foreign Currency Translation Available-For-Sale Investment Total Quarters Ended: Balance at Mar. 31, 2022 $ (112,366) $ 532 $ — $ (111,834) Amounts reclassified from AOCL 806 — — 806 Total other comprehensive income 806 — — 806 Balance at June 30, 2022 $ (111,560) $ 532 $ — $ (111,028) Balance at Mar. 31, 2021 $ (120,070) $ 272 $ — $ (119,798) Other comprehensive loss before reclassifications — 189 — 189 Amounts reclassified from AOCL 1,005 — — 1,005 Total other comprehensive income 1,005 189 — 1,194 Balance at June 30, 2021 $ (119,065) $ 461 $ — $ (118,604) Retirement Plans Foreign Currency Translation Available-For-Sale Investment Total Six Months Ended: Balance at Dec. 31, 2021 $ (113,090) $ 455 $ 15,419 $ (97,216) Other comprehensive income before reclassifications — 77 — 77 Amounts reclassified from AOCL 1,530 — (15,419) (13,889) Total other comprehensive income (loss) 1,530 77 (15,419) (13,812) Balance at June 30, 2022 $ (111,560) $ 532 $ — $ (111,028) Balance at Dec. 31, 2020 $ (120,979) $ (97) $ — $ (121,076) Other comprehensive income before reclassifications — 558 — 558 Amounts reclassified from AOCL 1,914 — — 1,914 Total other comprehensive income 1,914 558 — 2,472 Balance at June 30, 2021 $ (119,065) $ 461 $ — $ (118,604) Reclassifications from AOCL to the Consolidated Statements of Income are comprised of recognition of a realized gain on an available-for-sale investment as well as pension and other post-retirement components. Pension and other post retirement reclassifications are related to the amortizations of prior service costs and actuarial losses. Amounts reclassified out of AOCL are summarized below (in thousands): Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 Amortization of prior service credit, net $ (123) $ (266) $ (248) $ (241) Amortization of actuarial loss 1,208 1,619 2,309 2,819 Realized gain on available-for-sale investment — — (20,800) — Total reclassifications, before tax 1,085 1,353 (18,739) 2,578 Income tax effect (279) (348) 4,850 (664) Total reclassifications, net of tax $ 806 $ 1,005 $ (13,889) $ 1,914

Earnings per share

Earnings per share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Our earnings per share (basic and diluted) are presented below (in thousands, except per share amounts): Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 Net Income $ 131,940 $ 106,854 $ 266,227 $ 219,686 Net income attributable to the noncontrolling interest (371) (227) (424) (442) Adjustment of redeemable noncontrolling interest to redemption value 36 (76) (212) (148) Earnings available to common shareholders $ 131,605 $ 106,551 $ 265,591 $ 219,096 Weighted average number of common shares outstanding - basic 223,675 221,522 223,197 221,064 Effect of dilutive securities: Restricted stock units 466 718 393 564 Performance shares 348 265 277 224 Stock options — 1 — 3 Weighted average number of common shares outstanding - diluted 224,489 222,506 223,867 221,855 Earnings per share - basic $ 0.59 $ 0.48 $ 1.19 $ 0.99 Earnings per share - diluted $ 0.59 $ 0.48 $ 1.19 $ 0.99 Our calculation of diluted earnings per share includes the dilutive effects for the assumed vesting of outstanding restricted stock units and performance shares.

Fair value measurement

Fair value measurement	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair value measurement	Fair value measurement We measure and record certain assets and liabilities at fair value in the accompanying condensed consolidated financial statements. U.S. GAAP establishes a hierarchy for those instruments measured at fair value that distinguishes between 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. In the first quarter of 2022, we recorded a $2.5 million impairment charge, in “Other non-operating items, net” within our Consolidated Statement of Income, due to the decline in the fair value of one of our investments. The fair value was determined using a market approach which was based on significant inputs not observable in the market, and thus represented a Level 3 fair value measurement. We also hold other financial instruments, including cash and cash equivalents, receivables, accounts

Other matters

Other matters	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Other matters	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. The costs of compliance have not been material, nor do we expect future compliance costs 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, captioned Clay, Massey & Associates, P.C. v. Gray Television, Inc. et. al., 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. On March 16, 2022, the plaintiffs filed a third amended complaint, which, among other things, added ShareBuilders, Inc., as a named defendant. All defendants except for ShareBuilders have filed their answers to the third amended complaint. ShareBuilders filed a motion to dismiss on April 15, 2022, which is currently pending resolution by the court. 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. Litigation Relating to the Merger As of August 8, 2022, seven lawsuits have been filed by purported TEGNA stockholders in connection with the Merger. The lawsuits have been filed against TEGNA and the current members of the Board of Directors of TEGNA (the Board of Directors). The complaints generally allege that the preliminary proxy statement filed by TEGNA with the SEC on March 25, 2022 in connection with the Merger contained alleged material misstatements and/or omissions in violation of federal law. Plaintiffs in the complaints generally seek, among other things, to enjoin TEGNA from consummating the Merger, or in the alternative, rescission of the Merger and/or compensatory damages, as well as attorneys’ fees. As of August 8, 2022, all but one of those lawsuits have been voluntarily dismissed. In addition, as of August 8, 2022, four demand letters have been sent to TEGNA in connection with the Merger. The demand letters were each sent on behalf of a purported TEGNA stockholder, and each alleges similar deficiencies in the definitive proxy statement filed by TEGNA with the SEC on April 13, 2022 in connection with the Merger (the “definitive proxy statement”) as those noted in the complaints referenced above. We believe that the claims asserted in the complaints and letters described above are without merit and no additional disclosures were or are required under applicable law. However, to moot the unmeritorious disclosure claims, to avoid the risks of the actions described above delaying or adversely affecting the Merger and to minimize the costs, risks and uncertainties inherent in litigation, without admitting any liability or wrongdoing, TEGNA voluntarily made supplemental disclosures to the definitive proxy statement as described in the Form 8-K filed by TEGNA with the SEC on May 9, 2022. Additional lawsuits arising out of the Merger may also be filed in the future. 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. Related Party Transactions We have an equity investment in MadHive which is a related party of TEGNA. In addition to our investment, we also have a commercial agreement with MadHive, under which MadHive supports our Premion business in acquiring over-the-top advertising inventory and delivering corresponding advertising impressions. In the second quarter and first six months of 2022, we incurred expenses of $29.9 million and $55.9 million, respectively, as a result of the commercial agreement with MadHive. In the second quarter and first six months of 2021, we incurred expenses of $18.5 million and $42.4 million, respectively, as a result of the commercial agreement with MadHive. As of June 30, 2022, and December 31, 2021 we had accounts payable and accrued liabilities associated with the MadHive commercial agreements of $9.0 million an d $8.9 million, respectively.

Accounting policies (Policies)

Accounting policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation: Our accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial reporting, the instructions for Form 10-Q and Article 10 of the U.S. Securities and Exchange Commission (SEC) Regulation S-X. Accordingly, they do not include all information and footnotes which are normally included in the Form 10-K and annual report to shareholders. In our opinion, the condensed consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the results for the interim periods presented. The condensed consolidated financial statements should be read in conjunction with our (or TEGNA’s) audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2021.
Use of estimates	The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. We use the best information available in developing significant estimates inherent in our financial statements. Actual results could differ from these estimates, and these differences resulting from changes in facts and circumstances could be material. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, fair value measurements, post-retirement benefit plans, income taxes including deferred taxes, and contingencies.
Consolidation	The condensed consolidated financial statements include the accounts of subsidiaries we control. We eliminate all intercompany balances, transactions, and profits in consolidation. Investments in entities over 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 loss in unconsolidated investments, net” in the Consolidated Statements of Income.
Merger Agreement	Merger Agreement : On February 22, 2022, we entered into an Agreement and Plan of Merger (as amended, 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.”
Accounting guidance adopted in 2022 and New accounting guidance not yet adopted	Accounting guidance adopted in 2022: We did not adopt any new accounting guidance in 2022 that had a material impact on our consolidated financial statements or disclosures. New accounting guidance not yet adopted: There is currently no pending accounting guidance that we expect to have a material impact on our consolidated financial statements or disclosures.
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 (or declines), unemployment and demand for our products and services. We monitor the credit quality of our customers and their ability to pay through the use of analytics and communication with individual customers.
Redeemable Noncontrolling interest	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 3 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 Condensed 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 Condensed 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. The primary sources of our revenues are: 1) subscription revenues, reflecting fees paid by satellite, cable, OTT (companies that deliver video content to consumers over the Internet) and telecommunications providers to carry our television signals on their systems; 2) advertising & marketing services revenues, which include local and national non-political television advertising, digital marketing services (including Premion), advertising on the stations’ websites, tablet and mobile products, and OTT apps; 3) political advertising revenues, which are driven by even-year election cycles at the local and national level (e.g. 2022, 2020 etc.) and particularly in the second half of those years; and 4) other services, such as production of programming, tower rentals and distribution of our local news content.

Accounting policies (Tables)

Accounting policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of Disaggregation of Revenue	Revenue earned by these sources in the second quarter and first six months of 2022 and 2021 are shown below (amounts in thousands): Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 Subscription $ 389,079 $ 375,081 $ 780,733 $ 761,818 Advertising & Marketing Services 335,259 340,889 689,726 663,723 Political 50,858 9,581 68,823 19,009 Other 9,685 7,357 19,722 15,409 Total revenues $ 784,881 $ 732,908 $ 1,559,004 $ 1,459,959

Goodwill and other intangible_2

Goodwill and other intangible assets (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 Dec. 31, 2021 Gross Accumulated Amortization Gross Accumulated Amortization Goodwill $ 2,981,587 $ — $ 2,981,587 $ — Indefinite-lived intangibles: Television and radio station FCC broadcast licenses 2,123,898 — 2,123,898 — Amortizable intangible assets: Retransmission agreements 235,215 (181,867) 235,215 (168,439) Network affiliation agreements 309,503 (109,430) 309,503 (97,195) Other 71,465 (37,295) 71,465 (32,959) Total indefinite-lived and amortizable intangible assets $ 2,740,081 $ (328,592) $ 2,740,081 $ (298,593)

Investments and other assets (T

Investments and other assets (Tables)	6 Months Ended
	Jun. 30, 2022
Investments, All Other Investments [Abstract]
Schedule of Other Assets	Our investments and other assets consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands): June 30, 2022 Dec. 31, 2021 Cash value insurance $ 48,958 $ 53,189 Available-for-sale debt security — 23,800 Equity method investments 17,143 21,986 Other equity investments 20,158 20,331 Deferred debt issuance costs 4,033 5,805 Long-term contract assets 22,253 — Other long-term assets 30,875 27,397 Total $ 143,420 $ 152,508

Long-term debt (Tables)

Long-term debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Our long-term debt is summarized below (in thousands): June 30, 2022 Dec. 31, 2021 Borrowings under revolving credit agreement expiring August 2024 $ — $ 166,000 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 3,090,000 3,256,000 Debt issuance costs (29,194) (31,378) Unamortized premiums 6,802 7,348 Total long-term debt $ 3,067,608 $ 3,231,970

Retirement plans (Tables)

Retirement plans (Tables)	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
Schedule of Benefit Costs (Income)	Pension costs (income), which primarily include costs for the qualified TRP and the non-qualified SERP, are presented in the following table (in thousands): Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 Service cost-benefits earned during the period $ — $ 1 $ — $ 1 Interest cost on benefit obligation 4,241 3,988 8,541 7,938 Expected return on plan assets (4,851) (8,690) (9,751) (17,340) Amortization of prior service cost (117) 20 (242) 45 Amortization of actuarial loss 1,202 1,246 2,302 2,446 Expense (income) from company-sponsored retirement plans $ 475 $ (3,435) $ 850 $ (6,910)

Accumulated other comprehensi_2

Accumulated other comprehensive loss (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The following table summarizes the components of, and the changes in, Accumulated Other Comprehensive Loss (AOCL), net of tax (in thousands): Retirement Plans Foreign Currency Translation Available-For-Sale Investment Total Quarters Ended: Balance at Mar. 31, 2022 $ (112,366) $ 532 $ — $ (111,834) Amounts reclassified from AOCL 806 — — 806 Total other comprehensive income 806 — — 806 Balance at June 30, 2022 $ (111,560) $ 532 $ — $ (111,028) Balance at Mar. 31, 2021 $ (120,070) $ 272 $ — $ (119,798) Other comprehensive loss before reclassifications — 189 — 189 Amounts reclassified from AOCL 1,005 — — 1,005 Total other comprehensive income 1,005 189 — 1,194 Balance at June 30, 2021 $ (119,065) $ 461 $ — $ (118,604) Retirement Plans Foreign Currency Translation Available-For-Sale Investment Total Six Months Ended: Balance at Dec. 31, 2021 $ (113,090) $ 455 $ 15,419 $ (97,216) Other comprehensive income before reclassifications — 77 — 77 Amounts reclassified from AOCL 1,530 — (15,419) (13,889) Total other comprehensive income (loss) 1,530 77 (15,419) (13,812) Balance at June 30, 2022 $ (111,560) $ 532 $ — $ (111,028) Balance at Dec. 31, 2020 $ (120,979) $ (97) $ — $ (121,076) Other comprehensive income before reclassifications — 558 — 558 Amounts reclassified from AOCL 1,914 — — 1,914 Total other comprehensive income 1,914 558 — 2,472 Balance at June 30, 2021 $ (119,065) $ 461 $ — $ (118,604)
Schedule of Reclassification out of Accumulated Other Comprehensive Loss	Amounts reclassified out of AOCL are summarized below (in thousands): Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 Amortization of prior service credit, net $ (123) $ (266) $ (248) $ (241) Amortization of actuarial loss 1,208 1,619 2,309 2,819 Realized gain on available-for-sale investment — — (20,800) — Total reclassifications, before tax 1,085 1,353 (18,739) 2,578 Income tax effect (279) (348) 4,850 (664) Total reclassifications, net of tax $ 806 $ 1,005 $ (13,889) $ 1,914

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Our earnings per share (basic and diluted) are presented below (in thousands, except per share amounts): Quarter ended June 30, Six months ended June 30, 2022 2021 2022 2021 Net Income $ 131,940 $ 106,854 $ 266,227 $ 219,686 Net income attributable to the noncontrolling interest (371) (227) (424) (442) Adjustment of redeemable noncontrolling interest to redemption value 36 (76) (212) (148) Earnings available to common shareholders $ 131,605 $ 106,551 $ 265,591 $ 219,096 Weighted average number of common shares outstanding - basic 223,675 221,522 223,197 221,064 Effect of dilutive securities: Restricted stock units 466 718 393 564 Performance shares 348 265 277 224 Stock options — 1 — 3 Weighted average number of common shares outstanding - diluted 224,489 222,506 223,867 221,855 Earnings per share - basic $ 0.59 $ 0.48 $ 1.19 $ 0.99 Earnings per share - diluted $ 0.59 $ 0.48 $ 1.19 $ 0.99

Accounting policies - Narrative

Accounting policies - Narrative (Details) $ / shares in Units, $ in Thousands		1 Months Ended	6 Months Ended
	Feb. 22, 2022 USD ($) $ / shares	Mar. 31, 2020	Jun. 30, 2022 USD ($) radioStation market segment station $ / shares	Dec. 31, 2021 USD ($) $ / shares
Disaggregation of Revenue [Line Items]
Number of operating segments | segment			1
Number of reportable segments | segment			1
Number of television stations | station			64
Number of radio stations | radioStation			2
Number of markets in which entity operates | market			51
Common stock, par value (in dollars per share)	$ 1		$ 1	$ 1
Allowance for doubtful accounts receivable | $			$ 5,564	$ 4,371
Commercial reselling agreement, term		3 years
Business Combination Termination Scenario One | Teton Parent Corp
Disaggregation of Revenue [Line Items]
Termination fee | $	$ 136,000
Business Combination Termination Scenario Two | Teton Parent Corp
Disaggregation of Revenue [Line Items]
Termination fee | $	$ 272,000
Teton Parent Corp
Disaggregation of Revenue [Line Items]
Conversion price (in dollars per share)	$ 24
Termination fee | $	$ 163,000
Teton Parent Corp | Closing between 9- and 12-month anniversary of signing
Disaggregation of Revenue [Line Items]
Ticking fee, per day (dollars per share)	$ 0.00167
Ticking fee, per month (dollars per share)	0.05
Teton Parent Corp | Closing between 12- and 13-month anniversary of signing
Disaggregation of Revenue [Line Items]
Ticking fee, per day (dollars per share)	0.0025
Ticking fee, per month (dollars per share)	0.075
Teton Parent Corp | Closing between 13- and 14-month anniversary of signing
Disaggregation of Revenue [Line Items]
Ticking fee, per day (dollars per share)	0.00333
Ticking fee, per month (dollars per share)	0.10
Teton Parent Corp | Closing after 14-month anniversary of signing
Disaggregation of Revenue [Line Items]
Ticking fee, per day (dollars per share)	0.00417
Ticking fee, per month (dollars per share)	$ 0.125

Accounting policies - Revenue (

Accounting policies - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 784,881	$ 732,908	$ 1,559,004	$ 1,459,959
Subscription
Disaggregation of Revenue [Line Items]
Total revenues	389,079	375,081	780,733	761,818
Advertising & Marketing Services
Disaggregation of Revenue [Line Items]
Total revenues	335,259	340,889	689,726	663,723
Political
Disaggregation of Revenue [Line Items]
Total revenues	50,858	9,581	68,823	19,009
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 9,685	$ 7,357	$ 19,722	$ 15,409

Goodwill and other intangible_3

Goodwill and other intangible assets - Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 2,981,587	$ 2,981,587
Accumulated Amortization	0	0
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	(328,592)	(298,593)
Total indefinite-lived and amortizable intangible assets	2,740,081	2,740,081
Television and radio station FCC broadcast licenses
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]
Gross	235,215	235,215
Accumulated Amortization	(181,867)	(168,439)
Network affiliation agreements
Finite-Lived Intangible Assets [Line Items]
Gross	309,503	309,503
Accumulated Amortization	(109,430)	(97,195)
Other
Finite-Lived Intangible Assets [Line Items]
Gross	71,465	71,465
Accumulated Amortization	$ (37,295)	$ (32,959)

Investments and other assets -

Investments and other assets - Components of Investments and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Cash value insurance	$ 48,958	$ 53,189
Available-for-sale debt security	0	23,800
Equity method investments	17,143	21,986
Other equity investments	20,158	20,331
Deferred debt issuance costs	4,033	5,805
Long-term contract assets	22,253	0
Other long-term assets	30,875	27,397
Total	$ 143,420	$ 152,508

Investments and other assets _2

Investments and other assets - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Other non-operating items, net		$ (1,865)		$ 1,524	$ 15,454	$ 1,854
Proceeds from maturity of debt securities available for sale	$ 3,000
Impairment of other equity investments			$ 2,500
Long-term contract assets	22,253	22,253			22,253		$ 0
Service For IT Security
Debt Securities, Available-for-sale [Line Items]
Long-term contract assets	15,000	15,000			15,000
Commercial Agreement | MadHive Inc
Debt Securities, Available-for-sale [Line Items]
Long-term contract assets	$ 5,200	$ 5,200			$ 5,200
Commercial Agreement | MadHive Inc | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Debt Securities, Available-for-sale [Line Items]
Amortization period	2 years	2 years			2 years
Reclassification out of Accumulated Other Comprehensive Income | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest
Debt Securities, Available-for-sale [Line Items]
Other non-operating items, net			$ 20,800

Long-term debt - Schedule of Lo

Long-term debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total principal long-term debt	$ 3,090,000	$ 3,256,000
Debt issuance costs	(29,194)	(31,378)
Unamortized premiums	6,802	7,348
Total long-term debt	3,067,608	3,231,970
Borrowings under revolving credit agreement expiring August 2024
Debt Instrument [Line Items]
Total principal long-term debt	$ 0	166,000
Unsecured notes bearing fixed rate interest at 4.75% due March 2026 | Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	0.0475%
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]
Stated interest rate (as a percent)	0.0775%
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]
Stated interest rate (as a percent)	0.0725%
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]
Stated interest rate (as a percent)	0.04625%
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]
Stated interest rate (as a percent)	0.05%
Total principal long-term debt	$ 1,100,000	$ 1,100,000

Long-term debt - Narrative (Det

Long-term debt - Narrative (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Cash and cash equivalents	$ 200,770,000	$ 56,989,000
Amended and Restated Competitive Advance and Revolving Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Unused borrowing capacity	1,490,000,000
Maximum borrowing capacity under credit facility	$ 1,510,000,000

Retirement plans - Narrative (D

Retirement plans - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
TRP
Defined Benefit Plan Disclosure [Line Items]
Total net pension obligations	$ 60,800,000
Cash contributions	0	$ 0
TRP | Accrued liabilities
Defined Benefit Plan Disclosure [Line Items]
Total net pension obligations	6,000,000
SERP
Defined Benefit Plan Disclosure [Line Items]
Cash contributions	1,900,000	$ 1,800,000
Additional cash payments	$ 3,600,000

Retirement plans - Benefit Cost

Retirement plans - Benefit Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Retirement Benefits [Abstract]
Service cost-benefits earned during the period	$ 0	$ 1	$ 0	$ 1
Interest cost on benefit obligation	4,241	3,988	8,541	7,938
Expected return on plan assets	(4,851)	(8,690)	(9,751)	(17,340)
Amortization of prior service cost	(117)	20	(242)	45
Amortization of actuarial loss	1,202	1,246	2,302	2,446
Expense (income) from company-sponsored retirement plans	$ 475	$ (3,435)	$ 850	$ (6,910)

Accumulated other comprehensi_3

Accumulated other comprehensive loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	$ 2,618,849	$ 2,139,338	$ 2,519,906	$ 2,058,095
Other comprehensive income before reclassifications		189	77	558
Amounts reclassified from AOCL	806	1,005	(13,889)	1,914
Total other comprehensive income (loss)	806	1,194	(13,812)	2,472
Ending balance	2,741,723	2,258,956	2,741,723	2,258,956
Retirement Plans
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(112,366)	(120,070)	(113,090)	(120,979)
Other comprehensive income before reclassifications		0	0	0
Amounts reclassified from AOCL	806	1,005	1,530	1,914
Total other comprehensive income (loss)	806	1,005	1,530	1,914
Ending balance	(111,560)	(119,065)	(111,560)	(119,065)
Foreign Currency Translation
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	532	272	455	(97)
Other comprehensive income before reclassifications		189	77	558
Amounts reclassified from AOCL	0	0	0	0
Total other comprehensive income (loss)	0	189	77	558
Ending balance	532	461	532	461
Available-For-Sale Investment
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	0	0	15,419	0
Other comprehensive income before reclassifications		0	0	0
Amounts reclassified from AOCL	0	0	(15,419)	0
Total other comprehensive income (loss)	0	0	(15,419)	0
Ending balance	0	0	0	0
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning balance	(111,834)	(119,798)	(97,216)	(121,076)
Total other comprehensive income (loss)	806	1,194	(13,812)	2,472
Ending balance	$ (111,028)	$ (118,604)	$ (111,028)	$ (118,604)

Accumulated other comprehensi_4

Accumulated other comprehensive loss - Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	$ 1,085	$ 1,353	$ (18,739)	$ 2,578
Income tax effect	(279)	(348)	4,850	(664)
Total reclassifications, net of tax	806	1,005	(13,889)	1,914
Amortization of prior service credit, net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	(123)	(266)	(248)	(241)
Amortization of actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	1,208	1,619	2,309	2,819
Realized gain on available-for-sale investment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	$ 0	$ 0	$ (20,800)	$ 0

Earnings per share - Schedule o

Earnings per share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net Income	$ 131,940	$ 106,854	$ 266,227	$ 219,686
Net income attributable to redeemable noncontrolling interest	(371)	(227)	(424)	(442)
Adjustment of redeemable noncontrolling interest to redemption value	36	(76)	(212)	(148)
Earnings available to common shareholders, basic	131,605	106,551	265,591	219,096
Earnings available to common shareholders, diluted	$ 131,605	$ 106,551	$ 265,591	$ 219,096
Weighted average number of common shares outstanding - basic (in shares)	223,675	221,522	223,197	221,064
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Weighted average number of common shares outstanding - diluted (in shares)	224,489	222,506	223,867	221,855
Earnings per share – basic (in dollars per share)	$ 0.59	$ 0.48	$ 1.19	$ 0.99
Earnings per share – diluted (in dollars per share)	$ 0.59	$ 0.48	$ 1.19	$ 0.99
Restricted stock units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	466	718	393	564
Performance shares
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	348	265	277	224
Stock options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of dilutive securities (in shares)	0	1	0	3

Fair value measurement (Details

Fair value measurement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of other equity investments	$ 2.5
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of other equity investments	$ 2.5
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of total long-term debt		$ 3,000	$ 3,400

Other matters (Details)

Other matters (Details) $ in Millions			1 Months Ended				3 Months Ended		6 Months Ended
	Aug. 08, 2022 letter lawsuit	Jul. 30, 2018 defendant	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) agreement	Jun. 30, 2019 defendant	Dec. 13, 2018 defendant	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Intangible Contract Asset
Business Acquisition [Line Items]
Gross			$ 20.8
Intangible asset useful life			2 years
MadHive
Business Acquisition [Line Items]
Number of renewed existing commercial agreements | agreement				2
Equity And Debt Investment | Affiliated Entity
Business Acquisition [Line Items]
Expenses incurred with related party							$ 29.9	$ 18.5	$ 55.9	$ 42.4
Accounts payable and accrued liabilities with related party				$ 8.9			$ 9		$ 9
Clay, Massey & Associates, P.C. v. Gray Television
Business Acquisition [Line Items]
Number of other broadcasters settling DOJ complaint (defendant) | defendant		16			4
Settled litigation
Business Acquisition [Line Items]
Number of other broadcasters settling DOJ complaint (defendant) | defendant					4	7
Pending Litigation | Merger Related Lawsuits | Subsequent Event
Business Acquisition [Line Items]
Number of lawsuit filed | lawsuit	7
Number of demand letter received | letter	4
Loss Contingency, Pending Claims, Number | lawsuit	1