Rendering

Component: (Network and Table)
Network
2312301 - Disclosure - Retirement and Postretirement Plans (Tables)
(http://www.mediageneral.com/role/RetirementAndPostretirementPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2015-01-01 - 2015-12-31
Compensation and Retirement Disclosure [Abstract]
 
Schedule of Changes in the Plans' Benefit Obligations
The following table provides a reconciliation of the changes in the plans’ benefit obligations for the years ended December 31, 2015, and 2014:
 
 
Pension Benefits
 
Other Benefits
(In thousands)
2015
2014
 
2015
2014
Change in benefit obligation:
 
 
 
 
 
Benefit obligation at beginning of year
$
621,823

$
488,229

 
$
26,384

$
24,747

Merger transactions

146,403

 


Service cost

170

 
61

81

Interest cost
22,581

22,324

 
829

1,076

Participant contributions


 
103

180

Plan settlements

(70,612
)
 


Actuarial loss (gain)
(38,859
)
61,484

 
(3,600
)
2,077

Benefit payments
(41,911
)
(26,175
)
 
(1,938
)
(1,777
)
Benefit obligation at end of year
$
563,634

$
621,823

 
$
21,839

$
26,384

 
 
Schedule of Assumptions Used to Determine the Plans' Benefit Obligations and Net Periodic Costs
The Plans’ benefit obligations were determined using the following assumptions:
 
 
Pension Benefits
 
Other Benefits
 
2015
2014
 
2015
2014
Discount rate
4.03% to 4.21%

3.80
%
 
3.81% to 4.14%

3.65
%
Compensation increase rate


 
3.00
%
3.00
%
The net periodic costs for the Company’s pension and other benefit plans were determined using the following assumptions:
 
 
Pension Benefits
 
Other Benefits
 
2015
2014
2013
 
2015
2014
2013
Discount rate
3.80
%
4.65
%
4.62
%
 
3.65
%
4.40
%
4.35
%
Expected return on plan assets
7.50
%
7.50
%
7.50
%
 



Compensation increase rate



 
3.00
%
3.00
%
3.00
%
 
 
Schedule of Changes in Fair Value of the Plans' Assets
The following table provides a reconciliation of the changes in the fair value of the Plans’ assets for the years ended December 31, 2015, and 2014:
 
 
Pension Benefits
 
Other Benefits
(In thousands)
2015
2014
 
2015
2014
Change in plan assets:
 
 
 
 
 
Fair value of plan assets at beginning of year
$
437,586

$
352,226

 
$

$

Merger transactions

115,556

 


Actual return on plan assets
(4,946
)
16,712

 


Plan settlements

(70,612
)
 


Employer contributions
5,499

49,879

 
1,835

1,597

Participant contributions


 
103

180

Benefit payments
(41,911
)
(26,175
)
 
(1,938
)
(1,777
)
Fair value of plan assets at end of year
$
396,228

$
437,586

 
$

$

 
 
Schedule of Fair Value and Allocation of Plan Assets
The following table provides the fair value by each major category of plan assets at December 31, 2015 and 2014:


(In thousands)
2015
2014
Level 1:
 
 
U.S. Small/Mid Cap Equity
$
19,672

$
22,343

U.S. Large Cap Equity
110,254

121,046

International/Global Equity
43,072

50,037

Fixed Income
109,909

120,522

REIT


Cash
4,021

8,904

Total Level 1
$
286,928

$
322,852

Investments measured at NAV:
 

Equity Common Collective Trusts
56,054

62,853

Fixed Income Common Collective Trusts
48,710

46,689

Real Estate and Real Assets Common Collective Trusts
4,536

5,192

Total Investments Measured at NAV
$
109,300

$
114,734

Total Assets
$
396,228

$
437,586







 


 
 
The asset allocation for the Company’s funded retirement plans at the end of 2015 and 2014, and the asset allocation range for 2016, by asset category, are as follows:
 
 
Asset allocation Range
Percentage of Plan Assets at Year End
Asset Category
2016
2015
2014
Equity securities
60
%
58
%
59
%
Fixed income securities/cash
40
%
41
%
40
%
Other
 

1
%
1
%
Total
 

100
%
100
%
 
 
Schedule of Net Funded Status
The following table provides a statement of the funded status of the plans at December 31, 2015, and 2014:
 
 
Pension Benefits
 
Other Benefits
(In thousands)
2015
2014
 
2015
2014
Amounts recorded in the balance sheet:
 
 
 
 
 
Current liabilities
$
(4,169
)
$
(4,175
)
 
$
(2,089
)
$
(2,148
)
Noncurrent liabilities
(163,237
)
(180,062
)
 
(19,750
)
(24,236
)
Funded Status
$
(167,406
)
$
(184,237
)
 
$
(21,839
)
$
(26,384
)
 
 
Summary of the Company's Accumulated Other Comprehensive Income (Loss) Related to Pension and Other Benefits
The following table provides a summary of the Company’s accumulated other comprehensive income (loss) related to pension and other benefits prior to any deferred tax effects:
 
 
Pension Benefits
 
Other Benefits
(In thousands)
Net Actuarial Gain/(Loss)
 
Net Actuarial Gain/(Loss)
December 31, 2012
$
(1,668
)
 
$

Actuarial gain
10,389

 
174

December 31, 2013
$
8,721

 
$
174

Actuarial loss
(64,103
)
 
(2,077
)
December 31, 2014
$
(55,382
)
 
$
(1,903
)
Actuarial gain
4,621

 
3,584

December 31, 2015
$
(50,761
)
 
$
1,681

 
 
Schedule of Expected Plan Contributions
The following table includes amounts that are expected to be contributed to the plans by the Company. It additionally reflects benefit payments that are made from the plans’ assets as well as those made directly from the Company’s assets, and it includes the participants’ share of the costs, which is funded by participant contributions. The amounts in the table are actuarially determined and reflect the Company’s best estimate given its current knowledge including the impact of recent pension funding relief legislation; actual amounts could be materially different.
 
(In thousands)
Pension Benefits
Other Benefits
Employer Contributions
 
 
2016 to participant benefits
$
4,169

$
2,090

Expected Benefit Payments
 
 
2016
34,162

2,090

2017
34,080

2,036

2018
34,052

1,958

2019
34,922

1,925

2020
34,622

1,867

2021-2025
175,254

8,600

 
 
Schedule of Net Periodic Benefit Costs
The following table provides the components of net periodic benefit cost for the Plans for fiscal years 2015, 2014 and 2013:
 
 
Pension Benefits
 
Other Benefits
(In thousands)
2015
2014
2013
 
2015
2014
2013
Service cost
$

$
170

$
170

 
$
61

$
81

$
11

Interest cost
22,581

28,147

3,312

 
829

1,076

134

Expected return on plan assets
(30,100
)
(33,973
)
(3,509
)
 



Settlement loss recognized

7,744


 



Amortization of net loss
808

1,098

35

 
(28
)


Net periodic benefit cost (benefit)
$
(6,711
)
$
3,186

$
8

 
$
862

$
1,157

$
145