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Component: (Network and Table)
Network
2318301 - Disclosure - Employee Benefit Plans (Tables)
(http://www.scripps.com/role/EmployeeBenefitPlansTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Compensation and Retirement Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Compensation and Retirement Disclosure [Abstract]
 
Components of benefit expense
The components of the expense consisted of the following:
 
 
For the years ended December 31,
(in thousands)
 
2016
 
2015
 
2014
 
 
 
 
 
 
 
Service cost
 
$

 
$

 
$
85

Interest cost
 
27,359

 
30,477

 
25,539

Expected return on plan assets, net of expenses
 
(18,466
)
 
(24,320
)
 
(23,481
)
Amortization of actuarial loss
 
4,406

 
4,617

 
2,861

Curtailment/Settlement losses
 

 
46,793

 

Total for defined benefit plans
 
13,299

 
57,567

 
5,004

Multi-employer plans
 
168

 
180

 
393

Withdrawal from GCIU multi-employer plan
 

 
351

 
4,100

SERPs
 
1,033

 
1,107

 
896

Defined contribution plans
 
8,265

 
9,858

 
11,739

Net periodic benefit cost
 
22,765

 
69,063

 
22,132

Allocated to discontinued operations
 

 
(482
)
 
(8,985
)
Net periodic benefit cost - continuing operations
 
$
22,765

 
$
68,581

 
$
13,147

 
 
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
 
 
For the years ended December 31,
(in thousands)
 
2016
 
2015
 
2014
 
 
 
 
 
 
 
Current year actuarial gain/(loss)
 
$
(9,379
)
 
$
1,026

 
$
(75,527
)
Amortization of actuarial loss
 
4,406

 
4,617

 
2,861

Curtailment/Settlement losses
 

 
46,793

 

Total
 
$
(4,973
)
 
$
52,436

 
$
(72,666
)
 
 
Schedule of assumptions used
Assumptions used in determining the annual retirement plans expense were as follows:
 
 
2016 (1)
 
2015 (2)
 
2014
 
 
 
 
 
 
 
Discount rate
 
4.55
%

4.01%-4.53%
 
5.08
%
Long-term rate of return on plan assets
 
4.50%-4.65%


4.10%-6.10%
 
5.25
%
Increase in compensation levels
 
N/A


N/A
 
2.0
%
(1) Ranges presented for long-term rate of return on plan assets for 2016 represent the rates used for Scripps Pension Plan and Journal Communications, Inc. Employees' Pension Plan.
(2) Ranges presented for discount rate and long-term rate of return on plan assets for 2015 represent the rates used for various remeasurement periods during the year as well as differing rates used for Scripps Pension Plan and Journal Communications, Inc. Employees' Pension Plan.
Assumptions used to determine the defined benefit pension plans benefit obligations were as follows:
 
 
2016
 
2015
 
2014
 
 
 
 
 
 
 
Weighted average discount rate
 
4.26
%

4.55
%
 
4.23
%
Increase in compensation levels
 
N/A

 
N/A

 
N/A

 
 
Schedule of employee benefit plan assets and obligations
The following table presents information about our employee benefit plan assets and obligations:
 
 
Defined Benefit Plans
 
SERPs
 
 
For the years ended December 31,
(in thousands)
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Change in projected benefit obligation:
 
 
 
 
 
 
 
 
Projected benefit obligation at beginning of year
 
$
611,257

 
$
620,623

 
$
19,800

 
$
15,261

Service cost
 

 

 

 

Interest cost
 
27,359

 
30,477

 
910

 
747

Benefits paid
 
(33,571
)
 
(28,670
)
 
(1,030
)
 
(1,105
)
Actuarial (gains)/losses
 
20,490

 
(46,479
)
 
1,580

 
(2,299
)
Curtailments/Settlements
 

 
(148,006
)
 

 

Journal acquisition
 

 
183,312

 

 
10,778

Newspaper divestiture
 

 

 

 
(3,582
)
Projected benefit obligation at end of year
 
625,535

 
611,257

 
21,260

 
19,800

Plan assets:
 
 
 
 
 
 
 
 
Fair value at beginning of year
 
407,797

 
495,047

 

 

Actual return on plan assets
 
29,577

 
(21,132
)
 

 

Company contributions
 
8,656

 

 
1,030

 
1,105

Benefits paid
 
(33,571
)
 
(28,670
)
 
(1,030
)
 
(1,105
)
Curtailments/Settlements
 

 
(148,006
)
 

 

Journal acquisition
 

 
110,558

 

 

Fair value at end of year
 
412,459

 
407,797

 

 

Funded status
 
$
(213,076
)
 
$
(203,460
)
 
$
(21,260
)
 
$
(19,800
)
Amounts recognized in Consolidated Balance Sheets:
 
 
 
 
 
 
 
 
Current liabilities
 
$

 
$

 
$
(1,548
)
 
$
(1,295
)
Noncurrent liabilities
 
(213,076
)
 
(203,460
)
 
(19,712
)
 
(18,505
)
Total
 
$
(213,076
)
 
$
(203,460
)
 
$
(21,260
)
 
$
(19,800
)
 
 
 
 
 
 
 
 
 
Unrecognized net actuarial loss recognized in accumulated other comprehensive loss
 
$
144,294

 
$
139,321

 
$
6,342

 
$
4,924


 
 
Schedule of pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets
Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows:
 
 
Defined Benefit Plans
 
SERPs
 
 
As of December 31,
(in thousands)
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Accumulated benefit obligation
 
$
625,535

 
$
611,257

 
$
21,260

 
$
19,800

Projected benefit obligation
 
625,535

 
611,257

 
21,260

 
19,800

Fair value of plan assets
 
412,459

 
407,797

 

 

 
 
Schedule of allocation of pension plan assets by asset category
Information related to our pension plan asset allocations by asset category were as follows:
 
 
Target
allocation
 
Percentage of plan assets
as of December 31,
 
 
2017
 
2016
 
2015
 
 
 
 
 
 
 
US equity securities
 
20
%
 
20
%
 
14
%
Non-US equity securities
 
30
%
 
30
%
 
21
%
Fixed-income securities
 
45
%
 
44
%
 
58
%
Other
 
5
%
 
6
%
 
7
%
Total
 
100
%
 
100
%
 
100
%
 
 
Plan assets measured using the fair value hierarchy
The following tables present our plan assets using the fair value hierarchy as of December 31, 2016 and 2015:
 
 
December 31, 2016
(in thousands)
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
 
Common/collective trust funds
 
$
204,084

 
$

 
$
204,084

 
$

Fixed income
 


 

 

 

Common/collective trust funds
 
184,000

 

 
184,000

 

Real estate fund
 
21,646

 

 

 
21,646

Cash equivalents
 
2,729

 
2,729

 

 

Fair value of plan assets
 
$
412,459

 
$
2,729

 
$
388,084

 
$
21,646


 
 
December 31, 2015
(in thousands)
 
Total
 
Level 1
 
Level 2
 
Level 3
 
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
 
Common/collective trust funds
 
$
146,314

 
$

 
$
146,314

 
$

Fixed income
 
 
 
 
 
 
 
 
Common/collective trust funds
 
234,923

 

 
234,923

 

Real estate fund
 
14,670

 

 

 
14,670

Cash equivalents
 
11,890

 
11,890

 

 

Fair value of plan assets
 
$
407,797

 
$
11,890

 
$
381,237

 
$
14,670

 
 
Reconciliation of Level 3 assets
The following table presents a reconciliation of Level 3 assets held during 2016 and 2015:
(in thousands)
 
Real Estate Fund
 
 
 
As of December 31, 2014
 
$
21,661

Journal acquisition
 
4,802

Unrealized gains/(losses)
 
2,761

Sales
 
(14,554
)
As of December 31, 2015
 
14,670

Purchases
 
5,400

Unrealized gains/(losses)
 
1,576

As of December 31, 2016
 
$
21,646