0000039899-19-000028 | 10-Q | XBRL Viewer

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2019	Jul. 31, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
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
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
Title of 12(b) Security	Common Stock
Trading Symbol	TGNA
Security Exchange Name	NYSE
Entity Common Stock Shares Outstanding		216,654,162
Entity Central Index Key	0000039899
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 29,268	$ 135,862
Accounts receivable, net of allowances of $4,076 and $3,090, respectively	455,124	425,404
Other receivables	16,859	20,967
Programming rights	17,574	35,252
Prepaid expenses and other current assets	17,699	17,737
Total current assets	536,524	635,222
Property and equipment
Cost	895,078	858,170
Less accumulated depreciation	(510,303)	(482,955)
Net property and equipment	384,775	375,215
Intangible and other assets
Goodwill	2,635,847	2,596,863
Indefinite-lived and amortizable intangible assets, less accumulated amortization	1,639,039	1,526,077
Right-of-use assets for operating leases	70,687	0
Investments and other assets	145,822	143,465
Total intangible and other assets	4,491,395	4,266,405
Total assets	5,412,694	5,276,842
Current liabilities
Accounts payable	58,986	83,226
Accrued liabilities
Compensation	37,424	52,726
Interest	38,676	37,458
Contracts payable for programming rights	83,033	112,059
Other	43,261	49,211
Dividends payable	15,157	15,154
Income taxes payable	0	19,383
Total current liabilities	276,537	369,217
Noncurrent liabilities
Income taxes	12,846	13,624
Deferred income taxes payable	405,777	396,847
Long-term debt	2,953,569	2,944,466
Pension liabilities	131,794	139,375
Operating lease liabilities	83,222	0
Other noncurrent liabilities	69,207	72,389
Total noncurrent liabilities	3,656,415	3,566,701
Total liabilities	3,932,952	3,935,918
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	256,024	301,352
Retained earnings	6,553,149	6,429,512
Accumulated other comprehensive loss	(134,194)	(136,511)
Treasury stock at cost, 107,831,133 shares and 108,660,002 shares, respectively	(5,519,656)	(5,577,848)
Total equity	1,479,742	1,340,924
Total liabilities and equity	$ 5,412,694	$ 5,276,842

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Allowance for doubtful accounts receivable	$ 4,076	$ 3,090
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)	107,831,338	108,660,002

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenues	$ 536,932	$ 524,080	$ 1,053,685	$ 1,026,170
Operating expenses:
Cost of revenues, exclusive of depreciation	285,293	264,294	566,604	522,787
Business units - Selling, general and administrative expenses, exclusive of depreciation	73,941	78,933	145,406	152,554
Corporate - General and administrative expenses, exclusive of depreciation	15,836	11,221	30,571	23,929
Depreciation	14,533	13,861	29,450	27,332
Amortization of intangible assets	8,823	7,962	17,512	14,744
Spectrum repacking reimbursements and other	(4,306)	(6,326)	(11,319)	(6,326)
Total	394,120	369,945	778,224	735,020
Operating income	142,812	154,135	275,461	291,150
Non-operating income (expense):
Equity (loss) income in unconsolidated investments, net	(615)	15,547	11,413	14,309
Interest expense	(46,327)	(49,104)	(92,712)	(96,829)
Other non-operating items, net	8,964	(311)	7,425	(12,791)
Total	(37,978)	(33,868)	(73,874)	(95,311)
Income before income taxes	104,834	120,267	201,587	195,839
Provision for income taxes	24,879	27,755	47,653	48,140
Net income	$ 79,955	$ 92,512	$ 153,934	$ 147,699
Net income per share – basic (In dollars per share)	$ 0.37	$ 0.43	$ 0.71	$ 0.68
Net income per share – diluted (In dollars per share)	$ 0.37	$ 0.43	$ 0.71	$ 0.68
Weighted average number of common shares outstanding:
Basic shares (in shares)	217,089	216,342	216,900	216,309
Diluted shares (in shares)	217,905	216,515	217,555	216,753

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 79,955	$ 92,512	$ 153,934	$ 147,699
Other comprehensive income, before tax:
Foreign currency translation adjustments	(471)	382	(457)	582
Recognition of previously deferred post-retirement benefit plan costs	1,437	1,302	2,862	2,552
Pension lump-sum payment charge	686	0	686	6,300
Other comprehensive income, before tax	1,652	1,684	3,091	9,434
Income tax effect related to components of other comprehensive income	(414)	(432)	(774)	(2,408)
Other comprehensive income, net of tax	1,238	1,252	2,317	7,026
Comprehensive income	$ 81,193	$ 93,764	$ 156,251	$ 154,725

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 153,934	$ 147,699
Adjustments to reconcile net income to net cash flow from operating activities:
Depreciation and amortization	46,962	42,076
Stock-based compensation	9,442	7,967
Company stock 401(k) contribution	3,244	0
Gains on assets	(11,725)	(7,406)
Equity income from unconsolidated investments, net	(11,413)	(14,309)
Pension contributions, net of expense	(3,812)	(31,158)
Change in other assets and liabilities, net	(69,781)	9,172
Net cash flow from operating activities	116,851	154,041
Cash flows from investing activities:
Purchase of property and equipment	(37,684)	(20,864)
Reimbursements from spectrum repacking	8,439	2,025
Payments for acquisitions of businesses, net of cash acquired	(185,926)	(325,902)
Payments for investments	(3,553)	(4,479)
Proceeds from investments	955	1,224
Proceeds from sale of assets	20,064	16,126
Net cash flow used for investing activities	(197,705)	(331,870)
Cash flows from financing activities:
Proceeds from borrowings under revolving credit facilities, net	55,000	186,000
Debt repayments	(50,000)	(66,123)
Payment of debt issuance costs	0	(5,269)
Dividends paid	(30,294)	(30,137)
Repurchases of common stock	0	(5,831)
Other, net	(446)	(4,349)
Net cash flow (used for) provided by financing activities	(25,740)	74,291
(Decrease) in cash, cash equivalents and restricted cash	(106,594)	(103,538)
Balance of cash, cash equivalents and restricted cash, beginning of period	135,862	128,041
Balance of cash, cash equivalents and restricted cash, end of period	$ 29,268	$ 24,503

Consolidated Statements of Equity Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock
Beginning balance at Dec. 31, 2017	$ 995,041	$ 324,419	$ 382,127	$ 6,062,995	$ (106,923)	$ (5,667,577)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	147,699			147,699
Other comprehensive income, net of tax	7,026				7,026
Comprehensive income	154,725
Dividends declared	(30,121)			(30,121)
Treasury stock acquired	(5,831)					(5,831)
Stock-based awards activity	(2,415)		(87,296)			84,881
Stock-based compensation	7,967		7,967
Other activity	1,268		1,268
Ending balance at Jun. 30, 2018	1,116,911	324,419	304,066	6,201,694	(124,741)	(5,588,527)
Beginning balance at Mar. 31, 2018	1,036,636	324,419	303,926	6,124,209	(125,993)	(5,589,925)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	92,512			92,512
Other comprehensive income, net of tax	1,252				1,252
Comprehensive income	93,764
Dividends declared	(15,027)			(15,027)
Treasury stock acquired	(5,831)					(5,831)
Stock-based awards activity	2,216		(5,013)			7,229
Stock-based compensation	4,368		4,368
Other activity	785		785
Ending balance at Jun. 30, 2018	1,116,911	324,419	304,066	6,201,694	(124,741)	(5,588,527)
Beginning balance at Dec. 31, 2018	1,340,924	324,419	301,352	6,429,512	(136,511)	(5,577,848)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	153,934			153,934
Other comprehensive income, net of tax	2,317				2,317
Comprehensive income	156,251
Dividends declared	(30,297)			(30,297)
Company stock 401(k) contribution	3,244		(7,259)			10,503
Stock-based awards activity	(447)		(48,136)			47,689
Stock-based compensation	9,442		9,442
Other activity	625		625
Ending balance at Jun. 30, 2019	1,479,742	324,419	256,024	6,553,149	(134,194)	(5,519,656)
Beginning balance at Mar. 31, 2019	1,405,251	324,419	262,823	6,488,352	(135,432)	(5,534,911)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	79,955			79,955
Other comprehensive income, net of tax	1,238				1,238
Comprehensive income	81,193
Dividends declared	(15,158)			(15,158)
Company stock 401(k) contribution	3,244		(7,259)			10,503
Stock-based awards activity	(109)		(4,861)			4,752
Stock-based compensation	5,008		5,008
Other activity	313		313
Ending balance at Jun. 30, 2019	$ 1,479,742	$ 324,419	$ 256,024	$ 6,553,149	$ (134,194)	$ (5,519,656)

Consolidated Statements of Equity Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.07	$ 0.07	$ 0.14	$ 0.14

Accounting Policies

6 Months Ended

Jun. 30, 2019

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, 2018.

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. Actual results could differ from these estimates. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, business combinations, 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 and variable interest entities (VIEs) if we are the primary beneficiary. 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) income in unconsolidated investments, net in the Consolidated Statements of Income.

We operate one operating and reportable segment, which primarily consists of our 49 television stations operating in 41 markets, offering 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.

Accounting guidance adopted in 2019: In February 2016, the FASB issued new guidance related to leases which require lessees to recognize assets and liabilities on the balance sheet for leases with lease terms of more than 12 months. Consistent with previous GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily depends on its classification as a finance or operating lease. However, unlike previous GAAP–which requires only capital leases (renamed finance leases under the new guidance) to be recognized on the balance sheet–the new guidance requires both finance and operating leases to be recognized on the balance sheet. This update requires the lessee to recognize a lease liability equal to the present value of the lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for all leases longer than 12 months.

We adopted the guidance on January 1, 2019. The FASB provided companies with the option to apply the requirements of the guidance in the period of adoption, with no restatement of prior periods. We utilized this adoption method. We also elected an accounting policy allowed by the guidance to not account for lease and non-lease components separately. Additionally, in adopting the guidance, we utilized the package of practical expedients permitted by the FASB, which among other things, allowed us to carry forward our historical lease classification. Lastly, as permitted by the guidance, we elected a policy to not record leases with an original lease term of twelve months or less on the balance sheet.

Adoption of the guidance resulted in recording of new right-of-use asset and lease liability balances of $73.8 million and $91.8 million, respectively, as of the adoption date. The difference between right-of-use lease asset and lease liability balances was primarily due to previously accrued rent expense relating to periods prior to January 1, 2019. The new guidance did not have a material impact on our Consolidated Statements of Income, Comprehensive Income, Cash Flows or Equity. See Note 6 for additional information.

In August 2018, the FASB issued new guidance on the accounting for implementation costs incurred in cloud computing arrangements that are service contracts. The new guidance requires a customer in a hosting arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as an asset related to the service contract. The guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We adopted the new guidance on a prospective basis beginning in the second quarter of 2019. There was no material impact to our condensed consolidated financial statements as a result of adopting this guidance.

New accounting guidance not yet adopted: In June 2016, the FASB issued new guidance related to the measurement of credit losses on financial instruments. The new guidance changes the way credit losses on accounts receivable are estimated. Under current GAAP, credit losses on accounts receivable are recognized once it is probable that such losses will occur. Under the new guidance, we will be required to estimate credit losses based on the expected amount of future collections which may result in earlier recognition of doubtful accounts. The new guidance is effective for public companies beginning in the first quarter of 2020 and will be adopted using a modified retrospective approach. We are currently evaluating the effect this new guidance will have on our consolidated financial statements and related disclosures.

In August 2018, the FASB issued new guidance that changes disclosures related to defined benefit pension and other postretirement benefit plans. The guidance removes disclosures that are no longer economically relevant, clarifies certain existing disclosure requirements and adds some new disclosures. The most relevant elimination for us is the annual disclosure of the amount of gain/loss and prior service cost/credit amortization expected in the following year. Additions most relevant to us include disclosing narrative explanations of the drivers for significant changes in plan obligations or assets, and disclosure for cost of living adjustments for certain participants of our TEGNA retirement plan. We plan to adopt the new guidance beginning in 2020 and it will be applied on a retrospective basis.

In March 2019, the FASB issued new guidance related to the accounting for episodic television series. The most significant aspect of this new guidance that is applicable to us relates to the level at which our capitalized programming assets are monitored for impairment. Under the new guidance these assets will be monitored at the film group level which is the lowest level at which independently identifiable cash flows are identifiable. We plan to adopt the new guidance beginning in the first quarter of 2020 and it will be adopted prospectively. We do not expect this guidance to have a material impact on our consolidated financial statements and related disclosures.

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) advertising & marketing services revenues, which include local and national non-political television advertising, digital marketing services (including Premion), and advertising on the stations’ websites and tablet and mobile products; 2) 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; 3) political advertising revenues, which are driven by even year election cycles at the local and national level (e.g. 2020, 2018) and particularly in the second half of those years; and 4) other services, such as production of programming and advertising material.

Revenue earned by these sources in the second quarter and first six months of 2019 and 2018 are shown below (amounts in thousands):



	Quarter ended June 30,				Six months ended June 30,
	2019		2018		2019		2018

Advertising & Marketing Services	$	289,569	$	281,847	$	553,971	$	564,786
Subscription	236,162		209,363		477,737		414,919
Political	3,229		25,709		5,933		33,315
Other	7,972		7,161		16,044		13,150
Total revenues	$	536,932	$	524,080	$	1,053,685	$	1,026,170

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

The following table displays goodwill, indefinite-lived intangible assets, and amortizable intangible assets as of June 30, 2019 and December 31, 2018 (in thousands):



	June 30, 2019					Dec. 31, 2018
	Gross		Accumulated Amortization			Gross		Accumulated Amortization

Goodwill	$	2,635,847	$	—		$	2,596,863	$	—

Indefinite-lived intangibles:
Television and radio station FCC licenses	1,437,565		—			1,384,186		—
Amortizable intangible assets:
Retransmission agreements	133,847		(88,228		)	121,594		(79,274		)
Network affiliation agreements	126,494		(38,057		)	110,390		(30,802		)
Other	77,602		(10,184		)	28,865		(8,882		)
Total indefinite-lived and amortizable intangible assets	$	1,775,508	$	(136,469	)	$	1,645,035	$	(118,958	)

Our retransmission consent contracts and network affiliation agreements are amortized on a straight-line basis over their estimated useful lives. Other intangibles primarily include distribution agreements, customer relationships and favorable lease agreements which are amortized on a straight-line basis over their useful lives.

On January 2, 2019, we completed our acquisition of WTOL, the CBS affiliate in Toledo, OH, and KWES, the NBC affiliate in Midland-Odessa, TX from Gray Television, Inc. The estimated transaction price is $109.9 million, which includes a small pending final working capital adjustment of approximately $1.0 million. The initial purchase price of $108.9 million (which included $3.9 million for estimated working capital paid at closing) was funded through the use of available cash and borrowings under our revolving credit facility. WTOL and KWES are strong local media brands in key markets, and they further expand our station portfolio of top 4 affiliates. In connection with the purchase accounting performed for this acquisition, we recorded indefinite lived intangible assets for FCC licenses of $53.4 million and amortizable intangible assets of $28.4 million related to retransmission consent contracts and network affiliation agreements. The amortizable assets will be amortized over a weighted average period of 7 years. We also recognized goodwill of $11.5 million, all of which is deductible for tax purposes. The fair value of these assets are based on a preliminary valuation and, as such, our estimates and assumptions are subject to change as additional information is obtained about the facts and circumstances that existed as of the acquisition date. The primary area of purchase price allocation that is not yet finalized is related to the fair value of intangible assets and the working capital adjustment with the seller.

On June 18, 2019, we completed the acquisition of the remaining approximately 85% interest in the multicast networks Justice Network and Quest from Cooper Media that we did not previously own. Justice and Quest are two leading multicast networks that offer unique ad-supported programming. Justice Network’s content is focused on true-crime genre, while Quest features factual-entertainment programs such as science, history, and adventure-reality series.

The initial purchase price of $77.2 million (which included $4.7 million for estimated working capital paid at closing) was funded through the use of available cash and borrowings under our revolving credit facility. As a result of acquiring the remaining ownership of the networks, we recognized a $7.3 million gain due to the write-up of our prior investment in the Justice Network and Quest multicast networks to its fair value at the time of the acquisition. This gain was recorded in Other non-operating items, net within the Consolidated Statement of Income.

In connection with our preliminary purchase accounting for the acquisition of the multicast networks, we recorded amortizable intangible assets of $44.1 million related to distribution agreements and $4.7 million for trade names. We also recognized goodwill of approximately $27.5 million, the majority of which is expected to be deductible for tax purposes. The fair values of these assets were based on a preliminary valuation, and as such, our estimates and assumptions are subject to change as additional information is obtained about the facts and circumstances that existed as of the acquisition date. The primary open area of purchase accounting is related to the fair value of intangible assets and determination of their useful lives.

Investments and Other Assets

6 Months Ended

Jun. 30, 2019

Investments, All Other Investments [Abstract]

Investments and other assets

Our investments and other assets consisted of the following as of June 30, 2019, and December 31, 2018 (in thousands):



	June 30, 2019		Dec. 31, 2018

Cash value life insurance	$	51,879	$	50,452
Equity method investments	17,676		22,960
Other equity investments	27,239		24,497
Deferred debt issuance costs	8,008		9,350
Other long-term assets	41,020		36,206
Total	$	145,822	$	143,465

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.

Equity method investments: We hold several strategic equity method investments. Our largest equity method investment is our ownership in CareerBuilder, of which we own approximately 17% (or approximately 10% on a fully-diluted basis), which has an investment balance of $12.7 million and $12.4 million as of June 30, 2019 and December 31, 2018, respectively. Our ownership stake provides us with two seats on CareerBuilder’s board of directors and thus we concluded that we have significant influence over the entity.

In the first quarter of 2019, we sold our investment in Captivate, which had been accounted for as an equity method investment, for $16.2 million, which resulted in a pre-tax gain of $12.2 million (after-tax gain of $9.2 million). This gain was

recorded in Equity (loss) income in unconsolidated investments, net within the Consolidated Statement of Income and Statement of Cash Flows.

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 the second quarter of 2019 we recognized a $1.6 million gain due to one of these investments having an observable price increase. This gain was recorded in the Other non-operating items, net line item in our Consolidated Statements of Income. No other gains or losses were recorded on these investments in the first six months of 2019, nor were there any gains or losses recorded during the six months ended June 30, 2018.

Long-Term Debt

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Long-term debt

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



	June 30, 2019			Dec. 31, 2018

Unsecured floating rate term loan due quarterly through June 2020¹	$	40,000		$	60,000
Unsecured floating rate term loan due quarterly through September 2020¹	135,000			165,000
Borrowings under revolving credit agreement expiring June 2023	105,000			50,000
Unsecured notes bearing fixed rate interest at 5.125% due October 2019¹	320,000			320,000
Unsecured notes bearing fixed rate interest at 5.125% due July 2020	600,000			600,000
Unsecured notes bearing fixed rate interest at 4.875% due September 2021	350,000			350,000
Unsecured notes bearing fixed rate interest at 6.375% due October 2023	650,000			650,000
Unsecured notes bearing fixed rate interest at 5.50% due September 2024	325,000			325,000
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
Total principal long-term debt	2,965,000			2,960,000
Debt issuance costs	(12,820		)	(15,458		)
Unamortized premiums and discounts, net	1,389			(76		)
Total long-term debt	$	2,953,569		$	2,944,466

¹We have the intent and ability to refinance the principal payments due within the next 12 months on a long-term basis through our revolving credit facility. As such, all debt presented in the table above is classified as long-term on our June 30, 2019 Condensed Consolidated Balance Sheet.

As discussed in Note 2, during the second quarter of 2019, we borrowed $71.0 million under the revolving credit facility to finance the majority of our purchase of the controlling interests in Justice Network LLC and Quest Network LLC.

As of June 30, 2019, we had unused borrowing capacity of $1.39 billion under our revolving credit facility.

Retirement Plans

6 Months Ended

Jun. 30, 2019

Retirement Benefits [Abstract]

Retirement plans

Our principal defined benefit pension plan is the TEGNA Retirement Plan (TRP). The disclosure table below 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, 2019, were $139.7 million, of which $7.9 million is recorded as a current obligation within accrued liabilities on the Condensed Consolidated Balance Sheet.

Pension costs, 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,
	2019			2018			2019			2018

Service cost-benefits earned during the period	$	—		$	6		$	—		$	6
Interest cost on benefit obligation	5,773			5,074			11,523			10,224
Expected return on plan assets	(6,585		)	(7,480		)	(13,160		)	(14,930		)
Amortization of prior service cost	20			34			45			84
Amortization of actuarial loss	1,541			1,293			3,041			2,543
Pension payment timing related charge	686			—			686			6,300
Expense for company-sponsored retirement plans	$	1,435		$	(1,073	)	$	2,135		$	4,227

Our TRP and SERP are frozen plans, and as such we no longer incur 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, 2019 and 2018 we made cash contributions of $0.9 million and $6.4 million to the TRP and benefit payments to participants of the SERP of $5.0 million and $28.8 million respectively. Based on actuarial projections, we expect to make additional cash payments of $6.0 million in 2019 on account of these benefit plans (comprised of payments of $3.0 million each to the TRP and SERP participants).

We incurred pension payment timing related charges of $0.7 million and $6.3 million in the first six months of 2019 and 2018, respectively, as a result of lump sum SERP payments made to certain former employees. These charges were reclassified from accumulated other comprehensive loss into net periodic benefit cost.

Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

We adopted the FASB’s new lease accounting guidance on January 1, 2019. We determine if an arrangement contains a lease at the agreement’s inception. As permitted under the lease accounting standards adoption guidance, arrangements prior to the adoption date retained their previous determination as to whether or not an arrangement contained a lease. Arrangements entered into subsequent to the adoption date of the new guidance are analyzed to determine if a lease exists depending on whether there is an identified underlying asset that we control.

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 ranging 1 to 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 Condensed 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. As our lease agreements do not include an implicit interest rate, we use our incremental borrowing rate in determining the present value of future payments, which is determined using our credit rating and information available as of the lease commencement date.

The operating lease right-of-use assets as of the lease commencement date are calculated based on the amount of the operating lease liability, less any lease incentives. 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 considered 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 Condensed Consolidated Balance Sheet as of June 30, 2019 (in thousands):



Assets
Right-of-use assets for operating leases	$	70,687

Liabilities
Operating lease liabilities (current)¹	6,696
Operating lease liabilities (non-current)	83,222
Total operating lease liabilities	$	89,918

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

As of June 30, 2019, the weighted-average remaining lease term for our lease portfolio was 10.8 years and the weighted average discount rate used to calculate the present value of our lease liabilities was 5.4%.

For the six months ended June 30, 2019 and 2018, we recognized lease expense of $6.3 million and $8.8 million, respectively. Lease expense for the three months ended June 30, 2019 and 2018 were $3.0 million and $4.4 million, respectively. In addition, we made cash payments for operating leases of $2.4 million and $5.1 million during the three months and six months ended June 30, 2019, respectively, which are included in cash flows from operating activities on Statement of Cash Flows.

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 Condensed Consolidated Balance Sheet as of June 30, 2019 (in thousands):



Future Period	Cash Payments

Remaining in 2019	$	4,523
2020	10,866
2021	12,358
2022	11,574
2023	10,814
Thereafter	74,043
Total lease payments	124,178
Less: amount of lease payments representing interest	34,260
Present value of lease liabilities	$	89,918

As of December 31, 2018, operating lease commitments under lessee arrangements were $10.4 million, $9.9 million, $11.7 million, $10.9 million, and $10.3 million for the years 2019 through 2023, respectively, and $73.9 million thereafter.

Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

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			Total
Quarters Ended:
Balance at Mar. 31, 2019	$	(135,824	)	$	392		$	(135,432	)
Other comprehensive income before reclassifications	—			(353		)	(353		)
Amounts reclassified from AOCL	1,591			—			1,591
Total other comprehensive income	1,591			(353		)	1,238
Balance at June 30, 2019	$	(134,233	)	$	39		$	(134,194	)

Balance at Mar. 31, 2018	$	(126,257	)	$	264		$	(125,993	)
Other comprehensive income before reclassifications	—			283			283
Amounts reclassified from AOCL	969			—			969
Total other comprehensive income	969			283			1,252
Balance at June 30, 2018	$	(125,288	)	$	547		$	(124,741	)

	Retirement Plans			Foreign Currency Translation			Total
Six Months Ended:
Balance at Dec. 31, 2018	$	(136,893	)	$	382		$	(136,511	)
Other comprehensive income before reclassifications	—			(343		)	(343		)
Amounts reclassified from AOCL	2,660			—			2,660
Total other comprehensive income	2,660			(343		)	2,317
Balance at June 30, 2019	$	(134,233	)	$	39		$	(134,194	)

Balance at Dec. 31, 2017	$	(107,037	)	$	114		$	(106,923	)
Other comprehensive income before reclassifications	—			433			433
Amounts reclassified from AOCL	6,593			—			6,593
Other comprehensive income	6,593			433			7,026
Reclassification of stranded tax effects to retained earnings	(24,844		)	—			(24,844		)
Balance at June 30, 2018	$	(125,288	)	$	547		$	(124,741	)

Reclassifications from AOCL to the Consolidated Statements of Income are comprised of pension and other post-retirement components. Pension and other post retirement reclassifications are related to the amortization of prior service costs, amortization of actuarial losses, and pension payment timing related charges related to our SERP plan. Amounts reclassified out of AOCL are summarized below (in thousands):



	Quarter ended June 30,						Six months ended June 30,
	2019			2018			2019			2018

Amortization of prior service credit, net	$	(115	)	$	(101	)	$	(240	)	$	(201	)
Amortization of actuarial loss	1,552			1,403			3,102			2,753
Pension payment timing related charges	686			—			686			6,300
Total reclassifications, before tax	2,123			1,302			3,548			8,852
Income tax effect	(532		)	(333		)	(888		)	(2,259		)
Total reclassifications, net of tax	$	1,591		$	969		$	2,660		$	6,593

Earnings Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

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,
	2019		2018		2019		2018

Net income	$	79,955	$	92,512	$	153,934	$	147,699

Weighted average number of common shares outstanding - basic	217,089		216,342		216,900		216,309
Effect of dilutive securities:
Restricted stock units	476		2		327		90
Performance share units	315		—		286		108
Stock options	25		171		42		246
Weighted average number of common shares outstanding - diluted	217,905		216,515		217,555		216,753

Net income per share - basic	$	0.37	$	0.43	$	0.71	$	0.68
Net income per share - diluted	$	0.37	$	0.43	$	0.71	$	0.68

Our calculation of diluted earnings per share includes the impact of the assumed vesting of outstanding restricted stock units, performance share units, and the exercise of outstanding stock options based on the treasury stock method when dilutive. The diluted earnings per share amounts exclude the effects of approximately 2,000 and 36,000 stock awards for the three and six months ended June 30, 2019, respectively, and 431,000 and 259,000 for the three and six months ended June 30, 2018, respectively, as their inclusion would be accretive to earnings per share.

Fair Value Measurement	6 Months Ended
Fair Value Measurement	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair value measurement	Fair value measurement We measure and record in the accompanying condensed consolidated financial statements certain assets and liabilities at fair value. 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 second quarter of 2019 we recognized a $1.6 million gain on one of our investments due to an observable price increase, which represents a Level 2 input (see Note 3 for further discussion). This gain was recorded in the Other non-operating items, net line item in our Consolidated Statements of Income. No other gains or losses were recorded on these investments in 2019, or during the six months ended June 30, 2018. Prior to the closing of our acquisition in the multicast networks Justice Network and Quest we held an approximately 15% ownership interest. Upon completion of the step acquisition, we recognized a gain of $7.3 million in Other non-operating items, net within the Consolidated Statement of Income, for the remeasurement of our previously held ownership interest to fair value, which was $8.0 million. The fair value was determined using an income approach which was based on significant inputs not observable in the market, and thus represented a Level 3 fair value measurement We additionally hold other financial instruments, including cash and cash equivalents, receivables, accounts payable and debt. The carrying amounts for cash and cash equivalents, receivables and accounts payable approximated their fair values. The fair value of our total debt, based on the bid and ask quotes for the related debt (Level 2), totaled $3.06 billion at June 30, 2019, and $2.96 billion at December 31, 2018.

- 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

Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2019

Supplemental Cash Flow Elements [Abstract]

Supplemental cash flow information

The following table provides a reconciliation of cash and cash equivalents, as reported on our Condensed Consolidated Balance Sheets, to cash, cash equivalents, and restricted cash, as reported on our Condensed Consolidated Statement of Cash Flows (in thousands):



	June 30, 2019		Dec. 31, 2018		June 30, 2018		Dec. 31, 2017
Cash and cash equivalents	$	29,268	$	135,862	$	24,503	$	98,801
Restricted cash equivalents included in:
Prepaid expenses and other current assets	—		—		—		29,240
Cash, cash equivalents and restricted cash	$	29,268	$	135,862	$	24,503	$	128,041

Our restricted cash equivalents consisted of highly liquid investments that were held within a rabbi trust and were used to pay our deferred compensation and SERP obligations.

The following table provides additional information about cash flows related to interest and taxes (in thousands):



	Six months ended June 30,
	2019		2018
Supplemental cash flow information:
Cash paid for income taxes, net of refunds ¹	$	55,785	$	37,013
Cash paid for interest	$	85,961	$	91,360
¹The 2019 amount is comprised of net tax payments of $56.2 million made during second quarter, and $0.4 million of net refunds received during first quarter. For 2018, we had net tax payments of $39.8 million during second quarter, and $2.8 million of net refunds received during first quarter. The quarterly tax payment amounts reflect the timing of federal income tax payment due dates (no payments due in the first quarter; two payments due in the second quarter; and one payment due in each of the third and fourth quarter).

Other Matters	6 Months Ended
Other Matters	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Other matters	Other matters Commitments, contingencies and other matters 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. On November 13 and December 13, 2018, DOJ and seven broadcasters settled a DOJ complaint alleging the exchange of competitively sensitive information in the broadcast television industry. On June 17, 2019, we and four other broadcasters entered into a substantially identical agreement with DOJ. 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 TV 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. Defendants filed a motion to dismiss on June 5, 2019. In response, plaintiffs have indicated their intention to ask the court for permission to file another amended complaint, currently due on or before August 7, 2019. Although we were named as a defendant in sixteen of the original complaints, the amended complaint did not name TEGNA as a defendant. We could still be named as a defendant, however, in this or other related suits. 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. FCC Broadcast Spectrum Program In April 2017, the FCC announced the completion of a voluntary incentive auction to reallocate certain spectrum currently occupied by television broadcast stations to mobile wireless broadband services, along with a related “repacking” of the television spectrum for remaining television stations. None of our stations are relinquishing any spectrum rights as a result of the auction, and accordingly we are not receiving any incentive auction proceeds. The FCC has, however, notified us that 13 of our existing stations will be repacked to new channels. Based on our transition planning to date, we do not expect the repacking to have any material effect on the geographic areas or populations served by our repacked full-power stations’ over-the-air signals. If the repacking did have such an effect, our television stations moving channels could have smaller service areas and/or experience additional interference. The legislation authorizing the incentive auction and repacking established a $1.75 billion fund for reimbursement of costs incurred by stations required to change channels in the repacking. Subsequent legislation enacted on March 23, 2018, appropriated an additional $1 billion for the repacking fund, of which up to $750 million may be made available to repacked full power and Class A television stations and multichannel video programming distributors. Other funds are earmarked to assist affected low power television stations, television translator stations, and FM radio stations, as well as for consumer education efforts. The repacking process is scheduled to occur over a 39-month period, divided into ten phases. Our full power stations have been assigned to phases two through nine, and a majority of our remaining capital expenditures in connection with the repack will occur in 2019. To date, we have incurred approximately $23.7 million in capital expenditures for the spectrum repack project (of which $6.2 million was paid during the first six months of 2019). We have received FCC reimbursements of approximately $15.8 million through June 30, 2019. The reimbursements were recorded as a contra operating expense within our Spectrum repacking reimbursements and other line item on our Consolidated Statement of Income and reported as an investing inflow on the Consolidated Statement of Cash Flows. Each repacked full power commercial television station, including each of our 13 repacked stations, has been allocated a reimbursement amount equal to approximately 92.5% of the station’s estimated repacking costs, as verified by the FCC’s fund administrator. Although we expect the FCC to make additional allocations from the fund, it is not guaranteed that the FCC will approve all reimbursement requests necessary to completely reimburse each repacked station for all amounts incurred in connection with the repack. Reduction in Force Programs In 2018, we initiated reduction in force programs at our corporate headquarters and our Digital Marketing Services (DMS) business unit, which resulted in a total severance charge of $7.3 million which was recorded within the Cost of Revenues, Business Units - Selling and Administrative, and Corporate - General and Administrative Costs within the Consolidated Statement of Income in the third quarter of 2018. The corporate headquarters reductions were part of our ongoing consolidations of our corporate structure following our strategic transformation into a pure play broadcast company. The reduction in force at our DMS unit is a result of a rebranding of our service offerings and unification of our sales strategy to better serve our customers. A majority of the employees impacted by these reductions will receive lump sum severance payments. As of the end of the second quarter of 2019, we have a remaining accrual of approximately $3.0 million related to these actions, substantially all of which will be paid throughout the remainder of the year. Acquisitions On June 18, 2019, we completed the acquisition of the remaining interest that we did not currently own (approximately 85%) of leading 24/7 multicast networks Justice Network and Quest, for approximately $77 million in cash. These are two fast growing networks that leverage the increasing numbers of over-the-air viewers, which have increased more than 48% over the past eight years. Justice Network and Quest offer unique ad-supported programming and reach more than 87 million television homes nationwide. We financed the transaction through the use of available cash and borrowing under our existing credit facility. On March 20, 2019, we announced that we entered into a definitive agreement with Nexstar Media Group to acquire 11 local television stations in eight markets, including eight Big Four network affiliates, for $740 million in cash. These stations are expected to bring additional geographic diversity to our existing station portfolio and add four additional key markets to our strong political footprint as the 2020 presidential election gets underway. The acquisition of these stations is contingent on the closing of the Nexstar Media - Tribune merger, which is expected to take place in the third quarter of 2019, and other customary closing conditions. On June 11, 2019, we announced that we had entered into a definitive agreement with Dispatch Broadcast to acquire two top-rated television stations and a radio station for $535 million in cash. Through this acquisition we will purchase WTHR, the NBC affiliate station in Indianapolis, IN, WBNS, the CBS affiliate in Columbus, OH and WBNS Radio (97.1 FM and 1460 AM) in Columbus, OH. We expect that this acquisition will close in the third quarter of 2019, pending customary regulatory approvals. We expect to finance both acquisitions through the use of available cash and borrowing under our revolving credit facility, which we expect to amend and extend in connection with the closing of the proposed transactions.

Accounting Policies (Policies)	6 Months Ended
Accounting Policies (Policies)	Jun. 30, 2019
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, 2018.
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. Actual results could differ from these estimates. Significant estimates include, but are not limited to, evaluation of goodwill and other intangible assets for impairment, business combinations, 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 and variable interest entities (VIEs) if we are the primary beneficiary. 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) income in unconsolidated investments, net in the Consolidated Statements of Income.
Recent accounting standards	Accounting guidance adopted in 2019: In February 2016, the FASB issued new guidance related to leases which require lessees to recognize assets and liabilities on the balance sheet for leases with lease terms of more than 12 months. Consistent with previous GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily depends on its classification as a finance or operating lease. However, unlike previous GAAP–which requires only capital leases (renamed finance leases under the new guidance) to be recognized on the balance sheet–the new guidance requires both finance and operating leases to be recognized on the balance sheet. This update requires the lessee to recognize a lease liability equal to the present value of the lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for all leases longer than 12 months. We adopted the guidance on January 1, 2019. The FASB provided companies with the option to apply the requirements of the guidance in the period of adoption, with no restatement of prior periods. We utilized this adoption method. We also elected an accounting policy allowed by the guidance to not account for lease and non-lease components separately. Additionally, in adopting the guidance, we utilized the package of practical expedients permitted by the FASB, which among other things, allowed us to carry forward our historical lease classification. Lastly, as permitted by the guidance, we elected a policy to not record leases with an original lease term of twelve months or less on the balance sheet. Adoption of the guidance resulted in recording of new right-of-use asset and lease liability balances of $73.8 million and $91.8 million, respectively, as of the adoption date. The difference between right-of-use lease asset and lease liability balances was primarily due to previously accrued rent expense relating to periods prior to January 1, 2019. The new guidance did not have a material impact on our Consolidated Statements of Income, Comprehensive Income, Cash Flows or Equity. See Note 6 for additional information. In August 2018, the FASB issued new guidance on the accounting for implementation costs incurred in cloud computing arrangements that are service contracts. The new guidance requires a customer in a hosting arrangement that is a service contract to follow the internal-use software guidance to determine which implementation costs to capitalize as an asset related to the service contract. The guidance can be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We adopted the new guidance on a prospective basis beginning in the second quarter of 2019. There was no material impact to our condensed consolidated financial statements as a result of adopting this guidance. New accounting guidance not yet adopted: In June 2016, the FASB issued new guidance related to the measurement of credit losses on financial instruments. The new guidance changes the way credit losses on accounts receivable are estimated. Under current GAAP, credit losses on accounts receivable are recognized once it is probable that such losses will occur. Under the new guidance, we will be required to estimate credit losses based on the expected amount of future collections which may result in earlier recognition of doubtful accounts. The new guidance is effective for public companies beginning in the first quarter of 2020 and will be adopted using a modified retrospective approach. We are currently evaluating the effect this new guidance will have on our consolidated financial statements and related disclosures. In August 2018, the FASB issued new guidance that changes disclosures related to defined benefit pension and other postretirement benefit plans. The guidance removes disclosures that are no longer economically relevant, clarifies certain existing disclosure requirements and adds some new disclosures. The most relevant elimination for us is the annual disclosure of the amount of gain/loss and prior service cost/credit amortization expected in the following year. Additions most relevant to us include disclosing narrative explanations of the drivers for significant changes in plan obligations or assets, and disclosure for cost of living adjustments for certain participants of our TEGNA retirement plan. We plan to adopt the new guidance beginning in 2020 and it will be applied on a retrospective basis. In March 2019, the FASB issued new guidance related to the accounting for episodic television series. The most significant aspect of this new guidance that is applicable to us relates to the level at which our capitalized programming assets are monitored for impairment. Under the new guidance these assets will be monitored at the film group level which is the lowest level at which independently identifiable cash flows are identifiable. We plan to adopt the new guidance beginning in the first quarter of 2020 and it will be adopted prospectively. We do not expect this guidance to have a material impact on our consolidated financial statements and related disclosures. 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) advertising & marketing services revenues, which include local and national non-political television advertising, digital marketing services (including Premion), and advertising on the stations’ websites and tablet and mobile products; 2) 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; 3) political advertising revenues, which are driven by even year election cycles at the local and national level (e.g. 2020, 2018) and particularly in the second half of those years; and 4) other services, such as production of programming and advertising material.

Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Disaggregation of Revenue

Revenue earned by these sources in the second quarter and first six months of 2019 and 2018 are shown below (amounts in thousands):



	Quarter ended June 30,				Six months ended June 30,
	2019		2018		2019		2018

Advertising & Marketing Services	$	289,569	$	281,847	$	553,971	$	564,786
Subscription	236,162		209,363		477,737		414,919
Political	3,229		25,709		5,933		33,315
Other	7,972		7,161		16,044		13,150
Total revenues	$	536,932	$	524,080	$	1,053,685	$	1,026,170

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2019

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, 2019 and December 31, 2018 (in thousands):



	June 30, 2019					Dec. 31, 2018
	Gross		Accumulated Amortization			Gross		Accumulated Amortization

Goodwill	$	2,635,847	$	—		$	2,596,863	$	—

Indefinite-lived intangibles:
Television and radio station FCC licenses	1,437,565		—			1,384,186		—
Amortizable intangible assets:
Retransmission agreements	133,847		(88,228		)	121,594		(79,274		)
Network affiliation agreements	126,494		(38,057		)	110,390		(30,802		)
Other	77,602		(10,184		)	28,865		(8,882		)
Total indefinite-lived and amortizable intangible assets	$	1,775,508	$	(136,469	)	$	1,645,035	$	(118,958	)

Investments and Other Assets (Tables)

6 Months Ended

Jun. 30, 2019

Investments, All Other Investments [Abstract]

Schedule of Other Assets

Our investments and other assets consisted of the following as of June 30, 2019, and December 31, 2018 (in thousands):



	June 30, 2019		Dec. 31, 2018

Cash value life insurance	$	51,879	$	50,452
Equity method investments	17,676		22,960
Other equity investments	27,239		24,497
Deferred debt issuance costs	8,008		9,350
Other long-term assets	41,020		36,206
Total	$	145,822	$	143,465

Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Summary Long-term debt

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



	June 30, 2019			Dec. 31, 2018

Unsecured floating rate term loan due quarterly through June 2020¹	$	40,000		$	60,000
Unsecured floating rate term loan due quarterly through September 2020¹	135,000			165,000
Borrowings under revolving credit agreement expiring June 2023	105,000			50,000
Unsecured notes bearing fixed rate interest at 5.125% due October 2019¹	320,000			320,000
Unsecured notes bearing fixed rate interest at 5.125% due July 2020	600,000			600,000
Unsecured notes bearing fixed rate interest at 4.875% due September 2021	350,000			350,000
Unsecured notes bearing fixed rate interest at 6.375% due October 2023	650,000			650,000
Unsecured notes bearing fixed rate interest at 5.50% due September 2024	325,000			325,000
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
Total principal long-term debt	2,965,000			2,960,000
Debt issuance costs	(12,820		)	(15,458		)
Unamortized premiums and discounts, net	1,389			(76		)
Total long-term debt	$	2,953,569		$	2,944,466

¹We have the intent and ability to refinance the principal payments due within the next 12 months on a long-term basis through our revolving credit facility. As such, all debt presented in the table above is classified as long-term on our June 30, 2019 Condensed Consolidated Balance Sheet.

Retirement Plans (Tables)

6 Months Ended

Jun. 30, 2019

Retirement Benefits [Abstract]

Benefit costs

Pension costs, 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,
	2019			2018			2019			2018

Service cost-benefits earned during the period	$	—		$	6		$	—		$	6
Interest cost on benefit obligation	5,773			5,074			11,523			10,224
Expected return on plan assets	(6,585		)	(7,480		)	(13,160		)	(14,930		)
Amortization of prior service cost	20			34			45			84
Amortization of actuarial loss	1,541			1,293			3,041			2,543
Pension payment timing related charge	686			—			686			6,300
Expense for company-sponsored retirement plans	$	1,435		$	(1,073	)	$	2,135		$	4,227

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lessee, Operating Leases, Assets And Liabilities

The following table presents lease related assets and liabilities on the Condensed Consolidated Balance Sheet as of June 30, 2019 (in thousands):



Assets
Right-of-use assets for operating leases	$	70,687

Liabilities
Operating lease liabilities (current)¹	6,696
Operating lease liabilities (non-current)	83,222
Total operating lease liabilities	$	89,918

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

Future Rent Payments on Lease Liabilities



Future Period	Cash Payments

Remaining in 2019	$	4,523
2020	10,866
2021	12,358
2022	11,574
2023	10,814
Thereafter	74,043
Total lease payments	124,178
Less: amount of lease payments representing interest	34,260
Present value of lease liabilities	$	89,918

Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (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			Total
Quarters Ended:
Balance at Mar. 31, 2019	$	(135,824	)	$	392		$	(135,432	)
Other comprehensive income before reclassifications	—			(353		)	(353		)
Amounts reclassified from AOCL	1,591			—			1,591
Total other comprehensive income	1,591			(353		)	1,238
Balance at June 30, 2019	$	(134,233	)	$	39		$	(134,194	)

Balance at Mar. 31, 2018	$	(126,257	)	$	264		$	(125,993	)
Other comprehensive income before reclassifications	—			283			283
Amounts reclassified from AOCL	969			—			969
Total other comprehensive income	969			283			1,252
Balance at June 30, 2018	$	(125,288	)	$	547		$	(124,741	)

	Retirement Plans			Foreign Currency Translation			Total
Six Months Ended:
Balance at Dec. 31, 2018	$	(136,893	)	$	382		$	(136,511	)
Other comprehensive income before reclassifications	—			(343		)	(343		)
Amounts reclassified from AOCL	2,660			—			2,660
Total other comprehensive income	2,660			(343		)	2,317
Balance at June 30, 2019	$	(134,233	)	$	39		$	(134,194	)

Balance at Dec. 31, 2017	$	(107,037	)	$	114		$	(106,923	)
Other comprehensive income before reclassifications	—			433			433
Amounts reclassified from AOCL	6,593			—			6,593
Other comprehensive income	6,593			433			7,026
Reclassification of stranded tax effects to retained earnings	(24,844		)	—			(24,844		)
Balance at June 30, 2018	$	(125,288	)	$	547		$	(124,741	)

Reclassification out of Accumulated Other Comprehensive Income

Amounts reclassified out of AOCL are summarized below (in thousands):



	Quarter ended June 30,						Six months ended June 30,
	2019			2018			2019			2018

Amortization of prior service credit, net	$	(115	)	$	(101	)	$	(240	)	$	(201	)
Amortization of actuarial loss	1,552			1,403			3,102			2,753
Pension payment timing related charges	686			—			686			6,300
Total reclassifications, before tax	2,123			1,302			3,548			8,852
Income tax effect	(532		)	(333		)	(888		)	(2,259		)
Total reclassifications, net of tax	$	1,591		$	969		$	2,660		$	6,593

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2019

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,
	2019		2018		2019		2018

Net income	$	79,955	$	92,512	$	153,934	$	147,699

Weighted average number of common shares outstanding - basic	217,089		216,342		216,900		216,309
Effect of dilutive securities:
Restricted stock units	476		2		327		90
Performance share units	315		—		286		108
Stock options	25		171		42		246
Weighted average number of common shares outstanding - diluted	217,905		216,515		217,555		216,753

Net income per share - basic	$	0.37	$	0.43	$	0.71	$	0.68
Net income per share - diluted	$	0.37	$	0.43	$	0.71	$	0.68

Supplemental Cash Flow Information (Tables)

6 Months Ended

Jun. 30, 2019

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

The following table provides additional information about cash flows related to interest and taxes (in thousands):



	Six months ended June 30,
	2019		2018
Supplemental cash flow information:
Cash paid for income taxes, net of refunds ¹	$	55,785	$	37,013
Cash paid for interest	$	85,961	$	91,360
¹The 2019 amount is comprised of net tax payments of $56.2 million made during second quarter, and $0.4 million of net refunds received during first quarter. For 2018, we had net tax payments of $39.8 million during second quarter, and $2.8 million of net refunds received during first quarter. The quarterly tax payment amounts reflect the timing of federal income tax payment due dates (no payments due in the first quarter; two payments due in the second quarter; and one payment due in each of the third and fourth quarter).



	June 30, 2019		Dec. 31, 2018		June 30, 2018		Dec. 31, 2017
Cash and cash equivalents	$	29,268	$	135,862	$	24,503	$	98,801
Restricted cash equivalents included in:
Prepaid expenses and other current assets	—		—		—		29,240
Cash, cash equivalents and restricted cash	$	29,268	$	135,862	$	24,503	$	128,041

Accounting Policies - Narrative (Details) $ in Thousands	6 Months Ended
Accounting Policies - Narrative (Details) $ in Thousands	Jun. 30, 2019 USD ($) segment market station	Jan. 01, 2019 USD ($)	Dec. 31, 2018 USD ($)
Accounting Policies [Abstract]
Operating Segments \| segment	1
Reportable Segments \| segment	1
Number of television stations \| station	49
Number of markets In which entity operates \| market	41
Right of use asset \| $	$ 70,687	$ 73,800	$ 0
Lease liability \| $	$ 89,918	$ 91,800

Accounting Policies - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 536,932	$ 524,080	$ 1,053,685	$ 1,026,170
Advertising & Marketing Services
Disaggregation of Revenue [Line Items]
Total revenues	289,569	281,847	553,971	564,786
Subscription
Disaggregation of Revenue [Line Items]
Total revenues	236,162	209,363	477,737	414,919
Political
Disaggregation of Revenue [Line Items]
Total revenues	3,229	25,709	5,933	33,315
Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 7,972	$ 7,161	$ 16,044	$ 13,150

Goodwill and Other Intangible Assets - Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Line Items]
Goodwill	$ 2,635,847	$ 2,596,863
Goodwill, accumulated amortization	0	0
Total indefinite-live and amortizable intangible assets	1,775,508	1,645,035
Total indefinite-live and amortizable intangible assets, accumulated amortization	(136,469)	(118,958)
Retransmission agreements
Goodwill and Intangible Assets Disclosure [Line Items]
Amortizable intangible assets	133,847	121,594
Amortizable intangible assets, accumulated amortization	(88,228)	(79,274)
Network affiliation agreements
Goodwill and Intangible Assets Disclosure [Line Items]
Amortizable intangible assets	126,494	110,390
Amortizable intangible assets, accumulated amortization	(38,057)	(30,802)
Other
Goodwill and Intangible Assets Disclosure [Line Items]
Amortizable intangible assets	77,602	28,865
Amortizable intangible assets, accumulated amortization	(10,184)	(8,882)
Television and radio station FCC licenses
Goodwill and Intangible Assets Disclosure [Line Items]
Indefinite-lived intangibles	$ 1,437,565	$ 1,384,186

Goodwill and Other Intangible Assets - Additional (Details) - USD ($) $ in Millions	Jun. 18, 2019	Jan. 02, 2019	Jun. 30, 2019
WTOL and KWES
Business Acquisition [Line Items]
Estimated transaction price		$ 109.9
Final working capital adjustment		1.0
Consideration transferred		108.9
Working capital adjustment		$ 3.9
Finite-lived intangible assets, remaining amortization period		7 years
Goodwill, acquired during period		$ 11.5
Justice Network And Quest
Business Acquisition [Line Items]
Consideration transferred	$ 77.2
Working capital adjustment	4.7
Goodwill, acquired during period	$ 27.5
Ownership interest (as a percent)	85.00%		85.00%
Gain recognized due to write-up of prior investment	$ 7.3
Licensing Agreements \| WTOL and KWES
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired		53.4
Retransmission And Network Affiliation Agreements \| WTOL and KWES
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 28.4
Distribution Agreements \| Justice Network And Quest
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	44.1
Trade Names \| Justice Network And Quest
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 4.7

Investments and Other Assets - Components of Investments and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investments, All Other Investments [Abstract]
Cash value life insurance	$ 51,879	$ 50,452
Equity method investments	17,676	22,960
Other equity investments	27,239	24,497
Deferred debt issuance costs	8,008	9,350
Other long-term assets	41,020	36,206
Total	$ 145,822	$ 143,465

Investments and Other Assets - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 17,676,000		$ 17,676,000		$ 22,960,000
Gain on cost method investment	1,600,000		$ 0	$ 0
CareerBuilder
Schedule of Equity Method Investments [Line Items]
Equity method investment retained after disposal, ownership interest (as a percent)			17.00%
Equity method investment retained after disposal, fully diluted ownership interest (as a percent)			10.00%
Equity method investments	$ 12,700,000		$ 12,700,000		$ 12,400,000
Captivate
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investment		$ 16,200,000
Pre-tax gain on sale of equity method investment		12,200,000
After-tax gain on sale of equity method investment		$ 9,200,000

Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Total principal long-term debt	$ 2,965,000	$ 2,960,000
Debt issuance costs	(12,820)	(15,458)
Unamortized premiums and discounts, net	1,389	(76)
Total long-term debt	2,953,569	2,944,466
Unsecured floating rate term loan due quarterly through June 2020
Debt Instrument [Line Items]
Total principal long-term debt	40,000	60,000
Unsecured floating rate term loan due quarterly through September 2020
Debt Instrument [Line Items]
Total principal long-term debt	135,000	165,000
Borrowings under revolving credit agreement expiring June 2023
Debt Instrument [Line Items]
Total principal long-term debt	105,000	50,000
Unsecured notes bearing fixed rate interest at 5.125% due October 2019
Debt Instrument [Line Items]
Total principal long-term debt	$ 320,000	320,000
Stated interest rate (as a percent)	5.125%
Unsecured notes bearing fixed rate interest at 5.125% due July 2020
Debt Instrument [Line Items]
Total principal long-term debt	$ 600,000	600,000
Stated interest rate (as a percent)	5.125%
Unsecured notes bearing fixed rate interest at 4.875% due September 2021
Debt Instrument [Line Items]
Total principal long-term debt	$ 350,000	350,000
Stated interest rate (as a percent)	4.875%
Unsecured notes bearing fixed rate interest at 6.375% due October 2023
Debt Instrument [Line Items]
Total principal long-term debt	$ 650,000	650,000
Stated interest rate (as a percent)	6.375%
Unsecured notes bearing fixed rate interest at 5.50% due September 2024
Debt Instrument [Line Items]
Total principal long-term debt	$ 325,000	325,000
Stated interest rate (as a percent)	5.50%
Unsecured notes bearing fixed rate interest at 7.75% due June 2027
Debt Instrument [Line Items]
Total principal long-term debt	$ 200,000	200,000
Stated interest rate (as a percent)	7.75%
Unsecured notes bearing fixed rate interest at 7.25% due September 2027
Debt Instrument [Line Items]
Total principal long-term debt	$ 240,000	$ 240,000
Stated interest rate (as a percent)	7.25%

Long-Term Debt - Narrative (Details) - Revolving Credit Facility $ in Millions	3 Months Ended
	Jun. 30, 2019 USD ($)
Debt Instrument [Line Items]
Amount borrowed under revolving credit facility	$ 71.0
Debt instrument, unused borrowing capacity, amount	$ 1,390.0

Retirement Plans - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Additional cash contribution to SERP and TRP for the remainder of the year	$ 6,000		$ 6,000
Pension lump-sum payment charge			700	$ 6,300
Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Net pension plan obligation	139,700		139,700
Contributions to plan			900	6,400
Additional cash contribution to SERP and TRP for the remainder of the year	3,000		3,000
Pension lump-sum payment charge	686	$ 0	686	6,300
SERP
Defined Benefit Plan Disclosure [Line Items]
Contributions to plan			5,000	$ 28,800
Accrued Liabilities \| Retirement Plans
Defined Benefit Plan Disclosure [Line Items]
Net pension plan obligation	$ 7,900		$ 7,900

Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Retirement Plans (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Company's pension costs
Pension payment timing related charge			$ 700	$ 6,300
Retirement Plans
Company's pension costs
Service cost-benefits earned during the period	$ 0	$ 6	0	6
Interest cost on benefit obligation	5,773	5,074	11,523	10,224
Expected return on plan assets	(6,585)	(7,480)	(13,160)	(14,930)
Amortization of prior service cost	20	34	45	84
Amortization of actuarial loss	1,541	1,293	3,041	2,543
Pension payment timing related charge	686	0	686	6,300
Expense for company-sponsored retirement plans	$ 1,435	$ (1,073)	$ 2,135	$ 4,227

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Weighted average remaining lease term	10 years 9 months 18 days		10 years 9 months 18 days
Weighted average discount rate	5.40%		5.40%
Lease operating expense	$ 3.0	$ 4.4	$ 6.3	$ 8.8
Cash paid for lease rent	$ 5.1		$ 2.4
Operating lease commitments, 2019					$ 10.4
Operating lease commitments, 2020					9.9
Operating lease commitments, 2021					11.7
Operating lease commitments, 2022					10.9
Operating lease commitments, 2023					10.3
Operating lease commitments, thereafter					$ 73.9
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	15 years		15 years

Leases - Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Assets
Right-of-use assets for operating leases	$ 70,687	$ 73,800	$ 0
Liabilities
Lease liabilities (current)	6,696
Operating lease liabilities (non-current)	83,222		$ 0
Total operating lease liabilities	$ 89,918	$ 91,800

Leases - Future Rent Payments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
Leases [Abstract]
Remaining in 2019	$ 4,523
2020	10,866
2021	12,358
2022	11,574
2023	10,814
Thereafter	74,043
Total lease payments	124,178
Less: amount of lease payments representing interest	34,260
Total operating lease liabilities	$ 89,918	$ 91,800

Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Amounts reclassified from AOCL	$ 1,591	$ 969	$ 2,660	$ 6,593
Other comprehensive income, net of tax	1,238	1,252	2,317	7,026
Retirement Plans
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(135,824)	(126,257)	(136,893)	(107,037)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from AOCL	1,591	969	2,660	6,593
Other comprehensive income, net of tax	1,591	969	2,660	6,593
Reclassification of stranded tax effects to retained earnings				(24,844)
Ending Balance	(134,233)	(125,288)	(134,233)	(125,288)
Foreign Currency Translation
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	392	264	382	114
Other comprehensive income (loss) before reclassifications	(353)	283	(343)	433
Amounts reclassified from AOCL	0	0	0	0
Other comprehensive income, net of tax	(353)	283	(343)	433
Reclassification of stranded tax effects to retained earnings				0
Ending Balance	39	547	39	547
Total
Increase (Decrease) in Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(135,432)	(125,993)	(136,511)	(106,923)
Other comprehensive income (loss) before reclassifications	(353)	283	(343)	433
Amounts reclassified from AOCL	1,591	969	2,660	6,593
Other comprehensive income, net of tax	1,238	1,252	2,317	7,026
Reclassification of stranded tax effects to retained earnings				(24,844)
Ending Balance	$ (134,194)	$ (124,741)	$ (134,194)	$ (124,741)

Accumulated Other Comprehensive Loss - Reclassifications out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	$ 2,123	$ 1,302	$ 3,548	$ 8,852
Income tax effect	(532)	(333)	(888)	(2,259)
Total reclassifications, net of tax	1,591	969	2,660	6,593
Amortization of prior service credit, net
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	(115)	(101)	(240)	(201)
Amortization of actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	1,552	1,403	3,102	2,753
Pension payment timing related charges
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, before tax	$ 686	$ 0	$ 686	$ 6,300

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income	$ 79,955	$ 92,512	$ 153,934	$ 147,699
Weighted average number of common shares outstanding - basic (in shares)	217,089	216,342	216,900	216,309
Effect of dilutive securities:
Weighted average number of common shares outstanding - diluted (in shares)	217,905	216,515	217,555	216,753
Net income per share – basic (In dollars per share)	$ 0.37	$ 0.43	$ 0.71	$ 0.68
Net income per share – diluted (In dollars per share)	$ 0.37	$ 0.43	$ 0.71	$ 0.68
Restricted stock units
Effect of dilutive securities:
Dilutive securities (in shares)	476	2	327	90
Performance share units
Effect of dilutive securities:
Dilutive securities (in shares)	315	0	286	108
Stock options
Effect of dilutive securities:
Dilutive securities (in shares)	25	171	42	246

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Anti-dilutive stock options outstanding excluded from diluted earnings per share (in shares)	2,000	431,000	36,000	259,000

Fair Value Measurement - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
Fair Value Measurement - Narrative (Details) - USD ($)	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on cost method investment	$ 1,600,000	$ 0	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of total long-term debt	$ 3,060,000,000.00	$ 3,060,000,000.00		$ 2,960,000,000
Justice Network And Quest
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ownership interest, prior to closing of acquisition (as a percent)	15.00%	15.00%
Gain on step acquisition for remeasurement		$ 7,300,000
Fair value of previously held ownership interest		$ 8,000,000.0

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Condensed Cash Flow Statements, Captions [Line Items]
Cash and cash equivalents	$ 29,268		$ 24,503		$ 29,268	$ 24,503	$ 135,862	$ 98,801
Cash, cash equivalents and restricted cash	29,268		24,503		29,268	24,503	135,862	128,041
Supplemental Cash Flow Information [Abstract]
Cash paid for income taxes, net of refunds 1					55,785	37,013
Cash paid for interest					85,961	91,360
Net tax payments	56,200		39,800
Net refunds received		$ 400		$ 2,800
Prepaid expenses and other current assets
Condensed Cash Flow Statements, Captions [Line Items]
Restricted cash equivalents	$ 0		$ 0		$ 0	$ 0	$ 0	$ 29,240

Other Matters - Narrative (Details) television_home in Millions				1 Months Ended	3 Months Ended	6 Months Ended	7 Months Ended	96 Months Ended
	Jun. 18, 2019 USD ($)	Jun. 11, 2019 USD ($)	Mar. 20, 2019 USD ($) affiliate market station	Apr. 30, 2017 USD ($) phase station	Sep. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) television_home market	Aug. 06, 2019 USD ($)	Jun. 30, 2019 market	Mar. 23, 2018 USD ($)
Business Acquisition [Line Items]
Number of stations assigned new channels \| station				13
Authorized reimbursement amount				$ 1,750,000,000
Authorized reimbursement amount, repacking fund									$ 1,000,000,000
Authorized reimbursement amount, repacking fund, full power, class a stations and multichannel distributors									$ 750,000,000
Repacking period				39 months
Number of repacking phases \| phase				10
Capital expenditures incurred						$ 6,200,000
FCC reimbursements received						15,800,000
Amounts reimbursed as a percentage of total costs				92.50%
Severance charges					$ 7,300,000	$ 3,000,000.0
Growth percentage of number of viewers								48.00%
Number of television homes \| television_home						87
Number of markets In which entity operates \| market						41		41
Justice Network And Quest
Business Acquisition [Line Items]
Consideration transferred	$ 77,200,000
Ownership interest (as a percent)	85.00%					85.00%		85.00%
Nexstar Media Group, Television Stations
Business Acquisition [Line Items]
Consideration transferred			$ 740,000,000
Number of television stations acquired \| station			11
Number of markets In which entity operates \| market			8
Number of Big Four affiliates \| affiliate			8
Number of markets in which an entity operates, additions \| market			4
WTHR and WBNS, Television Stations
Business Acquisition [Line Items]
Consideration transferred		$ 535,000,000
Subsequent Event
Business Acquisition [Line Items]
Capital expenditures incurred							$ 23,700,000

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (3,723,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	21,121,000
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (24,844,000)