☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 16-0442930 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer identification No.) | ||||||||||||||||
8350 Broad Street, | Suite 2000, | Tysons, | Virginia | 22102-5151 | |||||||||||||
(Address of principal executive offices) | (Zip Code) | ||||||||||||||||
(703) | 873-6600 | ||||||||||||||||
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Common Stock, par value $1.00 per share | TGNA | The New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated filer | ¨ | Non-accelerated filer | ¨ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | ☐ |
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2025 Diversity and Inclusions Goals and 2022 Progress | ||||||||||||||
Content Teams: Increase the diversity of our content teams (news, digital and marketing employees) to reflect the aggregate BIPOC* diversity of the communities we serve, which is ~36%. | Content Leadership: Increase BIPOC representation in content leadership roles by 50%. | Company Leadership: Increase BIPOC representation across all management roles within the organization by 50%. | ||||||||||||
* BIPOC = Black, Indigenous, and People of Color |
CONTENT TEAMS | CONTENT LEADERSHIP | COMPANY LEADERSHIP | ALL EMPLOYEES | |||||||||||
2025 BIPOC Goals | Reflect markets at ~36% | Increase by 50% | Increase by 50% | |||||||||||
On track | On track | On track | ||||||||||||
2022 BIPOC Progress | 1/1/21 - 27% 12/31/21 - 30% 12/31/22 - 32% | 1/1/21 - 17% 12/31/21 - 20% 12/31/22 - 23% | 1/1/21 - 16% 12/31/21 - 18% 12/31/22 - 20% | 1/1/21 - 25% 12/31/21 - 27% 12/31/22 - 29% | ||||||||||
2022 Female Representation | 1/1/21 - 46% 12/31/21 - 46% 12/31/22 - 45% | 1/1/21 - 45% 12/31/21 - 44% 12/31/22 - 44% | 1/1/21 - 41% 12/31/21 - 42% 12/31/22 - 42% | 1/1/21 - 47% 12/31/21 - 47% 12/31/22 - 47% | ||||||||||
ASIAN | BLACK OR AFRICAN- AMERICAN | HISPANIC OR LATINO | WHITE | OTHER | N/A* | |||||||||||||||
All Employees | 3.1% | 12.7% | 10.7% | 68.4% | 2.5% | 2.6% | ||||||||||||||
* N/A - not available or not disclosed |
State/District of Columbia | City | Station/web site | Channel (1)/Network | Affiliation Agreement Expires in | Market TV Households (2) | Founded | ||||||||||||||
Alabama | Huntsville | WZDX(TV): rocketcitynow.com | Ch. 54/FOX | 2025 | 412,370 | 1985 | ||||||||||||||
Arizona | Flagstaff | KNAZ-TV: 12news.com | Ch. 2/NBC | 2024 | 2,138,870 | 1970 | ||||||||||||||
Mesa | KPNX(TV): 12news.com | Ch. 12/NBC | 2024 | 2,138,870 | 1953 | |||||||||||||||
Tucson | KMSB(TV): tucsonnewsnow.com | Ch. 11/FOX | 2025 | 490,560 | 1967 | |||||||||||||||
KTTU(TV): tucsonnewsnow.com | Ch. 18/MNTV | 2024 | 490,560 | 1984 | ||||||||||||||||
Arkansas | Fort Smith | KFSM-TV: 5newsonline.com | Ch. 5/CBS | 2028 | 338,310 | 1956 | ||||||||||||||
Little Rock | KTHV(TV): thv11.com | Ch. 11/CBS | 2028 | 577,130 | 1955 | |||||||||||||||
California | Sacramento | KXTV(TV): abc10.com | Ch. 10/ABC | 2023 | 1,502,080 | 1955 | ||||||||||||||
San Diego | KFMB-TV: cbs8.com | Ch. 8/CBS | 2028 | 1,107,010 | 1949 | |||||||||||||||
Colorado | Denver | KTVD(TV): my20denver.com | Ch. 20/MNTV | 2024 | 1,792,540 | 1988 | ||||||||||||||
KUSA(TV): 9news.com | Ch. 9/NBC | 2024 | 1,792,540 | 1952 | ||||||||||||||||
Connecticut | Hartford | WTIC-TV: fox61.com | Ch. 61/FOX | 2025 | 1,014,160 | 1984 | ||||||||||||||
Waterbury | WCCT-TV: yourcwtv.com/partners/hartford | Ch. 20/CW | 2026 | 1,014,160 | 1953 | |||||||||||||||
District of Columbia | Washington | WUSA(TV): wusa9.com | Ch. 9/CBS | 2028 | 2,617,350 | 1949 | ||||||||||||||
Florida | Jacksonville | WJXX(TV): firstcoastnews.com | Ch. 25/ABC | 2023 | 790,580 | 1989 | ||||||||||||||
WTLV(TV): firstcoastnews.com | Ch. 12/NBC | 2024 | 790,580 | 1957 | ||||||||||||||||
Tampa-St. Petersburg | WTSP(TV): wtsp.com | Ch. 10/CBS | 2028 | 2,068,720 | 1965 | |||||||||||||||
Georgia | Atlanta | WATL(TV): 11alive.com | Ch. 36/MNTV | 2024 | 2,679,850 | 1954 | ||||||||||||||
WXIA-TV: 11alive.com | Ch. 11/NBC | 2024 | 2,679,850 | 1948 | ||||||||||||||||
Macon | WMAZ-TV: 13wmaz.com | Ch. 13/CBS | 2028 | 250,620 | 1953 | |||||||||||||||
Idaho | Boise | KTVB(TV) (3): ktvb.com | Ch. 7/NBC | 2024 | 330,040 | 1953 | ||||||||||||||
Illinois | Moline | WQAD-TV: wqad.com | Ch. 8/ABC | 2023 | 302,600 | 1963 | ||||||||||||||
Indiana | Indianapolis | WTHR(TV) (4): wthr.com | Ch. 13/NBC | 2024 | 1,207,280 | 1957 | ||||||||||||||
Iowa | Ames | WOI-DT: weareiowa.com | Ch. 5/ABC | 2023 | 472,310 | 1950 | ||||||||||||||
Ames | KCWI-TV: weareiowa.com | Ch. 23/CW | 2026 | 472,310 | 1999 | |||||||||||||||
Kentucky | Louisville | WHAS-TV: whas11.com | Ch. 11/ABC | 2023 | 721,070 | 1950 | ||||||||||||||
Louisiana | New Orleans | WWL-TV: wwltv.com | Ch. 4/CBS | 2028 | 687,110 | 1957 | ||||||||||||||
WUPL(TV) (5): wwltv.com/mytv | Ch. 54/MNTV | 2024 | 687,110 | 1955 | ||||||||||||||||
Maine | Bangor | WLBZ(TV): newscentermaine.com | Ch. 2/NBC | 2024 | 142,180 | 1954 | ||||||||||||||
Portland | WCSH(TV): newscentermaine.com | Ch. 6/NBC | 2024 | 429,130 | 1953 | |||||||||||||||
Michigan | Grand Rapids | WZZM(TV): wzzm13.com | Ch. 13/ABC | 2023 | 781,030 | 1962 | ||||||||||||||
Minnesota | Minneapolis-St. Paul | KARE(TV): kare11.com | Ch. 11/NBC | 2024 | 1,839,480 | 1953 | ||||||||||||||
Missouri | St. Louis | KSDK(TV): ksdk.com | Ch. 5/NBC | 2024 | 1,255,160 | 1947 | ||||||||||||||
New York | Buffalo | WGRZ(TV): wgrz.com | Ch. 2/NBC | 2024 | 632,110 | 1954 | ||||||||||||||
North Carolina | Charlotte | WCNC-TV: wcnc.com | Ch. 36/NBC | 2024 | 1,323,400 | 1967 | ||||||||||||||
Greensboro | WFMY-TV: wfmynews2.com | Ch. 2/CBS | 2028 | 739,970 | 1949 | |||||||||||||||
Ohio | Cleveland | WKYC-TV: wkyc.com | Ch. 3/NBC | 2024 | 1,552,420 | 1948 | ||||||||||||||
Columbus | WBNS-TV (6): 10tv.com | Ch. 10/CBS | 2028 | 1,023,600 | 1949 | |||||||||||||||
Toledo | WTOL(TV): wtol.com | Ch. 11/CBS | 2028 | 424,380 | 1958 | |||||||||||||||
Oregon | Portland | KGW(TV) (7): kgw.com | Ch. 8/NBC | 2024 | 1,293,400 | 1956 | ||||||||||||||
Pennsylvania | Scranton | WNEP-TV: wnep.com | Ch. 16/ABC | 2023 | 590,390 | 1954 | ||||||||||||||
York | WPMT(TV): fox43.com | Ch. 43/FOX | 2025 | 772,320 | 1952 | |||||||||||||||
South Carolina | Columbia | WLTX(TV): wltx.com | Ch. 19/CBS | 2028 | 435,570 | 1953 | ||||||||||||||
Tennessee | Knoxville | WBIR-TV: wbir.com | Ch. 10/NBC | 2024 | 559,650 | 1956 | ||||||||||||||
Memphis | WATN-TV: localmemphis.com | Ch. 24/ABC | 2023 | 644,360 | 1978 | |||||||||||||||
WLMT(TV): localmemphis.com | Ch. 30/CW | 2026 | 644,360 | 1983 | ||||||||||||||||
Texas | Abilene | KXVA(TV): myfoxzone.com | Ch. 15/FOX | 2025 | 115,860 | 2001 | ||||||||||||||
Austin | KVUE(TV): kvue.com | Ch. 24/ABC | 2023 | 978,520 | 1971 | |||||||||||||||
Beaumont | KBMT(TV) (8): 12newsnow.com | Ch. 12/ABC | 2023 | 168,960 | 1961 | |||||||||||||||
Corpus Christi | KIII-TV: kiiitv.com | Ch. 3/ABC | 2023 | 208,490 | 1964 | |||||||||||||||
Dallas | WFAA(TV): wfaa.com | Ch. 8/ABC | 2023 | 3,041,540 | 1949 | |||||||||||||||
KMPX(TV): wfaa.com | Ch. 29 / Estrella | 2025 | 3,041,540 | 1993 | ||||||||||||||||
Houston | KHOU(TV): khou.com | Ch. 11/CBS | 2028 | 2,666,330 | 1953 | |||||||||||||||
KTBU(TV): khou.com | Ch. 55/Quest | N/A | 2,666,330 | 2004 | ||||||||||||||||
Odessa | KWES-TV: newswest9.com | Ch. 9/NBC | 2024 | 160,200 | 1958 | |||||||||||||||
San Angelo | KIDY(TV): myfoxzone.com | Ch. 6/FOX | 2025 | 57,690 | 1984 | |||||||||||||||
San Antonio | KENS(TV): kens5.com | Ch. 5/CBS | 2028 | 1,059,540 | 1950 | |||||||||||||||
Tyler-Longview | KYTX(TV): cbs19.tv | Ch. 19/CBS | 2028 | 282,090 | 2008 |
In addition to the above television station properties, we also have the following digital and multicast network operations which support our television stations: | ||
Locked On Podcast Network: www.lockedonpodcasts.com | ||
Premion: www.premion.com | ||
TEGNA Marketing Solutions: www.tegna.com/advertise | ||
True Crime Network, Quest, and Twist multicast networks: www.truecrimenetworktv.com, www.questtv.com, and www.watchtwist.com | ||
Verify: www.verifythis.com |
INVESTMENTS We have non-controlling ownership interests in the following companies: | ||
Baller TV: www.ballertv.com | ||
Boom Shakalaka: www.booment.com | ||
Bustle Digital Group: www.bustle.com | ||
Canela Media: www.canelamedia.com | ||
CareerBuilder: www.careerbuilder.com | ||
Hudson MX: www.hudsonmx.com | ||
Jackpocket Inc: www.jackpocket.com | ||
Kin Community: www.kincommunity.com | ||
MadHive: www.madhive.com | ||
Pearl: www.pearltv.com | ||
SIGNIA Venture Partners: www.signiaventurepartners.com | ||
ViewLift: www.viewlift.com | ||
Vizbee: www.vizbee.tv | ||
Whistle Sports: www.teamwhistle.com |
TEGNA ON THE NET: News and information about us is available on our web site, www.TEGNA.com. In addition to news and other information about us, we provide access through this site to our annual report on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after we file or furnish them electronically to the Securities and Exchange Commission (SEC). Certifications by our Chief Executive Officer and Chief Financial Officer are included as exhibits to our SEC reports (including to this Form 10-K). We also provide access on this web site to our Principles of Corporate Governance, the charters of our Audit, Leadership Development and Compensation, Nominating and Governance, and Public Policy and Regulation Committees and other important governance documents and policies, including our Ethics and Inside Trading Policies. Copies of all of these corporate governance documents are available to any shareholder upon written request made to our Secretary at the headquarters address. We will disclose on our web site changes to, or waivers of, our corporate ethics policy. | ||
INDEXED RETURNS | ||||||||||||||||||||
Years Ending | ||||||||||||||||||||
Company Name / Index | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||
TEGNA Inc. | 100 | $79.03 | $123.59 | $105.49 | $143.02 | $166.22 | ||||||||||||||
S&P 500 Index | 100 | $95.62 | $125.72 | $148.85 | $191.58 | $156.88 | ||||||||||||||
Peer Group | 100 | $88.58 | $121.26 | $114.85 | $139.81 | $128.18 |
2022 | 2021 | Change from 2021 | 2020 | Change from 2020 | |||||||||||||||||||||||||
Revenues: | $ | 3,279,245 | $ | 2,991,093 | 10% | $ | 2,937,780 | 12% | |||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Cost of revenues | 1,693,221 | 1,598,759 | 6% | 1,503,287 | 13% | ||||||||||||||||||||||||
Business units - Selling, general and administrative expenses | 414,530 | 396,446 | 5% | 365,601 | 13% | ||||||||||||||||||||||||
Corporate - General and administrative expenses | 60,108 | 68,127 | (12%) | 73,295 | (18%) | ||||||||||||||||||||||||
Depreciation | 61,195 | 64,841 | (6%) | 66,880 | (9%) | ||||||||||||||||||||||||
Amortization of intangible assets | 59,882 | 63,011 | (5%) | 67,690 | (12%) | ||||||||||||||||||||||||
Spectrum repacking reimbursements and other, net | (323) | (2,307) | (86%) | (9,955) | (97%) | ||||||||||||||||||||||||
Total | 2,288,613 | 2,188,877 | 5% | 2,066,798 | 11% | ||||||||||||||||||||||||
Operating income | 990,632 | 802,216 | 23% | 870,982 | 14% | ||||||||||||||||||||||||
Non-operating income (expense): | |||||||||||||||||||||||||||||
Equity (loss) income in unconsolidated investments, net | (4,473) | (9,713) | (54%) | 10,397 | *** | ||||||||||||||||||||||||
Interest expense | (174,022) | (185,650) | (6%) | (210,294) | (17%) | ||||||||||||||||||||||||
Other non-operating items, net | 21,431 | 6,825 | *** | (34,029) | *** | ||||||||||||||||||||||||
Total | (157,064) | (188,538) | (17%) | (233,926) | (33%) | ||||||||||||||||||||||||
Income before income taxes | 833,568 | 613,678 | 36% | 637,056 | 31% | ||||||||||||||||||||||||
Provision for income taxes | 202,370 | 135,481 | 49% | 154,293 | 31% | ||||||||||||||||||||||||
Net Income | $ | 631,198 | $ | 478,197 | 32% | $ | 482,763 | 31% | |||||||||||||||||||||
Earnings per share-basic | $ | 2.82 | $ | 2.15 | 31% | $ | 2.20 | 28% | |||||||||||||||||||||
Earnings per share-diluted | $ | 2.81 | $ | 2.14 | 31% | $ | 2.19 | 28% |
2022 | 2021 | Change from 2021 | 2020 | Change from 2020 | |||||||||||||||||||||||||
Subscription | $ | 1,530,402 | $ | 1,466,433 | 4% | $ | 1,286,611 | 19% | |||||||||||||||||||||
Advertising & Marketing Services | 1,363,417 | 1,428,082 | (5%) | 1,174,774 | 16% | ||||||||||||||||||||||||
Political | 341,110 | 60,573 | *** | 445,535 | (23%) | ||||||||||||||||||||||||
Other | 44,316 | 36,005 | 23% | 30,860 | 44% | ||||||||||||||||||||||||
Total revenues | $ | 3,279,245 | $ | 2,991,093 | 10% | $ | 2,937,780 | 12% |
Percentage of total operating expenses | |||||||||||||||||
Expense Category | 2022 | 2021 | 2020 | ||||||||||||||
Programming expenses | 41.6% | 41.2% | 40.1% | ||||||||||||||
Payroll expenses | 24.7% | 25.8% | 26.7% |
2022 | Change | 2021 | |||||||||||||||
Net income | $ | 631,198 | 32% | $ | 478,197 | ||||||||||||
Per basic share | $ | 2.82 | 31% | $ | 2.15 | ||||||||||||
Per diluted share | $ | 2.81 | 31% | $ | 2.14 |
2022 | Change | 2021 | |||||||||||||||
Adjusted operating expenses | $ | 2,268,419 | 4% | $ | 2,170,835 | ||||||||||||
Adjusted operating income | 1,010,826 | 23% | 820,258 | ||||||||||||||
Adjusted other non-operating income | 3,123 | (57%) | 7,332 | ||||||||||||||
Adjusted total non-operating (expense) | (175,372) | (7%) | (188,031) | ||||||||||||||
Adjusted income before income taxes | 835,454 | 32% | 632,227 | ||||||||||||||
Adjusted provision for income taxes | 198,164 | 29% | 153,492 | ||||||||||||||
Adjusted net income attributable to TEGNA Inc. | 636,561 | 33% | 477,493 | ||||||||||||||
Adjusted earnings per share - diluted | $ | 2.83 | 32% | $ | 2.15 |
2022 | Change | 2021 | |||||||||||||||
Net income attributable to TEGNA Inc. (GAAP basis) | $ | 630,469 | 32% | $ | 476,955 | ||||||||||||
Plus: Net income attributable to redeemable noncontrolling interest | 729 | (41%) | 1,242 | ||||||||||||||
Plus: Provision for income taxes | 202,370 | 49% | 135,481 | ||||||||||||||
Plus: Interest expense | 174,022 | (6%) | 185,650 | ||||||||||||||
Plus: Equity loss in unconsolidated investments, net | 4,473 | (54%) | 9,713 | ||||||||||||||
Less: Other non-operating items, net | (21,431) | *** | (6,825) | ||||||||||||||
Operating income (GAAP basis) | $ | 990,632 | 23% | $ | 802,216 | ||||||||||||
Plus: M&A-related costs | 20,517 | *** | 3,738 | ||||||||||||||
Plus: Advisory fees related to activism defense | — | (100) | 16,611 | ||||||||||||||
Less: Spectrum repacking reimbursements and other, net | (323) | (86%) | (2,307) | ||||||||||||||
Adjusted operating income (non-GAAP basis) | $ | 1,010,826 | 23% | $ | 820,258 | ||||||||||||
Plus: Depreciation | 61,195 | (6%) | 64,841 | ||||||||||||||
Plus: Amortization of intangible assets | 59,882 | (5%) | 63,011 | ||||||||||||||
Adjusted EBITDA (non-GAAP basis) | $ | 1,131,903 | 19% | $ | 948,110 | ||||||||||||
Corporate - General and administrative expense (non-GAAP basis) | 39,591 | (17%) | 47,778 | ||||||||||||||
Adjusted EBITDA, excluding Corporate (non-GAAP basis) | $ | 1,171,494 | 18% | $ | 995,888 |
2022 | 2021 | 2020 | |||||||||||||||
Cash at beginning of year | $ | 56,989 | $ | 40,968 | $ | 29,404 | |||||||||||
Operating activities: | |||||||||||||||||
Net income | 631,198 | 478,197 | 482,763 | ||||||||||||||
Depreciation, amortization and other non-cash adjustments | 180,779 | 204,461 | 202,189 | ||||||||||||||
Pension contributions, net of expense (income) | (3,487) | (19,139) | (10,400) | ||||||||||||||
(Increase) decrease in accounts receivable | (15,365) | (88,687) | 27,474 | ||||||||||||||
Increase (decrease) in interest and taxes payable | 15,330 | (53,303) | 66,466 | ||||||||||||||
Other, net | 3,696 | (19,917) | 36,644 | ||||||||||||||
Net cash flows from operating activities | 812,151 | 501,612 | 805,136 | ||||||||||||||
Investing activities: | |||||||||||||||||
Purchase of property and equipment | (51,333) | (63,076) | (45,499) | ||||||||||||||
Payments for acquisitions of businesses, net of cash acquired | — | (13,335) | (34,841) | ||||||||||||||
All other investing activities | 101 | 7,155 | 20,819 | ||||||||||||||
Net cash used for investing activities | (51,232) | (69,256) | (59,521) | ||||||||||||||
Net cash used for financing activities | (266,227) | (416,335) | (734,051) | ||||||||||||||
Net change in cash | 494,692 | 16,021 | 11,564 | ||||||||||||||
Cash at end of year | $ | 551,681 | $ | 56,989 | $ | 40,968 |
Repayment schedule of principal long-term debt as of Dec. 31, 2022 | |||||
2023 | $ | — | |||
2024 | — | ||||
2025 | — | ||||
2026 | 550,000 | ||||
2027 | 440,000 | ||||
Thereafter | 2,100,000 | ||||
Total | $ | 3,090,000 | |||
Page | |||||
FINANCIAL STATEMENTS | |||||
Report of Independent Registered Public Accounting Firm (PCAOB ID 238) | |||||
TEGNA Inc. CONSOLIDATED BALANCE SHEETS |
In thousands of dollars | ||||||||
Dec. 31, | ||||||||
2022 | 2021 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 551,681 | $ | 56,989 | ||||
Accounts receivable, net of allowances of $3,697 and $4,371, respectively | 658,318 | 642,280 | ||||||
Other receivables | 13,493 | 15,496 | ||||||
Syndicated programming rights | 44,064 | 53,100 | ||||||
Prepaid expenses and other current assets | 36,152 | 19,724 | ||||||
Total current assets | 1,303,708 | 787,589 | ||||||
Property and equipment | ||||||||
Land | 86,447 | 86,447 | ||||||
Buildings and improvements | 346,341 | 341,112 | ||||||
Equipment, furniture and fixtures | 625,754 | 615,531 | ||||||
Construction in progress | 8,649 | 10,761 | ||||||
Total | 1,067,191 | 1,053,851 | ||||||
Less accumulated depreciation | (610,138) | (586,656) | ||||||
Net property and equipment | 457,053 | 467,195 | ||||||
Intangible and other assets | ||||||||
Goodwill | 2,981,587 | 2,981,587 | ||||||
Indefinite-lived and amortizable intangible assets, less accumulated amortization of $348,087 and $298,593, respectively | 2,381,606 | 2,441,488 | ||||||
Right-of-use assets for operating leases | 78,448 | 87,279 | ||||||
Investments and other assets | 126,494 | 152,508 | ||||||
Total intangible and other assets | 5,568,135 | 5,662,862 | ||||||
Total assets | $ | 7,328,896 | $ | 6,917,646 | ||||
TEGNA Inc. CONSOLIDATED BALANCE SHEETS | ||||||||
In thousands of dollars, except par value and share amounts | ||||||||
Dec. 31, | ||||||||
2022 | 2021 | |||||||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 76,212 | $ | 72,996 | ||||
Accrued liabilities | ||||||||
Compensation | 50,339 | 55,179 | ||||||
Interest | 45,480 | 45,905 | ||||||
Contracts payable for programming rights | 117,743 | 98,534 | ||||||
Other | 78,265 | 91,098 | ||||||
Income taxes payable | 22,985 | 11,420 | ||||||
Total current liabilities | 391,024 | 375,132 | ||||||
Noncurrent liabilities | ||||||||
Net deferred income tax liabilities | 556,131 | 548,374 | ||||||
Long-term debt | 3,069,316 | 3,231,970 | ||||||
Pension liabilities | 73,684 | 58,063 | ||||||
Operating lease liabilities | 79,503 | 88,970 | ||||||
Other noncurrent liabilities | 70,098 | 79,102 | ||||||
Total noncurrent liabilities | 3,848,732 | 4,006,479 | ||||||
Total liabilities | 4,239,756 | 4,381,611 | ||||||
Commitments and contingent liabilities (see Note 11) | ||||||||
Redeemable noncontrolling interest (see Note 1) | $ | 17,418 | $ | 16,129 | ||||
Shareholders’ equity | ||||||||
Common stock of $1 par value per share, 800,000,000 shares authorized, 324,418,632 shares issued | 324,419 | 324,419 | ||||||
Additional paid-in capital | 27,941 | 27,941 | ||||||
Retained earnings | 7,898,055 | 7,459,380 | ||||||
Accumulated other comprehensive loss | (125,533) | (97,216) | ||||||
Less treasury stock at cost, 100,970,426 shares and 103,012,455 shares, respectively | (5,053,160) | (5,194,618) | ||||||
Total equity | 3,071,722 | 2,519,906 | ||||||
Total liabilities, redeemable noncontrolling interest and equity | $ | 7,328,896 | $ | 6,917,646 |
TEGNA Inc. CONSOLIDATED STATEMENTS OF INCOME |
In thousands of dollars, except per share amounts | ||||||||||||||
Year ended Dec. 31, | ||||||||||||||
2022 | 2021 | 2020 | ||||||||||||
Revenues | $ | 3,279,245 | $ | 2,991,093 | $ | 2,937,780 | ||||||||
Operating expenses: | ||||||||||||||
Cost of revenues1 | 1,693,221 | 1,598,759 | 1,503,287 | |||||||||||
Business units - Selling, general and administrative expenses | 414,530 | 396,446 | 365,601 | |||||||||||
Corporate - General and administrative expenses | 60,108 | 68,127 | 73,295 | |||||||||||
Depreciation | 61,195 | 64,841 | 66,880 | |||||||||||
Amortization of intangible assets | 59,882 | 63,011 | 67,690 | |||||||||||
Spectrum repacking reimbursements and other, net (see Note 10) | (323) | (2,307) | (9,955) | |||||||||||
Total | 2,288,613 | 2,188,877 | 2,066,798 | |||||||||||
Operating income | 990,632 | 802,216 | 870,982 | |||||||||||
Non-operating income (expense): | ||||||||||||||
Equity (loss) income in unconsolidated investments, net | (4,473) | (9,713) | 10,397 | |||||||||||
Interest expense | (174,022) | (185,650) | (210,294) | |||||||||||
Other non-operating items, net | 21,431 | 6,825 | (34,029) | |||||||||||
Total | (157,064) | (188,538) | (233,926) | |||||||||||
Income before income taxes | 833,568 | 613,678 | 637,056 | |||||||||||
Provision for income taxes | 202,370 | 135,481 | 154,293 | |||||||||||
Net Income | 631,198 | 478,197 | 482,763 | |||||||||||
Net (income) loss attributable to redeemable noncontrolling interest | (729) | (1,242) | 15 | |||||||||||
Net income attributable to TEGNA Inc. | $ | 630,469 | $ | 476,955 | $ | 482,778 | ||||||||
Earnings per share - basic | $ | 2.82 | $ | 2.15 | $ | 2.20 | ||||||||
Earnings per share - diluted | $ | 2.81 | $ | 2.14 | $ | 2.19 | ||||||||
Weighted average number of common shares outstanding: | ||||||||||||||
Basic shares | 223,652 | 221,504 | 219,232 | |||||||||||
Diluted shares | 224,486 | 222,471 | 219,733 |
TEGNA Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
In thousands of dollars | ||||||||||||||
Year ended Dec. 31, | ||||||||||||||
2022 | 2021 | 2020 | ||||||||||||
Net income | $ | 631,198 | $ | 478,197 | $ | 482,763 | ||||||||
Other comprehensive (loss) income, before tax: | ||||||||||||||
Foreign currency translation adjustments | 142 | 743 | 138 | |||||||||||
Pension and other post-retirement benefit items: | ||||||||||||||
Recognition of previously deferred post-retirement benefit plan costs | 4,158 | 5,217 | 6,209 | |||||||||||
Actuarial (loss) gain arising during the period | (21,892) | 4,463 | 22,574 | |||||||||||
Pension payment timing related charge | 300 | 946 | — | |||||||||||
Pension and other postretirement benefit items | (17,434) | 10,626 | 28,783 | |||||||||||
Realized gain on available-for-sale investment during the period | (20,800) | — | — | |||||||||||
Unrealized gain on available-for-sale investment during the period | — | 20,800 | — | |||||||||||
Other comprehensive income (loss), before tax | (38,092) | 32,169 | 28,921 | |||||||||||
Income tax effect related to components of other comprehensive income (loss) | 9,775 | (8,309) | (7,400) | |||||||||||
Other comprehensive income (loss), net of tax | (28,317) | 23,860 | 21,521 | |||||||||||
Comprehensive income | 602,881 | 502,057 | 504,284 | |||||||||||
Comprehensive loss attributable to redeemable non-controlling interest | (729) | (1,242) | 15 | |||||||||||
Comprehensive income attributable to TEGNA Inc. | $ | 602,152 | $ | 500,815 | $ | 504,299 | ||||||||
TEGNA Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS |
In thousands of dollars | Year ended Dec. 31, | |||||||||||||
2022 | 2021 | 2020 | ||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 631,198 | $ | 478,197 | $ | 482,763 | ||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | ||||||||||||||
Depreciation | 61,195 | 64,841 | 66,880 | |||||||||||
Amortization of intangible assets | 59,882 | 63,011 | 67,690 | |||||||||||
Stock-based compensation | 30,481 | 31,515 | 20,306 | |||||||||||
Company stock 401(k) contribution | 18,661 | 17,142 | 16,469 | |||||||||||
Amortization of deferred financing costs, debt discounts and premiums | 6,919 | 8,323 | 20,251 | |||||||||||
(Gains) losses on assets | (18,308) | — | 12,457 | |||||||||||
Provision for deferred income taxes | 17,476 | 9,916 | 8,533 | |||||||||||
Equity loss (income) in unconsolidated investees, net | 4,473 | 9,713 | (10,397) | |||||||||||
Pension contributions, net of expense | (3,487) | (19,139) | (10,400) | |||||||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||||||||
(Increase) decrease in accounts receivable | (15,365) | (88,687) | 27,474 | |||||||||||
Increase in accounts payable | 3,216 | 14,947 | 7,245 | |||||||||||
Increase (decrease) in interest and taxes payable | 15,330 | (53,303) | 66,466 | |||||||||||
(Decrease) increase in deferred revenue | (2,151) | 1,589 | 1,013 | |||||||||||
Changes in other assets and liabilities, net | 2,631 | (36,453) | 28,386 | |||||||||||
Net cash flows from operating activities | 812,151 | 501,612 | 805,136 | |||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchase of property and equipment | (51,333) | (63,076) | (45,499) | |||||||||||
Reimbursement from spectrum repacking | 323 | 4,942 | 13,180 | |||||||||||
Payments for acquisitions of businesses and other assets, net of cash acquired | — | (13,335) | (34,841) | |||||||||||
Payments for investments | (5,691) | (1,791) | (2,415) | |||||||||||
Proceeds from investments | 4,997 | 3,701 | 5,028 | |||||||||||
Proceeds from sale of assets | 472 | 303 | 5,026 | |||||||||||
Net cash used for investing activities | (51,232) | (69,256) | (59,521) | |||||||||||
Cash flows from by financing activities: | ||||||||||||||
Payments of borrowings under revolving credit facilities, net | (166,000) | (189,000) | (548,000) | |||||||||||
Dividends paid | (84,756) | (78,465) | (76,465) | |||||||||||
Proceeds from borrowings | — | — | 1,550,000 | |||||||||||
Debt repayments | — | (137,000) | (1,623,000) | |||||||||||
Payments for debt issuance and premiums for early redemption costs | — | (1,256) | (41,378) | |||||||||||
Proceeds from sale of minority ownership interest in Premion | — | — | 14,000 | |||||||||||
Other, net | (15,471) | (10,614) | (9,208) | |||||||||||
Net cash used for financing activities | (266,227) | (416,335) | (734,051) | |||||||||||
Increase in cash | 494,692 | 16,021 | 11,564 | |||||||||||
Balance of cash at beginning of year | 56,989 | 40,968 | 29,404 | |||||||||||
Balance of cash at end of year | $ | 551,681 | $ | 56,989 | $ | 40,968 | ||||||||
Supplemental cash flow information: | ||||||||||||||
Cash paid for income taxes, net of refunds | $ | 171,095 | $ | 179,164 | $ | 84,889 | ||||||||
Cash paid for interest | $ | 167,533 | $ | 179,803 | $ | 200,766 |
TEGNA Inc. CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTEREST |
In thousands of dollars, except per share data | ||||||||||||||||||||||||||
TEGNA Inc. Shareholders’ Equity | ||||||||||||||||||||||||||
Redeemable noncontrolling interest | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive income (loss) | Treasury stock | Total | ||||||||||||||||||||
Balance as of Dec. 31, 2019 | $ | — | $ | 324,419 | $ | 247,497 | $ | 6,655,088 | $ | (142,597) | $ | (5,494,030) | $ | 1,590,377 | ||||||||||||
Net income | (15) | — | — | 482,778 | — | — | 482,778 | |||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 21,521 | — | 21,521 | |||||||||||||||||||
Total comprehensive income | 504,299 | |||||||||||||||||||||||||
Dividends declared: $0.28 per share | — | — | — | (61,278) | — | — | (61,278) | |||||||||||||||||||
Company stock 401(k) contribution | — | — | (71,808) | — | — | 88,277 | 16,469 | |||||||||||||||||||
Stock-based awards activity | — | — | (80,805) | — | — | 71,598 | (9,207) | |||||||||||||||||||
Stock-based compensation | — | — | 20,306 | — | — | — | 20,306 | |||||||||||||||||||
Sale of minority interest in Premion | 14,000 | — | — | — | — | — | — | |||||||||||||||||||
Adjusted redeemable NCI to redemption value | 948 | — | — | (948) | — | — | (948) | |||||||||||||||||||
Other activity | — | — | (1,923) | — | — | — | (1,923) | |||||||||||||||||||
Balance as of Dec. 31, 2020 | $ | 14,933 | $ | 324,419 | $ | 113,267 | $ | 7,075,640 | $ | (121,076) | $ | (5,334,155) | $ | 2,058,095 | ||||||||||||
Net income | 1,242 | — | — | 476,955 | — | — | 476,955 | |||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 23,860 | — | 23,860 | |||||||||||||||||||
Total comprehensive income | 500,815 | |||||||||||||||||||||||||
Dividends declared: $0.35 per share | — | — | — | (78,466) | — | — | (78,466) | |||||||||||||||||||
Company stock 401(k) contribution | — | — | (32,777) | (14,795) | — | 64,714 | 17,142 | |||||||||||||||||||
Stock-based awards activity | — | — | (85,436) | — | — | 74,823 | (10,613) | |||||||||||||||||||
Stock-based compensation | — | — | 31,515 | — | — | — | 31,515 | |||||||||||||||||||
Adjustment of redeemable noncontrolling interest to redemption value | (46) | — | — | 46 | — | — | 46 | |||||||||||||||||||
Other activity | — | — | 1,372 | — | — | — | 1,372 | |||||||||||||||||||
Balance as of Dec. 31, 2021 | $ | 16,129 | $ | 324,419 | $ | 27,941 | $ | 7,459,380 | $ | (97,216) | $ | (5,194,618) | $ | 2,519,906 | ||||||||||||
Net income | 729 | — | — | 630,469 | — | — | 630,469 | |||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (28,317) | — | (28,317) | |||||||||||||||||||
Total comprehensive income | 602,152 | |||||||||||||||||||||||||
Dividends declared: $0.38 per share | — | — | — | (84,756) | — | — | (84,756) | |||||||||||||||||||
Company stock 401(k) contribution | — | — | (19,494) | (22,975) | — | 61,130 | 18,661 | |||||||||||||||||||
Stock-based awards activity | — | — | (12,296) | (83,503) | — | 80,328 | (15,471) | |||||||||||||||||||
Stock-based compensation | — | — | 30,481 | — | — | — | 30,481 | |||||||||||||||||||
Adjustment of redeemable noncontrolling interest to redemption value | 560 | — | — | (560) | — | — | (560) | |||||||||||||||||||
Other activity | — | — | 1,309 | — | — | — | 1,309 | |||||||||||||||||||
Balance as of Dec. 31, 2022 | $ | 17,418 | $ | 324,419 | $ | 27,941 | $ | 7,898,055 | $ | (125,533) | $ | (5,053,160) | $ | 3,071,722 | ||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Subscription | $ | 1,530,402 | $ | 1,466,433 | $ | 1,286,611 | ||||||||||||||
Advertising & Marketing Services | 1,363,417 | 1,428,082 | 1,174,774 | |||||||||||||||||
Political | 341,110 | 60,573 | 445,535 | |||||||||||||||||
Other | 44,316 | 36,005 | 30,860 | |||||||||||||||||
Total revenues | $ | 3,279,245 | $ | 2,991,093 | $ | 2,937,780 |
Goodwill | ||||||||
Balance as of Dec. 31, 2020 | $ | 2,968,693 | ||||||
Business acquisition | 12,894 | |||||||
Balance as of Dec. 31, 2021 | 2,981,587 | |||||||
Adjustments | — | |||||||
Balance as of Dec. 31, 2022 | $ | 2,981,587 |
Gross | Accumulated Amortization | Net | ||||||||||||||||||
Dec. 31, 2022 | ||||||||||||||||||||
Indefinite-lived intangibles: | ||||||||||||||||||||
Television and radio station FCC broadcast licenses | $ | 2,123,898 | $ | — | $ | 2,123,898 | ||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||
Retransmission agreements | 224,827 | (184,796) | 40,031 | |||||||||||||||||
Network affiliation agreements | 309,503 | (121,664) | 187,839 | |||||||||||||||||
Other | 71,465 | (41,627) | 29,838 | |||||||||||||||||
Total indefinite-lived and amortizable intangible assets | $ | 2,729,693 | $ | (348,087) | $ | 2,381,606 | ||||||||||||||
Dec. 31, 2021 | ||||||||||||||||||||
Indefinite-lived intangibles: | ||||||||||||||||||||
Television and radio station FCC broadcast licenses | $ | 2,123,898 | $ | — | $ | 2,123,898 | ||||||||||||||
Amortizable intangible assets: | ||||||||||||||||||||
Retransmission agreements | 235,215 | (168,439) | 66,776 | |||||||||||||||||
Network affiliation agreements | 309,503 | (97,195) | 212,308 | |||||||||||||||||
Other | 71,465 | (32,959) | 38,506 | |||||||||||||||||
Total indefinite-lived and amortizable intangible assets | $ | 2,740,081 | $ | (298,593) | $ | 2,441,488 |
2023 | $ | 53,467 | ||||||
2024 | 47,293 | |||||||
2025 | 28,468 | |||||||
2026 | 24,431 | |||||||
2027 | 14,577 | |||||||
Thereafter | 89,472 | |||||||
Total | $ | 257,708 |
Dec. 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash value life insurance | $ | 48,919 | $ | 53,189 | |||||||
Available-for-sale debt security | — | 23,800 | |||||||||
Equity method investments | 17,003 | 21,986 | |||||||||
Other equity investments | 20,158 | 20,331 | |||||||||
Deferred debt issuance costs | 2,232 | 5,805 | |||||||||
Long-term contract assets | 14,135 | — | |||||||||
Other long-term assets | 24,047 | 27,397 | |||||||||
Total | $ | 126,494 | $ | 152,508 |
2022 | Current | Deferred | Total | ||||||||||||||
Federal | $ | 161,438 | $ | 13,435 | $ | 174,873 | |||||||||||
State and other | 23,456 | 4,041 | 27,497 | ||||||||||||||
Total | $ | 184,894 | $ | 17,476 | $ | 202,370 |
2021 | Current | Deferred | Total | ||||||||||||||
Federal | $ | 114,255 | $ | 15,400 | $ | 129,655 | |||||||||||
State and other | 11,310 | (5,484) | 5,826 | ||||||||||||||
Total | $ | 125,565 | $ | 9,916 | $ | 135,481 |
2020 | Current | Deferred | Total | ||||||||||||||
Federal | $ | 123,882 | $ | 4,532 | $ | 128,414 | |||||||||||
State and other | 21,878 | 4,001 | 25,879 | ||||||||||||||
Total | $ | 145,760 | $ | 8,533 | $ | 154,293 |
2022 | 2021 | 2020 | |||||||||||||||
U.S. statutory tax rate | 21.0% | 21.0% | 21.0% | ||||||||||||||
Increase (decrease) in taxes resulting from: | |||||||||||||||||
State taxes (net of federal income tax benefit) | 2.7 | 2.6 | 3.3 | ||||||||||||||
Uncertain tax positions, settlements and lapse of statutes of limitations | — | 0.3 | (0.1) | ||||||||||||||
Valuation allowance on equity method investment | 0.6 | — | 0.4 | ||||||||||||||
Other valuation allowances, tax rate changes, & deferred adjustments | (0.6) | (1.7) | (0.1) | ||||||||||||||
Non-deductible transaction costs | 0.5 | 0.1 | — | ||||||||||||||
Net excess benefits or expense on share-based payments | (0.3) | (0.2) | (0.1) | ||||||||||||||
Other, net | 0.4 | — | (0.2) | ||||||||||||||
Effective tax rate | 24.3% | 22.1% | 24.2% |
Dec. 31, | |||||||||||
2022 | 2021 | ||||||||||
Deferred tax liabilities | |||||||||||
Accelerated amortization of deductible intangibles | $ | 540,260 | $ | 534,438 | |||||||
Accelerated depreciation | 67,278 | 67,697 | |||||||||
Right-of-use assets for operating leases | 19,467 | 21,648 | |||||||||
Other | 4,183 | 3,792 | |||||||||
Total deferred tax liabilities | 631,188 | 627,575 | |||||||||
Deferred tax assets | |||||||||||
Accrued compensation costs | 23,439 | 24,147 | |||||||||
Pension and post-retirement medical and life | 20,775 | 17,400 | |||||||||
Loss carryforwards | 12,537 | 31,841 | |||||||||
Operating lease liabilities | 20,403 | 22,582 | |||||||||
Other | 24,242 | 25,160 | |||||||||
Total deferred tax assets | 101,396 | 121,130 | |||||||||
Deferred tax asset valuation allowance | 26,339 | 41,929 | |||||||||
Total net deferred tax liabilities | $ | 556,131 | $ | 548,374 |
2022 | 2021 | 2020 | |||||||||||||||
Beginning at beginning of period | $ | 41,929 | $ | 43,467 | $ | 45,661 | |||||||||||
Additions to valuation allowance | 7,228 | 6,108 | 3,719 | ||||||||||||||
Reductions to valuation allowance | (22,818) | (7,646) | (5,913) | ||||||||||||||
Balance at the end of the period | $ | 26,339 | $ | 41,929 | $ | 43,467 |
2022 | 2021 | 2020 | |||||||||||||||
Change in unrecognized tax benefits | |||||||||||||||||
Balance at beginning of year | $ | 8,196 | $ | 7,435 | $ | 8,050 | |||||||||||
Additions for tax positions of prior years | — | 1,363 | 630 | ||||||||||||||
Settlements | (9) | — | — | ||||||||||||||
Reductions due to lapse of statutes of limitations | (462) | (602) | (1,245) | ||||||||||||||
Balance as of end of year | $ | 7,725 | $ | 8,196 | $ | 7,435 |
Dec. 31, | |||||||||||
2022 | 2021 | ||||||||||
Borrowings under revolving credit facility expiring August 2024 | $ | — | $ | 166,000 | |||||||
Unsecured notes bearing fixed rate interest at 4.75% due March 2026 | 550,000 | 550,000 | |||||||||
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 | 200,000 | 200,000 | |||||||||
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 | 240,000 | 240,000 | |||||||||
Unsecured notes bearing fixed rate interest at 4.625% due March 2028 | 1,000,000 | 1,000,000 | |||||||||
Unsecured notes bearing fixed rate interest at 5.00% due September 2029 | 1,100,000 | 1,100,000 | |||||||||
Total principal long-term debt | 3,090,000 | 3,256,000 | |||||||||
Debt issuance costs | (26,911) | (31,378) | |||||||||
Unamortized premiums and discounts, net | 6,227 | 7,348 | |||||||||
Total long-term debt | $ | 3,069,316 | $ | 3,231,970 | |||||||
Repayment schedule of principal long-term debt as of Dec. 31, 2022 | |||||
2023 | $ | — | |||
2024 | — | ||||
2025 | — | ||||
2026 | 550,000 | ||||
2027 | 440,000 | ||||
Thereafter | 2,100,000 | ||||
Total | $ | 3,090,000 |
2022 | 2021 | 2020 | |||||||||
Service cost-benefits earned during the period | $ | — | $ | 2 | $ | 7 | |||||
Interest cost on benefit obligation | 16,830 | 15,887 | 19,487 | ||||||||
Expected return on plan assets | (19,502) | (34,679) | (31,058) | ||||||||
Amortization of prior service cost | 90 | 90 | 90 | ||||||||
Amortization of actuarial loss | 4,583 | 4,952 | 6,207 | ||||||||
Pension payment timing related charge | 300 | 946 | — | ||||||||
Expense for (income from) company-sponsored retirement plans | $ | 2,301 | $ | (12,802) | $ | (5,267) |
Fair Value of Plan Assets | Benefit Obligation | Funded Status | |||||||||
TRP | $ | 385,005 | $ | 417,950 | $ | (32,945) | |||||
SERP (1) | — | 46,048 | (46,048) | ||||||||
All other | — | 311 | (311) | ||||||||
Total | $ | 385,005 | $ | 464,309 | $ | (79,304) |
Dec. 31, | ||||||||
2022 | 2021 | |||||||
Accumulated benefit obligation | $ | 464,309 | $ | 605,817 | ||||
Fair value of plan assets | $ | 385,005 | $ | 541,758 |
Dec. 31, | ||||||||
2022 | 2021 | |||||||
Projected benefit obligation | $ | 464,309 | $ | 605,834 | ||||
Fair value of plan assets | $ | 385,005 | $ | 541,758 |
Dec. 31, | ||||||||
2022 | 2021 | |||||||
Net actuarial losses | $ | (167,502) | $ | (148,696) | ||||
Prior service cost | (1,526) | (1,617) | ||||||
Amounts in accumulated other comprehensive loss | $ | (169,028) | $ | (150,313) |
2022 | 2021 | 2020 | |||||||||
Current year net actuarial (loss) gain | $ | (23,688) | $ | 4,463 | $ | 23,597 | |||||
Amortization of actuarial loss | 4,583 | 4,952 | 6,207 | ||||||||
Amortization of previously deferred prior service costs | 90 | 90 | 91 | ||||||||
Pension payment timing related charges | 300 | 946 | — | ||||||||
Total | $ | (18,715) | $ | 10,451 | $ | 29,895 |
2022 | 2021 | 2020 | |||||||||||||||
Discount rate | 2.89% | 2.54% | 3.29% | ||||||||||||||
Expected return on plan assets | 3.75% | 6.50% | 6.75% |
Dec. 31, | |||||||||||
2022 | 2021 | ||||||||||
Discount rate | 5.50% | 2.89% |
Target Allocation | Allocation of Plan Assets | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Equity securities | 14 | % | 14 | % | 10 | % | |||||||||||
Debt securities | 86 | % | 86 | % | 86 | % | |||||||||||
Other (including hedge funds and private real estate) | — | % | — | % | 4 | % | |||||||||||
Total | 100 | % | 100 | % | 100 | % |
2023 | $ | 50,145 | |||
2024 | $ | 39,405 | |||
2025 | $ | 39,884 | |||
2026 | $ | 39,473 | |||
2027 | $ | 38,829 | |||
2028 through 2032 | $ | 179,115 |
Future Period | Cash Payments | ||||
2023 | $ | 16,867 | |||
2024 | 15,163 | ||||
2025 | 12,661 | ||||
2026 | 11,880 | ||||
2027 | 11,660 | ||||
Thereafter | 46,583 | ||||
Total lease payments | 114,814 | ||||
Less: amount of lease payments representing interest | 23,820 | ||||
Present value of lease liabilities | $ | 90,994 | |||
Pension Plan Assets | |||||||||||||||||||||||
Fair value measurement as of Dec. 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Pension plan investments valued using net asset value as a practical expedient: | |||||||||||||||||||||||
Common collective trust - equities | $ | 54,917 | |||||||||||||||||||||
Common collective trust - fixed income | 329,821 | ||||||||||||||||||||||
Partnership/joint venture interests | 267 | ||||||||||||||||||||||
Total fair value of plan assets | $ | 385,005 |
2022 | 2021 | 2020 | |||||||||||||||
Net income | $ | 631,198 | $ | 478,197 | $ | 482,763 | |||||||||||
Net (income) loss attributable to noncontrolling interest | (729) | (1,242) | 15 | ||||||||||||||
Adjustment of redeemable noncontrolling interest to redemption value | (560) | 46 | (948) | ||||||||||||||
Earnings available to common shareholders | $ | 629,909 | $ | 477,001 | $ | 481,830 | |||||||||||
Weighted average number of common shares outstanding - basic | 223,652 | 221,504 | 219,232 | ||||||||||||||
Effect of dilutive securities | |||||||||||||||||
Restricted stock | 535 | 736 | 246 | ||||||||||||||
Performance share units | 299 | 230 | 254 | ||||||||||||||
Stock options | — | 1 | 1 | ||||||||||||||
Weighted average number of common shares outstanding - diluted | 224,486 | 222,471 | 219,733 | ||||||||||||||
Earnings per share - basic | $ | 2.82 | $ | 2.15 | $ | 2.20 | |||||||||||
Earnings per share - diluted | $ | 2.81 | $ | 2.14 | $ | 2.19 |
2022 | 2021 | 2020 | |||||||||||||||
RSUs | $ | 16,182 | $ | 12,806 | $ | 11,686 | |||||||||||
PSAs | 14,299 | 18,709 | 8,620 | ||||||||||||||
Total stock-based compensation | 30,481 | 31,515 | 20,306 | ||||||||||||||
Total income tax benefit | 10,744 | 8,082 | 4,297 | ||||||||||||||
Stock-based compensation net of tax | $ | 19,737 | $ | 23,433 | $ | 16,009 |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
RSU Activity | Shares | Weighted average fair value | Shares | Weighted average fair value | Shares | Weighted average fair value | |||||||||||||||||||||||||||||
Unvested at beginning of year | 2,842,288 | $ | 15.11 | 2,614,654 | $ | 13.09 | 2,132,936 | $ | 13.22 | ||||||||||||||||||||||||||
Granted | 949,022 | 21.90 | 1,282,636 | 17.83 | 1,416,300 | 13.39 | |||||||||||||||||||||||||||||
Vested | (1,118,395) | 14.62 | (899,282) | 13.21 | (738,159) | 14.03 | |||||||||||||||||||||||||||||
Canceled | (129,183) | 16.39 | (155,720) | 14.56 | (196,423) | 13.14 | |||||||||||||||||||||||||||||
Unvested at end of year | 2,543,732 | $ | 17.80 | 2,842,288 | $ | 15.11 | 2,614,654 | $ | 13.09 |
2022 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
PSAs Activity | Target number of shares | Weighted average fair value | Target number of shares | Weighted average fair value | Target number of shares | Weighted average fair value | |||||||||||||||||||||||||||||
Unvested at beginning of year | 1,015,433 | $ | 15.04 | 1,142,879 | $ | 12.87 | 698,482 | $ | 12.26 | ||||||||||||||||||||||||||
Granted | 484,781 | 21.80 | 553,090 | 17.48 | 673,127 | 13.47 | |||||||||||||||||||||||||||||
Vested | (503,844) | 15.26 | (646,635) | 13.22 | (151,511) | 13.40 | |||||||||||||||||||||||||||||
Canceled | (10,266) | 17.09 | (33,901) | 14.20 | (77,219) | 12.50 | |||||||||||||||||||||||||||||
Unvested at end of year | 986,104 | $ | 18.18 | 1,015,433 | $ | 15.04 | 1,142,879 | $ | 12.87 |
2022 | Retirement Plans | Foreign Currency Translation (1) | Available-For-Sale Investment | Total | |||||||||||||||||||
Balance at beginning of year | $ | (113,090) | $ | 455 | $ | 15,419 | $ | (97,216) | |||||||||||||||
Other comprehensive (loss) gain before reclassifications | (16,288) | 77 | — | (16,211) | |||||||||||||||||||
Amounts reclassified from AOCL | 3,313 | — | (15,419) | (12,106) | |||||||||||||||||||
Balance at end of year | $ | (126,065) | $ | 532 | $ | — | $ | (125,533) |
2021 | Retirement Plans | Foreign Currency Translation (1) | Available-For-Sale Investment | Total | |||||||||||||||||||
Balance at beginning of year | $ | (120,979) | $ | (97) | $ | — | $ | (121,076) | |||||||||||||||
Other comprehensive gain before reclassifications | 3,316 | 552 | 15,419 | 19,287 | |||||||||||||||||||
Amounts reclassified from AOCL | 4,573 | — | — | 4,573 | |||||||||||||||||||
Balance at end of year | $ | (113,090) | $ | 455 | $ | 15,419 | $ | (97,216) |
2020 | Retirement Plans | Foreign Currency Translation (1) | Total | ||||||||||||||
Balance at beginning of year | $ | (142,398) | $ | (199) | $ | (142,597) | |||||||||||
Other comprehensive gain before reclassifications | 16,779 | 102 | 16,881 | ||||||||||||||
Amounts reclassified from AOCL | 4,640 | — | 4,640 | ||||||||||||||
Balance at end of year | $ | (120,979) | $ | (97) | $ | (121,076) | |||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Amortization of prior service credit | $ | (481) | $ | (481) | $ | (481) | |||||||||||
Amortization of actuarial loss | 4,639 | 5,698 | 6,690 | ||||||||||||||
Realized gain on available-for-sale investment | (20,800) | — | — | ||||||||||||||
Pension payment timing related charges | 300 | 946 | — | ||||||||||||||
Total reclassifications, before tax | (16,342) | 6,163 | 6,209 | ||||||||||||||
Income tax effect | 4,236 | (1,590) | (1,569) | ||||||||||||||
Total reclassifications, net of tax | $ | (12,106) | $ | 4,573 | $ | 4,640 |
2022 | 2021 | 2020 | |||||||||||||||
Reimbursement of spectrum repacking | $ | (323) | $ | (4,942) | $ | (13,180) | |||||||||||
Property and equipment impairments | — | 1,095 | — | ||||||||||||||
Intangible asset impairments charges | — | — | 3,225 | ||||||||||||||
Contract termination and other costs related to national sales | — | 1,540 | — | ||||||||||||||
Total spectrum repacking reimbursements and other, net | $ | (323) | $ | (2,307) | $ | (9,955) |
Year | Programming Contracts | ||||
2023 | $ | 862,534 | |||
2024 | 417,141 | ||||
2025 | 397,708 | ||||
2026 | 377,558 | ||||
2027 | 397,951 | ||||
Thereafter | 380,925 | ||||
Total | $ | 2,833,817 |
Exhibit Number | Exhibit | Location | ||||||||||||
2-1 | Agreement and Plan of Merger, dated as of February 22, 2022, by and among TEGNA Inc., Teton Parent Corp., Teton Merger Corp., and solely for purposes of certain provisions specified therein, Community News Media LLC, CNM Television Holdings I LLC, SGCI Holdings III LLC, P Standard General Ltd., Standard General Master Fund L.P., Standard General Master Fund II L.P., Standard General Focus Fund L.P., CMG Media Corporation, CMG Media Operating Company, LLC, CMG Farnsworth Television Holdings, LLC, CMG Farnsworth Television Operating Company, LLC, Teton Midco Corp., Teton Opco Corp., and CMG Farnsworth Television Acquisition Company, LLC. | |||||||||||||
2-2 | Amendment No. 1 to Agreement and Plan of Merger, dated as of March 10, 2022, by and among TEGNA Inc., Teton Parent Corp., Teton Merger Corp., and solely for purposes of certain provisions specified therein, Community News Media LLC, CNM Television Holdings I LLC, SGCI Holdings III LLC, P Standard General Ltd., Standard General Master Fund L.P., Standard General Master Fund II L.P., Standard General Focus Fund L.P., CMG Media Corporation, CMG Media Operating Company, LLC, CMG Farnsworth Television Holdings, LLC, CMG Farnsworth Television Operating Company, LLC, Teton Midco Corp., Teton Opco Corp., and CMG Farnsworth Television Acquisition Company, LLC. | |||||||||||||
3-1 | Fourth Restated Certificate of Incorporation of TEGNA Inc. | |||||||||||||
3-2 | By-laws, as amended through May 12, 2021. | |||||||||||||
4-1 | Indenture dated as of March 1, 1983, between TEGNA Inc. and Citibank, N.A., as Trustee. | |||||||||||||
4-2 | First Supplemental Indenture dated as of November 5, 1986, among TEGNA Inc., Citibank, N.A., as Trustee, and Sovran Bank, N.A., as Successor Trustee. | |||||||||||||
4-3 | Second Supplemental Indenture dated as of June 1, 1995, among TEGNA Inc., NationsBank, N.A., as Trustee, and Crestar Bank, as Trustee. | |||||||||||||
4-4 | Thirteenth Supplemental Indenture, dated as of September 13, 2019, between TEGNA Inc. and U.S. Bank National Association, as Trustee. | |||||||||||||
4-5 | Fourteenth Supplemental Indenture, dated as of January 9, 2020, between TEGNA Inc. and U.S. Bank National Association, as Trustee. | |||||||||||||
4-6 | Fifteenth Supplemental Indenture, dated as of September 10, 2020, between TEGNA Inc. and U.S. Bank National Association, as Trustee. | |||||||||||||
4-7 | Description of Securities. | |||||||||||||
10-1 | Supplemental Executive Medical Plan Amended and Restated as of January 1, 2011.* | |||||||||||||
10-1-1 | Amendment No. 1 to the Supplemental Executive Medical Plan Amended and Restated as of January 1, 2012.* | |||||||||||||
10-1-2 | Amendment No. 2 to the TEGNA Inc. Supplemental Executive Medical Plan dated as of June 26, 2015.* | |||||||||||||
10-1-3 | Amendment No. 3 to the TEGNA Inc. Supplemental Executive Medical Plan effective as of November 1, 2016.* | |||||||||||||
10-2 | Supplemental Executive Medical Plan for Retired Executives dated December 22, 2010 and effective January 1, 2011.* |
Exhibit Number | Exhibit | Location | ||||||||||||
10-2-1 | Amendment No. 1 to the TEGNA Inc. Supplemental Executive Medical Plan for Retired Executives dated as of June 26, 2015.* | |||||||||||||
10-2-2 | Amendment No. 2 to the TEGNA Inc. Supplemental Executive Medical Plan for Retired Executives effective as of November 1, 2016.* | |||||||||||||
10-3 | TEGNA Inc. Supplemental Retirement Plan Restatement.* | |||||||||||||
10-3-1 | Amendment No. 1 to the TEGNA Inc. Supplemental Retirement Plan dated July 31, 2008 and effective August 1, 2008.* | |||||||||||||
10-3-2 | Amendment No. 2 to the TEGNA Inc. Supplemental Retirement Plan dated December 22, 2010.* | |||||||||||||
10-3-3 | Amendment No. 3 to the TEGNA Inc. Supplemental Retirement Plan dated as of June 26, 2015.* | |||||||||||||
10-3-4 | Amendment No. 4 to the TEGNA Inc. Supplemental Retirement Plan dated as of November 7, 2017.* | |||||||||||||
10-3-5 | Amendment No. 5 to the TEGNA Inc. Supplemental Retirement Plan, dated as of April 26, 2018.* | |||||||||||||
10-4 | TEGNA Inc. Deferred Compensation Plan Restatement dated February 1, 2003 (reflects all amendments through July 25, 2006).* | |||||||||||||
10-4-1 | TEGNA Inc. Deferred Compensation Plan Rules for Post-2004 Deferrals.* | |||||||||||||
10-4-2 | Amendment No. 1 to the TEGNA Inc. Deferred Compensation Plan Rules for Post-2004 Deferrals dated July 31, 2008 and effective August 1, 2008.* | |||||||||||||
10-4-3 | Amendment No. 2 to the TEGNA Inc. Deferred Compensation Plan Rules for Post-2004 Deferrals dated December 9, 2008.* | |||||||||||||
10-4-4 | Amendment No. 3 to the TEGNA Inc. Deferred Compensation Plan Rules for Post-2004 Deferrals dated October 27, 2009.* | |||||||||||||
10-4-5 | Amendment No. 4 to the TEGNA Inc. Deferred Compensation Plan Rules for Post-2004 Deferrals dated December 22, 2010.* | |||||||||||||
10-4-6 | Amendment No. 5 to the TEGNA Inc. Deferred Compensation Plan Rules for Post-2004 Deferrals dated as of June 26, 2015.* | |||||||||||||
10-4-7 | Amendment No. 6 to the TEGNA Inc. Deferred Compensation Plan Rues for Post-2004 Deferrals dated as of December 8, 2015.* | |||||||||||||
10-4-8 | Amendment No. 7 to the TEGNA Inc. Deferred Compensation Plan Rules for Post-2004 Deferrals, dated as of May 3, 2017.* | |||||||||||||
10-4-9 | Amendment No. 8 to the TEGNA Inc. Deferred Compensation Plan Rules for Post-2004 Deferrals, dated as of November 7, 2017.* | |||||||||||||
10-4-10 | Amendment No. 9 to the TEGNA Inc. Deferred Compensation Plan Rules for Post-2004 Deferrals, dated as of April 26, 2018.* | |||||||||||||
10-4-11 | Amendment No. 10 to the TEGNA Inc. Deferred Compensation Plan Rules for Post-2004 Deferrals, dated as of November 16, 2018.* | |||||||||||||
10-5 | Amendment to the TEGNA Inc. Deferred Compensation Plan Restatement Rules for Pre-2005 Deferrals dated as of June 26, 2015.* |
Exhibit Number | Exhibit | Location | ||||||||||||
10-5-1 | Amendment No. 2 to the TEGNA Inc. Deferred Compensation Plan Restatement Rules for Pre-2005 Deferrals, dated as of May 3, 2017.* | |||||||||||||
10-5-2 | Amendment No. 3 to the TEGNA Inc. Deferred Compensation Plan Restatement Rules for Pre-2005 Deferrals, dated as of April 26, 2018.* | |||||||||||||
10-5-3 | Amendment No. 4 to the TEGNA Inc. Deferred Compensation Plan Restatement Rules for Pre-2005 Deferrals, dated as of November 16 , 2018.* | |||||||||||||
10-6 | TEGNA Inc. Transitional Compensation Plan Restatement.* | |||||||||||||
10-6-1 | Amendment No. 1 to TEGNA Inc. Transitional Compensation Plan Restatement dated as of May 4, 2010.* | |||||||||||||
10-6-2 | Amendment No. 2 to TEGNA Inc. Transitional Compensation Plan Restatement dated as of December 22, 2010.* | |||||||||||||
10-6-3 | Amendment No. 3 to TEGNA Inc. Transitional Compensation Plan Restatement dated as of June 26, 2015.* | |||||||||||||
10-6-4 | Notice to Transitional Compensation Plan Restatement Participants.* | |||||||||||||
10-7 | TEGNA Inc. 2001 Omnibus Incentive Compensation Plan, as amended and restated as of May 4, 2010.* | |||||||||||||
10-7-1 | Amendment No. 1 to the TEGNA Inc. 2001 Omnibus Incentive Compensation Plan (Amended and Restated as of May 4, 2010).* | |||||||||||||
10-7-2 | Amendment No. 2 to the TEGNA Inc. 2001 Omnibus Incentive Compensation Plan (Amended and Restated as of May 4, 2010) dated as of June 26, 2015.* | |||||||||||||
10-7-3 | Amendment No. 3 to the TEGNA Inc. 2001 Omnibus Incentive Compensation Plan (Amended and Restated as of May 4, 2010) dated as of February 23, 2016.* | |||||||||||||
10-7-4 | Amendment No. 4 to the TEGNA Inc. 2001 Omnibus Incentive Compensation Plan (Amended and Restated as of May 4, 2010) effective as of November 1, 2016.* | |||||||||||||
10-7-5 | Amendment No. 5 to the TEGNA Inc. 2001 Omnibus Incentive Compensation Plan (Amended and Restated as of May 4, 2010), dated as of May 3, 2017.* | |||||||||||||
10-8 | TEGNA Inc. 2020 Omnibus Incentive Compensation Plan. | |||||||||||||
10-9 | Form of Director Restricted Stock Unit Award Agreement.* | |||||||||||||
10-10 | Form of Executive Officer Restricted Stock Unit Award Agreement.* | |||||||||||||
10-10-1 | Form of Executive Officer Restricted Stock Unit Award Agreement.* | |||||||||||||
10-10-2 | Form of Executive Officer Restricted Stock Unit Award Agreement.* | |||||||||||||
10-10-3 | Form of Executive Officer Restricted Stock Unit Award Agreement.* | |||||||||||||
10-10-4 | Form of Executive Officer Restricted Stock Unit Award Agreement.* | |||||||||||||
Exhibit Number | Exhibit | Location | ||||||||||||
10-10-5 | Form of Executive Officer Restricted Stock Unit Award Agreement.* | |||||||||||||
10-11 | Form of Executive Officer Performance Share Award Agreement.* | |||||||||||||
10-11-1 | Form of Executive Officer Performance Share Award Agreement.* | |||||||||||||
10-11-2 | Form of Executive Officer Performance Share Award Agreement.* | |||||||||||||
10-11-3 | Form of Executive Officer Performance Share Award Agreement.* | |||||||||||||
10-12 | Description of TEGNA Inc.’s Non-Employee Director Compensation.* | |||||||||||||
10-13 | Amendment for Section 409A Plans dated December 31, 2008.* | |||||||||||||
10-14 | Executive Life Insurance Plan document dated December 31, 2008.* | |||||||||||||
10-14-1 | Amendment No. 1 to the TEGNA Inc. Executive Life Insurance Plan Document dated as of June 26, 2015.* | |||||||||||||
10-15 | Key Executive Life Insurance Plan dated October 29, 2010.* | |||||||||||||
10-15-1 | Amendment No. 1 to the TEGNA Inc. Key Executive Life Insurance Plan dated as of June 26, 2015.* | |||||||||||||
10-15-2 | Form of Participation Agreement under Key Executive Life Insurance Plan.* | |||||||||||||
10-16 | Omnibus Amendment to Terms and Conditions of Stock Option Awards dated as of December 31, 2008.* | |||||||||||||
10-17 | Omnibus Amendment to Outstanding Award Agreements of Certain Executives effective as of November 1, 2016.* | |||||||||||||
10-18 | TEGNA Inc. 2015 Change in Control Severance Plan, as amended through May 30, 2017.* | |||||||||||||
10-18-1 | Amendment No. 1 to the TEGNA Inc. 2015 Change in Control Severance Plan, as amended through May 30, 2017.* | |||||||||||||
10-19 | TEGNA Inc. Executive Severance Plan, as amended through May 30, 2017.* | |||||||||||||
10-19-1 | Amendment No. 1 to the TEGNA Inc. Executive Severance Plan, as amended through May 30, 2017.* | |||||||||||||
10-20 | Offer Letter between TEGNA Inc. and David T. Lougee, dated as of May 3, 2017.* | |||||||||||||
10-21 | Letter Agreement between TEGNA Inc. and Victoria D. Harker, dated as of May 4, 2017.* | |||||||||||||
Exhibit Number | Exhibit | Location | ||||||||||||
10-22 | Amendment and Restatement Agreement, dated as of August 5, 2013, to each of (i) the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of March 11, 2002 and effective as of March 18, 2002, as amended and restated as of December 13, 2004 and effective as of January 5, 2005, as amended by the First Amendment thereto, dated as of February 28, 2007 and effective as of March 15, 2007, as further amended by the Second Amendment thereto, dated as of October 23, 2008 and effective as of October 31, 2008, as further amended by the Third Amendment thereto, dated as of September 28, 2009, as further amended by the Fourth Amendment thereto, dated as of August 25, 2010 and as further amended by the Fifth Amendment and Waiver, dated as of September 30, 2010 (the “2002 Credit Agreement”), among TEGNA Inc., the several banks and other financial institutions from time to time parties to the Credit Agreement (the “2002 Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “2002 Administrative Agent”), JPMorgan Chase Bank, N.A. and Citibank, N.A., as syndication agents, and Barclays Bank PLC, as documentation agent, (ii) the Competitive Advance and Revolving Credit Agreement, dated as of February 27, 2004 and effective as of March 15, 2004, as amended by the First Amendment thereto, dated as of February 28, 2007 and effective as of March 15, 2007, as further amended by the Second Amendment thereto, dated as of October 23, 2008 and effective as of October 31, 2008, as further amended by the Third Amendment thereto, dated as of September 28, 2009, as further amended by the Fourth Amendment thereto, dated as of August 25, 2010, and as further amended by the Fifth Amendment and Waiver, dated as of September 30, 2010 (the “2004 Credit Agreement”), among TEGNA Inc., the several banks and other financial institutions from time to time parties to the Credit Agreement (the “2004 Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), JPMorgan Chase Bank, N.A. and Citibank, N.A., as syndication agents, and Barclays Bank PLC and SunTrust Bank, as documentation agents and (iii) the Competitive Advance and Revolving Credit Agreement, dated as of December 13, 2004 and effective as of January 5, 2005, as amended by the First Amendment thereto, dated as of February 28, 2007 and effective as of March 15, 2007, as further amended by the Second Amendment thereto, dated as of October 23, 2008 and effective as of October 31, 2008, as further amended by the Third Amendment thereto, dated as of September 28, 2009, as further amended by the Fourth Amendment thereto, dated as of August 25, 2010 and as further amended by the Fifth Amendment and Waiver, dated as of September 30, 2010 (the “2005 Credit Agreement” and, together with the 2002 Credit Agreement and the 2004 Credit Agreement, the “Credit Agreements”), among TEGNA Inc., the several banks and other financial institutions from time to time parties to the Credit Agreement (the “2005 Lenders” and, together with the 2002 Lenders and the 2004 Lenders, the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “2005 Administrative Agent” and, together with the 2002 Administrative Agent and the 2004 Administrative Agent, the “Administrative Agent”), JPMorgan Chase Bank, N.A. and Citibank, N.A., as syndication agents, and Barclays Bank PLC, as documentation agent, by and between TEGNA Inc., the Guarantors under the Credit Agreements as of August 5, 2013, the Administrative Agent, JPMorgan Chase Bank, N.A. and Bank of America, N.A., as issuing lenders and the Lenders party thereto. | |||||||||||||
10-22-1 | Master Assignment and Assumption, dated as of August 5, 2013, by and between each of the lenders listed thereon as assignors and/or assignees. | |||||||||||||
10-22-2 | Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of August 5, 2013, by and among TEGNA Inc., the several banks and other financial institutions from time to time parties thereto, JPMorgan Chase Bank, N.A., as administrative agent, and JPMorgan Chase Bank, N.A. and Citibank, N.A. as syndication agents. | |||||||||||||
Exhibit Number | Exhibit | Location | ||||||||||||
10-22-3 | Sixth Amendment, dated as of September 24, 2013, to the Competitive Advance and Revolving Credit Agreement, dated as of December 13, 2004 and effective as of January 5, 2005, as amended by the First Amendment thereto, dated as of February 28, 2007 and effective as of March 15, 2007, as further amended by the Second Amendment thereto, dated as of October 23, 2008 and effective as of October 31, 2008, as further amended by the Third Amendment thereto, dated as of September 28, 2009, as further amended by the Fourth Amendment thereto, dated as of August 25, 2010, as further amended by the Fifth Amendment and Waiver, dated as of September 30, 2010, and as further amended and restated pursuant to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of August 5, 2013, by and among TEGNA Inc., JPMorgan Chase Bank, N.A., as administrative agent, and the several banks and other financial institutions from time to time parties thereto. | |||||||||||||
10-22-4 | Seventh Amendment, dated as of February 13, 2015, to the Competitive Advance and Revolving Credit Agreement, dated as of December 13, 2004 and effective as of January 5, 2005, as amended and restated as of August 5, 2013 and as further amended by the Sixth Amendment thereto, dated as of September 24, 2013, among TEGNA Inc., JPMorgan Chase Bank, N.A., as administrative agent, and the several banks and other financial institutions from time to time parties. | |||||||||||||
10-22-5 | Eighth Amendment, dated as of June 29, 2015, to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of December 13, 2004 and effective as of January 5, 2005, as amended and restated as of August 5, 2013, and as further amended by the Seventh Amendment thereto dated as of February 13, 2015, and the Sixth Amendment thereto dated September 24, 2013, among TEGNA Inc., JPMorgan Chase Bank N.A., as administrative agent, and the several banks and other financial institutions from time to time parties thereto, as set forth on Exhibit A to the Eight Amendment. | |||||||||||||
10-22-6 | Ninth Amendment, dated as of September 30, 2016, to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of December 13, 2004 and effective as of January 5, 2005, as amended and restated as of August 5, 2013, and as further amended by the Eighth Amendment thereto, dated as of June 29, 2015, the Seventh Amendment thereto, dated as of February 13, 2015, and the Sixth Amendment thereto, dated as of September 24, 2013, among TEGNA Inc., JPMorgan Chase Bank, N.A., as administrative agent, and the several banks and other financial institutions from time to time parties thereto, as set forth on Exhibit A, to the Ninth Amendment. | |||||||||||||
10-22-7 | Tenth Amendment, dated as of August 1, 2017, to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of December 13, 2004 and effective as of January 5, 2005, as amended and restated as of August 5, 2013, and as further amended, among TEGNA Inc., JPMorgan Chase Bank, N.A. as administrative agent, and the several banks and other financial institutions from time to time parties thereto. | |||||||||||||
10-22-8 | Eleventh Amendment, dated as of June 21, 2018, to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of December 13, 2004 and effective as of January 5, 2005, as amended and restated as of August 5, 2013, as further amended as of June 29, 2015, as further amended as of August 1, 2017, among TEGNA Inc., JPMorgan Chase Bank, N.A. as administrative agent, and the several banks and other financial institutions from time to time parties thereto. | |||||||||||||
Exhibit Number | Exhibit | Location | ||||||||||||
10-22-9 | Twelfth Amendment, dated as of August 15, 2019, to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of December 13, 2004 and effective as of January 5, 2015, as amended and restated as of August 5, 2013, as further amended as of June 29, 2015, as further amended as of August 1, 2017, and as further amended as of June 21, 2018, among TEGNA Inc., JPMorgan Chase Bank, N.A. as administrative agent, and the several banks and other financial institutions from time to time parties thereto. | |||||||||||||
10-22-10 | Thirteenth Amendment, dated as of June 11, 2020, to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of December 13, 2004 and effective as of January 5, 2005, and as amended and restated as of August 5, 2013, as further amended as of June 29, 2015, as further amended as of September 30, 2016, as further amended as of August 1, 2017, as further amended as of June 21, 2018 and as further amended as of August 15, 2019, among TEGNA Inc., JPMorgan Chase Bank, N.A., as administrative agent, and the several banks and other financial institutions from time to time parties thereto. | |||||||||||||
10-23 | Increased Facility Activation Notice, dated September 25, 2013, pursuant to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of August 5, 2013, by and among TEGNA Inc., JPMorgan Chase Bank N.A., as administrative agent, and the several banks and other financial institutions from time to time parties thereto. | |||||||||||||
10-23-1 | Increased Facility Activation Notice, dated May 5, 2014, pursuant to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of August 5, 2013, by and among TEGNA Inc., JP Morgan Chase Bank, N.A., as administrative agent, and the several banks and other financial institutions from time to time parties thereto. | |||||||||||||
10-23-2 | Increased Facility Activation Notice, dated as of September 23, 2015, pursuant to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of August 5, 2013, as amended, by and among TEGNA Inc., JPMorgan Chase Bank N.A., as administrative agent, and the several banks and other financial institutions from time to time parties thereto. | |||||||||||||
10-23-3 | Increased Facility Activation Notice, dated as of September 26, 2016, pursuant to the Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of August 5, 2013, as amended, by and among TEGNA Inc., JPMorgan Chase Bank N.A., as administrative agent, and the several banks and other financial institutions from time to time parties thereto. | |||||||||||||
21 | Subsidiaries of TEGNA Inc. | |||||||||||||
23 | Consent of Independent Registered Public Accounting Firm. | |||||||||||||
31-1 | Certification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | |||||||||||||
31-2 | Certification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. | |||||||||||||
32-1 | Section 1350 Certification. | |||||||||||||
32-2 | Section 1350 Certification. | |||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Date file because its Inline XBRL tags are embedded within the Inline XBRL document. | Attached. | ||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | Attached. | ||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase. | Attached. | ||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Document. | Attached. | ||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | Attached. | ||||||||||||
Exhibit Number | Exhibit | Location | ||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase. | Attached. | ||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | Attached. |
Dated: February 27, 2023 | TEGNA Inc. (Registrant) | ||||||||||
By: | /s/ Victoria D. Harker | ||||||||||
Victoria D. Harker | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
(principal financial officer) |
Dated: February 27, 2023 | /s/ David T. Lougee | |||||||
David T. Lougee | ||||||||
President and Chief Executive Officer | ||||||||
(principal executive officer) | ||||||||
Dated: February 27, 2023 | /s/ Victoria D. Harker | |||||||
Victoria D. Harker | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(principal financial officer) | ||||||||
Dated: February 27, 2023 | /s/ Clifton A. McClelland III | |||||||
Clifton A. McClelland III | ||||||||
Senior Vice President and Controller | ||||||||
(principal accounting officer) |
Dated: February 27, 2023 | /s/ Gina Bianchini | ||||
Gina Bianchini, Director | |||||
Dated: February 27, 2023 | /s/ Howard D. Elias | ||||
Howard D. Elias, Director, Chairman | |||||
Dated: February 27, 2023 | /s/ Stuart Epstein | ||||
Stuart Epstein, Director | |||||
Dated: February 27, 2023 | /s/ Lidia Fonseca | ||||
Lidia Fonseca, Director | |||||
Dated: February 27, 2023 | /s/ Karen Grimes | ||||
Karen Grimes, Director | |||||
Dated: February 27, 2023 | /s/ David T. Lougee | ||||
David T. Lougee, Director | |||||
Dated: February 27, 2023 | /s/ Scott K. McCune | ||||
Scott K. McCune, Director | |||||
Dated: February 27, 2023 | /s/ Henry W. McGee | ||||
Henry W. McGee, Director | |||||
Dated: February 27, 2023 | /s/ Bruce P. Nolop | ||||
Bruce P. Nolop, Director | |||||
Dated: February 27, 2023 | /s/ Neal Shapiro | ||||
Neal Shapiro, Director | |||||
Dated: February 27, 2023 | /s/ Melinda C. Witmer | ||||
Melinda C. Witmer, Director |
NAME OF SUBSIDIARY | STATE OF INCORPORATION | ||||
6600 BROADVIEW, LLC* | OHIO | ||||
BELO ADVERTISING CUSTOMER SERVICES, INC. | DELAWARE | ||||
BELO CAPITAL BUREAU, INC. | DELAWARE | ||||
BELO CORP. | DELAWARE | ||||
BELO HOLDINGS, INC. | DELAWARE | ||||
BELO INVESTMENT, LLC | DELAWARE | ||||
BELO KENTUCKY, INC. | KENTUCKY | ||||
BELO LEAD MANAGEMENT, LLC* | DELAWARE | ||||
BELO MANAGEMENT SERVICES, INC. | DELAWARE | ||||
BELO SAN ANTONIO, INC. | DELAWARE | ||||
BELO TECHNOLOGY ASSETS II, INC. | DELAWARE | ||||
BELO TV, INC. | DELAWARE | ||||
BELO VENTURES, INC. | DELAWARE | ||||
CAMARO PARENT, LLC* | DELAWARE | ||||
CAPE PUBLICATIONS, INC. | DELAWARE | ||||
COMBINED COMMUNICATIONS OF OKLAHOMA, LLC | OKLAHOMA | ||||
CORPORATE ARENA ASSOCIATES, INC. | TEXAS | ||||
DAILY BLAST LIVE, LLC | DELAWARE | ||||
FIRST COAST TOWER GROUP* | FLORIDA | ||||
G/O DIGITAL MARKETING, LLC | DELAWARE | ||||
GTG ENTERTAINMENT, A CALIFORNIA LIMITED PARTNERSHIP* | CALIFORNIA | ||||
GTMP HOLDINGS, LLC | DELAWARE | ||||
HILL TOWER, INC.* | TEXAS | ||||
KENS-TV, INC. | DELAWARE | ||||
KFMB-TV, LLC | DELAWARE | ||||
KHOU-TV, INC. | DELAWARE | ||||
KING BROADCASTING COMPANY | WASHINGTON | ||||
KING NEWS CORPORATION | WASHINGTON | ||||
KMSB-TV, INC. | ARIZONA | ||||
KONG-TV, INC. | DELAWARE | ||||
KSKN TELEVISION, INC. | DELAWARE | ||||
KTTU-TV, INC. | DELAWARE | ||||
KTVK, INC. | DELAWARE | ||||
KVUE TELEVISION, INC. | DELAWARE | ||||
KWES TELEVISION, LLC | DELAWARE | ||||
KXTV, LLC | MICHIGAN | ||||
LAKE CEDAR GROUP LLC* | DELAWARE | ||||
LOCKED ON PODCAST NETWORK, INC. | DELAWARE | ||||
LSB BROADCASTING, INC. | DELAWARE | ||||
MEDIA SALES ACADEMY, LLC* | TEXAS | ||||
MULTIMEDIA ENTERTAINMENT, LLC | SOUTH CAROLINA | ||||
MULTIMEDIA HOLDINGS CORPORATION | SOUTH CAROLINA |
/s/ David T. Lougee | |||||
David T. Lougee President and Chief Executive Officer (principal executive officer) |
/s/ Victoria D. Harker | |||||
Victoria D. Harker Chief Financial Officer (principal financial officer) |
/s/ David T. Lougee | |||||
David T. Lougee President and Chief Executive Officer (principal executive officer) |
/s/ Victoria D. Harker | |||||
Victoria D. Harker Chief Financial Officer (principal financial officer) |