10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 25, 2011

Commission file number 1-5837

THE NEW YORK TIMES COMPANY

(Exact name of registrant as specified in its charter)

NEW YORK	13-1102020
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

620 EIGHTH AVENUE, NEW YORK, NEW YORK

(Address of principal executive offices)

10018

(Zip Code)

Registrant’s telephone number, including area code 212-556-1234

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x      No   o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes   x     No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  x Accelerated filer  o Non-accelerated filer  o Smaller reporting company  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes   o     No  x

Number of shares of each class of the registrant’s common stock outstanding as of October 28, 2011 (exclusive of treasury shares):

Class A Common Stock	146,626,388	shares
Class B Common Stock	818,885	shares

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

	For the Quarters Ended						For the Nine Months Ended
	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
	(13 weeks)						(39 weeks)
Revenues
Advertising	$	261,779		$	286,980		$	862,954		$	914,518
Circulation	236,964			229,148			699,898			700,819
Other	38,492			38,205			117,589			116,450
Total revenues	537,235			554,333			1,680,441			1,731,787
Operating costs
Production costs:
Raw materials	37,890			39,571			118,040			114,962
Wages and benefits	121,109			123,766			373,127			376,204
Other	73,904			74,047			222,211			223,869
Total production costs	232,903			237,384			713,378			715,035
Selling, general and administrative costs	241,885			255,440			763,878			781,044
Depreciation and amortization	29,402			30,100			87,597			90,816
Total operating costs	504,190			522,924			1,564,853			1,586,895
Impairment of assets	—			16,148			161,318			16,148
Pension withdrawal expense	—			6,268			4,228			6,268
Operating profit/(loss)	33,045			8,993			(49,958		)	122,476
Gain on sale of investments	65,273			—			71,171			9,128
(Loss)/income from joint ventures	(1,068		)	5,482			(4,026		)	22,271
Premium on debt redemption	46,381			—			46,381			—
Interest expense, net	20,039			20,627			69,782			61,825
Income/(loss) from continuing operations before income taxes	30,830			(6,152		)	(98,976		)	92,050
Income tax expense/(benefit)	15,362			(2,018		)	153			50,444
Income/(loss) from continuing operations	15,468			(4,134		)	(99,129		)	41,606
(Loss)/income from discontinued operations, net of income taxes	—			(224		)	—			13
Net income/(loss)	15,468			(4,358		)	(99,129		)	41,619
Net loss/(income) attributable to the noncontrolling interest	217			97			515			(1,054		)
Net income/(loss) attributable to The New York Times Company common stockholders	$	15,685		$	(4,261	)	$	(98,614	)	$	40,565
Amounts attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	15,685		$	(4,037	)	$	(98,614	)	$	40,552
(Loss)/income from discontinued operations, net of income taxes	—			(224		)	—			13
Net income/(loss)	$	15,685		$	(4,261	)	$	(98,614	)	$	40,565
Average number of common shares outstanding:
Basic	147,355			145,803			147,103			145,533
Diluted	151,293			145,803			147,103			153,092
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	0.11		$	(0.03	)	$	(0.67	)	$	0.28
(Loss)/income from discontinued operations, net of income taxes	—			—			—			—
Net income/(loss)	$	0.11		$	(0.03	)	$	(0.67	)	$	0.28
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	0.10		$	(0.03	)	$	(0.67	)	$	0.26
Loss/(income) from discontinued operations, net of income taxes	—			—			—			—
Net income/(loss)	$	0.10		$	(0.03	)	$	(0.67	)	$	0.26

See Notes to Condensed Consolidated Financial Statements.

2

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
	September 25, 2011		December 26, 2010
	(Unaudited)
Assets
Current assets
Cash and cash equivalents	$	93,685	$	369,668
Short-term investments	169,764		29,974
Restricted cash	28,628		—
Accounts receivable (net of allowances of $23,800 in 2011 and $30,209 in 2010)	250,921		302,245
Inventories:
Newsprint and magazine paper	14,956		12,596
Other inventory	4,060		3,536
Total inventories	19,016		16,132
Deferred income taxes	68,875		68,875
Other current assets	49,186		70,338
Total current assets	680,075		857,232
Other assets
Investments in joint ventures	85,206		134,641
Property, plant and equipment (less accumulated depreciation and amortization of $1,117,481 in 2011 and $1,048,956 in 2010)	1,099,734		1,156,786
Intangible assets acquired:
Goodwill (less accumulated impairment losses of $957,311 in 2011 and $805,218 in 2010)	491,944		644,464
Other intangible assets acquired (less accumulated amortization of $69,755 in 2011 and $69,383 in 2010)	22,239		35,415
Total intangible assets acquired	514,183		679,879
Deferred income taxes	273,946		255,701
Miscellaneous assets	181,817		201,502
Total assets	$	2,834,961	$	3,285,741

See Notes to Condensed Consolidated Financial Statements.

3

THE NEW YORK TIMES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
	September 25, 2011			December 26, 2010
	(Unaudited)
Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	102,298		$	113,968
Accrued payroll and other related liabilities	104,494			143,850
Unexpired subscriptions	75,046			72,896
Accrued expenses and other	158,484			173,663
Total current liabilities	440,322			504,377
Other liabilities
Long-term debt and capital lease obligations	771,991			996,405
Pension benefits obligation	707,710			772,785
Postretirement benefits obligation	127,812			130,623
Other	194,444			217,475
Total other liabilities	1,801,957			2,117,288
Stockholders’ equity
Common stock of $.10 par value:
Class A – authorized 300,000,000 shares; issued: 2011 – 149,967,099; 2010 – 149,302,487 (including treasury shares: 2011 – 3,340,711; 2010 – 3,970,238)	14,997			14,930
Class B – convertible – authorized and issued shares: 2011 – 818,885; 2010 – 819,125 (including treasury shares: 2011 – 0; 2010 – 0)	82			82
Additional paid-in capital	42,029			40,155
Retained earnings	1,027,680			1,126,294
Common stock held in treasury, at cost	(119,534		)	(134,463		)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments	13,118			11,298
Unrealized derivative loss on cash-flow hedge of equity method investment	(680		)	(1,143		)
Funded status of benefit plans	(388,644		)	(397,226		)
Total accumulated other comprehensive loss, net of income taxes	(376,206		)	(387,071		)
Total New York Times Company stockholders’ equity	589,048			659,927
Noncontrolling interest	3,634			4,149
Total stockholders’ equity	592,682			664,076
Total liabilities and stockholders’ equity	$	2,834,961		$	3,285,741

See Notes to Condensed Consolidated Financial Statements.

4

THE NEW YORK TIMES COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	For the Nine Months Ended
	September 25, 2011			September 26, 2010
	(39 weeks)
Cash flows from operating activities
Net (loss)/income	$	(99,129	)	$	41,619
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Impairment of assets	161,318			16,148
Pension withdrawal expense	4,228			6,268
Gain on sale of investments	(71,171		)	(9,128		)
Premium on debt redemption	46,381			—
Depreciation and amortization	87,597			90,816
Stock-based compensation expense	5,790			5,835
Undistributed loss/(income) of equity method investments–net of dividends	4,026			(15,946		)
Long-term retirement benefit obligations	(59,430		)	(97,854		)
Other–net	10,341			7,244
Changes in operating assets and liabilities–net of dispositions:
Account receivables–net	51,324			71,388
Inventories	(2,884		)	(5,487		)
Other current assets	1,754			776
Accounts payable and other liabilities	(86,421		)	(16,196		)
Unexpired subscriptions	2,150			(2,854		)
Net cash provided by operating activities	55,874			92,629
Cash flows from investing activities
Purchases of short-term investments	(259,724		)	—
Maturities of short-term investments	119,934			—
Proceeds from sale of investments	115,258			13,605
Capital expenditures	(35,457		)	(20,305		)
Change in restricted cash	(28,628		)	—
Proceeds from the sale of assets	6,667			2,265
Proceeds from loan repayments	—			4,500
Net cash (used in)/provided by investing activities	(81,950		)	65
Cash flows from financing activities
Long-term obligations:
Repayments	(250,442		)	(446		)
Capital shares:
Issuances	218			721
Net cash (used in)/provided by financing activities	(250,224		)	275
(Decrease)/increase in cash and cash equivalents	(276,300		)	92,969
Effect of exchange rate changes on cash and cash equivalents	317			(848		)
Cash and cash equivalents at the beginning of the year	369,668			36,520
Cash and cash equivalents at the end of the quarter	$	93,685		$	128,641

See Notes to Condensed Consolidated Financial Statements.

5

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1. BASIS OF PRESENTATION

In the opinion of The New York Times Company's (the “Company”) management, the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of September 25, 2011, and December 26, 2010, and the results of operations and cash flows of the Company for the periods ended September 25, 2011, and September 26, 2010. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 26, 2010. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks for the third-quarter periods and 39 weeks for the nine-month periods.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

As of September 25, 2011, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 26, 2010, have not changed materially.

New Accounting Pronouncements

In September 2011, the Financial Accounting Standards Board (“FASB”) amended its guidance on the disclosure of information in financial statements for multiemployer pension plans to enhance the disclosures by providing more information about the plans in which an employer participates, its level of participation in those plans and the financial health of those plans. The provisions of this new guidance are effective for fiscal years ending after December 15, 2011, with the disclosures being required for all years presented in the initial year of adoption. The adoption of this guidance will expand our disclosures for significant multiemployer pension plans in which we are participants.

In September 2011, the FASB amended its guidance on goodwill impairment testing to reduce the cost and complexity of testing goodwill for impairment by providing the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The result of this assessment will determine whether it is necessary to perform the two-step test. The provisions of this new guidance are effective for fiscal years beginning after December 15, 2011, with early adoption permitted. We anticipate adopting the new guidance early when we conduct our annual goodwill impairment test in the fourth quarter of 2011. We do not anticipate the adoption of this guidance will have a material impact on our financial statements.

In June 2011, the FASB amended its guidance on the presentation of comprehensive income in financial statements to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items that are recorded in other comprehensive income. The new accounting guidance requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The provisions of this guidance are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We do not anticipate the adoption of this guidance will have a material impact on our financial statements.

In May 2011, the FASB amended its guidance related to fair value measurements in order to align the definition of fair value measurements and the related disclosure requirements between GAAP and International Financial Reporting Standards. These amendments, which are effective for interim and annual periods beginning after December 15, 2011, also change certain existing fair value measurement principles and disclosure requirements. We do not anticipate the adoption of this guidance will have a material impact on our financial statements.

At the beginning of our 2011 fiscal year, we adopted new guidance that amended previous guidance for the accounting of revenue arrangements with multiple deliverables. The adoption of this guidance, which specifically addressed how consideration should be allocated to the separate units of account included in revenue arrangements, did not have a material impact on our financial statements.

6

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

NOTE 3. SHORT-TERM INVESTMENTS

We have short-term investments, with original maturities of longer than 3 months, in U.S. Treasury securities and commercial paper as of September 25, 2011, and in U.S. Treasury securities as of December 26, 2010. Since we have the intention and ability to hold these investments to maturity, they are classified as held-to-maturity and are reported at amortized cost. The changes in the value of these securities are not reported in our Condensed Consolidated Financial Statements.

The carrying value of the short-term investments (which approximated the fair value) was approximately $165 million in U.S. Treasury securities and approximately $5 million in commercial paper as of September 25, 2011 and approximately $30 million in U.S. Treasury securities as of December 26, 2010. The short-term investments have remaining maturities of about 1 month to 4 months as of September 25, 2011.

NOTE 4. IMPAIRMENT OF ASSETS

In the second quarter of 2011, we recorded a $161.3 million charge for the impairment of assets at the News Media Group. The impairment consisted of the write-down of goodwill at the Regional Media Group of $152.1 million and the write-down of certain assets held for sale of $9.2 million.

Regional Media Group

Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our policy is to perform our annual goodwill impairment test in the fourth quarter of our fiscal year. However, due to certain impairment indicators at the Regional Media Group, including lower-than-expected operating results, we performed an interim impairment test of goodwill as of June 26, 2011. The Regional Media Group is part of the News Media Group reportable segment.

The interim test resulted in an impairment of goodwill of $152.1 million mainly from lower projected long-term operating results and cash flows of the Regional Media Group primarily due to the continued decline in print advertising revenues. These factors resulted in the carrying value of the net assets being greater than their fair value, and therefore a write-down to fair value was required. The impairment charge reduced the carrying value of goodwill at the Regional Media Group to $0.

In determining the fair value of the Regional Media Group, we made significant judgments and estimates regarding the expected severity and duration of the uneven economic environment and the secular changes affecting the newspaper industry in the Regional Media Group markets. The effect of these assumptions on projected long-term revenues, along with the continued benefits from reductions to the group’s cost structure, played a significant role in calculating the fair value of the Regional Media Group.

The fair value of the Regional Media Group’s goodwill was the residual fair value after allocating the total fair value of the Regional Media Group to its other assets, net of liabilities. The total fair value of the Regional Media Group was determined using a combination of a discounted cash flow model (present value of future cash flows) and a market approach model based on comparable businesses. The resulting fair value is considered a Level 3 fair value measurement (significant unobservable inputs for the asset or liabilities). We estimated a flat annual growth rate to arrive at a residual year representing the perpetual cash flows of the Regional Media Group. The residual year cash flow was capitalized to arrive at the terminal value of the Regional Media Group. Utilizing a discount rate of 10.7%, the present value of the cash flows during the projection period and terminal value were aggregated to estimate the fair value of the Regional Media Group. We assumed a flat annual growth rate and a discount rate of 10.7% in the discounted cash flow analysis for the interim impairment test compared with a 2.0% annual growth rate and a 10.5% discount rate used in the 2010 annual impairment test. In determining the appropriate discount rate, we considered the weighted average cost of capital for comparable companies.

Property, plant and equipment is tested for impairment if certain circumstances indicate a possible impairment may exist. Due to the factors discussed above, we completed an interim impairment test of property, plant and equipment as of June 26, 2011. The impairment test was completed at each newspaper (asset group level with the lowest level of cash flows) in the Regional Media Group. Our test did not result in an impairment because the sum of the future undiscounted cash flows at each newspaper was greater than the carrying value of property, plant and equipment.

7

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

Assets Held for Sale

In the second quarter of 2011, we classified certain assets as held for sale. The carrying value of these assets was greater than their fair value, less cost to sell, resulting in an impairment of certain intangible assets and property totaling $9.2 million. The impairment charge reduced the carrying value of intangible assets to $0 and the property to a nominal value. The fair value for these assets was determined by estimating the most likely sale price with a third-party buyer based on market data. The resulting fair value is considered a Level 3 fair value measurement.

NOTE 5. GOODWILL AND OTHER INTANGIBLE ASSETS ACQUIRED

Goodwill is the excess of cost over the fair value of tangible and other intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist.

Other intangible assets acquired consist primarily of trade names on various acquired properties, content, customer lists and other assets. Other intangible assets acquired that have indefinite lives (trade names) are not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Certain other intangible assets acquired (content, customer lists and other assets) are amortized over their estimated useful lives and tested for impairment if certain circumstances indicate a possible impairment may exist.

The tables below include goodwill and other intangible assets impaired during the second quarter of 2011 (see Note 4). In addition, the tables below include goodwill and other intangible assets disposed of during the first quarter of 2011 related to the sale of UCompareHealthCare.com, which was part of the About Group.

The changes in the carrying amount of goodwill were as follows:

(In thousands)	News Media Group			About Group			Total
Balance as of December 26, 2010:
Goodwill	$	1,079,704		$	369,978		$	1,449,682
Accumulated impairment losses	(805,218		)	—			(805,218		)
Balance as of December 26, 2010	274,486			369,978			644,464
Goodwill disposed during year	—			(2,702		)	(2,702		)
Goodwill impaired during year	(152,093		)	—			(152,093		)
Foreign currency translation	2,275			—			2,275
Balance as of September 25, 2011:
Goodwill	1,081,979			367,276			1,449,255
Accumulated impairment losses	(957,311		)	—			(957,311		)
Balance as of September 25, 2011	$	124,668		$	367,276		$	491,944

Other intangible assets acquired were as follows:

	September 25, 2011								December 26, 2010
(In thousands, except years)	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life (Years)
Amortized other intangible assets:
Content	$	21,384	$	(17,483	)	$	3,901	2	$	25,712	$	(16,510	)	$	9,202	7
Customer lists	24,508		(21,448		)	3,060		2	28,316		(21,281		)	7,035		6
Other	33,123		(30,824		)	2,299		4	36,390		(31,592		)	4,798		3
Total	$	79,015	$	(69,755	)	9,260			$	90,418	$	(69,383	)	21,035
Unamortized other intangible assets:
Trade names						12,979								14,380
Total other intangible assets acquired						$	22,239							$	35,415

8

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

Amortization expense related to other intangible assets acquired that are subject to amortization was $5.6 million in the first nine months of 2011 and is expected to be $1.5 million for the remainder of fiscal year 2011.

Amortization expense for the next five years related to these intangible assets is expected to be as follows:

(In thousands)	Amount
2012	$	4,800
2013	1,600
2014	600
2015	350
2016	270

NOTE 6. INVESTMENTS IN JOINT VENTURES

As of September 25, 2011, our investments in joint ventures consisted of equity ownership interests in the following entities:

Company	Approximate % Ownership
Metro Boston LLC	49	%
Donohue Malbaie Inc.	49	%
Madison Paper Industries	40	%
quadrantONE LLC	25	%
Fenway Sports Group	7.3	%

See Note 8 for information regarding the sale of a portion of our ownership interest in Fenway Sports Group.

The following table presents summarized unaudited condensed combined income statements for our unconsolidated joint ventures.

	For the Quarters Ended					For the Nine Months Ended
(In thousands)	September 30, 2011			September 30, 2010		September 30, 2011			September 30, 2010
Revenues	$	389,814		$	294,152	$	963,626		$	724,475
Costs and expenses	399,531			245,393		963,167			622,957
Operating (loss)/profit	(9,717		)	48,759		459			101,518
Other income/(loss)	1,227			2,938		(8,094		)	28,969
Pre-tax (loss)/income	(8,490		)	51,697		(7,635		)	130,487
Income tax expense/(benefit)	1,028			366		154			(642		)
Net (loss)/income	(9,518		)	51,331		(7,789		)	131,129
Net income attributable to noncontrolling interest	6,279			6,973		16,974			18,512
Net (loss)/income less noncontrolling interest	$	(15,797	)	$	44,358	$	(24,763	)	$	112,617

9

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

NOTE 7. DEBT OBLIGATIONS

As of September 25, 2011, our current indebtedness included senior notes and a sale-leaseback of a portion of our New York headquarters. Our total debt and capital lease obligations consisted of the following:

(In thousands)	Coupon Rate		September 25, 2011		December 26, 2010
Senior notes due 2015, called in 2011	14.053	%	$	—	$	227,680
Senior notes due 2012	4.610	%	74,867		74,771
Senior notes due 2015	5.0	%	249,883		249,860
Senior notes due 2016	6.625	%	220,612		220,102
Option to repurchase ownership interest in headquarters building in 2019			219,952		217,306
Total debt			765,314		989,719
Capital lease obligations			6,707		6,724
Total debt and capital lease obligations			$	772,021	$	996,443

Prepayment of 14.053% Notes

On August 15, 2011, we prepaid in full all $250.0 million outstanding aggregate principal amount of the 14.053% senior unsecured notes due January 15, 2015 (the “14.053% Notes”). The prepayment totaled approximately $280 million, comprising (1) the $250.0 million aggregate principal amount of the 14.053% Notes, (2) approximately $3 million representing all interest that was accrued and unpaid on the 14.053% Notes to August 15, 2011, and (3) a make-whole premium amount of approximately $27 million due in connection with the prepayment. We funded the prepayment from available cash. As a result of this prepayment, we recorded a $46.4 million pre-tax charge in the third quarter of 2011.

Long-Term Debt

Based on borrowing rates currently available for debt with similar terms and average maturities, the fair value of our long-term debt was approximately $863 million as of September 25, 2011 and $1.1 billion as of December 26, 2010.

New Revolving Credit Facility

In June 2011, we entered into a new $125.0 million asset-backed 5-year revolving credit facility. This new credit facility replaced our $400.0 million revolving credit facility, which was to expire on June 21, 2011. As of September 25, 2011, there were $0 outstanding borrowings under the new credit facility.

Borrowings under the new credit facility will be secured by a lien on certain advertising receivables. In addition, borrowings bear interest at specified margins based on our utilization and at rates that vary between the LIBOR and prime rates (as defined by the credit agreement) depending on the term to maturities we specify. The new credit facility contains various customary affirmative and negative covenants.

Interest Expense, Net

“Interest expense, net” in our Condensed Consolidated Statements of Operations was as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Cash interest expense	$	18,712		$	18,910		$	64,880		$	56,922
Non-cash amortization of discount on debt	1,445			2,113			5,632			6,054
Capitalized interest	(11		)	(80		)	(343		)	(100		)
Interest income	(107		)	(316		)	(387		)	(1,051		)
Total interest expense, net	$	20,039		$	20,627		$	69,782		$	61,825

10

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

NOTE 8. OTHER

Gain on Sale of Investments

On July 1, 2011, we sold 390 of our remaining 700 units in Fenway Sports Group for $117.0 million. In the third quarter of 2011, we recorded a pre-tax gain of $65.3 million from the sale. Following the sale, we own 310 units, or 7.3% of Fenway Sports Group. We continue to market our remaining interest in Fenway Sports Group, in whole or in parts.

In the first quarter of 2011, we sold a minor portion of our interest in Indeed.com, a job listing aggregator, resulting in a gain of $5.9 million. We still retain a substantial portion of our initial interest in Indeed.com.

Severance Costs

We recognized severance costs of $3.0 million in the third quarter of 2011 and $5.7 million in the first nine months of 2011. These costs were primarily recognized at the News Media Group related to various initiatives and are primarily recorded in “Selling, general and administrative costs” in our Condensed Consolidated Statements of Operations. As of September 25, 2011, we had a severance liability of approximately $8 million included in “Accrued expenses and other” in our Condensed Consolidated Balance Sheet.

NOTE 9. PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

We sponsor several pension plans, the majority of which have been frozen; participate in The New York Times Newspaper Guild pension plan, a joint Company and Guild-sponsored plan; and make contributions to several multiemployer plans in connection with collective bargaining agreements. These plans cover the majority of our employees.

In the second quarter of 2011, certain employees of The Boston Globe (the “Globe”) represented by a union ratified amendments to their collective bargaining agreement resulting in a partial withdrawal from a multiemployer pension plan. We recorded an estimated $4.2 million charge for our withdrawal obligation under this multiemployer pension plan.

Our Company-sponsored defined benefit pension plans include qualified plans (funded) as well as non-qualified plans (unfunded). These plans provide participating employees with retirement benefits in accordance with benefit formulas detailed in each plan. Our non-qualified plans provide enhanced retirement benefits to select members of management.

The components of net periodic pension cost of all Company-sponsored plans and The New York Times Newspaper Guild pension plan were as follows:

	For the Quarters Ended
	September 25, 2011								September 26, 2010
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	3,019		$	377	$	3,396		$	2,937		$	15	$	2,952
Interest cost	24,998			3,286		28,284			24,996			3,362		28,358
Expected return on plan assets	(27,953		)	—		(27,953		)	(28,420		)	—		(28,420		)
Amortization of prior service cost	201			—		201			201			—		201
Recognized actuarial loss	6,445			804		7,249			4,084			565		4,649
Net periodic pension cost	$	6,710		$	4,467	$	11,177		$	3,798		$	3,942	$	7,740

11

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

	For the Nine Months Ended
	September 25, 2011								September 26, 2010
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	9,057		$	1,131	$	10,188		$	9,106		$	45	$	9,151
Interest cost	74,994			9,858		84,852			76,895			10,087		86,982
Expected return on plan assets	(83,859		)	—		(83,859		)	(85,205		)	—		(85,205		)
Amortization of prior service cost	603			—		603			603			—		603
Recognized actuarial loss	19,335			2,412		21,747			12,412			3,537		15,949
Net periodic pension cost	$	20,130		$	13,401	$	33,531		$	13,811		$	13,669	$	27,480

In the first nine months of 2011, we made contributions totaling approximately $70 million to certain qualified pension plans. The majority of these contributions were discretionary. Based on our contractual obligations, we expect to make 2011 contributions of approximately $32 million (of which approximately $26 million was made in the first nine months of 2011) to The New York Times Newspaper Guild pension plan. Except for contractual contributions to The New York Times Newspaper Guild pension plan, we have addressed our minimum funding requirements for 2011 and a significant portion for 2012 through discretionary contributions. However, we may make additional discretionary contributions in 2011 to our Company-sponsored qualified pension plans based on cash flows, pension asset performance, interest rates and other factors.

Other Postretirement Benefits

We provide health benefits to retired employees (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we no longer provide post-age 65 retiree medical benefits for employees who retire on or after March 1, 2009. We also contribute to a postretirement plan under the provisions of a collective bargaining agreement. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from our general corporate assets.

In October 2011, we amended our retiree medical plan. See Note 16 for additional information.

The components of net periodic postretirement benefit income were as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Service cost	$	290		$	269		$	870		$	807
Interest cost	1,825			2,335			5,475			7,005
Amortization of prior service credit	(3,901		)	(3,900		)	(11,703		)	(11,700		)
Recognized actuarial loss	481			782			1,443			2,346
Net periodic postretirement benefit income	$	(1,305	)	$	(514	)	$	(3,915	)	$	(1,542	)

NOTE 10. INCOME TAXES

We had an effective tax rate of 49.8% in the third quarter of 2011. The effective tax rate was impacted by certain non-deductible items resulting in a higher than customary effective tax rate. Our effective tax rate for the first nine months of 2011 is not meaningful because a portion of the non-cash charge in the second quarter of 2011 for the impairment of the Regional Media Group's goodwill was non-deductible.

We had an effective tax rate of 32.8% in the third quarter of 2010. The effective tax rate was impacted by lower state tax rates applied to the impairment charge associated with the Globe's Billerica, Mass., printing facility, and pension withdrawal expense in the third quarter of 2010. The effective tax rate for the first nine months of 2010 was 54.8%, primarily because of a $10.9 million tax charge for the reduction in future tax benefits for certain retiree health benefits resulting from the federal health care reform legislation enacted in March 2010.

12

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

NOTE 11. DISCONTINUED OPERATIONS

The results of operations for WQXR-FM, a New York City classical radio station, which was sold in October 2009, are presented as discontinued operations. We received proceeds related to the sale of approximately $45 million and recorded a pre-tax gain of approximately $35 million (approximately $19 million after tax) in the fourth quarter of 2009. We had a net loss from discontinued operations of $0.2 million in the third quarter of 2010 and net income from discontinued operations of $13,000 in the first nine months of 2010 as a result of post-closing adjustments to the gain.

NOTE 12. EARNINGS/(LOSS) PER SHARE

Basic and diluted earnings/(loss) per share have been computed as follows:

	For the Quarters Ended					For the Nine Months Ended
(In thousands, except per share data)	September 25, 2011		September 26, 2010			September 25, 2011			September 26, 2010
Amounts attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	15,685	$	(4,037	)	$	(98,614	)	$	40,552
(Loss)/income from discontinued operations, net of income taxes	—		(224		)	—			13
Net income/(loss)	$	15,685	$	(4,261	)	$	(98,614	)	$	40,565
Average number of common shares outstanding–Basic	147,355		145,803			147,103			145,533
Incremental shares for assumed exercise of securities	3,938		—			—			7,559
Average number of common shares outstanding–Diluted	151,293		145,803			147,103			153,092
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	0.11	$	(0.03	)	$	(0.67	)	$	0.28
(Loss)/income from discontinued operations, net of income taxes	—		—			—			—
Net income/(loss)–Basic	$	0.11	$	(0.03	)	$	(0.67	)	$	0.28
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	0.10	$	(0.03	)	$	(0.67	)	$	0.26
Loss/(income) from discontinued operations, net of income taxes	—		—			—			—
Net income/(loss)–Diluted	$	0.10	$	(0.03	)	$	(0.67	)	$	0.26

The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our stock options and warrants could have the most significant impact on diluted shares.

Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Common Stock, because their inclusion would have an anti-dilutive effect on per share amounts.

The number of stock options that were excluded from the computation of diluted earnings per share because they were anti-dilutive were approximately 20 million and 22 million in the third quarter and for the first nine months of 2011 and approximately 26 million and 25 million in the third quarter and for the first nine months of 2010.

A total of 15.9 million warrants were excluded from the computation of diluted earnings per share for the first nine months of 2011 and third quarter of 2010 because they were anti-dilutive.

13

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

NOTE 13. SUPPLEMENTAL STOCKHOLDERS' EQUITY INFORMATION

Stockholders' equity is summarized as follows:

(In thousands)	Total New York Times Company Stockholders' Equity			Noncontrolling Interest			Total Stockholders' Equity
Balance as of December 26, 2010	$	659,927		$	4,149		$	664,076
Net loss	(98,614		)	(515		)	(99,129		)
Other comprehensive income	10,865			—			10,865
Issuance of shares	8,055			—			8,055
Stock-based compensation	8,815			—			8,815
Balance as of September 25, 2011	$	589,048		$	3,634		$	592,682

(In thousands)	Total New York Times Company Stockholders' Equity			Noncontrolling Interest		Total Stockholders' Equity
Balance as of December 27, 2009	$	604,042		$	3,201	$	607,243
Net income	40,565			1,054		41,619
Other comprehensive loss	(1,608		)	—		(1,608		)
Issuance of shares	9,106			—		9,106
Stock-based compensation	5,835			—		5,835
Balance as of September 26, 2010	$	657,940		$	4,255	$	662,195

Comprehensive income/(loss) was as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Net income/(loss)	$	15,468		$	(4,358	)	$	(99,129	)	$	41,619
Other comprehensive income/(loss):
Foreign currency translation adjustments	(5,186		)	8,161			3,258			(5,966		)
Unrealized derivative gain on cash-flow hedge of equity method investment	726			—			803			—
Adjustments to pension benefits obligation	—			—			—			(4,087		)
Amortization of unrecognized amounts included in pension and postretirement benefits obligations	5,999			1,730			14,642			7,198
Income tax (expense)/benefit	(857		)	(3,988		)	(7,838		)	1,247
Total other comprehensive income/(loss)	682			5,903			10,865			(1,608		)
Comprehensive income/(loss)	16,150			1,545			(88,264		)	40,011
Net loss/(income) attributable to the noncontrolling interest	217			97			515			(1,054		)
Comprehensive income/(loss) attributable to The New York Times Company common stockholders	$	16,367		$	1,642		$	(87,749	)	$	38,957

The “Accumulated other comprehensive loss, net of income taxes” in our Condensed Consolidated Balance Sheets was net of a deferred income tax benefit of approximately $275 million as of September 25, 2011 and $280 million as of December 26, 2010.

14

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

NOTE 14. SEGMENT INFORMATION

Our reportable segments consist of the News Media Group and the About Group. These segments are evaluated regularly by key management in assessing performance and allocating resources.

Below is a description of our reportable segments:

News Media Group

The News Media Group consists of The New York Times Media Group, which includes The New York Times, the International Herald Tribune, NYTimes.com, and related businesses; the New England Media Group, which includes the Globe, BostonGlobe.com, Boston.com, the Worcester Telegram & Gazette, Telegram.com, and related businesses; and the Regional Media Group, which includes 14 daily newspapers in Alabama, California, Florida, Louisiana, North Carolina and South Carolina, their Web sites, other print publications and related businesses.

About Group

The About Group consists of About.com, ConsumerSearch.com, CalorieCount.com and related businesses. In February 2011, we sold UCompareHealthCare.com.

Our Statements of Operations by segment and Corporate were as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Revenues
News Media Group	$	511,511		$	521,868		$	1,595,731		$	1,630,935
About Group	25,724			32,465			84,710			100,852
Total	$	537,235		$	554,333		$	1,680,441		$	1,731,787
Operating profit/(loss)
News Media Group(1)	$	30,020		$	6,046		$	(55,940	)	$	108,914
About Group	9,544			13,876			35,406			45,782
Corporate	(6,519		)	(10,929		)	(29,424		)	(32,220		)
Total	$	33,045		$	8,993		$	(49,958	)	$	122,476
Gain on sale of investments	65,273			—			71,171			9,128
(Loss)/income from joint ventures	(1,068		)	5,482			(4,026		)	22,271
Premium on debt redemption	46,381			—			46,381			—
Interest expense, net	20,039			20,627			69,782			61,825
Income/(loss) from continuing operations before income taxes	30,830			(6,152		)	(98,976		)	92,050
Income tax expense/(benefit)	15,362			(2,018		)	153			50,444
Income/(loss) from continuing operations	15,468			(4,134		)	(99,129		)	41,606
(Loss)/income from discontinued operations, net of income taxes	—			(224		)	—			13
Net income/(loss)	15,468			(4,358		)	(99,129		)	41,619
Net loss/(income) attributable to the noncontrolling interest	217			97			515			(1,054		)
Net income/(loss) attributable to The New York Times Company common stockholders	$	15,685		$	(4,261	)	$	(98,614	)	$	40,565

⁽¹⁾  In the second quarter of 2011, we recorded a $161.3 million impairment charge, primarily related to goodwill at the Regional Media Group, and a $4.2 million charge for a pension withdrawal obligation under a multiemployer pension plan at the Globe. In the third quarter of 2010, we recorded a $16.1 million impairment charge associated with the Globe's Billerica, Mass., printing facility and a $6.3 million charge for a pension withdrawal obligation under a multiemployer pension plan at the Globe. The Regional Media Group and the Globe are a part of the News Media Group reportable segment.

15

THE NEW YORK TIMES COMPANY

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)

(Unaudited)

NOTE 15. CONTINGENT LIABILITIES

Restricted Cash

We were required to maintain $28.6 million of restricted cash as of September 25, 2011 subject to certain collateral requirements primarily for obligations under our workers' compensation programs. These collateral requirements were previously supported by letters of credit under our revolving credit facility that was replaced in June 2011.

Other

There are various legal actions that have arisen in the ordinary course of business and are now pending against us. These actions are generally for amounts greatly in excess of the payments, if any, that may be required to be made. It is the opinion of management after reviewing these actions with our legal counsel that the ultimate liability that might result from these actions would not have a material adverse effect on our Condensed Consolidated Financial Statements.

NOTE 16. SUBSEQUENT EVENTS

Amended Retiree Benefit Plan

In October 2011, we amended our retiree medical plan by, among other things, placing a cap (effective January 1, 2012) on our contributions for certain retiree groups. In connection with this plan amendment, we remeasured our postretirement obligation as of the plan amendment date. The plan amendment and remeasurement resulted in a decrease in the postretirement liability and an increase in other comprehensive income (before taxes) of approximately $20 million in October 2011.

16

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

We are a diversified media company that currently includes newspapers, digital businesses, investments in paper mills and other investments. We classify our businesses based on our operating strategies into two reportable segments, the News Media Group and the About Group. Our segments and divisions are:

News Media Group (consisting of The New York Times Media Group, which includes The New York Times (“The Times”), the International Herald Tribune, NYTimes.com, and related businesses; the New England Media Group, which includes The Boston Globe (the “Globe”), BostonGlobe.com, Boston.com, the Worcester Telegram & Gazette, Telegram.com, and related businesses; and the Regional Media Group, which includes 14 daily newspapers, other print publications and related businesses). The News Media Group generates revenues principally from print and digital advertising and through print and digital circulation. Other revenues primarily consist of revenues from news services/syndication, commercial printing, rental income, digital archives and direct mail advertising services. The News Media Group’s main operating costs are employee-related costs and raw materials, primarily newsprint.

About Group (consisting of About.com, ConsumerSearch.com, CalorieCount.com and related businesses). The About Group generates revenues through cost-per-click advertising (sponsored links for which the About Group is paid when a user clicks on the ad), display advertising and e-commerce (including sales lead generation). Almost all of its revenues (95% in the first nine months of 2011) are derived from the sale of cost-per-click and display advertising. Cost-per-click advertising accounted for 56% of the About Group’s total advertising revenues in the first nine months of 2011. The About Group’s main operating costs are employee-related costs and content and hosting costs.

Joint Ventures Our investments accounted for under the equity method are as follows:

▪ a 49% interest in Metro Boston LLC, which publishes a free daily newspaper in the greater Boston area;

▪ a 49% interest in a Canadian newsprint company, Donohue Malbaie Inc.;

▪ a 40% interest in a partnership, Madison Paper Industries, operating a supercalendered paper mill in Maine;

▪ a 25% interest in quadrantONE LLC, an online advertising network that sells bundled premium, targeted display advertising onto local newspaper and other Web sites; and

▪ a 7.3% interest in Fenway Sports Group, which owns the Boston Red Sox baseball club; Liverpool Football Club (a soccer team in the English Premier League); approximately 80% of New England Sports Network (a regional cable sports network that televises the Red Sox and Boston Bruins hockey games); and 50% of Roush Fenway Racing (a leading NASCAR team).

During the third quarter and first nine months of 2011, we experienced a decline in total revenues of 3.1% and 3.0%, respectively, reflecting the continuing uncertainty in economic conditions and ongoing transformation of our industry, while operating costs decreased 3.6% and 1.4%, respectively, compared with the same prior-year periods.

The advertising marketplace remained challenging in the third quarter as advertisers exercised more caution than in the first half of 2011 in response to uneven economic conditions and lingering uncertainty about the economic outlook. Compared with the prior-year period, total advertising revenues decreased 8.8% in the third quarter of 2011 as print advertising revenues declined 10.4% and digital advertising revenues declined 4.5%. The decline in digital advertising revenues was driven by continued challenges at the About Group, offset in part by an increase in the News Media Group's digital advertising revenues, the growth of which moderated in the third quarter of 2011 compared with recent quarters. For the first nine months of 2011, total advertising revenues decreased 5.6% as an 8.0% decline in print advertising revenues was partially offset by 0.9% growth in digital advertising revenues, compared with the same prior-year period. Visibility remains limited for advertising. In October, we saw total advertising revenue trends improve modestly relative to those of the third quarter of 2011 due to a slight moderation in declines in print advertising revenues. October total digital advertising revenue trends were similar to those of the third quarter of 2011.

About Group advertising revenues decreased in the third quarter and first nine months of 2011 compared with the same prior-year periods mainly as a result of declines in both cost-per-click and display advertising. Cost-per-click advertising revenues decreased primarily due to lower click-through rates and the negative effect on page views mainly due to increased competition in the content space and the algorithm changes Google implemented during the first quarter of 2011. The About Group is implementing a plan to grow content and traffic, improve its advertising effectiveness, and aggressively respond to the increased competition in both the display and search engine advertising markets.

Circulation revenues increased 3.4% in the third quarter and remained flat in the first nine months of 2011 compared with the same prior-year periods. The introduction of The Times digital subscriptions in the second quarter of 2011 helped to offset the decline in print copies sold across the News Media Group in the third quarter of 2011. We expect total circulation revenues to increase in the low- to mid-single digits in the fourth quarter of 2011 primarily due to the positive effect of launching The Times digital subscriptions.

17

Paid digital subscribers to The Times digital subscription packages, e-readers and replica editions totaled approximately 324,000 as of the end of the third quarter of 2011. In addition to these paid digital subscribers, as of the end of the third quarter of 2011, The Times had more than 100,000 highly engaged users, with free access to NYTimes.com and smartphone apps until the end of 2011, sponsored by a luxury automobile brand, and approximately 800,000 home-delivery subscribers with linked digital accounts, who receive free digital access. In total, The Times had paid and sponsored relationships with over 1.2 million digital users as of the end of the third quarter of 2011.

Operating costs decreased 3.6% in the third quarter and 1.4% in the first nine months of 2011 compared with the same periods in 2010 primarily as lower compensation costs and professional fees were partially offset by higher promotion costs, as well as by newsprint and various other expenses in the first nine months of 2011. We remain focused on identifying further efficiencies across our operations, which through 2012 may include increased manufacturing efficiencies, further leveraging of centralized resources and lower ongoing outside printing expenses, while continuing to invest in our digital businesses. We expect operating costs to decline in the low- to mid-single digits in the fourth quarter of 2011. Newsprint prices have remained stable since July 2010 and in the fourth quarter of 2011, are expected to be relatively flat versus the same period in 2010.

We have continued to manage our liquidity position and finished the quarter with cash, cash equivalents and short-term investments of approximately $263 million, even after the prepayment of our $250.0 million 14.053% senior unsecured notes due January 15, 2015 (“14.053% Notes”) and making pension contributions of about $70 million to certain qualified pension plans in the first nine months of 2011. As of September 25, 2011, our total debt and capital lease obligations were approximately $772 million and our total debt and capital lease obligations, net of cash, cash equivalents and short-term investments, which we believe provides a useful measure of our liquidity and overall debt position, were approximately $509 million. Over the past two years, we have taken decisive steps to strengthen our liquidity position and improve our debt profile. These efforts have allowed us to prepay on August 15, 2011, all of our $250.0 million 14.053% Notes, more than three years before these notes were scheduled to mature. In addition, in June 2011, we entered into a new $125.0 million asset-backed five-year revolving credit facility that replaced our $400.0 million revolving credit facility. As of September 25, 2011, we had no outstanding borrowings under the new credit facility. See the “Recent Developments” section for additional information on the prepayment of our 14.053% Notes and the new revolving credit facility.

We expect the following on a pre-tax basis in 2011:

▪ Depreciation and amortization: $120 million,

▪ Interest expense, net: $85 million, and

▪ Capital expenditures: $50 million, which includes investments in digital systems across our Company.

We expect results from joint ventures to be breakeven in the fourth quarter of 2011. Results for joint ventures in 2011 are negatively impacted by Fenway Sports Group's acquisition of Liverpool Football Club, mainly due to amortization expense associated with the purchase. See also the “Recent Developments” section for additional information on the partial sale of our ownership interest in Fenway Sports Group during the third quarter of 2011.

18

RECENT DEVELOPMENTS

Amended Retiree Benefit Plan

In October 2011, we amended our retiree medical plan by, among other things, placing a cap (effective January 1, 2012) on our contributions for certain retiree groups. In connection with this plan amendment, we remeasured our postretirement obligation as of the plan amendment date. The plan amendment and remeasurement resulted in a decrease in the postretirement liability and an increase in other comprehensive income (before taxes) of approximately $20 million in October 2011.

Prepayment of 14.053% Notes

On August 15, 2011, we prepaid in full all $250.0 million outstanding principal amount of the 14.053% Notes. The prepayment totaled approximately $280 million, which included (1) the $250.0 million aggregate principal amount of the 14.053% Notes, (2) approximately $3 million representing all interest accrued and unpaid on the 14.053% Notes to August 15, 2011, and (3) a make-whole premium amount of approximately $27 million due in connection with the prepayment. We funded the prepayment from available cash. As a result of this prepayment, we recorded a $46.4 million pre-tax charge in the third quarter of 2011 and expect to save in excess of $39 million annually in interest expense through January 15, 2015.

Gain on Sale of Investments

On July 1, 2011, we sold 390 of our remaining 700 units in Fenway Sports Group for $117.0 million. We recorded a pre-tax gain of $65.3 million in the third quarter of 2011. This transaction is in addition to the sale of 50 units of our original 750 units in Fenway Sports Group that resulted in a pre-tax gain of $9.1 million in the second quarter of 2010. Following these transactions, we own 310 units, or 7.3% of Fenway Sports Group. We continue to market our remaining interest in Fenway Sports Group, in whole or in parts.

In the first quarter of 2011, we sold a minor portion of our interest in Indeed.com, a job listing aggregator, resulting in a gain of $5.9 million. We still retain a substantial portion of our initial interest in Indeed.com.

Impairment of Assets

In the second quarter of 2011, we recorded a $161.3 million charge for the impairment of assets at the News Media Group. The impairment consisted of the write-down of goodwill at the Regional Media Group of $152.1 million and the write-down of certain assets held for sale of $9.2 million. See “Results of Operations – Other Items – Impairment of Assets” for additional information.

Pension Withdrawal Expense

In the second quarter of 2011, certain employees of the Globe represented by a union, ratified amendments to their collective bargaining agreement resulting in a partial withdrawal from a multiemployer pension plan. We recorded an estimated $4.2 million charge for our withdrawal obligation under this multiemployer pension plan.

New Revolving Credit Facility

In June 2011, we entered into a new $125.0 million asset-backed five-year revolving credit facility. This new credit facility replaced our $400.0 million revolving credit facility, which was to expire on June 21, 2011. Borrowings under the new credit facility will be secured by a lien on certain advertising receivables. In addition, borrowings bear interest at specified margins based on our utilization and at rates that vary between the LIBOR and prime rates (as defined by the credit agreement) depending on the term to maturities we specify. See “Liquidity and Capital Resources – Third-Party Financing” for additional information.

Pension Contributions

In the first nine months of 2011, we made contributions of approximately $70 million to certain qualified pension plans. The majority of these contributions were discretionary. Based on our contractual obligations, we expect to make 2011 contributions of approximately $32 million (of which approximately $26 million was made in the first nine months of 2011) to The New York Times Newspaper Guild pension plan.

19

The recent declines in interest rates as well as softness in the equity market have had a negative effect on the funded status of many defined benefit pension plans, including our Company-sponsored and joint Company and Guild-sponsored plans. Except for contractual contributions to The New York Times Newspaper Guild pension plan, we have addressed our minimum funding requirements for 2011 and a significant portion for 2012 through discretionary contributions. However, we may make additional discretionary contributions in 2011 to our Company-sponsored qualified pension plans based on cash flows, pension asset performance, interest rates and other factors.

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RESULTS OF OPERATIONS

The following table presents our consolidated financial results.

	For the Quarters Ended								For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			% Change		September 25, 2011			September 26, 2010			% Change
Revenues
Advertising	$	261,779		$	286,980		(8.8	)	$	862,954		$	914,518		(5.6	)
Circulation	236,964			229,148			3.4		699,898			700,819			(0.1	)
Other	38,492			38,205			0.8		117,589			116,450			1.0
Total revenues	537,235			554,333			(3.1	)	1,680,441			1,731,787			(3.0	)
Operating costs
Production costs:
Raw materials	37,890			39,571			(4.2	)	118,040			114,962			2.7
Wages and benefits	121,109			123,766			(2.1	)	373,127			376,204			(0.8	)
Other	73,904			74,047			(0.2	)	222,211			223,869			(0.7	)
Total production costs	232,903			237,384			(1.9	)	713,378			715,035			(0.2	)
Selling, general and administrative costs	241,885			255,440			(5.3	)	763,878			781,044			(2.2	)
Depreciation and amortization	29,402			30,100			(2.3	)	87,597			90,816			(3.5	)
Total operating costs	504,190			522,924			(3.6	)	1,564,853			1,586,895			(1.4	)
Impairment of assets	—			16,148			N/A		161,318			16,148			*
Pension withdrawal expense	—			6,268			N/A		4,228			6,268			(32.5	)
Operating profit/(loss)	33,045			8,993			*		(49,958		)	122,476			*
Gain on sale of investments	65,273			—			N/A		71,171			9,128			*
(Loss)/income from joint ventures	(1,068		)	5,482			*		(4,026		)	22,271			*
Premium on debt redemption	46,381			—			N/A		46,381			—			N/A
Interest expense, net	20,039			20,627			(2.9	)	69,782			61,825			12.9
Income/(loss) from continuing operations before income taxes	30,830			(6,152		)	*		(98,976		)	92,050			*
Income tax expense/(benefit)	15,362			(2,018		)	*		153			50,444			(99.7	)
Income/(loss) from continuing operations	15,468			(4,134		)	*		(99,129		)	41,606			*
(Loss)/income from discontinued operations, net of income taxes	—			(224		)	N/A		—			13			N/A
Net income/(loss)	15,468			(4,358		)	*		(99,129		)	41,619			*
Net loss/(income) attributable to the noncontrolling interest	217			97			*		515			(1,054		)	*
Net income/(loss) attributable to The New York Times Company common stockholders	$	15,685		$	(4,261	)	*		$	(98,614	)	$	40,565		*
* Represents an increase or decrease in excess of 100%.

Revenues

Revenues by reportable segment and for the Company as a whole were as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011		September 26, 2010		% Change		September 25, 2011		September 26, 2010		% Change
News Media Group	$	511,511	$	521,868	(2.0	)	$	1,595,731	$	1,630,935	(2.2	)
About Group	25,724		32,465		(20.8	)	84,710		100,852		(16.0	)
Total revenues	$	537,235	$	554,333	(3.1	)	$	1,680,441	$	1,731,787	(3.0	)

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News Media Group

Advertising, circulation and other revenues by operating segment of the News Media Group and for the Group as a whole were as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011		September 26, 2010		% Change		September 25, 2011		September 26, 2010		% Change
The New York Times Media Group
Advertising	$	156,092	$	166,076	(6.0	)	$	521,488	$	536,423	(2.8	)
Circulation	178,241		167,838		6.2		522,131		514,075		1.6
Other	22,524		21,012		7.2		68,003		65,575		3.7
Total	$	356,857	$	354,926	0.5		$	1,111,622	$	1,116,073	(0.4	)
New England Media Group
Advertising	$	44,416	$	49,177	(9.7	)	$	144,004	$	152,746	(5.7	)
Circulation	40,360		42,659		(5.4	)	118,786		126,095		(5.8	)
Other	9,936		10,983		(9.5	)	30,823		31,841		(3.2	)
Total	$	94,712	$	102,819	(7.9	)	$	293,613	$	310,682	(5.5	)
Regional Media Group
Advertising	$	36,833	$	40,807	(9.7	)	$	116,973	$	129,339	(9.6	)
Circulation	18,363		18,651		(1.5	)	58,981		60,649		(2.8	)
Other	4,746		4,665		1.7		14,542		14,192		2.5
Total	$	59,942	$	64,123	(6.5	)	$	190,496	$	204,180	(6.7	)
Total News Media Group
Advertising	$	237,341	$	256,060	(7.3	)	$	782,465	$	818,508	(4.4	)
Circulation	236,964		229,148		3.4		699,898		700,819		(0.1	)
Other	37,206		36,660		1.5		113,368		111,608		1.6
Total	$	511,511	$	521,868	(2.0	)	$	1,595,731	$	1,630,935	(2.2	)

Advertising Revenues

Advertising revenue is primarily determined by the volume, rate and mix of advertisements. Total News Media Group advertising revenues decreased in the third quarter and first nine months of 2011 compared with the same prior-year periods primarily due to lower print volume across all advertising categories, offset in part by higher digital advertising revenues. Print advertising revenues, which represented approximately 79% of total advertising revenues for the News Media Group, declined 10.4% in the third quarter of 2011, mainly due to lower national and classified advertising, and 8.0% in first nine months of 2011, mainly due to lower national and retail advertising, compared with the same prior-year periods. Digital advertising revenues grew 6.2% in the third quarter of 2011, primarily due to growth in retail and national display advertising, and 12.2% in the first nine months of 2011, primarily due to strong growth in national display advertising, compared with the same prior-year periods.

Advertising revenues (print and digital) by category for the News Media Group were as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011		September 26, 2010		% Change		September 25, 2011		September 26, 2010		% Change
National	$	132,240	$	141,156	(6.3	)	$	447,577	$	456,263	(1.9	)
Retail	55,385		58,832		(5.9	)	174,221		189,025		(7.8	)
Classified	40,713		46,127		(11.7	)	132,979		145,268		(8.5	)
Other	9,003		9,945		(9.5	)	27,688		27,952		(0.9	)
Total	$	237,341	$	256,060	(7.3	)	$	782,465	$	818,508	(4.4	)

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Below is a percentage breakdown of advertising revenues in the first nine months of 2011 (print and digital) by division.

					Classified
	National		Retail and Preprint		Help- Wanted		Real Estate		Auto- motive		Other		Total Classified		Other Advertising Revenue		Total
The New York Times Media Group	76	%	12	%	3	%	5	%	1	%	2	%	11	%	1	%	100	%
New England Media Group	31	%	30	%	5	%	6	%	10	%	8	%	29	%	10	%	100	%
Regional Media Group	4	%	59	%	5	%	7	%	8	%	10	%	30	%	7	%	100	%
Total News Media Group	57	%	22	%	3	%	6	%	4	%	4	%	17	%	4	%	100	%

The New York Times Media Group

Total advertising revenues decreased in the third quarter and first nine months of 2011 compared with the third quarter and first nine months of 2010 as declines in print advertising revenueswere partially offset by growth in digital advertising revenues. Print advertising revenues were affected by declines in the volume of spending in most advertising categories, reflecting the continued uneven economic environment, recent global events and secular forces. Growth in digital advertising revenues was driven by increased spending on digital platforms, primarily in the national advertising category.

Total national advertising revenues decreased in the third quarter and first nine months of 2011. The decrease in total national advertising revenues was led by declines in the travel, media and corporate categories offset in part by gains in the technology and luxury categories in the first nine months of 2011 compared with the same period in 2010. Total retail advertising revenues declined as advertisers reduced spending in the face of the uncertain economic climate in the third quarter and first nine months of 2011. The continued uneven economic environment and secular changes in our industry contributed to declines in total classified advertising revenues, primarily in the real estate and automotive categories, in the first nine months of 2011.

New England Media Group

Total advertising revenues declined in the third quarter and first nine months of 2011 compared with the third quarter and first nine months of 2010 due to declines in print advertising revenues, partially offset by growth in digital advertising revenues. The decline in print advertising revenues was driven by lower advertising in all categories, reflecting uncertain national and local economic conditions and secular forces in our industry. The increase in digital advertising revenues was due to higher spending in the national and automotive classified categories in the first nine months of 2011.

The uncertain national and local economic conditions continued to negatively affect total retail advertising revenues, as retailers cut the volume of spending mainly in the department stores and home furnishings categories in the third quarter and first nine months of 2011. The soft economic environment coupled with secular changes in our industry contributed to declines in total classified advertising revenues, primarily in the real estate category, in the third quarter and first nine months of 2011.

Regional Media Group

Total advertising revenues declined in the third quarter and first nine months of 2011 compared with the third quarter and first nine months of 2010 due to lower print advertising revenues, primarily in the retail and national categories, partially offset by higher digital advertising revenues. Digital advertising revenues increased mainly as a result of higher spending in the retail category.

Soft national and local economic conditions continued to contribute to declines in the retail sector, as advertisers reduced their volume of spending in the third quarter and first nine months of 2011. Total national advertising revenues declined mainly from the higher spending in 2010 related to the Gulf oil spill in the third quarter and first nine months of 2011.

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Circulation Revenues

Circulation revenue is based on the number of copies of the printed newspaper (through home-delivery subscriptions and newsstands) and digital subscriptions sold and the rates charged to the respective customers. Total circulation revenues consist of revenues from our print and digital products, including The Times digital subscription packages on NYTimes.com and across other digital platforms beginning in the second quarter of 2011.

Circulation revenues in the third quarter of 2011 increased 3.4% compared with the third quarter of 2010 as the introduction of digital subscriptions at The Times offset a decline in print copies sold across the News Media Group. During the third quarter of 2011, the rate of home-delivery circulation volume declines moderated at The Times, as we observed an increase in new home-delivery orders and improved retention rates following the launch of The Times digital subscriptions as print subscribers receive all digital access for free.

Circulation revenues were flat in the first nine months of 2011 compared with the same period in 2010 as the decline in print copies sold across the News Media Group was offset by revenues mainly from the introduction of digital subscriptions at The Times.

Other Revenues

Other revenues increased in the third quarter and first nine months of 2011 compared with the same periods in 2010. Other revenues increased in the first nine months of 2011 primarily because of higher revenues from news services/syndication.

About Group

About Group revenues decreased in the third quarter and first nine months of 2011 compared with the same periods in 2010 mainly due to lower cost-per-click and display advertising. The declines in cost-per-click advertising revenues were primarily due to lower click-through rates, as well as the negative impact on page views mainly because of increased competition in the content space and the algorithm changes Google implemented during the first quarter of 2011. In addition, while we have cycled through design changes made in July 2010 in cost-per-click advertisements served by Google that had a negative effect on click-through rates, a recent algorithm change in review rankings affected our ConsumerSearch business in the third quarter of 2011.

Operating Costs

Operating costs were as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011		September 26, 2010		% Change		September 25, 2011		September 26, 2010		% Change
Production costs:
Raw materials	$	37,890	$	39,571	(4.2	)	$	118,040	$	114,962	2.7
Wages and benefits	121,109		123,766		(2.1	)	373,127		376,204		(0.8	)
Other	73,904		74,047		(0.2	)	222,211		223,869		(0.7	)
Total production costs	232,903		237,384		(1.9	)	713,378		715,035		(0.2	)
Selling, general and administrative costs	241,885		255,440		(5.3	)	763,878		781,044		(2.2	)
Depreciation and amortization	29,402		30,100		(2.3	)	87,597		90,816		(3.5	)
Total operating costs	$	504,190	$	522,924	(3.6	)	$	1,564,853	$	1,586,895	(1.4	)

Production Costs

Production costs decreased in the third quarter of 2011 compared with the third quarter of 2010 mainly due to lower benefits costs (approximately $3 million), driven by various benefit categories, and raw materials expense (approximately $2 million), primarily newsprint. Newsprint expense decreased 3.3%, with 6.6% from lower consumption offset in part by 3.3% from higher pricing.

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Production costs decreased in the first nine months of 2011 compared with the same period in 2010 mainly due to lower outside printing costs (approximately $3 million) and various other costs, offset by higher raw materials expense (approximately $3 million), primarily newsprint. Cost-saving initiatives primarily contributed to the declines in outside printing costs. Newsprint expense increased 4.9%, with 9.8% from higher pricing offset in part by 4.9% from lower consumption.

Selling, General and Administrative Costs

Selling, general and administrative costs decreased in the third quarter of 2011 compared with the third quarter of 2010 primarily due to lower compensation costs (approximately $13 million) and professional fees (approximately $5 million), partially offset by higher severance (approximately $3 million) and various other costs. Compensation costs declined mainly as a result of lower variable compensation expense. The decline in professional fees mainly resulted from the costs incurred in the prior year associated with our digital initiatives as well as cost-saving initiatives. Severance costs were higher due to the timing of workforce reduction programs.

Selling, general and administrative costs decreased in the first nine months of 2011 compared with the same period in 2010 primarily due to lower compensation costs (approximately $25 million) and professional fees (approximately $7 million), partially offset by higher promotion (approximately $11 million) and severance costs (approximately $4 million). Compensation costs declined mainly as a result of lower variable compensation expense. The decline in professional fees mainly resulted from the costs incurred in the prior year associated with our digital initiatives as well as cost-saving initiatives. Promotion costs were higher mainly because of the launch of digital subscription packages at The Times and the timing of print circulation marketing at The Times in the first quarter of 2011. Severance costs were higher due to the timing of workforce reduction programs.

Depreciation and Amortization

Total depreciation and amortization, by reportable segment and for the Company as a whole, was as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011		September 26, 2010		% Change		September 25, 2011		September 26, 2010		% Change
News Media Group	$	26,658	$	27,177	(1.9	)	$	79,420	$	82,141	(3.3	)
About Group	2,744		2,923		(6.1	)	8,177		8,675		(5.7	)
Total depreciation and amortization	$	29,402	$	30,100	(2.3	)	$	87,597	$	90,816	(3.5	)

Segment Operating Costs

The following table sets forth consolidated operating costs by reportable segment, Corporate and the Company as a whole.

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011		September 26, 2010		% Change		September 25, 2011		September 26, 2010		% Change
News Media Group	$	481,491	$	493,406	(2.4	)	$	1,486,125	$	1,499,605	(0.9	)
About Group	16,180		18,589		(13.0	)	49,304		55,070		(10.5	)
Corporate	6,519		10,929		(40.4	)	29,424		32,220		(8.7	)
Total operating costs	$	504,190	$	522,924	(3.6	)	$	1,564,853	$	1,586,895	(1.4	)

News Media Group

Operating costs for the News Media Group decreased in the third quarter of 2011 compared with the same period in 2010. This was primarily due to lower compensation costs (approximately $7 million) and professional fees (approximately $4 million). Compensation costs declined mainly as a result of lower variable compensation expense. The decline in professional fees mainly resulted from the costs incurred in the prior year associated with our digital initiatives as well as cost-saving initiatives.

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Operating costs for the News Media Group decreased in the first nine months of 2011 compared with the same period in 2010. This was primarily due to lower compensation costs (approximately $17 million) and professional fees (approximately $7 million), offset by higher promotion costs (approximately $11 million). Compensation costs declined mainly as a result of lower variable compensation expense. The decline in professional fees mainly resulted from the costs incurred in the prior year associated with our digital initiatives as well as cost-saving initiatives. Higher promotion costs mainly resulted from the launch of digital subscription packages at The Times and the timing of print circulation marketing at The Times in the first quarter of 2011.

About Group

Operating costs for the About Group decreased in the third quarter of 2011 compared with the third quarter of 2010 primarily due to lower compensation costs (approximately $1 million) driven by lower variable compensation expense and marketing costs (approximately $1 million).

Operating costs for the About Group decreased in the first nine months of 2011 compared with the same period in 2010 primarily due to lower compensation costs (approximately $3 million) driven by lower variable compensation expense and a one-time benefit from the sale of UCompareHealthCare.com in February 2011.

Corporate

Operating costs for Corporate decreased in the third quarter and first nine months of 2011 compared with the same periods in 2010 primarily due to lower variable compensation costs.

Other Items

Impairment of Assets

In the second quarter of 2011, we recorded a $161.3 million charge for the impairment of assets at the News Media Group. The impairment consisted of the write-down of goodwill at the Regional Media Group of $152.1 million and the write-down of certain assets held for sale of $9.2 million.

In the third quarter of 2010, we recorded a $16.1 million charge for the impairment of the Globe's printing facility in Billerica, Mass.

Regional Media Group

Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our policy is to perform our annual goodwill impairment test in the fourth quarter of our fiscal year. However, due to certain impairment indicators at the Regional Media Group, including lower-than-expected operating results, we performed an interim impairment test of goodwill as of June 26, 2011. The Regional Media Group is part of the News Media Group reportable segment.

The interim test resulted in an impairment of goodwill of $152.1 million mainly from lower projected long-term operating results and cash flows of the Regional Media Group primarily due to the continued decline in print advertising revenues. These factors resulted in the carrying value of the net assets being greater than their fair value, and therefore a write-down to fair value was required. The impairment charge reduced the carrying value of goodwill at the Regional Media Group to zero.

In determining the fair value of the Regional Media Group, we made significant judgments and estimates regarding the expected severity and duration of the uneven economic environment and the secular changes affecting the newspaper industry in the Regional Media Group markets. The effect of these assumptions on projected long-term revenues, along with the continued benefits from reductions to the group’s cost structure, played a significant role in calculating the fair value of the Regional Media Group.

Property, plant and equipment is tested for impairment if certain circumstances indicate a possible impairment may exist. Due to the factors discussed above, we completed an interim impairment test of property, plant and equipment as of June 26, 2011. The impairment test was completed at each newspaper (asset group level with the lowest level of cash flows) in the Regional Media Group. Our test did not result in an impairment because the sum of the future undiscounted cash flows at each newspaper was greater than the carrying value of property, plant and equipment.

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Assets Held for Sale

In the second quarter of 2011, we classified certain assets as held for sale. The carrying value of these assets was greater than their fair value, less cost to sell, resulting in an impairment of certain intangible assets and property totaling $9.2 million. The fair value for these assets was determined by estimating the most likely sale price with a third-party buyer based on market data.

Globe Printing Facility

We consolidated the Globe's printing facility in Billerica, Mass., into the Boston, Mass., printing facility in the second quarter of 2009. We entered into an agreement in the third quarter of 2010 to sell the majority of these assets to a third party. Assets with a carrying value of approximately $20 million were written down to their fair value, resulting in a $16.1 million impairment charge in the third quarter of 2010.

Pension Withdrawal Expense

See the “Recent Developments” section for additional information regarding a $4.2 million charge for a withdrawal obligation under a multiemployer pension plan in the second quarter of 2011.

In the third quarter of 2010, we recorded a $6.3 million charge for an adjustment to estimated pension withdrawal obligations under several multiemployer pension plans at the Globe.

Operating Profit/(Loss)

Consolidated operating profit/(loss), by reportable segment, Corporate and for the Company as a whole, was as follows:

	For the Quarters Ended								For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			% Change		September 25, 2011			September 26, 2010			% Change
News Media Group	$	30,020		$	6,046		*		$	(55,940	)	$	108,914		*
About Group	9,544			13,876			(31.2	)	35,406			45,782			(22.7	)
Corporate	(6,519		)	(10,929		)	(40.4	)	(29,424		)	(32,220		)	(8.7	)
Total operating profit/(loss)	$	33,045		$	8,993		*		$	(49,958	)	$	122,476		*
* Represents an increase or decrease in excess of 100%.

The reasons underlying the period-to-period changes in each segment’s and Corporate’s operating profit/(loss) are previously discussed under “Recent Developments,” “Revenues,” “Operating Costs” and “Other Items.”

Non-Operating Items

Joint Ventures

Loss from joint ventures was $1.1 million in the third quarter of 2011 compared with income from joint ventures of $5.5 million in the third quarter of 2010. Joint venture results in the third quarter of 2011 were negatively impacted by Fenway Sports Group's acquisition of Liverpool Football Club, mainly due to the amortization expense associated with the purchase.

Loss from joint ventures was $4.0 million in the first nine months of 2011 compared with income from joint ventures of $22.3 million in the same period in 2010. The first quarter of 2010 included a $12.7 million pre-tax gain from the sale of an asset at one of the paper mills in which we have an investment. Our share of this pre-tax gain, after eliminating the noncontrolling interest portion, is $10.2 million. Joint venture results in the first nine months of 2011 were negatively impacted by Fenway Sports Group's acquisition of Liverpool Football Club, mainly due to the amortization expense associated with the purchase, offset in part by high paper selling prices at both paper mills in which we have investments.

27

Interest Expense, Net

“Interest expense, net” in our Condensed Consolidated Statements of Operations was as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Cash interest expense	$	18,712		$	18,910		$	64,880		$	56,922
Non-cash amortization of discount on debt	1,445			2,113			5,632			6,054
Capitalized interest	(11		)	(80		)	(343		)	(100		)
Interest income	(107		)	(316		)	(387		)	(1,051		)
Total interest expense, net	$	20,039		$	20,627		$	69,782		$	61,825

“Interest expense, net” decreased in the third quarter of 2011 compared with the third quarter of 2010 mainly due to the prepayment of our 14.053% Notes on August 15, 2011, partially offset by the interest expense associated with the issuance of our 6.625% Notes in November 2010.

“Interest expense, net” increased in the first nine months of 2011 compared with the same period in 2010 mainly due to the interest expense associated with the issuance of our 6.625% Notes in November 2010, partially offset by lower interest expense for our 14.053% Notes as a result of the prepayment on August 15, 2011.

Income Taxes

We had an effective tax rate of 49.8% in the third quarter of 2011. The effective tax rate was impacted by certain non-deductible items resulting in a higher than customary effective tax rate. Our effective tax rate for the first nine months of 2011 is not meaningful because a portion of the non-cash charge in the second quarter of 2011 for the impairment of the Regional Media Group's goodwill was non-deductible.

We had an effective tax rate of 32.8% in the third quarter of 2010. The effective tax rate was impacted by lower state tax rates applied to the impairment charge associated with the Globe's Billerica, Mass., printing facility, and pension withdrawal expense in the third quarter of 2010. The effective tax rate for the first nine months of 2010 was 54.8%, primarily because of a $10.9 million tax charge for the reduction in future tax benefits for certain retiree health benefits resulting from the federal health care reform legislation enacted in March 2010.

LIQUIDITY AND CAPITAL RESOURCES

We believe our cash balance and cash provided by operations, in combination with other financing sources, will be sufficient to meet our financing needs over the next twelve months. We have continued to manage our liquidity position and will remain focused on improving our financial flexibility. As of September 25, 2011, we had total debt and capital lease obligations of approximately $772 million and cash, cash equivalents and short-term investments of approximately $263 million. Accordingly, our total debt and capital lease obligations, net of cash, cash equivalents and short-term investments, was approximately $509 million even after the prepayment of the 14.053% Notes and making contributions totaling approximately $70 million to certain qualified pension plans in the first nine months of 2011. Our efforts to strengthen our liquidity position and improve our debt profile over the past two years allowed us to prepay on August 15, 2011, all of our $250.0 million 14.053% Notes in full. In addition, in June 2011, we entered into a new $125.0 million asset-backed five-year revolving credit facility that replaced our $400.0 million revolving credit facility. As of September 25, 2011, we had no outstanding borrowings under the new credit facility. See the discussion under “Recent Developments” for more information on the 14.053% Notes and “ – Third-Party Financing” for more information on the new credit facility.

Contributions to our qualified pension plans can have a significant impact on cash flows. See the discussion under “Recent Developments – Pension Contributions” for more information.

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Capital Resources

Sources and Uses of Cash

Cash flows provided by/(used in) by category were as follows:

	For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010
Operating Activities	$	55,874		$	92,629
Investing Activities	$	(81,950	)	$	65
Financing Activities	$	(250,224	)	$	275

Operating Activities

Operating cash inflows include cash receipts from advertising and circulation sales and other revenue transactions. Operating cash outflows include payments for employee compensation, pension and other benefits, raw materials, services and supplies, interest and income taxes.

Net cash provided by operating activities decreased in the first nine months of 2011 compared with the same period in 2010, primarily due to higher working capital requirements, including approximately $30 million associated with the prepayment of the 14.053% Notes, partially offset by lower pension contributions to certain qualified pension plans.

Investing Activities

Cash from investing activities generally includes proceeds from short-term investments that have matured and the sale of assets or a business. Cash used in investing activities generally includes purchases of short-term investments, payments for capital projects, acquisitions of new businesses and investments.

In the first nine months of 2011, net cash used in investing activities was mainly due to purchases of short-term investments, capital expenditures and changes in restricted cash, offset in part by proceeds from the short-term investments that have matured and proceeds from the sale of 390 units of our remaining 700 units in Fenway Sports Group. In the first nine months of 2010, net cash provided by investing activities was driven by the proceeds from the sale of 50 of our original 750 units in Fenway Sports Group, loan repayments from a third-party circulation service provider and proceeds from the sale of real estate assets, offset in part by capital expenditures.

Financing Activities

Cash from financing activities generally includes borrowings under third-party financing arrangements, the issuance of long-term debt and funds from stock option exercises. Cash used in financing activities generally includes the repayment of amounts outstanding under third-party financing arrangements and long-term debt.

In the first nine months of 2011, net cash used in financing activities was primarily for the repayment of our 14.053% Notes. In the first nine months of 2010, net cash provided by financing activities was from proceeds related to stock option exercises.

See our Condensed Consolidated Statements of Cash Flows for additional information on our sources and uses of cash.

Restricted Cash

We were required to maintain $28.6 million of restricted cash as of September 25, 2011 subject to certain collateral requirements primarily for obligations under our workers' compensation programs. These collateral requirements were previously supported by letters of credit under our $400.0 million revolving credit facility that was replaced in June 2011.

29

Third-Party Financing

As of September 25, 2011, our current indebtedness included senior notes and a sale-leaseback of a portion of our New York headquarters. On August 15, 2011, we prepaid in full all $250.0 million outstanding principal amount of the 14.053% Notes. See the discussion under “Recent Developments – Prepayment of 14.053% Notes” for more information. Our total debt and capital lease obligations consisted of the following:

(In thousands)	Coupon Rate		September 25, 2011		December 26, 2010
Senior notes due 2015, called in 2011	14.053	%	$	—	$	227,680
Senior notes due 2012	4.610	%	74,867		74,771
Senior notes due 2015	5.0	%	249,883		249,860
Senior notes due 2016	6.625	%	220,612		220,102
Option to repurchase ownership interest in headquarters building in 2019			219,952		217,306
Total debt			765,314		989,719
Capital lease obligations			6,707		6,724
Total debt and capital lease obligations			$	772,021	$	996,443

Based on borrowing rates currently available for debt with similar terms and average maturities, the fair value of our long-term debt was approximately $863 million as of September 25, 2011 and $1.1 billion as of December 26, 2010. We were in compliance with our covenants under our third-party financing arrangements as of September 25, 2011.

In June 2011, we entered into a new $125.0 million asset-backed five-year revolving credit facility. This new credit facility replaced our $400.0 million revolving credit facility, which was to expire on June 21, 2011. As of September 25, 2011, there were no outstanding borrowings under the new credit facility.

Borrowings under the new credit facility will be secured by a lien on certain advertising receivables. In addition, borrowings bear interest at specified margins based on our utilization and at rates that vary between the LIBOR and prime rates (as defined by the credit agreement) depending on the term to maturities we specify.

The new credit facility contains various customary affirmative and negative covenants, including a springing financial covenant and various incurrence-based negative covenants described below.

The springing financial covenant provides that when availability under the new credit facility falls below the greater of $16.7 million or 15% of the commitment for three consecutive business days, we will be required to maintain on a trailing four-quarter basis a fixed charge coverage ratio of not less than 1.00:1.00. The fixed charge coverage ratio is defined as the ratio of (i) EBITDA (as defined by the credit agreement) minus unfinanced capital expenditures and tax payments paid in cash during the applicable period to (ii) fixed charges (as defined by the credit agreement) for such period.

In addition, the new credit facility contains incurrence-based negative covenants that, subject to customary exceptions and cure periods, restrict our ability and the ability of our subsidiaries to:

▪incur debt (directly or by third-party guarantees);

▪grant liens;

▪pay dividends;

▪make investments;

▪make acquisitions or dispositions; and

▪prepay debt.

As long as we have not drawn an amount in excess of $250,000 for a period of 90 days under the new credit facility, the negative covenants generally do not apply. In addition, to the extent we have borrowings under the new credit facility, we may engage in transactions restricted by the covenants so long as we meet, on a pro forma basis, the 1.00:1.00 fixed charge coverage ratio test, availability under the new credit facility for the preceding 30 days is equal to at least $62.5 million (net of restricted cash in an amount up to $25.0 million) and no default has occurred.

Ratings

In July 2011, Standard & Poor's raised its ratings outlook to positive from stable, citing our efforts to reduce debt and increase liquidity.

30

RECENT ACCOUNTING PRONOUCEMENTS

In September 2011, the Financial Accounting Standards Board (“FASB”) amended its guidance on the disclosure of information in financial statements for multiemployer pension plans to enhance the disclosures by providing more information about the plans in which an employer participates, its level of participation in those plans and the financial health of those plans. The provisions of this new guidance are effective for fiscal years ending after December 15, 2011, with the disclosures being required for all years presented in the initial year of adoption. The adoption of this guidance will expand our disclosures for significant multiemployer pension plans in which we are participants.

In September 2011, the FASB amended its guidance on goodwill impairment testing to reduce the cost and complexity of testing goodwill for impairment by providing the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The result of this assessment will determine whether it is necessary to perform the two-step test. The provisions of this new guidance are effective for fiscal years beginning after December 15, 2011, with early adoption permitted. We anticipate adopting the new guidance early when we conduct our annual goodwill impairment test in the fourth quarter of 2011. We do not anticipate the adoption of this guidance will have a material impact on our financial statements.

In June 2011, the FASB amended its guidance on the presentation of comprehensive income in financial statements to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items that are recorded in other comprehensive income. The new accounting guidance requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The provisions of this guidance are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We do not anticipate the adoption of this guidance will have a material impact on our financial statements.

In May 2011, the FASB amended its guidance related to fair value measurements in order to align the definition of fair value measurements and the related disclosure requirements between GAAP and International Financial Reporting Standards. These amendments, which are effective for interim and annual periods beginning after December 15, 2011, also change certain existing fair value measurement principles and disclosure requirements. We do not anticipate the adoption of this guidance will have a material impact on our financial statements.

At the beginning of our 2011 fiscal year, we adopted new guidance that amended previous guidance for the accounting of revenue arrangements with multiple deliverables. The adoption of this guidance, which specifically addressed how consideration should be allocated to the separate units of account included in revenue arrangements, did not have a material impact on our financial statements.

CRITICAL ACCOUNTING POLICIES

Our critical accounting policies are detailed in our Annual Report on Form 10-K for the year ended December 26, 2010. As of September 25, 2011, our critical accounting policies have not changed materially from December 26, 2010.

CONTRACTUAL OBLIGATIONS & OFF-BALANCE SHEET ARRANGEMENTS

Our contractual obligations and off-balance sheet arrangements are detailed in our Annual Report on Form 10-K for the year ended December 26, 2010. As of September 25, 2011, our contractual obligations and off-balance sheet arrangements have not materially changed from December 26, 2010. On August 15, 2011, we prepaid in full our outstanding $250.0 million aggregate principal amount of the 14.053% Notes, and we expect to save in excess of $39 million annually in interest expense through January 15, 2015. See “Recent Developments – Prepayment of 14.053% Notes” for more information.

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FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements that relate to future events or our future financial performance. We may also make written and oral forward-looking statements in our SEC filings and otherwise. We have tried, where possible, to identify such statements by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will,” “project,” “plan” and similar expressions in connection with any discussion of future operating or financial performance. Any forward-looking statements are and will be based upon our then-current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated in any such statements. You should bear this in mind as you consider forward-looking statements. Factors that we think could, individually or in the aggregate, cause our actual results to differ materially from expected and historical results include those described in our Annual Report on Form 10-K for the year ended December 26, 2010, as well as other risks and factors identified from time to time in our SEC filings.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our Annual Report on Form 10-K for the year ended December 26, 2010, details our disclosures about market risk. As of September 25, 2011, there were no material changes in our market risks from December 26, 2010.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Janet L. Robinson, our Chief Executive Officer, and James M. Follo, our Chief Financial Officer, have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934) as of September 25, 2011. Based on such evaluation, Ms. Robinson and Mr. Follo concluded that our disclosure controls and procedures were effective to ensure that the information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended September 25, 2011, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

32

PART II. OTHER INFORMATION

Item 1A. Risk Factors

There have been no material changes to our risk factors as set forth in “Item 1A-Risk Factors” in our Annual Report on Form 10-K for the year ended December 26, 2010.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c) Issuer Purchases of Equity Securities⁽¹⁾ 

	Total Number of Shares of Class A Common Stock Purchased	Average Price Paid Per Share of Class A Common Stock	Total Number of Shares of Class A Common Stock Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or Approximate Dollar Value) of Shares of Class A Common Stock that May Yet Be Purchased Under the Plans or Programs
Period	(a)	(b)	(c)	(d)
June 27, 2011 – July 31, 2011	—	—	—	$	91,386,000
August 1, 2011 – August 28, 2011	—	—	—	$	91,386,000
August 29, 2011 – September 25, 2011	—	—	—	$	91,386,000
Total for the third quarter of 2011	—	—	—	$	91,386,000

⁽¹⁾  On April 13, 2004, our Board of Directors authorized repurchases in an amount up to $400.0 million. During the third quarter of 2011, we did not purchase any shares of Class A Common Stock pursuant to our publicly announced share repurchase program. As of October 28, 2011, we had authorization from our Board of Directors to repurchase an amount of up to approximately $91 million of our Class A Common Stock. Our Board of Directors has authorized us to purchase shares from time to time as market conditions permit. There is no expiration date with respect to this authorization.

Item 6. Exhibits

An exhibit index has been filed as part of this Quarterly Report on Form 10-Q and is incorporated herein by reference.

33

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE NEW YORK TIMES COMPANY
	(Registrant)
Date: November 3, 2011	/s/    JAMES M. FOLLO
	James M. Follo Senior Vice President and Chief Financial Officer (Principal Financial Officer)

34

Exhibit Index to Quarterly Report on Form 10-Q

For the Quarter Ended September 25, 2011

Exhibit No.
10.1	The New York Times Companies Supplemental Retirement and Investment Plan, as amended and restated effective January 1, 2011.
12	Ratio of Earnings to Fixed Charges.
31.1	Rule 13a-14(a)/15d-14(a) Certification.
31.2	Rule 13a-14(a)/15d-14(a) Certification.
32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase
101.DEF*	XBRL Taxonomy Extension Definition Linkbase
101.LAB*	XBRL Taxonomy Extension Label Linkbase
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase

* Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

35

EX-10.1

EXHIBIT 10.1

THE NEW YORK TIMES COMPANIES SUPPLEMENTAL RETIREMENT AND INVESTMENT PLAN

As Amended and Restated, Effective January 1, 2011

TABLE OF CONTENTS

		Page
INTRODUCTION		1
Purpose of Plan		1
History of Plan		1
ARTICLE I DEFINITION		5
1.01	Accounts or Account Balance	5
1.02	Actual Contribution Percentage	5
1.03	Affiliate	5
1.04	After-Tax Account	5
1.05	After-Tax Contributions	5
1.06	Before-Tax Account	6
1.07	Before-Tax Contributions	6
1.08	Beneficiary	6
1.09	Break in Service	7
1.10	Board	7
1.11	Catch-up Contributions	7
1.12	Code	7
1.13	Committee	7
1.14	Company	7
1.15	Company Stock	7
1.16	Compensation	7
1.17	Compensation Committee	9
1.18	Disability	9
1.19	Earnings	9
1.20	Effective Date	10
1.21	Eligibility Service	10
1.22	Employee	11
1.23	Employer	11
1.24	Employer Basic Account	12
1.25	Employer Basic Contributions	12
1.26	Employer Matching Account	12
1.27	Employer Matching Contributions	12
1.28	ERISA	12
1.29	Finance Committee	12
1.30	Fund	12
1.31	Highly Compensated Employee	12
1.32	Hour of Service	13
1.33	Leased Employee	14
1.34	Limitation Year	14
1.35	Non-Highly Compensated Employee	14
1.36	Participant	14
1.37	Period of Service	14
1.38	Pension Investment Committee	15
1.39	Period of Severance	15
1.40	Plan	15

i

1.41	Plan Administrator	15
1.42	Plan Year	15
1.43	Profits	15
1.44	Rollover Account	15
1.45	Roth Account	15
1.46	Roth Contributions	15
1.47	Safe Harbor Matching Contribution Account	16
1.48	Safe Harbor Matching Contributions	16
1.49	Trust	16
1.50	Trustee	16
1.51	Trust Agreement	16
1.52	Valuation Date	16
1.53	Vested Percentage	16
1.54	Vesting Service	16
ARTICLE II ELIGIBILITY AND PARTICIPATION		18
2.01	Eligibility	18
2.02	Enrollment	18
2.03	Continuing Participation	19
2.04	Reemployment of Former Employees and Former Participants	19
2.05	Transferred Participants	19
2.06	Participants Subject to 3121(l) Agreements	19
2.07	Employees of IHT UK	20
ARTICLE III CONTRIBUTIONS		21
3.01	Employee Contributions	21
3.02	Employer Basic Contributions	23
3.03	Safe Harbor Matching Contributions	23
3.04	Change in Contributions	25
3.05	Transfers from Qualified Plans	25
3.06	Limitations Affecting All Contributions	26
3.07	Maximum Annual Additions	28
3.08	Return of Contributions	32
3.09	Top Heavy Rules	33
3.10	Make-Up Contributions	37
ARTICLE IV INVESTMENT OF CONTRIBUTIONS		38
4.01	Investment Funds	38
4.02	Investment of Participants' Accounts	38
4.03	Responsibility for Investments	39
4.04	Change of Election	39
4.05	Transfer Between Funds	39
4.06	Qualified Default Investment Alternative	39
4.07	Voting Company Stock	40
ARTICLE V VALUATION OF UNITS AND CREDITS TO ACCOUNTS		41
5.01	Units of Participation	41
5.02	Valuation of Accounts	41
5.03	Crediting the Accounts	41
5.04	Quarterly Statements	42

ii

ARTICLE VI VESTED PERCENTAGE OF ACCOUNTS		43
6.01	Vested Accounts	43
6.02	Employer Matching Account and Employer Basic Account	43
6.03	Special Rules for Transferred Employees	44
6.04	Absences	44
6.05	Reemployment	44
6.06	Disposition of Forfeitures	45
ARTICLE VII WITHDRAWALS WHILE STILL EMPLOYED		46
7.01	General Procedures	46
7.02	Withdrawal of Additional After-Tax Contributions Made Before January 1, 1987	47
7.03	Withdrawal of Matched After-Tax Contributions Made Before January 1, 1987	47
7.04	Withdrawal of Additional, Matched and Early After-Tax Contributions Made On or After January 1, 1987	48
7.05	Hardship Withdrawal from Before-Tax Contributions and Roth Contributions	49
7.06	Withdrawals Upon Attainment of Age 59½	50
7.07	Distributions under Qualified Domestic Relations Orders	50
7.08	In-Service Withdrawals on account of Military Service	50
7.09	Loans	51
ARTICLE VIII DISTRIBUTION OF ACCOUNTS UPON SEVERANCE FROM EMPLOYMENT		52
8.01	Eligibility for Distribution	52
8.02	Time of Payment of Account Balance	52
8.03	Deferred Distribution	53
8.04	Optional Forms of Payment of Account Balance	53
8.05	Payment Upon Death	54
8.06	Proof of Death and Right of Beneficiary or Other Person	56
8.07	Minimum Distribution Requirements On and After January 1, 2003	56
8.08	Immediate Distribution	62
8.09	Direct Rollovers	62
8.10	Special Distribution Rules for Transferred Affiliated Participants	64
ARTICLE IX ADMINISTRATION OF PLAN		66
9.01	Appointment of ERISA Management Committee	66
9.02	Duties of Committee	66
9.03	Individual Accounts	67
9.04	Meetings	67
9.05	Action of Majority	67
9.06	Compensation	67
9.07	Establishment of Rules	67
9.08	Claims Procedure	67
9.09	Claims Review Procedure	68
9.10	Appointment of Plan Administrator	69
9.11	Prudent Conduct	70
9.12	Interpretation of Plan Provisions	70
9.13	Final Determination Rests With Committee	70
9.14	Missing Recipients	70
ARTICLE X MANAGEMENT OF FUNDS		72
10.01	Trust	72

iii

10.02	Exclusive Benefit Rule	72
ARTICLE XI GENERAL PROVISIONS		73
11.01	Nonalienation	73
11.02	Conditions of Employment	73
11.03	Facility of Payment	73
11.04	Correction of Benefit Payment and Recoupment of Overpayments	74
11.05	Information	74
11.06	Construction	74
ARTICLE XII AMENDMENT, MERGER AND TERMINATION		75
12.01	Amendment of Plan	75
12.02	Merger or Consolidation	75
12.03	Additional Participating Employers	75
12.04	Termination of Plan	76
APPENDIX I		A-1
APPENDIX II		A-10

iv

INTRODUCTION

Purpose of Plan

The New York Times Companies Supplemental Retirement and Investment Plan is designed to provide eligible employees with a convenient way of voluntarily saving for their future while receiving certain favorable tax treatment. The Plan is designed to supplement other benefits payable to an employee upon retirement, death, disability, or severance from employment. The Plan and the Trust are intended to be qualified under Sections 401(a), 401(k) and 501(a) of the Code and the applicable provisions of ERISA.

History of Plan

The New York Times Affiliated Companies Supplemental Retirement and Investment Plan was established effective 8/1/71. It was revised and improved over the years, with amendments effective 1/1/74, 1/1/75, 1/1/76, 1/1/82, 1/1/83, 1/1/84, 1/1/85, 11/1/85, 1/1/86, 7/1/86 (which amendment added a 401(k) element to the Plan), 1/1/87, 11/30/87 and 4/1/88.

The New York Times Company Supplemental Retirement and Investment Plan was established effective 10/1/68. It was revised and improved over the years, with amendments effective 4/1/71, 1/1/74, 1/1/75, 1/1/76, 1/1/78, 1/1/82, 1/l/83, 1/l/84, 1/1/85, 11/1/85, 1/1/86, 7/1/86 (which amendment added a 401(k) element), 1/l/87, 11/30/87 and 4/1/88.

Effective 10/1/88, The New York Times Company Supplemental Retirement and Investment Plan was merged into and consolidated with The New York Times Affiliated Companies Supplemental Retirement and Investment Plan, with this Plan as the survivor of such merger.

Thereafter, the Plan was amended to comply with the requirements of the Tax Reform Act of 1986 and to provide that the ERISA Management Committee is authorized to establish the maximum annual limits on before-tax and after-tax contributions.

Thereafter, the Plan was amended to add bonuses in lieu of salary increases to the definition of Earnings (effective January 1, 1990).

1

Thereafter, the Plan was amended to change its procedures for applying for hardship withdrawals and determining eligibility therefore (effective January 1, 1991).

Thereafter, the Plan was amended to provide for an additional method of distribution and benefits to retiring Employees (effective June 1, 1991) and to provide for dates from which credit is given for eligibility, vesting and benefit accrual purposes to certain former union members employed by Gadsden.

Thereafter, the Plan was amended to increase additional contributions (effective January 1, 1992).

Thereafter, the Plan was amended to comply with final Treasury regulations with respect to Sections 401(k) and (m) of the Code (effective January 1, 1992).

Thereafter, the Plan was amended to provide for the availability of immediate distributions on account of Qualified Domestic Relations Orders (effective January 1, 1993) and to provide for dates from which credit should be given for eligibility, vesting and benefit accrual purposes for certain former union members employed by The Santa Barbara News-Press and for eligible employees of City and Suburban Delivery Services.

Thereafter, the Plan was amended to permit monthly changes in employee contributions, transfers from other qualified plans, daily changes of investment options and transfers between Plan funds, to provide daily valuation of accounts, to amend the vesting schedule of the Plan, to permit loans and to provide additional investment funds (effective April 4, 1994).

Thereafter, the Plan was restated in its entirety generally, effective January 1, 1997, to comply with various changes in the tax laws, including the Uniformed Services Employment and Reemployment Rights Act of 1994, the Retirement Protection Act of 1994 (as included in legislation implementing the General Agreement on Tariffs and Trade), the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the Internal Revenue Service Restructuring and Reform Act of 1998 and the Community Renewal Tax Relief Act of 2000.

2

At that time, the Plan was also amended, effective January 1, 2000, to implement the merger of the Savings Retirement Plan For Employees of WHO-TV and KFOR-TV (the “KFOR Plan”); effective January 7, 2000, to implement the merger of the Tax-Deferred Investment Plan of The Chronicle Publishing Company with respect to certain employees of the Worcester Telegram & Gazette (the “Chronicle Plan”); effective April 1, 2000, to implement the merger of the Boston Globe Flexible Investment Retirement Savings Trust (the “FIRST Plan”), the International Media Concepts, Inc. 401(k) Plan (the “IMC Plan”), and the Affiliated Companies Profit Sharing Plan (“Affiliated Companies Plan”) into this Plan; as well as to provide Participants with the ability to take a distribution upon attainment of age 59½. The Plan was also amended, effective July 1, 2000, to implement the merger of the Mechanical Union Savings Trust 401(k) Plan (“MUST Plan”) with respect to Foremen.

Thereafter, effective February 1, 2001, the Plan was further amended to permit matching contributions with respect to basic contributions for employees who are regularly scheduled to work 27 hours per week.

The Plan was amended and restated in its entirety generally, effective January 1, 2009 to incorporate all amendments since the 1997 restatement and to comply with various changes in the tax laws including the Economic Growth and Tax Relief Reconciliation Act of 2001 (with technical corrections made by the Job Creation and Worker Assistance Act of 2002 (“EGTRRA”), the Pension Protection Act of 2006, and the Worker, Retiree, and Employer Recovery Act of 2008, as well as the final regulations issued by the Department of the Treasury under Sections 401(k), 401(m), and 415 of the Internal Revenue Code of 1986, as amended.

The 2009 Restatement also amended the Plan effective January 1, 2009 to (i) to designate the Plan as a stock bonus plan so that a portion of the match can be made in Company stock; (ii) to designate the Plan as a safe harbor plan for purposes of satisfying the non-discrimination rules under Sections 401(k) and 401(m); (iii) to provide that the safe harbor match will be made 60% in cash and 40% in Company stock; (iv) to provide for Roth 401(k) contributions; and (v) to provide a three percent (3%) Employer Basic Contribution for eligible Employees hired on or after January 1, 2009.

3

The Plan is hereby amended and restated effective January 1, 2011 to incorporate Amendments 1-8 adopted subsequent to the 2009 Restatement.

Benefits for any Participant, or beneficiaries of such Participant, who retired, died, or terminated employment at any time prior to January 1, 2011, will be determined under the provisions of the Plan as in effect on the date of the Participant's retirement, death, or termination, unless additional benefits are specifically provided by a subsequent amendment to the Plan.

4

ARTICLE I

DEFINITIONS

1.01    “Accounts or Account Balance” means the combined value of a Participant's Before-Tax Account, After-Tax Account, Employer Matching Account, Rollover Account, Roth Account, Safe Harbor Matching Contribution Account and Employer Basic Account.

1.02    “Actual Contribution Percentage” means, with respect to a specified group of Employees, the average of the ratios, calculated separately for each such Employee in that group, of (a) the amount of After-Tax Contributions made for a Plan Year to (b) the Employee's Compensation for that Plan Year. If an Employee participates in another plan maintained by the Company or an Affiliate which includes after-tax employee contributions and which the Company combines with the Plan to meet the requirements of Section 410(b) of the Code, the After-Tax Contributions shall be deemed to include such other contributions.

1.03    “Affiliate” means any company which is a member of a controlled group of corporations (determined under Section 1563(a)(4) and 1563(e)(3)(C) of the Code), which also includes as a member the Company or any other Employer participating in the Plan as provided in Section 12.03(a) of the Plan. Affiliate also means a trade or business under common control, within the meaning of Section 414(c) of the Code, with an Employer; any organization, whether or not incorporated, which is a member of an affiliated service group, within the meaning of Section 414(m) of the Code, which includes an Employer; and any other entity required to be aggregated with an Employer pursuant to regulations issued under Section 414(o) of the Code.

1.04    “After-Tax Account” means the account to which are credited any After-Tax Contributions made by a Participant pursuant to Section 3.01(b) of the Plan and any earnings and losses on such contributions, including any Matched After-Tax Contributions and Additional After-Tax Contributions credited prior to January 1, 2009.

1.05    “After-Tax Contributions” means the amount by which a Participant's Earnings are reduced on an after-tax basis pursuant to Section 3.01(b) of the Plan.

5

1.06    “Before-Tax Account” means the account to which are credited any Before-Tax Contributions, including Catch-up Contributions made on a Before-Tax Contribution basis, made on behalf of a Participant pursuant to Section 3.01(a) of the Plan and any earnings and losses on such contributions, including any Early Before-Tax Contributions, Basic Before-Tax Contributions and Additional Before-Tax Contributions credited prior to January 1, 2009.

1.07    “Before-Tax Contributions” means the amount by which a Participant's Earnings are reduced on a pre-tax basis pursuant to Section 3.01(a) of the Plan.

1.08    “Beneficiary” means any person, persons or entity named by an Employee to receive benefits payable in the event of the death of the Employee. If no such designation is in effect at the time of the Employee's death, the Beneficiary shall be the Employee's surviving spouse, if any; otherwise, the Beneficiary shall be the estate of the Employee. In the absence of an effective Beneficiary designation, or if the designated Beneficiary shall have died prior to the death of the Participant, Beneficiary shall mean the first of the following classes of successive preference beneficiaries then surviving: the Participant's (a) widow or widower, (b) children, including adopted children, (c) parents, (d) brothers and sisters, or (e) executor or administrator. Where there is more than one person in class (b), (c) or (d) and such class is entitled to receive death benefits, such benefits shall be divided into equal shares and each person in such class shall receive a share. In the case of a married Participant who dies after August 22, 1984, except to the extent otherwise required by a Qualified Domestic Relations Order under Section 414(p) of the Code, any Beneficiary designation naming as primary Beneficiary a person other than the Participant's current spouse shall not be given effect unless: (i) the Participant's spouse consents in writing to the Beneficiary designation, and such written consent acknowledges the effect of such designation and is witnessed by either a notary public or authorized representative of the Plan Administrator, if satisfactory to the Plan Administrator; or (ii) it is established, to the Plan Administrator's satisfaction, that the Participant has no current spouse or that such spouse cannot be located or that the written consent required under Section 417(a)(2) of the Code cannot be obtained because of such other circumstances as the Internal Revenue Service may set forth in regulations.

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1.09    “Break in Service” for purposes of determining Eligibility Service means any Plan Year during which an Employee has not completed more than 500 Hours of Service. A Break in Service shall be deemed to have occurred at the end of the Plan Year.

A Break in Service for purposes of determining Vesting Service means a Period of Severance of at least 12 consecutive months. In the case of an Employee who is absent from work for maternity or paternity reasons, the 12-consecutive month period beginning on the first anniversary of the first date of such absence shall not constitute a Period of Severance for purposes of determining Vesting Service. For purposes of this paragraph, an absence from work for maternity or paternity reasons means an absence (a) by reason of the pregnancy of the individual, (b) by reason of the birth of a child of the individual, (c) by reason of the placement of a child with the individual in connection with the adoption of such child by such individual, or (d) for purposes of caring for such child for a period beginning immediately following such birth or placement.

1.10    “Board” means the Board of Directors of the Company, as constituted from time to time.

1.11    “Catch-up Contributions” means the contributions described in Section 3.01(d), whether such contributions are made on a Before-Tax Contribution basis or a Roth Contribution basis.

1.12    “Code” means the Internal Revenue Code of 1986, as amended from time to time.

1.13    “Committee” or “ERISA Management Committee” means the committee appointed pursuant to Section 9.01 of the Plan to manage and control the Plan.

1.14    “Company” means The New York Times Company, a New York corporation.

1.15    “Company Stock” means the Class A common stock issued by the Company.

1.16    “Compensation” means the total compensation paid by an Employer to an Employee during the Plan Year that is required to be reported as wages for Form W-2 purposes, reduced by

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(a) contributions made by the Employer to a plan of deferred compensation to the extent that the contributions are not includible in the gross income of the Employee for the taxable year in which contributed. Additionally, any distributions from a plan of deferred compensation are not considered as compensation regardless of whether such amounts are includible in the gross income of the Employee when distributed; and

(b) other amounts which receive special tax benefits, such as premiums for group-term life insurance (but only to the extent that the premiums are not includible in the gross income of the Employee),

and increased by Before-Tax Contributions, elective contributions under any other Section 401(k) arrangement sponsored by the Company, and any amounts subject to Sections 125 and Section 132(f)(4) of the Code that are paid by an Employer on behalf of such Employee for such Plan Year.

Notwithstanding the foregoing, the annual Compensation of each Employee taken into account under the Plan shall not exceed the OBRA 1993 annual compensation limit. The OBRA 1993 annual compensation limit is $150,000, as adjusted by the Commissioner for cost-of-living adjustments in accordance with Section 401(a)(17)(B) of the Code. The cost-of-living adjustment in effect for a calendar year applies to any period, not exceeding 12 months, over which Compensation is determined (“determination period”) beginning in such calendar year. If a determination period consists of fewer than 12 months, the OBRA 1993 annual compensation limit will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12.

Compensation of each Employee taken into account in determining contribution amounts in any Plan Year beginning after January 1, 2002, shall not exceed $200,000, ($245,000 for 2011) as adjusted for cost-of-living increases in accordance with Section 401(a)(17)(B) of the Code. Compensation means earnings during the Plan Year or such other consecutive 12-month period over which earnings is otherwise determined under the Plan (the “determination period”). The cost-of-living adjustment in effect for a calendar year applies to Annual Earnings for the determination period that begins with or within such calendar year.

Compensation shall include payments to an individual who, for a period of more than thirty (30) days, does not currently perform services for the Employer by reason of qualified

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military service (as that term is used in Section 414(u)(l) of the Code) to the extent those payments do not exceed the amounts the individual would have received if the individual had continued to perform services for the Employer rather than entering qualified military service.

1.17    “Compensation Committee” means the Compensation Committee of the Board, as such committee may be constituted from time to time, or any successor committee to such committee.

1.18    “Disability” means a disability on account of which the Employee is receiving benefits under an Employer long-term disability plan.

1.19    “Earnings” means an Employee's regular salary or wage that is payable to the Employee, determined prior to any reduction on a before-tax basis pursuant to Section 3.01 of the Plan, for services rendered to the Employer while the Employee is a Participant. Earnings include vacation pay, sick pay other than amounts paid under a Company long term disability plan, salesmen's regular bonuses and commissions, and bonuses in lieu of salary increases, but excludes all other bonuses and commissions, all overtime pay and all other forms of compensation.

Notwithstanding the foregoing, for purposes of determining the amount of the Employer Basic Contribution, “Earnings” shall mean an Employee's regular cash compensation received in any Plan Year from an Employer, including base salary and any bonuses and sales commissions but excluding overtime pay, any other additional compensation, or any contributions to this or any other pension, profit-sharing, stock bonus or other plan of compensation. Notwithstanding the foregoing, “Earnings” shall also include amounts which the Employer contributes to a plan on behalf of an Employee pursuant to a salary reduction agreement and which are not includible in the Employee's gross income under Section 125, 402(e)(3), 402(h) and 403(b) of the Code.

The annual Earnings of each Employee taken into account under the Plan shall not exceed the OBRA 1993 annual compensation limit. The OBRA 1993 annual compensation limit is $150,000, as adjusted by the Commissioner for cost-of-living adjustments in accordance with Section 401(a)(17)(B) of the Code. The cost-of-living adjustment in effect

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for a calendar year applies to any period, not exceeding 12 months, over which Earnings are determined (determination period) beginning in such calendar year. If a determination period consists of fewer than 12 months, the OBRA 1993 annual compensation limit will be multiplied by a fraction, the numerator of which is the number of months in the determination period, and the denominator of which is 12.

The Annual Earnings of each Employee taken into account in determining contribution amounts in any Plan Year beginning after January 1, 2002, shall not exceed $200,000, ($245,000 in 2011) as adjusted for cost-of-living increases in accordance with Section 401(a)(17)(B) of the Code. Annual Earnings means earnings during the Plan Year or such other consecutive 12-month period over which earnings is otherwise determined under the Plan (the “determination period”). The cost-of-living adjustment in effect for a calendar year applies to Annual Earnings for the determination period that begins with or within such calendar year.

Earnings shall not include payments to an individual who, for a period of more than thirty (30) days, does not currently perform services for the Employer by reason of qualified military service (as that term is used in Section 414(u)(l) of the Code) to the extent those payments do not exceed the amounts the individual would have received if the individual had continued to perform services for the Employer rather than entering qualified military service.

1.20    “Effective Date” means October 1, 1968 for the Company; and for an Affiliate, it means the date on which such Affiliate is approved to participate in the Plan as an Employer on behalf of its employees. The Effective Date of this Restatement is January 1, 2011.

1.21    “Eligibility Service” means service recognized for purposes of determining eligibility for membership in the Plan. An Employee shall be credited with one year of Eligibility Service for the 12-month period beginning on the date such Participant first completes an Hour of Service under Section 1.32(a) of the Plan, provided such Participant completes at least 1,000 Hours of Service during that period. If the Employee does not complete at least 1,000 Hours of Service during the first 12-month-period of employment with an Employer or an Affiliate, such Participant shall be credited with one year of Eligibility Service upon

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completion of at least 1,000 Hours of Service in any Plan Year beginning after the date on which such Participant is first credited with an Hour of Service under Section 1.32(a) of the Plan.

1.22    “Employee” means a person employed by an Employer who receives stated compensation other than a pension, severance pay, retainer or fee under contract and who is not included in a unit of employees covered by a collective bargaining agreement between the Employer and employee representatives unless the applicable collective bargaining agreement provides otherwise. However, this excludes any person who is eligible for or, upon the completion of any age and service requirement, will become eligible to participate in any other pension plan to which any Employer or Affiliate contributes except The New York Times Companies Pension Plan or any public retirement program. Any person who is a citizen or resident of the U.S. who is employed by the International Herald Tribune, S.A.S. shall be treated as an Employee for purposes of this Plan. Any person who is a citizen or resident of the U.S. who is employed by the International Herald Tribune LTD (U.K.) (“IHT U.K.”) shall be treated as an Employee for purposes of this Plan. Notwithstanding anything in this Section 1.22 to the contrary, in the event an individual is denied eligibility under the Plan because the individual is not shown as an Employee on the payroll of the Company or an Affiliate, any treatment or classification of such individual as an Employee on the payroll of the Company or an Affiliate shall not be effective for purposes of this Plan (notwithstanding any retroactive treatment or classification of such individual as an Employee on the payroll of the Company or an Affiliate for any other purpose under the Code or ERISA), and such individual shall be an ineligible Employee.

1.23    “Employer” means the Company or any successor by merger, purchase or otherwise, with respect to its employees; an Affiliate of the Company that elects, with the permission of the Company, to participate in the Plan; any successor by merger, purchase or otherwise to such Affiliate; or any other company participating in the Plan, as provided in Section 12.03 of the Plan, with respect to their respective employees.

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1.24    “Employer Basic Account” means the Account to which is credited the Employer Basic Contributions made on a Participant's behalf pursuant to Section 3.02 of the Plan and any earnings or losses on those contributions.

1.25    “Employer Basic Contributions” means the contributions made by an Employer on behalf of a Participant pursuant to Section 3.02 of the Plan.

1.26    “Employer Matching Account” means the Account to which is credited the Employer Matching Contributions made on a Participant's behalf attributable to Plan Years beginning prior to January 1, 2009 and any earnings or losses on those contributions.

1.27    “Employer Matching Contributions” means the contributions made by an Employer on behalf of a Participant attributable to Plan Years beginning prior to January 1, 2009.

1.28    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.

1.29    “Finance Committee” means the Finance Committee of the Board, as such committee may be constituted from time to time, or any successor committee to such committee.

1.30    “Fund” or “Investment Fund” means the separate funds in which contributions to the Plan are invested in accordance with Article IV of the Plan.

1.31    “Highly Compensated Employee” means an Employee who:

(a) at any time during the Plan Year or the preceding year was a more than 5% owner of the Employer (applying the constructive ownership rules of Section 318 of the Code); or

(b) for the preceding year had Compensation in excess of $110,000 (as adjusted by the Commissioner of Internal Revenue for the relevant year) and was not in the top-paid group.

However, in determining who is a Highly Compensated Employee (other than as a 5-percent owner), the Employer makes a calendar-year data election. The effect of this election is that the look-back year is the calendar year beginning with or within the look-back year.

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In determining whether an Employee is a Highly Compensated Employee for years beginning in 1997, the above definition shall be treated as having been in effect for years beginning in 1996. The term “Highly Compensated Employee” also includes any former Employee who separated from service (or has a deemed severance from employment, as determined under Treasury regulations) prior to the Plan Year, performs no service for the Employer during the Plan Year, and was a Highly Compensated Employee for either the separation year or any Plan Year ending on or after his or her 55^th birthday. If the former Employee's severance from employment occurred prior to January 1, 1987, such former Employee is a Highly Compensated Employee only if he or she satisfied clause (a) of this Section or received Compensation in excess of $50,000 during: (1) the year of severance from employment (or the prior year); or (2) any year ending after his or her 54^th birthday.

1.32    “Hour of Service” means, with respect to any applicable computation period,

(a) each hour for which the Employee is paid or entitled to payment for the performance of duties for the Employer or an Affiliate,

(b) each hour for which the Employee is paid or entitled to payment by the Employer or an Affiliate on account of a period during which no duties are performed, whether or not the employment relationship has terminated, due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty or leave of absence, but not more than 501 hours for any single continuous period, and

(c) each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Employer or an Affiliate, excluding any hour credited under (a) or (b).

No hours shall be credited on account of any period during which the Employee performs no duties and receives payment solely for the purpose of reimbursement for medical or medically-related expenses incurred by the Employee or for the purpose of complying with unemployment compensation, worker's compensation or disability insurance laws. The Hours of Service credited shall be determined as required by Title 29 of the Code of Federal Regulations, Sections 2530.200b-2(b) and (c).

For purposes of Eligibility Service, the “computation period” shall be the period referred to in Section 1.21 of the Plan, and for purposes of Vesting Service, the “computation period” shall be the Plan Year.

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1.33    “Leased Employee” means an individual (who otherwise is not an Employee of the Employer) who, pursuant to a leasing agreement between the Employer and any other person, has performed services for the Employer (or for the Employer and any persons related to the Employer within the meaning of Section 414(n)(6) of the Code) on a substantially full time basis for at least one year, and such services are performed under the primary direction or control of the Employer.

The Plan does not treat a Leased Employee as an Employee if the leasing organization covers the employee in a safe harbor plan and, prior to application of this safe harbor plan exception, 20% or less of the Employer's Employees (other than Highly Compensated Employees) are Leased Employees. A safe harbor plan is a money purchase pension plan providing immediate participation, full and immediate vesting, and a nonintegrated contribution formula equal to at least 10% of the employee's compensation without regard to employment by the leasing organization on a specified date. The safe harbor plan must determine the 10% contribution on the basis of compensation as defined in Section 415(c)(3) of the Code, including amounts contributed pursuant to a salary reduction agreement which are excludable from the employee's gross income under Sections 125, 402(e)(3), 402(h)(1)(B), or 403(b) of the Code.

Leased Employees who are treated as Employees of the Employer shall not be eligible to participate in the Plan.

1.34    “Limitation Year” means, for purposes of Section 415 of the Code, the calendar year.

1.35    “Non-Highly Compensated Employee” means any Employee or former Employee who is not a Highly Compensated Employee.

1.36    “Participant” means any eligible Employee included in the membership of the Plan as provided in Article II.

1.37    “Period of Service” means the period beginning with the date of an Employee's commencement of employment (or re-employment) with an Employer or an Affiliate and ending on the date a Period of Severance begins.

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1.38    “Pension Investment Committee” means a committee appointed by the Finance Committee, which shall report to the Finance Committee from time to time but no less than twice a year, or any successor committee to such committee.

1.39    “Period of Severance” means a continuous period of time during which an Employee is not employed by an Employer or an Affiliate. Such period begins on the date the Employee quits, retires or is discharged or, if earlier, the 12-month anniversary of the date on which the Employee was otherwise first absent from service.

1.40    “Plan” means The New York Times Companies Supplemental Retirement and Investment Plan, as amended from time to time.

1.41    “Plan Administrator” means an individual(s) appointed to act as such by the Committee pursuant to Section 9.10 of the Plan.

1.42    “Plan Year” means the period commencing on January 1^st and ending on each December 31^st thereafter.

1.43    “Profits” means both accumulated prior years' earnings and profits and current net taxable income of the Employers before deduction of Federal, state and local income taxes and before any contributions made by Employers to this or any other employee benefit plan maintained by any Employer, as determined by the Company's independent public accountants in accordance with generally accepted accounting principles.

1.44    “Rollover Account” means the account to which is credited any amounts transferred from other qualified plans into this Plan pursuant to Section 3.05 of the Plan.

1.45    “Roth Account” means the account to which are credited any Roth Contributions and Roth Catch-up Contributions made on behalf of a Participant pursuant to Sections 3.01(c) and 3.01(d) of the Plan and any earnings and losses on such contributions.

1.46    “Roth Contributions” means contributions that are designated irrevocably by the Participant at the time of the cash or deferred election as a Roth Contribution. Roth Contributions are made in lieu of all or a portion of the Before-Tax Contributions and/or Before-Tax Catch-Up Contributions the Participant is otherwise eligible to make under the

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Plan. Roth Contributions are treated by the Employer as includible in the Participant's income at the time the Participant would have received that amount in cash if the Participant had not made the election. Notwithstanding anything to the contrary herein, all Roth Contributions shall be treated as elective deferrals for all purposes under this Plan.

1.47    “Safe Harbor Matching Contribution Account” means the account to which are credited any Safe Harbor Matching Contributions made by the Employer after January 1, 2009 pursuant to Section 3.03 of the Plan and any earnings and losses on such contributions.

1.48    “Safe Harbor Matching Contributions” means the Safe Harbor Matching Contributions made by the Employer after January 1, 2009 with respect to a Participant's After-Tax Contributions, Before-Tax Contributions, Catch-Up Contributions and/or Roth Contributions.

1.49    “Trust” means the trust or trusts forming part of this Plan and maintained pursuant to one or more written Trust Agreements.

1.50    “Trustee” means Vanguard Fiduciary Trust Company or any successor or other trustee acting as such at any time under a Trust Agreement.

1.51    “Trust Agreement” means the agreement or agreements of trust between the Company and Vanguard Fiduciary Trust Company or any successor or other trustee of the Trust.

1.52    “Valuation Date” means the end of each day the New York Stock Exchange is open for business.

1.53    “Vested Percentage” means the percentage of the Accounts in which the Participant has a nonforfeitable interest, determined under Article VI.

1.54    “Vesting Service” means service recognized for purposes of determining an Employee's Vested Percentage in such Employee's Employer Matching Account and Employer Basic Account. An Employee shall receive credit for the aggregate of all time period(s) commencing with the Employee's first day of employment or re-employment and ending on the date a Period of Severance begins and shall be credited with a number of Years

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of Vesting Service equal to the number of whole years of the Employee's Period of Service, whether or not such Periods of Service were completed consecutively. A whole Year of Vesting Service means 12 months of service (a month of service means 30 days). The first day of employment or re-employment is the first day the Employee performs an Hour of Service.

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ARTICLE II

ELIGIBILITY AND PARTICIPATION

2.01    Eligibility

(a) Each Employee who, on December 31, 2010, was a Participant in the Plan shall continue to be a Participant in this Plan as of January 1, 2011.

(b) Any Employee scheduled to work at least 27 hours per week when his or her employment commences may participate in the Plan in accordance with Section 2.02 of the Plan.

With respect to After-Tax Contributions, Before-Tax Contributions, Catch-up Contributions, Roth Contributions and Safe Harbor Matching Contributions, the Employee may immediately participate in the Plan in accordance with Section 2.02 of the Plan.

(c) With respect to the Employer Basic Contribution, only Employees who are newly hired on or after January 1, 2009 or are rehired after December 31, 2008 shall be eligible to receive the Employer Basic Contribution. Such Employees must complete one year of Eligibility Service to become a Participant in accordance with Section 2.02 of the Plan. Following completion of one year of Eligibility Service, such Employee shall become a Participant in the Plan as of the first day of the month coincident with or next following his or her completion of one year of Eligibility Service.

(d) Any Employee who is scheduled to work less than 27 hours per week when his or her employment commences, must complete one year of Eligibility Service to become a Participant in accordance with Section 2.02 of the Plan; provided, however, that such Employee may become a Participant before completing one year of Eligibility Service for the limited purpose of making and investing a Rollover Contribution. Following completion of one year of Eligibility Service, such Employee shall become a Participant in the Plan as of the first day of the month coincident with or next following his or her completion of one year of Eligibility Service. At such time, the Employee may commence making After-Tax Contributions, Before-Tax Contributions and Catch-up Contributions, and will receive Safe Harbor Matching Contributions and the Employer Basic Contribution, if applicable.

2.02    Enrollment An Employee eligible to participate in the Plan in accordance with Section 2.01 of the Plan must enroll in the Plan in order to commence making After-Tax Contributions, Before-Tax Contributions, Catch-up Contributions and Roth Contributions in accordance with the procedures established by the Plan Administrator.

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2.03    Continuing Participation. A Participant whose employment terminates for any reason shall continue to be a Participant until the entire Vested Percentage of his or her Accounts is paid to such Participant or such Participant's Beneficiary.

2.04    Reemployment of Former Employees and Former Participants. A Participant whose employment terminates shall re-enter the Plan as a Participant on the date of re-employment. An Employee who has satisfied the eligibility condition(s) of Section 2.01 of the Plan, but who terminates employment prior to becoming a Participant, shall become a Participant in the Plan on the date of re-employment.

2.05    Transferred Participants. A Participant who remains in the employ of an Employer or an Affiliate designated pursuant to Section 12.03 of the Plan but who ceases to be an Employee as defined in Section 1.22 of the Plan shall continue to be a Participant of the Plan but shall not be a Participant who is eligible to make contributions or to have contributions made on his or her behalf or receive allocations of Safe Harbor Matching Contributions or Employer Basic contributions for as long as his or her employment status is other than that of an Employee. Any Earnings of such a Participant while he has an employment status other than that of an Employee shall be disregarded for all Plan purposes, to the extent permitted by law.

2.06    Participants Subject to 3121(l) Agreements . A Participant who is a citizen or resident of the U.S. who is employed by the International Herald Tribune, S.A.S shall be permitted to have contributions made on his or her behalf or receive allocations of Safe Harbor Matching Contributions or Employer Basic Contributions only during the period to which such Section 3121(l) Agreement applies. During the period to which such Section 3121(l) Agreement applies, contributions under a funded plan of deferred compensation shall not be provided by any other person with respect to the remuneration paid to such Participant by International Herald Tribune, S.A.S. At the conclusion of the period to which such Section 3121(l) Agreement applies, the affected Participant shall continue to earn Vesting Service but shall not have any additional contributions made on his or her behalf or receive further allocations of contributions. The Participant shall not be entitled to a distribution of his or her Account until his or her employment with the Company and/or its Affiliate terminates.

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2.07    Employees of IHT UK. A Participant who is a citizen or resident of the U.S. who is employed by the IHT UK shall be permitted to have contributions made on his or her behalf or receive allocations of Safe Harbor Matching Contributions or Employer Basic Contributions during the period which the Participant is employed by IHT UK. The Participant shall not be entitled to a distribution of his or her Account until his or her employment with the Company and/or its Affiliates terminates.

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ARTICLE III

CONTRIBUTIONS

3.01    Employee Contributions. A Participant, subject to the limitations in Sections 3.06 and 3.07 of the Plan, may, in accordance with procedures established by the Plan Administrator, elect to have his or her subsequent Earnings reduced, starting as of the beginning of the first payroll period of a month which next follows by at least ten (10) days from the date of the Participant's election. The reduction in Earnings shall be in an amount equal to not less than 1%, but not more than 75%, in multiples of 1%, of the Participant's Earnings, as elected by the Participant. Before-Tax Contributions, After-Tax Contributions, Catch-Up Contributions and Roth Contributions shall be paid to the Trustee as soon as is administratively feasible but within the period required by applicable law and shall be allocated to the Plan by the Employer as Before-Tax Contributions, After-Tax Contributions, Catch-Up Contributions, and Roth Contributions in a manner to be determined by the Plan Administrator and as designated by the Participant.

(a) Before-Tax Contributions. A Participant may elect to reduce his or her Earnings on a before-tax basis by an amount not less than 1% and no more than 75%, in multiples of 1%. Before-Tax Contributions shall be made through payroll deductions in a manner to be determined by the Plan Administrator. If a Participant is eligible to make Catch-Up Contributions as described in subsection (d), and contributes the maximum Before -Tax Contribution amount permitted under Section 402(g) for the calendar year, the Participant's Before-Tax election shall automatically continue until the Participant has contributed the maximum Catch-up Contribution amount under Section 414(v) of the Code for the calendar year.

(b) After-Tax Contributions. If the Before-Tax Contributions made on the Participant's behalf under Section 3.01(a) of the Plan are in an amount less than 75% of the Participant's Earnings, the Participant may elect to make After-Tax Contributions to the Plan in an amount not less than 1% and not more than 75% of his or her Earnings, in multiples of 1%. However, the combined amount of After-Tax Contributions and Before-Tax Contributions on behalf of that Participant shall not exceed 75% of the Participant's Earnings. After-Tax Contributions shall be made through payroll deductions in a manner to be determined by the Plan Administrator.

If a Participant has elected to make Before-Tax Contributions and contributes the maximum Before -Tax Contribution amount permitted under Section

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402(g) for the calendar year, the Participant's Before-Tax Contribution election shall automatically be converted to an election to continue contributing at the same rate on an After-Tax Contribution basis unless the Participant chooses no auto-conversion. Notwithstanding the foregoing, if a Participant is eligible to make Catch-Up Contributions as described in subsection (d), and contributes the maximum Before -Tax Contribution amount permitted under Section 402(g) for the calendar year, the Participant's Before-Tax election shall automatically continue until the Participant has contributed the maximum Catch-up Contribution amount under Section 414(v) of the Code for the calendar year, at which time the Participant's Before-Tax Election shall be converted to an election to continue contributing at the same rate on an After-Tax Contribution basis unless the Participant chooses no auto-conversion.

(c) Roth Contributions. If the Before-Tax Contributions and After-Tax Contributions made on the Participant's behalf under Sections 3.01(a) and (b) of the Plan are in an amount less than 75% of the Participant's Earnings, the Participant may elect to make Roth Contributions to the Plan in an amount not less than 1% and not more than 75% of his or her Earnings, in multiples of 1%. However, the combined amount of Roth Contributions, After-Tax Contributions and Before-Tax Contributions on behalf of that Participant shall not exceed 75% of the Participant's Earnings. Roth Contributions shall be made through payroll deductions in a manner to be determined by the Plan Administrator.

If a Participant has elected to make Roth Contributions and contributes the maximum Roth Contribution amount permitted under Section 402(g) for the calendar year, the Participant's Roth Contribution election shall automatically be converted to an election to continue contributing at the same rate on an After-Tax Contribution basis unless the Participant chooses no auto-conversion. Notwithstanding the foregoing, if a Participant is eligible to make Catch-Up Contributions as described in subsection (d), and contributes the maximum Roth Contribution amount permitted under Section 402(g) for the calendar year, the Participant's Roth election shall automatically continue until the Participant has contributed the maximum Catch-up Contribution amount under Section 414(v) of the Code for the calendar year, at which time the Participant's Roth Contribution election shall be converted to an election to continue contributing at the same rate on an After-Tax Contribution basis unless the Participant chooses no auto-conversion.

(d) Notwithstanding the foregoing, all Employees who are eligible to make Before-Tax Contributions and Roth Contributions under this Plan and who have attained age 50 before the close of the Plan Year shall be eligible to make Catch-Up Contributions in accordance with, and subject to the limitations of, Section 414(v) of the Code. Catch-Up Contributions shall not be taken into account for purposes of the provisions of the Plan implementing the required limitations of Sections 402(g) and 415 of the Code. The Plan

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shall not be treated as failing to satisfy the provisions of the Plan implementing the requirements of Sections 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416 of the Code, as applicable, by reason of making of Catch-Up Contributions.

3.02    Employer Basic Contributions. An Employer shall within the time permitted by Section 404(a)(6) of the Code, contribute an Employer Basic Contribution equal to three (3) percent of each eligible Participant's Earnings for those Participants who have satisfied the eligibility requirements of Section 2.01(c). Such amounts shall be allocated to the Employer Basic Account of each Participant who is employed by the Employer on the last day of the Plan Year; provided, however, that any Participant who terminates employment prior to the last day of the Plan Year on account of death, disability or retirement, shall be entitled to the Employer Basic Contribution.

3.03    Safe Harbor Matching Contributions. Effective January 1, 2009, the Plan shall be designated as a safe harbor plan in accordance with the following - -

(a) In accordance with this Section, the Plan shall utilize the ADP Test Safe Harbor and the ACP Test Safe Harbor, as set forth in subsection (g). Accordingly, the provisions of this Section shall apply for the Plan Year and any provisions relating to the Actual Deferral Percentage (“ADP”) test described in Section 401(k)(3) of the Code or the Average Contribution Percentage (“ACP”) test described in Section 401(m)(2) shall not apply; provided, however, the ACP test described in Section 3.06(b) shall be conducted with respect to such After-Tax Contributions using the “current year” testing method. To the extent that any other provision of this Plan is inconsistent with the provisions of this Section, the provisions of this Section govern.

(b) The Employer will contribute for the Plan Year an Safe Harbor Matching Contribution to the Plan on behalf of each Eligible Employee equal to (i) 100% of the amount of the Employee's Before-Tax Contributions, After-Tax Contributions, Catch-up Contributions, and/or Roth Contributionsthat do not exceed 3% of the Employee's Earnings for the Plan Year, plus (ii) 75% of the amount of the amount of the Employee's Before-Tax Contributions, After-Tax Contributions, Catch-up Contributions and/or Roth Contributions that are in excess of 3% but do not exceed 5% of the Employee's Earnings for the Plan Year, plus (iii) 50% of the amount of the Employee's Before-Tax Contributions, After-Tax Contributions, Catch-up Contributions and/or Roth Contributions that are in excess of 5% do not exceed 6% of the Employee's Earnings for the Plan Year.

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(c) Sixty percent (60%) of each dollar of the Safe Harbor Matching Contribution shall be made by the Employer in cash and allocated to the Participant's Safe Harbor Matching Contribution Account on a pay period basis. The remaining forty percent (40%) of each dollar of Safe Harbor Matching Contribution shall be made in Company Stock and allocated to the Participant's Safe Harbor Matching Contribution Account on a quarterly basis, no later than the last day of each calendar quarter. Safe Harbor Matching Contributions which are allocated in Company Stock shall be determined based on the price of the Company Stock on the New York Stock Exchange or such other exchange on which the Company Stock may at the time be listed as of the close of business on the 5^th business day preceding the last day of each calendar.

(d) Safe Harbor Matching Contributions are nonforfeitable and may not be distributed earlier than severance from employment, death, disability, and the attainment of age 59½. In addition, such contributions must satisfy the ADP Test safe Harbor without regard to permitted disparity under Section 401(l) of the Code.

(e) At least 30 days, but not more than 90 days, before the beginning of the Plan Year, the Employer will provide each Eligible Employee a comprehensive notice of the Employee's rights and obligations under the Plan, written in a manner calculated to be understood by the average Eligible Employee. If an Employee becomes eligible after the 90th day before the beginning of the Plan Year and does not receive the notice for that reason, the notice must be provided no more than 90 days before the Employee becomes eligible but not later than the date the Employee becomes eligible.

(f) In addition to any other election periods provided under the Plan, each Eligible Employee may make or modify a deferral election during the 30-day period immediately following receipt of the notice described in Subsection (e) above.

(g) The Employer intends that the Plan satisfy the ADP test of Section 401(k)(3) of the Code and the ACP test of Section 401(m)(2) of the Code by applying the ADP test safe harbor and the ACP test safe harbor on the basis of the Safe Harbor Matching Contributions set forth in Section 3.03(b) of the Plan.

(h) The following definitions shall apply for purposes of this Article only:

(i)    “Earnings” is defined in Section 1.19 of the Plan, except, for purposes of this Section, no dollar limit, other than the limit imposed by Section 401(a)(17) of the Code, applies to the Earnings of a Non-highly Compensated Employee.

(ii)    “Eligible Employee” means an Employee eligible to make Before-Tax Contributions under the Plan for any part of the Plan Year or who would be eligible to make Before-Tax Contributions but for a suspension due to

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a hardship distribution described in Section 7.05 or due to statutory limitations, such as Sections 402(g) and 415 of the Code.

3.04    Change in Contributions. The percentages of Earnings as contributions designated by a Participant under Section 3.01 of the Plan automatically shall apply to increases and decreases in his or her Earnings. Subject to Sections 3.01 and 3.06 of the Plan, a Participant may change the percentage of the Participant's authorized payroll deduction and/or reduction of Earnings (including suspension of all contributions) no more than once a month, by following the procedures adopted by the Plan Administrator for this purpose. The changed percentage shall become effective as of the beginning of the Participant's first payroll period of a month that next follows by at least ten days the Employer's receipt of such notice.

3.05    Transfers from Qualified Plans

(a) With the consent of the Plan Administrator, amounts may be transferred from other qualified plans to this Plan, provided that, in the opinion of legal counsel for the Employer, the transfer will not jeopardize the tax-exempt status of the Plan or Trust or create adverse tax consequences for the Employer. The amounts transferred shall be set up in a separate account herein referred to as a “Rollover Account.” Such account shall be fully vested at all times and shall not be subject to forfeiture for any reason.

(b) Amounts in a Rollover Account shall be held by the Trustee pursuant to the provisions of this Plan as to such Participant's other accounts, and such amounts may be withdrawn or borrowed by, or distributed to, the Participant, in whole or in part, as per pertinent provisions of the Plan. All amounts allocated to a Rollover Account shall be invested as per Article IV of the Plan.

(c) For purposes of this Section 3.05, the term “amounts transferred from other qualified plans” means a lump sum distribution received by an Employee from one or more other qualified plans that are eligible for tax-free rollover to a qualified plan and that are transferred by the Employee to this Plan within 60 days following his or her receipt thereof. Prior to accepting any transfers to which this Section 3.05 applies, the Plan Administrator shall require the Employee to establish that the amounts to be transferred to this Plan meet the requirements of this Section 3.05 and comply with the procedures adopted by the Committee for this purpose.

(d) For purposes of this Section 3.05, the term “qualified plan” means a tax-qualified plan under Section 401(a) of the Code. The term “qualified plan” is an Eligible Retirement Plan as defined in Section 8.09 of the Plan.

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(e) An Employee may transfer amounts from other qualified plans to this Plan without being eligible to participate herein. However, amounts in a Rollover Account may be withdrawn from the Plan at any time.

(f) With the consent of the Plan Administrator, amounts may be transferred to the Roth Account only if it is a direct rollover from another Roth elective deferral account under an applicable retirement plan described in Section 402(e)(1) of the Code and only to the extent that the rollover is permitted under the rules of Section 402(c) of the Code.

3.06    Limitations Affecting All Contributions

(a) Annual Limitation on Before-Tax Contributions and Roth Contributions

(i) No Participant shall be permitted to have Before-Tax Contributions and/or Roth Contributions made under this Plan, or any other qualified plan maintained by the Employer during any taxable year, in excess of the dollar limitation contained in Section 402(g) of the Code in effect for such taxable year, except to the extent permitted under Section 3.01(d) of the Plan and Section 414(v) of the Code, if applicable.

(ii) In the event that such Before-Tax and/or Roth Contributions, together with other elective deferrals described in Section 402(g) of the Code, exceed the limitation in (i), the Employee shall advise the Plan Administrator in writing, not later than the March 1 next following the close of such taxable year, of the portion of such excess that he has allocated to the Plan and of his election to have such amount (plus the income or less the loss thereon), as reduced by the amount, if any, which the Employee elected under Section 3.01(a) of the Plan to have treated as After-Tax Contributions, distributed to him. The Plan Administrator shall direct the Trustee to distribute not later than the next following April 15 to the Employee such designated amount (together with any income, or reduced by any loss allocable to it). The income or loss allocable to the Participant's Before-Tax Account and/or Roth Contribution Account, as applicable, for the taxable year is multiplied by a fraction, the numerator of which is such Participant's excess Before-Tax Contributions and/or Roth Contributions for the year and the denominator is the Participant's Account Balance attributable to Before-Tax Contributions and/or Roth Contributions without regard to any income or loss occurring during such taxable year.

(b) Actual Contribution Percentage Limit

(i) With respect to each Plan Year, the Actual Contribution Percentage for Highly Compensated Employees shall not exceed the greater of (1) the Actual Contribution Percentage for all Employees other than Highly

26

Compensated Employees, multiplied by 1.25, or (2) if the Actual Contribution Percentage for Highly Compensated Employees exceeds the Actual Contribution Percentage for all such other Employees by no more than two percentage points, the Actual Contribution Percentage for all Employees other than Highly Compensated Employees, multiplied by 2.0.

The Actual Contribution Percentage will be tested under the current year method, as elected by the Employer.

Plan may be aggregated in order to satisfy Section 401(m) of the Code only if they have the same Plan Year and use the same Average Contribution Percentage testing method.

Prior to the commencement of each Plan Year, the Committee may establish, based on projection of After-Tax Contributions at the levels in effect when the determination is being made, the maximum amount of After-Tax Contributions that may be elected by any Highly Compensated Employee for such Plan Year without causing the Plan to exceed the limitation set forth herein.

(ii) If the Actual Contribution Percentage for Highly Compensated Employees for the Plan Year exceeds the Actual Contribution percentage limitation in (i) above for the Plan Year, the After-Tax Contributions for such Highly Compensated Employees shall be reduced for Highly Compensated Employees with the largest contribution amounts taken into account in calculating the Actual Contribution Percentage test for the year in which the excess arose, beginning with the Highly Compensated Employee with the largest contribution amount and continuing in descending order until all such aggregate After-Tax Contributions have been distributed.

(iii) In the event that the Actual Contribution Percentage for Highly Compensated Employees exceeds the percentage permitted under (i), the excess After-Tax Contributions, if any, attributable to each Highly Compensated Employee shall be determined under (ii) above. The portion of the excess which consists of After-Tax contributions (together with the income, or less the loss, allocable to such Contributions) will be distributed to him. The Employee will forfeit any Safe Harbor Matching Contributions (together with the income, or less the loss, allocable to such After-Tax Contributions). The Committee shall direct the Trustee to distribute not later than the next following March 15 to the Employee such designated amount (together with any income, or reduced by any loss, allocable to it.

The income or loss allocable to the Employee's forfeited Safe Harbor Matching Contributions allocated for such Employee's designated

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amount of After-Tax Contributions shall be determined by multiplying the income or loss allocable for the Plan Year to the Employee's total Safe Harbor Matching Contributions allocated for After-Tax Contributions for the Plan Year and the denominator of which is the sum of the Participant's Account Balances attributable to Safe Harbor Matching Contributions allocated for After-Tax Contributions on the last day of the Plan Year. Forfeited Employer Matching Contributions, prior to January 1, 2009 and forfeited Safe Harbor Matching Contributions shall be applied to reduce future Employer contributions to the Plan.

(iv) Effective as of January 1, 2009, this Subsection (b) shall only apply to After-Tax Contributions, as the Plan has been designated a safe harbor plan and testing set forth in this Subsection is not applicable.

(c) Committee Limits. Notwithstanding Section 3.01 of the Plan, the Plan Administrator may, in its discretion, before the beginning of or during a Plan Year reduce the percentage or limit the dollar amount of After-Tax Contributions which one or more groups of Highly Compensated Employees may make during the Plan Year if:

(i) the Plan Administrator determines, based on such information as it deems necessary, that the projected Actual Contribution Percentage for Highly Compensated Employees for the Plan Year is likely to exceed the projected Actual Contribution Percentage limitation in Subsection (b) for the Plan Year; or

(ii) if the conditions of (i) above exist and the Plan Administrator determines that it is in the best interests of the Company and its Affiliates that lower contribution percentage limits or dollar amounts be applicable to the more highly compensated levels of Highly Compensated Employees for one or more Plan Years so that less highly compensated levels of Highly Compensated Employees may make greater contributions under the Actual Contribution Percentage limitations.

3.07    Maximum Annual Additions

(a) The Annual Addition, as defined in Section 3.07(b), to a Participant's Account for any Limitation Year, when added to the Participant's annual addition for that Limitation Year under any other qualified defined contribution plan of an Employer or an Affiliate designated under Section 12.03 of the Plan, shall not exceed an amount that is equal to the lesser of:

(i) 100% of the Participant's Compensation, within the meaning of Section 415(c)(3) of the Code, for that Limitation Year, or

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(ii) $40,000, as adjusted for increases in the cost-of-living under Section 415(d) of the Code.

Subsection (a)(i) shall not apply to any additions described in Subsection (b)(iii).

(b) For purposes of this Subsection, the Annual Addition to a Participant's Account under this Plan or any other qualified defined contribution plan(s) maintained by an Employer or an Affiliate shall be the sum of:

(i) the total of all Before-Tax Contributions, After-Tax Contributions, Employer Matching Contributions, Roth Contributions, Employer Basic Contributions, and Safe Harbor Matching Contributions and forfeitures;

(ii) the total of all such contributions and forfeitures allocated to the Employee's accounts under all other defined contribution plans maintained by the Company or an Affiliate; and

(iii) the total of all amounts of medical or life insurance benefits, if any, described in Sections 415(l)(1) and 419A(d)(2) of the Code.

Annual Additions for purposes of Section 415 of the Code shall not include restorative payments. A restorative payment is a payment made to restore losses to a Plan resulting from actions by a fiduciary for which there is reasonable risk of liability for breach of a fiduciary duty under ERISA or under other applicable federal or state law, where Participants who are similarly situated are treated similarly with respect to the payments. Generally, payments are restorative payments only if the payments are made in order to restore some or all of the Plan's losses due to an action (or a failure to act) that creates a reasonable risk of liability for such a breach of fiduciary duty (other than a breach of fiduciary duty arising from failure to remit contributions to the Plan). This includes payments to a plan made pursuant to a Department of Labor order, the Department of Labor's Voluntary Fiduciary Correction Program, or a court-approved settlement, to restore losses to a qualified defined contribution plan on account of the breach of fiduciary duty (other than a breach of fiduciary duty arising from failure to remit contributions to the Plan). Payments made to the Plan to make up for losses due merely to market fluctuations and other payments that are not made on account of a reasonable risk of liability for breach of a fiduciary duty under ERISA are not restorative payments and generally constitute contributions that are considered Annual Additions.

Annual Additions for purposes of Section 415 of the Code shall not include: (1) the direct transfer of a benefit or employee contributions from a qualified plan to this Plan; (2) rollover contributions (as described in Sections 401(a)(31), 402(c)(1), 403(a)(4), 403(b)(8), 408(d)(3), and 457(e)(16)) of the

29

Code; (3) repayments of loans made to a Participant from the Plan; and (4) repayments of amounts described in Section 411(a)(7)(B) of the Code (in accordance with Section 411(a)(7)(C)) of the Code and Section 411(a)(3)(D) of the Code.

(c) If the Annual Additions (within the meaning of Section 415 of the Code) are exceeded for any Participant, then the Plan may only correct such excess in accordance with the Employee Plans Compliance Resolution System (EPCRS) as set forth in Revenue Procedure 2008-50 or any superseding guidance, including, but not limited to, the preamble of the final Section 415 regulations.

(d) For purposes of this Section 3.07, 415 Compensation means Compensation as defined in Section 1.16 of the Plan paid by the Employer during the Limitation Year, but adjusted as set forth herein, for the following types of compensation paid after a Participant's severance from employment with the Employer maintaining the Plan. However, amounts described in subsections (i) and (ii) below may only be included in 415 Compensation to the extent such amounts are paid by the later of 2½ months after severance from employment or by the end of the Limitation Year that includes the date of such severance from employment. Any other payment of compensation paid after severance of employment that is not described in the following types of compensation is not considered 415 Compensation within the meaning of Section 415(c)(3) of the Code, even if payment is made within the time period specified above.

(i) 415 Compensation shall include regular pay after severance of employment if:

(1) The payment is regular compensation for services during the Participant's regular working hours, or compensation for services outside the Participant's regular working hours (such as overtime or shift differential), commissions, bonuses, or other similar payments; and

(2) The payment would have been paid to the Participant prior to a severance from employment if the Participant had continued in employment with the Employer.

(ii) Leave cashouts shall be included in 415 Compensation, if those amounts would have been included in the definition of 415 Compensation if they were paid prior to the Participant's severance from employment, and the amounts are payment for unused accrued bona fide sick, vacation, or other leave, but only if the Participant would have been able to use the leave if employment had continued.

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In addition,deferred compensation shall be included in 415 Compensation, if the compensation would have been included in the definition of 415 Compensation if it had been paid prior to the Participant's severance from employment, and the compensation is received pursuant to a nonqualified unfunded deferred compensation plan, but only if the payment would have been paid at the same time if the Participant had continued in employment with the Employer and only to the extent that the payment is includible in the Participant's gross income.

(iii) 415 Compensation shall include payments to an individual who, for a period of more than thirty (30), days does not currently perform services for the Employer by reason of qualified military service (as that term is used in Section 414(u)(l)) of the Code to the extent those payments do not exceed the amounts the individual would have received if the individual had continued to perform services for the Employer rather than entering qualified military service.

(iv) 415 Compensation does not include compensation paid to a Participant who is permanently and totally disabled (as defined in Section 22(e)(3)) of the Code. This provision shall apply to all Participants for the Plan Year.

(e) For purposes of applying the limitations of Section 415 of the Code, all defined contribution plans (without regard to whether a plan has been terminated) ever maintained by the Employer (or a “predecessor employer”) under which the Participant receives Annual Additions are treated as one defined contribution plan. The “Employer” means the Employer that adopts this Plan and all members of a controlled group or an affiliated service group that includes the Employer (within the meaning of Sections 414(b), (c), (m) or (o)) of the Code, except that for purposes of this Section, the determination shall be made by applying Section 415(h) of the Code, and shall take into account tax-exempt organizations under Regulation Section 1.414(c)-5, as modified by Regulation Section l.415(a)-1(f)(1). For purposes of this Section:

(i) A former Employer is a “predecessor employer” with respect to a Participant in a plan maintained by an Employer if the Employer maintains a plan under which the Participant had accrued a benefit while performing services for the former Employer, but only if that benefit is provided under the plan maintained by the Employer. For this purpose, the formerly affiliated plan rules in Regulation Section 1.415(f)-1(b)(2) apply as if the Employer and predecessor Employer constituted a single employer under the rules described in Regulation Section 1.415(a)-1(f)(1) and (2) immediately prior to the cessation of affiliation (and as if they constituted two, unrelated employers under the rules described in Regulation Section 1.415(a)-1(f)(1) and (2) immediately after the cessation of affiliation) and cessation of

31

affiliation was the event that gives rise to the predecessor employer relationship, such as a transfer of benefits or plan sponsorship.

(ii) With respect to an Employer of a Participant, a former entity that antedates the Employer is a “predecessor employer” with respect to the Participant if, under the facts and circumstances, the employer constitutes a continuation of all or a portion of the trade or business of the former entity.

(f) For purposes of aggregating plans for Section 415 of the Code, a “formerly affiliated plan” of an employer is taken into account for purposes of applying the Section 415 of the Code limitations to the employer, but the formerly affiliated plan is treated as if it had terminated immediately prior to the “cessation of affiliation.” For purposes of this paragraph, a “formerly affiliated plan” of an employer is a plan that, immediately prior to the cessation of affiliation, was actually maintained by one or more of the entities that constitute the employer (as determined under the employer affiliation rules described in Regulation Section 1.415(a)-1(f)(1) and (2)), and immediately after the cessation of affiliation, is not actually maintained by any of the entities that constitute the employer (as determined under the employer affiliation rules described in Regulation Section l.415(a)-1(f)(1) and (2)). For purposes of this paragraph, a “cessation of affiliation” means the event that causes an entity to no longer be aggregated with one or more other entities as a single employer under the employer affiliation rules described in Regulation Section 1.415(a)-l(f)(1) and (2) (such as the sale of a subsidiary outside a controlled group), or that causes a plan to not actually be maintained by any of the entities that constitute the employer under the employer affiliation rules of Regulation Section 1.415(a)-1(f)(l) and (2) (such as a transfer of plan sponsorship outside of a controlled group).

(g) Two or more defined contribution plans that are not required to be aggregated pursuant to Section 415(f) of the Code and the Regulations there under as of the first day of a Limitation Year do not fail to satisfy the requirements of Section 415 of the Code with respect to a Participant for the Limitation Year merely because they are aggregated later in that Limitation Year, provided that no Annual Additions are credited to the Participant's account after the date on which the plans are required to be aggregated.

3.08    Return of Contributions

(a) If the Commissioner of the Internal Revenue Service, on timely application made after any amendment which increases the costs of the Plan, determines that the Plan is not qualified under Section 401(a) and/or 401(k) of the Code, or refuses, in writing, to issue a determination as to whether the Plan is so qualified, the Employers' contributions made on or after the date on which such determination or refusal is applicable shall be returned to the Employers without interest. If all or part of the Company's deductions under Section 404

32

of the Code for contributions to the Plan are disallowed by the Internal Revenue Service, the portion of the contributions to which such disallowance applies shall be returned to the Company (and reallocated to Employers) without interest, but reduced by any investment loss attributable to those contributions. The return shall be made as soon as practicable, but in any event within one year after the denial of qualification or disallowance of deduction, as the case may be.

(b) The Employer may recover without interest the amount of its contributions (other Before-Tax Contributions) to the Plan made on account of a mistake in fact, reduced by any investment loss attributable to those contributions, if recovery is made within one year after the date of those contributions.

3.09    Top Heavy Rules

(a) General Rule

In accordance with Sections 401(a)(10) and 416 of the Code, if the Plan is or becomes top heavy (within the meaning of Section 416(g) of the Code) in any Plan Year, the provisions of this Section 3.09 shall supersede any conflicting provisions in the Plan.

(b) Definitions for Purposes of this Section 3.09

(i) “Determination Date”. For any Plan Year subsequent to the first Plan Year, the last day of the preceding Plan Year. For the first Plan Year of the Plan, the last day of that year.

(ii) “Key Employee”. Any Employee or former Employee (including any deceased Employee) who at any time during the Plan Year that includes the Determination Date was an officer of an Employer having Annual Compensation greater than $150,000 (as adjusted under Section 416(i)(1) of the Code), a 5-percent owner of the Employer, or a 1-percent owner of the Employer having Annual Compensation of more than $150,000. For this purpose, Annual Compensation means compensation within the meaning of Section 415(c)(3) of the Code. The determination of who is a Key Employee shall be made in accordance with Section 416(i)(1) of the Code and the applicable regulations and other guidance of general applicability issued thereunder.

(iii) “Non-Key Employee”. Any Employee who is a Participant and who is not a Key Employee who and never was a Key Employee.

(iv) “Permissive Aggregation Group”. The Required Aggregation Group plus any other qualified plans maintained by an Employer, but only if such group would satisfy in the aggregate the requirements of Sections

33

401(a)(4) and 410 of the Code. The Plan Administrator shall determine which plans to take into account in determining the Permissive Aggregation Group.

(v) “Required Aggregation Group”.

(a) Each qualified plan of an Employer in which at least one Key Employee participates; and

(b) Any other qualified plan of an Employer which enables a plan described in (a) to meet the requirements of Sections 401(a)(4) or 410 of the Code.

Any terminated plan that covered a Key Employee and was maintained within the five-year period ending on the Determination Date shall also be included in the Required Aggregation Group.

(vi) “Super Top Heavy Plan”. If for any Plan Year the Plan is considered Top Heavy, the Plan shall be considered “Super‑Top‑Heavy” if the Top Heavy Ratio exceeds 90%.

(vii) “Top Heavy Plan”. The Plan is top heavy for a Plan Year if the Top-Heavy ratio as of the Determination Date exceeds sixty percent (60%).

(viii) “Top‑Heavy Ratio”. The Plan is top heavy for a Plan Year if the Top-Heavy Ratio as of the Determination Date exceeds 60%. The Top-Heavy Ratio is a fraction, the numerator of which is the sum of the present value of the account balances of all Key Employees as of the Determination Date and distributions made within the one year period ending on the Determination Date, and the denominator of which is a similar sum determined for all Employees. The preceding sentence shall also apply to distributions under a terminated plan which, had it not been terminated, would have been aggregated with the Plan under Section 416(g)(2)(A)(i) of the Code. In the case of a distribution made for a reason other than severance from employment, death, or disability, this provision shall be applied by substituting “5-year period” for “1-year period”. The accrued benefits and accounts of any individual who has not performed services for an Employer during the 1-year period ending on the determination date shall not be taken into account. The Plan Administrator shall calculate the Top-Heavy Ratio without regard to the account balance attributable to any Non-Key Employee who was formerly a Key Employee. The Plan Administrator shall calculate the Top-Heavy Ratio, including the extent to which it must take into account contributions not made as of the Determination Date, distributions, rollovers and transfers, in accordance with Section 416 of the Code and the Treasury regulations thereunder.

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If an Employer maintains other qualified plans (including a simplified employee pension plan), this Plan is top heavy only if it is part of the Required Aggregation Group, and the Top-Heavy Ratio for both the Required Aggregation Group and the Permissive Aggregation Group exceeds 60%. The Plan Administrator shall calculate the Top-Heavy Ratio in the same manner as required above, taking into account all plans within the aggregation group. The Plan Administrator shall calculate the present value of accrued benefits and the other amounts the Plan Administrator must take into account under defined benefit plans or simplified employee pension plans included within the group in accordance with the terms of those plans, Section 416 of the Code and the Treasury regulations thereunder. The Plan Administrator shall calculate the Top-Heavy Ratio with reference to the Determination Dates that fall within the same calendar year.

(c) Requirements Applicable if Plan is Top Heavy

In the event the Plan is determined to be top heavy for any Plan Year, the following requirements shall be applicable:

(i) Minimum Allocation

(a) In the case of a Non-Key Employee who is covered under this Plan but does not participate in any qualified defined benefit plan maintained by Employer, the Minimum Allocation of contributions plus forfeitures allocated to the Account of each such Non-Key Employee who has not separated from service at the end of a Plan Year in which the Plan is top heavy shall equal the lesser of three percent (3%) of Compensation for such Plan Year or the largest percentage of Compensation provided on behalf of any Key Employee for such Plan Year (including any Before-Tax Contributions. The Minimum Allocation provided hereunder may not be suspended or forfeited under Sections 411(a)(3)(B) or 411(a)(3)(D) of the Code. The Minimum Allocation shall be made for a Non-Key Employee for each Plan Year in which the Plan is top heavy, regardless of the Non-Key Employee's level of compensation, even if such Non-Key Employee has not completed twelve months of Continuous Service in such Plan Year or has declined to elect to make Before-Tax Contributions, provided, however, in order to receive such Minimum Allocation, the Non-Key Employee must not have separated from service before the end of the Plan Year for which the Plan is found to be top heavy.

(b) A Non-Key Employee who is covered under this Plan and under a qualified defined benefit plan maintained by an Employer shall not be entitled to the Minimum Allocation

35

under this Plan but shall receive the minimum benefit provided under the terms of the qualified defined benefit plan.

(c) Matching Contributions shall be taken into account for purposes of satisfying the minimum contribution requirements of Section 416(c)(2) of the Code and the Plan. The preceding sentence shall apply with respect to Matching Contributions under the Plan or, if the Plan provides that the minimum contribution requirement shall be met in another plan, such other plan. Matching Contributions that are used to satisfy the minimum contribution requirements shall be treated as matching contributions for purposes of the Actual Contribution Percentage test and other requirements of Section 401(m) of the Code.

(d) Effective January 1, 2009, the Plan is designated as a safe harbor plan and the Safe Harbor Matching Contributions shall satisfy the requirements of this Section 3.09.

(ii) Top Heavy Vesting Schedule. Unless the Plan's vesting is more favorable, a Non-Key Employee whose employment is terminated after the completion of two years of Vesting Service shall be entitled to receive his or her vested interest in the value of the Matching Contributions credited to his or her account determined in accordance with the following schedule:

Years of Continuous Service	Vested Percentage
2	20%
3	40%
4	60%
5	80%
6	100%

The vesting schedule under this subsection (ii) shall apply to a Non-Key Employee's interest in the value of the Employer Matching Contributions credited to his or her Account under the Plan before or while the Plan is a Top Heavy Plan. A Non-Key Employee is at all times one hundred percent (100%) vested in the full value of his or her Account attributable to his or her Before-Tax Contributions, After-Tax Contributions and Roth Contributions to the Plan.

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(iii) Vesting Percentage. In the event that the Plan previously was a To-p Heavy Plan but subsequently is not a Top Heavy Plan, the vesting schedule under subsection (ii) shall be changed to the vesting schedule provided under Section 6.02 of the Plan, provided, however, that any Non-Key Employee who has completed at least 3 or more Years of Vesting Service and who had at least one Hour of Service while the Plan was a Top Heavy Plan, shall be entitled to elect, within a reasonable period, which of the above two vesting schedules is applicable to his or her Account.

3.10    Make-Up Contributions. Notwithstanding any provisions of this Plan to the contrary, contributions, benefits and service credit with respect to qualified military service will be provided in accordance with 414(u) of the Code.

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ARTICLE IV

INVESTMENT OF CONTRIBUTIONS

4.01    Investment Funds

(a) All contributions to the Plan, including amounts transferred from other qualified plans under Section 3.05 of the Plan, shall be invested in one or more of the available Investment Funds (the “Funds”) and Qualified Default Investment Alternatives (within the meaning of Treas. Reg. § 2550.404c-5) (“QDIAs”) as selected by the Pension Investment Committee in its discretion. The number and type of Funds and QDIAs shall be determined by the Pension Investment Committee, which may add, eliminate or freeze future participation in any Fund and QDIA as needed from time to time.

(b) The Trustee may keep such amounts of cash as it, in its sole discretion, shall deem necessary or advisable as part of such Funds, all within the limitations specified in the Trust Agreement.

(c) Dividends, interest and other distributions received on the assets held by the Trustee in respect to each of the above Funds shall be reinvested in the respective Fund and dividends on Company Stock shall be reinvested in the Company Stock fund; and

(d) Safe Harbor Matching Contributions made in Company Stock shall be automatically invested in the Company Stock fund.

4.02    Investment of Participants' Accounts. A Participant shall elect to invest all amounts in such Participant's Before-Tax Account, Employer Matching Account, After-Tax Account, Rollover Account, Roth Account, Employer Basic Account, and Safe Harbor Matching Account in one or more of the Funds in increments of 1%. If the Participant does not make an election with respect to investment of such Participant's Account, the Participant's Account will be invested in the age-appropriate Target Retirement Fund appropriate for such Participant based on his or her age at such time. Safe Harbor Matching Contributions made in Company Stock shall be automatically invested in the Company Stock fund. The Company Stock fund shall be available to Participants as an investment option effective June 30, 2009. The portion of a Participant's Account invested in the Company Stock fund shall not exceed 10%, which limitation shall be implemented in accordance with procedures established by the Plan Administrator.

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4.03    Responsibility for Investments. Each Participant is solely responsible for the selection of the Participant's investment options. The Trustee, the Committee, the Finance Committee, the Pension Investment Committee, the Plan Administrator, the Employer and the officers, supervisors and other employees of the Employer are not empowered to advise a Participant as to the manner in which such Participant's Accounts shall be invested. The fact that a particular Fund is available to Participants for investment under the Plan shall not be construed as a recommendation for investment in that Fund.

4.04    Change of Election. A Participant may change his or her investment election under Section 4.02 of the Plan in any increments of 1% no more than once a day by following the procedures adopted by the Plan Administrator for this purpose; provided, however, the portion of a Participant's Account invested in the Company Stock fund shall not exceed 10%, which limitation shall be implemented in accordance with procedures established by the Plan Administrator.

4.05    Transfer Between Funds. A Participant may transfer all or part of the combined balances of such Participant's Before-Tax Account, Employer Matching Account, After-Tax Account, Rollover Account Roth Account, Employer Basic Account, and Safe Harbor Matching Account between Funds in any increments (percentage or stated dollar amount) no more than once a day by following the procedures adopted by the Plan Administrator for this purpose. The Participant may transfer all or part of the Safe Harbor Matching Account contributed in Company Stock in the same manner as cash contributions; provided, however, the portion of a Participant's Account invested in the Company Stock fund shall not exceed 10%, which limitation shall be implemented in accordance with procedures established by the Plan Administrator.

4.06    Qualified Default Investment Alternative The Account of any Participant who fails to make an investment election pursuant to Section 4.02 shall be invested in a QDIA until such Participant makes an election to invest otherwise. Any Participant on whose behalf assets are invested in a QDIA may transfer, in whole or in part, such assets to any other Fund with a frequency consistent with that afforded to a Participant who elected to invest in a Fund pursuant to this Article IV, but not less frequently than once within any three month period.

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4.07    Voting Company Stock. Subject to the provisions of this Section 4.07, all Company Stock held in the Trust shall be voted by the Participants. All allocated Company Stock as to which such instructions have been received (which may include an instruction to abstain) shall be voted by the Trustee in accordance with such instructions, provided that the Trustee may vote the shares as it determines is reasonable necessary to fulfill its fiduciary duties under ERISA. The Trustee shall vote any allocated Company Stock in the Trust Fund as to which no voting instructions have been received in proportion to the shares for which voting instructions have been provided. In the event of a tender offer for shares of Company Stock held by the Trust, the Trustee shall tender such shares in accordance with the Participant's instructions. The Trustee shall tender any shares of Company Stock in the Trust Fund as to which no instructions have been received in proportion to the shares for which tender instructions have been provided.

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ARTICLE V

VALUATION OF UNITS AND CREDITS TO ACCOUNTS

5.01    Units of Participation. A Participant's interest in each Fund shall be represented by shares of participation for each Fund other than the Frank Russell Fund. A Participant's interest in the Frank Russell Fund shall be represented by units of participation.

5.02    Valuation of Accounts

(a) The value of a unit in each applicable Fund shall be determined on each Valuation Date by dividing the total number of units in that Fund into the current market value of the assets in such Fund on that date as determined by the Trustee, after the payment out of that Fund of all brokerage fees and transfer taxes applicable to purchases and sales for that Fund made since the previous Valuation Date, and excluding the contributions made during that period since the previous Valuation Date.

(b) The value of a share in each Fund shall be determined by dividing the market value of each Fund's assets (after deducting liabilities) by the number of shares currently outstanding.

5.03    Crediting the Accounts

(a) The portion of a Before-Tax Account that is invested in each Fund shall be credited on each Valuation Date with the number of units or shares, as applicable, determined by dividing the Before-Tax Contributions made by the Employer to that Fund on behalf of the Participant since the previous Valuation Date, if applicable, by the unit or share value for that Fund as determined on that Valuation Date.

(b) The portion of an After-Tax Account that is invested in each Fund shall be credited on each Valuation Date with the number of units or shares, as applicable, determined by dividing the After-Tax Contributions, if any, made by the Participant to that Fund since the previous Valuation Date, if applicable, by the unit or share value for that Fund as determined on that Valuation Date.

(c) The portion of a Employer Matching Account that is invested in each Fund shall be credited on each Valuation Date with the number of units or shares, as applicable, determined by dividing the Employer Matching Contributions made on the Participant's behalf to the Employer Matching Account in that Fund since the previous Valuation Date, if applicable, by the unit or share value for the Fund as determined on the current Valuation Date.

(d) The portion of a Roth Account that is invested in each Fund shall be credited on each Valuation Date with the number of units or shares, as applicable,

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determined by dividing the Roth Contributions made by the Employer to that Fund on behalf of the Participant since the previous Valuation Date, if applicable, by the unit or share value for that Fund as determined on that Valuation Date.

(e) The portion of a Safe Harbor Matching Account that is invested in each Fund shall be credited on each Valuation Date with the number of units or shares, as applicable, determined by dividing the Safe Harbor Matching Contributions made by the Employer to that Fund on behalf of the Participant since the previous Valuation Date, if applicable, by the unit or share value for that Fund as determined on that Valuation Date.

(f) The portion of an Employer Basic Account that is invested in each Fund shall be credited on each Valuation Date with the number of units or shares, as applicable, determined by dividing the Employer Basic Contributions made by the Employer to that Fund on behalf of the Participant since the previous Valuation Date, if applicable, by the unit or share value for that Fund as determined on that Valuation Date.

5.04    Quarterly Statements. With respect to each calendar quarter, each Participant shall be furnished with a statement setting forth the dollar value of such Participant's Accounts and the Vested Percentage of those Accounts as of the last day of the quarter.

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ARTICLE VI

VESTED PERCENTAGE OF ACCOUNTS

6.01    Vested Accounts. A Participant shall at all times be 100% vested in, and have a nonforfeitable right to, such Participant's After-Tax Account, Before-Tax Account, a transfer account as defined in Section 3.05 of the Plan, Rollover Account, Roth Account, and Safe Harbor Matching Contribution Account.

6.02    Employer Matching Account and Employer Basic Account

(a) A Participant shall be vested in, and have a nonforfeitable right to, a percentage of his or her Employer Matching Account and Employer Basic Account determined in accordance with the following schedule:

Years of Vesting Service	Vested Percentage Of Employer Matching and Basic Accounts
Upon completing 1 Year of Vesting Service	40%
Upon completing 2 Years of Vesting Service	55%
Upon completing 3 Years of Vesting Service	70%
Upon completing 4 Years of Vesting Service	85%
Upon completing 5 Year of Vesting Service	100%

(b) Notwithstanding the foregoing, a Participant shall be 100% vested in, and have a nonforfeitable right to, such Participant's Employer Matching Account and Employer Basic Account upon (i) retirement pursuant to any defined benefit pension plan maintained by an Employer or Affiliate, (ii) Disability as defined by the Plan, (iii) death while an Employee, (iv) death of a Participant who dies while performing qualified military service as defined in Section 414(u) of the Code, or (v) attainment of age 65.

(c) If the Plan's vesting schedule is amended, or the Plan is amended in any way that directly or indirectly affects the computation of the Participant's nonforfeitable percentage or if the Plan is deemed amended by an automatic change to or from a top-heavy vesting schedule, each Participant with at least three years of Vesting Service with the Employer may elect, within a reasonable period after the adoption of the amendment or change, to have the nonforfeitable percentage computed under the Plan without regard to such amendment or change.

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The period during which the election may be made shall commence with the date the amendment is adopted or deemed to be made and shall end on the latest of:

(i) 60 days after the amendment is adopted;

(ii) 60 days after the amendment becomes effective; or

(iii) 60 days after the Participant is issued written notice of the amendment by the Employer or Plan Administrator.

6.03    Special Rules for Transferred Employees

Notwithstanding anything in this Article VI to the contrary, certain vesting rules are preserved with respect to certain Transferred Employees, as set forth on Appendix I.

6.04    Absences. An Employee who, immediately prior to an absence, was earning Vesting Service shall be credited with Periods of Service to determine Vesting Service, and shall not incur a Period of Severance, for

(a) Absence from the service of an Employer or Affiliate because of service in the military forces of the United States, provided he or she shall have returned to the service of that Employer or Affiliate after having applied to return while his or her reemployment rights were protected by law or died while performing qualified military service as defined in Section 414(u) of the Code;

(b) Periods of layoff for lack of work not to exceed two weeks;

(c) Periods of paid leaves of absence not to exceed two years;

(d) An approved unpaid leave of absence for a period not to exceed two years; and

(e) Temporary absences because of disability, holidays, or vacation.

For purposes of this Section 6.04, Periods of Service shall be credited on the same basis as determined immediately prior to the absence. If the Employee or former Employee fails to return to the service for an Employer or Affiliate prior to the expiration of the applicable period described in (a) through (e) above, such Employee's employment shall be deemed to have terminated on the last day of the one year anniversary of the approved leave of absence.

6.05    Reemployment. Upon reemployment after a Period of Severance, an Employee's previous Vesting Service shall be restored.

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6.06    Disposition of Forfeitures

(a) Upon severance from employment of a Participant who was not fully vested in the Employer Matching Account and/or Employer Basic Account, the non-vested percentage of such Employer Matching Account and/or Employer Basic Account shall be forfeited as of the Valuation Date coincident with or next following the severance from employment, and shall be applied to reduce Employer contributions to the Plan.

(b) If an amount of the Employer Matching Account and Employer Basic Account has been forfeited in accordance with Section 6.06(a) of the Plan, that forfeited amount subsequently shall be restored to the Employer Matching Account and Employer Basic Account, provided that such Participant (i) is reemployed by the Employer or an Affiliate before having five (5) consecutive one-year Periods of Severance, and (ii) repays to the Plan an amount in cash equal to the full amount distributed from the Plan on account of severance from employment, other than the amount attributable to After-Tax Contributions, Catch-up Contributions, Roth Contributions and Before-Tax Contributions. Any repayment by a Participant under Section 6.06 of the Plan must be made in a lump sum before the earlier of five (5) years after the first date on which the Participant is subsequently reemployed or the close of the first period of five (5) consecutive one-year Periods of Severance commencing after the date of distribution on account of severance from employment; provided, however, that any repayment attributable to a prior distribution from such Participant's Before-Tax Account including Catch-up Contributions, shall be considered as After-Tax Contributions for purposes of the Plan and shall become part of such Participant's After-Tax Account.

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ARTICLE VII

WITHDRAWALS WHILE STILL EMPLOYED

7.01    General Procedures. A Participant may elect to withdraw certain portions of his or her After-Tax Account under Sections 7.02, 7.03 and 7.04 of the Plan no more than once during every Plan Year without the same accompanying proof of financial “hardship” as is required for withdrawals from his or her Before-Tax Account and Roth Account pursuant to Section 7.05 of the Plan. A second or subsequent withdrawal from a Participant's After-Tax Account will necessitate proof of such hardship. To make a withdrawal from his or her After-Tax Account, the Participant must give written notice to the Employer that specifies the exact dollar amount or the percentage of the Participant's applicable contributions (in the case of a withdrawal of a Participant's contributions made before January 1, 1987) or a percentage of the sum of the Participant's contributions and the earnings thereon (in the case of a withdrawal of a Participant's contributions made on or after January 1, 1987) whether Additional After-Tax Contributions or Matched After-Tax Contributions to be withdrawn. The minimum withdrawal under this Article VII shall be $250 or the total value of the specific type of Participant's contributions from which the withdrawal is to be made, if less. No withdrawals may be made from dividends, interest and other distributions received on the assets held by the Trustee for the Participant's Account and attributable to the Participant's contributions made before January 1, 1987, or from any investment gain attributable to such assets. Withdrawals of any portion of Additional or Matched After-Tax Contributions made on or after January 1, 1987, shall be made pursuant to Section 7.04 of the Plan. A withdrawal, whether from an After-Tax Account or Before-Tax Account, shall be made as of the Valuation Date which follows by at least ten days from the Employer's receipt of the written notice. The amount of the withdrawal shall be allocated among the Investment Funds by applying to the withdrawn amount the current proportionate allocation with respect to each Investment Fund as of the date of the withdrawal. All withdrawals shall be paid by check. Suspensions for multiple withdrawals, if applicable, will be concurrent. No withdrawals may be made except as specifically provided in this Article VII. Unless otherwise noted, all withdrawals made pursuant to this Article VII shall be made in cash.

Definitions for Purposes of this Article VII:

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(a) Additional After-Tax Contributions means, with respect to any Participant for whom at least 6% of Earnings is being contributed to the Plan, which is equal to but not less than 1% and no more than 14% of such Participant's Earnings, as the Participant shall elect.

(b) Matched After-Tax Contributions means an amount contributed by the Participant to such Participant's After-Tax Account pursuant to Section 3.01 of the Plan, which was subject to an Employer Matching Contribution or Safe Harbor Matching Contribution.

(c) Early After-Tax Contributions means effective April 1, 2000 and prior to February 1, 2001, Matched After-Tax Contributions contributed prior to the completion of one-year of Eligibility Service. Early After-Tax Contributions were not eligible for an Employer Matching Contribution. Early After-Tax Contribution are subject to the same withdrawal rules as Additional After-Tax Contributions.

7.02    Withdrawal of Additional After-Tax Contributions Made Before January 1, 1987. Subject to the limitations of Section 7.01 of the Plan, and the 1987 transitional rule described in Section 7.04 of the Plan, a Participant may, without penalty of suspension from making contributions or having contributions made on such Participant's behalf to the Plan, withdraw any specified dollar amount, or if such Participant prefers, a specified percentage ranging from 25% to 100%, in 25% increments, of his or her Additional After-Tax Contributions made before January 1, 1987 (or of the current value of such pre-January 1, 1987 Additional After-Tax Contributions, if less than the aggregate amount originally contributed).

7.03    Withdrawal of Matched After-Tax Contributions Made Before January 1, 1987. Subject to the limitations of Section 7.01 of the Plan and the 1987 transitional rule described in Section 7.04 of the Plan, a Participant who has already withdrawn the total amount available for withdrawal from such Participant's Additional After-Tax Contributions made before January 1, 1987, under Section 7.02 of the Plan (or who otherwise has no pre-January 1, 1987 Additional After-Tax Contributions available for withdrawal) may elect to withdraw any specified dollar amount or, if such Participant prefers, a specified percentage ranging from 25% to 100%, in 25% increments, of his or her Matched After-Tax Contributions made before January 1, 1987 (or of the current value of such pre-January 1, 1987 Matched After-Tax Contributions, if less than the aggregate amounts originally contributed).

In such event, the Participant shall be suspended from making After-Tax Contributions to the Plan made to the Plan on his or her behalf until the first payroll period

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ending after the expiration of six months after the Valuation Date as of which the withdrawal was made. All contributions to the Plan elected by the Participant prior to the withdrawal shall resume automatically upon the expiration of the six-month suspension period above.

7.04    Withdrawal of Additional, Matched and Early After-Tax Contributions Made On or After January 1, 1987. Subject to the limitations of Section 7.01 of the Plan, a Participant who has already withdrawn the total amount available for withdrawal from such Participant's Additional After-Tax Contributions made before January 1, 1987, under Section 7.02 of the Plan (or who otherwise has no pre-January 1, 1987 Additional After-Tax Contributions available for withdrawal) and has withdrawn the total amount available for withdrawal from his or her Matched After-Tax Contributions made before January 1, 1987, if any, may elect to withdraw Additional and Matched After-Tax Contributions made on or after January 1, 1987, subject to the rules governing withdrawals of pre-1987 Additional and Matched After-Tax Contributions under Sections 7.02 and 7.03 of the Plan, respectively, and the limitations set forth in the remainder of this Section 7.04. Any withdrawal made from an After-Tax Account that includes any Additional or Matched After-Tax Contributions made on or after January 1, 1987 will be made from such After-Tax Contributions made on or after January 1, 1987 in an amount equal to the total amount withdrawn multiplied by the ratio of (a) the After-Tax Contributions made on or after January 1, 1987, to (b) the sum of (i) the After-Tax Contributions made on or after January 1, 1987, and (ii) the earnings thereon. The remaining portion of the withdrawal shall be made from the earnings on the amount of the After-Tax Contributions which are deemed withdrawn in the preceding sentence. To the extent withdrawals are made from After-Tax Contributions, they shall be made first from Additional After-Tax Contributions, then from Early After-Tax Contributions, and then from Matched After-Tax Contributions.

In the event that the withdrawal under this Section 7.04 includes withdrawals subject to Section 7.03 of the Plan, the Participant making such withdrawal shall be suspended from making After-Tax Contributions to the Plan made to the Plan on such Participant's behalf until the first payroll period ending after the expiration of six months after the Valuation Date as of which the withdrawal was made. All contributions to the Plan elected by the

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Participant prior to the withdrawal shall resume automatically upon the expiration of the six-month suspension period above.

7.05    Hardship Withdrawal from Before-Tax Contributions and Roth Contributions

(a) A Participant who already has withdrawn the total amount available for withdrawal from such Participant's Additional After-Tax Contributions, Matched After-Tax Contributions, and Early After-Tax Contributions under the preceding Sections of this Article VII and has taken all available loans under Section 7.09 of the Plan may make a written application to the Plan Administrator to withdraw from such Participant's Before-Tax Account and from the Roth Account a specified dollar amount of at least $250 (or the current value of such Before-Tax Account, if less). A Participant may apply to make more than one hardship withdrawal per year under this Section 7.05 of the Plan upon satisfactory proof to the Plan Administrator with respect to each application.

The amount to be withdrawn by an Employee shall not exceed the lesser of the amount required to meet the immediate financial need created by the hardship and not reasonably available from other sources, as determined by the Plan Administrator under rules uniformly applicable to all Participants similarly situated, or the aggregate amount of Before-Tax Contributions and Roth Contributions, less the amount of prior withdrawals. A distribution is treated as necessary to satisfy an immediate and heavy financial need of an Employee only to the extent the amount of the distribution is not in excess of the amount required to satisfy the financial need. For this purpose, the amount required to satisfy the financial need may include any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution. A distribution is not treated as necessary to satisfy an immediate and heavy financial need of an Employee to the extent the need may be relieved from other resources that are reasonably available to the Employee.

(b) The following are the only financial needs considered immediate and heavy:

(i) Expenses for (or necessary to obtain) medical care that would be deductible under Section 213(d) of the Code (determined without regard to whether the expenses exceed 7.5% of adjusted gross income) for the Employee, the Employee's spouse, children, or dependents (as defined in Section 152 of the Code without regard to Section 152(b)(1), (b)(2) and (d)(1)(B) of the Code) or, the Employee's designated beneficiary;

(ii) Costs directly related to the purchase of a principal residence for the Employee (excluding mortgage payments);

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(iii) Payment of tuition, related educational fees, and room and board expenses, for up to the next 12 months of post-secondary education for the Employee, or the Employee's spouse, children, or dependents (as defined in Section 152 of the Code without regard to Section 152(b)(1), (b)(2) and (d)(1)(B) of the Code) or, the Employee's designated beneficiary;

(iv) Payments necessary to prevent the eviction of the Employee from the Employee's principal residence or foreclosure on the mortgage on that residence;

(v) Payments for burial or funeral expenses for the Employee's deceased parent, spouse, children, dependents (as defined in Section 152 of the Code without regard to Section 152(d)(1)(B) of the Code) or, the Employee's designated beneficiary; or

(vi) Expenses for the repair of damage to the Employee's principal residence that would qualify for the casualty deduction under Section 165 of the Code (determined without regard to whether the loss exceeds 10% of adjusted gross income).

(c) In each such withdrawal event, the Participant shall be suspended from making After-Tax Contributions to the Plan and from having any Before-Tax Contributions, Roth Contributions, Catch-Up Contributions or Employer Safe Harbor Matching Contributions made to the Plan on such Participant's behalf until the first payroll period ending after the expiration of six months after the Valuation Date as of which the withdrawal was made. All contributions to the Plan elected by the Participant prior to the withdrawal shall resume automatically upon the expiration of the six-month suspension period above.

7.06    Withdrawals Upon Attainment of Age 59½. A Participant who has attained age 59½ may withdraw the entire vested amount of such Participant's Accounts. 59½ withdrawals shall be made in cash or in-kind, as elected by the Participant.

7.07    Distributions under Qualified Domestic Relations Orders. Anything to the contrary notwithstanding, a distribution to an Alternate Payee under a Qualified Domestic Relations Order (“QDRO”), as defined in Section 414(p) of the Code, can be made upon the alternate payee's election on or after any date specified by such QDRO. QDRO withdrawals shall be made in cash or in-kind, as elected by the Alternate Payee.

7.08    In-Service Withdrawals on Account of Military Service. Effective January 1, 2011, any Participant who satisfies the requirements of a “Qualified Reservist Distribution” as

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defined below, may withdraw the entire amount of his or her Account Balance. For purposes of this Section, a Qualified Reservist Distribution is any distribution to an individual who is ordered or called to active duty after September 11, 2001, if:

(a) the distribution is from amounts attributable to elective deferrals in a 401(k) plan;

(b) the individual was (by reason of being a member of a reserve component, as defined in Section 101 of title 37, United States Code) ordered or called to active duty for a period in excess of 179 days or for an indefinite period; and

(c) the Plan makes the distribution during the period beginning on the date of such order or call, and ending at the close of the active duty period.

7.09    Loans. The Trustee may make loans to Participants. Such loans shall be made pursuant to Loan Procedures which shall be adopted by the Committee and must include, but need not be limited to, the following:

(a) the identity of the person or positions authorized to administer the Loan Procedures;

(b) a procedure for applying for loans;

(c) the basis on which loans will be approved or denied;

(d) limitations, if any, on the types and amounts of loans offered;

(e) a procedure for determining a reasonable rate of interest;

(f) the types of collateral which may secure a Participant loan;

(g) the procedure for suspending loan repayments pursuant to Section 414(u)(4) of the Code; and

(h) the events constituting default and the steps that will be taken to preserve Plan assets.

Such Loan Procedures shall be contained in a separate written document which is hereby incorporated by reference and made a part of the Plan. Furthermore, such Loan Procedure may be modified or amended by the Committee in writing from time to time without the necessity of amending this Section.

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ARTICLE VIII

DISTRIBUTION OF ACCOUNTS UPON SEVERANCE FROM EMPLOYMENT

8.01    Eligibility for Distribution

(a) Upon the retirement, death, disability, severance from employment of a Participant, the Vested Percentage of such Participant's Accounts, determined under Article VI as of the Valuation Date on or immediately after such event, shall be valued and distributed as provided in Section 8.02 of the Plan.    

(b) For purposes of this Section 8.01 --

(i) “disability” means a disability on account of which (1) the Employee is receiving benefits under an Employer long term disability plan, or (2) the Committee determines from medical evidence that the Participant is totally incapacitated, mentally or physically, for further performance of duty, that such incapacity is likely to be permanent, and that such Participant should be retired pursuant to rules uniformly applied to all similarly situated Participants; and

(ii) “retirement” means retirement of a Participant, whether before or after attaining age 65, pursuant to any defined benefit pension plan maintained by an Employer or Affiliate.

(iii) “early retirement” means with respect to a Transferred FIRST Participant retirement of such Participant, after attaining age 55 and with respect to a Transferred IMC Participant retirement of such Participant, after attaining age 55 and completing five (5) Years of Vesting Service.

8.02    Time of Payment of Account Balance

(a) Unless the Participant elects otherwise in writing, if distribution has not yet commenced pursuant to Section 8.01 of the Plan, the Plan Administrator shall direct the Trustee to commence distribution of a Participant's Account Balance valued and distributed in one lump sum as soon as is administratively feasible after the Valuation Date on or immediately after the later of the date the Participant terminates employment or such terminated Participant attains age 65. Distributions under this Section 8.02 shall be made in cash or in-kind, as elected by the Participant.

(b) The Plan Administrator, however, shall direct the Trustee to commence distribution no later than the Participant's Required Beginning Date. The Required Beginning Date is April 1 of the calendar year following the calendar year in which the Participant attains age 70½, notwithstanding the Participant's continued employment; except that any Participant who attained age 70½ before January 1, 1988, and who is not a 5% owner in the Plan Year in which he or she attained age 66½ or any later Plan Year, need not

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commence receiving payments hereunder until April 1 of the year following the year in which he or she actually retires. The Required Beginning Date for Participants that are 5% owners who attain age 70½ on or after January 1, 1996, will be the April 1 of the calendar year following the calendar year in which the Participant attains age 70½. The Required Beginning Date for Participants (other than 5% owners) who attain age 70½ on or after January 1, 2000, will be the later of the April 1 of the calendar year following the calendar year in which the participant attains age 70½ or retires. For Plan Years prior to January 1, 2000, any Participant attaining age 70½ in years after 1995 may elect by April 1 of the calendar year following the year in which such Participant attained age 70½ (or by December 31, 1997 in the case of a Participant who attained age 70½ in 1996), to defer distributions until the calendar year following the calendar year in which he or she retires. If no such election is made, the Participant will begin receiving distributions by the April 1 of the calendar year following the year in which such Participant attained age 70½ (or by December 31, 1997 in the case of a Participant attaining age 70½ in 1996).

(c) Notwithstanding the foregoing, the Required Beginning Date for Transferred Worcester Participants (other than 5% owners) who attain age 70½ on or after January 1, 1997, will be the later of the April 1 of the calendar year following the calendar year in which the participant attains age 70½ or retires.

8.03    Deferred Distribution. A Participant who separates from service prior to attaining age 70½ may request that the Committee direct the Trustee to defer commencement of his or her distribution until his or her Required Beginning Date.

8.04    Optional Forms of Payment of Account Balance

(a) The Participant may elect one of the optional forms of payment described herein. The election of such option must be in writing, in such form as the Plan Administrator shall prescribe, signed by the Participant and filed with the Plan Administrator during the 180 day period preceding the Annuity Starting Date. Any election may be revoked by written notice filed with the Plan Administrator at least 30 days prior to the Participant's Annuity Starting Date. Such distribution may commence less than 30 days after the Participant is advised that he or she may elect an immediate distribution, provided that:

(i) the Plan Administrator clearly informs the Participant that the Participant has a right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if applicable, a particular distribution option) and describes the consequences of failing to defer receipt of the distribution, including a description of the investment options available under the Plan (including fees) if the Participant defers distribution), and any special rules that might materially affect a Participant's decision to defer; and

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(ii) the Participant, after receiving the notice, affirmatively elects a distribution.

(b) The optional forms of distribution are monthly, quarterly or annual installments over a period not to exceed the lesser of (1) 20 years or (2) a period certain equal to the Participant's life expectancy (or if the Participant has provided, prior to the commencement of benefits, information necessary to calculate such period, the joint and last survivor life expectancy of the Participant and his or her Beneficiary, provided, however, that a joint and last survivor life expectancy with respect to the Participant and a non-Spouse Beneficiary shall not exceed for this purpose, the number of years equal to the “applicable divisor” taken from the Table provided in Proposed Treasury Regulation Section 1.401(a)(9)-2, Q-4, or subsequent regulation which is substituted therefore);

(i) Fixed Dollar Installments. A Participant may elect to receive the value of such Participant's Accounts in monthly, quarterly or annual amounts where such Participant shall determine the dollar amount of each payment and receive such dollar amount of each payment at monthly, quarterly or annual intervals until the Accounts are depleted.

(ii) Fixed Percentage Installments. A Participant may elect to receive the value of such Participant's Accounts in monthly, quarterly or annual amounts where such amounts shall be determined by multiplying the market value of the Participant's Accounts by a percentage chosen by the Participant.

(iii) Declining Balance Installments. A Participant may elect to receive the value of such Participant's Accounts in monthly, quarterly or annual amounts where such amounts shall be determined by dividing the market value of such Participant's Accounts on the Valuation Date by the number of payments left to be made as elected by the Participant minus the number of payments already made.

(c) If the distribution begins to be made in installments as provided in this Section the Participant may, at any time before all installments are paid, elect to have the remaining value of the Participant's Accounts paid in a single lump sum. Such remaining value shall be determined as of the Valuation Date on or immediately following the Employer's receipt of written notice of such election.

(d) All payments shall be distributed from Account Balances on a pro rata basis across all Investment Funds and shall be made in cash or in-kind, as elected by the Participant.

8.05    Payment Upon Death

(a) If distribution of the Participant's Account Balance has commenced in accordance with a method selected pursuant to Section 8.04 of the Plan and the Participant dies before his or her entire interest is distributed, the

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remaining portion of such interest shall be distributed at least as rapidly as under the method of distribution selected by the Participant as of the date of death.

(b) If a Participant dies prior to the commencement of distribution of his or her Account Balance, distribution of his or her Account Balance to the designated Beneficiary shall be completed by December 31 of the calendar year containing the fifth anniversary of the Participant's death, except that in the event that a Transferred IMC Participant's spouse or a Transferred Worcester Participant's spouse is the Participant's designated Beneficiary, distribution to the spouse must commence no later than the later of the December 31 of the calendar year in which the deceased Participant would have attained age 70½ had the Participant survived or the December 31 following the close of the calendar year in which the Participant's death occurred. If the surviving spouse dies before distribution to such spouse has commenced, then the five year distribution requirement of this Section shall apply as if the spouse were the Participant.

If the Participant has not designated a method of distribution in accordance with (a) or (b) above, the Participant's designated Beneficiary must elect the method of distribution no later than the earlier of (1) December 31 of the calendar year in which distributions would be required to begin under this Section, or (2) December 31 of the calendar year that contains the fifth anniversary of the date of death of the Participant. If the Participant has no designated Beneficiary, or if the designated Beneficiary does not elect a method of distribution, distribution of the Participant's entire interest must be completed by December 31 of the calendar year containing the fifth anniversary of the Participant's death.

(c) The following optional forms of distribution will be available to the Beneficiary:

(i) a lump sum payment;

(ii) monthly, quarterly or annual installments over a period not to exceed the Beneficiary's life expectancy based on the fixed dollar, fixed percentage or declining balance method;

If the distribution begins to be made in installments as provided in this Subsection the Beneficiary may, at any time before all installments are paid, elect to have the remaining value of the Participant's Accounts paid in a single lump sum. Such remaining value shall be determined as of the Valuation Date on or immediately following the Employer's receipt of written notice of such election.

(d) All payments shall be distributed from Account Balances on a pro rata basis across all Investment Funds and shall be made in cash or in-kind, as elected by the Participant.

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8.06    Proof of Death and Right of Beneficiary or Other Person. The Plan Administrator may require and rely upon such proof of death and such evidence of the right of any Beneficiary or other person to receive the value of the Accounts of a deceased Participant as the Plan Administrator may deem proper, and its determination of death and of the right of that Beneficiary or other person to receive payment shall be conclusive. In the event a Participant has died prior to the commencement of benefits, and such Participant did not name a Beneficiary, payment of the Participant's Account shall be made in equal shares in the following order: to the Participant's surviving spouse, if any; if the Participant has no surviving spouse, to the Participant's child or children, if any; if the Participant has no surviving spouse and has no children, to the Participant's parent or parents, if any; if no surviving spouse, children or parents, to the Participant's sibling or siblings, if any; and if no surviving spouse, children, parents or siblings, to the Participant's estate.

8.07    Minimum Distribution Requirements

(a)    General Rules.

(i) Precedence. The requirements of this Section 8.07 will take precedence over any inconsistent provisions of the Plan.

(ii) Requirements of Treasury Regulations Incorporated. All distributions required under this Section 8.07 will be determined and made in accordance with the Treasury Regulations under Section 401(a)(9) of the Code.

(iii) TEFRA Section 242(b)(2) Elections. Notwithstanding the other provisions of this Section 8.07, distributions may be made in accordance with a distribution election made before January 1, 1984, in accordance with Section 242(b)(2) of the Tax Equity and Fiscal Responsibility Act (“TEFRA”) and the provisions of the Plan that relate to Section 242(b)(2) of TEFRA.

(b)    Time and Manner of Distribution.

(i) Required Beginning Date. The Participant's entire interest will be distributed, or begin to be distributed, to the Participant no later than the Participant's Required Beginning Date.

(ii) Death of a Participant before Distributions Begin. If the Participant dies before distributions begin, the Participant's entire interest will be distributed, or begin to be distributed, no later than as follows:

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(1) If the Participant's surviving spouse is the Participant's sole Designated Beneficiary, then, except as provided in paragraph (5) below, distributions to the surviving spouse will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died, or by December 31 of the calendar year in which the Participant would have attained age 70½, if later.

(2) If the Participant's surviving spouse is not the Participant's sole Designated Beneficiary, then, except as provided in paragraph (5) below, distributions to the Designated Beneficiary will begin by December 31 of the calendar year immediately following the calendar year in which the Participant died.

(3) If there is no Designated Beneficiary as of September 30 of the year following the year of the Participant's death, the Participant's entire interest will be distributed by December 31 of the calendar year containing the fifth anniversary of the Participant's death.

(4) If the Participant's surviving spouse is the Participant's sole Designated Beneficiary and the surviving spouse dies after the Participant but before distributions to the surviving spouse begin, this Section 8.07(b)(ii), other than Section 8.07(b)(ii)(1), will apply as if the surviving spouse were the Participant.

(5) If the Participant dies before distributions begin and there is a Designated Beneficiary, distribution to the Designated Beneficiary is not required to begin by the date specified in this Section, but the Participant's entire interest will be distributed to the Designated Beneficiary by December 31 of the calendar year containing the fifth anniversary of the Participant's death. If the Participant's surviving spouse is the Participant's sole Designated Beneficiary and the surviving spouse dies after the Participant but before distributions to either the Participant or the surviving spouse begin, this election will apply as if the surviving spouse were the Participant.

For purposes of this Section 8.07(b)(ii) and Section 8.07(d) of the Plan, unless Section 8.07(d) applies, distributions are considered to begin on the Participants' Required Beginning Date. If Section 8.07(b)(ii)(4) of the Plan applies, distributions are considered to begin on the date distributions are required to begin to the surviving spouse under Section 8.07(b)(ii)(1) of the Plan. If distributions under an annuity purchased from an insurance company irrevocably commence to the Participant before the Participant's Required Beginning Date (or

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to the Participant's surviving spouse before the date distributions are required to begin to the surviving spouse under Section 8.07(b)(ii)(1) of the Plan), the date distributions are considered to begin is the date distributions actually commence.

(iii) Forms of Distribution. Unless the Participant's interest is distributed in the form of an annuity purchased from an insurance company or in a single sum on or before the Required Beginning Date, as of the first distribution calendar year, distributions will be made in accordance with Sections 8.07(c) and 8.07(d) of the Plan. If the Participant's interest is distributed in the form of an annuity purchased from an insurance company, distributions thereunder will be made in accordance with the requirements of Section 401(a)(9) of the Code and the Treasury Regulations.

(iv) Election to Allow Participants or Beneficiaries to Elect 5-Year Rule. Participants or Beneficiaries may elect on an individual basis whether the 5-Year Rule or the life expectancy rule in Sections 8.07(b)(ii) and 8.07(d)(ii) of the Plan applies to distributions after the death of a Participant who has a Designated Beneficiary. The election must be made no later than the earlier of September 30 of the calendar year in which distribution would be required to begin under Section 8.07(b)(ii) of the Plan, or by September 30 of the calendar year that contains the fifth anniversary of the Participant's (or, if applicable, surviving spouse's) death. If neither the Participant nor the Beneficiary makes an election under this paragraph, distributions will be made in accordance with Section 8.07(b)(ii) and (d)(ii) and, if applicable, the elections in Section 8.07(d) above.

(c)    Required Minimum Distributions During Participant's Lifetime.

(i) Amount of Required Minimum Distribution For Each Distribution Calendar Year. During the Participant's lifetime, the minimum amount that will be distributed for each distribution calendar year is the lesser of:

(1) the quotient obtained by dividing the Participant's Account Balance by the distribution period in the Uniform Lifetime Table set forth in Section 1.401(a)(9)-9 of the Treasury Regulations, using the Participant's age as of the Participant's birthday in the distribution calendar year; or

(2) if the Participant's sole Designated Beneficiary for the distribution calendar year is the Participant's spouse, the quotient obtained by dividing the Participant's Account Balance by the number in the Joint and Last Survivor Table set forth in Section 1.401(a)(9)-9 of the Treasury Regulations,

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using the Participant's and spouse's attained ages as of the Participant's and spouse's birthdays in the distribution calendar year.

(ii) Lifetime Required Minimum Distributions Continue Through Year of Participant's Death. Required minimum distributions will be determined under this Section 8.07(c) beginning with the first distribution calendar year and up to and including the distribution calendar year that includes the Participant's date of death.

(d)    Required Minimum Distributions after Participant's Death.

(i) Death on or after Date Distributions Begin.

(1) Participant Survived by Designated Beneficiary. If the Participant dies on or after the date distributions begin and there is a Designated Beneficiary, the minimum amount that will be     distributed for each distribution calendar year after the year of the Participant's death is the quotient obtained by dividing the Participant's Account Balance by the longer of the remaining life expectancy of the Participant or the remaining life expectancy of the Participant's Designated Beneficiary, determined as follows:

(A) The Participant's remaining life expectancy is calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.

(B) If the Participant's surviving spouse is the Participant's sole Designated Beneficiary, the remaining life expectancy of the surviving spouse is calculated for each distribution calendar year after the year of the Participant's death using the surviving spouse's age as of the spouse's birthday in that year. For distribution calendar years after the year of the surviving spouse's death, the remaining life expectancy of the surviving spouse is calculated using the age of the surviving spouse as of the spouse's birthday in the calendar year of the spouse's death, reduced by one for each subsequent calendar year.

(C) If the Participant's surviving spouse is not the Participant's sole Designated Beneficiary, the Designated Beneficiary's remaining life expectancy is calculated using the age of the Beneficiary in the year following the year of the Participant's death, reduced by one for each subsequent year.

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(2) No Designated Beneficiary. If the Participant dies on or after the date distributions begin and there is no Designated Beneficiary as of September 30 of the year after the year of the Participant's death, the minimum amount that will be distributed for each distribution calendar year after the year of the Participant's death is the quotient obtained by dividing the Participant's Account Balance by the Participant's remaining life expectancy calculated using the age of the Participant in the year of death, reduced by one for each subsequent year.

(ii) Death before Date Distributions Begin.

(1) Participant Survived by Designated Beneficiary. Except as provided in Section 8.07(b)(ii)(5) of the Plan, if the Participant dies before the date distributions begin and there is a Designated Beneficiary, the minimum amount that will be distributed for each distribution calendar year after the year of the Participant's death is the quotient obtained by dividing the Participant's Account Balance by the remaining life expectancy of the Participant's Designated Beneficiary, determined as provide in Section 8.07(d)(i) of the Plan.

(2) No Designated Beneficiary. If the Participant dies before the date distributions begin and there is no Designated Beneficiary as of September 30 of the year following the year of the Participant's death, distribution of the Participant's entire interest will be completed by December 31 of the calendar year containing the fifth anniversary of the Participant's death.

(3) Death of Surviving Spouse before Distributions to Surviving Spouse Are Required to Begin. If the Participant dies before the date distributions begin, the Participant's surviving spouse is the Participant's sole Designated Beneficiary, and the surviving spouse dies before distributions are required to begin to the surviving spouse under Section 8.07(b)(ii)(1) of the Plan, this Section 8.07(d)(ii) will apply as if the surviving spouse were the Participant.

(e)    Definitions.

(i) Designed Beneficiary. The individual who is designated as the Beneficiary under Section 1.08 of the Plan and is the Designated Beneficiary under Section 401(a)(9) of the Code and Section 1.401(a)(9)-1, Q&A-4, of the Treasury Regulations.

(ii) Distribution Calendar Year. A calendar year for which a minimum distribution is required. For distributions beginning before the

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Participant's death, the first distribution calendar year is the calendar year immediately preceding the calendar year that contains the Participant's Required Beginning Date. For distributions beginning after the Participant's death, the first distribution calendar year is the calendar year in which distributions are required to begin under Section 8.07(b)(ii) of the Plan. The required minimum distribution for the Participant's first distribution calendar year will be made on or before the Participants' Required Beginning Date. The required minimum distribution for other distribution calendar years, including the required minimum distribution for the distribution calendar year in which the Participant's Required Beginning Date occurs, will be made on or before December 31 of that distribution calendar year.

(iii) Life Expectancy. Life expectancy as computed by use of the Single Life Table in Section 1.401(a)(9)-9 of the Treasury Regulations.

(iv) Participant's Account Balance. The Account Balance as of the last valuation date in the calendar year immediately preceding the distribution calendar year (valuation calendar year), increased by the amount of any contributions made and allocated or forfeitures allocated to the Account Balance as of dates in the valuation calendar year after the valuation date and decreased by distributions made in the valuation calendar year after the valuation date. The Account Balance for the valuation calendar year includes any amounts rolled over or transferred to the Plan either in the valuation calendar year or in the distribution calendar year if distributed or transferred in the valuation calendar year.

(v) Required Beginning Date. The date specified in Section 8.02(b) of the Plan.

(f)    2009 Required Minimum Distributions.

Notwithstanding Sections 8.07(c) and (d) of the Plan, a Participant or Beneficiary who would have been required to receive required minimum distributions for 2009 but for the enactment of Section 401(a)(9)(H) of the Code (“2009 RMDs”), and who would have satisfied that requirement by receiving distributions that are (1) equal to the 2009 RMDs or (2) one or more payments in a series of substantially equal distributions (that include the 2009 RMDs) made at least annually and expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life expectancy) of the Participant and the Participant's Designated Beneficiary, or for a period of at least 10 years (“Extended 2009 RMDs”), will receive those distributions for 2009 unless the Participant or Beneficiary chooses not to receive such distributions. Participants and Beneficiaries described in the preceding sentence will be given the opportunity to elect to stop receiving the distributions described in the preceding sentence. In addition, notwithstanding

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8.09 of the Plan, and solely for purposes of applying the Direct Rollover provisions of the Plan, 2009 RMDs and Extended 2009 RMDs will be treated as Eligible Rollover Distributions.

8.08    Immediate Distribution. If the Participant's nonforfeitable Account Balance is $5,000 or less (including After-Tax Contributions, if applicable), the Committee will immediately distribute such amount to the Participant without the Participant's consent upon the Participant's severance from employment. No distribution may be made pursuant to this Section 8.08 after the Annuity Starting Date without the consent of the Participant, and if applicable, the Participant's spouse.

Notwithstanding the foregoing, with respect to distributions made after January 1, 2002 with respect to Participants who separated from service after January 1, 2002, for purposes of this Section 8.08, the value of a Participant's nonforfeitable Account Balance shall be determined without regard to that portion of the Account Balance that is attributable to rollover contributions (and earning allocable thereto) within the meaning of Sections 402(c), 403(a)(4), and 408(d)(3)(A)(ii) of the Code. If the value of the Participant's nonforfeitable Account Balance as so determined is $5,000 or less, the Plan shall immediately distribute the Participant's entire nonforfeitable Account Balance.

In the event of an immediate distribution of more than $1,000 in accordance with the provisions of this Section 8.08, if the Participant does not elect to have such distribution paid directly to a specified Eligible Retirement Plan in a Direct Rollover or to receive the distribution directly in accordance with Article VII of the Plan, then the Committee shall direct that the distribution be paid in a Direct Rollover to an individual retirement plan designated by the Committee.

8.09    Direct Rollovers. Notwithstanding any provision of the Plan to the contrary that would otherwise limit a distributee's election under this Section 8.09, a distributee may elect, at the time and in the manner prescribed by the Plan Administrator, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.

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Definitions:

(a) Eligible Rollover Distributions. An eligible rollover distribution is any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include: any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee's designated beneficiary, or for a specified period of ten (10) years or more; any distribution to the extent such distribution is required under Section 401(a)(9) of the Code; and the portion of any distribution that is not includible in gross income (determined without regard to the exclusion for net unrealized appreciation with respect to employer securities). In addition to the foregoing, an eligible rollover distribution shall not include any hardship distribution described in Section 401(k)(2)(B)(i)(IV) of the Code.

Notwithstanding the foregoing for purposes of the direct rollover provisions in Section 8.09(a) of the Plan, a portion of a distribution shall not fail to be an Eligible Rollover Distribution merely because that portion consists of after-tax Employee contributions that are not includible in gross income. However, such portion may be transferred only to an individual retirement account or an annuity described in Section 408(a) or (b) of the Code, or to a qualified defined contribution plan described in Section 401(a) or 403(a) of the Code that agrees to separately account for amounts so transferred, including separately accounting for the portion of such distribution that is includible in gross income and the portion of such distribution that is not so includible.

Notwithstanding the foregoing, for purpose of the direct rollover provisions in this Section 8.09(a), a Participant may elect that a direct rollover be made from the Plan to a Roth IRA, described in Section 408A(b) of the Code, which would include accounts that are not designated Roth accounts.

(b) Eligible Retirement Plan. An eligible retirement plan is an individual retirement account described in Section 408(a) of the Code, an individual retirement annuity described in Section 408(b) of the Code, an annuity plan described in Section 403(a) of the Code, an annuity contract described in Section 403(b) of the Cod, an eligible plan under Section 457(b) of the Code that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and that agrees to separately account for amounts transferred into such plan from this Plan or a qualified trust described in Section 401(a) of the Code that accepts the distributee's eligible rollover distribution.

The definition of eligible retirement plan shall also apply in the case of a distribution to a surviving spouse, a designated beneficiary or to a spouse or former spouse who is the alternate payee under a qualified domestic relation order, as defined in Section 414(p) of the Code. However, in the case of an eligible rollover distribution to a designated beneficiary, an eligible retirement plan is an individual retirement account or individual retirement annuity.

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(c) Distributee. A distributee includes an Employee or former Employee and an individual who is a designated beneficiary (as defined by Section 401(a)(9)(E) of the Code). In addition, the Employee's or former Employee's surviving spouse and the Employee's or former Employee's spouse or former spouse who is the alternate payee under a Qualified Domestic Relations Order, as defined in Section 414(p) of the Code, are distributees with regard to the interest of the spouse or former spouse.

(d) Direct Rollover. A direct rollover is a payment by the Plan to the eligible retirement plan specified by the distributee.

(e) Roth Account. Notwithstanding this Section 8.09, a direct rollover of a distribution from a Roth Account under this Plan will be made to another Roth elective deferral account under an applicable retirement plan described in Section 402A(e)(1) of the Code or to a Roth IRA described in Section 408A, and only to the extent the rollover is permitted under the rules of Section 402(c) of the Code. This Plan will not provide for a direct rollover for distributions from a Participant's Roth Account if the amount of the distributions that are eligible rollover distributions are reasonably expected to total less than $200 during any Plan Year. In addition, any distribution from a Roth Account is not taken into account in determining whether distributions from a Participant's other Accounts are reasonably expected to total less than $200 during a Plan Year. However, eligible rollover distributions from a Participant's Roth Account are taken into account in determining whether the total amount of the Participant's Account Balance under the Plan exceeds $1,000 for purposes of immediate distributions under Section 8.08 of the Plan.

8.10    Special Distribution Rules for Transferred Affiliated Participants. Notwithstanding the foregoing, Transferred Affiliated Participants whose account balances under the Affiliated Companies Plan were transferred to this Plan (“Transferred Affiliated Accounts”) shall receive distributions of their Transferred Affiliated Account in the form of a qualified joint and survivor annuity (“QJSA”) or a qualified preretirement survivor annuity (“QPSA”), in the absence of a qualified waiver.

(a) For purposes of this Section 8.10, a QJSA means, in the case of a married participant, an immediate annuity payable for the life of the Participant with a survivor annuity payable for the life of the Participant's surviving spouse which is not less than 50% nor more than 100% of the annuity payable for the life of the Participant, as designated by the Participant during the Participant's lifetime; provided that if no such designation is made by the Participant, the percentage shall be 50 percent. In the case of an unmarried Participant, a QJSA means an annuity payable for the life of the participant. The QJSA shall be purchased with the total amount available for distribution from the Participant's separate accounts under the Plan at the time of distribution.

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For purposes of this Section 8.10, a QPSA is payable to the surviving spouse of any vested Participant, in the absence of a qualified waiver, who dies before the Annuity Starting Date. A QPSA means an annuity payable for the life of the Participant's surviving spouse which is purchased with 50% of the Participant's vested account balance at the time of death. The Annuity Starting Date is the first date of the first period for which an amount is payable as an annuity or in any other form.

(b) A Participant may elect to waive the QJSA or the QPSA in writing with spousal consent, if applicable. The spouse's consent shall not be effective unless the election designates the specific non-spouse beneficiary to receive the Participant's benefits under the Plan upon the Participant's death. The Participant must designate the optional form of distribution elected if the Participant waives the QJSA or the QPSA. Any spousal consent must acknowledge the effect of such election and be witnessed by a notary public. Such spousal consent shall not be required if it is established that the required consent cannot be required because there is no spouse, the spouse cannot be located, or other circumstances that may be prescribed by Treasury regulations. A consent obtained under this Section 8.10(b) shall not be valid unless the Participant has received the notice set forth in Section 8.10(c) below.

(c) The Plan Administrator shall provide each Participant with a written explanation of the QJSA and the QPSA and the Participant's rights with respect to each option. With respect to the QJSA, such notice shall be provided no less than 30 days and no more than 180 days prior to the annuity starting date. With respect to the QPSA, such notice shall be provided within whichever of the following periods end last: (a) the period beginning with the first day of the Plan Year in which the Participant attains age 32 and ending with the close of the Plan Year preceding the Plan Year in which the Participant attains age 35; (b) no later than the end of the one-year period beginning on the date the Participant commences participation in the Plan.

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ARTICLE IX

ADMINISTRATION OF PLAN

9.01    Appointment of ERISA Management Committee. The general responsibility and authority for interpreting and carrying out the provisions of the Plan shall be placed in the Committee consisting of not less than three persons appointed from time to time by the Compensation Committee to serve at the pleasure of the Compensation Committee. Any member of the Committee may resign by delivering a written resignation to the Committee.

9.02    Duties of Committee. The members of the Committee shall elect a chairperson from their number and a secretary who may be, but need not be, one of the members of the Committee; shall appoint a Plan Administrator; may appoint from their number such subcommittees with such powers as they shall determine; may authorize one or more of their number or any agent to execute or deliver any instrument or make any payment on their behalf; may retain counsel, employ agents and provide for such clerical, accounting and consulting services as they may require in carrying out the provisions of the Plan; and may allocate among themselves or delegate to other persons all or such portion of their duties under the Plan, other than those granted to the Trustee under the Trust Agreement adopted for use in implementing the Plan, as they, in their sole discretion, shall decide.

The Committee shall have such duties and powers as may be necessary to discharge its duties hereunder, including, but not limited to, the duty and power to:

(a) appoint or employ individuals to assist in the administration of the Plan and any other agents it deems advisable, including legal and actuarial counsel;

(b) allocate fiduciary responsibilities, other than trustee responsibilities as defined in Section 405(c)(3) of ERISA, to designated Fiduciaries. Each such allocation and designation shall be made in writing, must be accepted in writing by the designated person and may be canceled on reasonable notice;

(c) hear and rule on appeals from Plan Participants;

(d) prescribe procedures for the operation of the Plan; and

(e) amend the Plan in accordance with Section 12.01 of the Plan.

Neither the Committee nor the Plan Administrator shall have the power to add to, subtract from or modify any of the terms of the Plan, or to change or add to any benefits

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provided by the Plan, or to waive or fail to apply any requirements of eligibility for a benefit under the Plan.

9.03    Individual Accounts. The Committee shall maintain, or cause to be maintained, records showing the individual balance of each Participant's Accounts. However, maintenance of those records and Accounts shall not require any segregation of the funds of the Plan.

9.04    Meetings. The Committee shall hold meetings upon such notice, at such place or places, and at such time or times as it may from time to time determine.

9.05    Action of Majority. Any act which the Plan authorizes or requires the Committee to do may be done by a majority of its members. The action of that majority expressed from time to time by a vote at a meeting or in writing without a meeting shall constitute the action of the Committee and shall have the same effect for all purposes as if assented to by all members of the Committee at the time in office.

9.06    Compensation. No member of the Committee shall receive any compensation from the Plan for services as such.

9.07    Establishment of Rules. Subject to the limitations of the Plan, the Committee from time to time shall establish rules for the administration of the Plan and the transaction of its business. The determination of the Committee as to any disputed question shall be conclusive.

9.08    Claims Procedure. Claims for benefits under the Plan are to be filed with the Plan Administrator on forms supplied by the Employer. Written notice of the disposition of a claim shall be furnished to the claimant within 90 days after the application is filed. In the event the claim is denied, the reasons for the denial shall be specifically set forth in the notice in language calculated to be understood by the claimant, pertinent provisions of the Plan shall be cited and, where appropriate, an explanation as to how the claimant can perfect the claim will be provided. In addition, the claimant shall be furnished with an explanation of the Plan's claims review procedure.

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9.09    Claims Review Procedure. Upon receipt by the Plan Administrator of a written claim for benefits, the Plan Administrator shall act thereon within a reasonable time. In the event that the Plan Administrator acts favorably on such claim, the Participant shall be so notified within a reasonable time thereafter. In the event that the Plan Administrator denies the claim in whole or in part, the Plan Administrator shall provide the Participant with written notice of the denial within 90 days after receipt of the claim, (The 90-day notice period shall, however, be extended for an additional 90 days if the Committee determines that such an extension of time is necessary to process the claim and so advises the claimant in writing within 90 days after receipt of the claim.) Such 90-day notice shall set forth (in a manner calculated to be understood by the recipient):

(a) specific reason or reasons for the denial;

(b) specific reference to pertinent Plan provisions on which the denial is based;

(c) a description of any additional material or information necessary for the claimant to perfect his or her claim and an explanation of why such material or information is necessary; and

(d) an explanation of the Plan's claim review procedure.

If a Participant's claim has been denied in whole or in part, the Participant shall be advised in writing that the Participant or the Participant's duly authorized representative may request a review by the Committee upon written application to the Plan Administrator. The claimant or the claimant's duly authorized representative shall request such review in writing not more than 90 days after receipt by the claimant of written notification of denial of a claim. As part of a timely request for review, the claimant may submit issues and comments in writing and may ask to review pertinent documents.

Any written application for review must be received by the Plan Administrator not later than 90 days after receipt of the notification of denial.

Upon receipt of a timely request for review, the Committee may hold a hearing or may appoint one or more of its members to hear the claimant's request and inquire into the merits of the matter. Such member(s) shall meet promptly with the claimant and/or the claimant's duly authorized representative and hear such arguments and/or examine such

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documents as the claimant or the claimant's representative shall present. The member(s) shall then report their findings to the Committee orally or in writing.

A decision of the Committee on review of a claim shall be in writing and shall include specific reasons for the decision (written in a manner calculated to be understood by the claimant) and specific references to the pertinent Plan provisions on which the decision is based. The decision shall be made promptly and not later than 60 days after receipt of a request for review, unless special circumstances require an extension of time for processing. In such case, the claimant shall be so advised in writing prior to the expiration of the initial 60 day period and a decision shall be rendered as soon as possible, but not later than 120 days after receipt of a request for review.

9.10    Appointment of Plan Administrator. The Plan shall be administered by a Plan Administrator who shall be appointed by the Committee. The Plan Administrator shall serve a term of one year unless he or she resigns or is removed by the Committee for failure or inability to perform the duties of office in a workmanlike, efficient manner. The Plan Administrator shall have the duties specified for plan administrators in ERISA. Additionally, the Plan Administrator shall make determinations with respect to applications for hardship withdrawals pursuant to Section 7.05 of the Plan.

The Plan Administrator shall have the following additional duties and powers:

(a) to review and approve hardship withdrawal requests with the input of the Company's Legal Department;

(b) to review and determine the qualification of domestic relations orders allocating Plan assets in divorce cases with the input of the Company's Legal Department;

(c) to construe and interpret the Plan, including the exercise of its discretionary authority, to decide all questions of eligibility and determine the amount, manner and time of payment of any benefits under the Plan;

(d) to furnish all reports required by government agencies, Participants, Beneficiaries and the Company;

(e) to order, receive and review financial information;

(f) to decide all questions of eligibility and determine the amount, manner and time of payment of any benefits under the Plan;

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(g) to prescribe procedures to be followed by Participants, Surviving Spouses, Survivors and Beneficiaries for filing applications for benefits;

(h) to prepare and distribute (in such manner as the Committee determines to be appropriate) information explaining the Plan;

(i) to receive from the Employers and from Participants such information as shall be necessary for the proper administration of the Plan;

(j) to furnish the Company, upon request, such reports with respect to the administration of the Plan as are reasonable and appropriate; and

(k) to receive, review and keep on file (as it deems convenient or proper) reports of the financial condition, and the receipts and disbursements of the Trust Fund from the Trustee.

9.11    Prudent Conduct. The members of the Committee and the Plan Administrator shall use that degree of care, skill, prudence and diligence that a prudent person acting in a like capacity and familiar with such matters would use in his or her conduct of a similar situation.

9.12    Interpretation of Plan Provisions. The Committee and the Plan Administrator shall have the duty to construe and interpret the Plan, decide all questions of eligibility and determine the rights and benefits of Participants and of all other persons having or claiming an interest in the Plan, as well as the amount, manner and time of payment of any benefits hereunder, and shall have such powers as may be necessary to discharge such duty. Benefits under this Plan will be paid only if the Plan Administrator decides in its discretion that the applicant is entitled to them.

9.13    Final Determination Rests With Committee. Each ruling by the Committee on any matter within its authority, which is not inconsistent with the Plan or with applicable law or regulations, shall be final and binding on the Participant(s) and/or Beneficiary(ies) involved, on the Company and on all parties claiming any interest under the Plan, and such ruling may not be further contested.

9.14    Missing Recipients. If the Participant or Beneficiary to whom benefits have been distributed cannot be located, the Committee will direct the Trustee to take the following actions:

(a) If the check is returned from the United States Postal Service due to an invalid participant address and a forwarding address is provided by the United States

70

Postal Service, the Trustee will re-send the returned check. If the check is returned from the United States Postal Service due to an invalid participant address without a forwarding address provided by the United States Postal Service, the Trustee will conduct an address search through its participant search service and provide the found address to the Committee for verification. The Trustee will void the check and will await direction from the Committee on when to update the participant's address and to reissue the check. Any assets attributable to such uncashed checks which have remained uncashed for 61 days after the check void date will be deposited into the Plan's forfeiture account.

(b) For uncashed benefit checks that have not been returned from the United States Postal Service, the Trustee will send two letters to the participant's address of record on its recordkeeping system, notifying the participant of the outstanding benefit check. The letters will be mailed 90 days and 140 days following the check issuance date for any check greater than $1 that remains uncashed after 90 or 140 days. Any assets attributable to such checks which have remained uncashed for 181 days after the check void date will be deposited into the Plan's forfeiture account.

The Committee shall direct that any such benefits shall applied to reduce Employer contributions to the Plan or pay administrative expenses; provided, however, that any such benefit shall be restored upon proper claim made by such Participant or Beneficiary pursuant to Section 6.06(b). In the event a proper claim is made, benefits under this Section shall be restored from forfeitures arising under Article VI and, if necessary, from additional Employer contributions made in order to restore such benefits.

71

ARTICLE X

MANAGEMENT OF FUNDS

10.01    Trust. All the funds of the Plan shall be held by one or more Trustees appointed from time to time by the Pension Investment Committee under a Trust Agreement adopted by the Pension Investment Committee for use in providing the benefits of the Plan and paying any expenses which are not paid directly by the Company. No Employer shall have any liability for the payment of benefits under the Plan or for the administration of the funds paid over to a Trustee.

10.02    Exclusive Benefit Rule. Except as otherwise provided in the Plan, no part of the corpus or income of the funds of the Plan shall be used for, or diverted to, purposes other than for the exclusive benefit of Participants and other persons entitled to benefits under the Plan. No person shall have any interest in or right to any part of the earnings of the funds of the Plan, or any right in, or to, any part of the assets held under the Plan, except as and to the extent expressly provided in the Plan.

72

ARTICLE XI

GENERAL PROVISIONS

11.01    Nonalienation

(a) Except to the extent required under Sections 401(a)(13)(B) and 414(p) of the Code with respect to Qualified Domestic Relations Orders, or to the extent otherwise required by any applicable law, no benefit under the Plan shall in any manner be anticipated, assigned or alienated, and any attempt to do so shall be void.

(b) The Plan shall be administered in compliance with the provisions of the Code regarding Qualified Domestic Relations Orders (as defined in Section 414(p) of the Code). In this connection, the Committee shall adopt, or authorize the Plan Administrator to adopt, such rules and procedures as are appropriate to implement compliance with the Qualified Domestic Relations Order provision of the Code.

Notwithstanding any provision of the Plan to the contrary, effective as of the date that the Summary of Material Modification describing this change is distributed to Participants, any expense incurred on behalf of a Participant to review (including subsequently revised versions) a domestic relations order to determine whether it is a Qualified Domestic Relations Order (as defined in Section 414(p) of the Code) will be charged to the Participant's vested account balance prior to the assignment of a portion of the Participant's benefit to the alternate payee (as defined in Section 414(p) of the Code).

11.02    Conditions of Employment. The establishment of the Plan shall not confer any legal rights upon any Employee or other person for a continuation of employment, nor shall it interfere with the rights of the Employer to discharge any Employee and to treat such Employee without regard to the effect which that treatment might have upon him or her as a Participant of the Plan.

11.03    Facility of Payment. If the Committee shall find that a Participant or other person entitled to a benefit is unable to care for his or her affairs because of illness or accident or is a minor or has died without a surviving spouse or a Beneficiary, the Committee may direct that any benefit due such individual, unless claim shall have been made for the benefit by a duly appointed legal representative, be paid to such individual's spouse (if any), a child, a parent

73

or other blood relative, or to a person with whom such individual resides. Any payment so made shall be a complete discharge of the liabilities of the Plan for that benefit.

11.04    Correction of Benefit Payment and Recoupment of Overpayments. If any benefit paid under the Plan to a Participant, Beneficiary or surviving spouse should not have been paid, or was paid in an incorrect amount, any future benefit shall be adjusted to reflect the correct amount, if any, payable pursuant to the terms of the Plan. If the Plan has overpaid the Participant, Beneficiary or surviving spouse, the Plan Administrator, in his or her discretion, shall determine the amount to deduct from the next succeeding benefit payment to recover the amount of any overpayment theretofore made and shall determine whether to pursue an action for recovery of any overpayment on behalf of the Plan.

11.05    Information. Each Participant or other person entitled to a benefit, before any benefit shall be payable to such individual or on such individual's account under the Plan, shall file with the Committee the information that the Committee shall require to establish such person's rights and benefits under the Plan.

11.06    Construction

(a) The Plan shall be construed, regulated and administered under ERISA and other applicable federal law, as in effect from time to time, and the laws of the State of New York, except where ERISA or other federal law controls.

(b) The masculine pronoun shall mean the feminine wherever appropriate.

74

ARTICLE XII

AMENDMENT, MERGER AND TERMINATION

12.01    Amendment of Plan. The ERISA Management Committee has the right to modify, alter or amend the Plan or the Trust Agreement, subject to Section 12.04 of the Plan, from time to time, to any extent that it may deem advisable, including, but without limiting the generality of the foregoing, any amendment deemed necessary to ensure the Plan's and the Trust's continued compliance with and qualification under Sections 401 and 501 of the Code and the applicable provisions of ERISA, or the appropriate provisions of any subsequent applicable laws. No such amendment shall have the effect of vesting in any Employer the whole or any part of the principal or income of the Trust Fund or diverting any part of such principal or income to purposes other than for the exclusive benefit of the Participants, surviving spouses and Beneficiaries at any time prior to the satisfaction of all the liabilities under the Plan with respect to such persons. No such amendment shall adversely affect the rights of such persons with respect to benefits previously accrued, except as may be necessary to ensure the Plan's and the Trust Agreement's continued compliance with and qualification under Sections 401 and 501 of the Code, the applicable provisions of ERISA, and the appropriate provisions of any subsequent laws. The Committee shall report annually on all Plan amendments to the Compensation Committee.

12.02    Merger or Consolidation. The Plan may not be merged or consolidated with, and its assets or liabilities may not be transferred to, any other plan unless each person entitled to benefits under the Plan would, if the resulting plan were then terminated, receive a benefit immediately after the merger, consolidation, or transfer which is equal to or greater than the benefit such person would have been entitled to receive immediately before the merger, consolidation, or transfer if the Plan had then terminated.

12.03    Additional Participating Employers

(a) If any company is or becomes a subsidiary of or associated with an Employer, the ERISA Management Committee may include the employees of that subsidiary or associated company in the membership of the Plan. In that event, or if any persons become Employees of an Employer as the result of merger or consolidation or as the result of acquisition of all or part of the

75

assets or business of another company, the ERISA Management Committee shall determine to what extent, if any, previous service with the subsidiary, associated or other company shall be recognized under the Plan, but subject to the continued qualification of the trust for the Plan as tax-exempt under the Code.

(b) Any Employer may terminate its participation in and withdraw from the Plan upon appropriate action by it which is agreed to by the Committee. In that event, the funds of the Plan held on account of Participants in the employ of that Employer, and any unpaid balances of the Accounts of all Participants who have separated from the employ of that Employer, shall be determined by the Committee. Those funds shall be distributed as provided in Section 12.04 of the Plan if the Plan should be terminated with respect to that Employer, or shall be segregated by the Trustee as a separate trust, pursuant to certification to the Trustee by the Committee, continuing the Plan as a separate plan for the employees of that Employer under which the board of directors of that Employer shall succeed to all the powers and duties of the Finance Committee or the Pension Investment Committee, as applicable, including the appointment of the members of the committee for such separate plan. Except as required by applicable law, the withdrawal of an Employer from the Plan shall not constitute a partial or complete termination of the Plan as thereafter in effect with respect to any other Employer.

12.04    Termination of Plan. The Committee may terminate the Plan with the approval of the Company's Executive Committee, or completely discontinue contributions under the Plan for any reason at any time. In the case of the termination or partial termination of the Plan, or of the complete discontinuance of Employer Matching Contributions, prior to January 1, 2009, or Employer Basic Contribution to the Plan, affected Participants shall be 100% vested in, and have a nonforfeitable right to, the total amount in all of their Accounts under the Plan as of the date of the termination or discontinuance. The total amount in each Participant's Accounts shall be distributed, as the Committee shall direct, to each such Participant for his or her benefit or continued in trust for his or her benefit.

IN WITNESS WHEREOF, the ERISA Management Committee of the New York Times Company has caused this 2011 restatement of The New York Times Companies Supplemental Retirement and Investment Plan to be executed by a duly authorized member as of this 18^th day of October, 2011.

ERISA Management Committee

By: /s/ R. Anthony Benten

76

APPENDIX I

EFFECTIVE DATE AND SERVICE DATE PROVISIONS

The New York Times Affiliated Companies Supplemental Retirement and Investment Plan became effective on August 1, 1971, and was amended and restated effective January 1, 1976, July 1, 1986, and, following its merger with The New York Times Company Supplemental Retirement and Investment Plan, October 1, 1988.

The New York Times Company Supplemental Retirement and Investment Plan became effective October 1, 1968, was amended and restated effective January 1, 1976, and July 1, 1986, and was merged into and consolidated with The New York Times Affiliated Companies Supplemental Retirement and Investment Plan effective October 1, 1988.

The list that follows shows the initial date of the Company's and each Affiliate's participation in The New York Times Affiliated Companies Supplemental Retirement and Investment Plan or The New York Times Company Supplemental Retirement and Investment Plan, as applicable, as an Employer which shall, except to the extent otherwise noted below, be the earliest date from which Service counts for purposes of vesting and benefit accrual purposes under the merged Plan:

A. The New York Times Affiliated Companies Supplemental Retirement and Investment Plan as in effect on September 30, 1988

Name of Employer	Effective Date of Participation in Plan as Employer	Earliest Date from which Credit is Given for Eligibility, Vesting or Benefit Accrual Purposes*	Latest Date through which Credit is Given for Vesting and Benefit Accrual Purposes (Divestiture Date)
The New York Times Media Co., Inc.	August 1, 1971	August 1, 1971	January 11, 1977 (or Employee's date of termination, if later)
Cambridge Book Company	August 1, 1971	August 1, 1971	August 29, 1980 (or Employee's date of termination, if later)

A-1

Name of Employer	Effective Date of Participation in Plan as Employer	Earliest Date from which Credit is Given for Eligibility, Vesting or Benefit Accrual Purposes*	Latest Date through which Credit is Given for Vesting and Benefit Accrual Purposes (Divestiture Date)
Modern Medicine Publications	August 1, 1971	August 1, 1971	July 1, 1975 (or Employee's date of termination, if later)
The Family Circle, Inc.	August 1, 1971	August 1, 1971	July 26, 1994
Lakeland Ledger Publishing Corporation	August 1, 1971	August 1, 1971
Ocala Star Banner Corporation	August 1, 1971	August 1, 1971
Gainesville Sun Publishing Company	August 1, 1971	August 1, 1971
New York Times Broadcasting Service, Inc.	October 15, 1971 May 1, 1980	November 1, 1971 May 1, 1980
(WREG-TV) (WHNT-TV)
The Leesburg Daily Commercial, Inc.	December 1, 1971	December 1, 1971
The Palatka Daily News, Inc.	December 1, 1971	December 1, 1971
Marco Island Eagle	January 1, 1973	January 1, 1973
Sebring News-Sun, Inc. (successor to Avon Park Sun, Inc. and The Sebring News, Inc.)	January 1, 1972	January 1, 1972
Fernandina Beach News-Leader, Inc.	January 1, 1972	January 1, 1972
The Lake City Reporter, Inc.	January 1, 1972	January 1, 1972
The Dispatch Publishing Company, Inc. (Lexington)	November 1, 1973	November 1, 1973
Hendersonville Newspaper Corporation (successor to The Times News Printing Company, Inc.)	July 1, 1974	July 1, 1974
Electronic Publishing Inc.	July 1, 1978	July 1, 1978

A-2

Name of Employer	Effective Date of Participation in Plan as Employer	Earliest Date from which Credit is Given for Eligibility, Vesting or Benefit Accrual Purposes*	Latest Date through which Credit is Given for Vesting and Benefit Accrual Purposes (Divestiture Date)
The Times Southwest Broadcasting, Inc. (KFSM-TV)	October 1, 1979	October 1, 1979
Comet-Press Newspapers, Inc.	December 1, 1980	December 1, 1980
The Houma Courier Newspaper Corporation	December 1, 1980	December 1, 1980
NYT Cable TV	April 1, 1981	April 1, 1981
Wilmington Star-News, Inc. (successor to Star-News Newspaper Company)	January 1, 1982	January 1, 1982
Times Daily, Inc.	October 24, 1983	December 1, 1982
NYTRNG, Inc.	May 13, 1983	May 1, 1971
TSP Newspapers, Inc.	December 1, 1982	December 1, 1982
Sarasota Herald-Tribune (division of The New York Times Company)	January 1, 1984	December 1, 1982
Cruising World Publications, Inc.	August 1, 1984	August 1, 1984
Spartanburg Herald-Journal (division of The New York Times Company)	June 1, 1985	June 1, 19851
The Tuscaloosa News (division of The New York Times Company)	June 1, 1985	June 1, 19851
The Gadsden Times (division of The New York Times Company)2	June 1, 1985	June 1, 19851

* Later of Employee's Date of Participation or Date shown below:

¹In the case of employees of these Affiliates, Service for the purposes of determining eligibility for membership in the Plan under Article IV shall include continuous employment prior to the initial date of such Affiliate's participation in the Plan as an Employer.

A-3

Name of Employer	Effective Date of Participation in Plan as Employer	Earliest Date from which Credit is Given for Eligibility, Vesting or Benefit Accrual Purposes*	Latest Date through which Credit is Given for Vesting and Benefit Accrual Purposes (Divestiture Date)
Santa Barbara News-Press (division of The New York Times Company)3	October 1, 1985	October 1, 1985 (October 1, 1984 for eligibility)
WQAD-TV	November 1, 1985	November 1, 1985 (November 1, 1984 for eligibility)
The Press-Democrat (Santa Rosa) (division of The New York Times Company)4	January 1, 1986	January 1, 1986 (January 1, 1985 for eligibility)
WNEP-TV	January 1, 1986	January 1, 1986 (January 1, 1985 for eligibility)
The News Company	October 1, 1987	October 1, 1987 (October 1, 1986 for eligibility)
Santa Barbara News-Press (division of The New York Times Company)5	October 1, 1985	June 1, 1988 for eligibility and accrual purposes; October 1, 1985, for vesting purposes
Sailing World	December 1, 1988	December 1, 1989 (December 1, 1988 for eligibility)`
McCall's	August 1, 1989	August 1, 1989 (August 1, 1988 for eligibility)	June 26, 1994

² Except those employees of the Gadsden Times who are covered by a collective bargaining agreement.

³ Except those employees of the Santa Barbara News-Press who are covered by a collective bargaining agreement.

⁴ Except those employees of the Press-Democrat who are covered by a collective bargaining agreement.

⁵ For employees who were members of decertified Local.

A-4

B.    The New York Times Company Supplemental Retirement and Investment Plan, as in effect on September 30, 1988

1.    Excluded Staff Only:

Name of Employer	Effective Date of Participation in Plan as Employer	Earliest Date from which Credit is Given for Eligibility, Vesting or Benefit Accrual Purposes*	Latest Date through which Credit is Given for Vesting and Benefit Accrual Purposes (Divestiture Date)
The New York Times Company	October 1, 1968	Employee's Date of Participation
The New York Times Sales, Inc.	October 1, 1968	Employee's Date of Participation
Interstate Broadcasting Company, Inc. (WQXR)	October 1, 1968	Employee's Date of Participation
2. All Employees: (Later of Employee's Date of Participation or date shown below:)
Microfilming Corporation of America, Information Bank	October 1, 1968	June 1967	April 5, 1983
Golf Digest, Inc.	March 1969	March 1969
Tennis Features, Inc.	March 1969	March 1969
The New York Times Book Company, Inc. (formerly Quadrangle/The New York Times Book Company, Inc.)	January 1, 1983	March 1969	November 30, 1984
Teaching Resources Corporation	October 1, 1968	December 1966	December 29, 1983
Educational Enrichment Materials (formerly Teaching Resources Films Division)	July 1970	July 1970	January 18, 1983
Arno Press, Inc.	December 1968	December 1968	July 21, 1982
The New York Times Company Foundation, Inc.	January 1, 1978	October 1, 1968

A-5

Name of Employer	Effective Date of Participation in Plan as Employer	Earliest Date from which Credit is Given for Eligibility, Vesting or Benefit Accrual Purposes*	Latest Date through which Credit is Given for Vesting and Benefit Accrual Purposes (Divestiture Date)
The New York Times Music Corporation	September 1973	September 1973	January 1, 1977
The New York Times Syndication Sales Corporation (except temporary employees of the Electronic Publishing Division as of January 1, 1984)	March 1976	March 1976
Times On-Line Services, Inc. (formerly The New York Times Information Services, Inc.)	February 1, 1983	July 1975
The New York Times Distribution Corp.	August 1, 1982	August 1, 1982
3. Non-represented Small Craft Employees of:
The New York Times	April 1, 1982	April 1, 1982

A-6

C. The New York Times Companies Supplemental Retirement and Investment Plan, as in effect on January 1, 1991

Name of Employer	Effective Date of Participation in Plan as Employer	Date from which Credit is Given for Eligibility	Date from which Credit is Given for Vesting or Benefit Accrual Purposes
The Gadsden Times (Division of The New York Times Company) 6	March 1, 1991	March 1, 1990	March 1, 1991 (benefit accrual) June 1, 1985 (vesting)
The Gadsden Times (Division of The New York Times Company) 7	March 1, 1991	March 1, 1990	May 1, 1991 (benefit accrual) June 1, 1985 (vesting)
The Press-Democrat (Santa Rosa) (Division of The New York Times Company) 8	April 1, 1991	April 1, 1990	April 1, 1991 (benefit accrual) January 1, 1986 (vesting)
The Santa Barbara News-Press (Division of The New York Times Company) 9	October 1, 1992	October 1, 1991	October 1, 1992 (Benefit accrual) October 1, 1985 (vesting)
City and Suburban Delivery Service (Division of The New York Times Company) 10	August 1, 1992	August 1, 1991	August 1, 1992

⁶ For employees who were members of the Printing, Publishing and Media Workers Sector, CWA Gadsden Local 874 on February 28, 1991.

⁷ For Employees who were members of the Graphic Communications International Union, Local 55 on April 23, 1991.

⁸ For employees who were members of the Northern California Mailers Union, Local 15, International Brotherhood of Teamsters on February 6, 1991.

⁹ For employees who were members of the Los Angeles Newspaper Guild, Local Union No. 69 at Santa Barbara on September 10, 1992.

¹⁰ For eligible individuals who were employees of City and Suburban Delivery Services on June 29, 1992.

A-7

D. The New York Times Companies Supplemental Retirement and Investment Plan, as in effect on January 1, 1997

Name of Employer	Effective Date of Participation in Plan as Employer	Date from which Credit is Given for Eligibility	Date from which Credit is Given for Vesting or Benefit Accrual Purposes
WHO-TV and KFOR-TV	January 1, 2000	Date of Hire	Date of Hire
Worcester Telegram & Gazette	January 7, 2000	Date of Hire with Worcester	Date of Hire with Worcester
Globe Newspaper Company	April 1, 2000	Date of Hire	Date of Hire
International Media Concepts, Inc.	April 1, 2000	Date of Hire	Date of Hire
NYT TV	July 1, 2002	Date of Hire	Date of Hire
Baseline Acquisitions Corp.*	N/A	Date of Hire	Date of Hire
Baseline, Inc.*	October 1, 2006	Date of Hire	Date of Hire
Screenline Film-und Medieninformations GmbH	N/A	Date of Hire	Date of Hire
Studio Systems, Inc.*	N/A	Date of Hire	Date of Hire
About.com	March 18, 2005	Date of Hire	Date of Hire
ConsumerSearch, Inc.	May 5, 2007	Date of Hire	Date of Hire
The International Herald Tribune U.S. Inc.**	N/A	Date of Hire	Date of Hire

*     Includes any predecessor entity, but only to the extent that service with such predecessor entity was recognized for purposes of eligibility and vesting under the employee pension benefit plan of Baseline Acquisitions Corp. as in effect on August 24, 2006.

**     Includes any predecessor entity, but only to the extent that service with such predecessor entity was recognized for purposes of eligibility and vesting under The Savings Plan for Employees of International Herald Tribune U.S. Inc. as in effect on January 30, 2008.

A-8

E.    The New York Times Companies Supplemental Retirement and Investment Plan, as in effect on January 1, 2009

Name of Employer	Effective Date of Participation in Plan as Employer	Date from which Credit is Given for Eligibility	Date from which Credit is Given for Vesting or Benefit Accrual Purposes
International Herald Tribune LTD (U.K.)	May 1, 2010	Date of Hire

A-9

APPENDIX II

PRESERVED VESTING SCHEDULES FOR TRANSFERRED EMPLOYEES

Transferred FIRST Participants:

Transferred FIRST Participants shall be 100% vested in, and have a nonforfeitable right to, the Employer Matching Account upon attainment of age 55 and shall be vested in, and have a nonforfeitable right to, a percentage of the Employer Matching Account determined in accordance with the following schedule:

Years of Vesting Service	Vested Percentage Of Employer Matching Account
Upon completing 1 Year of Vesting Service	25%
Upon completing 2 Years of Vesting Service	75%
Upon completing 3 Year of Vesting Service	100%

Transferred IMC Participants:

Transferred IMC Participants shall be 100% vested in, and have a nonforfeitable right to, the Employer Matching Account upon attainment of age 55 and completion of five (5) Years of Vesting Service.

Transferred Worcester Participants:

Transferred Worcester Participants shall at all times be 100% vested in, and have a nonforfeitable right to, the Employer Matching Account attributable to the transferred account from the Chronicle Plan.

Transferred Affiliated Companies Plan Participants:

Transferred Affiliated Companies Plan Participants whose account balances under the Affiliated Companies Plan were transferred to this Plan, and who had at least three (3) Years of Vesting Service under the Affiliated Companies Plan, shall be 100% vested in, and have a nonforfeitable right to, the Employer Matching Account. All service credited under the Affiliated Companies Plan shall be recognized as Vesting Service under this Plan

Transferred MUST Participants:

All service credited under the MUST Plan shall be recognized as Vesting Service under this Plan.

Transferred IHT Participants:

Prior to January 31, 2008, the effective date of the merger of the IHT Plan into this Plan, all service credited under the IHT Plan shall be recognized as Vesting Service under this Plan.

A-10

EX-12

EXHIBIT 12

THE NEW YORK TIMES COMPANY

Ratio of Earnings to Fixed Charges

(Unaudited)

				For the Years Ended
(In thousands, except ratio)	For the Nine Months Ended September 25, 2011			December 26, 2010		December 27, 2009			December 28, 2008			December 30, 2007		December 31, 2006
Earnings/(loss) from continuing operations before fixed charges
(Loss)/income from continuing operations before income taxes, noncontrolling interest and income/(loss) from joint ventures	$	(94,950	)	$	158,186	$	(16,892	)	$	(88,981	)	$	146,728	$	(577,550	)
Distributed earnings from less than fifty-percent owned affiliates	—			8,325		2,775			35,733			7,979		13,375
Adjusted pre-tax (loss)/earnings from continuing operations	(94,950		)	166,511		(14,117		)	(53,248		)	154,707		(564,175		)
Fixed charges less capitalized interest	74,225			92,888		88,608			55,038			49,228		68,747
(Loss)/earnings from continuing operations before fixed charges	$	(20,725	)	$	259,399	$	74,491		$	1,790		$	203,935	$	(495,428	)
Fixed charges
Interest expense, net of capitalized interest (1)	$	70,169		$	86,301	$	83,124		$	48,191		$	43,228	$	58,581
Capitalized interest	343			299		1,566			2,639			15,821		14,931
Portion of rentals representative of interest factor	4,056			6,587		5,484			6,847			6,000		10,166
Total fixed charges	$	74,568		$	93,187	$	90,174		$	57,677		$	65,049	$	83,678
Ratio of earnings to fixed charges(2)	—			2.78		—			—			3.14		—

Note: The Ratio of Earnings to Fixed Charges should be read in conjunction with this Quarterly Report on Form 10-Q, as well as the Annual Report on Form 10-K for the year ended December 26, 2010 for The New York Times Company (the “Company”).

⁽¹⁾  The Company's policy is to classify interest expense recognized on uncertain tax positions as income tax expense. The Company has excluded interest expense recognized on uncertain tax positions from the Ratio of Earnings to Fixed Charges.

⁽²⁾  In the first nine months of 2011, earnings were inadequate to cover fixed charges by approximately $95 million mainly as a result of a non-cash impairment charge of $161.3 million at the News Media Group. In 2009, 2008 and 2006, earnings were inadequate to cover fixed charges by approximately $16 million, $56 million and $579 million, respectively, due to certain charges in each year.

EX-31.1

EXHIBIT 31.1

Rule 13a-14(a)/15d-14(a) Certification

I, Janet L. Robinson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The New York Times Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2011	/s/ JANET L. ROBINSON
	Janet L. Robinson Chief Executive Officer

EX-31.2

EXHIBIT 31.2

Rule 13a-14(a)/15d-14(a) Certification

I, James M. Follo, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The New York Times Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 3, 2011	/s/ JAMES M. FOLLO
	James M. Follo Chief Financial Officer

EX-32.1

EXHIBIT 32.1

Certification pursuant to

18 U.S.C. Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of The New York Times Company (the “Company”) for the quarter ended September 25, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Janet L. Robinson, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ JANET L. ROBINSON

Janet L. Robinson

Chief Executive Officer

November 3, 2011

EX-32.2

EXHIBIT 32.2

Certification pursuant to

18 U.S.C. Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of The New York Times Company (the “Company”) for the quarter ended September 25, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James M. Follo, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, based on my knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ JAMES M. FOLLO

James M. Follo

Chief Financial Officer

November 3, 2011

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands	Sep. 25, 2011	Dec. 26, 2010
Current assets
Cash and cash equivalents	$ 93,685	$ 369,668
Short-term investments	169,764	29,974
Restricted cash	28,628	0
Accounts receivable (net of allowances of $23,800 in 2011 and $30,209 in 2010)	250,921	302,245
Inventories
Newsprint and magazine paper	14,956	12,596
Other inventory	4,060	3,536
Total inventories	19,016	16,132
Deferred income taxes	68,875	68,875
Other current assets	49,186	70,338
Total current assets	680,075	857,232
Other assets
Investments in joint ventures	85,206	134,641
Property, plant and equipment (less accumulated depreciation and amortization of $1,117,481 in 2011 and $1,048,956 in 2010)	1,099,734	1,156,786
Intangible assets acquired
Goodwill (less accumulated impairment losses of $957,311 in 2011 and $805,218 in 2010)	491,944	644,464
Other intangible assets acquired (less accumulated amortization of $69,755 in 2011 and $69,383 in 2010)	22,239	35,415
Total intangible assets acquired	514,183	679,879
Deferred income taxes	273,946	255,701
Miscellaneous assets	181,817	201,502
Total assets	2,834,961	3,285,741
Current liabilities
Accounts payable	102,298	113,968
Accrued payroll and other related liabilities	104,494	143,850
Unexpired subscriptions	75,046	72,896
Accrued expenses and other	158,484	173,663
Total current liabilities	440,322	504,377
Other liabilities
Long-term debt and capital lease obligations	771,991	996,405
Pension benefits obligation	707,710	772,785
Postretirement benefits obligation	127,812	130,623
Other	194,444	217,475
Total other liabilities	1,801,957	2,117,288
Common stock of $.10 par value:
Additional paid-in capital	42,029	40,155
Retained earnings	1,027,680	1,126,294
Common stock held in treasury, at cost	(119,534)	(134,463)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments	13,118	11,298
Unrealized derivative loss on cash-flow hedge of equity method investment	(680)	(1,143)
Funded status of benefit plans	(388,644)	(397,226)
Total accumulated other comprehensive loss, net of income taxes	(376,206)	(387,071)
Total New York Times Company stockholders' equity	589,048	659,927
Noncontrolling interest	3,634	4,149
Total stockholders' equity	592,682	664,076
Total liabilities and stockholders' equity	2,834,961	3,285,741
Class A Common Stock
Common stock of $.10 par value:
Common stock value	14,997	14,930
Class B Common Stock
Common stock of $.10 par value:
Common stock value	$ 82	$ 82

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CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) In Thousands, except Share data	Sep. 25, 2011	Dec. 26, 2010
Assets
Accounts receivable, allowances	$ 23,800	$ 30,209
Property, plant and equipment, accumulated depreciation and amortization	1,117,481	1,048,956
Goodwill, accumulated impairment losses	957,311	805,218
Other intangible assets acquired, accumulated amortization	$ 69,755	$ 69,383
Stockholders' Equity
Common stock, par value	$ 0.10	$ 0.10
Class A Common Stock
Stockholders' Equity
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	149,967,099	149,302,487
Treasury stock, shares	3,340,711	3,970,238
Class B Common Stock
Stockholders' Equity
Common stock, shares authorized	818,885	819,125
Common stock, shares issued	818,885	819,125
Treasury stock, shares	0	0

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Goodwill and Other Intangible Assets Acquired (Tables)

9 Months Ended

Sep. 25, 2011

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill balances and changes by reportable segment

The changes in the carrying amount of goodwill were as follows:

(In thousands)	News Media Group			About Group			Total
Balance as of December 26, 2010:
Goodwill	$	1,079,704		$	369,978		$	1,449,682
Accumulated impairment losses	(805,218		)	—			(805,218		)
Balance as of December 26, 2010	274,486			369,978			644,464
Goodwill disposed during year	—			(2,702		)	(2,702		)
Goodwill impaired during year	(152,093		)	—			(152,093		)
Foreign currency translation	2,275			—			2,275
Balance as of September 25, 2011:
Goodwill	1,081,979			367,276			1,449,255
Accumulated impairment losses	(957,311		)	—			(957,311		)
Balance as of September 25, 2011	$	124,668		$	367,276		$	491,944

Schedule of intangible assets acquired

Other intangible assets acquired were as follows:

	September 25, 2011								December 26, 2010
(In thousands, except years)	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life (Years)
Amortized other intangible assets:
Content	$	21,384	$	(17,483	)	$	3,901	2	$	25,712	$	(16,510	)	$	9,202	7
Customer lists	24,508		(21,448		)	3,060		2	28,316		(21,281		)	7,035		6
Other	33,123		(30,824		)	2,299		4	36,390		(31,592		)	4,798		3
Total	$	79,015	$	(69,755	)	9,260			$	90,418	$	(69,383	)	21,035
Unamortized other intangible assets:
Trade names						12,979								14,380
Total other intangible assets acquired						$	22,239							$	35,415

Schedule of intangible assets, future amortization expense

Amortization expense for the next five years related to these intangible assets is expected to be as follows:

(In thousands)	Amount
2012	$	4,800
2013	1,600
2014	600
2015	350
2016	270

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Document and Entity Information	9 Months Ended
	Sep. 25, 2011	Oct. 28, 2011 Class A Common Stock	Oct. 28, 2011 Class B Common Stock
Document and Entity Information [Line Items]
Entity Registrant Name	NEW YORK TIMES CO
Entity Central Index Key	0000071691
Current Fiscal Year End Date	--12-25
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 25, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3
Trading Symbol	NYT
Amendment Flag	false
Entity Common Stock, Shares Outstanding		146,626,388	818,885

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Subsequent Events (Details) (Decrease In Postretirement Liability From Plan Amendment & Remeasurement [Member], USD $) In Thousands	9 Months Ended
	Sep. 25, 2011
Decrease In Postretirement Liability From Plan Amendment & Remeasurement [Member]
Subsequent Event [Line Items]
Subsequent Event, Amount	$ 20,000

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Pension and Other Postretirement Benefits (Tables)

9 Months Ended

Sep. 25, 2011

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of components of net periodic pension cost

The components of net periodic pension cost of all Company-sponsored plans and The New York Times Newspaper Guild pension plan were as follows:

	For the Quarters Ended
	September 25, 2011								September 26, 2010
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	3,019		$	377	$	3,396		$	2,937		$	15	$	2,952
Interest cost	24,998			3,286		28,284			24,996			3,362		28,358
Expected return on plan assets	(27,953		)	—		(27,953		)	(28,420		)	—		(28,420		)
Amortization of prior service cost	201			—		201			201			—		201
Recognized actuarial loss	6,445			804		7,249			4,084			565		4,649
Net periodic pension cost	$	6,710		$	4,467	$	11,177		$	3,798		$	3,942	$	7,740

	For the Nine Months Ended
	September 25, 2011								September 26, 2010
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	9,057		$	1,131	$	10,188		$	9,106		$	45	$	9,151
Interest cost	74,994			9,858		84,852			76,895			10,087		86,982
Expected return on plan assets	(83,859		)	—		(83,859		)	(85,205		)	—		(85,205		)
Amortization of prior service cost	603			—		603			603			—		603
Recognized actuarial loss	19,335			2,412		21,747			12,412			3,537		15,949
Net periodic pension cost	$	20,130		$	13,401	$	33,531		$	13,811		$	13,669	$	27,480

Schedule of components of net periodic postretirement benefit income

The components of net periodic postretirement benefit income were as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Service cost	$	290		$	269		$	870		$	807
Interest cost	1,825			2,335			5,475			7,005
Amortization of prior service credit	(3,901		)	(3,900		)	(11,703		)	(11,700		)
Recognized actuarial loss	481			782			1,443			2,346
Net periodic postretirement benefit income	$	(1,305	)	$	(514	)	$	(3,915	)	$	(1,542	)

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Contingent Liabilties (Details) (USD $) In Thousands	Sep. 25, 2011	Dec. 26, 2010
Commitments and Contingencies Disclosure [Abstract]
Restricted cash	$ 28,628	$ 0

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Debt Obligations

9 Months Ended

Sep. 25, 2011

Debt Disclosure [Abstract]

Debt Disclosure

DEBT OBLIGATIONS

As of September 25, 2011, our current indebtedness included senior notes and a sale-leaseback of a portion of our New York headquarters. Our total debt and capital lease obligations consisted of the following:

(In thousands)	Coupon Rate		September 25, 2011		December 26, 2010
Senior notes due 2015, called in 2011	14.053	%	$	—	$	227,680
Senior notes due 2012	4.610	%	74,867		74,771
Senior notes due 2015	5.0	%	249,883		249,860
Senior notes due 2016	6.625	%	220,612		220,102
Option to repurchase ownership interest in headquarters building in 2019			219,952		217,306
Total debt			765,314		989,719
Capital lease obligations			6,707		6,724
Total debt and capital lease obligations			$	772,021	$	996,443

Prepayment of 14.053% Notes

On August 15, 2011, we prepaid in full all $250.0 million outstanding aggregate principal amount of the 14.053% senior unsecured notes due January 15, 2015 (the “14.053% Notes”). The prepayment totaled approximately $280 million, comprising (1) the $250.0 million aggregate principal amount of the 14.053% Notes, (2) approximately $3 million representing all interest that was accrued and unpaid on the 14.053% Notes to August 15, 2011, and (3) a make-whole premium amount of approximately $27 million due in connection with the prepayment. We funded the prepayment from available cash. As a result of this prepayment, we recorded a $46.4 million pre-tax charge in the third quarter of 2011.

Long-Term Debt

Based on borrowing rates currently available for debt with similar terms and average maturities, the fair value of our long-term debt was approximately $863 million as of September 25, 2011 and $1.1 billion as of December 26, 2010.

New Revolving Credit Facility

In June 2011, we entered into a new $125.0 million asset-backed 5-year revolving credit facility. This new credit facility replaced our $400.0 million revolving credit facility, which was to expire on June 21, 2011. As of September 25, 2011, there were $0 outstanding borrowings under the new credit facility.

Borrowings under the new credit facility will be secured by a lien on certain advertising receivables. In addition, borrowings bear interest at specified margins based on our utilization and at rates that vary between the LIBOR and prime rates (as defined by the credit agreement) depending on the term to maturities we specify. The new credit facility contains various customary affirmative and negative covenants.

Interest Expense, Net

“Interest expense, net” in our Condensed Consolidated Statements of Operations was as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Cash interest expense	$	18,712		$	18,910		$	64,880		$	56,922
Non-cash amortization of discount on debt	1,445			2,113			5,632			6,054
Capitalized interest	(11		)	(80		)	(343		)	(100		)
Interest income	(107		)	(316		)	(387		)	(1,051		)
Total interest expense, net	$	20,039		$	20,627		$	69,782		$	61,825

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Earnings/(Loss) Per Share (Tables)

9 Months Ended

Sep. 25, 2011

Earnings Per Share [Abstract]

Schedule of earnings per share, Basic and Diluted

Basic and diluted earnings/(loss) per share have been computed as follows:

	For the Quarters Ended					For the Nine Months Ended
(In thousands, except per share data)	September 25, 2011		September 26, 2010			September 25, 2011			September 26, 2010
Amounts attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	15,685	$	(4,037	)	$	(98,614	)	$	40,552
(Loss)/income from discontinued operations, net of income taxes	—		(224		)	—			13
Net income/(loss)	$	15,685	$	(4,261	)	$	(98,614	)	$	40,565
Average number of common shares outstanding–Basic	147,355		145,803			147,103			145,533
Incremental shares for assumed exercise of securities	3,938		—			—			7,559
Average number of common shares outstanding–Diluted	151,293		145,803			147,103			153,092
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	0.11	$	(0.03	)	$	(0.67	)	$	0.28
(Loss)/income from discontinued operations, net of income taxes	—		—			—			—
Net income/(loss)–Basic	$	0.11	$	(0.03	)	$	(0.67	)	$	0.28
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	0.10	$	(0.03	)	$	(0.67	)	$	0.26
Loss/(income) from discontinued operations, net of income taxes	—		—			—			—
Net income/(loss)–Diluted	$	0.10	$	(0.03	)	$	(0.67	)	$	0.26

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Earnings/(Loss) Per Share (Details) (USD $) In Thousands, except Per Share data	3 Months Ended		9 Months Ended
	Sep. 25, 2011	Sep. 26, 2010	Sep. 25, 2011	Sep. 26, 2010
Earnings per share
Income/(loss) from continuing operations	$ 15,685	$ (4,037)	$ (98,614)	$ 40,552
(Loss)/income from discontinued operations, net of income taxes	0	(224)	0	13
Net income/(loss) attributable to The New York Times Company common stockholders	$ 15,685	$ (4,261)	$ (98,614)	$ 40,565
Weighted average number of shares outstanding, diluted
Average number of common shares outstanding - basic	147,355	145,803	147,103	145,533
Incremental shares for assumed exercise of securities	3,938	0	0	7,559
Average number of common shares outstanding - diluted	151,293	145,803	147,103	153,092
Earnings per share, basic
Income/(loss) from continuing operations, per basic share	$ 0.11	$ (0.03)	$ (0.67)	$ 0.28
(Loss)/income from discontinued operations, net of income taxes, per basic share	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Income/(loss) per share attributable to The New York Times Company common stockholders–Basic	$ 0.11	$ (0.03)	$ (0.67)	$ 0.28
Earnings per share, diluted
Income/(loss) from continuing operations, per diluted share	$ 0.10	$ (0.03)	$ (0.67)	$ 0.26
(Loss)/income from discontinued operations, net of income taxes, per share diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Income/(loss) per share attributable to The New York Times Company common stockholders–Diluted	$ 0.10	$ (0.03)	$ (0.67)	$ 0.26
Warrants [Member]
Earnings per share, diluted
Antidilutive securities excluded from computation of earnings per share		15,900	15,900
Stock Options [Member]
Earnings per share, diluted
Antidilutive securities excluded from computation of earnings per share	20,000	26,000	22,000	25,000

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Debt Obligations - Interest Expense, Net (Details) (USD $) In Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2011	Sep. 26, 2010	Sep. 25, 2011	Sep. 26, 2010
Debt Disclosure [Abstract]
Cash interest expense	$ 18,712	$ 18,910	$ 64,880	$ 56,922
Non-cash amortization of discount on debt	1,445	2,113	5,632	6,054
Capitalized interest	(11)	(80)	(343)	(100)
Interest income	(107)	(316)	(387)	(1,051)
Interest expense, net	$ 20,039	$ 20,627	$ 69,782	$ 61,825

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Debt Obligations (Tables)

9 Months Ended

Sep. 25, 2011

Debt Disclosure [Abstract]

Schedule of carrying value of outstanding debt

As of September 25, 2011, our current indebtedness included senior notes and a sale-leaseback of a portion of our New York headquarters. Our total debt and capital lease obligations consisted of the following:

(In thousands)	Coupon Rate		September 25, 2011		December 26, 2010
Senior notes due 2015, called in 2011	14.053	%	$	—	$	227,680
Senior notes due 2012	4.610	%	74,867		74,771
Senior notes due 2015	5.0	%	249,883		249,860
Senior notes due 2016	6.625	%	220,612		220,102
Option to repurchase ownership interest in headquarters building in 2019			219,952		217,306
Total debt			765,314		989,719
Capital lease obligations			6,707		6,724
Total debt and capital lease obligations			$	772,021	$	996,443

Schedule of components of interest expense, net

“Interest expense, net” in our Condensed Consolidated Statements of Operations was as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Cash interest expense	$	18,712		$	18,910		$	64,880		$	56,922
Non-cash amortization of discount on debt	1,445			2,113			5,632			6,054
Capitalized interest	(11		)	(80		)	(343		)	(100		)
Interest income	(107		)	(316		)	(387		)	(1,051		)
Total interest expense, net	$	20,039		$	20,627		$	69,782		$	61,825

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Earnings/(Loss) Per Share

9 Months Ended

Sep. 25, 2011

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS/(LOSS) PER SHARE

Basic and diluted earnings/(loss) per share have been computed as follows:

	For the Quarters Ended					For the Nine Months Ended
(In thousands, except per share data)	September 25, 2011		September 26, 2010			September 25, 2011			September 26, 2010
Amounts attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	15,685	$	(4,037	)	$	(98,614	)	$	40,552
(Loss)/income from discontinued operations, net of income taxes	—		(224		)	—			13
Net income/(loss)	$	15,685	$	(4,261	)	$	(98,614	)	$	40,565
Average number of common shares outstanding–Basic	147,355		145,803			147,103			145,533
Incremental shares for assumed exercise of securities	3,938		—			—			7,559
Average number of common shares outstanding–Diluted	151,293		145,803			147,103			153,092
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	0.11	$	(0.03	)	$	(0.67	)	$	0.28
(Loss)/income from discontinued operations, net of income taxes	—		—			—			—
Net income/(loss)–Basic	$	0.11	$	(0.03	)	$	(0.67	)	$	0.28
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	$	0.10	$	(0.03	)	$	(0.67	)	$	0.26
Loss/(income) from discontinued operations, net of income taxes	—		—			—			—
Net income/(loss)–Diluted	$	0.10	$	(0.03	)	$	(0.67	)	$	0.26

The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our stock options and warrants could have the most significant impact on diluted shares.

Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Common Stock, because their inclusion would have an anti-dilutive effect on per share amounts.

The number of stock options that were excluded from the computation of diluted earnings per share because they were anti-dilutive were approximately 20 million and 22 million in the third quarter and for the first nine months of 2011 and approximately 26 million and 25 million in the third quarter and for the first nine months of 2010.

A total of 15.9 million warrants were excluded from the computation of diluted earnings per share for the first nine months of 2011 and third quarter of 2010 because they were anti-dilutive.

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Short-Term Investments

9 Months Ended

Sep. 25, 2011

Short-term Investments [Abstract]

Short-Term Investments

SHORT-TERM INVESTMENTS

We have short-term investments, with original maturities of longer than 3 months, in U.S. Treasury securities and commercial paper as of September 25, 2011, and in U.S. Treasury securities as of December 26, 2010. Since we have the intention and ability to hold these investments to maturity, they are classified as held-to-maturity and are reported at amortized cost. The changes in the value of these securities are not reported in our Condensed Consolidated Financial Statements.

The carrying value of the short-term investments (which approximated the fair value) was approximately $165 million in U.S. Treasury securities and approximately $5 million in commercial paper as of September 25, 2011 and approximately $30 million in U.S. Treasury securities as of December 26, 2010. The short-term investments have remaining maturities of about 1 month to 4 months as of September 25, 2011.

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Investments in Joint Ventures (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 25, 2011	Sep. 26, 2010	Sep. 25, 2011	Sep. 26, 2010
Equity method investments
Revenue	$ 389,814	$ 294,152	$ 963,626	$ 724,475
Cost and expenses	399,531	245,393	963,167	622,957
Operating (loss)/profit	(9,717)	48,759	459	101,518
Other income/(loss)	1,227	2,938	(8,094)	28,969
Pre-tax (loss)/income	(8,490)	51,697	(7,635)	130,487
Income tax expense/(benefit)	1,028	366	154	(642)
Net (loss)/income	(9,518)	51,331	(7,789)	131,129
Net income attributable to noncontrolling interest	6,279	6,973	16,974	18,512
Net (loss)/income less noncontrolling interest	$ (15,797)	$ 44,358	$ (24,763)	$ 112,617
Metro Boston LLC [Member]
Equity method investments
Equity Method Investment, Ownership Percentage	49.00%		49.00%
Donohue Malbaie Inc. [Member]
Equity method investments
Equity Method Investment, Ownership Percentage	49.00%		49.00%
Madison Paper Industries [Member]
Equity method investments
Equity Method Investment, Ownership Percentage	40.00%		40.00%
quadrantONE LLC [Member]
Equity method investments
Equity Method Investment, Ownership Percentage	25.00%		25.00%
Fenway Sports Group [Member]
Equity method investments
Equity Method Investment, Ownership Percentage	7.30%		7.30%

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Pension and Other Postretirement Benefits

9 Months Ended

Sep. 25, 2011

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

We sponsor several pension plans, the majority of which have been frozen; participate in The New York Times Newspaper Guild pension plan, a joint Company and Guild-sponsored plan; and make contributions to several multiemployer plans in connection with collective bargaining agreements. These plans cover the majority of our employees.

In the second quarter of 2011, certain employees of The Boston Globe (the “Globe”) represented by a union ratified amendments to their collective bargaining agreement resulting in a partial withdrawal from a multiemployer pension plan. We recorded an estimated $4.2 million charge for our withdrawal obligation under this multiemployer pension plan.

Our Company-sponsored defined benefit pension plans include qualified plans (funded) as well as non-qualified plans (unfunded). These plans provide participating employees with retirement benefits in accordance with benefit formulas detailed in each plan. Our non-qualified plans provide enhanced retirement benefits to select members of management.

The components of net periodic pension cost of all Company-sponsored plans and The New York Times Newspaper Guild pension plan were as follows:

	For the Quarters Ended
	September 25, 2011								September 26, 2010
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	3,019		$	377	$	3,396		$	2,937		$	15	$	2,952
Interest cost	24,998			3,286		28,284			24,996			3,362		28,358
Expected return on plan assets	(27,953		)	—		(27,953		)	(28,420		)	—		(28,420		)
Amortization of prior service cost	201			—		201			201			—		201
Recognized actuarial loss	6,445			804		7,249			4,084			565		4,649
Net periodic pension cost	$	6,710		$	4,467	$	11,177		$	3,798		$	3,942	$	7,740

	For the Nine Months Ended
	September 25, 2011								September 26, 2010
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	9,057		$	1,131	$	10,188		$	9,106		$	45	$	9,151
Interest cost	74,994			9,858		84,852			76,895			10,087		86,982
Expected return on plan assets	(83,859		)	—		(83,859		)	(85,205		)	—		(85,205		)
Amortization of prior service cost	603			—		603			603			—		603
Recognized actuarial loss	19,335			2,412		21,747			12,412			3,537		15,949
Net periodic pension cost	$	20,130		$	13,401	$	33,531		$	13,811		$	13,669	$	27,480

In the first nine months of 2011, we made contributions totaling approximately $70 million to certain qualified pension plans. The majority of these contributions were discretionary. Based on our contractual obligations, we expect to make 2011 contributions of approximately $32 million (of which approximately $26 million was made in the first nine months of 2011) to The New York Times Newspaper Guild pension plan. Except for contractual contributions to The New York Times Newspaper Guild pension plan, we have addressed our minimum funding requirements for 2011 and a significant portion for 2012 through discretionary contributions. However, we may make additional discretionary contributions in 2011 to our Company-sponsored qualified pension plans based on cash flows, pension asset performance, interest rates and other factors.

Other Postretirement Benefits

We provide health benefits to retired employees (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we no longer provide post-age 65 retiree medical benefits for employees who retire on or after March 1, 2009. We also contribute to a postretirement plan under the provisions of a collective bargaining agreement. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from our general corporate assets.

In October 2011, we amended our retiree medical plan. See Note 16 for additional information.

The components of net periodic postretirement benefit income were as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Service cost	$	290		$	269		$	870		$	807
Interest cost	1,825			2,335			5,475			7,005
Amortization of prior service credit	(3,901		)	(3,900		)	(11,703		)	(11,700		)
Recognized actuarial loss	481			782			1,443			2,346
Net periodic postretirement benefit income	$	(1,305	)	$	(514	)	$	(3,915	)	$	(1,542	)

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Segment Information

9 Months Ended

Sep. 25, 2011

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

Our reportable segments consist of the News Media Group and the About Group. These segments are evaluated regularly by key management in assessing performance and allocating resources.

Below is a description of our reportable segments:

News Media Group

The News Media Group consists of The New York Times Media Group, which includes The New York Times, the International Herald Tribune, NYTimes.com, and related businesses; the New England Media Group, which includes the Globe, BostonGlobe.com, Boston.com, the Worcester Telegram & Gazette, Telegram.com, and related businesses; and the Regional Media Group, which includes 14 daily newspapers in Alabama, California, Florida, Louisiana, North Carolina and South Carolina, their Web sites, other print publications and related businesses.

About Group

The About Group consists of About.com, ConsumerSearch.com, CalorieCount.com and related businesses. In February 2011, we sold UCompareHealthCare.com.

Our Statements of Operations by segment and Corporate were as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Revenues
News Media Group	$	511,511		$	521,868		$	1,595,731		$	1,630,935
About Group	25,724			32,465			84,710			100,852
Total	$	537,235		$	554,333		$	1,680,441		$	1,731,787
Operating profit/(loss)
News Media Group(1)	$	30,020		$	6,046		$	(55,940	)	$	108,914
About Group	9,544			13,876			35,406			45,782
Corporate	(6,519		)	(10,929		)	(29,424		)	(32,220		)
Total	$	33,045		$	8,993		$	(49,958	)	$	122,476
Gain on sale of investments	65,273			—			71,171			9,128
(Loss)/income from joint ventures	(1,068		)	5,482			(4,026		)	22,271
Premium on debt redemption	46,381			—			46,381			—
Interest expense, net	20,039			20,627			69,782			61,825
Income/(loss) from continuing operations before income taxes	30,830			(6,152		)	(98,976		)	92,050
Income tax expense/(benefit)	15,362			(2,018		)	153			50,444
Income/(loss) from continuing operations	15,468			(4,134		)	(99,129		)	41,606
(Loss)/income from discontinued operations, net of income taxes	—			(224		)	—			13
Net income/(loss)	15,468			(4,358		)	(99,129		)	41,619
Net loss/(income) attributable to the noncontrolling interest	217			97			515			(1,054		)
Net income/(loss) attributable to The New York Times Company common stockholders	$	15,685		$	(4,261	)	$	(98,614	)	$	40,565

⁽¹⁾  In the second quarter of 2011, we recorded a $161.3 million impairment charge, primarily related to goodwill at the Regional Media Group, and a $4.2 million charge for a pension withdrawal obligation under a multiemployer pension plan at the Globe. In the third quarter of 2010, we recorded a $16.1 million impairment charge associated with the Globe's Billerica, Mass., printing facility and a $6.3 million charge for a pension withdrawal obligation under a multiemployer pension plan at the Globe. The Regional Media Group and the Globe are a part of the News Media Group reportable segment.

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Income Taxes

9 Months Ended

Sep. 25, 2011

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

We had an effective tax rate of 49.8% in the third quarter of 2011. The effective tax rate was impacted by certain non-deductible items resulting in a higher than customary effective tax rate. Our effective tax rate for the first nine months of 2011 is not meaningful because a portion of the non-cash charge in the second quarter of 2011 for the impairment of the Regional Media Group's goodwill was non-deductible.

We had an effective tax rate of 32.8% in the third quarter of 2010. The effective tax rate was impacted by lower state tax rates applied to the impairment charge associated with the Globe's Billerica, Mass., printing facility, and pension withdrawal expense in the third quarter of 2010. The effective tax rate for the first nine months of 2010 was 54.8%, primarily because of a $10.9 million tax charge for the reduction in future tax benefits for certain retiree health benefits resulting from the federal health care reform legislation enacted in March 2010.

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Goodwill and Other Intangible Assets Acquired (Details) - Goodwill (USD $) In Thousands	3 Months Ended	9 Months Ended
	Jun. 26, 2011	Sep. 25, 2011	Dec. 26, 2010
Goodwill
Goodwill, gross		$ 1,449,255	$ 1,449,682
Accumulated impairment losses		(957,311)	(805,218)
Goodwill (less accumulated impairment losses)		491,944	644,464
Goodwill disposed of during year		(2,702)
Write-down of goodwill	(152,093)	(152,093)
Foreign currency translation		2,275
News Media Group [Member]
Goodwill
Goodwill, gross		1,081,979	1,079,704
Accumulated impairment losses		(957,311)	(805,218)
Goodwill (less accumulated impairment losses)		124,668	274,486
Goodwill disposed of during year		0
Write-down of goodwill		(152,093)
Foreign currency translation		2,275
About Group [Member]
Goodwill
Goodwill, gross		367,276	369,978
Accumulated impairment losses		0	0
Goodwill (less accumulated impairment losses)		367,276	369,978
Goodwill disposed of during year		(2,702)
Write-down of goodwill		0
Foreign currency translation		$ 0

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Other

9 Months Ended

Sep. 25, 2011

Other Income and Expenses [Abstract]

Other Income and Other Expense Disclosure

OTHER

Gain on Sale of Investments

On July 1, 2011, we sold 390 of our remaining 700 units in Fenway Sports Group for $117.0 million. In the third quarter of 2011, we recorded a pre-tax gain of $65.3 million from the sale. Following the sale, we own 310 units, or 7.3% of Fenway Sports Group. We continue to market our remaining interest in Fenway Sports Group, in whole or in parts.

In the first quarter of 2011, we sold a minor portion of our interest in Indeed.com, a job listing aggregator, resulting in a gain of $5.9 million. We still retain a substantial portion of our initial interest in Indeed.com.

Severance Costs

We recognized severance costs of $3.0 million in the third quarter of 2011 and $5.7 million in the first nine months of 2011. These costs were primarily recognized at the News Media Group related to various initiatives and are primarily recorded in “Selling, general and administrative costs” in our Condensed Consolidated Statements of Operations. As of September 25, 2011, we had a severance liability of approximately $8 million included in “Accrued expenses and other” in our Condensed Consolidated Balance Sheet.

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Basis of Presentation

9 Months Ended

Sep. 25, 2011

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

BASIS OF PRESENTATION

In the opinion of The New York Times Company's (the “Company”) management, the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of September 25, 2011, and December 26, 2010, and the results of operations and cash flows of the Company for the periods ended September 25, 2011, and September 26, 2010. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 26, 2010. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks for the third-quarter periods and 39 weeks for the nine-month periods.

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Impairment of Assets

9 Months Ended

Sep. 25, 2011

Goodwill and Intangible Asset Impairment [Abstract]

Asset Impairment Charges

IMPAIRMENT OF ASSETS

In the second quarter of 2011, we recorded a $161.3 million charge for the impairment of assets at the News Media Group. The impairment consisted of the write-down of goodwill at the Regional Media Group of $152.1 million and the write-down of certain assets held for sale of $9.2 million.

Regional Media Group

Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our policy is to perform our annual goodwill impairment test in the fourth quarter of our fiscal year. However, due to certain impairment indicators at the Regional Media Group, including lower-than-expected operating results, we performed an interim impairment test of goodwill as of June 26, 2011. The Regional Media Group is part of the News Media Group reportable segment.

The interim test resulted in an impairment of goodwill of $152.1 million mainly from lower projected long-term operating results and cash flows of the Regional Media Group primarily due to the continued decline in print advertising revenues. These factors resulted in the carrying value of the net assets being greater than their fair value, and therefore a write-down to fair value was required. The impairment charge reduced the carrying value of goodwill at the Regional Media Group to $0.

In determining the fair value of the Regional Media Group, we made significant judgments and estimates regarding the expected severity and duration of the uneven economic environment and the secular changes affecting the newspaper industry in the Regional Media Group markets. The effect of these assumptions on projected long-term revenues, along with the continued benefits from reductions to the group’s cost structure, played a significant role in calculating the fair value of the Regional Media Group.

The fair value of the Regional Media Group’s goodwill was the residual fair value after allocating the total fair value of the Regional Media Group to its other assets, net of liabilities. The total fair value of the Regional Media Group was determined using a combination of a discounted cash flow model (present value of future cash flows) and a market approach model based on comparable businesses. The resulting fair value is considered a Level 3 fair value measurement (significant unobservable inputs for the asset or liabilities). We estimated a flat annual growth rate to arrive at a residual year representing the perpetual cash flows of the Regional Media Group. The residual year cash flow was capitalized to arrive at the terminal value of the Regional Media Group. Utilizing a discount rate of 10.7%, the present value of the cash flows during the projection period and terminal value were aggregated to estimate the fair value of the Regional Media Group. We assumed a flat annual growth rate and a discount rate of 10.7% in the discounted cash flow analysis for the interim impairment test compared with a 2.0% annual growth rate and a 10.5% discount rate used in the 2010 annual impairment test. In determining the appropriate discount rate, we considered the weighted average cost of capital for comparable companies.

Property, plant and equipment is tested for impairment if certain circumstances indicate a possible impairment may exist. Due to the factors discussed above, we completed an interim impairment test of property, plant and equipment as of June 26, 2011. The impairment test was completed at each newspaper (asset group level with the lowest level of cash flows) in the Regional Media Group. Our test did not result in an impairment because the sum of the future undiscounted cash flows at each newspaper was greater than the carrying value of property, plant and equipment.

Assets Held for Sale

In the second quarter of 2011, we classified certain assets as held for sale. The carrying value of these assets was greater than their fair value, less cost to sell, resulting in an impairment of certain intangible assets and property totaling $9.2 million. The impairment charge reduced the carrying value of intangible assets to $0 and the property to a nominal value. The fair value for these assets was determined by estimating the most likely sale price with a third-party buyer based on market data. The resulting fair value is considered a Level 3 fair value measurement.

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Pension and Other Postretirement Benefits (Details) (USD $) In Thousands	3 Months Ended			9 Months Ended
	Sep. 25, 2011	Jun. 26, 2011	Sep. 26, 2010	Sep. 25, 2011	Sep. 26, 2010	Dec. 26, 2010
Pension
Pension withdrawal expense	$ 0	$ 4,228	$ 6,268	$ 4,228	$ 6,268
Net periodic benefit cost/(income)
Contributions to certain qualified pension plans				70,000
Estimated future contributions to pension plans based on contractual obligations for next fiscal year						32,000
Pension Plans, Defined Benefit [Member]
Net periodic benefit cost/(income)
Service cost	3,396		2,952	10,188	9,151
Interest cost	28,284		28,358	84,852	86,982
Expected return on plan assets	(27,953)		(28,420)	(83,859)	(85,205)
Amortization of prior service cost	201		201	603	603
Recognized actuarial loss	7,249		4,649	21,747	15,949
Net periodic benefit cost/(income)	11,177		7,740	33,531	27,480
Qualified Plans [Member]
Net periodic benefit cost/(income)
Service cost	3,019		2,937	9,057	9,106
Interest cost	24,998		24,996	74,994	76,895
Expected return on plan assets	(27,953)		(28,420)	(83,859)	(85,205)
Amortization of prior service cost	201		201	603	603
Recognized actuarial loss	6,445		4,084	19,335	12,412
Net periodic benefit cost/(income)	6,710		3,798	20,130	13,811
Non-Qualified Plans [Member]
Net periodic benefit cost/(income)
Service cost	377		15	1,131	45
Interest cost	3,286		3,362	9,858	10,087
Expected return on plan assets	0		0	0	0
Amortization of prior service cost	0		0	0	0
Recognized actuarial loss	804		565	2,412	3,537
Net periodic benefit cost/(income)	4,467		3,942	13,401	13,669
Other Postretirement Benefit Plans, Defined Benefit [Member]
Net periodic benefit cost/(income)
Service cost	290		269	870	807
Interest cost	1,825		2,335	5,475	7,005
Amortization of prior service cost	(3,901)		(3,900)	(11,703)	(11,700)
Recognized actuarial loss	481		782	1,443	2,346
Net periodic benefit cost/(income)	(1,305)		(514)	(3,915)	(1,542)
Contributions to New York Times Newspaper Guild Pension Plan[Member]
Net periodic benefit cost/(income)
Contributions to certain qualified pension plans				$ 26,000

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Impairment of Assets (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended				9 Months Ended
	Sep. 25, 2011	Jun. 26, 2011	Dec. 26, 2010	Sep. 26, 2010	Sep. 25, 2011	Sep. 26, 2010
Impairment of assets
Impairment of assets	$ 0	$ 161,318		$ 16,148	$ 161,318	$ 16,148
Write-down of goodwill at the Regional Media Group		152,093			152,093
Goodwill (less accumulated impairment losses)	491,944		644,464		491,944
Write-down of certain assets held for sale		9,225
Impairment testing growth rate assumption			2.00%
Impairment testing discount rate assumption		10.70%	10.50%
Other intangible assets acquired	22,239		35,415		22,239
Regional Media Group
Impairment of assets
Goodwill (less accumulated impairment losses)		0
Assets Held-for-sale
Impairment of assets
Other intangible assets acquired		$ 0

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Goodwill and Other Intangible Assets Acquired

9 Months Ended

Sep. 25, 2011

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets Acquired

GOODWILL AND OTHER INTANGIBLE ASSETS ACQUIRED

Goodwill is the excess of cost over the fair value of tangible and other intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist.

Other intangible assets acquired consist primarily of trade names on various acquired properties, content, customer lists and other assets. Other intangible assets acquired that have indefinite lives (trade names) are not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Certain other intangible assets acquired (content, customer lists and other assets) are amortized over their estimated useful lives and tested for impairment if certain circumstances indicate a possible impairment may exist.

The tables below include goodwill and other intangible assets impaired during the second quarter of 2011 (see Note 4). In addition, the tables below include goodwill and other intangible assets disposed of during the first quarter of 2011 related to the sale of UCompareHealthCare.com, which was part of the About Group.

The changes in the carrying amount of goodwill were as follows:

(In thousands)	News Media Group			About Group			Total
Balance as of December 26, 2010:
Goodwill	$	1,079,704		$	369,978		$	1,449,682
Accumulated impairment losses	(805,218		)	—			(805,218		)
Balance as of December 26, 2010	274,486			369,978			644,464
Goodwill disposed during year	—			(2,702		)	(2,702		)
Goodwill impaired during year	(152,093		)	—			(152,093		)
Foreign currency translation	2,275			—			2,275
Balance as of September 25, 2011:
Goodwill	1,081,979			367,276			1,449,255
Accumulated impairment losses	(957,311		)	—			(957,311		)
Balance as of September 25, 2011	$	124,668		$	367,276		$	491,944

Other intangible assets acquired were as follows:

	September 25, 2011								December 26, 2010
(In thousands, except years)	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life (Years)	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Useful Life (Years)
Amortized other intangible assets:
Content	$	21,384	$	(17,483	)	$	3,901	2	$	25,712	$	(16,510	)	$	9,202	7
Customer lists	24,508		(21,448		)	3,060		2	28,316		(21,281		)	7,035		6
Other	33,123		(30,824		)	2,299		4	36,390		(31,592		)	4,798		3
Total	$	79,015	$	(69,755	)	9,260			$	90,418	$	(69,383	)	21,035
Unamortized other intangible assets:
Trade names						12,979								14,380
Total other intangible assets acquired						$	22,239							$	35,415

Amortization expense related to other intangible assets acquired that are subject to amortization was $5.6 million in the first nine months of 2011 and is expected to be $1.5 million for the remainder of fiscal year 2011.

Amortization expense for the next five years related to these intangible assets is expected to be as follows:

(In thousands)	Amount
2012	$	4,800
2013	1,600
2014	600
2015	350
2016	270

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Discontinued Operations (Details) (USD $) In Thousands	3 Months Ended		9 Months Ended		3 Months Ended
	Sep. 25, 2011	Sep. 26, 2010	Sep. 25, 2011	Sep. 26, 2010	Dec. 27, 2009 WQXR FM Radio Station [Member]
Discontinued operations
Proceeds from sale of WQXR-FM					$ 45,000
Pre-tax gain from sale of WQXR-FM					35,000
After-tax gain from sale of WQXR-FM					19,000
(Loss)/income from discontinued operations, net of income taxes	$ 0	$ (224)	$ 0	$ 13

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Supplemental Stockholders' Equity Information (Tables)

9 Months Ended

Sep. 25, 2011

Stockholders' Equity Note [Abstract]

Schedule of changes of stockholders equity

Stockholders' equity is summarized as follows:

(In thousands)	Total New York Times Company Stockholders' Equity			Noncontrolling Interest			Total Stockholders' Equity
Balance as of December 26, 2010	$	659,927		$	4,149		$	664,076
Net loss	(98,614		)	(515		)	(99,129		)
Other comprehensive income	10,865			—			10,865
Issuance of shares	8,055			—			8,055
Stock-based compensation	8,815			—			8,815
Balance as of September 25, 2011	$	589,048		$	3,634		$	592,682

(In thousands)	Total New York Times Company Stockholders' Equity			Noncontrolling Interest		Total Stockholders' Equity
Balance as of December 27, 2009	$	604,042		$	3,201	$	607,243
Net income	40,565			1,054		41,619
Other comprehensive loss	(1,608		)	—		(1,608		)
Issuance of shares	9,106			—		9,106
Stock-based compensation	5,835			—		5,835
Balance as of September 26, 2010	$	657,940		$	4,255	$	662,195

Schedule of comprehensive (loss)/income (Loss)

Comprehensive income/(loss) was as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Net income/(loss)	$	15,468		$	(4,358	)	$	(99,129	)	$	41,619
Other comprehensive income/(loss):
Foreign currency translation adjustments	(5,186		)	8,161			3,258			(5,966		)
Unrealized derivative gain on cash-flow hedge of equity method investment	726			—			803			—
Adjustments to pension benefits obligation	—			—			—			(4,087		)
Amortization of unrecognized amounts included in pension and postretirement benefits obligations	5,999			1,730			14,642			7,198
Income tax (expense)/benefit	(857		)	(3,988		)	(7,838		)	1,247
Total other comprehensive income/(loss)	682			5,903			10,865			(1,608		)
Comprehensive income/(loss)	16,150			1,545			(88,264		)	40,011
Net loss/(income) attributable to the noncontrolling interest	217			97			515			(1,054		)
Comprehensive income/(loss) attributable to The New York Times Company common stockholders	$	16,367		$	1,642		$	(87,749	)	$	38,957

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Goodwill and Other Intangible Assets Acquired (Details) - Intangible Assets (USD $) In Thousands, unless otherwise specified	9 Months Ended	12 Months Ended
	Sep. 25, 2011	Dec. 26, 2010
Amortized other intangible assets
Gross carrying amount	$ 79,015	$ 90,418
Accumulated amortization	(69,755)	(69,383)
Amortized other intangible assets, net	9,260	21,035
Trade names	12,979	14,380
Other intangible assets acquired	22,239	35,415
Content [Member]
Amortized other intangible assets
Gross carrying amount	21,384	25,712
Accumulated amortization	(17,483)	(16,510)
Amortized other intangible assets, net	3,901	9,202
Weighted average useful life (years)	2	7
Customer Lists [Member]
Amortized other intangible assets
Gross carrying amount	24,508	28,316
Accumulated amortization	(21,448)	(21,281)
Amortized other intangible assets, net	3,060	7,035
Weighted average useful life (years)	2	6
Other Intangible Assets [Member]
Amortized other intangible assets
Gross carrying amount	33,123	36,390
Accumulated amortization	(30,824)	(31,592)
Amortized other intangible assets, net	$ 2,299	$ 4,798
Weighted average useful life (years)	4	3

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Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 25, 2011	Sep. 26, 2010	Sep. 26, 2010
Income Tax Disclosure [Abstract]
Effective tax rate, continuing operations	49.80%	32.80%	54.80%
Tax charge for reduction in future tax benefits for certain retiree health benefits			$ 10,900

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Short-Term Investments (Details) (USD $) In Thousands	9 Months Ended
	Sep. 25, 2011	Sep. 25, 2011 Commercial Paper, Not Included with Cash and Cash Equivalents [Member]	Sep. 25, 2011 US Treasury Securities [Member]	Dec. 26, 2010 US Treasury Securities [Member]
Schedule of Held-to-maturity Securities [Line Items]
Carrying value of short-term investments		$ 5,000	$ 165,000	$ 30,000
Held-to-maturity Securities, Debt Maturity, Date Range, Low	1 month
Held-to-maturity Securities, Debt Maturity, Date Range, High	4 months

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Supplemental Stockholders' Equity Information

9 Months Ended

Sep. 25, 2011

Stockholders' Equity Note [Abstract]

Supplemental Stockholders' Equity Information

SUPPLEMENTAL STOCKHOLDERS' EQUITY INFORMATION

Stockholders' equity is summarized as follows:

(In thousands)	Total New York Times Company Stockholders' Equity			Noncontrolling Interest			Total Stockholders' Equity
Balance as of December 26, 2010	$	659,927		$	4,149		$	664,076
Net loss	(98,614		)	(515		)	(99,129		)
Other comprehensive income	10,865			—			10,865
Issuance of shares	8,055			—			8,055
Stock-based compensation	8,815			—			8,815
Balance as of September 25, 2011	$	589,048		$	3,634		$	592,682

(In thousands)	Total New York Times Company Stockholders' Equity			Noncontrolling Interest		Total Stockholders' Equity
Balance as of December 27, 2009	$	604,042		$	3,201	$	607,243
Net income	40,565			1,054		41,619
Other comprehensive loss	(1,608		)	—		(1,608		)
Issuance of shares	9,106			—		9,106
Stock-based compensation	5,835			—		5,835
Balance as of September 26, 2010	$	657,940		$	4,255	$	662,195

Comprehensive income/(loss) was as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Net income/(loss)	$	15,468		$	(4,358	)	$	(99,129	)	$	41,619
Other comprehensive income/(loss):
Foreign currency translation adjustments	(5,186		)	8,161			3,258			(5,966		)
Unrealized derivative gain on cash-flow hedge of equity method investment	726			—			803			—
Adjustments to pension benefits obligation	—			—			—			(4,087		)
Amortization of unrecognized amounts included in pension and postretirement benefits obligations	5,999			1,730			14,642			7,198
Income tax (expense)/benefit	(857		)	(3,988		)	(7,838		)	1,247
Total other comprehensive income/(loss)	682			5,903			10,865			(1,608		)
Comprehensive income/(loss)	16,150			1,545			(88,264		)	40,011
Net loss/(income) attributable to the noncontrolling interest	217			97			515			(1,054		)
Comprehensive income/(loss) attributable to The New York Times Company common stockholders	$	16,367		$	1,642		$	(87,749	)	$	38,957

The “Accumulated other comprehensive loss, net of income taxes” in our Condensed Consolidated Balance Sheets was net of a deferred income tax benefit of approximately $275 million as of September 25, 2011 and $280 million as of December 26, 2010.

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Investments in Joint Ventures

9 Months Ended

Sep. 25, 2011

Equity Method Investments and Joint Ventures [Abstract]

Investments in Joint Ventures

INVESTMENTS IN JOINT VENTURES

As of September 25, 2011, our investments in joint ventures consisted of equity ownership interests in the following entities:

Company	Approximate % Ownership
Metro Boston LLC	49	%
Donohue Malbaie Inc.	49	%
Madison Paper Industries	40	%
quadrantONE LLC	25	%
Fenway Sports Group	7.3	%

See Note 8 for information regarding the sale of a portion of our ownership interest in Fenway Sports Group.

The following table presents summarized unaudited condensed combined income statements for our unconsolidated joint ventures.

	For the Quarters Ended					For the Nine Months Ended
(In thousands)	September 30, 2011			September 30, 2010		September 30, 2011			September 30, 2010
Revenues	$	389,814		$	294,152	$	963,626		$	724,475
Costs and expenses	399,531			245,393		963,167			622,957
Operating (loss)/profit	(9,717		)	48,759		459			101,518
Other income/(loss)	1,227			2,938		(8,094		)	28,969
Pre-tax (loss)/income	(8,490		)	51,697		(7,635		)	130,487
Income tax expense/(benefit)	1,028			366		154			(642		)
Net (loss)/income	(9,518		)	51,331		(7,789		)	131,129
Net income attributable to noncontrolling interest	6,279			6,973		16,974			18,512
Net (loss)/income less noncontrolling interest	$	(15,797	)	$	44,358	$	(24,763	)	$	112,617

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Subsequent Events

9 Months Ended

Sep. 25, 2011

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Amended Retiree Benefit Plan

In October 2011, we amended our retiree medical plan by, among other things, placing a cap (effective January 1, 2012) on our contributions for certain retiree groups. In connection with this plan amendment, we remeasured our postretirement obligation as of the plan amendment date. The plan amendment and remeasurement resulted in a decrease in the postretirement liability and an increase in other comprehensive income (before taxes) of approximately $20 million in October 2011.

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Other (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended			9 Months Ended
	Sep. 25, 2011	Mar. 27, 2011	Sep. 26, 2010	Sep. 25, 2011	Sep. 26, 2010
Equity method investments
Proceeds from sale of investments				$ 115,258	$ 13,605
Gain on sale of investments	65,273	5,898	0	71,171	9,128
Severance costs	3,000			5,700
Severance liability	8,000			8,000
Fenway Sports Group [Member]
Equity method investments
Units sold in Fenway Sports Group	390
Units owned of Fenway Sports Group before sale	700
Proceeds from sale of investments	117,000
Gain on sale of investments	$ 65,273
Units owned of Fenway Sports Group after sale	310
Equity Method Investment, Ownership Percentage	7.30%			7.30%

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Segment Information (Tables)

9 Months Ended

Sep. 25, 2011

Segment Reporting [Abstract]

Schedule of segment reporting information

Our Statements of Operations by segment and Corporate were as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 25, 2011			September 26, 2010			September 25, 2011			September 26, 2010
Revenues
News Media Group	$	511,511		$	521,868		$	1,595,731		$	1,630,935
About Group	25,724			32,465			84,710			100,852
Total	$	537,235		$	554,333		$	1,680,441		$	1,731,787
Operating profit/(loss)
News Media Group(1)	$	30,020		$	6,046		$	(55,940	)	$	108,914
About Group	9,544			13,876			35,406			45,782
Corporate	(6,519		)	(10,929		)	(29,424		)	(32,220		)
Total	$	33,045		$	8,993		$	(49,958	)	$	122,476
Gain on sale of investments	65,273			—			71,171			9,128
(Loss)/income from joint ventures	(1,068		)	5,482			(4,026		)	22,271
Premium on debt redemption	46,381			—			46,381			—
Interest expense, net	20,039			20,627			69,782			61,825
Income/(loss) from continuing operations before income taxes	30,830			(6,152		)	(98,976		)	92,050
Income tax expense/(benefit)	15,362			(2,018		)	153			50,444
Income/(loss) from continuing operations	15,468			(4,134		)	(99,129		)	41,606
(Loss)/income from discontinued operations, net of income taxes	—			(224		)	—			13
Net income/(loss)	15,468			(4,358		)	(99,129		)	41,619
Net loss/(income) attributable to the noncontrolling interest	217			97			515			(1,054		)
Net income/(loss) attributable to The New York Times Company common stockholders	$	15,685		$	(4,261	)	$	(98,614	)	$	40,565

⁽¹⁾  In the second quarter of 2011, we recorded a $161.3 million impairment charge, primarily related to goodwill at the Regional Media Group, and a $4.2 million charge for a pension withdrawal obligation under a multiemployer pension plan at the Globe. In the third quarter of 2010, we recorded a $16.1 million impairment charge associated with the Globe's Billerica, Mass., printing facility and a $6.3 million charge for a pension withdrawal obligation under a multiemployer pension plan at the Globe. The Regional Media Group and the Globe are a part of the News Media Group reportable segment.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands	9 Months Ended
	Sep. 25, 2011	Sep. 26, 2010
Cash flows from operating activities
Net income/(loss)	$ (99,129)	$ 41,619
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Impairment of assets	161,318	16,148
Pension withdrawal expense	4,228	6,268
Gain on sale of investments	(71,171)	(9,128)
Premium on debt redemption	46,381	0
Depreciation and amortization	87,597	90,816
Stock-based compensation expense	5,790	5,835
Undistributed loss/(income) of equity method investments, net of dividends	4,026	(15,946)
Long-term retirement benefit obligations	(59,430)	(97,854)
Other-net	10,341	7,244
Changes in operating assets and liabilities–net of dispositions:
Accounts receivable - net	51,324	71,388
Inventories	(2,884)	(5,487)
Other current assets	1,754	776
Accounts payable and other liabilities	(86,421)	(16,196)
Unexpired subscriptions	2,150	(2,854)
Net cash provided by operating activities	55,874	92,629
Cash flows from investing activities
Purchases of short-term investments	(259,724)	0
Maturities of short-term investments	119,934	0
Proceeds from sale of investments	115,258	13,605
Capital expenditures	(35,457)	(20,305)
Change in restricted cash	(28,628)	0
Proceeds from the sale of assets	6,667	2,265
Proceeds from loan repayments	0	4,500
Net cash (used in)/provided by investing activities	(81,950)	65
Long-term obligations:
Repayments	(250,442)	(446)
Capital shares:
Issuances	218	721
Net cash (used in)/provided by financing activities	(250,224)	275
(Decrease)/increase in cash and cash equivalents	(276,300)	92,969
Effect of exchange rate changes on cash and cash equivalents	317	(848)
Cash and cash equivalents at the beginning of the year	369,668	36,520
Cash and cash equivalents at the end of the quarter	$ 93,685	$ 128,641

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Basis of Presentation (Policies)

9 Months Ended

Sep. 25, 2011

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Fiscal Period Policy

The fiscal periods included herein comprise 13 weeks for the third-quarter periods and 39 weeks for the nine-month periods.

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Supplemental Stockholders' Equity Information - Stockholders' Equity (Details) (USD $) In Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2011	Sep. 26, 2010	Sep. 25, 2011	Sep. 26, 2010
Changes in stockholders' equity
Total stockholders' equity, period start			$ 664,076	$ 607,243
Net income/(loss)	15,468	(4,358)	(99,129)	41,619
Other comprehensive income (loss)	682	5,903	10,865	(1,608)
Issuance of shares			8,055	9,106
Stock-based compensation			8,815	5,835
Total stockholders' equity, period end	592,682	662,195	592,682	662,195
Parent [Member]
Changes in stockholders' equity
Total stockholders' equity, period start			659,927	604,042
Net income/(loss)			(98,614)	40,565
Other comprehensive income (loss)			10,865	(1,608)
Issuance of shares			8,055	9,106
Stock-based compensation			8,815	5,835
Total stockholders' equity, period end	589,048	657,940	589,048	657,940
Noncontrolling Interest [Member]
Changes in stockholders' equity
Total stockholders' equity, period start			4,149	3,201
Net income/(loss)			(515)	1,054
Other comprehensive income (loss)			0	0
Issuance of shares			0	0
Stock-based compensation			0	0
Total stockholders' equity, period end	$ 3,634	$ 4,255	$ 3,634	$ 4,255

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Investments in Joint Ventures (Tables)

9 Months Ended

Sep. 25, 2011

Equity Method Investments and Joint Ventures [Abstract]

Schedule and summarized unaudited condensed combined income statements of equity method investments

As of September 25, 2011, our investments in joint ventures consisted of equity ownership interests in the following entities:

Company	Approximate % Ownership
Metro Boston LLC	49	%
Donohue Malbaie Inc.	49	%
Madison Paper Industries	40	%
quadrantONE LLC	25	%
Fenway Sports Group	7.3	%

See Note 8 for information regarding the sale of a portion of our ownership interest in Fenway Sports Group.

The following table presents summarized unaudited condensed combined income statements for our unconsolidated joint ventures.

	For the Quarters Ended					For the Nine Months Ended
(In thousands)	September 30, 2011			September 30, 2010		September 30, 2011			September 30, 2010
Revenues	$	389,814		$	294,152	$	963,626		$	724,475
Costs and expenses	399,531			245,393		963,167			622,957
Operating (loss)/profit	(9,717		)	48,759		459			101,518
Other income/(loss)	1,227			2,938		(8,094		)	28,969
Pre-tax (loss)/income	(8,490		)	51,697		(7,635		)	130,487
Income tax expense/(benefit)	1,028			366		154			(642		)
Net (loss)/income	(9,518		)	51,331		(7,789		)	131,129
Net income attributable to noncontrolling interest	6,279			6,973		16,974			18,512
Net (loss)/income less noncontrolling interest	$	(15,797	)	$	44,358	$	(24,763	)	$	112,617

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Summary of Significant Accounting Policies

9 Months Ended

Sep. 25, 2011

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

As of September 25, 2011, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 26, 2010, have not changed materially.

New Accounting Pronouncements

In September 2011, the Financial Accounting Standards Board (“FASB”) amended its guidance on the disclosure of information in financial statements for multiemployer pension plans to enhance the disclosures by providing more information about the plans in which an employer participates, its level of participation in those plans and the financial health of those plans. The provisions of this new guidance are effective for fiscal years ending after December 15, 2011, with the disclosures being required for all years presented in the initial year of adoption. The adoption of this guidance will expand our disclosures for significant multiemployer pension plans in which we are participants.

In September 2011, the FASB amended its guidance on goodwill impairment testing to reduce the cost and complexity of testing goodwill for impairment by providing the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The result of this assessment will determine whether it is necessary to perform the two-step test. The provisions of this new guidance are effective for fiscal years beginning after December 15, 2011, with early adoption permitted. We anticipate adopting the new guidance early when we conduct our annual goodwill impairment test in the fourth quarter of 2011. We do not anticipate the adoption of this guidance will have a material impact on our financial statements.

In June 2011, the FASB amended its guidance on the presentation of comprehensive income in financial statements to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items that are recorded in other comprehensive income. The new accounting guidance requires entities to report components of comprehensive income in either (1) a continuous statement of comprehensive income or (2) two separate but consecutive statements. The provisions of this guidance are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We do not anticipate the adoption of this guidance will have a material impact on our financial statements.

In May 2011, the FASB amended its guidance related to fair value measurements in order to align the definition of fair value measurements and the related disclosure requirements between GAAP and International Financial Reporting Standards. These amendments, which are effective for interim and annual periods beginning after December 15, 2011, also change certain existing fair value measurement principles and disclosure requirements. We do not anticipate the adoption of this guidance will have a material impact on our financial statements.

At the beginning of our 2011 fiscal year, we adopted new guidance that amended previous guidance for the accounting of revenue arrangements with multiple deliverables. The adoption of this guidance, which specifically addressed how consideration should be allocated to the separate units of account included in revenue arrangements, did not have a material impact on our financial statements.

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Discontinued Operations

9 Months Ended

Sep. 25, 2011

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

DISCONTINUED OPERATIONS

The results of operations for WQXR-FM, a New York City classical radio station, which was sold in October 2009, are presented as discontinued operations. We received proceeds related to the sale of approximately $45 million and recorded a pre-tax gain of approximately $35 million (approximately $19 million after tax) in the fourth quarter of 2009. We had a net loss from discontinued operations of $0.2 million in the third quarter of 2010 and net income from discontinued operations of $13,000 in the first nine months of 2010 as a result of post-closing adjustments to the gain.

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Goodwill and Other Intangible Assets Acquired (Details) - Amortization Expense (USD $) In Thousands	9 Months Ended
	Sep. 25, 2011
Amortization expense
Amortization expense related to other intangibles acquired	$ 5,600
Amortization expense for remainder of fiscal year	1,500
Amortization expense for the next five years
2012	4,800
2013	1,600
2014	600
2015	350
2016	$ 270

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Contingent Liabilities

9 Months Ended

Sep. 25, 2011

Commitments and Contingencies Disclosure [Abstract]

Contingent Liabilities

CONTINGENT LIABILITIES

Restricted Cash

We were required to maintain $28.6 million of restricted cash as of September 25, 2011 subject to certain collateral requirements primarily for obligations under our workers' compensation programs. These collateral requirements were previously supported by letters of credit under our revolving credit facility that was replaced in June 2011.

Other

There are various legal actions that have arisen in the ordinary course of business and are now pending against us. These actions are generally for amounts greatly in excess of the payments, if any, that may be required to be made. It is the opinion of management after reviewing these actions with our legal counsel that the ultimate liability that might result from these actions would not have a material adverse effect on our Condensed Consolidated Financial Statements.

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Per Share data	3 Months Ended		9 Months Ended
	Sep. 25, 2011	Sep. 26, 2010	Sep. 25, 2011	Sep. 26, 2010
Revenues
Advertising	$ 261,779	$ 286,980	$ 862,954	$ 914,518
Circulation	236,964	229,148	699,898	700,819
Other	38,492	38,205	117,589	116,450
Total revenues	537,235	554,333	1,680,441	1,731,787
Production costs:
Raw materials	37,890	39,571	118,040	114,962
Wages and benefits	121,109	123,766	373,127	376,204
Other	73,904	74,047	222,211	223,869
Total production costs	232,903	237,384	713,378	715,035
Selling, general and administrative costs	241,885	255,440	763,878	781,044
Depreciation and amortization	29,402	30,100	87,597	90,816
Total operating costs	504,190	522,924	1,564,853	1,586,895
Impairment of assets	0	16,148	161,318	16,148
Pension withdrawal expense	0	6,268	4,228	6,268
Operating profit/(loss)	33,045	8,993	(49,958)	122,476
Gain on sale of investments	65,273	0	71,171	9,128
(Loss)/income from joint ventures	(1,068)	5,482	(4,026)	22,271
Premium on debt redemption	46,381	0	46,381	0
Interest expense, net	20,039	20,627	69,782	61,825
Income/(loss) from continuing operations before income taxes	30,830	(6,152)	(98,976)	92,050
Income tax expense/(benefit)	15,362	(2,018)	153	50,444
Income/(loss) from continuing operations	15,468	(4,134)	(99,129)	41,606
(Loss)/income from discontinued operations, net of income taxes	0	(224)	0	13
Net income/(loss)	15,468	(4,358)	(99,129)	41,619
Net loss/(income) attributable to the noncontrolling interest	217	97	515	(1,054)
Net income/(loss) attributable to The New York Times Company common stockholders	15,685	(4,261)	(98,614)	40,565
Amounts attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations	15,685	(4,037)	(98,614)	40,552
(Loss)/income from discontinued operations, net of income taxes	0	(224)	0	13
Net income/(loss) attributable to The New York Times Company common stockholders	$ 15,685	$ (4,261)	$ (98,614)	$ 40,565
Average Number of Common Shares Outstanding:
Basic	147,355	145,803	147,103	145,533
Diluted	151,293	145,803	147,103	153,092
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations, per basic share	$ 0.11	$ (0.03)	$ (0.67)	$ 0.28
(Loss)/income from discontinued operations, net of income taxes, per basic share	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Income/(loss) per share attributable to The New York Times Company common stockholders–Basic	$ 0.11	$ (0.03)	$ (0.67)	$ 0.28
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders:
Income/(loss) from continuing operations, per diluted share	$ 0.10	$ (0.03)	$ (0.67)	$ 0.26
(Loss)/income from discontinued operations, net of income taxes, per share diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Income/(loss) per share attributable to The New York Times Company common stockholders–Diluted	$ 0.10	$ (0.03)	$ (0.67)	$ 0.26

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Debt Obligations - Debt & Capital Leases (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended			0 Months Ended
	Sep. 25, 2011	Sep. 26, 2010	Sep. 25, 2011	Sep. 26, 2010	Dec. 26, 2010	Aug. 15, 2011 Notes Due 2015 Called 2011 [Member]	Sep. 25, 2011 Notes Due 2015 Called 2011 [Member]	Dec. 26, 2010 Notes Due 2015 Called 2011 [Member]	Sep. 25, 2011 Notes Due 2012 [Member]	Dec. 26, 2010 Notes Due 2012 [Member]	Sep. 25, 2011 Notes Due 2015 [Member]	Dec. 26, 2010 Notes Due 2015 [Member]	Sep. 25, 2011 Notes Due 2016 [Member]	Dec. 26, 2010 Notes Due 2016 [Member]	Sep. 25, 2011 Option To Repurchase Headquarters Building 2019 [Member]	Dec. 26, 2010 Option To Repurchase Headquarters Building 2019 [Member]
Total debt & capital lease obligations
Long term debt							$ 0	$ 227,680	$ 74,867	$ 74,771	$ 249,883	$ 249,860	$ 220,612	$ 220,102	$ 219,952	$ 217,306
Total debt	765,314		765,314		989,719
Capital lease obligations	6,707		6,707		6,724
Total debt and capital lease obligations	772,021		772,021		996,443
Interest rate on debt						14.053%			4.61%		5.00%		6.625%
Principal amount of debt						250,000
Prepayment amount for redemption of 14.053% Notes						280,000
Accrued and unpaid interest for prepayment of 14.053% Notes						3,000
Make-whole premium amount for redemption of 14.053% Notes						27,000
Premium on debt redemption	46,381	0	46,381	0
Fair value of long-term debt	$ 863,000		$ 863,000		$ 1,100,000

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Supplemental Stockholders' Equity Information - Comprehensive (Loss)/Income (Details) (USD $) In Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2011	Sep. 26, 2010	Sep. 25, 2011	Sep. 26, 2010	Dec. 26, 2010
Comprehensive income/(loss)
Net income/(loss)	$ 15,468	$ (4,358)	$ (99,129)	$ 41,619
Foreign currency translation adjustments	(5,186)	8,161	3,258	(5,966)
Unrealized derivative gain on cash-flow hedge of equity method investment	726	0	803	0
Adjustments to pension benefits obligation	0	0	0	(4,087)
Amortization of unrecognized amounts included in pension and postretirement benefits obligations	5,999	1,730	14,642	7,198
Income tax (expense)/benefit	(857)	(3,988)	(7,838)	1,247
Total other comprehensive income/(loss)	682	5,903	10,865	(1,608)
Comprehensive income/(loss)	16,150	1,545	(88,264)	40,011
Net loss/(income) attributable to the noncontrolling interest	217	97	515	(1,054)
Comprehensive income/(loss) attributable to The New York Times Company common stockholders	16,367	1,642	(87,749)	38,957
Accumulated other comprehensive income/(loss) deferred income tax benefit	$ 275,000		$ 275,000		$ 280,000

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Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended					9 Months Ended
	Sep. 25, 2011		Jun. 26, 2011	Mar. 27, 2011	Sep. 26, 2010	Sep. 25, 2011		Sep. 26, 2010
Segment information
Number of daily newspapers at Regional Media Group						14
Segment reporting information
Revenues	$ 537,235				$ 554,333	$ 1,680,441		$ 1,731,787
Operating profit/(loss)	33,045				8,993	(49,958)		122,476
Gain on sale of investments	65,273			5,898	0	71,171		9,128
(Loss)/income from joint ventures	(1,068)				5,482	(4,026)		22,271
Premium on debt redemption	46,381				0	46,381		0
Interest expense, net	20,039				20,627	69,782		61,825
Income/(loss) from continuing operations before income taxes	30,830				(6,152)	(98,976)		92,050
Income tax expense/(benefit)	15,362				(2,018)	153		50,444
Income/(loss) from continuing operations	15,468				(4,134)	(99,129)		41,606
(Loss)/income from discontinued operations, net of income taxes	0				(224)	0		13
Net income/(loss)	15,468				(4,358)	(99,129)		41,619
Net loss/(income) attributable to the noncontrolling interest	217				97	515		(1,054)
Net income/(loss) attributable to The New York Times Company common stockholders	15,685				(4,261)	(98,614)		40,565
Impairment of assets	0		161,318		16,148	161,318		16,148
Pension withdrawal expense	0		4,228		6,268	4,228		6,268
News Media Group [Member]
Segment reporting information
Revenues	511,511				521,868	1,595,731		1,630,935
Operating profit/(loss)	30,020	[1]			6,046	(55,940)	[1]	108,914
About Group [Member]
Segment reporting information
Revenues	25,724				32,465	84,710		100,852
Operating profit/(loss)	9,544				13,876	35,406		45,782
Corporate [Member]
Segment reporting information
Operating profit/(loss)	$ (6,519)				$ (10,929)	$ (29,424)		$ (32,220)

[1] In the second quarter of 2011, we recorded a $161.3 million impairment charge, primarily related to goodwill at the Regional Media Group, and a $4.2 million charge for a pension withdrawal obligation under a multiemployer pension plan at the Globe. In the third quarter of 2010, we recorded a $16.1 million impairment charge associated with the Globe's Billerica, Mass., printing facility and a $6.3 million charge for a pension withdrawal obligation under a multiemployer pension plan at the Globe. The Regional Media Group and the Globe are a part of the News Media Group reportable segment.

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Debt Obligations - Revolving Credit Facility (Details) (USD $) In Thousands, unless otherwise specified	Sep. 25, 2011 Secured Debt [Member]	May 29, 2011 Unsecured Debt [Member]
Revolving credit facility
Revolving credit facility, maximum borrowing capacity	$ 125,000	$ 400,000
Revolving credit facility term (years)	5
Revolving credit facility, outstanding borrowings	$ 0