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	)