XML 45 R37.htm IDEA: XBRL DOCUMENT v2.4.0.6
Pension Benefits (Tables)
12 Months Ended
Dec. 25, 2011
Pension Plans, Defined Benefit [Member]
 
Pension Benefits  
Schedule of Components of Net Periodic Pension Benefit Cost
The components of net periodic pension cost/(income) were as follows:
 
December 25, 2011
 
December 26, 2010
 
December 27, 2009
(In thousands)
Qualified
Plans
Non-
Qualified
Plans
All
Plans
 
Qualified
Plans
Non-
Qualified
Plans
All
Plans
 
Qualified
Plans
Non-
Qualified
Plans
All
Plans
Service cost
$
12,079

$
1,660

$
13,739

 
$
12,045

$
1,896

$
13,941

 
$
28,266

$
1,687

$
29,953

Interest cost
99,991

13,293

113,284

 
102,523

13,602

116,125

 
102,757

14,431

117,188

Expected return on plan assets
(111,813
)

(111,813
)
 
(113,625
)

(113,625
)
 
(113,359
)

(113,359
)
Recognized actuarial loss
25,781

3,214

28,995

 
16,496

4,103

20,599

 
21,901

4,061

25,962

Amortization of prior service cost/(credit)
803


803

 
803


803

 
(4,728
)
562

(4,166
)
Curtailment (gain)/loss



 



 
(58,283
)
4,318

(53,965
)
Net periodic pension cost/(income)
$
26,841

$
18,167

$
45,008

 
$
18,242

$
19,601

$
37,843

 
$
(23,446
)
$
25,059

$
1,613

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows:
(In thousands)
 
December 25,
2011

 
December 26,
2010

 
December 27,
2009

Net loss/(gain)
 
$
255,907

 
$
122,879

 
$
(69,416
)
Prior service cost
 

 

 
2,115

Amortization of loss
 
(28,995
)
 
(20,599
)
 
(25,962
)
Amortization of prior service (cost)/credit
 
(803
)
 
(803
)
 
4,166

Effect of curtailment
 

 
(1,083
)
 
(2,375
)
Total recognized in other comprehensive income/loss
 
226,109

 
100,394

 
(91,472
)
Net periodic pension cost
 
45,008

 
37,843

 
1,613

Total recognized in net periodic benefit cost and other comprehensive income/loss
 
$
271,117

 
$
138,237

 
$
(89,859
)
Schedule of Changes in Projected Benefit Obligations and Plan Assets [Table Text Block]
The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/loss were as follows: 
 
 
 
December 25, 2011
 
December 26, 2010
(In thousands)
 
Qualified
Plans
 
Non-
Qualified
Plans
 
All Plans
 
Qualified
Plans
 
Non-
Qualified
Plans
 
All Plans
Change in benefit obligation
 
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
 
$
1,823,625

 
$
253,743

 
$
2,077,368

 
$
1,671,244

 
$
230,602

 
$
1,901,846

Service cost
 
12,079

 
1,660

 
13,739

 
12,045

 
1,896

 
13,941

Interest cost
 
99,991

 
13,293

 
113,284

 
102,523

 
13,602

 
116,125

Plan participants’ contributions
 
34

 

 
34

 
32

 

 
32

Actuarial loss
 
140,186

 
25,621

 
165,807

 
131,759

 
25,333

 
157,092

Curtailments
 

 

 

 
(1,083
)
 

 
(1,083
)
Benefits paid
 
(89,413
)
 
(17,224
)
 
(106,637
)
 
(92,895
)
 
(17,367
)
 
(110,262
)
Effects of change in currency conversion
 

 
(33
)
 
(33
)
 

 
(323
)
 
(323
)
Benefit obligation at end of year
 
1,986,502

 
277,060

 
2,263,562

 
1,823,625

 
253,743

 
2,077,368

Change in plan assets
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
1,381,811

 

 
1,381,811

 
1,150,915

 

 
1,150,915

Actual return on plan assets
 
21,712

 

 
21,712

 
147,837

 

 
147,837

Employer contributions
 
150,585

 
17,224

 
167,809

 
175,922

 
17,367

 
193,289

Plan participants’ contributions
 
34

 

 
34

 
32

 

 
32

Benefits paid
 
(89,413
)
 
(17,224
)
 
(106,637
)
 
(92,895
)
 
(17,367
)
 
(110,262
)
Fair value of plan assets at end of year
 
1,464,729

 

 
1,464,729

 
1,381,811

 

 
1,381,811

Net amount recognized
 
$
(521,773
)
 
$
(277,060
)
 
$
(798,833
)
 
$
(441,814
)
 
$
(253,743
)
 
$
(695,557
)
Amount recognized in the Consolidated Balance Sheets
 
 
 
 
 
 
 
 
 
 
Current liabilities
 
$

 
$
(18,784
)
 
$
(18,784
)
 
$

 
$
(16,436
)
 
$
(16,436
)
Noncurrent liabilities
 
(521,773
)
 
(258,276
)
 
(780,049
)
 
(441,814
)
 
(237,307
)
 
(679,121
)
Net amount recognized
 
$
(521,773
)
 
$
(277,060
)
 
$
(798,833
)
 
$
(441,814
)
 
$
(253,743
)
 
$
(695,557
)
Amount recognized in accumulated other comprehensive loss
 
 
 
 
 
 
 
 
Actuarial loss
 
$
904,214

 
$
99,130

 
$
1,003,344

 
$
699,709

 
$
76,723

 
$
776,432

Prior service cost
 
1,959

 

 
1,959

 
2,762

 

 
2,762

Total
 
$
906,173

 
$
99,130

 
$
1,005,303

 
$
702,471

 
$
76,723

 
$
779,194


The accumulated benefit obligation for all pension plans was $2.22 billion and $2.04 billion as of December 25, 2011 and December 26, 2010, respectively.
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows:
(In thousands)
 
December 25,
2011

 
December 26,
2010

Projected benefit obligation
 
$
2,263,562

 
$
2,077,368

Accumulated benefit obligation
 
$
2,223,755

 
$
2,035,644

Fair value of plan assets
 
$
1,464,729

 
$
1,381,811

Schedule of Assumptions Used [Table Text Block]
Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows:
(Percent)
 
December 25,
2011

 
December 26,
2010

Discount rate
 
5.05
%
 
5.60
%
Rate of increase in compensation levels
 
3.00
%
 
4.00
%
The rate of increase in compensation levels is applicable only for qualified pension plans that have not been frozen.
Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows:
(Percent)
 
December 25,
2011

 
December 26,
2010

 
December 27,
2009

Discount rate
 
5.60
%
 
6.30
%
 
6.45
%
Rate of increase in compensation levels
 
4.00
%
 
4.00
%
 
3.50
%
Expected long-term rate of return on assets
 
8.25
%
 
8.75
%
 
8.75
%
Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows:
(Percent)
 
December 25,
2011

 
December 26,
2010

Discount rate
 
4.80
%
 
5.45
%
Rate of increase in compensation levels
 
3.50
%
 
3.50
%
The rate of increase in compensation levels is applicable only for the non-qualified pension plans that have not been frozen.
Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows:
(Percent)
 
December 25,
2011

 
December 26,
2010

 
December 27,
2009

Discount rate
 
5.45
%
 
6.00
%
 
6.55
%
Rate of increase in compensation levels
 
3.50
%
 
3.50
%
 
3.50
%
We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (e.g., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate.
Fair Value, Measurement Inputs, Disclosure [Table Text Block]
The fair value of the assets underlying our Company-sponsored qualified pension plans and The New York Times Newspaper Guild pension plan by asset category are as follows:
 
 
 
 
Fair Value Measurement at December 25, 2011
(In thousands)
 
Quoted Prices
Markets for
Identical Assets
 
Significant
Observable
Inputs
 
Significant
Unobservable
Inputs
 
 
Asset Category
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Equity Securities:
 
 
 
 
 
 
 
 
U.S. Equities
 
$
173,988

 
$

 
$

 
$
173,988

International Equities
 
74,426

 

 

 
74,426

Common/Collective Funds(1)
 

 
714,300

 

 
714,300

Fixed Income Securities:
 
 
 
 
 
 
 
 
Corporate Bonds
 

 
266,510

 

 
266,510

U.S. Treasury and Other Government Securities
 

 
98,531

 

 
98,531

Insurance Contracts
 

 
31,847

 

 
31,847

Municipal and Provincial Bonds
 

 
16,850

 

 
16,850

Government Sponsored Enterprises(2)
 

 
15,394

 

 
15,394

Other
 

 
7,268

 

 
7,268

Cash and Cash Equivalents
 

 
22,865

 

 
22,865

Private Equity
 

 

 
37,393

 
37,393

Assets at Fair Value
 
$
248,414

 
$
1,173,565

 
$
37,393

 
$
1,459,372

Other Assets
 
 
 
 
 
 
 
5,357

Total
 
 
 
 
 
 
 
$
1,464,729

(1)
The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds.
(2)
Represents investments that are not backed by the full faith and credit of the United States government.
 
 
 
Fair Value Measurement at December 26, 2010
(In thousands)
 
Quoted Prices
Markets for
Identical Assets
 
Significant
Observable
Inputs
 
Significant
Unobservable
Inputs
 
 
Asset Category
 
(Level 1)
 
(Level 2)
 
(Level 3)
 
Total
Equity Securities:
 
 
 
 
 
 
 
 
U.S. Equities
 
$
191,559

 
$

 
$

 
$
191,559

International Equities
 
95,880

 

 

 
95,880

Common/Collective Funds(1)
 

 
570,244

 

 
570,244

Fixed Income Securities:
 
 
 
 
 
 
 
 
Corporate Bonds
 

 
309,223

 

 
309,223

Insurance Contracts
 

 
55,235

 

 
55,235

U.S. Treasury and Other Government Securities
 

 
35,924

 

 
35,924

Government Sponsored Enterprises(2)
 

 
19,799

 

 
19,799

Municipal and Provincial Bonds
 

 
12,551

 

 
12,551

Other
 

 
8,208

 

 
8,208

Cash and Cash Equivalents
 

 
9,207

 

 
9,207

Real Estate
 

 

 
37,471

 
37,471

Private Equity
 

 

 
31,187

 
31,187

Assets at Fair Value
 
$
287,439

 
$
1,020,391

 
$
68,658

 
$
1,376,488

Other Assets
 
 
 
 
 
 
 
5,323

Total
 
 
 
 
 
 
 
$
1,381,811

(1)
The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value of the underlying funds.
(2)
Represents investments that are not backed by the full faith and credit of the United States government.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 25, 2011 is as follows:
 
 
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
(In thousands)
 
Real Estate
 
Private Equity
 
Total
Balance at beginning of year
 
$
37,471

 
$
31,187

 
$
68,658

Actual gain on plan assets:
 
 
 
 
 
 
Relating to assets still held
 

 
4,021

 
4,021

Related to assets sold during the period
 
541

 

 
541

Capital contribution
 

 
5,196

 
5,196

Sales
 
(38,012
)
 
(3,011
)
 
(41,023
)
Balance at end of year
 
$

 
$
37,393

 
$
37,393

The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 26, 2010 is as follows:
 
 
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
(In thousands)
 
Real Estate
 
Private Equity
 
Total
Balance at beginning of year
 
$
33,938

 
$
20,564

 
$
54,502

Actual loss on plan assets:
 
 
 
 
 
 
Relating to assets still held
 
3,533

 
4,503

 
8,036

Related to assets sold during the period
 

 

 

Capital contribution
 

 
6,120

 
6,120

Sales
 

 

 

Balance at end of year
 
$
37,471

 
$
31,187

 
$
68,658

Schedule of Expected Benefit Payments [Table Text Block]
The following benefit payments under our pension plans, which reflect expected future services, are expected to be paid:
 
 
Plans
 
 
(In thousands)
 
Qualified
 
Non-
Qualified
 
Total
2012
 
$
95,978

 
$
19,858

 
$
115,836

2013
 
97,043

 
18,860

 
115,903

2014
 
98,806

 
18,917

 
117,723

2015
 
103,391

 
19,583

 
122,974

2016
 
106,758

 
20,407

 
127,165

2017-2021
 
594,463

 
101,577

 
696,040

Schedule of Multi Employer Plans [Table Text Block]
Our participation in significant plans for the fiscal period ended December 25, 2011, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded, and plans in the green zone are at least 80 percent funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject.




 
EIN/Pension Plan Number
 Pension Protection Act Zone Status
FIP/RP Status Pending/Implemented
(In thousands)Contributions of the Company
Surcharge Imposed
 Collective Bargaining Agreement Expiration Date
 
Pension Fund
2011
2010
2011
2010
2009
CWA/ITU Negotiated Pension Plan
13-6212879-001
Red as of 12/31/11
Red as of 12/31/10
Implemented
$
776

$
862

$
1,417

 Yes
3/30/2011 & 3/30/2016
(1) (2)
Newspaper and Mail Deliverers'-Publishers' Pension Fund
13-6122251-001
Green as of 5/31/12
Yellow as of 5/31/11
No
1,298

1,242

1,475

 No
3/30/2020
(3)
GCIU-Employer Retirement Benefit Plan
91-6024903-001
Red as of 12/31/11
Red as of 12/31/10
Implemented
116

116

433

 No
11/30/2016 & 3/30/2017
(2) (4)
Pressmen's Publishers' Pension Fund
13-6121627-001
Green as of 3/31/12
Green as of 3/31/11
No
1,113

1,132

1,335

 No
3/30/2017
(3)
New England Teamsters & Trucking Industry Pension
04-6372430-001
Red as of 9/30/12
Red as of 9/30/11
Yes
46

205

1,380

 No
12/31/2015
(2)
Paper-Handlers'-Publishers' Pension Fund
13-6104795-001
Green as of 3/31/12
Green as of 3/31/11
No
153

151

202

No
3/30/2014
(3)
 
Contributions for individually significant plans
$
3,502

$
3,708

$
6,242

 
 
 
 
Contributions to other multiemployer plans
2,250

2,127

3,385

 
 
 
 
Total Contributions
$
5,752

$
5,835

$
9,627

 
 
 
(1)
There are two collective bargaining agreements requiring contributions to this plan. These agreements cover approximately 220 employees, with the majority covered by the agreement that expired on March 30, 2011. A new agreement is currently being negotiated.
(2)
In 2009, employees of the Globe represented by various unions ratified amendments to their collective bargaining agreements that allowed us to partially withdraw from these plans. These actions resulted in lower contributions to these plans in years after 2009.
(3)
Board of Trustees elected funding relief as allowed under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010.
(4)
There are two collective bargaining agreements requiring contributions to this plan. These agreements cover approximately 40 employees, with the majority covered by the agreement that expires on March 30, 2017.
The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009.
The Company was listed in its plans’ Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years:
 
Pension Fund
Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of Plan's Year-End)
 
 
 
CWA/ITU Negotiated Pension Plan
  12/31/2010 & 12/31/2009(1)
 
Newspaper and Mail Deliverers'-Publishers' Pension Fund
5/31/2010 & 5/31/2009(1)
 
Pressmen's Publisher's Pension Fund
3/31/2011, 3/31/2010 & 3/31/2009
 
Paper-Handlers'-Publishers' Pension Fund
3/31/2011, 3/31/2010 & 3/31/2009
(1) Form 5500 for the plan year 12/31/11 and 5/31/11 was not available as of the date we filed our financial statements.
New York Times Newspaper Guild Pension Plan [Member]
 
Pension Benefits  
Schedule of Allocation of Plan Assets [Table Text Block]
The following asset allocations guidelines apply to the assets of The New York Times Newspaper Guild pension plan:
Asset Category
Percentage Range
 
U.S. Equities
50%
-
60
%
International Equities
5%
-
15
%
Total Equity
50%
-
75
%
Fixed Income
25%
-
45
%
The specified target allocation of assets and ranges set forth above are maintained and reviewed on a regular basis by the Trustees. If any strategic target allocation is outside the specified target asset allocation range, assets shall be shifted, in a prudent manner and over a reasonable time period, to return the strategy to within the target range. The Trustees have the responsibility for taking the necessary actions to rebalance The New York Times Newspaper Guild pension plan within the established targets.
The New York Times Newspaper Guild pension plan’s weighted-average asset allocations by asset category, as of December 25, 2011, were as follows:
Asset Category
Percentage

U.S. Equities
56
%
International Equities
8
%
Total Equity
64
%
Fixed Income
29
%
Cash Equivalents
7
%
Company Sponsored Pension Plan [Member]
 
Pension Benefits  
Schedule of Allocation of Plan Assets [Table Text Block]
The following asset allocation guidelines apply to the Return-Seeking Assets:
Asset Category
Percentage Range
 
U.S. Equities
55%
-
70
%
International Equities
20%
-
30
%
Total Equity
75%
-
95
%
Fixed Income
0%
-
5
%
Fixed Income Alternative Investments
0%
-
5
%
Equity Alternative Investments
0%
-
5
%
Cash Reserves
0%
-
5
%
The weighted-average asset allocations of our Company-sponsored pension plans by asset category for both Long Duration and Return-Seeking Assets, as of December 25, 2011, were as follows:
Asset Category
Percentage

U.S. Equities
43
%
International Equities
17
%
Total Equity
60
%
Fixed Income
37
%
Fixed Income Alternative Investments
0
%
Equity Alternative Investments
3
%
Cash Reserves
0
%