Pension and Other Postretirement Benefits

3 Months Ended

Mar. 25, 2012

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

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

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

	For the Quarters Ended
	March 25, 2012								March 27, 2011
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	3,007		$	377	$	3,384		$	3,019		$	377	$	3,396
Interest cost	24,187			3,165		27,352			24,998			3,286		28,284
Expected return on plan assets	(29,577		)	—		(29,577		)	(27,953		)	—		(27,953		)
Amortization of prior service cost	201			—		201			201			—		201
Recognized actuarial loss	7,466			1,162		8,628			6,445			804		7,249
Net periodic pension cost	$	5,284		$	4,704	$	9,988		$	6,710		$	4,467	$	11,177

Pursuant to an amendment to a collective bargaining agreement covering the mailers of The New York Times (“The Times”), we froze such mailers’ benefit accruals under a Company-sponsored pension plan. This resulted in a remeasurement and curtailment of the pension plan in the first quarter of 2012, which reduced the underfunded status of the plan by approximately $3 million. This amount was recognized within “Accumulated other comprehensive loss” in our Condensed Consolidated Balance Sheet as of March 25, 2012.

In 2012, we expect to make mandatory contributions of approximately $47 million, primarily contractual contributions to The New York Times Newspaper Guild pension plan (of which approximately $12 million was made in the first quarter of 2012). In addition to contractual contributions to The New York Times Newspaper Guild pension plan and our minimum funding requirements, we may make discretionary contributions in 2012 to our Company-sponsored qualified pension plans depending on cash flows, pension asset performance, interest rates and other factors.

Other Postretirement Benefits

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

	For the Quarters Ended
(In thousands)	March 25, 2012			March 27, 2011
Service cost	$	239		$	290
Interest cost	1,246			1,825
Amortization of prior service credit	(3,778		)	(3,901		)
Recognized actuarial loss	832			481
Curtailment gain	(27,213		)	—
Net periodic postretirement benefit income	$	(28,674	)	$	(1,305	)

In the first quarter of 2012, we sold the Regional Media Group (see Note 11). The sale significantly reduced the expected years of future service for current employees, resulting in a remeasurement and curtailment of a postretirement benefit plan. We recognized a curtailment gain of $27.2 million in the first quarter of 2012, which is included in the gain on the sale within “Income from discontinued operations, net of income taxes” in the Condensed Consolidated Statement of Operations.