Pension and Other Postretirement Benefits

6 Months Ended

Jun. 24, 2012

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

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

Single-Employer Plans

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
	June 24, 2012								June 26, 2011
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	2,894		$	377	$	3,271		$	3,019		$	377	$	3,396
Interest cost	24,130			3,165		27,295			24,998			3,286		28,284
Expected return on plan assets	(29,614		)	—		(29,614		)	(27,953		)	—		(27,953		)
Amortization of prior service cost	201			—		201			201			—		201
Recognized actuarial loss	7,471			1,162		8,633			6,445			804		7,249
Net periodic pension cost	$	5,082		$	4,704	$	9,786		$	6,710		$	4,467	$	11,177

	For the Six Months Ended
	June 24, 2012								June 26, 2011
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	5,901		$	754	$	6,655		$	6,038		$	754	$	6,792
Interest cost	48,317			6,330		54,647			49,996			6,572		56,568
Expected return on plan assets	(59,191		)	—		(59,191		)	(55,906		)	—		(55,906		)
Amortization of prior service cost	402			—		402			402			—		402
Recognized actuarial loss	14,937			2,324		17,261			12,890			1,608		14,498
Net periodic pension cost	$	10,366		$	9,408	$	19,774		$	13,420		$	8,934	$	22,354

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 is recognized within “Accumulated other comprehensive loss” in our Condensed Consolidated Balance Sheet as of June 24, 2012.

In 2012, we expect to make mandatory contributions of approximately $47 million (of which approximately $24 million was made in the first six months of 2012), primarily contractual contributions to The New York Times Newspaper Guild pension plan. 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.

Multiemployer Plans

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

Other Postretirement Benefits

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

	For the Quarters Ended						For the Six Months Ended
(In thousands)	June 24, 2012			June 26, 2011			June 24, 2012			June 26, 2011
Service cost	$	239		$	290		$	478		$	580
Interest cost	1,246			1,825			2,492			3,650
Amortization of prior service credit	(3,778		)	(3,901		)	(7,556		)	(7,802		)
Recognized actuarial loss	832			481			1,664			962
Curtailment gain	—			—			(27,213		)	—
Net periodic postretirement benefit income	$	(1,461	)	$	(1,305	)	$	(30,135	)	$	(2,610	)

In the first quarter of 2012, we sold the Regional Media Group (see Note 12). 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. The curtailment gain is included in the gain on the sale within “(Loss)/income from discontinued operations, net of income taxes” in the Condensed Consolidated Statement of Operations.