Pension Benefits

We sponsor several single-employer defined benefit 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, which has been frozen; and make contributions to several multiemployer pension plans in connection with collective bargaining agreements. These plans cover the majority of our employees.

Single-Employer Plans

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 New York Times Newspaper Guild pension plan is a qualified plan and is included in the tables below.

We also have a foreign-based pension plan for certain IHT employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation.

Net Periodic Pension Cost

The components of net periodic pension cost were as follows:



	December 30, 2012								December 25, 2011								December 26, 2010
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Components of net periodic pension cost
Service cost	$	11,903		$	1,656	$	13,559		$	12,079		$	1,660	$	13,739		$	12,045		$	1,896	$	13,941
Interest cost	96,265			12,807		109,072			99,991			13,293		113,284			102,523			13,602		116,125
Expected return on plan assets	(118,551		)	—		(118,551		)	(111,813		)	—		(111,813		)	(113,625		)	—		(113,625		)
Recognized actuarial loss	34,294			4,648		38,942			25,781			3,214		28,995			16,496			4,103		20,599
Amortization of prior service cost	574			—		574			803			—		803			803			—		803
Effect of settlement	48,729			—		48,729			—			—		—			—			—		—
Effect of sale of Regional Media Group	(5,097		)	—		(5,097		)	—			—		—			—			—		—
Net periodic pension cost	$	68,117		$	19,111	$	87,228		$	26,841		$	18,167	$	45,008		$	18,242		$	19,601	$	37,843

As part of our strategy to reduce the pension obligations and the resulting volatility of our overall financial condition, in September 2012, we offered certain former employees who participate in The New York Times Companies Pension Plan the option to receive a one-time lump-sum payment equal to the present value of the participant’s pension benefit (payable in cash or rolled over into a qualified retirement plan or IRA) or to commence an immediate monthly annuity.

The actual amount of the settlement was actuarially determined, which resulted in the acceleration of the recognition of the accumulated unrecognized actuarial loss. Therefore, we recorded a non-cash settlement charge of $48.7 million in connection with the lump-sum payments made in the fourth quarter of 2012, which totaled approximately $112 million. These lump-sum payments were made with existing assets of The New York Times Companies Pension Plan.

Pursuant to an amendment to a collective bargaining agreement covering the employees in The New York Times Newspaper Guild, in the fourth quarter of 2012, we amended The New York Times Newspaper Guild pension plan to freeze benefit accruals for participating employees. We adopted a new defined benefit pension plan for these employees, subject to Internal Revenue Service approval. The amendment to The New York Times Newspaper Guild pension plan resulted in a reduction of the projected benefit obligation and underfunded status of the plan by approximately $32 million. This amount is recognized within “Accumulated other comprehensive loss” in our Consolidated Balance Sheet as of December 30, 2012.

Pursuant to an amendment to a collective bargaining agreement covering the employees of The Times in the mailers union, 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 Consolidated Balance Sheet as of December 30, 2012.

Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows:



(In thousands)	December 30, 2012			December 25, 2011			December 26, 2010
Net actuarial loss	$	98,468		$	255,907		$	122,879
Prior service credit	(31,839		)	—			—
Amortization of loss	(38,942		)	(28,995		)	(20,599		)
Amortization of prior service cost	(574		)	(803		)	(803		)
Effect of settlement	(48,729		)	—			—
Effect of curtailment	—			—			(1,083		)
Total recognized in other comprehensive (income)/loss	(21,616		)	226,109			100,394
Net periodic pension cost	87,228			45,008			37,843
Total recognized in net periodic benefit cost and other comprehensive loss	$	65,612		$	271,117		$	138,237

The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year is approximately $40 million and $2 million, respectively.

The amount of cost recognized for defined contribution benefit plans was approximately $18 million for 2012 and $23 million for 2011 and 2010. Effective January 1, 2010, we increased our contribution under a defined contribution plan for non-union employees, including among other things, providing an incremental contribution equal to 3% of the employee’s eligible earnings, up to applicable limits under the Internal Revenue Code. This change to the defined contribution plan was made in conjunction with freezing our Company-sponsored qualified pension plan for non-union employees.

Benefit Obligation and Plan Assets

The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/loss were as follows:



	December 30, 2012									December 25, 2011
(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	$	1,986,502		$	277,060		$	2,263,562		$	1,823,625		$	253,743		$	2,077,368
Service cost	11,903			1,656			13,559			12,079			1,660			13,739
Interest cost	96,265			12,807			109,072			99,991			13,293			113,284
Plan participants’ contributions	32			—			32			34			—			34
Amendments	(31,839		)	—			(31,839		)	—			—			—
Actuarial loss	164,383			32,906			197,289			140,186			25,621			165,807
Lump-sum settlement paid	(112,404		)	—			(112,404		)	—			—			—
Effect of sale of Regional Media Group	(13,510		)	—			(13,510		)	—			—			—
Benefits paid	(89,340		)	(21,412		)	(110,752		)	(89,413		)	(17,224		)	(106,637		)
Effects of change in currency conversion	—			42			42			—			(33		)	(33		)
Benefit obligation at end of year	2,011,992			303,059			2,315,051			1,986,502			277,060			2,263,562
Change in plan assets
Fair value of plan assets at beginning of year	1,464,729			—			1,464,729			1,381,811			—			1,381,811
Actual return on plan assets	217,371			—			217,371			21,712			—			21,712
Employer contributions	143,748			21,412			165,160			150,585			17,224			167,809
Plan participants’ contributions	32			—			32			34			—			34
Lump-sum settlement paid	(112,404		)	—			(112,404		)	—			—			—
Benefits paid	(89,340		)	(21,412		)	(110,752		)	(89,413		)	(17,224		)	(106,637		)
Effect of sale of Regional Media Group	(8,413		)	—			(8,413		)	—			—			—
Fair value of plan assets at end of year	1,615,723			—			1,615,723			1,464,729			—			1,464,729
Net amount recognized	$	(396,269	)	$	(303,059	)	$	(699,328	)	$	(521,773	)	$	(277,060	)	$	(798,833	)
Amount recognized in the Consolidated Balance Sheets
Current liabilities	$	—		$	(19,654	)	$	(19,654	)	$	—		$	(18,784	)	$	(18,784	)
Noncurrent liabilities	(396,269		)	(283,405		)	(679,674		)	(521,773		)	(258,276		)	(780,049		)
Net amount recognized	$	(396,269	)	$	(303,059	)	$	(699,328	)	$	(521,773	)	$	(277,060	)	$	(798,833	)
Amount recognized in accumulated other comprehensive loss
Actuarial loss	$	886,754		$	127,387		$	1,014,141		$	904,214		$	99,130		$	1,003,344
Prior service (credit)/cost	(30,454		)	—			(30,454		)	1,959			—			1,959
Total	$	856,300		$	127,387		$	983,687		$	906,173		$	99,130		$	1,005,303

The accumulated benefit obligation for all pension plans was $2.31 billion and $2.22 billion as of December 30, 2012 and December 25, 2011, respectively.

Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows:



(In thousands)	December 30, 2012		December 25, 2011
Projected benefit obligation	$	2,315,051	$	2,263,562
Accumulated benefit obligation	$	2,305,514	$	2,223,755
Fair value of plan assets	$	1,615,723	$	1,464,729

Assumptions

Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows:



(Percent)	December 30, 2012		December 25, 2011
Discount rate	4.00	%	5.05	%
Rate of increase in compensation levels	3.00	%	3.00	%

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 30, 2012		December 25, 2011		December 26, 2010
Discount rate	5.05	%	5.60	%	6.30	%
Rate of increase in compensation levels	3.00	%	4.00	%	4.00	%
Expected long-term rate of return on assets	8.00	%	8.25	%	8.75	%

Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows:



(Percent)	December 30, 2012		December 25, 2011
Discount rate	3.70	%	4.80	%
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 30, 2012		December 25, 2011		December 26, 2010
Discount rate	4.80	%	5.45	%	6.00	%
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.

To determine our discount rate, we project a cash flow based on annual accrued benefits. For active participants, the benefits under the respective pension plans are projected to the date of termination. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve. A single discount rate is then computed so that the present value of the benefit cash flow equals the present value computed using the Ryan Curve rates.

In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year.

The value (“market-related value”) of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years.

Plan Assets

Company-Sponsored Pension Plans

The assets underlying the Company-sponsored qualified pension plans are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers.

Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code.

Investment Policy and Strategy

The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities.

The intermediate-term objective is to allocate assets in a manner that outperforms each of the capital markets in which assets are invested, net of costs, measured over a complete market cycle. Overall fund performance is compared to a Target Allocation Index based on the target allocations and comparable portfolios with similar investment objectives.

Asset Allocation Guidelines

In accordance with our asset allocation strategy, for substantially all of our Company-sponsored pension plan assets, investments are categorized into long duration fixed income investments whose value is highly correlated to that of the pension plan obligations (“Long Duration Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed pension plan obligations (“Return-Seeking Assets”).

The proportional allocation of assets between Long Duration Assets and Return-Seeking Assets is dependent on the funded status of each pension plan. Under our policy, for example, a funded status of 85% to 90% requires an allocation of total assets of 45% to 55% to Long Duration Assets and 45% to 55% to Return-Seeking Assets. As our funded status increases, the allocation to Long Duration Assets will increase and the allocation to Return-Seeking Assets will decrease.

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 30, 2012, were as follows:



Asset Category	Percentage
U.S. Equities	36	%
International Equities	16	%
Total Equity	52	%
Fixed Income	43	%
Fixed Income Alternative Investments	0	%
Equity Alternative Investments	3	%
Cash Reserves	2	%

The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the pension plan assets.

The New York Times Newspaper Guild Pension Plan

The assets underlying The New York Times Newspaper Guild pension plan are managed by investment managers selected and monitored by the Board of Trustees of the Newspaper Guild of New York. These investment managers are provided the authority to manage the investment assets of The New York Times Newspaper Guild pension plan, including acquiring and disposing of assets, subject to certain guidelines.

In November 2012, in connection with ratified amendments to a collective bargaining agreement covering employees in The New York Times Newspaper Guild, we amended the existing defined benefit pension plan to freeze benefit accruals. As a result, it was determined that the investment policy and strategy and asset allocation guidelines of The New York Times Newspaper Guild defined benefit pension plan will follow the same investment policy and strategy and asset allocation guidelines of the Company-sponsored qualified pension plans. We expect the transition to be completed in early 2013.

Investment Policy and Strategy

Assets of The New York Times Newspaper Guild pension plan are to be invested in a manner that is consistent with the fiduciary standards set forth by ERISA, the provisions of The New York Times Newspaper Guild pension plan’s Trust Agreement and all other relevant laws. The long-term objective is to maximize return within a reasonable and prudent risk level, maintain sufficient income and liquidity to fund benefit payments and preserve the principal value of The New York Times Newspaper Guild pension plan.

Asset Allocation Guidelines

The following asset allocation guidelines apply to the assets of The New York Times Newspaper Guild pension plan:



Asset Category	Percentage Range
U.S. Equities	45%	-	55	%
International Equities	5%	-	15	%
Total Equity	50%	-	70	%
Fixed Income	20%	-	40	%
Hedge Fund of Funds	5%	-	15	%
Cash Equivalents	Minimal

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 assets within the established targets.

The New York Times Newspaper Guild pension plan’s weighted-average asset allocations by asset category, as of December 30, 2012, were as follows:



Asset Category	Percentage
U.S. Equities	49	%
International Equities	9	%
Total Equity	58	%
Fixed Income	28	%
Hedge Fund of Funds	10	%
Cash Equivalents	4	%

Fair Value of Plan Assets

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 30, 2012
(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	$	193,489	$	—	$	—	$	193,489
International Equities	87,273		—		—		87,273
Common/Collective Funds⁽¹⁾	—		678,449		—		678,449
Fixed Income Securities:
Corporate Bonds	—		383,483		—		383,483
U.S. Treasury and Other Government Securities	—		91,122		—		91,122
Insurance Contracts	—		44,511		—		44,511
Municipal and Provincial Bonds	—		22,192		—		22,192
Government Sponsored Enterprises⁽²⁾	—		19,115		—		19,115
Other	—		10,847		—		10,847
Cash and Cash Equivalents	—		16,427		—		16,427
Private Equity	—		—		36,011		36,011
Hedge Fund	—		—		26,370		26,370
Assets at Fair Value	$	280,762	$	1,266,146	$	62,381	$	1,609,289
Other Assets							6,434
Total							$	1,615,723


(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 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.

Level 1 and Level 2 Investments

Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We, therefore, classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities.

For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments.

Level 3 Investments

We have investments in private equity funds as of December 30, 2012 and December 25, 2011 and a hedge fund of funds as of December 30, 2012 that have been determined to be Level 3 investments, within the fair value hierarchy, because the inputs to determine fair value are considered unobservable.

The general valuation methodology used for the private equity and hedge fund of funds is the market approach. The market approach utilizes prices and other relevant information such as similar market transactions, type of security, size of the position, degree of liquidity, restrictions on the disposition, latest round of financing data, current financial position and operating results, among other factors.

The general valuation methodology used for the real estate investment fund is developed by a third-party appraisal. The appraisal is performed in accordance with guidelines set forth by the Appraisal Institute and takes into account projected income and expenses of the property, as well as recent sales of similar properties. There are no restrictions on our ability to sell any of our Level 3 investments.

As a result of the inherent limitations related to the valuations of the Level 3 investments, due to the unobservable inputs of the underlying funds, the estimated fair value may differ significantly from the values that would have been used had a market for those investments existed.

The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 30, 2012 is as follows:



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(In thousands)	Hedge Fund		Private Equity			Total
Balance at beginning of year	$	—	$	37,393		$	37,393
Actual gain/(loss) on plan assets:
Relating to assets still held	1,370		(1,736		)	(366		)
Related to assets sold during the period	—		—			—
Capital contribution	25,000		3,737			28,737
Sales	—		(3,383		)	(3,383		)
Balance at end of year	$	26,370	$	36,011		$	62,381

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

Cash Flows

We made contributions of approximately $144 million to certain qualified pension plans in 2012. The majority of these contributions were discretionary. In January 2013, we made a contribution of approximately $57 million to the New York Times Newspaper Guild pension plan, of which $20 million was estimated to be necessary to satisfy minimum funding requirements in 2013. We expect mandatory contributions to other qualified pension plans will increase our total contributions to approximately $71 million for the full year of 2013. We will continue to evaluate whether to make additional discretionary contributions in 2013 to our qualified pension plans based on cash flows, pension asset performance, interest rates and other factors.

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
2013	$	95,673	$	19,981	$	115,654
2014	96,426		18,779		115,205
2015	99,208		19,243		118,451
2016	101,824		19,787		121,611
2017	104,334		19,961		124,295
2018-2022	561,594		100,281		661,875

Multiemployer Plans

We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. Over the past three years, certain events, such as amendments to various collective bargaining agreements, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. We recorded an estimated charge for pension plan withdrawal obligations of $4.2 million in 2011 and $6.3 million in 2010. There were nominal charges in 2012 for withdrawal obligations related to our multiemployer pension plans. Our multiemployer pension plan withdrawal liability was approximately $109 million as of December 30, 2012 and approximately $100 million as of December 25, 2011. This liability represents the present value of the obligations related to complete and partial withdrawals from certain plans as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For the plans that have yet to provide us with a demand letter, the actual liability will not be known until those plans complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates.

The risks of participating in multiemployer plans are different from single-employer plans in the following aspects:


•	Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.


•	If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.


•	If we choose to stop participating in some multiemployer pension plans, we may be required to pay those plans an amount based on the underfunded status of the plan (a withdrawal liability).

Our participation in significant plans for the fiscal period ended December 30 2012, 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% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% 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	EIN/Pension Plan Number	2012	2011	FIP/RP Status Pending/Implemented	2012		2011		2010		Surcharge Imposed	Collective Bargaining Agreement Expiration Date
CWA/ITU Negotiated Pension Plan	13-6212879-001	Red as of 12/31/12	Red as of 12/31/11	Implemented	$	646	$	776	$	862	No	3/30/2016	(1)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund	13-6122251-001	Yellow as of 5/31/13	Green as of 5/31/12	Pending	1,101		1,298		1,242		No	3/30/2020	(2)
GCIU-Employer Retirement Benefit Plan	91-6024903-001	Red as of 12/31/12	Red as of 12/31/11	Implemented	114		116		116		No	11/30/2016 & 3/30/2017	(3)
Pressmen’s Publishers’ Pension Fund	13-6121627-001	Green as of 3/31/13	Green as of 3/31/12	No	1,037		1,113		1,132		No	3/30/2017	(2)
New England Teamsters & Trucking Industry Pension	04-6372430-001	Red as of 9/30/12	Red as of 9/30/11	Implemented	58		46		205		No	12/31/2015
Paper-Handlers’-Publishers’ Pension Fund	13-6104795-001	Green as of 3/31/13	Green as of 3/31/12	No	121		153		151		No	3/30/2014	(2)
Contributions for individually significant plans					$	3,077	$	3,502	$	3,708
Contributions to other multiemployer plans					2,445		2,250		2,127
Total Contributions					$	5,522	$	5,752	$	5,835


(1)	There are two collective bargaining agreements requiring contributions to this plan. These agreements cover approximately 210 employees in 2012, down from approximately 220 employees in 2011. Approximately 90% of employees and contributions in 2012 are covered by the renegotiated agreement that previously expired on March 30, 2011.


(2)	Board of Trustees elected funding relief as allowed under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010.


(3)	There are two collective bargaining agreements requiring contributions to this plan. These agreements cover approximately 40 employees, with approximately 80% of employees and 60% of contributions being 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 the plans’ respective 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	12/31/2011 & 12/31/2010	(1)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund	5/31/2011 & 5/31/2010	(1)
Pressmen’s Publisher’s Pension Fund	3/31/2012, 3/31/2011 & 3/31/2010
Paper-Handlers’-Publishers’ Pension Fund	3/31/2012, 3/31/2011 & 3/31/2010

(1) Form 5500 for the plan year 12/31/12 and 5/31/12 was not available as of the date we filed our financial statements.