Pension Benefits (Tables)

12 Months Ended

Dec. 30, 2012

Pension Plans, Defined Benefit [Member]

Pension Benefits

Schedule of Components of Net Periodic Pension Benefit 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

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

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

Schedule of Changes in Projected Benefit Obligations 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.

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

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

Schedule of Assumptions Used

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.

Fair Value, Measurement Inputs, Disclosure

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.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

he 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

Schedule of Expected Benefit Payments

he 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

Schedule of Multi Employer Plans

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		2012	2011		2012		2011		2010
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.

Company Sponsored Pension Plan [Member]

Pension Benefits

Schedule of Allocation of Plan Assets

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	%

New York Times Newspaper Guild Pension Plan [Member]

Pension Benefits

Schedule of Allocation of Plan Assets

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	%