Pension Benefits (Tables)

12 Months Ended

Dec. 28, 2014

Schedule of Components of Net Periodic Pension Benefit Cost

The components of net periodic pension cost were as follows:



	December 28, 2014								December 29, 2013								December 30, 2012
(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	$	9,543		$	184	$	9,727		$	11,225		$	1,162	$	12,387		$	11,903		$	1,656	$	13,559
Interest cost	84,447			10,450		94,897			77,136			10,681		87,817			94,113			12,635		106,748
Expected return on plan assets	(113,839		)	—		(113,839		)	(124,250		)	—		(124,250		)	(118,551		)	—		(118,551		)
Amortization and other costs	26,620			4,718		31,338			33,770			5,561		39,331			33,323			4,489		37,812
Amortization of prior service (credit)/cost	(1,945		)	—		(1,945		)	(1,945		)	—		(1,945		)	574			—		574
Effect of settlement	—			9,525		9,525			—			3,228		3,228			47,657			—		47,657
Effect of sale of Regional Media Group	—			—		—			—			—		—			(5,097		)	—		(5,097		)
Net periodic pension cost/(income)	$	4,826		$	24,877	$	29,703		$	(4,064	)	$	20,632	$	16,568		$	63,922		$	18,780	$	82,702

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 28, 2014			December 29, 2013			December 30, 2012
Net actuarial loss/(gain)	$	254,525		$	(178,088	)	$	96,551
Prior service credit	—			—			(31,839		)
Amortization of loss	(30,665		)	(39,017		)	(37,813		)
Amortization of prior service cost/(credit)	1,945			1,945			(574		)
Effect of settlement	(9,525		)	(3,358		)	(47,657		)
Total recognized in other comprehensive loss/(income)	216,280			(218,518		)	(21,332		)
Net periodic pension cost	29,703			16,568			82,702
Total recognized in net periodic benefit cost and other comprehensive loss/(income)	$	245,983		$	(201,950	)	$	61,370

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 28, 2014									December 29, 2013
(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	$	1,778,647		$	262,501		$	2,041,148		$	1,965,406		$	299,265		$	2,264,671
Service cost	9,543			184			9,727			11,225			1,162			12,387
Interest cost	84,447			10,450			94,897			77,136			10,681			87,817
Plan participants’ contributions	26			—			26			26			—			26
Actuarial loss/(gain)	330,224			36,604			366,828			(161,348		)	(18,960		)	(180,308		)
Lump-sum settlement paid	—			(24,015		)	(24,015		)	—			(10,667		)	(10,667		)
Benefits paid	(101,314		)	(17,507		)	(118,821		)	(113,798		)	(19,149		)	(132,947		)
Effects of change in currency conversion	—			(393		)	(393		)	—			169			169
Benefit obligation at end of year	2,101,573			267,824			2,369,397			1,778,647			262,501			2,041,148
Change in plan assets
Fair value of plan assets at beginning of year	1,698,091			—			1,698,091			1,615,723						1,615,723
Actual return on plan assets	225,470			—			225,470			122,030			—			122,030
Employer contributions	14,977			41,522			56,499			74,110			29,999			104,109
Plan participants’ contributions	26			—			26			26			—			26
Lump-sum settlement paid	—			(24,015		)	(24,015		)	—			(10,667		)	(10,667		)
Benefits paid	(101,314		)	(17,507		)	(118,821		)	(113,798		)	(19,149		)	(132,947		)
Effect of change in currency conversion	—			—			—			—			(183		)	(183		)
Fair value of plan assets at end of year	1,837,250			—			1,837,250			1,698,091			—			1,698,091
Net amount recognized	$	(264,323	)	$	(267,824	)	$	(532,147	)	$	(80,556	)	$	(262,501	)	$	(343,057	)
Amount recognized in the Consolidated Balance Sheets
Current liabilities	$	—		$	(15,767	)	$	(15,767	)	$	—		$	(17,903	)	$	(17,903	)
Noncurrent liabilities	(264,323		)	(252,057		)	(516,380		)	(80,556		)	(244,598		)	(325,154		)
Net amount recognized	$	(264,323	)	$	(267,824	)	$	(532,147	)	$	(80,556	)	$	(262,501	)	$	(343,057	)
Amount recognized in accumulated other comprehensive loss
Actuarial loss	$	854,267		$	119,797		$	974,064		$	662,293		$	97,436		$	759,729
Prior service credit	(26,565		)	—			(26,565		)	(28,510		)	—			(28,510		)
Total	$	827,702		$	119,797		$	947,499		$	633,783		$	97,436		$	731,219

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 28, 2014		December 29, 2013
Projected benefit obligation	$	2,369,397	$	2,041,148
Accumulated benefit obligation	$	2,362,050	$	2,034,145
Fair value of plan assets	$	1,837,250	$	1,698,091

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 28, 2014		December 29, 2013
Discount rate	4.05	%	4.90	%
Rate of increase in compensation levels	2.89	%	2.55	%

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 28, 2014		December 29, 2013		December 30, 2012
Discount rate	4.90	%	4.00	%	5.05	%
Rate of increase in compensation levels	2.87	%	3.50	%	3.00	%
Expected long-term rate of return on assets	7.02	%	7.85	%	8.00	%

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



(Percent)	December 28, 2014		December 29, 2013
Discount rate	3.90	%	4.60	%
Rate of increase in compensation levels	2.50	%	2.50	%

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 28, 2014		December 29, 2013		December 30, 2012
Discount rate	4.60	%	3.70	%	4.80	%
Rate of increase in compensation levels	2.50	%	3.00	%	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, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 28, 2014 is as follows:



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(In thousands)	Hedge Fund		Private Equity			Total
Balance at beginning of year	$	30,325	$	40,537		$	70,862
Actual gain/(loss) on plan assets:
Relating to assets still held	969		(1,775		)	(806		)
Capital contribution	—		2,008			2,008
Return of Capital	—		(5,043		)	(5,043		)
Balance at end of year	$	31,294	$	35,727		$	67,021

The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 29, 2013 is as follows:



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(In thousands)	Real Estate		Private Equity			Total
Balance at beginning of year	$	26,370	$	36,011		$	62,381
Actual gain on plan assets:
Relating to assets still held	3,955		6,169			10,124
Capital contribution	—		3,018			3,018
Return of Capital	—		(4,661		)	(4,661		)
Balance at end of year	$	30,325	$	40,537		$	70,862

Schedule of Expected Benefit Payments

The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid:



	Plans
(In thousands)	Qualified		Non- Qualified		Total
2015 ⁽¹⁾	$	200,873	$	16,044	$	216,917
2016	103,233		16,095		119,328
2017	105,296		16,865		122,161
2018	106,714		16,843		123,557
2019	109,229		17,244		126,473
2020-2024	572,392		83,987		656,379


(1)	Includes lump-sum payments that will approximate $98 million in the first quarter of 2015 related to the Company’s qualified defined benefit pension plans. The lump-sum payments will be funded with existing assets of the pension plans and not with Company cash. See Note 19 for additional information.

Schedule of Multi Employer Plans

Our participation in significant plans for the fiscal period ended December 28, 2014, 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	2014	2013	FIP/RP Status Pending/Implemented	2014		2013		2012		Surcharge Imposed	Collective Bargaining Agreement Expiration Date
CWA/ITU Negotiated Pension Plan	13-6212879-001	Red as of 1/01/14	Red as of 1/01/13	Implemented	$	611	$	663	$	646	No	3/30/2016⁽¹⁾
Newspaper and Mail Deliverers’-Publishers’ Pension Fund	13-6122251-001	Green as of 6/01/14	Yellow as of 6/01/13	N/A	1,102		1,217		1,101		No	3/30/2020⁽²⁾
GCIU-Employer Retirement Benefit Plan	91-6024903-001	Red as of 1/01/14	Red as of 1/01/13	Implemented	58		124		114		No	3/30/2017⁽³⁾
Pressmen’s Publishers’ Pension Fund	13-6121627-001	Green as of 4/01/14	Green as of 4/01/13	N/A	1,097		1,016		1,037		No	3/30/2017⁽⁴⁾
Paper-Handlers’-Publishers’ Pension Fund	13-6104795-001	Green as of 4/01/14	Green as of 4/01/13	N/A	103		114		121		No	3/30/2014⁽⁵⁾
Contributions for individually significant plans					$	2,971	$	3,134	$	3,019
Contributions to other multiemployer plans					—		945		2,503
Total Contributions					$	2,971	$	4,079	$	5,522


(1)	There are two collective bargaining agreements (Mailers and Typographers) requiring contributions to this plan, which both expire March 30, 2016.


(2)	Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)).

(3)

We previously had two collective bargaining agreements requiring contributions to this plan. With the sale of the New England Media Group only one collective bargaining agreement remains for the Stereotypers, which expires March 30, 2017. The method for calculating actuarial value of assets was changed retroactive to January 1, 2009, as elected by the Board of Trustees and as permitted by IRS Notice 2010-83. This election includes smoothing 2008 investment losses over ten years and widening the asset corridor to 130% of market value of assets for 2009 and 2010.

(4)

The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10-year smoothing of the asset loss for the plan year beginning April 1, 2008.


(5)	Board of Trustees elected funding relief. This election includes smoothing the March 31, 2009 investment losses over 10 years and widening the asset corridor to 130% of market value of assets for April 1, 2009 and April 1, 2010.

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	12/31/2013 & 12/31/2012⁽¹⁾
	Newspaper and Mail Deliverers’-Publishers’ Pension Fund	5/31/2013 & 5/31/2012⁽¹⁾
	Pressmen’s Publisher’s Pension Fund	3/31/2014 & 3/31/2013
	Paper-Handlers’-Publishers’ Pension Fund	3/31/2014 & 3/31/2013

(1) Forms 5500 for the plans’ year ended of 12/31/14 and 5/31/14 were 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
Public Equity	70%	-	90	%
Growth Fixed Income	0%	-	15	%
Alternatives	0%	-	15	%
Cash	0%	-	10	%

The asset allocations of our Company-sponsored pension plans by asset category for both Long Duration and Return-Seeking Assets, as of December 28, 2014, were as follows:



Asset Category	Percentage
Public Equity	32	%
Fixed Income	57	%
Alternatives	4	%
Cash	7	%

New York Times Newspaper Guild Pension Plan [Member]

Pension Benefits

Schedule of Allocation 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 28, 2014
(In thousands)	Quoted Prices Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
Asset Category⁽¹⁾	(Level 1)		(Level 2)		(Level 3)		Total
Equity Securities:
U.S. Equities	$	48,640	$	—	$	—	$	48,640
International Equities	51,154		—		—		51,154
Common/Collective Funds⁽²⁾	—		697,075		—		697,075
Fixed Income Securities:
Corporate Bonds	—		539,098		—		539,098
U.S. Treasury and Other Government Securities	—		150,496		—		150,496
Group Annuity Contract	—		76,290		—		76,290
Municipal and Provincial Bonds	—		47,046		—		47,046
Government Sponsored Enterprises⁽³⁾	—		9,517		—		9,517
Other	—		22,951		—		22,951
Cash and Cash Equivalents	52		127,910		—		127,962
Private Equity	—		—		35,727		35,727
Hedge Fund	—		—		31,294		31,294
Assets at Fair Value	$	99,846	$	1,670,383	$	67,021	$	1,837,250


(1)	Includes the assets of The Guild-Times Adjustable Pension Plan and the Retirement Annuity Plan which are not part of the Master Trust.


(2)	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.


(3)	Represents investments that are not backed by the full faith and credit of the United States government.



	Fair Value Measurement at December 29, 2013
(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	$	36,920	$	—	$	—	$	36,920
International Equities	75,606		—		—		75,606
Common/Collective Funds⁽¹⁾	—		581,553		—		581,553
Fixed Income Securities:
Corporate Bonds	—		594,667		—		594,667
U.S. Treasury and Other Government Securities	—		183,700		—		183,700
Group Annuity Contract	—		72,663		—		72,663
Municipal and Provincial Bonds	—		41,729		—		41,729
Government Sponsored Enterprises⁽²⁾	—		4,738		—		4,738
Other	—		29,115		—		29,115
Cash and Cash Equivalents	—		6,538		—		6,538
Private Equity	—		—		40,537		40,537
Hedge Fund	—		—		30,325		30,325
Assets at Fair Value	$	112,526	$	1,514,703	$	70,862	$	1,698,091


(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.