Pension Benefits (Tables)

12 Months Ended

Dec. 27, 2015

Schedule of Components of Net Periodic Pension Benefit Cost

The components of net periodic pension cost were as follows:



	December 27, 2015								December 28, 2014								December 29, 2013
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	11,932		$	157	$	12,089		$	9,543		$	184	$	9,727		$	11,225		$	1,162	$	12,387
Interest cost	74,536			10,060		84,596			84,447			10,450		94,897			77,136			10,681		87,817
Expected return on plan assets	(115,261		)	—		(115,261		)	(113,839		)	—		(113,839		)	(124,250		)	—		(124,250		)
Amortization and other costs	36,442			5,081		41,523			26,620			4,718		31,338			33,770			5,561		39,331
Amortization of prior service (credit)/cost	(1,945		)	—		(1,945		)	(1,945		)	—		(1,945		)	(1,945		)	—		(1,945		)
Effect of settlement	40,329			—		40,329			—			9,525		9,525			—			3,228		3,228
Net periodic pension cost/(income)	$	46,033		$	15,298	$	61,331		$	4,826		$	24,877	$	29,703		$	(4,064	)	$	20,632	$	16,568

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 27, 2015			December 28, 2014			December 29, 2013
Net actuarial loss/(gain)	$	31,044		$	254,525		$	(178,088	)
Amortization of loss	(41,523		)	(30,665		)	(39,017		)
Amortization of prior service cost	1,945			1,945			1,945
Effect of curtailment	(1,264		)	—			—
Effect of settlement	(40,329		)	(9,525		)	(3,358		)
Total recognized in other comprehensive (income)/loss	(50,127		)	216,280			(218,518		)
Net periodic pension cost	61,331			29,703			16,568
Total recognized in net periodic benefit cost and other comprehensive loss/(income)	$	11,204		$	245,983		$	(201,950	)

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 27, 2015									December 28, 2014
(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	$	2,101,573		$	267,824		$	2,369,397		$	1,778,647		$	262,501		$	2,041,148
Service cost	11,932			157			12,089			9,543			184			9,727
Interest cost	74,536			10,060			84,596			84,447			10,450			94,897
Plan participants’ contributions	20			—			20			26			—			26
Actuarial (gain)/loss	(129,187		)	(14,372		)	(143,559		)	330,224			36,604			366,828
Curtailments	(1,264		)	—			(1,264		)	—			—			—
Lump-sum settlement paid	(98,348		)	—			(98,348		)	—			(24,015		)	(24,015		)
Benefits paid	(107,352		)	(16,231		)	(123,583		)	(101,314		)	(17,507		)	(118,821		)
Effects of change in currency conversion	—			(351		)	(351		)	—			(393		)	(393		)
Benefit obligation at end of year	1,851,910			247,087			2,098,997			2,101,573			267,824			2,369,397
Change in plan assets
Fair value of plan assets at beginning of year	1,837,250			—			1,837,250			1,698,091			—			1,698,091
Actual return on plan assets	(59,342		)	—			(59,342		)	225,470			—			225,470
Employer contributions	7,128			16,231			23,359			14,977			41,522			56,499
Plan participants’ contributions	20			—			20			26			—			26
Lump-sum settlement paid	(98,348		)	—			(98,348		)	—			(24,015		)	(24,015		)
Benefits paid	(107,352		)	(16,231		)	(123,583		)	(101,314		)	(17,507		)	(118,821		)
Fair value of plan assets at end of year	1,579,356			—			1,579,356			1,837,250			—			1,837,250
Net amount recognized	$	(272,554	)	$	(247,087	)	$	(519,641	)	$	(264,323	)	$	(267,824	)	$	(532,147	)
Amount recognized in the Consolidated Balance Sheets
Current liabilities	$	—		$	(16,043	)	$	(16,043	)	$	—		$	(15,767	)	$	(15,767	)
Noncurrent liabilities	(272,554		)	(231,044		)	(503,598		)	(264,323		)	(252,057		)	(516,380		)
Net amount recognized	$	(272,554	)	$	(247,087	)	$	(519,641	)	$	(264,323	)	$	(267,824	)	$	(532,147	)
Amount recognized in accumulated other comprehensive loss
Actuarial loss	$	821,648		$	100,344		$	921,992		$	854,267		$	119,797		$	974,064
Prior service credit	(24,621		)	—			(24,621		)	(26,565		)	—			(26,565		)
Total	$	797,027		$	100,344		$	897,371		$	827,702		$	119,797		$	947,499

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 27, 2015		December 28, 2014
Projected benefit obligation	$	2,098,997	$	2,369,397
Accumulated benefit obligation	$	2,092,600	$	2,362,050
Fair value of plan assets	$	1,579,356	$	1,837,250

Schedule of Assumptions Used

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



	December 27, 2015		December 28, 2014
Discount rate	4.60	%	4.05	%
Rate of increase in compensation levels	2.96	%	2.89	%

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:



	December 27, 2015		December 28, 2014		December 29, 2013
Discount rate	4.05	%	4.90	%	4.00	%
Rate of increase in compensation levels	2.89	%	2.87	%	3.50	%
Expected long-term rate of return on assets	7.01	%	7.02	%	7.85	%

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



	December 27, 2015		December 28, 2014
Discount rate	4.40	%	3.90	%
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:



	December 27, 2015		December 28, 2014		December 29, 2013
Discount rate	3.90	%	4.60	%	3.70	%
Rate of increase in compensation levels	2.50	%	2.50	%	3.00	%

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 27, 2015 is as follows:



	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(In thousands)	Hedge Fund			Private Equity			Total
Balance at beginning of year	$	31,294		$	35,727		$	67,021
Actual gain/(loss) on plan assets:
Relating to assets still held	(51		)	(2,170		)	(2,221		)
Capital contribution	—			1,288			1,288
Return of Capital	—			(5,138		)	(5,138		)
Balance at end of year	$	31,243		$	29,707		$	60,950

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 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

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
2016	$	107,149	$	16,360	$	123,509
2017	108,010		17,110		125,120
2018	109,054		17,079		126,133
2019	110,552		17,186		127,738
2020	111,509		16,876		128,385
2021-2025 ⁽¹⁾	581,287		82,427		663,714


(1)	While benefit payments under these plans are expected to continue beyond 2025, we have presented in this table only those benefit payments estimated over the next 10 years.

Schedule of Multi Employer Plans

Our participation in significant plans for the fiscal period ended December 27, 2015, 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	2015	2014	FIP/RP Status Pending/Implemented	2015		2014		2013		Surcharge Imposed	Collective Bargaining Agreement Expiration Date
CWA/ITU Negotiated Pension Plan	13-6212879-001	Red as of 1/01/15	Red as of 1/01/14	Implemented	$	543	$	611	$	663	No	3/30/2016⁽¹⁾
Newspaper and Mail Deliverers’-Publishers’ Pension Fund	13-6122251-001	Green as of 6/01/15	Green as of 6/01/14	N/A	1,038		1,102		1,217		No	3/30/2020⁽²⁾
GCIU-Employer Retirement Benefit Plan	91-6024903-001	Red as of 1/01/15	Red as of 1/01/14	Implemented	57		58		124		Yes	3/30/2021⁽³⁾
Pressmen’s Publishers’ Pension Fund	13-6121627-001	Green as of 4/01/15	Green as of 4/01/14	N/A	1,033		1,097		1,016		No	3/30/2021⁽⁴⁾
Paper-Handlers’-Publishers’ Pension Fund	13-6104795-001	Red as of 4/01/15	Green as of 4/01/14	Pending	97		103		114		Yes	3/30/2021⁽⁵⁾
Contributions for individually significant plans					$	2,768	$	2,971	$	3,134
Contributions to other multiemployer plans					—		—		945
Total Contributions					$	2,768	$	2,971	$	4,079


(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, 2021. 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.

(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.

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	12/31/2014 & 12/31/2013⁽¹⁾
	Newspaper and Mail Deliverers’-Publishers’ Pension Fund	5/31/2014 & 5/31/2013⁽¹⁾
	Pressmen’s Publisher’s Pension Fund	3/31/2015 & 3/31/2014
	Paper-Handlers’-Publishers’ Pension Fund	3/31/2015 & 3/31/2014

(1) Forms 5500 for the plans’ year ended of 12/31/15 and 5/31/15 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 27, 2015, were as follows:



Asset Category	Percentage
Public Equity	45	%
Fixed Income	51	%
Alternatives	4	%
Cash	—	%

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 Newspaper Guild of New York - The New York Times Pension Fund by asset category are as follows:



	Fair Value Measurement at December 27, 2015
(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	$	47,136	$	—	$	—	$	47,136
International Equities	48,834		—		—		48,834
Common/Collective Funds⁽²⁾	—		761,812		—		761,812
Fixed Income Securities:
Corporate Bonds	—		417,554		—		417,554
U.S. Treasury and Other Government Securities	—		119,098		—		119,098
Group Annuity Contract	—		57,044		—		57,044
Municipal and Provincial Bonds	—		36,912		—		36,912
Government Sponsored Enterprises⁽³⁾	—		6,250		—		6,250
Other	—		11,511		—		11,511
Cash and Cash Equivalents	—		12,255		—		12,255
Private Equity	—		—		29,707		29,707
Hedge Fund	—		—		31,243		31,243
Assets at Fair Value	$	95,970	$	1,422,436	$	60,950	$	1,579,356


(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 28, 2014
(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	$	48,640	$	—	$	—	$	48,640
International Equities	51,154		—		—		51,154
Common/Collective Funds⁽¹⁾	—		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⁽²⁾	—		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.