Pension Benefits (Tables) - Pension Plan [Member]

12 Months Ended

Dec. 31, 2017

Schedule of Components of Net Periodic Pension Benefit Cost

The components of net periodic pension cost were as follows:



	December 31, 2017								December 25, 2016									December 27, 2015
(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	$	9,720		$	79	$	9,799		$	8,991		$	143		$	9,134		$	11,932		$	157	$	12,089
Interest cost	60,742			7,840		68,582			66,293			8,172			74,465			74,536			10,060		84,596
Expected return on plan assets	(102,900		)	—		(102,900		)	(111,159		)	—			(111,159		)	(115,261		)	—		(115,261		)
Amortization and other costs	29,051			4,318		33,369			28,274			4,184			32,458			36,442			5,081		41,523
Amortization of prior service (credit)/cost	(1,945		)	—		(1,945		)	(1,945		)	—			(1,945		)	(1,945		)	—		(1,945		)
Effect of settlement/curtailment	102,109			—		102,109			21,294			(1,599		)	19,695			40,329			—		40,329
Net periodic pension cost	$	96,777		$	12,237	$	109,014		$	11,748		$	10,900		$	22,648		$	46,033		$	15,298	$	61,331

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 31, 2017			December 25, 2016			December 27, 2015
Net actuarial loss/(gain)	$	22,600		$	(4,289	)	$	31,044
Amortization of loss	(33,369		)	(32,458		)	(41,523		)
Amortization of prior service credit	1,945			1,945			1,945
Effect of curtailment	—			—			(1,264		)
Effect of settlement	(102,109		)	(21,294		)	(40,329		)
Total recognized in other comprehensive (income)/loss	(110,933		)	(56,096		)	(50,127		)
Net periodic pension cost	109,014			22,648			61,331
Total recognized in net periodic benefit cost and other comprehensive (income)/loss	$	(1,919	)	$	(33,448	)	$	11,204

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 loss were as follows:



	December 31, 2017									December 25, 2016
(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	$	1,798,652		$	240,399		$	2,039,051		$	1,851,910		$	247,087		$	2,098,997
Service cost	9,720			79			9,799			8,991			143			9,134
Interest cost	60,742			7,840			68,582			66,293			8,172			74,465
Plan participants’ contributions	9			—			9			9			—			9
Actuarial loss	142,980			15,342			158,322			23,994			2,695			26,689
Curtailments	—			—			—			—			(1,599		)	(1,599		)
Settlements	(269,287		)	—			(269,287		)	(48,413		)	—			(48,413		)
Benefits paid	(106,328		)	(18,510		)	(124,838		)	(104,132		)	(15,992		)	(120,124		)
Effects of change in currency conversion	—			152			152			—			(107		)	(107		)
Benefit obligation at end of year	1,636,488			245,302			1,881,790			1,798,652			240,399			2,039,051
Change in plan assets
Fair value of plan assets at beginning of year	1,576,760			—			1,576,760			1,579,356			—			1,579,356
Actual return on plan assets	238,622			—			238,622			142,137			—			142,137
Employer contributions	127,635			18,510			146,145			7,803			15,992			23,795
Plan participants’ contributions	9			—			9			9			—			9
Settlements	(269,287		)	—			(269,287		)	(48,413		)	—			(48,413		)
Benefits paid	(106,328		)	(18,510		)	(124,838		)	(104,132		)	(15,992		)	(120,124		)
Fair value of plan assets at end of year	1,567,411			—			1,567,411			1,576,760			—			1,576,760
Net amount recognized	$	(69,077	)	$	(245,302	)	$	(314,379	)	$	(221,892	)	$	(240,399	)	$	(462,291	)
Amount recognized in the Consolidated Balance Sheets
Current liabilities	$	—		$	(16,901	)	$	(16,901	)	$	—		$	(16,818	)	$	(16,818	)
Noncurrent liabilities	(69,077		)	(228,401		)	(297,478		)	(221,892		)	(223,581		)	(445,473		)
Net amount recognized	$	(69,077	)	$	(245,302	)	$	(314,379	)	$	(221,892	)	$	(240,399	)	$	(462,291	)
Amount recognized in accumulated other comprehensive loss
Actuarial loss	$	641,194		$	109,880		$	751,074		$	765,096		$	98,855		$	863,951
Prior service credit	(20,731		)	—			(20,731		)	(22,676		)	—			(22,676		)
Total	$	620,463		$	109,880		$	730,343		$	742,420		$	98,855		$	841,275

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 31, 2017		December 25, 2016
Projected benefit obligation	$	1,881,790	$	2,039,051
Accumulated benefit obligation	$	1,874,445	$	2,034,636
Fair value of plan assets	$	1,567,411	$	1,576,760

Schedule of Assumptions Used

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



	December 31, 2017		December 25, 2016
Discount rate	3.75	%	4.31	%
Rate of increase in compensation levels	2.95	%	2.95	%

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 31, 2017		December 25, 2016		December 27, 2015
Discount rate for determining projected benefit obligation	4.31	%	4.60	%	4.05	%
Discount rate in effect for determining service cost	4.74	%	5.78	%	4.05	%
Discount rate in effect for determining interest cost	3.54	%	3.68	%	4.05	%
Rate of increase in compensation levels	2.95	%	2.91	%	2.89	%
Expected long-term rate of return on assets	6.73	%	7.01	%	7.01	%

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



	December 31, 2017		December 25, 2016
Discount rate	3.67	%	4.17	%
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 31, 2017		December 25, 2016		December 27, 2015
Discount rate for determining projected benefit obligation	4.17	%	4.40	%	3.90	%
Discount rate in effect for determining interest cost	3.39	%	3.44	%	3.90	%
Rate of increase in compensation levels	2.50	%	2.50	%	2.50	%

Schedule of Allocation of Plan Assets

The following asset allocation guidelines apply to the Return-Seeking Assets:



Asset Category	Percentage Range			Actual
Public Equity	70%	-	90%	83	%
Growth Fixed Income	0%	-	15%	6	%
Alternatives	0%	-	15%	8	%
Cash	0%	-	10%	3	%

The asset allocations by asset category for both Long Duration and Return-Seeking Assets, as of December 31, 2017, were as follows:



Asset Category	Percentage Range			Actual
Long Duration	53%	-	63%	56	%
Public Equity	26%	-	42%	36	%
Growth Fixed Income	0%	-	7%	3	%
Alternatives	0%	-	7%	4	%
Cash	0%	-	5%	1	%

The fair value of the assets underlying our Company-sponsored qualified pension plans and the joint-sponsored Guild-Times Adjustable Pension Plan by asset category are as follows:



	December 31, 2017
(In thousands)	Quoted Prices Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs		Investment Measured at Net Asset Value ⁽³⁾
Asset Category	(Level 1)		(Level 2)		(Level 3)				Total
Equity Securities:
U.S. Equities	$	65,466	$	—	$	—	$	—	$	65,466
International Equities	62,256		—		—		—		62,256
Mutual Funds	44,173		—		—		—		44,173
Registered Investment Companies	42,868		—		—		—		42,868
Common/Collective Funds⁽¹⁾	—		—		—		601,896		601,896
Fixed Income Securities:
Corporate Bonds	—		416,201		—		—		416,201
U.S. Treasury and Other Government Securities	—		144,085		—		—		144,085
Group Annuity Contract	—		—		—		45,005		45,005
Municipal and Provincial Bonds	—		36,674		—		—		36,674
Government Sponsored Enterprises⁽²⁾	—		11,364		—		—		11,364
Other	—		10,883		—		—		10,883
Cash and Cash Equivalents	—		—		—		32,352		32,352
Private Equity	—		—		—		20,289		20,289
Hedge Fund	—		—		—		33,899		33,899
Assets at Fair Value	214,763		619,207		—		733,441		1,567,411
Other Assets									—
Total	$	214,763	$	619,207	$	—	$	733,441	$	1,567,411


⁽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 (“NAV”) of the underlying funds.


⁽²⁾	Represents investments that are not backed by the full faith and credit of the U.S. government.


⁽³⁾	Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy.



	Fair Value Measurement at December 25, 2016
(In thousands)	Quoted Prices Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs		Investment Measured at Net Asset Value ⁽³⁾
Asset Category	(Level 1)		(Level 2)		(Level 3)				Total
Equity Securities:
U.S. Equities	$	61,327	$	—	$	—	$	—	$	61,327
International Equities	48,494		—		—		—		48,494
Mutual Funds	49,869		—		—		—		49,869
Registered Investment Companies	30,870		—		—		—		30,870
Common/Collective Funds ⁽¹⁾	—		—		—		701,577		701,577
Fixed Income Securities:
Corporate Bonds	—		376,289		—		—		376,289
U.S. Treasury and Other Government Securities	—		128,179		—		—		128,179
Group Annuity Contract	—		—		—		54,872		54,872
Municipal and Provincial Bonds	—		33,115		—		—		33,115
Government Sponsored Enterprises ⁽²⁾	—		7,227		—		—		7,227
Other	—		4,486		—		—		4,486
Cash and Cash Equivalents	—		—		—		22,829		22,829
Private Equity	—		—		—		24,931		24,931
Hedge Fund	—		—		—		31,939		31,939
Assets at Fair Value	190,560		549,296		—		836,148		1,576,004
Other Assets	—		—		—		—		756
Total	$	190,560	$	549,296	$	—	$	836,148	$	1,576,760

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
2018	$	84,216	$	17,181	$	101,397
2019	85,816		17,068		102,884
2020	87,162		16,794		103,956
2021	89,169		16,583		105,752
2022	91,192		16,389		107,581
2023-2027⁽¹⁾	479,738		78,560		558,298


⁽¹⁾	While benefit payments under these plans are expected to continue beyond 2027, 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 31, 2017, 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. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. 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	2017	2016	FIP/RP Status Pending/Implemented	2017		2016		2015		Surcharge Imposed	Collective Bargaining Agreement Expiration Date
CWA/ITU Negotiated Pension Plan	13-6212879-001	Critical and Declining as of 1/01/17	Critical and Declining as of 1/01/16	Implemented	$	425	$	486	$	543	No	⁽¹⁾
Newspaper and Mail Deliverers’-Publishers’ Pension Fund	13-6122251-001	Green as of 6/01/17	Green as of 6/01/16	N/A	995		1,040		1,038		No	3/30/2020⁽²⁾
GCIU-Employer Retirement Benefit Plan	91-6024903-001	Critical and Declining as of 1/01/17	Critical and Declining as of 1/01/16	Implemented	39		43		57		Yes	3/30/2021⁽³⁾
Pressmen’s Publishers’ Pension Fund	13-6121627-001	Green as of 4/01/17	Green as of 4/01/16	N/A	963		1,001		1,033		No	3/30/2021⁽⁴⁾
Paper-Handlers’-Publishers’ Pension Fund	13-6104795-001	Critical and Declining as of 4/01/17	Critical and Declining as of 4/01/16	Implemented	88		100		97		Yes	3/30/2021⁽⁵⁾
Contributions for individually significant plans					$	2,510	$	2,670	$	2,768
Total Contributions					$	2,510	$	2,670	$	2,768


⁽¹⁾	There are two collective bargaining agreements requiring contributions to this plan: Mailers which expires March 30, 2019, and Typographers which expires March 30, 2020.


⁽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	12/31/2016 & 12/31/2015⁽¹⁾
Newspaper and Mail Deliverers’-Publishers’ Pension Fund	5/31/2016 & 5/31/2015⁽¹⁾
Pressmen’s Publisher’s Pension Fund	3/31/2017 & 3/31/2016
Paper-Handlers’-Publishers’ Pension Fund	3/31/2017 & 3/31/2016

⁽¹⁾Forms 5500 for the plans’ year ended 12/31/17 and 5/31/17 were not available as of the date we filed our financial statements.