Pension Benefits (Tables) - Pension Plan [Member]

12 Months Ended

Dec. 30, 2018

Schedule of Components of Net Periodic Pension Benefit Cost

The components of net periodic pension cost were as follows:



	December 30, 2018								December 31, 2017								December 25, 2016
(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	$	9,986		$	79	$	10,065		$	9,720		$	79	$	9,799		$	8,991		$	143		$	9,134
Interest cost	52,770			7,383		60,153			60,742			7,840		68,582			66,293			8,172			74,465
Expected return on plan assets	(82,327		)	—		(82,327		)	(102,900		)	—		(102,900		)	(111,159		)	—			(111,159		)
Amortization and other costs	26,802			5,114		31,916			29,051			4,318		33,369			28,274			4,184			32,458
Amortization of prior service credit	(1,945		)	—		(1,945		)	(1,945		)	—		(1,945		)	(1,945		)	—			(1,945		)
Effect of settlement/curtailment	—			221		221			102,109			—		102,109			21,294			(1,599		)	19,695
Net periodic pension cost	$	5,286		$	12,797	$	18,083		$	96,777		$	12,237	$	109,014		$	11,748		$	10,900		$	22,648

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, 2018			December 31, 2017			December 25, 2016
Net actuarial loss/(gain)	$	29,965		$	22,600		$	(4,289	)
Amortization of loss	(31,916		)	(33,369		)	(32,458		)
Amortization of prior service credit	1,945			1,945			1,945
Effect of settlement	(421		)	(102,109		)	(21,294		)
Total recognized in other comprehensive (income)/loss	(427		)	(110,933		)	(56,096		)
Net periodic pension cost	18,083			109,014			22,648
Total recognized in net periodic benefit cost and other comprehensive (income)/loss	$	17,656		$	(1,919	)	$	(33,448	)

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 30, 2018									December 31, 2017
(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	$	1,636,488		$	245,302		$	1,881,790		$	1,798,652		$	240,399		$	2,039,051
Service cost	9,986			79			10,065			9,720			79			9,799
Interest cost	52,770			7,383			60,153			60,742			7,840			68,582
Plan participants’ contributions	3			—			3			9			—			9
Actuarial (gain)/loss	(123,670		)	(10,221		)	(133,891		)	142,980			15,342			158,322
Curtailments	—			(200		)	(200		)	—			—			—
Settlements	—			—			—			(269,287		)	—			(269,287		)
Benefits paid	(84,179		)	(19,219		)	(103,398		)	(106,328		)	(18,510		)	(124,838		)
Effects of change in currency conversion	—			(58		)	(58		)	—			152			152
Benefit obligation at end of year	1,491,398			223,066			1,714,464			1,636,488			245,302			1,881,790
Change in plan assets
Fair value of plan assets at beginning of year	1,567,411			—			1,567,411			1,576,760			—			1,576,760
Actual return on plan assets	(81,529		)	—			(81,529		)	238,622			—			238,622
Employer contributions	8,445			19,219			27,664			127,635			18,510			146,145
Plan participants’ contributions	3			—			3			9			—			9
Settlements	—			—			—			(269,287		)	—			(269,287		)
Benefits paid	(84,179		)	(19,219		)	(103,398		)	(106,328		)	(18,510		)	(124,838		)
Fair value of plan assets at end of year	1,410,151			—			1,410,151			1,567,411			—			1,567,411
Net amount recognized	$	(81,247	)	$	(223,066	)	$	(304,313	)	$	(69,077	)	$	(245,302	)	$	(314,379	)
Amount recognized in the Consolidated Balance Sheets
Current liabilities	$	—		$	(17,034	)	$	(17,034	)	$	—		$	(16,901	)	$	(16,901	)
Noncurrent liabilities	(81,247		)	(206,032		)	(287,279		)	(69,077		)	(228,401		)	(297,478		)
Net amount recognized	$	(81,247	)	$	(223,066	)	$	(304,313	)	$	(69,077	)	$	(245,302	)	$	(314,379	)
Amount recognized in accumulated other comprehensive loss
Actuarial loss	$	654,579		$	94,123		$	748,702		$	641,194		$	109,880		$	751,074
Prior service credit	(18,786		)	—			(18,786		)	(20,731		)	—			(20,731		)
Total	$	635,793		$	94,123		$	729,916		$	620,463		$	109,880		$	730,343

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, 2018		December 31, 2017
Projected benefit obligation	$	1,714,464	$	1,881,790
Accumulated benefit obligation	$	1,712,619	$	1,874,445
Fair value of plan assets	$	1,410,151	$	1,567,411

Schedule of Assumptions Used

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



	December 30, 2018		December 31, 2017
Discount rate	4.43	%	3.75	%
Rate of increase in compensation levels	3.00	%	2.95	%

The rate of increase in compensation levels is applicable only for the Guild-Times Adjustable Pension Plan that has not been frozen.

Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows:



	December 30, 2018		December 31, 2017		December 25, 2016
Discount rate for determining projected benefit obligation	3.75	%	4.31	%	4.60	%
Discount rate in effect for determining service cost	3.88	%	4.74	%	5.78	%
Discount rate in effect for determining interest cost	3.31	%	3.54	%	3.68	%
Rate of increase in compensation levels	2.95	%	2.95	%	2.91	%
Expected long-term rate of return on assets	5.69	%	6.73	%	7.01	%

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



	December 30, 2018		December 31, 2017
Discount rate	4.35	%	3.67	%
Rate of increase in compensation levels	2.50	%	2.50	%

The rate of increase in compensation levels is applicable only for the foreign plan, which has 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 30, 2018		December 31, 2017		December 25, 2016
Discount rate for determining projected benefit obligation	3.67	%	4.17	%	4.40	%
Discount rate in effect for determining interest cost	3.14	%	3.39	%	3.44	%
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%	-	100%	85	%
High-Yield Fixed Income	0%	-	15%	0	%
Alternatives	0%	-	15%	15	%
Cash	0%	-	10%	0	%

The asset allocations by asset category for both Long Duration and Return-Seeking Assets, as of December 30, 2018, were as follows:



Asset Category	Percentage Range			Actual
Long Duration Fixed Income	71.5%	-	76.5%	75	%
Public Equity	16.5%	-	28.5%	21	%
High-Yield Fixed Income	0%	-	4%	0	%
Alternatives	0%	-	4%	3	%
Cash	0%	-	3%	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 30, 2018
(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	$	25,459	$	—	$	—	$	—	$	25,459
International Equities	27,805		—		—		—		27,805
Mutual Funds	18,891		—		—		—		18,891
Registered Investment Companies	36,908		—		—		—		36,908
Common/Collective Funds⁽¹⁾	—		—		—		412,815		412,815
Fixed Income Securities:
Corporate Bonds	—		532,466		—		—		532,466
U.S. Treasury and Other Government Securities	—		155,229		—		—		155,229
Group Annuity Contract	—		—		—		64,559		64,559
Municipal and Provincial Bonds	—		42,170		—		—		42,170
Government Sponsored Enterprises⁽²⁾	—		14,278		—		—		14,278
Other	—		13,754		—		—		13,754
Cash and Cash Equivalents	—		—		—		19,667		19,667
Private Equity	—		—		—		12,752		12,752
Hedge Fund	—		—		—		33,398		33,398
Assets at Fair Value	109,063		757,897		—		543,191		1,410,151
Other Assets									—
Total	$	109,063	$	757,897	$	—	$	543,191	$	1,410,151


⁽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 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 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 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.

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
2019	$	86,901	$	17,368	$	104,269
2020	88,041		17,107		105,148
2021	89,678		16,909		106,587
2022	91,557		16,726		108,283
2023	92,962		16,423		109,385
2024-2028⁽¹⁾	480,374		77,975		558,349


⁽¹⁾	While benefit payments under these plans are expected to continue beyond 2028 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 30, 2018, 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	2018	2017	FIP/RP Status Pending/Implemented	2018		2017		2016		Surcharge Imposed	Collective Bargaining Agreement Expiration Date
CWA/ITU Negotiated Pension Plan	13-6212879-001	Critical and Declining as of 1/01/18	Critical and Declining as of 1/01/17	Implemented	$	408	$	425	$	486	No	⁽¹⁾
Newspaper and Mail Deliverers’-Publishers’ Pension Fund⁽²⁾	13-6122251-001	Green as of 6/01/18	Green as of 6/01/17	N/A	992		995		1,040		No	3/30/2020
GCIU-Employer Retirement Benefit Plan	91-6024903-001	Critical and Declining as of 1/01/18	Critical and Declining as of 1/01/17	Implemented	42		39		43		Yes	3/30/2021⁽³⁾
Pressmen’s Publishers’ Pension Fund⁽⁴⁾	13-6121627-001	Green as of 4/01/18	Green as of 4/01/17	N/A	1,129		963		1,001		No	3/30/2021
Paper-Handlers’-Publishers’ Pension Fund⁽⁵⁾	13-6104795-001	Critical and Declining as of 4/01/18	Critical and Declining as of 4/01/17	Implemented	99		88		100		Yes	3/30/2021
Contributions for individually significant plans					$	2,670	$	2,510	$	2,670
Total Contributions					$	2,670	$	2,510	$	2,670


⁽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. As of December 30, 2018, only one collective bargaining agreement remained for the Stereotypers. 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	12/31/2017 & 12/31/2016⁽¹⁾
Newspaper and Mail Deliverers’-Publishers’ Pension Fund	5/31/2017 & 5/31/2016⁽¹⁾
Pressmen’s Publisher’s Pension Fund	3/31/2018 & 3/31/2017
Paper-Handlers’-Publishers’ Pension Fund	3/31/2018 & 3/31/2017

⁽¹⁾Forms 5500 for the plans’ year ended 12/31/18 and 5/31/18 were not available as of the date we filed our financial statements.