XML 29 R18.htm IDEA: XBRL DOCUMENT v3.19.1
Pension and Other Postretirement Benefits
3 Months Ended
Mar. 31, 2019
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits
PENSION AND OTHER POSTRETIREMENT BENEFITS
Pension
Single-Employer Plans
We sponsor several frozen single-employer defined benefit pension plans. The Company and The NewsGuild of New York jointly sponsor the Guild-Times Adjustable Pension Plan, which continues to accrue active benefits. Effective January 1, 2018, the Company became the sole sponsor of the frozen Newspaper Guild of New York - The New York Times Pension Plan (the “Guild-Times Plan”). The Guild-Times Plan was previously joint trusteed between the Guild and the Company. Effective December 31, 2018, the Guild-Times Plan and the Retirement Annuity Plan For Craft Employees of The New York Times Companies (the “RAP”) were merged into The New York Times Companies Pension Plan.
The components of net periodic pension cost were as follows:
 
 
For the Quarters Ended
 
 
March 31, 2019
 
April 1, 2018
(In thousands)
 
Qualified
Plans
 
Non-
Qualified
Plans
 
All
Plans
 
Qualified
Plans
 
Non-
Qualified
Plans
 
All
Plans
Service cost
 
$
1,278

 
$

 
$
1,278

 
$
2,647

 
$

 
$
2,647

Interest cost
 
14,709

 
2,088

 
16,797

 
13,151

 
1,848

 
14,999

Expected return on plan assets
 
(20,258
)
 

 
(20,258
)
 
(20,555
)
 

 
(20,555
)
Amortization of actuarial loss
 
4,635

 
1,094

 
5,729

 
6,762

 
1,294

 
8,056

Amortization of prior service credit
 
(486
)
 

 
(486
)
 
(486
)
 

 
(486
)
Net periodic pension cost/(income) (1)
 
$
(122
)
 
$
3,182

 
$
3,060

 
$
1,519

 
$
3,142

 
$
4,661


(1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit.
During the first quarters of 2019 and 2018, we made pension contributions of $2.0 million and $2.1 million, respectively, to certain qualified pension plans. We expect contributions in 2019 to total approximately $9 million to satisfy funding requirements.
Other Postretirement Benefits
The components of net periodic postretirement benefit income were as follows:
 
 
For the Quarters Ended
(In thousands)
 
March 31, 2019

 
April 1, 2018

Service cost
 
$
7

 
$
5

Interest cost
 
400

 
369

Amortization of actuarial loss
 
844

 
1,184

Amortization of prior service credit
 
(1,191
)
 
(1,539
)
Net periodic postretirement benefit cost (1)
 
$
60

 
$
19


(1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit.