Pension and Other Postretirement Benefits

9 Months Ended

Sep. 29, 2019

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

Single-Employer Plans

We historically sponsored several frozen single-employer defined benefit pension plans. 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”). Previously, the NewsGuild of New York (the “Guild”) and the Company were joint trustees of The Guild-

Times Plan. 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 Company and the Guild jointly sponsor the Guild-Times Adjustable Pension Plan (the “APP”), which continues to accrue active benefits.

The components of net periodic pension cost were as follows:

	For the Quarters Ended
	September 29, 2019								September 30, 2018
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	1,278		$	—	$	1,278		$	2,393		$	—	$	2,393
Interest cost	14,708			2,089		16,797			13,207			1,848		15,055
Expected return on plan assets	(20,258		)	—		(20,258		)	(20,591		)	—		(20,591		)
Amortization of actuarial loss	4,635			1,094		5,729			6,680			1,294		7,974
Amortization of prior service credit	(487		)	—		(487		)	(487		)	—		(487		)
Other	—			—		—			—			421		421
Net periodic pension (income)/cost (1)	$	(124	)	$	3,183	$	3,059		$	1,202		$	3,563	$	4,765

	For the Nine Months Ended
	September 29, 2019								September 30, 2018
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	3,835		$	—	$	3,835		$	7,593		$	—	$	7,593
Interest cost	44,125			6,265		50,390			39,564			5,543		45,107
Expected return on plan assets	(60,775		)	—		(60,775		)	(61,736		)	—		(61,736		)
Amortization of actuarial loss	13,905			3,282		17,187			20,122			3,882		24,004
Amortization of prior service credit	(1,459		)	—		(1,459		)	(1,459		)	—		(1,459		)
Other	—			—		—			—			421		421
Net periodic pension (income)/cost (1)	$	(369	)	$	9,547	$	9,178		$	4,084		$	9,846	$	13,930

⁽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 nine months of 2019 and 2018, we made pension contributions of $6.3 million and $6.2 million, respectively, to the APP. We expect contributions in 2019 to total approximately $9 million to satisfy funding requirements.

Multiemployer Plans

During the third quarter of 2019 and 2018 we recorded a gain of $2.0 million and $4.9 million, respectively, from multiemployer pension liability adjustments, which were recorded in Gain from pension liability adjustment in our Condensed Consolidated Statements of Operations. See Note 16 for more information.

Other Postretirement Benefits

The components of net periodic postretirement benefit income were as follows:

	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 29, 2019			September 30, 2018			September 29, 2019			September 30, 2018
Service cost	$	6		$	8		$	20		$	18
Interest cost	402			370			1,202			1,108
Amortization of actuarial loss	843			1,183			2,531			3,551
Amortization of prior service credit	(1,192		)	(1,590		)	(3,574		)	(4,772		)
Net periodic postretirement benefit cost/(income) (1)	$	59		$	(29	)	$	179		$	(95	)

⁽¹⁾ The service cost component of net periodic postretirement benefit 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.