Other Postretirement Benefits

12 Months Ended

Dec. 29, 2019

Other Postretirement Benefits [Abstract]

Other Postretirement Benefits

Pension Benefits

Single-Employer Plans

We maintain The New York Times Companies Pension Plan (the”Pension Plan”), a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that 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 NewsGuild of New York 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 Pension Plan.

We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation.

Net Periodic Pension (Income)/Cost

The components of net periodic pension (income)/cost were as follows:

	December 29, 2019									December 30, 2018								December 31, 2017
(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	$	5,113		$	118		$	5,231		$	9,986		$	79	$	10,065		$	9,720		$	79	$	9,799
Interest cost	58,835			8,420			67,255			52,770			7,383		60,153			60,742			7,840		68,582
Expected return on plan assets	(80,877		)	—			(80,877		)	(82,327		)	—		(82,327		)	(102,900		)	—		(102,900		)
Amortization and other costs	18,639			4,381			23,020			26,802			5,114		31,916			29,051			4,318		33,369
Amortization of prior service (credit)/cost	(1,945		)	13			(1,932		)	(1,945		)	—		(1,945		)	(1,945		)	—		(1,945		)
Effect of settlement/curtailment	—			(373		)	(373		)	—			221		221			102,109			—		102,109
Net periodic pension (income)/cost	$	(235	)	$	12,559		$	12,324		$	5,286		$	12,797	$	18,083		$	96,777		$	12,237	$	109,014

Over the past several years the Company has taken steps to reduce the size and volatility of our pension obligations. In the first quarter of 2018, the Company signed an agreement that froze the accrual of benefits under the RAP with respect to all participants covered by a collective bargaining agreement between the Company and The Newspaper and Mail Deliverers’ Union of New York and Vicinity. This group of participants was the last group under the RAP to have their benefit accruals frozen.

In the fourth quarter of 2017, the Company entered into agreements with two insurance companies to transfer future benefit obligations and annuity administration for certain retirees (or their beneficiaries) in two of the Company’s qualified pension plans. This transfer of plan assets and obligations reduced the Company’s qualified pension plan obligations by $263.3 million. As a result of these agreements, the Company recorded pension settlement charges of $102.1 million. Additionally, during the fourth quarter of 2017, the Company made discretionary contributions totaling $120 million to certain qualified pension plans.

Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows:

(In thousands)	December 29, 2019			December 30, 2018			December 31, 2017
Net actuarial (gain)/loss	$	(10,292	)	$	29,965		$	22,600
Prior service cost	706			—			—
Amortization of loss	(23,020		)	(31,916		)	(33,369		)
Amortization of prior service credit	1,932			1,945			1,945
Effect of settlement	—			(421		)	(102,109		)
Total recognized in other comprehensive income	(30,674		)	(427		)	(110,933		)
Net periodic pension cost	12,324			18,083			109,014
Total recognized in net periodic benefit (income)/cost and other comprehensive (income)/loss	$	(18,350	)	$	17,656		$	(1,919	)

Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the future working lifetime for the ongoing plans and average life expectancy for the frozen plans.

The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year is approximately $29 million and $2 million, respectively.

We also contribute to defined contribution benefit plans. The amount of cost recognized for defined contribution benefit plans was approximately $27 million, $22 million and $23 million for 2019, 2018 and 2017, respectively.

Benefit Obligation and Plan Assets

The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: 

	December 29, 2019									December 30, 2018
(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	$	1,491,398		$	223,066		$	1,714,464		$	1,636,488		$	245,302		$	1,881,790
Service cost	5,113			118			5,231			9,986			79			10,065
Interest cost	58,835			8,420			67,255			52,770			7,383			60,153
Plan participants’ contributions	—			—			—			3			—			3
Amendments	—			706			706			—			—			—
Actuarial loss/(gain)	191,104			32,874			223,978			(123,670		)	(10,221		)	(133,891		)
Curtailments	—			(373		)	(373		)	—			(200		)	(200		)
Benefits paid	(86,163		)	(17,046		)	(103,209		)	(84,179		)	(19,219		)	(103,398		)
Effects of change in currency conversion	—			(17		)	(17		)	—			(58		)	(58		)
Benefit obligation at end of year	1,660,287			247,748			1,908,035			1,491,398			223,066			1,714,464
Change in plan assets
Fair value of plan assets at beginning of year	1,410,151			—			1,410,151			1,567,411			—			1,567,411
Actual return on plan assets	315,148			—			315,148			(81,529		)	—			(81,529		)
Employer contributions	9,531			17,046			26,577			8,445			19,219			27,664
Plan participants’ contributions	—			—			—			3			—			3
Benefits paid	(86,163		)	(17,046		)	(103,209		)	(84,179		)	(19,219		)	(103,398		)
Fair value of plan assets at end of year	1,648,667			—			1,648,667			1,410,151			—			1,410,151
Net amount recognized	$	(11,620	)	$	(247,748	)	$	(259,368	)	$	(81,247	)	$	(223,066	)	$	(304,313	)
Amount recognized in the Consolidated Balance Sheets
Current liabilities	$	—		$	(17,147	)	$	(17,147	)	$	—		$	(17,034	)	$	(17,034	)
Noncurrent liabilities	(11,620		)	(230,601		)	(242,221		)	(81,247		)	(206,032		)	(287,279		)
Net amount recognized	$	(11,620	)	$	(247,748	)	$	(259,368	)	$	(81,247	)	$	(223,066	)	$	(304,313	)
Amount recognized in accumulated other comprehensive loss
Actuarial loss	$	592,774		$	122,617		$	715,391		$	654,579		$	94,123		$	748,702
Prior service credit	(16,842		)	693			(16,149		)	(18,786		)	—			(18,786		)
Total	$	575,932		$	123,310		$	699,242		$	635,793		$	94,123		$	729,916

Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows:

(In thousands)	December 29, 2019		December 30, 2018
Projected benefit obligation	$	1,908,035	$	1,714,464
Accumulated benefit obligation	$	1,904,979	$	1,712,619
Fair value of plan assets	$	1,648,667	$	1,410,151

Assumptions

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

	December 29, 2019		December 30, 2018
Discount rate	3.30	%	4.43	%
Rate of increase in compensation levels	3.00	%	3.00	%

The rate of increase in compensation levels is applicable only for the APP 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 29, 2019		December 30, 2018		December 31, 2017
Discount rate for determining projected benefit obligation	4.43	%	3.75	%	4.31	%
Discount rate in effect for determining service cost	3.87	%	3.88	%	4.74	%
Discount rate in effect for determining interest cost	4.06	%	3.31	%	3.54	%
Rate of increase in compensation levels	3.00	%	2.95	%	2.95	%
Expected long-term rate of return on assets	5.68	%	5.69	%	6.73	%

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

	December 29, 2019		December 30, 2018
Discount rate	3.17	%	4.35	%
Rate of increase in compensation levels	2.50	%	2.50	%

The rate of increase in compensation levels is applicable only for the foreign plan that 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 29, 2019		December 30, 2018		December 31, 2017
Discount rate for determining projected benefit obligation	4.35	%	3.67	%	4.17	%
Discount rate in effect for determining interest cost	3.94	%	3.14	%	3.39	%
Rate of increase in compensation levels	2.50	%	2.50	%	2.50	%

We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (i.e., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate.

To determine our discount rate, we project a cash flow based on annual accrued benefits. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve.

In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year, less expense expected to be incurred by the plan during the year.

The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years.

Plan Assets

The Pension Plan

The assets underlying the Pension Plan are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers.

Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code.

Investment Policy and Strategy

The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. An additional investment objective is to transition the asset mix to hedge liabilities and minimize volatility in the funded status of the Pension Plan.

Asset Allocation Guidelines

In accordance with our asset allocation strategy, investments are categorized into long duration fixed income investments whose value is highly correlated to that of the Pension Plan’s obligations (“Long Duration Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the Pension Plan’s obligations (“Return-Seeking Assets”).

The proportional allocation of assets between Long Duration Assets and Return-Seeking Assets is dependent on the funded status of the Pension Plan. Under our policy, for example, a funded status at 100% requires an allocation of total assets of 71.5% to 76.5% to Long Duration Assets and 23.5% to 28.5% to Return-Seeking Assets. As the Pension

Plan’s funded status increases, the allocation to Long Duration Assets will increase and the allocation to Return-Seeking Assets will decrease.

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

Asset Category	Percentage Range			Actual
Public Equity	70%	-	100%	94	%
High-Yield Fixed Income	0%	-	15%	0	%
Alternatives	0%	-	15%	6	%
Cash	0%	-	10%	0	%

The asset allocations by asset category for both Long Duration and Return-Seeking Assets, as of December 29, 2019, were as follows:

Asset Category	Percentage Range			Actual
Long Duration Fixed Income	61.6%	-	71%	63	%
Public Equity	20.3%	-	39%	34	%
High-Yield Fixed Income	0%	-	6%	0	%
Alternatives	0%	-	6%	2	%
Cash	0%	-	4%	1	%

The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the Pension Plan’s assets.

The APP

The assets underlying the joint Company and The NewsGuild of New York sponsored plan are managed by professional investment managers. These investment managers are selected and monitored by the APP’s Board of Trustees (the “APP Trustees”). The APP Trustees are responsible for adopting an investment policy, implementing and monitoring compliance with that policy, selecting and monitoring investment managers, and communicating the investment guidelines and performance objectives to the investment managers.

Investment Policy and Strategy

The investment objective is to allocate investment assets in a manner that satisfies the funding objectives of the APP and to maximize the probability of maintaining a 100% funded status.

Asset Allocation Guidelines

In accordance with the asset allocation guidelines, investments are segmented into hedging assets whose value is highly correlated to that of the APP’s obligations (“Hedging Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the APP’s obligations (“Return-Seeking Assets”).

The asset allocations by asset category as of December 29, 2019, were as follows

Asset Category	Percentage Range			Actual
Hedging Assets	75%	-	90%	79	%
Return-Seeking Assets	10%	-	25%	21	%
Cash and Equivalents	0%	-	5%	0	%

The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the APP Trustees. The APP Trustees may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the APP’s assets.

Fair Value of Plan Assets

The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as follows:

	December 31, 2019
(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	$	55,011	$	—	$	—	$	—	$	55,011
International Equities	38,231		—		—		—		38,231
Mutual Funds	46,276		—		—		—		46,276
Registered Investment Companies	52,582		—		—		—		52,582
Common/Collective Funds(1)	—		—		—		575,738		575,738
Fixed Income Securities:
Corporate Bonds	—		574,756		—		—		574,756
U.S. Treasury and Other Government Securities	—		182,878		—		—		182,878
Municipal and Provincial Bonds	—		42,812		—		—		42,812
Government Sponsored Enterprises(2)	—		13,131		—		—		13,131
Other	—		11,745		—		—		11,745
Cash and Cash Equivalents	—		—		—		19,097		19,097
Private Equity	—		—		—		11,345		11,345
Hedge Fund	—		—		—		25,065		25,065
Assets at Fair Value	$	192,100	$	825,322	$	—	$	631,245	$	1,648,667

⁽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, 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

⁽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.

Level 1 and Level 2 Investments

Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities.

For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments.

Cash Flows

In 2019, we made contributions to the APP of $9.5 million. We expect contributions made to satisfy minimum funding requirements to total approximately $9 million in 2020.

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
2020	$	88,092	$	17,391	$	105,483
2021	89,431		17,105		106,536
2022	91,324		17,005		108,329
2023	92,832		16,700		109,532
2024	94,098		16,411		110,509
2025-2029(1)	482,654		79,054		561,708

⁽¹⁾  While benefit payments under these plans are expected to continue beyond 2029 we have presented in this table only those benefit payments estimated over the next 10 years.

Multiemployer Plans

We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. In recent years, certain events, such as amendments to various collective bargaining agreements and the sale of the New England Media Group, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. During the third quarters of 2019 and 2018, we recorded a gain of $2.0 million and $4.9 million, respectively, from multiemployer pension liability adjustment which were recorded in Gain from pension liability adjustment in our Consolidated Statements of Operations.

Our multiemployer pension plan withdrawal liability was approximately $82 million as of December 29, 2019 and approximately $97 million as of December 30, 2018. This liability represents the present value of the obligations related to complete and partial withdrawals that have already occurred as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For those plans that have yet to provide us with a demand letter, the actual liability will not be fully known until they complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates.

The risks of participating in multiemployer plans are different from single-employer plans in the following aspects:

• Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers.

• If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

• If we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution base units or a partial cessation of our obligation to contribute, we may be assessed a withdrawal liability based on a calculated share of the underfunded status of the plan.

• If a multiemployer plan from which we have withdrawn subsequently experiences a mass withdrawal, we may be required to make additional contributions under applicable law.

Our participation in significant plans for the fiscal period ended December 29, 2019, 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 funding 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		2019	2018		2019		2018		2017
CWA/ITU Negotiated Pension Plan	13-6212879-001	Critical and Declining as of 1/01/19	Critical and Declining as of 1/01/18	Implemented	$	415	$	408	$	425	No	(1)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund(2)	13-6122251-001	Green as of 6/01/19	Green as of 6/01/18	N/A	1,014		992		995		No	3/30/2020
GCIU-Employer Retirement Benefit Plan	91-6024903-001	Critical and Declining as of 1/01/19	Critical and Declining as of 1/01/18	Implemented	58		42		39		Yes	3/30/2021(3)
Pressmen’s Publishers’ Pension Fund(4)	13-6121627-001	Green as of 4/01/19	Green as of 4/01/18	N/A	1,213		1,129		963		No	3/30/2021
Paper Handlers’-Publishers’ Pension Fund(5)	13-6104795-001	Critical and Declining as of 4/01/19	Critical and Declining as of 4/01/18	Implemented	100		99		88		Yes	3/30/2021
Contributions for individually significant plans					$	2,800	$	2,670	$	2,510
Total Contributions					$	2,800	$	2,670	$	2,510

⁽¹⁾  There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expires March 30, 2023, 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
Newspaper and Mail Deliverers’-Publishers’ Pension Fund	5/31/2018 & 5/31/2017(1)
Pressmen’s Publisher’s Pension Fund	3/31/2019 & 3/31/2018
Paper Handlers’-Publishers’ Pension Fund	3/31/2019 & 3/31/2018

⁽¹⁾ Form 5500 for the plan year ended 5/31/19 was not available as of the date we filed our financial statements.

Other Postretirement Benefits

We provide health benefits to retired employees (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we do not provide post-age 65 retiree medical benefits for employees who retired on or after March 1, 2009. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from general corporate assets.

Net Periodic Other Postretirement Benefit Cost/(Income)

The components of net periodic postretirement benefit cost/(income) were as follows:

(In thousands)	December 29, 2019			December 30, 2018			December 31, 2017
Service cost	$	27		$	21		$	367
Interest cost	1,602			1,476			1,881
Amortization and other costs	3,375			4,735			3,621
Amortization of prior service credit	(4,766		)	(6,157		)	(7,755		)
Effect of settlement/curtailment(1)	—			—			(32,737		)
Net periodic postretirement benefit cost/(income)	$	238		$	75		$	(34,623	)

⁽¹⁾ In the fourth quarter of 2017, the Company recorded a gain in connection with the settlement of a funding obligation related to a postretirement plan.

As a result of the adoption of ASU 2017-07 during the first quarter of 2018, the service cost component of net periodic postretirement benefit cost/(income) continues to be recognized in Total operating costs while the other components have been reclassified to Other components of net periodic benefit costs in our Consolidated Statements of Operations below Operating profit on a retrospective basis.

The changes in the benefit obligations recognized in other comprehensive loss/(income) were as follows:

(In thousands)	December 29, 2019			December 30, 2018			December 31, 2017
Net actuarial loss/(gain)	$	296		$	(4,905	)	$	(6,625	)
Amortization of loss	(3,375		)	(4,735		)	(3,621		)
Amortization of prior service credit	4,766			6,157			7,755
Effect of curtailment	—			—			6,502
Effect of settlement	—			—			26,235
Total recognized in other comprehensive loss/(income)	1,687			(3,483		)	30,246
Net periodic postretirement benefit cost/(income)	238			75			(34,623		)
Total recognized in net periodic postretirement benefit cost/(income) and other comprehensive loss/(income)	$	1,925		$	(3,408	)	$	(4,377	)

Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the accumulated postretirement benefit obligation. Gains and losses in excess of the corridor are generally amortized over the average remaining service period to expected retirement of active participants.

The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is approximately $3 million and $4 million, respectively.

In connection with collective bargaining agreements, we contribute to several multiemployer welfare plans. These plans provide medical benefits to active and retired employees covered under the respective collective bargaining agreement. Contributions are made in accordance with the formula in the relevant agreement. Postretirement costs related to these plans are not reflected above and were approximately $15 million in 2019, $16 million in 2018 and $15 million in 2017.

The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows:

(In thousands)	December 29, 2019			December 30, 2018
Change in benefit obligation
Benefit obligation at beginning of year	$	46,037		$	54,642
Service cost	27			21
Interest cost	1,602			1,476
Plan participants’ contributions	3,835			3,974
Actuarial loss/(gain)	296			(4,905		)
Benefits paid	(8,994		)	(9,171		)
Benefit obligation at the end of year	42,803			46,037
Change in plan assets
Employer contributions	5,159			5,197
Plan participants’ contributions	3,835			3,974
Benefits paid	(8,994		)	(9,171		)
Fair value of plan assets at end of year	—			—
Net amount recognized	$	(42,803	)	$	(46,037	)
Amount recognized in the Consolidated Balance Sheets
Current liabilities	$	(5,115	)	$	(5,645	)
Noncurrent liabilities	(37,688		)	(40,392		)
Net amount recognized	$	(42,803	)	$	(46,037	)
Amount recognized in accumulated other comprehensive loss
Actuarial loss	$	25,793		$	28,871
Prior service credit	(7,691		)	(12,456		)
Total	$	18,102		$	16,415

 Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows:

	December 29, 2019		December 30, 2018
Discount rate	2.94	%	4.18	%
Estimated increase in compensation level	3.50	%	3.50	%

Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows:

	December 29, 2019		December 30, 2018		December 31, 2017
Discount rate for determining projected benefit obligation	4.18	%	3.46	%	3.93	%
Discount rate in effect for determining service cost	4.19	%	3.56	%	4.08	%
Discount rate in effect for determining interest cost	3.71	%	3.01	%	3.21	%
Estimated increase in compensation level	3.50	%	3.50	%	3.50	%

The assumed health-care cost trend rates were as follows:

	December 29, 2019		December 30, 2018
Health-care cost trend rate	6.57	%	6.90	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.00	%	5.00	%
Year that the rate reaches the ultimate trend rate	2025		2025

Because our health-care plans are capped for most participants, the assumed health-care cost trend rates do not have a significant effect on the amounts reported for the health-care plans. A one-percentage point change in assumed health-care cost trend rates would have the following effects:

	One-Percentage Point
(In thousands)	Increase		Decrease
Effect on total service and interest cost for 2019	$	23	$	(21	)
Effect on accumulated postretirement benefit obligation as of December 29, 2019	$	968	$	(861	)

The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid:

(In thousands)	Amount
2020	$	5,226
2021	4,784
2022	4,359
2023	4,001
2024	3,678
2025-2029(1)	14,342

⁽¹⁾  While benefit payments under these plans are expected to continue beyond 2029, we have presented in this table only those benefit payments estimated over the next 10 years.

We accrue the cost of certain benefits provided to former or inactive employees after employment, but before retirement. The cost is recognized only when it is probable and can be estimated. Benefits include life insurance, disability benefits and health-care continuation coverage. The accrued obligation for these benefits was $9.5 million as of December 29, 2019, and $9.7 million as of December 30, 2018.