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Pension Benefits (Tables)

12 Months Ended

Dec. 27, 2020

The asset allocations by asset category as of December 27, 2020, were as follows:


Asset Category	Percentage Range			Actual
Hedging Assets	75%	-	90%	78	%
Return-Seeking Assets	10%	-	25%	22	%
Cash and Equivalents	0%	-	5%	0	%

Pension Plan

Pension Benefits

Schedule of Components of Net Periodic Pension Benefit Cost

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


	December 27, 2020						December 29, 2019						December 30, 2018
(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	$	10,429	$	119	$	10,548	$	5,113	$	118	$	5,231	$	9,986	$	79	$	10,065
Interest cost	43,710		6,601		50,311		58,835		8,420		67,255		52,770		7,383		60,153
Expected return on plan assets	(67,146)		—		(67,146)		(80,877)		—		(80,877)		(82,327)		—		(82,327)
Amortization and other costs	21,887		6,072		27,959		18,639		4,381		23,020		26,802		5,114		31,916
Amortization of prior service (credit)/cost	(1,945)		51		(1,894)		(1,945)		13		(1,932)		(1,945)		—		(1,945)
Effect of settlement/curtailment	80,641		(562)		80,079		—		(373)		(373)		—		221		221
Net periodic pension (income)/cost	$	87,576	$	12,281	$	99,857	$	(235)	$	12,559	$	12,324	$	5,286	$	12,797	$	18,083

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 27, 2020		December 29, 2019		December 30, 2018
Net actuarial (gain)/loss	$	(4,172)	$	(10,292)	$	29,965
Prior service cost	—		706		—
Amortization of loss	(27,959)		(23,020)		(31,916)
Amortization of prior service credit	1,894		1,932		1,945

Effect of settlement	(80,641)		—		(421)
Total recognized in other comprehensive income	(110,878)		(30,674)		(427)
Net periodic pension cost	99,857		12,324		18,083
Total recognized in net periodic benefit (income)/cost and other comprehensive (income)/loss	$	(11,021)	$	(18,350)	$	17,656

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 27, 2020						December 29, 2019
(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	$	1,660,287	$	247,748	$	1,908,035	$	1,491,398	$	223,066	$	1,714,464
Service cost	10,429		119		10,548		5,113		118		5,231
Interest cost	43,710		6,601		50,311		58,835		8,420		67,255

Amendments	—		—		—		—		706		706
Actuarial loss	153,136		21,152		174,288		191,104		32,874		223,978
Curtailments	—		(562)		(562)		—		(373)		(373)
Settlements	(236,282)		—		(236,282)		—		—		—
Benefits paid	(82,268)		(15,609)		(97,877)		(86,163)		(17,046)		(103,209)
Effects of change in currency conversion	—		144		144		—		(17)		(17)
Benefit obligation at end of year	1,549,012		259,593		1,808,605		1,660,287		247,748		1,908,035
Change in plan assets
Fair value of plan assets at beginning of year	1,648,667		—		1,648,667		1,410,151		—		1,410,151
Actual return on plan assets	245,606		—		245,606		315,148		—		315,148
Employer contributions	9,498		15,609		25,107		9,531		17,046		26,577

Settlements	(236,282)		—		(236,282)		—		—		—
Benefits paid	(82,268)		(15,609)		(97,877)		(86,163)		(17,046)		(103,209)
Fair value of plan assets at end of year	1,585,221		—		1,585,221		1,648,667		—		1,648,667
Net amount recognized	$	36,209	$	(259,593)	$	(223,384)	$	(11,620)	$	(247,748)	$	(259,368)
Amount recognized in the Consolidated Balance Sheets
Noncurrent Assets	$	54,950	$	—	$	54,950	$	—	$	—	$	—
Current liabilities	—		(16,990)		(16,990)		—		(17,147)		(17,147)
Noncurrent liabilities	(18,741)		(242,603)		(261,344)		(11,620)		(230,601)		(242,221)
Net amount recognized	$	36,209	$	(259,593)	$	(223,384)	$	(11,620)	$	(247,748)	$	(259,368)
Amount recognized in accumulated other comprehensive loss
Actuarial loss	$	464,922	$	137,697	$	602,619	$	592,774	$	122,617	$	715,391
Prior service credit	(14,897)		642		(14,255)		(16,842)		693		(16,149)
Total	$	450,025	$	138,339	$	588,364	$	575,932	$	123,310	$	699,242

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

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


(In thousands)	December 27, 2020		December 29, 2019
Projected benefit obligation	$	364,272	$	1,908,035
Accumulated benefit obligation	$	349,429	$	1,904,979
Fair value of plan assets	$	85,938	$	1,648,667

Schedule of Assumptions Used

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


	December 27, 2020		December 29, 2019
Discount rate	2.64	%	3.30	%
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 27, 2020		December 29, 2019		December 30, 2018
Discount rate for determining projected benefit obligation	3.30	%	4.43	%	3.75	%
Discount rate in effect for determining service cost	3.67	%	3.87	%	3.88	%
Discount rate in effect for determining interest cost	2.70	%	4.06	%	3.31	%
Rate of increase in compensation levels	3.00	%	3.00	%	2.95	%
Expected long-term rate of return on assets	4.59	%	5.68	%	5.69	%

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


	December 27, 2020		December 29, 2019
Discount rate	2.39	%	3.17	%
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 27, 2020		December 29, 2019		December 30, 2018
Discount rate for determining projected benefit obligation	3.17	%	4.35	%	3.67	%
Discount rate in effect for determining interest cost	2.78	%	3.94	%	3.14	%
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%	87	%
High-Yield Fixed Income	0%	-	15%	0	%
Alternatives	0%	-	15%	11	%
Cash	0%	-	10%	2	%

The asset allocations by asset category for both Long Duration and Return-Seeking Assets, as of December 27, 2020, were as follows:


Asset Category	Percentage Range			Actual
Long Duration Fixed Income	77.5%	-	82.5%	78	%
Public Equity	12.3%	-	22.5%	19	%
High-Yield Fixed Income	0%	-	3%	0	%
Alternatives	0%	-	3%	2	%
Cash	0%	-	2%	1	%

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


	December 31, 2020
(In thousands)	Quoted Prices Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs		Investment Measured at Net Asset Value(2)
Asset Category	(Level 1)		(Level 2)		(Level 3)				Total
Equity Securities:
U.S. Equities	$	28,002	$	—	$	—	$	—	$	28,002
International Equities	34,025		—		—		—		34,025
Mutual Funds	29,011		—		—		—		29,011
Registered Investment Companies	66,923		—		—		—		66,923
Common/Collective Funds(1)	—		—		—		643,443		643,443
Fixed Income Securities:
Corporate Bonds	—		646,330		—		—		646,330
U.S. Treasury and Other Government Securities	—		42,111		—		—		42,111

Municipal and Provincial Bonds	—		40,150		—		—		40,150

Other	—		10,693		—		—		10,693
Cash and Cash Equivalents	—		—		—		5,481		5,481
Private Equity	—		—		—		9,770		9,770
Hedge Fund	—		—		—		29,282		29,282
Assets at Fair Value	$	157,961	$	739,284	$	—	$	687,976	$	1,585,221

(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)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, 2019
(In thousands)	Quoted Prices Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs		Investment Measured at Net Asset Value(2)
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	—		196,009		—		—		196,009

Municipal and Provincial Bonds	—		42,812		—		—		42,812

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

(2)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
2021	$	69,821	$	17,173	$	86,994
2022	71,905		16,908		88,813
2023	73,927		16,701		90,628
2024	75,470		16,455		91,925
2025	76,982		16,175		93,157
2026-2030(1)	399,881		77,545		477,426

(1)While benefit payments under these plans are expected to continue beyond 2030, 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 27, 2020, 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		2020	2019		2020		2019		2018
CWA/ITU Negotiated Pension Plan	13-6212879-001	Critical and Declining as of 1/01/20	Critical and Declining as of 1/01/19	Implemented	$	384	$	415	$	408	No	(1)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund(2)	13-6122251-001	Green as of 6/01/20	Green as of 6/01/19	N/A	1,010		1,014		992		No	3/30/2025
GCIU-Employer Retirement Benefit Plan	91-6024903-001	Critical and Declining as of 1/01/20	Critical and Declining as of 1/01/19	Implemented	65		58		42		Yes	3/30/2021(3)
Pressmen’s Publishers’ Pension Fund(4)	13-6121627-001	Endangered as of 4/01/20	Green as of 4/01/19	Pending	1,328		1,213		1,129		No	3/30/2021
Paper Handlers’-Publishers’ Pension Fund(5)	13-6104795-001	Critical and Declining as of 4/01/20	Critical and Declining as of 4/01/19	Implemented	101		100		99		Yes	3/30/2021
Contributions for individually significant plans					$	2,888	$	2,800	$	2,670
Contributions for a plan not individually significant					$	24	$	—	$	—
Total Contributions					$	2,912	$	2,800	$	2,670

(1)There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expires March 30, 2023, and Typographers, which expires March 30, 2025.

(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			12/31/2019
Newspaper and Mail Deliverers’-Publishers’ Pension Fund			5/31/2019 & 5/31/2018(1)
Pressmen’s Publisher’s Pension Fund			3/31/2020 & 3/31/2019
Paper Handlers’-Publishers’ Pension Fund			3/31/2020 & 3/31/2019

(1) Form 5500 for the plan year ended 5/31/20 was not available as of the date we filed our financial statements.