Pension and Other Postretirement Benefits

6 Months Ended

Jun. 27, 2021

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

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.

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.

The components of net periodic pension cost were as follows:

	For the Quarters Ended
	June 27, 2021						June 28, 2020
(In thousands)	Qualified Plans		Non- Qualified Plans		All Plans		Qualified Plans		Non- Qualified Plans		All Plans
Service cost	$	2,276	$	—	$	2,276	$	2,607	$	—	$	2,607
Interest cost	7,629		1,088		8,717		11,742		1,649		13,391
Expected return on plan assets	(12,678)		—		(12,678)		(17,745)		—		(17,745)
Amortization of actuarial loss	5,057		1,822		6,879		5,655		1,522		7,177
Amortization of prior service credit	(486)		—		(486)		(486)		—		(486)
Net periodic pension cost (1)	$	1,798	$	2,910	$	4,708	$	1,773	$	3,171	$	4,944

	For the Six Months Ended
	June 27, 2021						June 28, 2020
(In thousands)	Qualified Plans		Non- Qualified Plans		All Plans		Qualified Plans		Non- Qualified Plans		All Plans
Service cost	$	4,552	$	—	$	4,552	$	5,214	$	—	$	5,214
Interest cost	15,258		2,176		17,434		23,484		3,297		26,781
Expected return on plan assets	(25,355)		—		(25,355)		(35,481)		—		(35,481)
Amortization of actuarial loss	10,113		3,642		13,755		11,310		3,043		14,353
Amortization of prior service credit	(972)		—		(972)		(972)		—		(972)
Net periodic pension cost (1)	$	3,596	$	5,818	$	9,414	$	3,555	$	6,340	$	9,895

(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 six months of 2021 and 2020, we made pension contributions of $4.2 million and $4.6 million, respectively, to the APP. We expect contributions in 2021 to total approximately $9 million to satisfy minimum funding requirements.

Other Postretirement Benefits

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

	For the Quarters Ended				For the Six Months Ended
(In thousands)	June 27, 2021		June 28, 2020		June 27, 2021		June 28, 2020
Service cost	$	13	$	7	$	26	$	14
Interest cost	141		257		282		513
Amortization of actuarial loss	852		763		1,704		1,526
Amortization of prior service credit	(836)		(1,223)		(1,672)		(2,279)
Net periodic postretirement benefit cost/(income) (1)	$	170	$	(196)	$	340	$	(226)

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