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Pension Benefits (Tables)

12 Months Ended

Dec. 26, 2021

The asset allocations by asset category as of December 26, 2021, were as follows:


Asset Category	Percentage Range			Actual
Hedging Assets	75%	-	90%	80	%
Return-Seeking Assets	10%	-	25%	20	%
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 cost/(income) were as follows:


	December 26, 2021						December 27, 2020						December 29, 2019
(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	$	9,105	$	95	$	9,200	$	10,429	$	119	$	10,548	$	5,113	$	118	$	5,231
Interest cost	30,517		4,352		34,869		43,710		6,601		50,311		58,835		8,420		67,255
Expected return on plan assets	(50,711)		—		(50,711)		(67,146)		—		(67,146)		(80,877)		—		(80,877)
Amortization and other costs	20,225		7,275		27,500		21,887		6,072		27,959		18,639		4,381		23,020
Amortization of prior service (credit)/cost	(1,945)		55		(1,890)		(1,945)		51		(1,894)		(1,945)		13		(1,932)
Effect of settlement/curtailment	—		(163)		(163)		80,641		(562)		80,079		—		(373)		(373)
Net periodic pension cost/(income)	$	7,191	$	11,614	$	18,805	$	87,576	$	12,281	$	99,857	$	(235)	$	12,559	$	12,324

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 were as follows:


(In thousands)	December 26, 2021		December 27, 2020		December 29, 2019
Net actuarial gain	$	(25,585)	$	(4,172)	$	(10,292)
Prior service cost	—		—		706
Amortization of loss	(27,500)		(27,959)		(23,020)
Amortization of prior service credit	1,890		1,894		1,932

Effect of settlement	—		(80,641)		—
Total recognized in other comprehensive income	(51,195)		(110,878)		(30,674)
Net periodic pension cost	18,805		99,857		12,324
Total recognized in net periodic pension benefit cost and other comprehensive income	$	(32,390)	$	(11,021)	$	(18,350)

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 26, 2021						December 27, 2020
(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	$	1,549,012	$	259,593	$	1,808,605	$	1,660,287	$	247,748	$	1,908,035
Service cost	9,105		95		9,200		10,429		119		10,548
Interest cost	30,517		4,352		34,869		43,710		6,601		50,311


Actuarial (gain)/loss	(42,883)		(7,762)		(50,645)		153,136		21,152		174,288
Curtailments	—		(163)		(163)		—		(562)		(562)
Settlements	—		—		—		(236,282)		—		(236,282)
Benefits paid	(69,987)		(16,818)		(86,805)		(82,268)		(15,609)		(97,877)
Effects of change in currency conversion	—		(107)		(107)		—		144		144
Benefit obligation at end of year	1,475,764		239,190		1,714,954		1,549,012		259,593		1,808,605
Change in plan assets
Fair value of plan assets at beginning of year	1,585,221		—		1,585,221		1,648,667		—		1,648,667
Actual return on plan assets	25,651		—		25,651		245,606		—		245,606
Employer contributions	9,193		16,818		26,011		9,498		15,609		25,107

Settlements	—		—		—		(236,282)		—		(236,282)
Benefits paid	(69,987)		(16,818)		(86,805)		(82,268)		(15,609)		(97,877)
Fair value of plan assets at end of year	1,550,078		—		1,550,078		1,585,221		—		1,585,221
Net amount recognized	$	74,314	$	(239,190)	$	(164,876)	$	36,209	$	(259,593)	$	(223,384)
Amount recognized in the Consolidated Balance Sheets
Noncurrent Assets	$	87,601	$	—	$	87,601	$	54,950	$	—	$	54,950
Current liabilities	—		(16,669)		(16,669)		—		(16,990)		(16,990)
Noncurrent liabilities	(13,287)		(222,521)		(235,808)		(18,741)		(242,603)		(261,344)
Net amount recognized	$	74,314	$	(239,190)	$	(164,876)	$	36,209	$	(259,593)	$	(223,384)
Amount recognized in accumulated other comprehensive loss
Actuarial loss	$	426,874	$	122,660	$	549,534	$	464,922	$	137,697	$	602,619
Prior service credit	(12,952)		587		(12,365)		(14,897)		642		(14,255)
Total	$	413,922	$	123,247	$	537,169	$	450,025	$	138,339	$	588,364

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 26, 2021		December 27, 2020
Projected benefit obligation	$	348,831	$	364,272
Accumulated benefit obligation	$	338,346	$	349,429
Fair value of plan assets	$	96,354	$	85,938

Schedule of Assumptions Used

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


	December 26, 2021		December 27, 2020
Discount rate	2.94	%	2.64	%
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 26, 2021		December 27, 2020		December 29, 2019
Discount rate for determining projected benefit obligation	2.64	%	3.30	%	4.43	%
Discount rate in effect for determining service cost	3.87	%	3.67	%	3.87	%
Discount rate in effect for determining interest cost	2.02	%	2.70	%	4.06	%
Rate of increase in compensation levels	3.00	%	3.00	%	3.00	%
Expected long-term rate of return on assets	3.74	%	4.59	%	5.68	%

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


	December 26, 2021		December 27, 2020
Discount rate	2.81	%	2.39	%
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 26, 2021		December 27, 2020		December 29, 2019
Discount rate for determining projected benefit obligation	2.39	%	3.17	%	4.35	%
Discount rate in effect for determining interest cost	1.74	%	2.78	%	3.94	%
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 as of December 26, 2021:


Asset Category	Percentage Range			Actual
Public Equity	70%	-	90%	84	%
Growth Fixed Income	0%	-	15%	0	%
Alternatives	0%	-	15%	12	%
Cash	0%	-	10%	4	%

The asset allocations by asset category for both Liability-Hedging and Return-Seeking Assets, as of December 26, 2021, were as follows:


Asset Category	Percentage Range			Actual
Liability-Hedging	85.5%	-	90.5%	87	%
Public Equity	6.7%	-	13.1%	11	%
Growth Fixed Income	0%	-	2%	0	%
Alternatives	0%	-	2%	2	%
Cash	0%	-	1%	0	%

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


	December 31, 2021
(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	$	12,739	$	—	$	—	$	—	$	12,739
International Equities	29,453		—		—		—		29,453

Registered Investment Companies	270,662		—		—		—		270,662
Common/Collective Funds(1)	—		—		—		370,042		370,042
Fixed Income Securities:
Corporate Bonds	—		710,413		—		—		710,413
U.S. Treasury and Other Government Securities	—		52,520		—		—		52,520

Municipal and Provincial Bonds	—		37,922		—		—		37,922

Other	—		36,630		—		—		36,630
Cash and Cash Equivalents	—		—		—		7,229		7,229
Private Equity	—		—		—		7,014		7,014
Hedge Fund	—		—		—		15,454		15,454
Assets at Fair Value	$	312,854	$	837,485	$	—	$	399,739	$	1,550,078

(1)The underlying assets of the common/collective funds primarily consist 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, 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(3)	238,737		—		—		—		238,737
Common/Collective Funds(1) (3)	—		—		—		471,629		471,629
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	$	329,775	$	739,284	$	—	$	516,162	$	1,585,221

(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.

(3)Certain prior year amounts have been reclassified to conform with current period presentation.

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
2022	$	71,255	$	16,881	$	88,136
2023	73,585		16,686		90,271
2024	75,700		16,445		92,145
2025	77,792		16,178		93,970
2026	79,218		15,992		95,210
2027-2031(1)	412,095		75,816		487,911

(1)While benefit payments under these plans are expected to continue beyond 2031, 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 26, 2021, 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		2021	2020		2021		2020		2019
CWA/ITU Negotiated Pension Plan	13-6212879-001	Critical and Declining as of 1/01/21	Critical and Declining as of 1/01/20	Implemented	$	364	$	384	$	415	No	(1)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund(2)	13-6122251-001	Green as of 6/01/21	Green as of 6/01/20	N/A	912		1,010		1,014		No	3/30/2025
GCIU-Employer Retirement Benefit Plan	91-6024903-001	Critical and Declining as of 1/01/21	Critical and Declining as of 1/01/20	Implemented	48		65		58		No	3/30/2026
Pressmen’s Publishers’ Pension Fund(3)	13-6121627-001	Green as of 4/01/21	Endangered as of 4/01/20	Pending	1,337		1,328		1,213		No	3/30/2026
Paper Handlers’-Publishers’ Pension Fund	13-6104795-001	Critical and Declining as of 4/01/21	Critical and Declining as of 4/01/20	Implemented	103		101		100		Yes	3/30/2026
Contributions for individually significant plans					$	2,764	$	2,888	$	2,800
Contributions for a plan not individually significant					$	33	$	24	$	—
Total Contributions					$	2,797	$	2,912	$	2,800

(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)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.

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			12/31/2020 & 12/31/2019
Newspaper and Mail Deliverers’-Publishers’ Pension Fund			5/31/2020 & 5/31/2019(1)
Pressmen’s Publisher’s Pension Fund			3/31/2021 & 3/31/2020
Paper Handlers’-Publishers’ Pension Fund			3/31/2021 & 3/31/2020

(1) Form 5500 for the plan year ended 5/31/21 was not available as of the date we filed our financial statements.