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Pension Benefits (Tables)

12 Months Ended

Dec. 31, 2023

The asset allocations by asset category as of December 31, 2023, were as follows:


Asset Category	Percentage Range			Actual
Hedging Assets	75%	-	90%	79	%
Return-Seeking Assets	10%	-	25%	19	%
Cash and Equivalents	0%	-	5%	2	%

Pension Plan

Pension Benefits

Schedule of Components of Net Periodic Benefit Cost

The components of net periodic pension cost were as follows:


	December 31, 2023						December 31, 2022						December 26, 2021
(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	$	5,669	$	73	$	5,742	$	11,526	$	105	$	11,631	$	9,105	$	95	$	9,200
Interest cost	56,793		9,218		66,011		35,350		5,142		40,492		30,517		4,352		34,869
Expected return on plan assets	(76,489)		—		(76,489)		(55,229)		—		(55,229)		(50,711)		—		(50,711)
Amortization and other costs	2,654		3,538		6,192		13,065		6,572		19,637		20,225		7,275		27,500
Amortization of prior service (credit)/cost	(1,945)		50		(1,895)		(1,945)		48		(1,897)		(1,945)		55		(1,890)
Effect of settlement/curtailment	—		—		—		—		—		—		—		(163)		(163)
Net periodic pension (credit)/cost	$	(13,318)	$	12,879	$	(439)	$	2,767	$	11,867	$	14,634	$	7,191	$	11,614	$	18,805

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income

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


(In thousands)	December 31, 2023		December 31, 2022		December 26, 2021
Net actuarial loss/(gain)	$	19,100	$	(22,500)	$	(25,585)

Amortization of loss	(6,192)		(19,637)		(27,500)
Amortization of prior service credit	1,895		1,897		1,890


Total recognized in other comprehensive income	14,803		(40,240)		(51,195)
Net periodic pension (credit)/cost	(439)		14,634		18,805
Total recognized in net periodic pension benefit cost and other comprehensive income	$	14,364	$	(25,606)	$	(32,390)

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 31, 2023						December 31, 2022
(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	$	1,076,412	$	179,608	$	1,256,020	$	1,475,764	$	239,190	$	1,714,954
Service cost	5,669		73		5,742		11,526		105		11,631
Interest cost	56,793		9,218		66,011		35,350		5,142		40,492


Actuarial loss/(gain)	39,116		8,089		47,205		(374,109)		(46,835)		(420,944)


Benefits paid	(109,501)		(16,463)		(125,964)		(72,119)		(17,917)		(90,036)
Effects of change in currency conversion	—		31		31		—		(77)		(77)
Benefit obligation at end of year	1,068,489		180,556		1,249,045		1,076,412		179,608		1,256,020
Change in plan assets
Fair value of plan assets at beginning of year	1,145,933		—		1,145,933		1,550,078		—		1,550,078
Actual return on plan assets	104,595		—		104,595		(343,215)		—		(343,215)
Employer contributions	10,478		16,463		26,941		11,189		17,917		29,106


Benefits paid	(109,501)		(16,463)		(125,964)		(72,119)		(17,917)		(90,036)
Fair value of plan assets at end of year	1,151,505		—		1,151,505		1,145,933		—		1,145,933
Net amount recognized	$	83,016	$	(180,556)	$	(97,540)	$	69,521	$	(179,608)	$	(110,087)
Amount recognized in the Consolidated Balance Sheets
Pension assets	$	83,016	$	—	$	83,016	$	69,521	$	—	$	69,521
Current liabilities	—		(16,672)		(16,672)		—		(16,361)		(16,361)
Noncurrent liabilities	—		(163,884)		(163,884)		—		(163,247)		(163,247)
Net amount recognized	$	83,016	$	(180,556)	$	(97,540)	$	69,521	$	(179,608)	$	(110,087)
Amount recognized in accumulated other comprehensive loss
Actuarial loss	$	446,500	$	73,804	$	520,304	$	438,145	$	69,252	$	507,397
Prior service credit	(9,062)		489		(8,573)		(11,007)		539		(10,468)
Total	$	437,438	$	74,293	$	511,731	$	427,138	$	69,791	$	496,929

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 31, 2023		December 31, 2022
Projected benefit obligation	$	180,556	$	179,608
Accumulated benefit obligation	$	180,269	$	179,370
Fair value of plan assets	$	—	$	—

Schedule of Assumptions Used

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


	December 31, 2023		December 31, 2022
Discount rate	5.25	%	5.66	%
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 31, 2023		December 31, 2022		December 26, 2021
Discount rate for determining projected benefit obligation	5.66	%	2.94	%	2.64	%
Discount rate in effect for determining service cost	5.59	%	3.14	%	3.87	%
Discount rate in effect for determining interest cost	5.46	%	2.45	%	2.02	%
Rate of increase in compensation levels	3.00	%	3.00	%	3.00	%
Expected long-term rate of return on assets	5.61	%	3.75	%	3.74	%

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


	December 31, 2023		December 31, 2022
Discount rate	5.21	%	5.64	%
Rate of increase in compensation levels	3.00	%	3.00	%

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 31, 2023		December 31, 2022		December 26, 2021
Discount rate for determining projected benefit obligation	5.64	%	2.81	%	2.39	%
Discount rate in effect for determining interest cost	5.39	%	2.24	%	1.74	%
Rate of increase in compensation levels	3.00	%	2.50	%	2.50	%

Schedule of Allocation of Plan Assets

The following asset allocation guidelines apply to the Return-Seeking Assets as of December 31, 2023:


Asset Category	Percentage Range			Actual
Public Equity	70%	-	90%	72	%
Growth Fixed Income	0%	-	15%	0	%
Alternatives	0%	-	15%	15	%
Cash(1)	0%	-	10%	13	%
(1) Cash balances exceeded targets as of December 31, 2023 due to immediate cash needs.

The asset allocations by asset category for both Liability-Hedging and Return-Seeking Assets, as of December 31, 2023, were as follows:


Asset Category	Percentage Range			Actual
Liability-Hedging	85.5%	-	90.5%	87	%
Public Equity	6.7%	-	13.1%	9	%
Growth Fixed Income	0%	-	2%	0	%
Alternatives	0%	-	2%	2	%
Cash(1)	0%	-	1%	2	%
(1) Cash balances exceeded targets as of December 31, 2023 due to immediate cash needs.

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


	December 31, 2023
(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	$	395	$	—	$	—	$	—	$	395
International Equities	15,776		—		—		—		15,776

Registered Investment Companies	174,024		—		—		—		174,024
Common/Collective Funds(1)	—		—		—		285,387		285,387
Fixed Income Securities:
Corporate Bonds	—		537,032		—		—		537,032
U.S. Treasury and Other Government Securities	—		48,993		—		—		48,993

Municipal and Provincial Bonds	—		27,702		—		—		27,702

Other	—		14,711		—		—		14,711
Cash and Cash Equivalents	—		—		—		27,516		27,516
Private Equity	—		—		—		4,305		4,305
Hedge Fund	—		—		—		15,664		15,664
Assets at Fair Value	$	190,195	$	628,438	$	—	$	332,872	$	1,151,505

(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.


	December 31, 2022
(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	$	10,548	$	—	$	—	$	—	$	10,548
International Equities	23,448		—		—		—		23,448

Registered Investment Companies(3)	171,310		—		—		—		171,310
Common/Collective Funds(1)	—		—		—		288,489		288,489
Fixed Income Securities:
Corporate Bonds	—		531,033		—		—		531,033
U.S. Treasury and Other Government Securities	—		46,279		—		—		46,279

Municipal and Provincial Bonds	—		27,851		—		—		27,851

Other	—		12,781		—		—		12,781
Cash and Cash Equivalents	—		—		—		15,064		15,064
Private Equity	—		—		—		4,766		4,766
Hedge Fund	—		—		—		14,364		14,364
Assets at Fair Value	$	205,306	$	617,944	$	—	$	322,683	$	1,145,933

(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
2024	$	75,066	$	17,062	$	92,128
2025	76,551		16,468		93,019
2026	77,850		16,232		94,082
2027	78,841		16,063		94,904
2028	79,553		15,915		95,468
2029-2033(1)	399,518		71,887		471,405

(1)While benefit payments under these plans are expected to continue beyond 2033, 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 31, 2023, 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.

The Company withdrew from the Pressmen’s Publishers’ Pension Fund and the Paper Handlers’ - Publishers’ Pension Fund during fiscal year 2023.


	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		2023	2022		2023(4)		2022		2021
CWA/ITU Negotiated Pension Plan	13-6212879-001	Critical and Declining as of 1/01/23	Critical and Declining as of 1/01/22	Implemented	$	263	$	328	$	364	No	(1)
Newspaper and Mail Deliverers’-Publishers’ Pension Fund(2)	13-6122251-001	Green as of 6/01/23	Green as of 6/01/22	N/A	703		804		912		No	3/30/2026
GCIU-Employer Retirement Benefit Plan	91-6024903-001	Critical and Declining as of 1/01/23	Critical and Declining as of 1/01/22	Implemented	54		56		48		No	3/30/2026
Pressmen’s Publishers’ Pension Fund	13-6121627-001	N/A(3)	Green as of 4/01/22	N/A	41		1,447		1,337		No	3/30/2027
Paper Handlers’-Publishers’ Pension Fund	13-6104795-001	Critical and Declining as of 4/01/23	Critical and Declining as of 4/01/22	Implemented	95		96		103		Yes	3/30/2026
Contributions for individually significant plans					$	1,156	$	2,731	$	2,764
Contributions for a plan not individually significant					$	29	$	36	$	33
Total Contributions					$	1,185	$	2,767	$	2,797

(1)There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expired November 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 (IRC Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRC Section 431(b)(8)(B)).

(3)The plan terminated by mass withdrawal prior to the start of the 2023 plan year.

(4)The Company withdrew from the Pressmen’s Publishers’ Pension Fund and the Paper Handlers’ - Publishers’ Pension Fund during calendar year 2023.

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% of Total Contributions (as of Plan’s Year-End)
CWA/ITU Negotiated Pension Plan			12/31/2021
Newspaper and Mail Deliverers’-Publishers’ Pension Fund			5/31/2022 & 5/31/2021(1)
Pressmen’s Publisher’s Pension Fund			3/31/2023 & 3/31/2022
Paper Handlers’-Publishers’ Pension Fund			3/31/2023 & 3/31/2022

(1) Form 5500 for the plan year ended 5/31/2023 was not available as of the date we filed our financial statements.