PENSION AND OTHER POSTRETIREMENT BENEFITS

Pension

Single-Employer Plans

We sponsor several single-employer defined benefit pension plans, the majority of which have been frozen. We also participate in two joint Company and Guild-sponsored defined benefit pension plans covering employees who are members of The NewsGuild of New York, including The Newspaper Guild of New York - The New York Times Pension Fund, which was frozen in 2012 and replaced by a successor plan, The Guild-Times Adjustable Pension Plan.

The components of net periodic pension cost were as follows:



	For the Quarters Ended
	September 25, 2016								September 27, 2015
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	2,248		$	—	$	2,248		$	2,989		$	—	$	2,989
Interest cost	16,573			2,034		18,607			18,514			2,502		21,016
Expected return on plan assets	(27,790		)	—		(27,790		)	(28,832		)	—		(28,832		)
Amortization of actuarial loss	7,069			1,054		8,123			9,478			1,271		10,749
Amortization of prior service credit	(487		)	—		(487		)	(487		)	—		(487		)
Net periodic pension (income)/cost	$	(2,387	)	$	3,088	$	701		$	1,662		$	3,773	$	5,435



	For the Nine Months Ended
	September 25, 2016								September 27, 2015
(In thousands)	Qualified Plans			Non- Qualified Plans		All Plans			Qualified Plans			Non- Qualified Plans		All Plans
Service cost	$	6,743		$	—	$	6,743		$	8,964		$	—	$	8,964
Interest cost	49,720			6,102		55,822			55,966			7,506		63,472
Expected return on plan assets	(83,369		)	—		(83,369		)	(86,439		)	—		(86,439		)
Amortization of actuarial loss	21,206			3,160		24,366			28,354			3,811		32,165
Amortization of prior service credit	(1,459		)	—		(1,459		)	(1,459		)	—		(1,459		)
Effect of settlement	—			—		—			40,329			—		40,329
Net periodic pension (income)/cost	$	(7,159	)	$	9,262	$	2,103		$	45,715		$	11,317	$	57,032

During the first nine months of 2016 and 2015, we made pension contributions of $6.0 million and $5.3 million, respectively, to certain qualified pension plans. We expect to make total contributions of $7.8 million in 2016 to satisfy funding requirements.

In the first quarter of 2016, we changed the methodology used to calculate the service and interest components of net periodic benefit cost for retirement plans to provide a more precise measurement of service and interest costs. Historically, we calculated these service and interest components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. Beginning in the first quarter of 2016, we elected to utilize an approach that discounts the individual expected cash flows using the applicable spot rates derived from the yield curve over the projected cash flow period. We have accounted for this change as a change in accounting estimate that is inseparable from a change in accounting principle and accordingly have accounted for it prospectively.

As part of our strategy to reduce the pension obligations and the resulting volatility of our overall financial condition, we have offered lump-sum payments to certain former employees participating in both our qualified and non-qualified pension plans. In the third quarter of 2016, the Company extended a voluntary offer to certain former employees who participated in certain qualified pension plans to receive immediate lump-sum payments. The election period for this voluntary offer closes on November 14, 2016.

In the first quarter of 2015, we recorded a pension settlement charge of $40.3 million in connection with a lump-sum payment offer made to certain former employees who participated in certain qualified pension plans. These lump-sum payments totaled $98.3 million and were made with cash from the qualified pension plans, not with Company cash. The effect of this lump-sum payment offer was to reduce our pension obligations by $142.8 million.

Multiemployer Plans

During the third quarter of 2016, we received $5.0 million in connection with an ongoing arbitration matter related to a multiemployer pension plan. In the second quarter of 2016, we recorded a charge of $11.7 million related to partial withdrawal obligation under a multiemployer pension plan in connection with the same arbitration matter. See Note 14 for additional information with respect to the arbitration matter.

In the first quarter of 2015, the Company recorded a $4.7 million charge for a partial withdrawal obligation under another multiemployer pension plan.