Pension Benefits (Tables)

12 Months Ended

Dec. 25, 2016

Schedule of Components of Net Periodic Pension Benefit Cost

The components of net periodic pension cost were as follows:



	December 25, 2016									December 27, 2015								December 28, 2014
(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	$	8,991		$	143		$	9,134		$	11,932		$	157	$	12,089		$	9,543		$	184	$	9,727
Interest cost	66,293			8,172			74,465			74,536			10,060		84,596			84,447			10,450		94,897
Expected return on plan assets	(111,159		)	—			(111,159		)	(115,261		)	—		(115,261		)	(113,839		)	—		(113,839		)
Amortization and other costs	28,274			4,184			32,458			36,442			5,081		41,523			26,620			4,718		31,338
Amortization of prior service (credit)/cost	(1,945		)	—			(1,945		)	(1,945		)	—		(1,945		)	(1,945		)	—		(1,945		)
Effect of settlement/curtailment	21,294			(1,599		)	19,695			40,329			—		40,329			—			9,525		9,525
Net periodic pension cost	$	11,748		$	10,900		$	22,648		$	46,033		$	15,298	$	61,331		$	4,826		$	24,877	$	29,703

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 25, 2016			December 27, 2015			December 28, 2014
Net actuarial (gain)/loss	$	(4,289	)	$	31,044		$	254,525
Amortization of loss	(32,458		)	(41,523		)	(30,665		)
Amortization of prior service cost	1,945			1,945			1,945
Effect of curtailment	—			(1,264		)	—
Effect of settlement	(21,294		)	(40,329		)	(9,525		)
Total recognized in other comprehensive (income)/loss	(56,096		)	(50,127		)	216,280
Net periodic pension cost	22,648			61,331			29,703
Total recognized in net periodic benefit cost and other comprehensive (income)/loss	$	(33,448	)	$	11,204		$	245,983

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 25, 2016									December 27, 2015
(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	$	1,851,910		$	247,087		$	2,098,997		$	2,101,573		$	267,824		$	2,369,397
Service cost	8,991			143			9,134			11,932			157			12,089
Interest cost	66,293			8,172			74,465			74,536			10,060			84,596
Plan participants’ contributions	9			—			9			20			—			20
Actuarial loss/(gain)	23,994			2,695			26,689			(129,187		)	(14,372		)	(143,559		)
Curtailments	—			(1,599		)	(1,599		)	(1,264		)	—			(1,264		)
Lump-sum settlement paid	(48,413		)	—			(48,413		)	(98,348		)	—			(98,348		)
Benefits paid	(104,132		)	(15,992		)	(120,124		)	(107,352		)	(16,231		)	(123,583		)
Effects of change in currency conversion	—			(107		)	(107		)	—			(351		)	(351		)
Benefit obligation at end of year	1,798,652			240,399			2,039,051			1,851,910			247,087			2,098,997
Change in plan assets
Fair value of plan assets at beginning of year	1,579,356			—			1,579,356			1,837,250			—			1,837,250
Actual return on plan assets	142,137			—			142,137			(59,342		)	—			(59,342		)
Employer contributions	7,803			15,992			23,795			7,128			16,231			23,359
Plan participants’ contributions	9			—			9			20			—			20
Lump-sum settlement paid	(48,413		)	—			(48,413		)	(98,348		)	—			(98,348		)
Benefits paid	(104,132		)	(15,992		)	(120,124		)	(107,352		)	(16,231		)	(123,583		)
Fair value of plan assets at end of year	1,576,760			—			1,576,760			1,579,356			—			1,579,356
Net amount recognized	$	(221,892	)	$	(240,399	)	$	(462,291	)	$	(272,554	)	$	(247,087	)	$	(519,641	)
Amount recognized in the Consolidated Balance Sheets
Current liabilities	$	—		$	(16,818	)	$	(16,818	)	$	—		$	(16,043	)	$	(16,043	)
Noncurrent liabilities	(221,892		)	(223,581		)	(445,473		)	(272,554		)	(231,044		)	(503,598		)
Net amount recognized	$	(221,892	)	$	(240,399	)	$	(462,291	)	$	(272,554	)	$	(247,087	)	$	(519,641	)
Amount recognized in accumulated other comprehensive loss
Actuarial loss	$	765,096		$	98,855		$	863,951		$	821,648		$	100,344		$	921,992
Prior service credit	(22,676		)	—			(22,676		)	(24,621		)	—			(24,621		)
Total	$	742,420		$	98,855		$	841,275		$	797,027		$	100,344		$	897,371

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

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



(In thousands)	December 25, 2016		December 27, 2015
Projected benefit obligation	$	2,039,051	$	2,098,997
Accumulated benefit obligation	$	2,034,636	$	2,092,600
Fair value of plan assets	$	1,576,760	$	1,579,356

Schedule of Assumptions Used

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



	December 25, 2016		December 27, 2015
Discount rate	4.31	%	4.60	%
Rate of increase in compensation levels	2.95	%	2.96	%

The rate of increase in compensation levels is applicable only for qualified pension plans that have not been frozen.

Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows:



	December 25, 2016		December 27, 2015		December 28, 2014
Discount rate for determining projected benefit obligation	4.60	%	4.05	%	4.90	%
Discount rate in effect for determining service cost	5.78	%	4.05	%	4.90	%
Discount rate in effect for determining interest cost	3.68	%	4.05	%	4.90	%
Rate of increase in compensation levels	2.91	%	2.89	%	2.87	%
Expected long-term rate of return on assets	7.01	%	7.01	%	7.02	%

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



	December 25, 2016		December 27, 2015
Discount rate	4.17	%	4.40	%
Rate of increase in compensation levels	2.50	%	2.50	%

The rate of increase in compensation levels is applicable only for the non-qualified pension plans that have 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 25, 2016		December 27, 2015		December 28, 2014
Discount rate for determining projected benefit obligation	4.40	%	3.90	%	4.60	%
Discount rate in effect for determining interest cost	3.44	%	3.90	%	4.60	%
Rate of increase in compensation levels	2.50	%	2.50	%	2.50	%

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
2017	$	104,974	$	17,136	$	122,110
2018	105,560		17,121		122,681
2019	106,665		16,998		123,663
2020	107,636		16,738		124,374
2021	108,888		16,599		125,487
2022-2026⁽¹⁾	561,671		79,433		641,104


(1)	While benefit payments under these plans are expected to continue beyond 2026, 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 25, 2016, 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. 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 financial 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	EIN/Pension Plan Number	2016	2015	FIP/RP Status Pending/Implemented	2016		2015		2014		Surcharge Imposed	Collective Bargaining Agreement Expiration Date
CWA/ITU Negotiated Pension Plan	13-6212879-001	Critical and Declining as of 1/01/16	Critical as of 1/01/15	Implemented	$	486	$	543	$	611	No	⁽¹⁾
Newspaper and Mail Deliverers’-Publishers’ Pension Fund	13-6122251-001	Green as of 6/01/16	Green as of 6/01/15	N/A	1,040		1,038		1,102		No	3/30/2020⁽²⁾
GCIU-Employer Retirement Benefit Plan	91-6024903-001	Critical and Declining as of 1/01/16	Critical and Declining as of 1/01/15	Implemented	43		57		58		Yes	3/30/2021⁽³⁾
Pressmen’s Publishers’ Pension Fund	13-6121627-001	Green as of 4/01/16	Green as of 4/01/15	N/A	1,001		1,033		1,097		No	3/30/2021⁽⁴⁾
Paper-Handlers’-Publishers’ Pension Fund	13-6104795-001	Critical and Declining as of 4/01/16	Critical and Declining as of 4/01/15	Pending	100		97		103		Yes	3/30/2021⁽⁵⁾
Contributions for individually significant plans					$	2,670	$	2,768	$	2,971
Total Contributions					$	2,670	$	2,768	$	2,971


(1)	There are two collective bargaining agreements requiring contributions to this plan, Mailers expire March 30, 2019 and Typographers expired March 30, 2016.


(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. With the sale of the New England Media Group only one collective bargaining agreement remains for the Stereotypers, which expires March 30, 2021. 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	12/31/2015 & 12/31/2014⁽¹⁾
Newspaper and Mail Deliverers’-Publishers’ Pension Fund	5/31/2015 & 5/31/2014⁽¹⁾
Pressmen’s Publisher’s Pension Fund	3/31/2016 & 3/31/2015
Paper-Handlers’-Publishers’ Pension Fund	3/31/2016 & 3/31/2015

(1) Forms 5500 for the plans’ year ended of 12/31/16 and 5/31/16 were not available as of the date we filed our financial statements.

Company Sponsored Pension Plan [Member]

Pension Benefits

Schedule of Allocation of Plan Assets

The following asset allocation guidelines apply to the Return-Seeking Assets:



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

The asset allocations of our Company-sponsored pension plans by asset category for both Long Duration and Return-Seeking Assets, as of December 25, 2016, were as follows:



Asset Category	Percentage
Public Equity	45	%
Fixed Income	51	%
Alternatives	3	%
Cash	1	%

New York Times Newspaper Guild Pension Plan [Member]

Pension Benefits

Schedule of Allocation of Plan Assets

The fair value of the assets underlying our Company-sponsored qualified pension plans and The Newspaper Guild of New York - The New York Times Pension Fund by asset category are as follows:



	Fair Value Measurement at December 25, 2016
(In thousands)	Quoted Prices Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs		Investment Measured at Net Asset Value ⁽⁴⁾
Asset Category⁽¹⁾	(Level 1)		(Level 2)		(Level 3)				Total
Equity Securities:
U.S. Equities	$	61,327	$	—	$	—	$	—	$	61,327
International Equities	48,494		—		—		—		48,494
Mutual Funds	49,869		—		—		—		49,869
Registered Investment Companies	30,870		—		—		—		30,870
Common/Collective Funds⁽²⁾	—		—		—		701,577		701,577
Fixed Income Securities:
Corporate Bonds	—		376,289		—		—		376,289
U.S. Treasury and Other Government Securities	—		128,179		—		—		128,179
Group Annuity Contract	—		—		—		54,872		54,872
Municipal and Provincial Bonds	—		33,115		—		—		33,115
Government Sponsored Enterprises⁽³⁾	—		7,227		—		—		7,227
Other	—		4,486		—		—		4,486
Cash and Cash Equivalents	—		—		—		22,829		22,829
Private Equity	—		—		—		24,931		24,931
Hedge Fund	—		—		—		31,939		31,939
Assets at Fair Value	190,560		549,296		—		836,148		1,576,004
Other Assets									756
Total	$	190,560	$	549,296	$	—	$	836,148	$	1,576,760


(1)	Includes the assets of The Guild-Times Adjustable Pension Plan and the Retirement Annuity Plan which are not part of the Master Trust.


(2)	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 net asset value (“NAV”) of the underlying funds.


(3)	Represents investments that are not backed by the full faith and credit of the United States government.


(4)	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 27, 2015
(In thousands)	Quoted Prices Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs		Investment Measured at Net Asset Value ⁽⁴⁾
Asset Category⁽¹⁾	(Level 1)		(Level 2)		(Level 3)				Total
Equity Securities:
U.S. Equities	$	47,136	$	—	$	—	$	—	$	47,136
International Equities	48,834		—		—		—		48,834
Mutual Funds	52,861		—		—		—		52,861
Registered Investment Companies	20,971		—		—		—		20,971
Common/Collective Funds⁽²⁾	—		—		—		687,980		687,980
Fixed Income Securities:
Corporate Bonds	—		417,554		—		—		417,554
U.S. Treasury and Other Government Securities	—		119,098		—		—		119,098
Group Annuity Contract	—		—		—		56,275		56,275
Municipal and Provincial Bonds	—		36,912		—		—		36,912
Government Sponsored Enterprises⁽³⁾	—		6,250		—		—		6,250
Other	—		11,511		—		—		11,511
Cash and Cash Equivalents	—		—		—		12,255		12,255
Private Equity	—		—		—		29,707		29,707
Hedge Fund	—		—		—		31,243		31,243
Assets at Fair Value	169,802		591,325		—		817,460		1,578,587
Other Assets									769
Total	$	169,802	$	591,325	$	—	$	817,460	$	1,579,356


(1)	Includes the assets of The Guild-Times Adjustable Pension Plan and the Retirement Annuity Plan which are not part of the Master Trust.


(2)	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 net asset value (“NAV”) of the underlying funds.


(3)	Represents investments that are not backed by the full faith and credit of the United States government.


(4)	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.