Document Entity Information
Document Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 27, 2015 | Feb. 17, 2016 | Jun. 26, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | NEW YORK TIMES CO | ||
Entity Central Index Key | 71,691 | ||
Current Fiscal Year End Date | --12-27 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 27, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NYT | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 2.3 | ||
Class A Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 159,393,875 | ||
Class B Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 816,635 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 27, 2015 | Dec. 28, 2014 |
Current assets | ||
Cash and cash equivalents | $ 105,776 | $ 176,607 |
Short-term marketable securities | 507,639 | 636,743 |
Accounts receivable (net of allowances of $13,485 in 2015 and $12,860 in 2014) | 207,180 | 212,690 |
Deferred income taxes | 0 | 63,640 |
Prepaid expenses | 19,430 | 25,635 |
Other current assets | 22,507 | 32,780 |
Total current assets | 862,532 | 1,148,095 |
Long-term marketable securities | 291,136 | 167,820 |
Investments in joint ventures | 22,815 | 22,069 |
Property, plant and equipment: | ||
Equipment | 522,197 | 542,265 |
Buildings, building equipment and improvements | 642,118 | 652,220 |
Software | 203,879 | 208,241 |
Land | 105,710 | 105,710 |
Assets in progress | 15,509 | 10,685 |
Total, at cost | 1,489,413 | 1,519,121 |
Less: accumulated depreciation and amortization | (856,974) | (853,363) |
Property, plant and equipment, net | 632,439 | 665,758 |
Goodwill | 109,085 | 116,422 |
Deferred income taxes | 309,142 | 252,587 |
Miscellaneous assets | 190,541 | 193,723 |
Total assets | 2,417,690 | 2,566,474 |
Current liabilities | ||
Accounts payable | 96,082 | 94,401 |
Accrued payroll and other related liabilities | 98,256 | 91,755 |
Unexpired subscriptions | 60,184 | 58,736 |
Current portion of long-term debt and capital lease obligations | 188,377 | 223,662 |
Accrued expenses | 98,780 | 124,740 |
Accrued income taxes | 21,906 | 7,214 |
Total current liabilities | 563,585 | 600,508 |
Other liabilities | ||
Long-term debt and capital lease obligations | 242,851 | 426,458 |
Pension benefits obligation | 627,697 | 631,756 |
Postretirement benefits obligation | 62,879 | 71,628 |
Other | 92,223 | 107,775 |
Total other liabilities | 1,025,650 | 1,237,617 |
Common stock of $.10 par value: | ||
Additional paid-in capital | 146,348 | 39,217 |
Retained earnings | 1,328,744 | 1,291,907 |
Common stock held in treasury, at cost | (156,155) | (86,253) |
Accumulated other comprehensive loss, net of income taxes: | ||
Foreign currency translation adjustments | 17 | 5,705 |
Funded status of benefit plans | (509,111) | (539,500) |
Total accumulated other comprehensive loss, net of income taxes | (509,094) | (533,795) |
Total New York Times Company stockholders’ equity | 826,751 | 726,328 |
Noncontrolling interest | 1,704 | 2,021 |
Total stockholders’ equity | 828,455 | 728,349 |
Total liabilities and stockholders’ equity | 2,417,690 | 2,566,474 |
Class A Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | 16,826 | 15,170 |
Class B Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | $ 82 | $ 82 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 27, 2015 | Dec. 28, 2014 |
Accounts receivable, allowances | $ 13,485 | $ 12,860 |
Common stock, par value (USD per share) | $ 0.1 | $ 0.1 |
Class A Common Stock | ||
Authorized shares (in shares) | 300,000,000 | 300,000,000 |
Issued shares (in shares) | 168,263,533 | 151,701,136 |
Treasury shares (in shares) | 7,691,129 | 2,180,442 |
Class B Common Stock | ||
Authorized shares (in shares) | 816,635 | 816,635 |
Issued shares (in shares) | 816,635 | 816,635 |
Treasury shares (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | ||||
Revenues | ||||||
Circulation | $ 845,504 | $ 836,822 | $ 824,277 | |||
Advertising | 638,709 | 662,315 | 666,687 | |||
Other | 95,002 | 89,391 | 86,266 | |||
Total revenues | 1,579,215 | 1,588,528 | 1,577,230 | |||
Production costs: | ||||||
Raw materials | 77,176 | 88,958 | 92,886 | |||
Wages and benefits | 354,516 | 357,573 | 332,085 | |||
Other | 186,120 | 197,464 | 201,942 | |||
Total production costs | 617,812 | 643,995 | 626,913 | |||
Selling, general and administrative costs | 713,837 | 761,055 | 706,354 | |||
Depreciation and amortization | 61,597 | 79,455 | 78,477 | |||
Total operating costs | 1,393,246 | 1,484,505 | 1,411,744 | |||
Early termination charge | 0 | 2,550 | 0 | |||
Pension settlement charge | 40,329 | [1] | 9,525 | [2] | 3,228 | |
Multiemployer pension plan withdrawal expense | 9,055 | [3] | 0 | 6,171 | [3] | |
Operating profit | 136,585 | 91,948 | 156,087 | |||
Loss from joint ventures | (783) | (8,368) | (3,215) | |||
Interest expense, net | 39,050 | 53,730 | 58,073 | |||
Income from continuing operations before income taxes | 96,752 | 29,850 | 94,799 | |||
Income tax expense/(benefit) | 33,910 | (3,541) | 37,892 | |||
Income from continuing operations | 62,842 | 33,391 | 56,907 | |||
Discontinued operations: | ||||||
Loss from discontinued operations, net of income taxes | 0 | 0 | (20,413) | |||
(Loss)/gain on sale, net of income taxes | 0 | (1,086) | 28,362 | |||
(Loss)/income from discontinued operations, net of income taxes | 0 | (1,086) | 7,949 | |||
Net income | 62,842 | 32,305 | 64,856 | |||
Net loss attributable to the noncontrolling interest | 404 | 1,002 | 249 | |||
Net income attributable to The New York Times Company common stockholders | 63,246 | 33,307 | 65,105 | |||
Amounts attributable to The New York Times Company common stockholders: | ||||||
Income from continuing operations | 63,246 | 34,393 | 57,156 | |||
(Loss)/income from discontinued operations, net of income taxes | $ 0 | $ (1,086) | $ 7,949 | |||
Average number of common shares outstanding: | ||||||
Basic (in shares) | 164,390 | 150,673 | 149,755 | |||
Diluted (in shares) | 166,423 | 161,323 | 157,774 | |||
Basic earnings per share attributable to The New York Times Company common stockholders: | ||||||
Income from continuing operations (USD per share) | $ 0.38 | $ 0.23 | $ 0.38 | |||
(Loss)/income from discontinued operations, net of income taxes (USD per share) | 0 | (0.01) | 0.05 | |||
Net income (USD per share) | 0.38 | 0.22 | 0.43 | |||
Diluted earnings per share attributable to The New York Times Company common stockholders: | ||||||
Income from continuing operations (USD per share) | 0.38 | 0.21 | 0.36 | |||
(Loss)/income from discontinued operations, net of income taxes | 0 | (0.01) | 0.05 | |||
Net income (USD per share) | 0.38 | 0.20 | 0.41 | |||
Dividends declared per share (USD per share) | $ 0.16 | $ 0.16 | $ 0.08 | |||
[1] | We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. | |||||
[2] | We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. | |||||
[3] | We recorded an estimated charge related to partial withdrawal obligations under multiemployer pension plans. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 62,842 | $ 32,305 | $ 64,856 |
Other comprehensive income/(loss), before tax: | |||
Foreign currency translation adjustments-(loss)/gain | (8,803) | (11,006) | 2,613 |
Unrealized gain on available-for-sale security | 0 | 0 | 729 |
Pension and postretirement benefits obligation | 50,579 | (206,889) | 180,340 |
Other comprehensive income/(loss), before tax | 41,776 | (217,895) | 183,682 |
Income tax (expense)/ benefit | (16,988) | 86,110 | (73,165) |
Other comprehensive income/(loss), net of tax | 24,788 | (131,785) | 110,517 |
Comprehensive income/(loss) | 87,630 | (99,480) | 175,373 |
Comprehensive income/(loss) attributable to the noncontrolling interest | 317 | 1,603 | (313) |
Comprehensive income/(loss) attributable to The New York Times Company common stockholders | $ 87,947 | $ (97,877) | $ 175,060 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Total New York Times Company Stockholders' Equity [Member] | Capital Stock Class A and Class B Common [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Common Stock Held in Treasury, at Cost [Member] | Accumulated Other Comprehensive Loss, Net of Income Taxes [Member] | Noncontrolling Interest [Member] |
Stockholders' equity, beginning balance at Dec. 30, 2012 | $ 665,636 | $ 662,325 | $ 15,109 | $ 25,610 | $ 1,230,450 | $ (96,278) | $ (512,566) | $ 3,311 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income/(loss) | 64,856 | 65,105 | 65,105 | (249) | ||||
Dividends | (12,037) | (12,037) | (12,037) | |||||
Other comprehensive income/(loss) | 110,517 | 109,955 | 109,955 | 562 | ||||
Issuance of shares | ||||||||
Stock options - Class A shares | 5,086 | 5,086 | 92 | 4,994 | ||||
Stock conversions Class B shares to Class A shares | 0 | |||||||
Restricted stock units vested - Class A shares | (746) | (746) | 10 | (756) | ||||
401(k) Company stock match - Class A shares | 3,454 | 3,454 | (6,571) | 10,025 | ||||
Stock-based compensation | 6,813 | 6,813 | 6,813 | |||||
Income tax benefit related to share-based payments | 2,955 | 2,955 | 2,955 | |||||
Stockholders' equity, ending balance at Dec. 29, 2013 | 846,534 | 842,910 | 15,211 | 33,045 | 1,283,518 | (86,253) | (402,611) | 3,624 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income/(loss) | 32,305 | 33,307 | 33,307 | (1,002) | ||||
Dividends | (24,918) | (24,918) | (24,918) | |||||
Other comprehensive income/(loss) | (131,785) | (131,184) | (131,184) | (601) | ||||
Issuance of shares | ||||||||
Stock options - Class A shares | 1,119 | 1,119 | 17 | 1,102 | ||||
Stock conversions Class B shares to Class A shares | 0 | |||||||
Restricted stock units vested - Class A shares | (2,331) | (2,331) | 24 | (2,355) | ||||
Stock-based compensation | 9,480 | 9,480 | 9,480 | |||||
Income tax shortfall related to share-based payments | (2,055) | (2,055) | (2,055) | |||||
Stockholders' equity, ending balance at Dec. 28, 2014 | 728,349 | 726,328 | 15,252 | 39,217 | 1,291,907 | (86,253) | (533,795) | 2,021 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income/(loss) | 62,842 | 63,246 | 63,246 | (404) | ||||
Dividends | (26,409) | (26,409) | (26,409) | |||||
Other comprehensive income/(loss) | 24,788 | 24,701 | 24,701 | 87 | ||||
Issuance of shares | ||||||||
Stock options - Class A shares | 1,943 | 1,943 | 34 | 1,909 | ||||
Restricted stock units vested - Class A shares | (2,184) | (2,184) | 23 | (2,207) | ||||
Performance-based awards - Class A shares | (1,565) | (1,565) | 9 | (1,574) | ||||
Warrants - Class A shares | 101,083 | 101,083 | 1,590 | 99,474 | 19 | |||
Share repurchases | (69,921) | (69,921) | (69,921) | |||||
Stock-based compensation | 10,431 | 10,431 | 10,431 | |||||
Income tax shortfall related to share-based payments | (902) | (902) | (902) | |||||
Stockholders' equity, ending balance at Dec. 27, 2015 | $ 828,455 | $ 826,751 | $ 16,908 | $ 146,348 | $ 1,328,744 | $ (156,155) | $ (509,094) | $ 1,704 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Stock options, shares | 341,362 | 169,286 | 914,272 |
Stock conversions, shares | 0 | 1,426 | 324 |
Restricted stock unit vested, shares | 233,901 | 241,607 | 104,054 |
401(k) - Company stock match, shares | 0 | 0 | 303,066 |
Performance-based awards, shares | 87,134 | ||
Warrants, shares | 15,900,000 | ||
Shares repurchased, shares | 5,511,233 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Cash flows from operating activities | |||
Net income | $ 62,842 | $ 32,305 | $ 64,856 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Impairment of assets | 0 | 0 | 34,300 |
Multiemployer pension plan withdrawal expense | 9,055 | 0 | 14,168 |
Gain on insurance settlement | 0 | (1,859) | 0 |
Pension settlement charge | 40,329 | 9,525 | 3,228 |
Early termination charge | 0 | 2,550 | 0 |
Loss/(gain) on sales of New England Media Group & About Group | 0 | 0 | (47,561) |
Depreciation and amortization | 61,597 | 79,455 | 85,477 |
Stock-based compensation expense | 10,588 | 8,880 | 8,741 |
Undistributed loss of joint ventures | 783 | 10,980 | 3,619 |
Deferred income taxes | (10,102) | (10,621) | 44,102 |
Long-term retirement benefit obligations | (15,404) | (37,334) | (112,133) |
Uncertain tax positions | 1,627 | 17,310 | 1,387 |
Other – net | 7,745 | 12,141 | 11,541 |
Changes in operating assets and liabilities: | |||
Accounts receivable – net | 5,510 | (10,166) | 3,148 |
Other current assets | 22,141 | 507 | 1,851 |
Accounts payable and other liabilities | (22,833) | (33,911) | (83,072) |
Unexpired subscriptions | 1,448 | 729 | 1,203 |
Net cash provided by operating activities | 175,326 | 80,491 | 34,855 |
Cash flows from investing activities | |||
Purchases of marketable securities | (818,865) | (777,945) | (860,848) |
Maturities of marketable securities | 818,262 | 506,711 | 447,350 |
Repayment of borrowings against cash surrender value of corporate-owned life insurance | 0 | (26,005) | 0 |
Proceeds from sale of business | 0 | 0 | 68,585 |
Proceeds from investments – net of purchases | (5,068) | 7,331 | 12,004 |
Capital expenditures | (26,965) | (35,350) | (16,942) |
Proceeds from insurance settlement | 0 | 1,638 | 0 |
Change in restricted cash | 1,521 | (1,401) | (3,806) |
Other-net | 412 | 304 | 0 |
Net cash (used in)/provided by investing activities | (30,703) | (324,717) | (353,657) |
Cash flows from financing activities | |||
Repayment of debt and capital lease obligations | (223,648) | (38,857) | (19,959) |
Dividends paid | (26,599) | (24,858) | (6,040) |
Stock issuances | 103,026 | 1,120 | 5,086 |
Repurchases | (69,293) | 0 | 0 |
Windfall tax benefit related to share-based payments | 2,303 | 1,209 | 1,654 |
Net cash used in financing activities | (214,211) | (61,386) | (19,259) |
Net (decrease)/increase in cash and cash equivalents | (69,588) | (305,612) | (338,061) |
Effect of exchange rate changes on cash and cash equivalents | (1,243) | (526) | 316 |
Cash and cash equivalents at the beginning of the year | 176,607 | 482,745 | 820,490 |
Cash and cash equivalents at the end of the year | 105,776 | 176,607 | 482,745 |
Cash payments | |||
Interest, net of capitalized interest | 41,449 | 54,252 | 54,821 |
Income tax payment/(refunds) – net | $ 21,078 | 21,325 | 42,792 |
Noncash Investing Activities | |||
Amount received from escrow | $ 7,000 | $ 7,000 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 27, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Nature of Operations The New York Times Company is a global media organization that includes newspapers, print and digital products and investments (see Note 5). The New York Times Company and its consolidated subsidiaries are referred to collectively as the “Company,” “we,” “our” and “us.” Our major sources of revenue are circulation and advertising. Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of our Company and our wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions. The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ from these estimates. Fiscal Year Our fiscal year end is the last Sunday in December. Fiscal years 2015 , 2014 and 2013 each comprised 52 weeks and ended on December 27, 2015 , December 28, 2014 , and December 29, 2013 , respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 27, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and Cash Equivalents We consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Marketable Securities We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term. We have the intent and ability to hold our marketable debt securities until maturity; therefore, they are accounted for as held-to-maturity and stated at amortized cost. Concentration of Risk Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and investments. Cash and cash equivalents are placed with major financial institutions. As of December 27, 2015 , we had cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these financial institutions as part of our ongoing investment strategy. Our investment portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash and investments are primarily managed by third-party investment managers who are required to adhere to investment policies approved by our Board of Directors designed to mitigate risk. Accounts Receivable Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, rate adjustments and discounts are generally established based on historical experience. Inventories Inventories are stated at the lower of cost or current market value. Inventory cost is generally based on the last-in, first-out (“LIFO”) method for newsprint and the first-in, first-out (“FIFO”) method for other inventories. Investments Investments in which we have at least a 20% , but not more than a 50% , interest are generally accounted for under the equity method. Investment interests below 20% are generally accounted for under the cost method, except if we could exercise significant influence, the investment would be accounted for under the equity method. We evaluate whether there has been an impairment of our cost and equity method investments annually or in an interim period if circumstances indicate that a possible impairment may exist. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements – 10 to 40 years; equipment – 3 to 30 years; and software – 2 to 5 years. We capitalize interest costs and certain staffing costs as part of the cost of major projects. We evaluate whether there has been an impairment of long-lived assets, primarily property, plant and equipment, if certain circumstances indicate that a possible impairment may exist. These assets are tested for impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (1) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater than its fair value. Goodwill Goodwill is the excess of cost over the fair value of tangible and other intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter. We test for goodwill impairment at the reporting unit level, which is our single operating segment. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key management personnel and our share price. The result of this assessment determines whether it is necessary to perform the goodwill impairment two-step test. For the 2015 annual impairment testing, based on our qualitative assessment, we concluded that it is more likely than not that goodwill is not impaired. If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, in the first step, we compare the fair value of the reporting unit with its carrying amount, including goodwill. Fair value is calculated by a combination of a discounted cash flow model and a market approach model. In calculating fair value for our reporting unit, we generally weigh the results of the discounted cash flow model more heavily than the market approach because the discounted cash flow model is specific to our business and long-term projections. If the fair value exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount exceeds the fair value, the second step must be performed to measure the amount of the impairment loss, if any. In the second step, we compare the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. An impairment loss would be recognized in an amount equal to the excess of the carrying amount of the goodwill over the implied fair value of the goodwill. The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working capital and discount rates. The starting point for the assumptions used in our discounted cash flow analysis is the annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and operating performance, related industry trends, macroeconomic conditions, and marketplace data, among others. Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic conditions outside our control. The market approach analysis includes applying a multiple, based on comparable market transactions, to certain operating metrics of the reporting unit. The significant estimates and assumptions used by management in assessing the recoverability of goodwill acquired are estimated future cash flows, discount rates, growth rates, as well as other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes. In addition to annual testing, management uses certain indicators to evaluate whether the carrying value of our reporting unit may not be recoverable and an interim impairment test may be required. These indicators include: (1) current-period operating or cash flow declines combined with a history of operating or cash flow declines or a projection/forecast that demonstrates continuing declines in the cash flow or the inability to improve our operations to forecasted levels, (2) a significant adverse change in the business climate, whether structural or technological, (3) significant impairments and (4) a decline in our stock price and market capitalization. Management has applied what it believes to be the most appropriate valuation methodology for its impairment testing. Additionally, management believes that the likelihood of an impairment of goodwill is remote due to the excess market capitalization relative to its net book value. See Note 4. Self-Insurance We self-insure for workers’ compensation costs, automobile and general liability claims, up to certain deductible limits, as well as for certain employee medical and disability benefits. The recorded liabilities for self-insured risks are primarily calculated using actuarial methods. The liabilities include amounts for actual claims, claim growth and claims incurred but not yet reported. The recorded liabilities for self-insured risks were approximately $41 million and $43 million as of December 27, 2015 and December 28, 2014 , respectively. Pension and Other Postretirement Benefits Our single-employer pension and other postretirement benefit costs are accounted for using actuarial valuations. We recognize the funded status of these plans – measured as the difference between plan assets, if funded, and the benefit obligation – on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), net of income taxes. The assets related to our funded pension plans are measured at fair value. We make significant subjective judgments about a number of actuarial assumptions, which include discount rates, health-care cost trend rates, long-term return on plan assets and mortality rates. Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements. We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We assess a liability, for obligations related to complete and partial withdrawals from multiemployer pension plans, as well as estimate obligations for future partial withdrawals that we consider probable and reasonably estimable. The actual liability is not known until each plan completes a final assessment of the withdrawal liability and issues a demand to us. Therefore, we adjust the estimate of our multiemployer pension plan liability as more information becomes available that allows us to refine our estimates. See Notes 9 and 10 for additional information regarding pension and other postretirement benefits. Revenue Recognition Circulation revenues include single-copy and subscription revenues. Circulation revenues are based on the number of copies of the printed newspaper (through home-delivery subscriptions and single-copy sales) and digital subscriptions sold and the rates charged to the respective customers. Single-copy revenue is recognized based on date of publication, net of provisions for related returns. Proceeds from subscription revenues are deferred at the time of sale and are recognized in earnings on a pro rata basis over the terms of the subscriptions. When our digital subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. Several factors are considered to determine whether we are a principal, most notably whether we are the primary obligor to the customer and have determined the selling price and product specifications. Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user clicks on certain advertisements, net of provisions for estimated rebates, rate adjustments and discounts. We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will be earned and claimed, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. Rate adjustments primarily represent credits given to customers related to billing or production errors and discounts represent credits given to customers who pay an invoice prior to its due date. Rate adjustments and discounts are accounted for as a reduction of revenues, based on the amount of estimated rate adjustments or discounts related to the underlying revenues during the period. Measurement of rate adjustments and discount obligations are estimated based on historical experience of credits actually issued. Other revenues are recognized when the related service or product has been delivered. Income Taxes Income taxes are recognized for the following: (1) amount of taxes payable for the current year and (2) deferred tax assets and liabilities for the future tax consequence of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes in the period of enactment. We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (e.g., sources of taxable income) and negative (e.g., recent historical losses) evidence and assessing, based on the evidence, whether it is more likely than not that the deferred tax assets will not be realized. We recognize in our financial statements the impact of a tax position if that tax position is more likely than not of being sustained on audit, based on the technical merits of the tax position. This involves the identification of potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax positions is necessary. Different conclusions reached in this assessment can have a material impact on our Consolidated Financial Statements. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues, which could require an extended period of time to resolve. Until formal resolutions are reached between us and the tax authorities, the timing and amount of a possible audit settlement for uncertain tax benefits is difficult to predict. Stock-Based Compensation We establish fair value for our stock-based awards to determine our cost and recognize the related expense over the appropriate vesting period. We recognize stock-based compensation expense for outstanding stock-settled long-term performance awards, stock-settled and cash-settled restricted stock units, stock options and stock appreciation rights. See Note 15 for additional information related to stock-based compensation expense. Earnings/(Loss) Per Shar e Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders by the weighted-average common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities, including outstanding warrants and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive. The two-class method is an earnings allocation method for computing earnings/(loss) per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings/(loss) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. Foreign Currency Translation The assets and liabilities of foreign companies are translated at year-end exchange rates. Results of operations are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption “Accumulated other comprehensive loss, net of income taxes.” Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, “Balance Sheet Classification of Deferred Taxes,” as part of its simplification initiative. The ASU requires entities to present all deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet instead of separating deferred taxes into current and noncurrent amounts. The amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early application is permitted. The new guidance is effective for fiscal years beginning after December 31, 2017. We adopted this ASU prospectively to the relevant presentation and disclosures beginning with our fiscal year ended December 27, 2015 . Prior periods have not been retrospectively adjusted. In April 2015, the FASB issued ASU 2015-05, “ Customer’s Accounting for Fees Paid in Cloud Computing Arrangement,” which provides guidance about whether a cloud computing arrangement includes a software license and how to account for the license under each scenario. The guidance is effective for the Company for fiscal years beginning December 28, 2015 and interim periods within those annual periods. A reporting entity may apply the guidance prospectively to all arrangements entered into or materially modified after the service effective date, or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We adopted this ASU prospectively beginning with our fiscal year ended December 27, 2015 . The adoption of this guidance had no impact on our financial statements. Prior periods have not been retrospectively adjusted. In April 2015, the FASB issued ASU 2015-04, “Practical Expedient for the Measurement Date of an Employers Defined Benefit Obligation and Plan Assets,” which provides guidance on practical expedients with fiscal years that do not coincide with a month end. The amended guidance is effective for the Company for fiscal years beginning December 28, 2015 and interim periods within those annual periods. The amendments in the guidance should be applied prospectively. Early adoption is permitted. We adopted this ASU prospectively to the relevant presentation and disclosures beginning with our fiscal year ended December 27, 2015 . Prior periods have not been retrospectively adjusted. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. Early application is permitted. We adopted this ASU retrospectively to the relevant presentation and disclosures as of December 27, 2015 and December 28, 2014 . In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which prescribes a single comprehensive model for entities to use in the accounting of revenue arising from contracts with customers. The new guidance will supersede virtually all existing revenue guidance under GAAP and International Financial Reporting Standards. There are two transition options available to entities: the full retrospective approach or the modified retrospective approach. Under the full retrospective approach, the Company would restate prior periods in compliance with Accounting Standards Codification 250, “Accounting Changes and Error Corrections.” Alternatively, the Company may elect the modified retrospective approach, which allows for the new revenue standard to be applied to existing contracts as of the effective date and record a cumulative catch-up adjustment to retained earnings effective for fiscal years beginning after December 31, 2017, subject to finalization. Early application is permitted. We are currently in the process of evaluating the impact of the revenue guidance. The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 27, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities Our marketable debt securities consisted of the following: (In thousands) December 27, 2015 December 28, 2014 Short-term marketable securities U.S Treasury securities $ 184,278 $ 238,488 Corporate debt securities 185,561 208,346 U.S. agency securities 65,222 32,009 Municipal securities 1,363 13,622 Certificates of deposit 60,244 109,293 Commercial paper 10,971 34,985 Total short-term marketable securities $ 507,639 $ 636,743 Long-term marketable securities Corporate debt securities $ 119,784 $ 71,191 U.S. agency securities 150,583 95,204 U.S Treasury securities 20,769 — Municipal securities — 1,425 Total long-term marketable securities $ 291,136 $ 167,820 Marketable debt securities As of December 27, 2015 , our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 35 months , respectively. See Note 8 for additional information regarding the fair value of our marketable securities. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 27, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The changes in the carrying amount of goodwill in 2015 and 2014 were as follows: (In thousands) Total Company Balance as of December 29, 2013 $ 125,871 Foreign currency translation (9,449 ) Balance as of December 28, 2014 116,422 Foreign currency translation (7,337 ) Balance as of December 27, 2015 $ 109,085 The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries. |
Investments
Investments | 12 Months Ended |
Dec. 27, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments in Joint Ventures As of December 27, 2015 , our investments in joint ventures consisted of equity ownership interests in the following entities: Company Approximate % Ownership Donohue Malbaie Inc. 49 % Madison Paper Industries 40 % Women in the World Media, LLC 30 % We have investments in Donohue Malbaie, Inc. (“Malbaie”), a Canadian newsprint company, Madison Paper Industries (“Madison”), a partnership operating a supercalendered paper mill in Maine (together, the “Paper Mills”), and Women in the World Media, LLC, a live-event conference business. Our investments above are accounted for under the equity method, and are recorded in “Investments in joint ventures” in our Consolidated Balance Sheets. Our proportionate shares of the operating results of our investments are recorded in “Loss from joint ventures” in our Consolidated Statements of Operations and in “Investments in joint ventures” in our Consolidated Balance Sheets. In 2015, we had a loss from joint ventures of $0.8 million compared with a loss of $8.4 million in 2014. The improvement reflected an impairment charge in 2014 related to our investment in Madison, as well as increased income from our investment in Malbaie, which benefited from the impact of a significantly weakened Canadian dollar. This was partially offset by losses from our investment in Madison, which continued to face declining demand for supercalendered paper and was at a competitive disadvantage to Canadian mills selling paper to the United States, which benefited from the Canadian dollar value decline. In 2014, we had a loss from joint ventures of $8.4 million compared with a loss of $3.2 million in 2013. During the fourth quarter of 2014, we recognized an impairment charge of $9.2 million for our investment in Madison. Our proportionate share of the loss was $4.7 million after adjusting for tax and the allocation of the loss to the non-controlling interest. In the fourth quarter of 2013, we completed the sale of the New England Media Group and our 49% equity interest in Metro Boston, and classified the results as discontinued operations for all periods presented. See Note 13 for additional information. Malbaie & Madison We have a 49% equity interest in a Canadian newsprint company, Malbaie. The other 51% is owned by Resolute FP Canada Inc., a subsidiary of Resolute Forest Products Inc. (“Resolute”), a Delaware corporation. Resolute is a large global manufacturer of paper, market pulp and wood products. Malbaie manufactures newsprint on the paper machine it owns within Resolute’s paper mill in Clermont, Quebec. Malbaie is wholly dependent upon Resolute for its pulp, which is purchased by Malbaie from Resolute’s Clermont paper mill. Our Company and UPM-Kymmene Corporation, a Finnish paper manufacturing company, are partners through subsidiary companies in Madison. The Company’s 40% ownership of Madison is through an 80% -owned consolidated subsidiary. UPM-Kymmene owns 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. We received no distributions from Malbaie in 2015 , $3.9 million in 2014 and $1.4 million in 2013 . We received no distributions from Madison in 2015 , 2014 , or 2013 . We purchase newsprint, and have purchased supercalendered paper, from the Paper Mills. Such purchases aggregated approximately $12 million in 2015 , $20 million in 2014 and $21 million in 2013 . Effective February 2015, we no longer purchase supercalendered paper. Cost Method Investments The aggregate carrying amount of cost method investments included in “Miscellaneous assets’’ in our Consolidated Balance Sheets were $11.9 million and $10.0 million for December 27, 2015 and December 28, 2014 , respectively. |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 27, 2015 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Debt Obligations Our current indebtedness included senior notes and the repurchase option related to a sale-leaseback of a portion of our New York headquarters. Our total debt and capital lease obligations consisted of the following: (In thousands, except percentages) December 27, 2015 December 28, Total debt and capital lease obligations: Senior notes due in 2015 Principal amount $ — $ 223,669 Less unamortized discount based on imputed interest rate of 5.0% — 7 Total senior notes due in 2015 — 223,662 Senior notes due in 2016 Principal amount 189,170 189,170 Less unamortized discount based on imputed interest rate of 6.625% 793 1,566 Total senior notes due in 2016 188,377 187,604 Option to repurchase ownership interest in headquarters building in 2019 Principal amount 250,000 250,000 Less unamortized discount based on imputed interest rate of 13.0% 13,905 17,882 Total option to repurchase ownership interest in headquarters building in 2019 236,095 232,118 Capital lease obligations 6,756 6,736 Total debt and capital lease obligations 431,228 650,120 Less current portion 188,377 223,662 Total long-term debt and capital lease obligations $ 242,851 $ 426,458 See Note 8 for information regarding the fair value of our long-term debt. The aggregate face amount of maturities of debt over the next five years and thereafter is as follows: (In thousands) Amount 2016 $ 189,170 2017 — 2018 — 2019 250,000 2020 — Thereafter — Total face amount of maturities 439,170 Less: Unamortized debt costs and discount (14,698 ) Carrying value of debt (excludes capital leases) $ 424,472 Interest expense, net, as shown in the accompanying Consolidated Statements of Operations was as follows: (In thousands) December 27, December 28, December 29, Interest expense $ 41,973 $ 51,877 $ 52,913 Premium on debt repurchases — 2,538 2,127 Amortization of debt costs and discount on debt 4,756 4,651 4,548 Capitalized interest (338 ) (152 ) — Interest income (7,341 ) (5,184 ) (1,515 ) Total interest expense, net $ 39,050 $ 53,730 $ 58,073 5.0% Notes In 2005, we issued $250.0 million aggregate principal amount of 5.0% senior unsecured notes due March 15, 2015 (“ 5.0% Notes”). In March 2015, we repaid, at maturity, the remaining principal amount of the 5.0% Notes. During 2014, we repurchased $20.4 million principal amount of the 5.0% Notes and recorded a $0.3 million pre-tax charge in connection with the repurchase. This charge is included in “Interest expense, net” in our Consolidated Statements of Operations. 6.625% Notes In November 2010, we issued $225.0 million aggregate principal amount of 6.625% senior unsecured notes due December 15, 2016 (“ 6.625% Notes”). During 2014, we repurchased $18.4 million principal amount of the 6.625% Notes and recorded a $2.2 million pre-tax charge in connection with the repurchases. During 2013, we repurchased $17.4 million principal amount of the 6.625% Notes and recorded a $2.1 million pre-tax charge in connection with the repurchases. We have the option to redeem all or a portion of the 6.625% Notes, at any time, at a price equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest to the redemption date plus a “make-whole” premium. The 6.625% Notes are not otherwise callable. The 6.625% Notes are subject to certain covenants that, among other things, limit (subject to customary exceptions) our ability and the ability of our subsidiaries to: • incur additional indebtedness and issue preferred stock; • pay dividends or make other equity distributions; • agree to any restrictions on the ability of our restricted subsidiaries to make payments to us; • create liens on certain assets to secure debt; • make certain investments; • merge or consolidate with other companies or transfer all or substantially all of our assets; and • engage in sale-leaseback transactions. The Company intends to repay the 6.625% Notes in full at their maturity on December 15, 2016. Sale-Leaseback Financing In March 2009, we entered into an agreement to sell and simultaneously lease back a portion of our leasehold condominium interest in our Company’s headquarters building located at 620 Eighth Avenue in New York City (the “Condo Interest”). The sale price for the Condo Interest was $225.0 million . We have an option, exercisable in 2019, to repurchase the Condo Interest for $250.0 million . The lease term is 15 years, and we have three renewal options that could extend the term for an additional 20 years. The transaction is accounted for as a financing transaction. As such, we have continued to depreciate the Condo Interest and account for the rental payments as interest expense. The difference between the purchase option price of $250.0 million and the net sale proceeds of approximately $211 million , or approximately $39 million , is being amortized over a 10 -year period through interest expense. The effective interest rate on this transaction was approximately 13% . |
Other
Other | 12 Months Ended |
Dec. 27, 2015 | |
Other Income and Expenses [Abstract] | |
Other | Other Severance Costs We recognized severance costs of $7.0 million in 2015 , $36.1 million in 2014 and $12.4 million in 2013 . The majority of the 2014 costs related to workforce reductions. These costs are recorded in “Selling, general and administrative costs” in our Consolidated Statements of Operations. We had a severance liability of $14.9 million and $34.6 million included in “Accrued expenses and other” in our Consolidated Balance Sheets as of December 27, 2015 and December 28, 2014 , respectively. Pension Settlement Charges See Note 9 for information regarding pension settlement charges. Multiemployer Pension Plan Withdrawal Expense See Note 9 for information regarding multiemployer pension plan withdrawal expense. Early Termination Charge In 2014, we recorded a $2.6 million charge for the early termination of a distribution agreement. Advertising Expenses Advertising expenses incurred to promote our consumer and marketing services were $83.4 million , $89.5 million and $86.0 million for the fiscal years ended December 27, 2015 , December 28, 2014 and December 29, 2013 respectively. Capitalized Computer Software Costs Amortization of capitalized computer software costs included in “Depreciation and amortization” in our Consolidated Statements of Operations were $11.9 million , $29.4 million and $27.4 million for the fiscal years ended December 27, 2015 , December 28, 2014 and December 29, 2013 , respectively. Reserve for Uncertain Tax Positions In 2015 and 2014, we recorded a $2.5 million and $21.1 million income tax benefit, respectively, primarily due to a reduction in the Company’s reserve for uncertain tax positions. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 27, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels: Level 1 – quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2 – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 – unobservable inputs for the asset or liability. Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis As of December 27, 2015 and December 28, 2014 , we had assets related to our qualified pension plans measured at fair value. The required disclosures regarding such assets are presented in Note 9. The following table summarizes our financial liabilities measured at fair value on a recurring basis as of December 27, 2015 and December 28, 2014 : (In thousands) December 27, 2015 December 28, 2014 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Deferred compensation $ 35,578 $ 35,578 $ — $ — $ 45,136 $ 45,136 $ — $ — The deferred compensation liability, included in “Other liabilities—Other” in our Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), which enables certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. The DEC was frozen effective December 31, 2015. Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Certain non-financial assets, such as goodwill, other intangible assets, property, plant and equipment and certain investments, that were part of operations that have been classified as discontinued operations are only recorded at fair value if an impairment charge is recognized. We classified all of these measurements as Level 3, as we used unobservable inputs within the valuation methodologies that were significant to the fair value measurements, and the valuations required management‘s judgment due to the absence of quoted market prices. The following tables present non-financial assets that were measured and recorded at fair value on a non-recurring basis and the total impairment losses recorded during 2014 and 2013 on those assets. There was no impairment recognized in 2015 . 2014 (In thousands) Net Carrying Value as of Fair Value Measured and Recorded Using Impairment Losses for the Year Ended December 28, 2014 Level 1 Level 2 Level 3 December 28, 2014 Investments in joint ventures $ — $ — $ — $ — $ 9,216 (1) (1) Impairment losses related to Madison are included within “Loss from joint ventures” for the year ended December 28, 2014. See Note 5 for additional information. The impairment of assets in 2014 reflects the impairment of one of our investments in joint ventures, Madison. During the fourth quarter of 2014, we estimated the fair value less cost to sell of the group held for sale, using unobservable inputs (Level 3). We recorded a $9.2 million non-cash charge in the fourth quarter of 2014. Our proportionate share of the loss was $4.7 million after tax and adjusted for the allocation of the loss to the non-controlling interest. 2013 (In thousands) Net Carrying Value as of Fair Value Measured and Recorded Using Impairment Losses for the Year Ended December 29, 2013 Level 1 Level 2 Level 3 December 29, 2013 Property, plant and equipment $ — $ — $ — $ — $ 34,300 (1) (1) Impairment losses related to the New England Media Group and are included within “(Loss)/income from discontinued operations, net of income taxes” for the year ended December 29, 2013. We sold the New England Media Group in the fourth quarter of 2013. See Note 13 for additional information. The impairment of assets in 2013 reflects the impairment of fixed assets held for sale that related to the New England Media Group. During the third quarter of 2013, we estimated the fair value less cost to sell of the group held for sale, using unobservable inputs (Level 3). We recorded a $34.3 million non-cash charge in the third quarter of 2013 for fixed assets at the New England Media Group to reduce the carrying value of fixed assets to their fair value less costs to sell. Financial Instruments Disclosed, But Not Reported, at Fair Value Our marketable securities, which include U.S. Treasury securities, corporate debt securities, U.S. government agency securities, municipal securities, certificates of deposit and commercial paper, are recorded at amortized cost (see Note 3). As of December 27, 2015 and December 28, 2014 , the amortized cost approximated fair value because of the short-term maturity and highly liquid nature of these investments. We classified these investments as Level 2 since the fair value estimates are based on market observable inputs for investments with similar terms and maturities. The carrying value of our long-term debt was approximately $236 million as of December 27, 2015 and $420 million as of December 28, 2014 . The fair value of our long-term debt was approximately $316 million as of December 27, 2015 and $527 million as of December 28, 2014 . We estimate the fair value of our debt utilizing market quotations for debt that have quoted prices in active markets. Since our debt does not trade on a daily basis in an active market, the fair value estimates are based on market observable inputs based on borrowing rates currently available for debt with similar terms and average maturities (Level 2). |
Pension Benefits
Pension Benefits | 12 Months Ended |
Dec. 27, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension Benefits | Pension Benefits Single-Employer Plans We sponsor several single-employer defined benefit pension plans, the majority of which have been frozen. We also participate in joint Company and Guild-sponsored plans covering employees who are members of The News Guild of New York, including The Newspaper Guild of New York - The New York Times Pension Fund, which was frozen in 2012 and replaced with a new defined benefit pension plan, The Guild-Times Adjustable Pension Plan. 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. Net Periodic Pension Cost The components of net periodic pension cost were as follows: December 27, 2015 December 28, 2014 December 29, 2013 (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 $ 11,932 $ 157 $ 12,089 $ 9,543 $ 184 $ 9,727 $ 11,225 $ 1,162 $ 12,387 Interest cost 74,536 10,060 84,596 84,447 10,450 94,897 77,136 10,681 87,817 Expected return on plan assets (115,261 ) — (115,261 ) (113,839 ) — (113,839 ) (124,250 ) — (124,250 ) Amortization and other costs 36,442 5,081 41,523 26,620 4,718 31,338 33,770 5,561 39,331 Amortization of prior service (credit)/cost (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) Effect of settlement 40,329 — 40,329 — 9,525 9,525 — 3,228 3,228 Net periodic pension cost/(income) $ 46,033 $ 15,298 $ 61,331 $ 4,826 $ 24,877 $ 29,703 $ (4,064 ) $ 20,632 $ 16,568 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 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 . In the second quarter of 2014, we recorded a pension settlement charge of $9.5 million in connection with a lump-sum payment offer made to certain former employees who participated in certain non-qualified pension plans. These lump-sum payments totaled $24.0 million and were paid out of Company cash. The effect of this lump-sum payment offer was to reduce our pension obligations by $32.0 million . In the fourth quarter of 2013, we recorded a pension settlement charge of $3.2 million in connection with a lump-sum payment offer made to certain former employees who participated in certain non-qualified pension plans. These lump-sum payments totaled $10.9 million and were paid out of Company cash. The effect of this lump-sum payment offer was to reduce our pension obligations by $12.7 million . Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows: (In thousands) December 27, December 28, December 29, Net actuarial loss/(gain) $ 31,044 $ 254,525 $ (178,088 ) Amortization of loss (41,523 ) (30,665 ) (39,017 ) Amortization of prior service cost 1,945 1,945 1,945 Effect of curtailment (1,264 ) — — Effect of settlement (40,329 ) (9,525 ) (3,358 ) Total recognized in other comprehensive (income)/loss (50,127 ) 216,280 (218,518 ) Net periodic pension cost 61,331 29,703 16,568 Total recognized in net periodic benefit cost and other comprehensive loss/(income) $ 11,204 $ 245,983 $ (201,950 ) The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year is approximately $33 million and $2 million , respectively. In the fourth quarter of 2015, the Company’s ERISA Management Committee made a decision to freeze the accrual of benefits under the Retirement Annuity Plan For Craft Employees of The New York Times Companies with respect to all participants covered by a collective bargaining agreement between the Company and The New York Newspaper Printing Pressmen’s Union No. 2N/1SE, effective as of the close of business on December 31, 2015. As a result, we recorded a curtailment of $1.3 million in 2015. The amount of cost recognized for defined contribution benefit plans was approximately $16 million for 2015 , $17 million for 2014 and $18 million for 2013 . Benefit Obligation and Plan Assets The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/(loss) were as follows: December 27, 2015 December 28, 2014 (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 $ 2,101,573 $ 267,824 $ 2,369,397 $ 1,778,647 $ 262,501 $ 2,041,148 Service cost 11,932 157 12,089 9,543 184 9,727 Interest cost 74,536 10,060 84,596 84,447 10,450 94,897 Plan participants’ contributions 20 — 20 26 — 26 Actuarial (gain)/loss (129,187 ) (14,372 ) (143,559 ) 330,224 36,604 366,828 Curtailments (1,264 ) — (1,264 ) — — — Lump-sum settlement paid (98,348 ) — (98,348 ) — (24,015 ) (24,015 ) Benefits paid (107,352 ) (16,231 ) (123,583 ) (101,314 ) (17,507 ) (118,821 ) Effects of change in currency conversion — (351 ) (351 ) — (393 ) (393 ) Benefit obligation at end of year 1,851,910 247,087 2,098,997 2,101,573 267,824 2,369,397 Change in plan assets Fair value of plan assets at beginning of year 1,837,250 — 1,837,250 1,698,091 — 1,698,091 Actual return on plan assets (59,342 ) — (59,342 ) 225,470 — 225,470 Employer contributions 7,128 16,231 23,359 14,977 41,522 56,499 Plan participants’ contributions 20 — 20 26 — 26 Lump-sum settlement paid (98,348 ) — (98,348 ) — (24,015 ) (24,015 ) Benefits paid (107,352 ) (16,231 ) (123,583 ) (101,314 ) (17,507 ) (118,821 ) Fair value of plan assets at end of year 1,579,356 — 1,579,356 1,837,250 — 1,837,250 Net amount recognized $ (272,554 ) $ (247,087 ) $ (519,641 ) $ (264,323 ) $ (267,824 ) $ (532,147 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ — $ (16,043 ) $ (16,043 ) $ — $ (15,767 ) $ (15,767 ) Noncurrent liabilities (272,554 ) (231,044 ) (503,598 ) (264,323 ) (252,057 ) (516,380 ) Net amount recognized $ (272,554 ) $ (247,087 ) $ (519,641 ) $ (264,323 ) $ (267,824 ) $ (532,147 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 821,648 $ 100,344 $ 921,992 $ 854,267 $ 119,797 $ 974,064 Prior service credit (24,621 ) — (24,621 ) (26,565 ) — (26,565 ) Total $ 797,027 $ 100,344 $ 897,371 $ 827,702 $ 119,797 $ 947,499 The accumulated benefit obligation for all pension plans was $2.09 billion and $2.36 billion as of December 27, 2015 and December 28, 2014 , respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: (In thousands) December 27, December 28, Projected benefit obligation $ 2,098,997 $ 2,369,397 Accumulated benefit obligation $ 2,092,600 $ 2,362,050 Fair value of plan assets $ 1,579,356 $ 1,837,250 Assumptions Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 27, December 28, Discount rate 4.60 % 4.05 % Rate of increase in compensation levels 2.96 % 2.89 % 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 27, December 28, December 29, Discount rate 4.05 % 4.90 % 4.00 % Rate of increase in compensation levels 2.89 % 2.87 % 3.50 % Expected long-term rate of return on assets 7.01 % 7.02 % 7.85 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 27, December 28, Discount rate 4.40 % 3.90 % 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 27, December 28, December 29, Discount rate 3.90 % 4.60 % 3.70 % Rate of increase in compensation levels 2.50 % 2.50 % 3.00 % We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (e.g., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate. To determine our discount rate, we project a cash flow based on annual accrued benefits. For active participants, the benefits under the respective pension plans are projected to the date of termination. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve. A single discount rate is then computed so that the present value of the benefit cash flow equals the present value computed using the Ryan Curve rates. In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year. The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years. In October 2014, the Society of Actuaries (“SOA”) released new mortality tables that increased life expectancy assumptions. During the fourth quarter of 2014, we adopted the new mortality tables and revised the mortality assumptions used in determining our pension and postretirement benefit obligations. The net impact to our qualified and non-qualified pension obligations resulting from the new mortality assumptions in 2014 was an increase of $117.0 million . For fiscal year 2016, we are changing the approach used to calculate the service and interest components of net periodic benefit cost for benefit 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. Going forward, we have 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. The spot rates used to determine service and interest costs ranged from 0.84% to 5.18% . Based on current economic conditions, we estimate that the service cost and interest cost for our pension plans will be reduced by $ 18.1 million in 2016. 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. Plan Assets Company-Sponsored Pension Plans The assets underlying the Company-sponsored qualified pension plans are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers. Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. Investment Policy and Strategy The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. Our plan objective is to transition the asset mix to hedge liabilities and minimize volatility in the funded status of the plans. Asset Allocation Guidelines In accordance with our asset allocation strategy, for substantially all of our Company-sponsored pension plan assets, investments are categorized into long duration fixed income investments whose value is highly correlated to that of the pension plan obligations (“Long Duration Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in our pension plan obligations (“Return-Seeking Assets”). The proportional allocation of assets between Long Duration Assets and Return-Seeking Assets is dependent on the funded status of each pension plan. Under our policy, for example, a funded status between 95% and 97.5% requires an allocation of total assets of 53% to 63% to Long Duration Assets and 37% to 47% to Return-Seeking Assets. As our funded status increases, the allocation to Long Duration Assets will increase and the allocation to Return-Seeking Assets will decrease. 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 27, 2015 , were as follows: Asset Category Percentage Public Equity 45 % Fixed Income 51 % Alternatives 4 % Cash — % The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the pension plan assets. Fair Value 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 27, 2015 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs 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 Common/Collective Funds (2) — 761,812 — 761,812 Fixed Income Securities: Corporate Bonds — 417,554 — 417,554 U.S. Treasury and Other Government Securities — 119,098 — 119,098 Group Annuity Contract — 57,044 — 57,044 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 $ 95,970 $ 1,422,436 $ 60,950 $ 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 of the underlying funds. (3) Represents investments that are not backed by the full faith and credit of the United States government. Fair Value Measurement at December 28, 2014 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 48,640 $ — $ — $ 48,640 International Equities 51,154 — — 51,154 Common/Collective Funds (1) — 697,075 — 697,075 Fixed Income Securities: Corporate Bonds — 539,098 — 539,098 U.S. Treasury and Other Government Securities — 150,496 — 150,496 Group Annuity Contract — 76,290 — 76,290 Municipal and Provincial Bonds — 47,046 — 47,046 Government Sponsored Enterprises (2) — 9,517 — 9,517 Other — 22,951 — 22,951 Cash and Cash Equivalents 52 127,910 — 127,962 Private Equity — — 35,727 35,727 Hedge Fund — — 31,294 31,294 Assets at Fair Value $ 99,846 $ 1,670,383 $ 67,021 $ 1,837,250 (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 of the underlying funds. (3) Represents investments that are not backed by the full faith and credit of the United States government. Level 1 and Level 2 Investments Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities. For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments. Level 3 Investments Certain pension plans have investments in private equity funds and a hedge fund as of December 27, 2015 and December 28, 2014 that have been determined to be Level 3 investments, within the fair value hierarchy, because the inputs to determine fair value are considered unobservable. The general valuation methodology used for the private equity and hedge fund of funds is the market approach. The market approach utilizes prices and other relevant information such as similar market transactions, type of security, size of the position, degree of liquidity, restrictions on the disposition, latest round of financing data, current financial position and operating results, among other factors. As a result of the inherent limitations related to the valuations of the Level 3 investments, due to the unobservable inputs of the underlying funds, the estimated fair value may differ significantly from the values that would have been used had a market for those investments existed. The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 27, 2015 is as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (In thousands) Hedge Fund Private Equity Total Balance at beginning of year $ 31,294 $ 35,727 $ 67,021 Actual gain/(loss) on plan assets: Relating to assets still held (51 ) (2,170 ) (2,221 ) Capital contribution — 1,288 1,288 Return of Capital — (5,138 ) (5,138 ) Balance at end of year $ 31,243 $ 29,707 $ 60,950 The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 28, 2014 is as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (In thousands) Hedge Fund Private Equity Total Balance at beginning of year $ 30,325 $ 40,537 $ 70,862 Actual gain on plan assets: Relating to assets still held 969 (1,775 ) (806 ) Capital contribution — 2,008 2,008 Return of Capital — (5,043 ) (5,043 ) Balance at end of year $ 31,294 $ 35,727 $ 67,021 Cash Flows In August 2014, the Highway and Transportation Funding Act of 2014 was enacted. The legislation extended interest rate stabilization for single-employer defined benefit pension plan funding for an additional five years. In 2015 , we made contributions to qualified pension plans of $7.1 million . We expect contributions to total approximately $8 million to satisfy minimum funding requirements in 2016 . In January 2013, we made a contribution of approximately $57 million to The Newspaper Guild of New York - The New York Times Pension Fund, of which $20 million was estimated to be necessary to satisfy minimum funding requirements in 2013. Mandatory contributions to other qualified pension plans increased our total contributions to approximately $74 million for the full year of 2013. 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 2016 $ 107,149 $ 16,360 $ 123,509 2017 108,010 17,110 125,120 2018 109,054 17,079 126,133 2019 110,552 17,186 127,738 2020 111,509 16,876 128,385 2021-2025 (1) 581,287 82,427 663,714 (1) While benefit payments under these plans are expected to continue beyond 2025, we have presented in this table only those benefit payments estimated over the next 10 years. Multiemployer Plans We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. Over the past few years, certain events, such as amendments to various collective bargaining agreements and the sale of the New England Media Group, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. In 2015 and 2013, we recorded $9.1 million and $6.2 million in charges for partial withdrawal obligations under multiemployer pension plans, respectively. We recorded an estimated charge for multiemployer pension plan withdrawal obligations of $14.2 million in 2013, which includes $8.0 million directly related to the sale of the New England Media Group. There was no such charge in 2014. Our multiemployer pension plan withdrawal liability was approximately $124 million as of December 27, 2015 and approximately $116 million as of December 28, 2014 . This liability represents the present value of the obligations related to complete and partial withdrawals that have already occurred as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For those plans that have yet to provide us with a demand letter, the actual liability will not be fully known until they complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates. The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution base units or a partial cessation of our obligation to contribute, we may be assessed a withdrawal liability based on a calculated share of the underfunded status of the plan. • If a multiemployer plan from which we have withdrawn subsequently experiences a mass withdrawal, we may be required to make additional contributions under applicable law. Our participation in significant plans for the fiscal period ended December 27, 2015 , 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. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. 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 2015 2014 2015 2014 2013 CWA/ITU Negotiated Pension Plan 13-6212879-001 Red as of 1/01/15 Red as of 1/01/14 Implemented $ 543 $ 611 $ 663 No 3/30/2016 (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund 13-6122251-001 Green as of 6/01/15 Green as of 6/01/14 N/A 1,038 1,102 1,217 No 3/30/2020 (2) GCIU-Employer Retirement Benefit Plan 91-6024903-001 Red as of 1/01/15 Red as of 1/01/14 Implemented 57 58 124 Yes 3/30/2021 (3) Pressmen’s Publishers’ Pension Fund 13-6121627-001 Green as of 4/01/15 Green as of 4/01/14 N/A 1,033 1,097 1,016 No 3/30/2021 (4) Paper-Handlers’-Publishers’ Pension Fund 13-6104795-001 Red as of 4/01/15 Green as of 4/01/14 Pending 97 103 114 Yes 3/30/2021 (5) Contributions for individually significant plans $ 2,768 $ 2,971 $ 3,134 Contributions to other multiemployer plans — — 945 Total Contributions $ 2,768 $ 2,971 $ 4,079 (1) There are two collective bargaining agreements (Mailers and Typographers) requiring contributions to this plan, which both expire 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 12/31/2014 & 12/31/2013 (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2014 & 5/31/2013 (1) Pressmen’s Publisher’s Pension Fund 3/31/2015 & 3/31/2014 Paper-Handlers’-Publishers’ Pension Fund 3/31/2015 & 3/31/2014 (1) Forms 5500 for the plans’ year ended of 12/31/15 and 5/31/15 were not available as of the date we filed our financial statements. The Company received a notice and demand for payment of withdrawal liability from the Newspaper and Mail Deliverers’-Publishers’ Pension Fund September 2013 and December 2014 associated with alleged partial withdrawals. See Note 18 for further information. |
Other Postretirement Benefits
Other Postretirement Benefits | 12 Months Ended |
Dec. 27, 2015 | |
Other Postretirement Benefits [Abstract] | |
Other Postretirement Benefits | Other Postretirement Benefits We provide health benefits to retired employees (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we do not provide post-age 65 retiree medical benefits for employees who retired on or after March 1, 2009. We also contribute to a postretirement plan for Guild employees of The New York Times under the provisions of a collective bargaining agreement. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from our assets. Net Periodic Other Postretirement Benefit (Income) / Expense The components of net periodic postretirement benefit (income)/expense were as follows: (In thousands) December 27, December 28, December 29, Service cost $ 588 $ 580 $ 1,089 Interest cost 2,794 3,722 4,101 Amortization and other costs 5,197 7,299 4,440 Amortization of prior service credit (9,495 ) (7,199 ) (13,051 ) Effect of curtailment — — (49,122 ) Net periodic postretirement benefit (income)/expense $ (916 ) $ 4,402 $ (52,543 ) In 2013, we completed the sale of the New England Media Group, consisting of The Boston Globe, BostonGlobe.com, Boston.com, the Worcester Telegram & Gazette (“T&G”), Telegram.com and related properties. As a result of the sale, the Company recorded a $49.1 million post-retirement curtailment gain in 2013, which is included in the gain on sale within “(Loss)/income from discontinued operations, net of income taxes” in the Consolidated Statement of Operations. This gain is primarily related to an acceleration of prior service credits from plan amendments announced in prior years, and is due to a reduction in the expected years of future Company service for employees at the New England Media Group. In September 2014 and December 2014, the ERISA Management Committee approved certain changes to The New York Times Company Retiree Medical Plan provisions, which triggered a remeasurement under ASC 715-60, “Compensation — Retirement Benefits — Defined Benefit Plans — Other Postretirement.” The changes in the plan provisions decreased obligations by $25.5 million and the change in discount rate as of the remeasurement date increased obligations by $3.6 million . Overall, the remeasurement decreased our obligations by $21.9 million as reflected in other comprehensive income in our Consolidated Balance Sheets and Consolidated Statements of Comprehensive Income/(Loss). The changes in the benefit obligations recognized in other comprehensive income/loss were as follows: (In thousands) December 27, December 28, December 29, Net actuarial (gain)/loss $ (5,543 ) $ 8,882 $ (13,500 ) Prior service cost/(credit) 1,145 (25,489 ) (1,690 ) Amortization of loss (5,197 ) (4,948 ) (4,440 ) Amortization of prior service credit 9,495 7,199 13,051 Recognition of prior service credit due to curtailment — — 49,122 Total recognized in other comprehensive (income)/loss (100 ) (14,356 ) 42,543 Net periodic postretirement benefit (income)/expense (916 ) 4,402 (52,543 ) Total recognized in net periodic postretirement benefit income and other comprehensive (income)/loss $ (1,016 ) $ (9,954 ) $ (10,000 ) The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is approximately $4.1 million and $8.4 million , respectively. In connection with collective bargaining agreements, we contribute to several multiemployer welfare plans. These plans provide medical benefits to active and retired employees covered under the respective collective bargaining agreement. Contributions are made in accordance with the formula in the relevant agreement. Postretirement costs related to these plans are not reflected above and were approximately $16 million in 2015 , $18 million in 2014 and $20 million in 2013 . The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/loss were as follows: (In thousands) December 27, December 28, Change in benefit obligation Benefit obligation at beginning of year $ 81,054 $ 100,932 Service cost 588 580 Interest cost 2,794 3,722 Plan participants’ contributions 4,230 3,834 Actuarial (gain)/loss (5,543 ) 12,091 Plan amendments 1,145 (25,489 ) Benefits paid (13,221 ) (14,616 ) Benefit obligation at the end of year 71,047 81,054 Change in plan assets Fair value of plan assets at beginning of year — — Employer contributions 8,991 10,782 Plan participants’ contributions 4,230 3,834 Benefits paid (13,221 ) (14,616 ) Fair value of plan assets at end of year — — Net amount recognized $ (71,047 ) $ (81,054 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (8,168 ) $ (9,426 ) Noncurrent liabilities (62,879 ) (71,628 ) Net amount recognized $ (71,047 ) $ (81,054 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 26,599 $ 37,339 Prior service credit (41,309 ) (51,950 ) Total $ (14,710 ) $ (14,611 ) Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 27, December 28, Discount rate 4.04 % 3.61 % Estimated increase in compensation level 3.50 % 3.50 % Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: December 27, December 28, December 29, Discount rate 3.74 % 4.22 % 3.70 % Estimated increase in compensation level 3.50 % 3.50 % 3.50 % The assumed health-care cost trend rates were as follows: December 27, December 28, Health-care cost trend rate 7.20 % 7.20 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2023 2023 Because our health-care plans are capped for most participants, the assumed health-care cost trend rates do not have a significant effect on the amounts reported for the health-care plans. A one-percentage point change in assumed health-care cost trend rates would have the following effects: One-Percentage Point (In thousands) Increase Decrease Effect on total service and interest cost for 2015 $ 75 $ (63 ) Effect on accumulated postretirement benefit obligation as of December 27, 2015 $ 1,769 $ (1,503 ) The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid: (In thousands) Amount 2016 $ 8,367 2017 7,684 2018 7,064 2019 6,436 2020 5,949 2021-2025 (1) 24,015 (1) While benefit payments under these plans are expected to continue beyond 2025, we have presented in this table only those benefit payments estimated over the next 10 years. We accrue the cost of certain benefits provided to former or inactive employees after employment, but before retirement. The cost is recognized only when it is probable and can be estimated. Benefits include life insurance, disability benefits and health-care continuation coverage. The accrued obligation for these benefits amounted to $12.9 million as of December 27, 2015 and $15.9 million as of December 28, 2014 . In October 2014, the SOA released new mortality tables that increased life expectancy assumptions. During the fourth quarter of 2014, we adopted the new mortality tables and revised the mortality assumptions used in determining our pension and postretirement benefit obligations. The net impact to our postretirement obligations resulting from the new mortality assumptions was an increase of $4.2 million . For fiscal year 2016, we are changing the approach used to calculate the service and interest components of net periodic benefit cost for benefit 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. Going forward, we have 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. The spot rates used to determine service and interest costs ranged from 0.84% to 5.18% . Based on current economic conditions, we estimate that the service cost and interest cost for our other postretirement benefit plans will be reduced by $0.7 million in 2016. 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. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 27, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities The components of the “Other Liabilities — Other” balance in our Consolidated Balance Sheets were as follows: (In thousands) December 27, December 28, Deferred compensation $ 35,578 $ 45,136 Other liabilities 56,645 62,639 Total $ 92,223 $ 107,775 Deferred compensation consists primarily of deferrals under our DEC, which has been frozen effective December 31, 2015. The DEC enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. We invest deferred compensation in life insurance products designed to closely mirror the performance of the investment funds that the participants select. Our investments in life insurance products are included in “Miscellaneous assets” in our Consolidated Balance Sheets, and were $71.9 million as of December 27, 2015 and $72.1 million as of December 28, 2014 . Other liabilities in the preceding table primarily included our post employment liabilities as of December 27, 2015 and our contingent tax liability for uncertain tax positions as of December 28, 2014 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 27, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Reconciliations between the effective tax rate on income from continuing operations before income taxes and the federal statutory rate are presented below. December 27, 2015 December 28, 2014 December 29, 2013 (In thousands) Amount % of Pre-tax Amount % of Pre-tax Amount % of Pre-tax Tax at federal statutory rate $ 33,863 35.0 $ 10,448 35.0 $ 33,180 35.0 State and local taxes, net 5,093 5.2 4,620 15.5 8,312 8.8 Effect of enacted changes in tax laws 1,801 1.8 1,393 4.7 — — Reduction in uncertain tax positions (2,545 ) (2.6 ) (21,147 ) (70.8 ) (1,803 ) (1.9 ) Loss/(gain) on Company-owned life insurance 75 0.1 (1,250 ) (4.2 ) (3,673 ) (3.9 ) Nondeductible expense, net 880 0.9 1,847 6.2 2,039 2.2 Domestic manufacturing deduction (2,651 ) (2.7 ) — — — — Other, net (2,606 ) (2.7 ) 548 1.8 (163 ) (0.2 ) Income tax expense/(benefit) $ 33,910 35.0 $ (3,541 ) (11.8 ) $ 37,892 40.0 The components of income tax expense as shown in our Consolidated Statements of Operations were as follows: (In thousands) December 27, December 28, December 29, Current tax expense/(benefit) Federal $ 41,199 $ 17,397 $ 18,903 Foreign 485 583 681 State and local 5,919 (25,625 ) 8,371 Total current tax expense/(benefit) 47,603 (7,645 ) 27,955 Deferred tax expense Federal (14,554 ) 4,014 5,426 Foreign — — — State and local 861 90 4,511 Total deferred tax (benefit)/expense (13,693 ) 4,104 9,937 Income tax expense/(benefit) $ 33,910 $ (3,541 ) $ 37,892 State tax operating loss carryforwards totaled $3.8 million as of December 27, 2015 and $7.5 million as of December 28, 2014 . Such loss carryforwards expire in accordance with provisions of applicable tax laws and have remaining lives up to 18 years. The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows: (In thousands) December 27, December 28, Deferred tax assets Retirement, postemployment and deferred compensation plans $ 309,711 $ 320,174 Accruals for other employee benefits, compensation, insurance and other 32,731 42,294 Accounts receivable allowances 1,690 1,746 Net operating losses 38,703 46,726 Other 44,099 41,186 Gross deferred tax assets 426,934 452,126 Valuation allowance (36,204 ) (41,136 ) Net deferred tax assets $ 390,730 $ 410,990 Deferred tax liabilities Property, plant and equipment $ 57,065 $ 64,056 Intangible assets 10,790 11,607 Investments in joint ventures 11,694 13,971 Other 2,039 5,129 Gross deferred tax liabilities 81,588 94,763 Net deferred tax asset $ 309,142 $ 316,227 Amounts recognized in the Consolidated Balance Sheets Deferred tax asset – current $ — $ 63,640 Deferred tax asset – long-term 309,142 252,587 Net deferred tax asset $ 309,142 $ 316,227 We assess whether a valuation allowance should be established against deferred tax assets based on the consideration of both positive and negative evidence using a “more likely than not” standard. In making such judgments, significant weight is given to evidence that can be objectively verified. We evaluated our deferred tax assets for recoverability using a consistent approach that considers our three -year historical cumulative income/(loss), including an assessment of the degree to which any such losses were due to items that are unusual in nature (e.g., impairments of nondeductible goodwill and intangible assets). We had a valuation allowance totaling $36.2 million as of December 27, 2015 and $41.1 million as of December 28, 2014 for deferred tax assets primarily associated with net operating losses of non-U.S. operations, as we determined these assets were not realizable on a more-likely-than-not basis. In 2014, the valuation allowance was allocated in proportion to the related current and noncurrent gross deferred tax asset balances. Income tax benefits related to the exercise or vesting of equity awards reduced current taxes payable by $4.4 million in 2015 , $3.1 million in 2014 and $3.4 million in 2013 . As of December 27, 2015 and December 28, 2014 , “Accumulated other comprehensive loss, net of income taxes” in our Consolidated Balance Sheets and for the years then ended in our Consolidated Statements of Changes in Stockholders’ Equity was net of deferred tax assets of approximately $353 million and $369 million , respectively. A reconciliation of unrecognized tax benefits is as follows: (In thousands) December 27, December 28, December 29, Balance at beginning of year $ 16,324 $ 46,058 $ 45,308 Gross additions to tax positions taken during the current year 1,151 2,116 2,249 Gross additions to tax positions taken during the prior year 282 — 127 Gross reductions to tax positions taken during the prior year (37 ) (12,109 ) (833 ) Reductions from settlements with taxing authorities — (7,114 ) — Reductions from lapse of applicable statutes of limitations (3,779 ) (12,627 ) (793 ) Balance at end of year $ 13,941 $ 16,324 $ 46,058 The total amount of unrecognized tax benefits that would, if recognized, affect the effective income tax rate was approximately $9.2 million as of December 27, 2015 and $10.7 million as of December 28, 2014 . We also recognize accrued interest expense and penalties related to the unrecognized tax benefits within income tax expense or benefit. The total amount of accrued interest and penalties was approximately $4 million as of December 27, 2015 and December 28, 2014 . The total amount of accrued interest and penalties was a net benefit of $0.1 million in 2015 , a net benefit of $8.6 million in 2014 and a net detriment of $1.7 million in 2013 . With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years prior to 2007. Management believes that our accrual for tax liabilities is adequate for all open audit years. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is reasonably possible that certain income tax examinations may be concluded, or statutes of limitation may lapse, during the next 12 months, which could result in a decrease in unrecognized tax benefits of $4.9 million that would, if recognized, impact the effective tax rate. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 27, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations New England Media Group In the fourth quarter of 2013, we completed the sale of substantially all of the assets and operating liabilities of the New England Media Group — consisting of The Boston Globe, BostonGlobe.com, Boston.com, the T&G, Telegram.com and related properties — and our 49% equity interest in Metro Boston, for approximately $70 million in cash, subject to customary adjustments. The net after-tax proceeds from the sale, including a tax benefit, were approximately $74 million . In 2013, we recognized a pre-tax gain of $47.6 million on the sale ( $28.1 million after tax), which was almost entirely comprised of a curtailment gain. This curtailment gain is primarily related to an acceleration of prior service credits from retiree medical plan amendments announced in prior years, and is due to a cessation of service for employees at the New England Media Group. Post-closing adjustments in the first and fourth quarter of 2014 resulted in a loss of $0.3 million . The results of operations of the New England Media Group have been classified as discontinued operations for all periods presented. About Group In the fourth quarter of 2012, we completed the sale of the About Group, consisting of About.com, ConsumerSearch.com, CalorieCount.com and related businesses, to IAC/InterActiveCorp. for $300 million in cash, plus a net working capital adjustment of approximately $17 million . In 2012, the sale resulted in a pre-tax gain of $96.7 million ( $61.9 million after tax). The net after-tax proceeds from the sale were approximately $291 million . In the fourth quarter of 2014, there was a legal settlement that resulted in a loss of $0.2 million . The results of operations of the About Group, which had previously been presented as a reportable segment, have been classified as discontinued operations for all periods presented. Regional Media Group In the first quarter of 2012, we completed the sale of the Regional Media Group, consisting of 16 regional newspapers, other print publications and related businesses, to Halifax Media Holdings LLC for approximately $140 million in cash. The net after-tax proceeds from the sale, including a tax benefit, were approximately $150 million . The sale resulted in an after-tax gain of $23.6 million (including post-closing adjustments recorded in the second and fourth quarters of 2012 totaling $6.6 million ). In the fourth quarter of 2014, there was an environmental contingency that resulted in a loss of $0.4 million . The results of operations for the Regional Media Group have been classified as discontinued operations for all periods presented. The results of operations for the New England Media Group, About Group and the Regional Media Group presented as discontinued operations are summarized below for 2014. Year ended December 28, 2014 (In thousands) New England Media Group About Group Regional Media Group Total Revenues $ — $ — $ — $ — Total operating costs — — — — Multiemployer pension plan withdrawal expense — — — — Impairment of assets — — — — Loss from joint ventures — — — — Interest expense, net — — — — Pre-tax income/(loss) — — — — Income tax expense/(benefit) — — — — Income/(loss) from discontinued operations, net of income taxes — — — — Loss on sale, net of income taxes: Loss on sale (349 ) (229 ) (397 ) (975 ) Income tax (benefit)/expense (127 ) (93 ) 331 111 Loss on sale, net of income taxes (222 ) (136 ) (728 ) (1,086 ) Loss from discontinued operations, net of income taxes $ (222 ) $ (136 ) $ (728 ) $ (1,086 ) The results of operations for the New England Media Group, About Group and the Regional Media Group presented as discontinued operations are summarized below for 2013. Year Ended December 29, 2013 (In thousands) New England Media Group About Group Regional Media Group Total Revenues $ 287,677 $ — $ — $ 287,677 Total operating costs 281,414 — — 281,414 Multiemployer pension plan withdrawal expense (1) 7,997 — — 7,997 Impairment of assets (2) 34,300 — — 34,300 Loss from joint ventures (240 ) — — (240 ) Interest expense, net 9 — — 9 Pre-tax loss (36,283 ) — — (36,283 ) Income tax benefit (3) (13,373 ) (2,497 ) — (15,870 ) (Loss)/income from discontinued operations, net of income taxes (22,910 ) 2,497 — (20,413 ) Gain/(loss) on sale, net of income taxes: Gain on sale (4) 47,561 419 — 47,980 Income tax expense 19,457 161 — 19,618 Gain on sale, net of income taxes 28,104 258 — 28,362 Income from discontinued operations, net of income taxes $ 5,194 $ 2,755 $ — $ 7,949 (1) The multiemployer pension plan withdrawal expense in 2013 is related to estimated charges for complete or partial withdrawal obligations under multiemployer pension plans triggered by the sale of the New England Media Group. (2) Included in impairment of assets in 2013 is the impairment of fixed assets related to the New England Media Group. (3) The income tax benefit for the About Group in 2013 is related to a change in prior period estimated tax expense. (4) Included in the gain on sale in 2013 is a $49.1 million post-retirement curtailment gain related to the New England Media Group. Included in impairment of assets in 2013 is the impairment of fixed assets held for sale that related to the New England Media Group. During the third quarter of 2013, we estimated the fair value less cost to sell of the group held for sale, using unobservable inputs (Level 3). We recorded a $34.3 million non-cash charge in the third quarter of 2013 for fixed assets at the New England Media Group to reduce the carrying value of fixed assets to their fair value less cost to sell. |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 12 Months Ended |
Dec. 27, 2015 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Share | Earnings/(Loss) Per Share We compare earnings/(loss) per share using a two-class method, an earnings allocation method used when a company’s capital structure includes two or more classes of common stock or common stock and participating securities. This method determines earnings/(loss) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. Earnings/(loss) per share is computed using both basic and diluted shares. The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our stock options, stock-settled long-term performance awards and restricted stock units could have the most significant impact on diluted shares. The increase in our basic shares is due to the exercise of warrants in January 2015, partially offset by repurchases of the Company’s Class A Common Stock. Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock, because their inclusion would result in an anti-dilutive effect on per share amounts. The number of stock options that was excluded from the computation of diluted earnings per share because they were anti-dilutive was approximately 5 million in 2015 , 6 million in 2014 and 10 million in 2013 , respectively. |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Dec. 27, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | Stock-Based Awards As of December 27, 2015 , the Company was authorized to grant stock-based compensation under its 2010 Incentive Compensation Plan (the “2010 Incentive Plan”), which became effective April 27, 2010 and was amended and restated effective April 30, 2014. The 2010 Incentive Plan replaced the 1991 Executive Stock Incentive Plan (the “1991 Incentive Plan”). In addition, through April 30, 2014, the Company maintained its 2004 Non-Employee Directors’ Stock Incentive Plan (the “2004 Directors’ Plan”). In 2013, the Company redesigned its long-term incentive compensation program, eliminating annual grants of time-based stock options and restricted stock units and long-term performance awards payable solely in cash for executives. In their place, executives have the opportunity to earn cash and shares of Class A Common Stock at the end of three-year performance cycles based in part on the achievement of financial goals tied to a financial metric and in part on stock price performance relative to companies in the Standard & Poor’s 500 Stock Index, with the majority of the target award to be settled in the Company’s Class A Common Stock. We recognize stock-based compensation expense for these stock-settled long-term performance awards, as well as stock-settled restricted stock units, stock options and stock appreciation rights (together, “Stock-Based Awards”). Stock-based compensation expense was $10.6 million in 2015 , $8.9 million in 2014 and $8.8 million in 2013 . Stock-based compensation expense is recognized over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service. Awards under the 1991 Incentive Plan and 2010 Incentive Plan generally vest over a stated vesting period or, with respect to awards granted prior to December 28, 2014, upon the retirement of an employee or director, as the case may be. Prior to 2012, under our 2004 Directors’ Plan, each non-employee director of the Company received annual grants of non-qualified stock options with 10 -year terms to purchase 4,000 shares of Class A Common Stock from the Company at the average market price of such shares on the date of grants. These grants were replaced with annual grants of cash-settled phantom stock units in 2012, and, accordingly, no grants of stock options have since been made under this plan. Under its terms, the 2004 Directors’ Plan terminated as of April 30, 2014. In 2015, the annual grants of phantom stock units were replaced with annual grants of restricted stock units, granted under the 2010 Incentive Plan. Restricted stock units are awarded on the date of the annual meeting of stockholders and vest on the date of the subsequent year’s annual meeting, with the shares delivered upon a director’s cessation of membership on the Board of Directors. Each non-employee director is credited with additional restricted stock units with a value equal to the amount of all dividends paid on the Company’s Class A Common Stock. Our pool of excess tax benefits (“APIC Pool”) available to absorb tax deficiencies was approximately $25 million as of December 27, 2015 . Stock Options The 1991 Incentive Plan provided, and the 2010 Incentive Plan provides for grants of both incentive and non-qualified stock options at an exercise price equal to the fair market value (as defined in each plan, respectively) of our Class A Common Stock on the date of grant. Stock options have generally been granted with a 3 -year vesting period and a 10 -year term and vest in equal annual installments. Due to a change in the Company’s long-term incentive compensation, no grants of stock options were made in 2015 , 2014 or 2013. The 2004 Directors’ Plan provided for grants of stock options to non-employee directors at an exercise price equal to the fair market value (as defined in the 2004 Directors’ Plan) of our Class A Common Stock on the date of grant. Prior to 2012, stock options were granted with a 1 -year vesting period and a 10 -year term. No grants of stock options were made in 2015 , 2014 or 2013. Our Company’s directors are considered employees for purposes of stock-based compensation. Changes in our Company’s stock options in 2015 were as follows: December 27, 2015 (Shares in thousands) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value $(000s) Options outstanding at beginning of year 8,170 $ 18 3 $ 16,234 Granted — — Exercised (341 ) 6 Forfeited/Expired (1,439 ) 27 Options outstanding at end of period 6,390 $ 16 3 $ 13,938 Options expected to vest at end of period 6,390 $ 16 3 $ 13,938 Options exercisable at end of period 6,390 $ 16 3 $ 13,938 The total intrinsic value for stock options exercised was $2.7 million in 2015 , $1.5 million in 2014 and $5.3 million in 2013 . The fair value of the stock options granted was estimated on the date of grant using a Black-Scholes valuation model that uses the following assumptions. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life (estimated period of time outstanding) of stock options granted was determined using the average of the vesting period and term. Expected volatility was based on historical volatility for a period equal to the stock option’s expected life, ending on the date of grant, and calculated on a monthly basis. Dividend yield was based on expected Company dividends, if applicable on the date of grant. The fair value for stock options granted with different vesting periods and on different dates is calculated separately. There were no stock option grants in 2015, 2014 or 2013. Restricted Stock Units The 1991 Incentive Plan provided, and the 2010 Incentive Plan provides for grants of other stock-based awards, including restricted stock units. Outstanding stock-settled restricted stock units have been granted with a stated vesting period up to 5 years. Each restricted stock unit represents our obligation to deliver to the holder one share of Class A Common Stock upon vesting. The fair value of stock-settled restricted stock units is the average market price on the grant date. Changes in our Company’s stock-settled restricted stock units in 2015 were as follows: December 27, 2015 (Shares in thousands) Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested stock-settled restricted stock units at beginning of period 1,059 $ 10 Granted 574 14 Vested (386 ) 8 Forfeited (88 ) 13 Unvested stock-settled restricted stock units at end of period 1,159 $ 13 Unvested stock-settled restricted stock units expected to vest at end of period 1,064 $ 13 The intrinsic value of stock-settled restricted stock units vested was $5.5 million in 2015 , $5.8 million in 2014 and $1.9 million in 2013 . Long-Term Incentive Compensation The 1991 Incentive Plan provided, and the 2010 Incentive Plan provides, for grants of cash and stock-settled awards to key executives payable at the end of a multi-year performance period. Cash-settled awards have been granted with three -year performance periods and are based on the achievement of specified financial performance measures. Cash-settled awards have been classified as a liability because we incurred a liability payable in cash. There were payments of approximately $ 3 million in 2015 , $1 million in 2014 and $9 million in 2013 . Stock-settled awards have been granted with three -year performance periods and are based on relative Total Shareholder Return (“TSR”), which is calculated at stock appreciation plus deemed reinvested dividends and another performance measure. Stock-settled awards are payable in Class A Common Stock and are classified within equity. The fair value of TSR awards is determined at the date of grant using a market calculation simulation. The fair value of awards under the other performance measure is determined by the average market price on the grant date. Compensation expense for TSR-based awards is recognized based on the fair value on grant date. Compensation expense for the other performance measure is based on the expected number of shares or cash to be delivered as of each reporting date. Unrecognized Compensation Expense As of December 27, 2015 , unrecognized compensation expense related to the unvested portion of our Stock-Based Awards was approximately $15.7 million and is expected to be recognized over a weighted-average period of 1.58 years. Reserved Shares We generally issue shares for the exercise of stock options and stock-settled restricted stock units from unissued reserved shares. Shares of Class A Common Stock reserved for issuance were as follows: (Shares in thousands) December 27, December 28, Stock options, stock–settled restricted stock units and stock-settled performance awards Stock options and stock-settled restricted stock units 7,549 9,228 Stock-settled performance awards (1) 3,531 2,827 Outstanding 11,080 12,055 Available 7,282 8,408 Employee Stock Purchase Plan (2) Available 6,410 6,410 401(k) Company stock match (3) Available 3,045 3,045 Total Outstanding 11,080 12,055 Total Available 16,737 17,863 (1) The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that could be issued is included in the table above. (2) We have not had an offering under the Employee Stock Purchase Plan since 2010. (3) Effective 2014, we no longer offer a Company stock match under the Company’s 401(k) plan. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 27, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Shares of our Company’s Class A and Class B Common Stock are entitled to equal participation in the event of liquidation and in dividend declarations. The Class B Common Stock is convertible at the holders’ option on a share-for-share basis into Class A Common Stock. Upon conversion, the previously outstanding shares of Class B Common Stock that were converted are automatically and immediately retired, resulting in a reduction of authorized Class B Common Stock. As provided for in our Company’s Certificate of Incorporation, the Class A Common Stock has limited voting rights, including the right to elect 30% of the Board of Directors, and the Class A and Class B Common Stock have the right to vote together on the reservation of our Company shares for stock options and other stock-based plans, on the ratification of the selection of a registered public accounting firm and, in certain circumstances, on acquisitions of the stock or assets of other companies. Otherwise, except as provided by the laws of the State of New York, all voting power is vested solely and exclusively in the holders of the Class B Common Stock. There were 816,635 shares as of December 27, 2015 and December 28, 2014 of Class B Common Stock issued and outstanding that may be converted into shares of Class A Common Stock. The Adolph Ochs family trust holds approximately 90% of the Class B Common Stock and, as a result, has the ability to elect 70% of the Board of Directors and to direct the outcome of any matter that does not require a vote of the Class A Common Stock. On January 14, 2015, Carlos Slim Helú, a beneficial owner of our Class A Common Stock, exercised warrants to purchase 15.9 million shares of our Class A Common Stock at a price of $6.3572 per share, and the Company received cash proceeds of approximately $101.1 million from this exercise. On January 13, 2015, the Board of Directors terminated an existing authorization to repurchase shares of the Company’s Class A Common Stock and approved a new repurchase authorization of $101.1 million , equal to the cash proceeds received by the Company from the exercise. As of December 27, 2015 , the Company had repurchased 5,511,233 Class A shares under this authorization for a cost of $69.8 million (excluding commissions). Our Board of Directors has authorized us to purchase shares from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization. We may issue preferred stock in one or more series. The Board of Directors is authorized to set the distinguishing characteristics of each series of preferred stock prior to issuance, including the granting of limited or full voting rights; however, the consideration received must be at least $ 100 per share. No shares of preferred stock were issued or outstanding as of December 27, 2015 . The following table summarizes the changes in AOCI by component as of December 27, 2015 : (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Total Accumulated Other Comprehensive Loss Balance, December 28, 2014 $ 5,705 $ (539,500 ) $ (533,795 ) Other comprehensive income before reclassifications, before tax (1) (8,803 ) (25,236 ) (34,039 ) Amounts reclassified from accumulated other comprehensive loss, before tax (1) — 75,728 75,728 Income tax (benefit)/expense (1) (3,115 ) 20,103 16,988 Net current-period other comprehensive (loss)/income, net of tax (5,688 ) 30,389 24,701 Balance, December 27, 2015 $ 17 $ (509,111 ) $ (509,094 ) (1) All amounts are shown net of noncontrolling interest. The following table summarizes the reclassifications from AOCI for the period ended December 27, 2015 : (In thousands) Amounts reclassified from accumulated other comprehensive loss Affect line item in the statement where net income is presented Detail about accumulated other comprehensive loss components Funded status of benefit plans: Amortization of prior service credit (1) $ (11,440 ) Selling, general & administrative costs Amortization of actuarial loss (1) 46,720 Selling, general & administrative costs Effect of curtailment 1,264 Selling, general & administrative costs Effect of other postretirement benefit remeasurement (1,145 ) Pension settlement charge 40,329 Pension settlement charge Total reclassification, before tax (2) 75,728 Income tax expense 30,132 Income tax (benefit)/expense Total reclassification, net of tax $ 45,596 (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Notes 9 and 10 for additional information. (2) There were no reclassifications relating to noncontrolling interest for the year ended December 27, 2015 . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 27, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have one reportable segment that includes The Times, the International New York Times, NYTimes.com, international.nytimes.com and related businesses. Therefore, all required segment information can be found in the consolidated financial statements. Our operating segment generated revenues principally from circulation and advertising. Other revenues consist primarily of revenues from news services/syndication, digital archives, rental income, our NYT Live business, e-commerce and the Crossword product. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 27, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Operating Leases Operating lease commitments are primarily for office space and equipment. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. Rental expense amounted to approximately $16 million in 2015 , 2014 and 2013 . The approximate minimum rental commitments under noncancelable leases, net of subleases, as of December 27, 2015 were as follows: (In thousands) Amount 2016 $ 11,416 2017 9,564 2018 5,550 2019 3,152 2020 2,827 Later years 4,171 Total minimum lease payments 36,680 Less: noncancelable subleases (1,443 ) Total minimum lease payments, net of noncancelable subleases $ 35,237 Capital Leases Future minimum lease payments for all capital leases, and the present value of the minimum lease payments as of December 27, 2015 , were as follows: (In thousands) Amount 2016 $ 552 2017 552 2018 552 2019 7,245 2020 — Later years — Total minimum lease payments 8,901 Less: imputed interest (2,145 ) Present value of net minimum lease payments including current maturities $ 6,756 Restricted Cash We were required to maintain $28.7 million of restricted cash as of December 27, 2015 and $30.2 million as of December 28, 2014 , primarily related to certain collateral requirements for obligations under our workers’ compensation programs. Newspaper and Mail Deliverers – Publishers’ Pension Fund In September 2013, the Newspaper and Mail Deliverers - Publishers’ Pension Fund (the “Fund”) assessed a partial withdrawal liability to the Company in the amount of $26 million for the plan years ending May 31, 2012 and 2013, an amount that was increased to approximately $34 million in December 2014, when the Fund issued a revised partial withdrawal liability assessment for the plan year ending May 31, 2013. The Fund claims that when City & Suburban, a retail and newsstand distribution subsidiary of the Company and the largest contributor to the Fund, ceased operations in 2009, it triggered a decline of more than 70% in contribution base units in each of these two plan years. The Company disagrees with both the Fund’s determination that a partial withdrawal occurred and the methodology by which it calculated the withdrawal liability, and the matter is currently being arbitrated. We do not believe that a loss is probable on this matter and have not recorded a loss contingency for the period ended December 27, 2015 . However, as required by the Employee Retirement Income Security Act of 1974, we have been making the quarterly payments to the Fund set forth in the demand letters. As of December 27, 2015 , we made total payments of $11.6 million since the receipt of the initial demand letter, including $7.1 million in 2015. Other We are involved in various legal actions incidental to our business that are now pending against us. These actions are generally for amounts greatly in excess of the payments, if any, that may be required to be made. Although the Company cannot predict the outcome of these matters, it is possible that an unfavorable outcome in one or more matters could be material to the Company’s consolidated results of operations or cash flows for an individual reporting period. However, based on currently available information, management does not believe that the ultimate resolution of these matters, individually or in the aggregate, is likely to have a material effect on the Company’s financial position. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 27, 2015 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For the Three Years Ended December 27, 2015 : (In thousands) Balance at beginning of period Additions charged to operating costs and other Deductions (1) Balance at end of period Accounts receivable allowances: Year ended December 27, 2015 $ 12,860 $ 13,999 $ 13,374 $ 13,485 Year ended December 28, 2014 $ 14,252 $ 11,384 $ 12,776 $ 12,860 Year ended December 29, 2013 $ 15,452 $ 9,377 $ 10,577 $ 14,252 Valuation allowance for deferred tax assets: Year ended December 27, 2015 $ 41,136 $ — $ 4,932 $ 36,204 Year ended December 28, 2014 $ 42,295 $ — $ 1,159 $ 41,136 Year ended December 29, 2013 $ 42,138 $ 2,432 $ 2,275 $ 42,295 (1) Includes write-offs, net of recoveries. |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 27, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | QUARTERLY INFORMATION (UNAUDITED) Quarterly financial information for each quarter in the years ended December 27, 2015 and December 28, 2014 is included in the following tables. The New England Media Group, Regional Media Group and the About Group’s results of operations have been presented as discontinued operations for all periods presented. See Note 13 of the Notes to the Consolidated Financial Statements for additional information regarding these discontinued operations. 2015 Quarters (In thousands, except per share data) March 29, June 28, September 27, December 27, Full Year (13 weeks) (13 weeks) (13 weeks) (13 weeks) (52 weeks) Revenues $ 384,239 $ 382,886 $ 367,404 $ 444,686 $ 1,579,215 Operating costs 350,277 344,835 345,471 352,663 1,393,246 Pension settlement expense (1) 40,329 — — — 40,329 Multiemployer pension plan withdrawal expense (2) 4,697 — — 4,358 9,055 Operating (loss)/profit (11,064 ) 38,051 21,933 87,665 136,585 (Loss)/income from joint ventures (572 ) (356 ) 170 (25 ) (783 ) Interest expense, net 12,192 9,776 9,127 7,955 39,050 (Loss)/income from continuing operations before income taxes (23,828 ) 27,919 12,976 79,685 96,752 Income tax (benefit)/expense (9,407 ) 11,700 3,611 28,006 33,910 (Loss)/income (14,421 ) 16,219 9,365 51,679 62,842 Net (loss)/income from continuing operations (14,421 ) 16,219 9,365 51,679 62,842 Net loss attributable to the noncontrolling interest 159 181 50 14 404 Net (loss)/income attributable to The New York Times Company common stockholders $ (14,262 ) $ 16,400 $ 9,415 $ 51,693 $ 63,246 Amounts attributable to The New York Times Company common stockholders: (Loss)/income from continuing operations $ (14,262 ) $ 16,400 $ 9,415 $ 51,693 $ 63,246 Net (loss)/income $ (14,262 ) $ 16,400 $ 9,415 $ 51,693 $ 63,246 Average number of common shares outstanding: Basic 163,988 166,355 165,052 162,179 164,390 Diluted 163,988 168,316 166,981 164,128 166,423 Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: (Loss)/income from continuing operations $ (0.09 ) $ 0.10 $ 0.06 $ 0.32 $ 0.38 Net (loss)/income $ (0.09 ) $ 0.10 $ 0.06 $ 0.32 $ 0.38 Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: (Loss)/income from continuing operations $ (0.09 ) $ 0.10 $ 0.06 $ 0.31 $ 0.38 Net (loss)/income $ (0.09 ) $ 0.10 $ 0.06 $ 0.31 $ 0.38 (1) We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. (2) We recorded an estimated charge related to partial withdrawal obligations under multiemployer pension plans. 2014 Quarters (In thousands, except per share data) March 30, 2014 June 29, September 28, 2014 December 28, 2014 Full Year (13 weeks) (13 weeks) (13 weeks) (13 weeks) (52 weeks) Revenues $ 390,408 $ 388,719 $ 364,718 $ 444,683 $ 1,588,528 Operating costs 365,799 362,697 373,750 382,259 1,484,505 Early termination charge 2,550 — — — 2,550 Pension settlement expense (1) — 9,525 — — 9,525 Operating profit/(loss) 22,059 16,497 (9,032 ) 62,424 91,948 (Loss)/income from joint ventures (2,147 ) 25 1,599 (7,845 ) (8,368 ) Interest expense, net 13,301 13,205 15,254 11,970 53,730 Income/(loss) from continuing operations before income taxes 6,611 3,317 (22,687 ) 42,609 29,850 Income tax expense/(benefit) 3,764 (5,743 ) (10,247 ) 8,685 (3,541 ) Income/(loss) from continuing operations 2,847 9,060 (12,440 ) 33,924 33,391 Loss from discontinued operations, net of income taxes (994 ) — — (92 ) (1,086 ) Net income/(loss) 1,853 9,060 (12,440 ) 33,832 32,305 Net (incomes)/loss attributable to the noncontrolling interest (110 ) 128 (59 ) 1,043 1,002 Net income/(loss) attributable to The New York Times Company common stockholders $ 1,743 $ 9,188 $ (12,499 ) $ 34,875 $ 33,307 Amounts attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ 2,737 $ 9,188 $ (12,499 ) $ 34,967 $ 34,393 Loss from discontinued operations, net of income taxes (994 ) — — (92 ) (1,086 ) Net income/(loss) $ 1,743 $ 9,188 $ (12,499 ) $ 34,875 $ 33,307 Average number of common shares outstanding: Basic 150,612 150,796 150,822 150,779 150,673 Diluted 161,920 161,868 150,822 160,455 161,323 Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ 0.02 $ 0.06 $ (0.08 ) $ 0.23 $ 0.23 Loss from discontinued operations, net of income taxes (0.01 ) — — — (0.01 ) Net income/(loss) $ 0.01 $ 0.06 $ (0.08 ) $ 0.23 $ 0.22 Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ 0.02 $ 0.06 $ (0.08 ) $ 0.22 $ 0.21 Loss from discontinued operations, net of income taxes (0.01 ) — — — (0.01 ) Net income/(loss) $ 0.01 $ 0.06 $ (0.08 ) $ 0.22 $ 0.20 (1) We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. Earnings/(loss) per share amounts for the quarters do not necessarily equal the respective year-end amounts for earnings or loss per share due to the weighted-average number of shares outstanding used in the computations for the respective periods. Earnings/(loss) per share amounts for the respective quarters and years have been computed using the average number of common shares outstanding. One of our largest sources of revenue is advertising. Our business has historically experienced higher advertising volume in the fourth quarter than the remaining quarters because of holiday advertising. |
Summary of Significant Accoun29
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 27, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of our Company and our wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions. The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ from these estimates. |
Fiscal Year | Fiscal Year Our fiscal year end is the last Sunday in December. Fiscal years 2015 , 2014 and 2013 each comprised 52 weeks and ended on December 27, 2015 , December 28, 2014 , and December 29, 2013 , respectively. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. |
Marketable Securities | Marketable Securities We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term. We have the intent and ability to hold our marketable debt securities until maturity; therefore, they are accounted for as held-to-maturity and stated at amortized cost. |
Concentration of Risk | Concentration of Risk Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and investments. Cash and cash equivalents are placed with major financial institutions. As of December 27, 2015 , we had cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these financial institutions as part of our ongoing investment strategy. Our investment portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash and investments are primarily managed by third-party investment managers who are required to adhere to investment policies approved by our Board of Directors designed to mitigate risk. |
Accounts Receivable | Accounts Receivable Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, rate adjustments and discounts are generally established based on historical experience. |
Inventories | Inventories Inventories are stated at the lower of cost or current market value. Inventory cost is generally based on the last-in, first-out (“LIFO”) method for newsprint and the first-in, first-out (“FIFO”) method for other inventories. |
Investments | Investments Investments in which we have at least a 20% , but not more than a 50% , interest are generally accounted for under the equity method. Investment interests below 20% are generally accounted for under the cost method, except if we could exercise significant influence, the investment would be accounted for under the equity method. We evaluate whether there has been an impairment of our cost and equity method investments annually or in an interim period if circumstances indicate that a possible impairment may exist. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements – 10 to 40 years; equipment – 3 to 30 years; and software – 2 to 5 years. We capitalize interest costs and certain staffing costs as part of the cost of major projects. We evaluate whether there has been an impairment of long-lived assets, primarily property, plant and equipment, if certain circumstances indicate that a possible impairment may exist. These assets are tested for impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (1) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater than its fair value. |
Goodwill | Goodwill Goodwill is the excess of cost over the fair value of tangible and other intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter. We test for goodwill impairment at the reporting unit level, which is our single operating segment. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key management personnel and our share price. The result of this assessment determines whether it is necessary to perform the goodwill impairment two-step test. For the 2015 annual impairment testing, based on our qualitative assessment, we concluded that it is more likely than not that goodwill is not impaired. If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, in the first step, we compare the fair value of the reporting unit with its carrying amount, including goodwill. Fair value is calculated by a combination of a discounted cash flow model and a market approach model. In calculating fair value for our reporting unit, we generally weigh the results of the discounted cash flow model more heavily than the market approach because the discounted cash flow model is specific to our business and long-term projections. If the fair value exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount exceeds the fair value, the second step must be performed to measure the amount of the impairment loss, if any. In the second step, we compare the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. An impairment loss would be recognized in an amount equal to the excess of the carrying amount of the goodwill over the implied fair value of the goodwill. The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working capital and discount rates. The starting point for the assumptions used in our discounted cash flow analysis is the annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and operating performance, related industry trends, macroeconomic conditions, and marketplace data, among others. Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic conditions outside our control. The market approach analysis includes applying a multiple, based on comparable market transactions, to certain operating metrics of the reporting unit. The significant estimates and assumptions used by management in assessing the recoverability of goodwill acquired are estimated future cash flows, discount rates, growth rates, as well as other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes. In addition to annual testing, management uses certain indicators to evaluate whether the carrying value of our reporting unit may not be recoverable and an interim impairment test may be required. These indicators include: (1) current-period operating or cash flow declines combined with a history of operating or cash flow declines or a projection/forecast that demonstrates continuing declines in the cash flow or the inability to improve our operations to forecasted levels, (2) a significant adverse change in the business climate, whether structural or technological, (3) significant impairments and (4) a decline in our stock price and market capitalization. Management has applied what it believes to be the most appropriate valuation methodology for its impairment testing. Additionally, management believes that the likelihood of an impairment of goodwill is remote due to the excess market capitalization relative to its net book value. See Note 4. |
Self-Insurance | Self-Insurance We self-insure for workers’ compensation costs, automobile and general liability claims, up to certain deductible limits, as well as for certain employee medical and disability benefits. The recorded liabilities for self-insured risks are primarily calculated using actuarial methods. The liabilities include amounts for actual claims, claim growth and claims incurred but not yet reported. The recorded liabilities for self-insured risks were approximately $41 million and $43 million as of December 27, 2015 and December 28, 2014 , respectively. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Our single-employer pension and other postretirement benefit costs are accounted for using actuarial valuations. We recognize the funded status of these plans – measured as the difference between plan assets, if funded, and the benefit obligation – on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), net of income taxes. The assets related to our funded pension plans are measured at fair value. We make significant subjective judgments about a number of actuarial assumptions, which include discount rates, health-care cost trend rates, long-term return on plan assets and mortality rates. Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements. We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We assess a liability, for obligations related to complete and partial withdrawals from multiemployer pension plans, as well as estimate obligations for future partial withdrawals that we consider probable and reasonably estimable. The actual liability is not known until each plan completes a final assessment of the withdrawal liability and issues a demand to us. Therefore, we adjust the estimate of our multiemployer pension plan liability as more information becomes available that allows us to refine our estimates. See Notes 9 and 10 for additional information regarding pension and other postretirement benefits. |
Revenue Recognition | Revenue Recognition Circulation revenues include single-copy and subscription revenues. Circulation revenues are based on the number of copies of the printed newspaper (through home-delivery subscriptions and single-copy sales) and digital subscriptions sold and the rates charged to the respective customers. Single-copy revenue is recognized based on date of publication, net of provisions for related returns. Proceeds from subscription revenues are deferred at the time of sale and are recognized in earnings on a pro rata basis over the terms of the subscriptions. When our digital subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. Several factors are considered to determine whether we are a principal, most notably whether we are the primary obligor to the customer and have determined the selling price and product specifications. Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user clicks on certain advertisements, net of provisions for estimated rebates, rate adjustments and discounts. We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will be earned and claimed, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. Rate adjustments primarily represent credits given to customers related to billing or production errors and discounts represent credits given to customers who pay an invoice prior to its due date. Rate adjustments and discounts are accounted for as a reduction of revenues, based on the amount of estimated rate adjustments or discounts related to the underlying revenues during the period. Measurement of rate adjustments and discount obligations are estimated based on historical experience of credits actually issued. Other revenues are recognized when the related service or product has been delivered. |
Income Taxes | Income Taxes Income taxes are recognized for the following: (1) amount of taxes payable for the current year and (2) deferred tax assets and liabilities for the future tax consequence of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes in the period of enactment. We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (e.g., sources of taxable income) and negative (e.g., recent historical losses) evidence and assessing, based on the evidence, whether it is more likely than not that the deferred tax assets will not be realized. We recognize in our financial statements the impact of a tax position if that tax position is more likely than not of being sustained on audit, based on the technical merits of the tax position. This involves the identification of potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax positions is necessary. Different conclusions reached in this assessment can have a material impact on our Consolidated Financial Statements. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues, which could require an extended period of time to resolve. Until formal resolutions are reached between us and the tax authorities, the timing and amount of a possible audit settlement for uncertain tax benefits is difficult to predict. |
Stock-Based Compensation | Stock-Based Compensation We establish fair value for our stock-based awards to determine our cost and recognize the related expense over the appropriate vesting period. We recognize stock-based compensation expense for outstanding stock-settled long-term performance awards, stock-settled and cash-settled restricted stock units, stock options and stock appreciation rights. See Note 15 for additional information related to stock-based compensation expense. |
Earnings/(Loss) Per Share | Earnings/(Loss) Per Shar e Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders by the weighted-average common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities, including outstanding warrants and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive. The two-class method is an earnings allocation method for computing earnings/(loss) per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings/(loss) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. |
Foreign Currency Translation | Foreign Currency Translation The assets and liabilities of foreign companies are translated at year-end exchange rates. Results of operations are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption “Accumulated other comprehensive loss, net of income taxes.” |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-17, “Balance Sheet Classification of Deferred Taxes,” as part of its simplification initiative. The ASU requires entities to present all deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet instead of separating deferred taxes into current and noncurrent amounts. The amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Early application is permitted. The new guidance is effective for fiscal years beginning after December 31, 2017. We adopted this ASU prospectively to the relevant presentation and disclosures beginning with our fiscal year ended December 27, 2015 . Prior periods have not been retrospectively adjusted. In April 2015, the FASB issued ASU 2015-05, “ Customer’s Accounting for Fees Paid in Cloud Computing Arrangement,” which provides guidance about whether a cloud computing arrangement includes a software license and how to account for the license under each scenario. The guidance is effective for the Company for fiscal years beginning December 28, 2015 and interim periods within those annual periods. A reporting entity may apply the guidance prospectively to all arrangements entered into or materially modified after the service effective date, or retrospectively to all prior periods presented in the financial statements. Early adoption is permitted. We adopted this ASU prospectively beginning with our fiscal year ended December 27, 2015 . The adoption of this guidance had no impact on our financial statements. Prior periods have not been retrospectively adjusted. In April 2015, the FASB issued ASU 2015-04, “Practical Expedient for the Measurement Date of an Employers Defined Benefit Obligation and Plan Assets,” which provides guidance on practical expedients with fiscal years that do not coincide with a month end. The amended guidance is effective for the Company for fiscal years beginning December 28, 2015 and interim periods within those annual periods. The amendments in the guidance should be applied prospectively. Early adoption is permitted. We adopted this ASU prospectively to the relevant presentation and disclosures beginning with our fiscal year ended December 27, 2015 . Prior periods have not been retrospectively adjusted. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. Early application is permitted. We adopted this ASU retrospectively to the relevant presentation and disclosures as of December 27, 2015 and December 28, 2014 . In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which prescribes a single comprehensive model for entities to use in the accounting of revenue arising from contracts with customers. The new guidance will supersede virtually all existing revenue guidance under GAAP and International Financial Reporting Standards. There are two transition options available to entities: the full retrospective approach or the modified retrospective approach. Under the full retrospective approach, the Company would restate prior periods in compliance with Accounting Standards Codification 250, “Accounting Changes and Error Corrections.” Alternatively, the Company may elect the modified retrospective approach, which allows for the new revenue standard to be applied to existing contracts as of the effective date and record a cumulative catch-up adjustment to retained earnings effective for fiscal years beginning after December 31, 2017, subject to finalization. Early application is permitted. We are currently in the process of evaluating the impact of the revenue guidance. The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 27, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Debt and Equity Securities | Our marketable debt securities consisted of the following: (In thousands) December 27, 2015 December 28, 2014 Short-term marketable securities U.S Treasury securities $ 184,278 $ 238,488 Corporate debt securities 185,561 208,346 U.S. agency securities 65,222 32,009 Municipal securities 1,363 13,622 Certificates of deposit 60,244 109,293 Commercial paper 10,971 34,985 Total short-term marketable securities $ 507,639 $ 636,743 Long-term marketable securities Corporate debt securities $ 119,784 $ 71,191 U.S. agency securities 150,583 95,204 U.S Treasury securities 20,769 — Municipal securities — 1,425 Total long-term marketable securities $ 291,136 $ 167,820 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 27, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill balances | The changes in the carrying amount of goodwill in 2015 and 2014 were as follows: (In thousands) Total Company Balance as of December 29, 2013 $ 125,871 Foreign currency translation (9,449 ) Balance as of December 28, 2014 116,422 Foreign currency translation (7,337 ) Balance as of December 27, 2015 $ 109,085 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 27, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule and summarized unaudited condensed combined income statements of equity method investments | As of December 27, 2015 , our investments in joint ventures consisted of equity ownership interests in the following entities: Company Approximate % Ownership Donohue Malbaie Inc. 49 % Madison Paper Industries 40 % Women in the World Media, LLC 30 % |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 27, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of carrying value of outstanding debt | Our total debt and capital lease obligations consisted of the following: (In thousands, except percentages) December 27, 2015 December 28, Total debt and capital lease obligations: Senior notes due in 2015 Principal amount $ — $ 223,669 Less unamortized discount based on imputed interest rate of 5.0% — 7 Total senior notes due in 2015 — 223,662 Senior notes due in 2016 Principal amount 189,170 189,170 Less unamortized discount based on imputed interest rate of 6.625% 793 1,566 Total senior notes due in 2016 188,377 187,604 Option to repurchase ownership interest in headquarters building in 2019 Principal amount 250,000 250,000 Less unamortized discount based on imputed interest rate of 13.0% 13,905 17,882 Total option to repurchase ownership interest in headquarters building in 2019 236,095 232,118 Capital lease obligations 6,756 6,736 Total debt and capital lease obligations 431,228 650,120 Less current portion 188,377 223,662 Total long-term debt and capital lease obligations $ 242,851 $ 426,458 |
Schedule of maturities of long-term debt | The aggregate face amount of maturities of debt over the next five years and thereafter is as follows: (In thousands) Amount 2016 $ 189,170 2017 — 2018 — 2019 250,000 2020 — Thereafter — Total face amount of maturities 439,170 Less: Unamortized debt costs and discount (14,698 ) Carrying value of debt (excludes capital leases) $ 424,472 |
Schedule of components of interest expense, net | Interest expense, net, as shown in the accompanying Consolidated Statements of Operations was as follows: (In thousands) December 27, December 28, December 29, Interest expense $ 41,973 $ 51,877 $ 52,913 Premium on debt repurchases — 2,538 2,127 Amortization of debt costs and discount on debt 4,756 4,651 4,548 Capitalized interest (338 ) (152 ) — Interest income (7,341 ) (5,184 ) (1,515 ) Total interest expense, net $ 39,050 $ 53,730 $ 58,073 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended | |
Dec. 27, 2015 | ||
Fair Value Disclosures [Abstract] | ||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes our financial liabilities measured at fair value on a recurring basis as of December 27, 2015 and December 28, 2014 : (In thousands) December 27, 2015 December 28, 2014 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Deferred compensation $ 35,578 $ 35,578 $ — $ — $ 45,136 $ 45,136 $ — $ — | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following tables present non-financial assets that were measured and recorded at fair value on a non-recurring basis and the total impairment losses recorded during 2014 and 2013 on those assets. There was no impairment recognized in 2015 . 2014 (In thousands) Net Carrying Value as of Fair Value Measured and Recorded Using Impairment Losses for the Year Ended December 28, 2014 Level 1 Level 2 Level 3 December 28, 2014 Investments in joint ventures $ — $ — $ — $ — $ 9,216 (1) (1) Impairment losses related to Madison are included within “Loss from joint ventures” for the year ended December 28, 2014. See Note 5 for additional information. 2013 (In thousands) Net Carrying Value as of Fair Value Measured and Recorded Using Impairment Losses for the Year Ended December 29, 2013 Level 1 Level 2 Level 3 December 29, 2013 Property, plant and equipment $ — $ — $ — $ — $ 34,300 (1) (1) Impairment losses related to the New England Media Group and are included within “(Loss)/income from discontinued operations, net of income taxes” for the year ended December 29, 2013. We sold the New England Media Group in the fourth quarter of 2013. See Note 13 for additional information. | [1] |
[1] | (1)Impairment losses related to Madison are included within “Loss from joint ventures” for the year ended December 28, 2014. See Note 5 for additional information. |
Pension Benefits (Tables)
Pension Benefits (Tables) | 12 Months Ended |
Dec. 27, 2015 | |
Pension Plan [Member] | |
Pension Benefits | |
Schedule of Components of Net Periodic Pension Benefit Cost | The components of net periodic pension cost were as follows: December 27, 2015 December 28, 2014 December 29, 2013 (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 $ 11,932 $ 157 $ 12,089 $ 9,543 $ 184 $ 9,727 $ 11,225 $ 1,162 $ 12,387 Interest cost 74,536 10,060 84,596 84,447 10,450 94,897 77,136 10,681 87,817 Expected return on plan assets (115,261 ) — (115,261 ) (113,839 ) — (113,839 ) (124,250 ) — (124,250 ) Amortization and other costs 36,442 5,081 41,523 26,620 4,718 31,338 33,770 5,561 39,331 Amortization of prior service (credit)/cost (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) Effect of settlement 40,329 — 40,329 — 9,525 9,525 — 3,228 3,228 Net periodic pension cost/(income) $ 46,033 $ 15,298 $ 61,331 $ 4,826 $ 24,877 $ 29,703 $ (4,064 ) $ 20,632 $ 16,568 |
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 27, December 28, December 29, Net actuarial loss/(gain) $ 31,044 $ 254,525 $ (178,088 ) Amortization of loss (41,523 ) (30,665 ) (39,017 ) Amortization of prior service cost 1,945 1,945 1,945 Effect of curtailment (1,264 ) — — Effect of settlement (40,329 ) (9,525 ) (3,358 ) Total recognized in other comprehensive (income)/loss (50,127 ) 216,280 (218,518 ) Net periodic pension cost 61,331 29,703 16,568 Total recognized in net periodic benefit cost and other comprehensive loss/(income) $ 11,204 $ 245,983 $ (201,950 ) |
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 income/(loss) were as follows: December 27, 2015 December 28, 2014 (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 $ 2,101,573 $ 267,824 $ 2,369,397 $ 1,778,647 $ 262,501 $ 2,041,148 Service cost 11,932 157 12,089 9,543 184 9,727 Interest cost 74,536 10,060 84,596 84,447 10,450 94,897 Plan participants’ contributions 20 — 20 26 — 26 Actuarial (gain)/loss (129,187 ) (14,372 ) (143,559 ) 330,224 36,604 366,828 Curtailments (1,264 ) — (1,264 ) — — — Lump-sum settlement paid (98,348 ) — (98,348 ) — (24,015 ) (24,015 ) Benefits paid (107,352 ) (16,231 ) (123,583 ) (101,314 ) (17,507 ) (118,821 ) Effects of change in currency conversion — (351 ) (351 ) — (393 ) (393 ) Benefit obligation at end of year 1,851,910 247,087 2,098,997 2,101,573 267,824 2,369,397 Change in plan assets Fair value of plan assets at beginning of year 1,837,250 — 1,837,250 1,698,091 — 1,698,091 Actual return on plan assets (59,342 ) — (59,342 ) 225,470 — 225,470 Employer contributions 7,128 16,231 23,359 14,977 41,522 56,499 Plan participants’ contributions 20 — 20 26 — 26 Lump-sum settlement paid (98,348 ) — (98,348 ) — (24,015 ) (24,015 ) Benefits paid (107,352 ) (16,231 ) (123,583 ) (101,314 ) (17,507 ) (118,821 ) Fair value of plan assets at end of year 1,579,356 — 1,579,356 1,837,250 — 1,837,250 Net amount recognized $ (272,554 ) $ (247,087 ) $ (519,641 ) $ (264,323 ) $ (267,824 ) $ (532,147 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ — $ (16,043 ) $ (16,043 ) $ — $ (15,767 ) $ (15,767 ) Noncurrent liabilities (272,554 ) (231,044 ) (503,598 ) (264,323 ) (252,057 ) (516,380 ) Net amount recognized $ (272,554 ) $ (247,087 ) $ (519,641 ) $ (264,323 ) $ (267,824 ) $ (532,147 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 821,648 $ 100,344 $ 921,992 $ 854,267 $ 119,797 $ 974,064 Prior service credit (24,621 ) — (24,621 ) (26,565 ) — (26,565 ) Total $ 797,027 $ 100,344 $ 897,371 $ 827,702 $ 119,797 $ 947,499 |
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 27, December 28, Projected benefit obligation $ 2,098,997 $ 2,369,397 Accumulated benefit obligation $ 2,092,600 $ 2,362,050 Fair value of plan assets $ 1,579,356 $ 1,837,250 |
Schedule of Assumptions Used | Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 27, December 28, Discount rate 4.60 % 4.05 % Rate of increase in compensation levels 2.96 % 2.89 % 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 27, December 28, December 29, Discount rate 4.05 % 4.90 % 4.00 % Rate of increase in compensation levels 2.89 % 2.87 % 3.50 % Expected long-term rate of return on assets 7.01 % 7.02 % 7.85 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 27, December 28, Discount rate 4.40 % 3.90 % 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 27, December 28, December 29, Discount rate 3.90 % 4.60 % 3.70 % Rate of increase in compensation levels 2.50 % 2.50 % 3.00 % |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 27, 2015 is as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (In thousands) Hedge Fund Private Equity Total Balance at beginning of year $ 31,294 $ 35,727 $ 67,021 Actual gain/(loss) on plan assets: Relating to assets still held (51 ) (2,170 ) (2,221 ) Capital contribution — 1,288 1,288 Return of Capital — (5,138 ) (5,138 ) Balance at end of year $ 31,243 $ 29,707 $ 60,950 The reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) as of December 28, 2014 is as follows: Fair Value Measurements Using Significant Unobservable Inputs (Level 3) (In thousands) Hedge Fund Private Equity Total Balance at beginning of year $ 30,325 $ 40,537 $ 70,862 Actual gain on plan assets: Relating to assets still held 969 (1,775 ) (806 ) Capital contribution — 2,008 2,008 Return of Capital — (5,043 ) (5,043 ) Balance at end of year $ 31,294 $ 35,727 $ 67,021 |
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 2016 $ 107,149 $ 16,360 $ 123,509 2017 108,010 17,110 125,120 2018 109,054 17,079 126,133 2019 110,552 17,186 127,738 2020 111,509 16,876 128,385 2021-2025 (1) 581,287 82,427 663,714 (1) While benefit payments under these plans are expected to continue beyond 2025, 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 27, 2015 , 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. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. 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 2015 2014 2015 2014 2013 CWA/ITU Negotiated Pension Plan 13-6212879-001 Red as of 1/01/15 Red as of 1/01/14 Implemented $ 543 $ 611 $ 663 No 3/30/2016 (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund 13-6122251-001 Green as of 6/01/15 Green as of 6/01/14 N/A 1,038 1,102 1,217 No 3/30/2020 (2) GCIU-Employer Retirement Benefit Plan 91-6024903-001 Red as of 1/01/15 Red as of 1/01/14 Implemented 57 58 124 Yes 3/30/2021 (3) Pressmen’s Publishers’ Pension Fund 13-6121627-001 Green as of 4/01/15 Green as of 4/01/14 N/A 1,033 1,097 1,016 No 3/30/2021 (4) Paper-Handlers’-Publishers’ Pension Fund 13-6104795-001 Red as of 4/01/15 Green as of 4/01/14 Pending 97 103 114 Yes 3/30/2021 (5) Contributions for individually significant plans $ 2,768 $ 2,971 $ 3,134 Contributions to other multiemployer plans — — 945 Total Contributions $ 2,768 $ 2,971 $ 4,079 (1) There are two collective bargaining agreements (Mailers and Typographers) requiring contributions to this plan, which both expire 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 12/31/2014 & 12/31/2013 (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2014 & 5/31/2013 (1) Pressmen’s Publisher’s Pension Fund 3/31/2015 & 3/31/2014 Paper-Handlers’-Publishers’ Pension Fund 3/31/2015 & 3/31/2014 (1) Forms 5500 for the plans’ year ended of 12/31/15 and 5/31/15 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 27, 2015 , were as follows: Asset Category Percentage Public Equity 45 % Fixed Income 51 % Alternatives 4 % Cash — % |
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 27, 2015 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs 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 Common/Collective Funds (2) — 761,812 — 761,812 Fixed Income Securities: Corporate Bonds — 417,554 — 417,554 U.S. Treasury and Other Government Securities — 119,098 — 119,098 Group Annuity Contract — 57,044 — 57,044 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 $ 95,970 $ 1,422,436 $ 60,950 $ 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 of the underlying funds. (3) Represents investments that are not backed by the full faith and credit of the United States government. Fair Value Measurement at December 28, 2014 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 48,640 $ — $ — $ 48,640 International Equities 51,154 — — 51,154 Common/Collective Funds (1) — 697,075 — 697,075 Fixed Income Securities: Corporate Bonds — 539,098 — 539,098 U.S. Treasury and Other Government Securities — 150,496 — 150,496 Group Annuity Contract — 76,290 — 76,290 Municipal and Provincial Bonds — 47,046 — 47,046 Government Sponsored Enterprises (2) — 9,517 — 9,517 Other — 22,951 — 22,951 Cash and Cash Equivalents 52 127,910 — 127,962 Private Equity — — 35,727 35,727 Hedge Fund — — 31,294 31,294 Assets at Fair Value $ 99,846 $ 1,670,383 $ 67,021 $ 1,837,250 (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 of the underlying funds. (3) Represents investments that are not backed by the full faith and credit of the United States government. |
Other Postretirement Benefits (
Other Postretirement Benefits (Tables) - Other Postretirement Benefit Plans, Defined Benefit [Member] | 12 Months Ended |
Dec. 27, 2015 | |
Other Postretirement Benefits | |
Schedule of Components of Net Periodic Postretirement Benefit Cost | The components of net periodic postretirement benefit (income)/expense were as follows: (In thousands) December 27, December 28, December 29, Service cost $ 588 $ 580 $ 1,089 Interest cost 2,794 3,722 4,101 Amortization and other costs 5,197 7,299 4,440 Amortization of prior service credit (9,495 ) (7,199 ) (13,051 ) Effect of curtailment — — (49,122 ) Net periodic postretirement benefit (income)/expense $ (916 ) $ 4,402 $ (52,543 ) |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The changes in the benefit obligations recognized in other comprehensive income/loss were as follows: (In thousands) December 27, December 28, December 29, Net actuarial (gain)/loss $ (5,543 ) $ 8,882 $ (13,500 ) Prior service cost/(credit) 1,145 (25,489 ) (1,690 ) Amortization of loss (5,197 ) (4,948 ) (4,440 ) Amortization of prior service credit 9,495 7,199 13,051 Recognition of prior service credit due to curtailment — — 49,122 Total recognized in other comprehensive (income)/loss (100 ) (14,356 ) 42,543 Net periodic postretirement benefit (income)/expense (916 ) 4,402 (52,543 ) Total recognized in net periodic postretirement benefit income and other comprehensive (income)/loss $ (1,016 ) $ (9,954 ) $ (10,000 ) |
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 income/loss were as follows: (In thousands) December 27, December 28, Change in benefit obligation Benefit obligation at beginning of year $ 81,054 $ 100,932 Service cost 588 580 Interest cost 2,794 3,722 Plan participants’ contributions 4,230 3,834 Actuarial (gain)/loss (5,543 ) 12,091 Plan amendments 1,145 (25,489 ) Benefits paid (13,221 ) (14,616 ) Benefit obligation at the end of year 71,047 81,054 Change in plan assets Fair value of plan assets at beginning of year — — Employer contributions 8,991 10,782 Plan participants’ contributions 4,230 3,834 Benefits paid (13,221 ) (14,616 ) Fair value of plan assets at end of year — — Net amount recognized $ (71,047 ) $ (81,054 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (8,168 ) $ (9,426 ) Noncurrent liabilities (62,879 ) (71,628 ) Net amount recognized $ (71,047 ) $ (81,054 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 26,599 $ 37,339 Prior service credit (41,309 ) (51,950 ) Total $ (14,710 ) $ (14,611 ) |
Schedule of Assumptions Used | Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 27, December 28, Discount rate 4.04 % 3.61 % Estimated increase in compensation level 3.50 % 3.50 % Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: December 27, December 28, December 29, Discount rate 3.74 % 4.22 % 3.70 % Estimated increase in compensation level 3.50 % 3.50 % 3.50 % |
Schedule of Health Care Cost Trend Rates | The assumed health-care cost trend rates were as follows: December 27, December 28, Health-care cost trend rate 7.20 % 7.20 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2023 2023 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point change in assumed health-care cost trend rates would have the following effects: One-Percentage Point (In thousands) Increase Decrease Effect on total service and interest cost for 2015 $ 75 $ (63 ) Effect on accumulated postretirement benefit obligation as of December 27, 2015 $ 1,769 $ (1,503 ) |
Schedule of Expected Benefit Payments | The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid: (In thousands) Amount 2016 $ 8,367 2017 7,684 2018 7,064 2019 6,436 2020 5,949 2021-2025 (1) 24,015 (1) While benefit payments under these plans are expected to continue beyond 2025, we have presented in this table only those benefit payments estimated over the next 10 years. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 27, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities | The components of the “Other Liabilities — Other” balance in our Consolidated Balance Sheets were as follows: (In thousands) December 27, December 28, Deferred compensation $ 35,578 $ 45,136 Other liabilities 56,645 62,639 Total $ 92,223 $ 107,775 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 27, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations between the effective tax rate on income from continuing operations before income taxes and the federal statutory rate are presented below. December 27, 2015 December 28, 2014 December 29, 2013 (In thousands) Amount % of Pre-tax Amount % of Pre-tax Amount % of Pre-tax Tax at federal statutory rate $ 33,863 35.0 $ 10,448 35.0 $ 33,180 35.0 State and local taxes, net 5,093 5.2 4,620 15.5 8,312 8.8 Effect of enacted changes in tax laws 1,801 1.8 1,393 4.7 — — Reduction in uncertain tax positions (2,545 ) (2.6 ) (21,147 ) (70.8 ) (1,803 ) (1.9 ) Loss/(gain) on Company-owned life insurance 75 0.1 (1,250 ) (4.2 ) (3,673 ) (3.9 ) Nondeductible expense, net 880 0.9 1,847 6.2 2,039 2.2 Domestic manufacturing deduction (2,651 ) (2.7 ) — — — — Other, net (2,606 ) (2.7 ) 548 1.8 (163 ) (0.2 ) Income tax expense/(benefit) $ 33,910 35.0 $ (3,541 ) (11.8 ) $ 37,892 40.0 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense as shown in our Consolidated Statements of Operations were as follows: (In thousands) December 27, December 28, December 29, Current tax expense/(benefit) Federal $ 41,199 $ 17,397 $ 18,903 Foreign 485 583 681 State and local 5,919 (25,625 ) 8,371 Total current tax expense/(benefit) 47,603 (7,645 ) 27,955 Deferred tax expense Federal (14,554 ) 4,014 5,426 Foreign — — — State and local 861 90 4,511 Total deferred tax (benefit)/expense (13,693 ) 4,104 9,937 Income tax expense/(benefit) $ 33,910 $ (3,541 ) $ 37,892 |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows: (In thousands) December 27, December 28, Deferred tax assets Retirement, postemployment and deferred compensation plans $ 309,711 $ 320,174 Accruals for other employee benefits, compensation, insurance and other 32,731 42,294 Accounts receivable allowances 1,690 1,746 Net operating losses 38,703 46,726 Other 44,099 41,186 Gross deferred tax assets 426,934 452,126 Valuation allowance (36,204 ) (41,136 ) Net deferred tax assets $ 390,730 $ 410,990 Deferred tax liabilities Property, plant and equipment $ 57,065 $ 64,056 Intangible assets 10,790 11,607 Investments in joint ventures 11,694 13,971 Other 2,039 5,129 Gross deferred tax liabilities 81,588 94,763 Net deferred tax asset $ 309,142 $ 316,227 Amounts recognized in the Consolidated Balance Sheets Deferred tax asset – current $ — $ 63,640 Deferred tax asset – long-term 309,142 252,587 Net deferred tax asset $ 309,142 $ 316,227 |
Summary of Income Tax Contingencies | A reconciliation of unrecognized tax benefits is as follows: (In thousands) December 27, December 28, December 29, Balance at beginning of year $ 16,324 $ 46,058 $ 45,308 Gross additions to tax positions taken during the current year 1,151 2,116 2,249 Gross additions to tax positions taken during the prior year 282 — 127 Gross reductions to tax positions taken during the prior year (37 ) (12,109 ) (833 ) Reductions from settlements with taxing authorities — (7,114 ) — Reductions from lapse of applicable statutes of limitations (3,779 ) (12,627 ) (793 ) Balance at end of year $ 13,941 $ 16,324 $ 46,058 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 27, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The results of operations for the New England Media Group, About Group and the Regional Media Group presented as discontinued operations are summarized below for 2014. Year ended December 28, 2014 (In thousands) New England Media Group About Group Regional Media Group Total Revenues $ — $ — $ — $ — Total operating costs — — — — Multiemployer pension plan withdrawal expense — — — — Impairment of assets — — — — Loss from joint ventures — — — — Interest expense, net — — — — Pre-tax income/(loss) — — — — Income tax expense/(benefit) — — — — Income/(loss) from discontinued operations, net of income taxes — — — — Loss on sale, net of income taxes: Loss on sale (349 ) (229 ) (397 ) (975 ) Income tax (benefit)/expense (127 ) (93 ) 331 111 Loss on sale, net of income taxes (222 ) (136 ) (728 ) (1,086 ) Loss from discontinued operations, net of income taxes $ (222 ) $ (136 ) $ (728 ) $ (1,086 ) The results of operations for the New England Media Group, About Group and the Regional Media Group presented as discontinued operations are summarized below for 2013. Year Ended December 29, 2013 (In thousands) New England Media Group About Group Regional Media Group Total Revenues $ 287,677 $ — $ — $ 287,677 Total operating costs 281,414 — — 281,414 Multiemployer pension plan withdrawal expense (1) 7,997 — — 7,997 Impairment of assets (2) 34,300 — — 34,300 Loss from joint ventures (240 ) — — (240 ) Interest expense, net 9 — — 9 Pre-tax loss (36,283 ) — — (36,283 ) Income tax benefit (3) (13,373 ) (2,497 ) — (15,870 ) (Loss)/income from discontinued operations, net of income taxes (22,910 ) 2,497 — (20,413 ) Gain/(loss) on sale, net of income taxes: Gain on sale (4) 47,561 419 — 47,980 Income tax expense 19,457 161 — 19,618 Gain on sale, net of income taxes 28,104 258 — 28,362 Income from discontinued operations, net of income taxes $ 5,194 $ 2,755 $ — $ 7,949 (1) The multiemployer pension plan withdrawal expense in 2013 is related to estimated charges for complete or partial withdrawal obligations under multiemployer pension plans triggered by the sale of the New England Media Group. (2) Included in impairment of assets in 2013 is the impairment of fixed assets related to the New England Media Group. (3) The income tax benefit for the About Group in 2013 is related to a change in prior period estimated tax expense. (4) Included in the gain on sale in 2013 is a $49.1 million post-retirement curtailment gain related to the New England Media Group. |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Dec. 27, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Changes in our Company’s stock options in 2015 were as follows: December 27, 2015 (Shares in thousands) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value $(000s) Options outstanding at beginning of year 8,170 $ 18 3 $ 16,234 Granted — — Exercised (341 ) 6 Forfeited/Expired (1,439 ) 27 Options outstanding at end of period 6,390 $ 16 3 $ 13,938 Options expected to vest at end of period 6,390 $ 16 3 $ 13,938 Options exercisable at end of period 6,390 $ 16 3 $ 13,938 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Changes in our Company’s stock-settled restricted stock units in 2015 were as follows: December 27, 2015 (Shares in thousands) Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested stock-settled restricted stock units at beginning of period 1,059 $ 10 Granted 574 14 Vested (386 ) 8 Forfeited (88 ) 13 Unvested stock-settled restricted stock units at end of period 1,159 $ 13 Unvested stock-settled restricted stock units expected to vest at end of period 1,064 $ 13 |
Schedule of Common Stock Reserved For Issuance | Shares of Class A Common Stock reserved for issuance were as follows: (Shares in thousands) December 27, December 28, Stock options, stock–settled restricted stock units and stock-settled performance awards Stock options and stock-settled restricted stock units 7,549 9,228 Stock-settled performance awards (1) 3,531 2,827 Outstanding 11,080 12,055 Available 7,282 8,408 Employee Stock Purchase Plan (2) Available 6,410 6,410 401(k) Company stock match (3) Available 3,045 3,045 Total Outstanding 11,080 12,055 Total Available 16,737 17,863 (1) The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that could be issued is included in the table above. (2) We have not had an offering under the Employee Stock Purchase Plan since 2010. (3) Effective 2014, we no longer offer a Company stock match under the Company’s 401(k) plan. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 27, 2015 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component as of December 27, 2015 : (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Total Accumulated Other Comprehensive Loss Balance, December 28, 2014 $ 5,705 $ (539,500 ) $ (533,795 ) Other comprehensive income before reclassifications, before tax (1) (8,803 ) (25,236 ) (34,039 ) Amounts reclassified from accumulated other comprehensive loss, before tax (1) — 75,728 75,728 Income tax (benefit)/expense (1) (3,115 ) 20,103 16,988 Net current-period other comprehensive (loss)/income, net of tax (5,688 ) 30,389 24,701 Balance, December 27, 2015 $ 17 $ (509,111 ) $ (509,094 ) (1) All amounts are shown net of noncontrolling interest. |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications from AOCI for the period ended December 27, 2015 : (In thousands) Amounts reclassified from accumulated other comprehensive loss Affect line item in the statement where net income is presented Detail about accumulated other comprehensive loss components Funded status of benefit plans: Amortization of prior service credit (1) $ (11,440 ) Selling, general & administrative costs Amortization of actuarial loss (1) 46,720 Selling, general & administrative costs Effect of curtailment 1,264 Selling, general & administrative costs Effect of other postretirement benefit remeasurement (1,145 ) Pension settlement charge 40,329 Pension settlement charge Total reclassification, before tax (2) 75,728 Income tax expense 30,132 Income tax (benefit)/expense Total reclassification, net of tax $ 45,596 (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Notes 9 and 10 for additional information. (2) There were no reclassifications relating to noncontrolling interest for the year ended December 27, 2015 . |
Commitments and Contingent Li42
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 27, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The approximate minimum rental commitments under noncancelable leases, net of subleases, as of December 27, 2015 were as follows: (In thousands) Amount 2016 $ 11,416 2017 9,564 2018 5,550 2019 3,152 2020 2,827 Later years 4,171 Total minimum lease payments 36,680 Less: noncancelable subleases (1,443 ) Total minimum lease payments, net of noncancelable subleases $ 35,237 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments for all capital leases, and the present value of the minimum lease payments as of December 27, 2015 , were as follows: (In thousands) Amount 2016 $ 552 2017 552 2018 552 2019 7,245 2020 — Later years — Total minimum lease payments 8,901 Less: imputed interest (2,145 ) Present value of net minimum lease payments including current maturities $ 6,756 |
Quarterly Information (Unaudi43
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 27, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2015 Quarters (In thousands, except per share data) March 29, June 28, September 27, December 27, Full Year (13 weeks) (13 weeks) (13 weeks) (13 weeks) (52 weeks) Revenues $ 384,239 $ 382,886 $ 367,404 $ 444,686 $ 1,579,215 Operating costs 350,277 344,835 345,471 352,663 1,393,246 Pension settlement expense (1) 40,329 — — — 40,329 Multiemployer pension plan withdrawal expense (2) 4,697 — — 4,358 9,055 Operating (loss)/profit (11,064 ) 38,051 21,933 87,665 136,585 (Loss)/income from joint ventures (572 ) (356 ) 170 (25 ) (783 ) Interest expense, net 12,192 9,776 9,127 7,955 39,050 (Loss)/income from continuing operations before income taxes (23,828 ) 27,919 12,976 79,685 96,752 Income tax (benefit)/expense (9,407 ) 11,700 3,611 28,006 33,910 (Loss)/income (14,421 ) 16,219 9,365 51,679 62,842 Net (loss)/income from continuing operations (14,421 ) 16,219 9,365 51,679 62,842 Net loss attributable to the noncontrolling interest 159 181 50 14 404 Net (loss)/income attributable to The New York Times Company common stockholders $ (14,262 ) $ 16,400 $ 9,415 $ 51,693 $ 63,246 Amounts attributable to The New York Times Company common stockholders: (Loss)/income from continuing operations $ (14,262 ) $ 16,400 $ 9,415 $ 51,693 $ 63,246 Net (loss)/income $ (14,262 ) $ 16,400 $ 9,415 $ 51,693 $ 63,246 Average number of common shares outstanding: Basic 163,988 166,355 165,052 162,179 164,390 Diluted 163,988 168,316 166,981 164,128 166,423 Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: (Loss)/income from continuing operations $ (0.09 ) $ 0.10 $ 0.06 $ 0.32 $ 0.38 Net (loss)/income $ (0.09 ) $ 0.10 $ 0.06 $ 0.32 $ 0.38 Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: (Loss)/income from continuing operations $ (0.09 ) $ 0.10 $ 0.06 $ 0.31 $ 0.38 Net (loss)/income $ (0.09 ) $ 0.10 $ 0.06 $ 0.31 $ 0.38 (1) We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. (2) We recorded an estimated charge related to partial withdrawal obligations under multiemployer pension plans. 2014 Quarters (In thousands, except per share data) March 30, 2014 June 29, September 28, 2014 December 28, 2014 Full Year (13 weeks) (13 weeks) (13 weeks) (13 weeks) (52 weeks) Revenues $ 390,408 $ 388,719 $ 364,718 $ 444,683 $ 1,588,528 Operating costs 365,799 362,697 373,750 382,259 1,484,505 Early termination charge 2,550 — — — 2,550 Pension settlement expense (1) — 9,525 — — 9,525 Operating profit/(loss) 22,059 16,497 (9,032 ) 62,424 91,948 (Loss)/income from joint ventures (2,147 ) 25 1,599 (7,845 ) (8,368 ) Interest expense, net 13,301 13,205 15,254 11,970 53,730 Income/(loss) from continuing operations before income taxes 6,611 3,317 (22,687 ) 42,609 29,850 Income tax expense/(benefit) 3,764 (5,743 ) (10,247 ) 8,685 (3,541 ) Income/(loss) from continuing operations 2,847 9,060 (12,440 ) 33,924 33,391 Loss from discontinued operations, net of income taxes (994 ) — — (92 ) (1,086 ) Net income/(loss) 1,853 9,060 (12,440 ) 33,832 32,305 Net (incomes)/loss attributable to the noncontrolling interest (110 ) 128 (59 ) 1,043 1,002 Net income/(loss) attributable to The New York Times Company common stockholders $ 1,743 $ 9,188 $ (12,499 ) $ 34,875 $ 33,307 Amounts attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ 2,737 $ 9,188 $ (12,499 ) $ 34,967 $ 34,393 Loss from discontinued operations, net of income taxes (994 ) — — (92 ) (1,086 ) Net income/(loss) $ 1,743 $ 9,188 $ (12,499 ) $ 34,875 $ 33,307 Average number of common shares outstanding: Basic 150,612 150,796 150,822 150,779 150,673 Diluted 161,920 161,868 150,822 160,455 161,323 Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ 0.02 $ 0.06 $ (0.08 ) $ 0.23 $ 0.23 Loss from discontinued operations, net of income taxes (0.01 ) — — — (0.01 ) Net income/(loss) $ 0.01 $ 0.06 $ (0.08 ) $ 0.23 $ 0.22 Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ 0.02 $ 0.06 $ (0.08 ) $ 0.22 $ 0.21 Loss from discontinued operations, net of income taxes (0.01 ) — — — (0.01 ) Net income/(loss) $ 0.01 $ 0.06 $ (0.08 ) $ 0.22 $ 0.20 (1) We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Fiscal year term | 365 days | 365 days | 365 days |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 27, 2015 | Dec. 28, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Self Insurance Reserve | $ 41 | $ 43 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 40 years | |
Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Software [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 2 years | |
Software [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 27, 2015 | Dec. 28, 2014 | |
Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term marketable securities | $ 507,639 | $ 636,743 |
Long-term marketable securities | 291,136 | 167,820 |
Debt Securities | US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term marketable securities | 184,278 | 238,488 |
Long-term marketable securities | 20,769 | 0 |
Debt Securities | Corporate Debt Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term marketable securities | 185,561 | 208,346 |
Long-term marketable securities | 119,784 | 71,191 |
Debt Securities | US Agency Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term marketable securities | 65,222 | 32,009 |
Long-term marketable securities | 150,583 | 95,204 |
Debt Securities | Municipal Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term marketable securities | 1,363 | 13,622 |
Long-term marketable securities | 0 | 1,425 |
Debt Securities | Certificates of Deposit | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term marketable securities | 60,244 | 109,293 |
Debt Securities | Commercial Paper | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Short-term marketable securities | $ 10,971 | $ 34,985 |
Short-term Marketable Securities | Minimum [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Term of investments | 1 month | |
Short-term Marketable Securities | Maximum [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Term of investments | 12 months | |
Long-term Marketable Securities [Member] | Minimum [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Term of investments | 13 months | |
Long-term Marketable Securities [Member] | Maximum [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Term of investments | 35 months |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 27, 2015 | Dec. 28, 2014 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 116,422 | $ 125,871 |
Foreign currency translation | (7,337) | (9,449) |
Goodwill, ending balance | $ 109,085 | $ 116,422 |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Loss from joint ventures | $ (25,000) | $ 170,000 | $ (356,000) | $ (572,000) | $ (7,845,000) | $ 1,599,000 | $ 25,000 | $ (2,147,000) | $ (783,000) | $ (8,368,000) | $ (3,215,000) |
Newsprint and supercalendered paper purchased from the Paper Mills | $ 12,000,000 | 20,000,000 | 21,000,000 | ||||||||
Donohue Malbaie Inc. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | |||||||||
Distributions received | $ 0 | 3,900,000 | 1,400,000 | ||||||||
Madison Paper Industries [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 40.00% | 40.00% | |||||||||
Loss from joint ventures | (4,700,000) | (4,700,000) | |||||||||
Impairment charge | $ 9,200,000 | ||||||||||
Noncontrolling interest, ownership percentage by parent | 10.00% | 10.00% | |||||||||
Distributions received | $ 0 | $ 0 | $ 0 | ||||||||
Women in the World Media, LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 30.00% | 30.00% | |||||||||
Madison Paper Industries Owned Consolidated Subsidiary [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 80.00% | 80.00% | |||||||||
Noncontrolling interest, ownership percentage by parent | 20.00% | 20.00% | |||||||||
Metro Boston LLC [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 49.00% | ||||||||||
Resolute FP Canada, Inc. [Member] | Donohue Malbaie Inc. [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 51.00% | 51.00% | |||||||||
UPM-Kymmene [Member] | Madison Paper Industries [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 60.00% | 60.00% |
Investments Investments - Cost
Investments Investments - Cost Method Investments (Details) - USD ($) $ in Millions | Dec. 27, 2015 | Dec. 28, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Cost method investments | $ 11.9 | $ 10 |
Debt Obligations - Debt & Capit
Debt Obligations - Debt & Capital Leases (Details) - USD ($) $ in Thousands | Dec. 27, 2015 | Dec. 28, 2014 | Nov. 30, 2010 | Mar. 31, 2009 | Dec. 31, 2005 |
Debt Instrument [Line Items] | |||||
Principal amount | $ 439,170 | ||||
Less: Unamortized debt costs and discount | 14,698 | ||||
Long-term capital lease obligations | 6,756 | $ 6,736 | |||
Total debt and capital lease obligations | 431,228 | 650,120 | |||
Less current portion | 188,377 | 223,662 | |||
Long-term debt and capital lease obligations | 242,851 | $ 426,458 | |||
Notes Due 2015 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt | 5.00% | 5.00% | |||
Principal amount | 0 | $ 223,669 | |||
Less: Unamortized debt costs and discount | 0 | 7 | |||
Long-term debt | $ 0 | $ 223,662 | |||
Notes Due 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate on debt | 6.625% | 6.625% | 6.625% | ||
Principal amount | $ 189,170 | $ 189,170 | |||
Less: Unamortized debt costs and discount | 793 | 1,566 | |||
Long-term debt | $ 188,377 | $ 187,604 | |||
Option To Repurchase Headquarters Building 2019 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, effective percentage | 13.00% | 13.00% | 13.00% | ||
Principal amount | $ 250,000 | $ 250,000 | |||
Less: Unamortized debt costs and discount | 13,905 | 17,882 | |||
Long-term debt | $ 236,095 | $ 232,118 |
Debt Obligations Debt Obligatio
Debt Obligations Debt Obligations - Debt Maturities (Details) $ in Thousands | Dec. 27, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 189,170 |
2,017 | 0 |
2,018 | 0 |
2,019 | 250,000 |
2,020 | 0 |
Thereafter | 0 |
Principal amount | 439,170 |
Less: Unamortized debt costs and discount | (14,698) |
Carrying value of debt (excludes capital leases) | $ 424,472 |
Debt Obligations - Interest Exp
Debt Obligations - Interest Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Debt Disclosure [Abstract] | |||||||||||
Interest expense | $ 41,973 | $ 51,877 | $ 52,913 | ||||||||
Premium on debt repurchases | 0 | 2,538 | 2,127 | ||||||||
Amortization of debt costs and discount on debt | 4,756 | 4,651 | 4,548 | ||||||||
Capitalized interest | (338) | (152) | 0 | ||||||||
Interest income | (7,341) | (5,184) | (1,515) | ||||||||
Total interest expense, net | $ 7,955 | $ 9,127 | $ 9,776 | $ 12,192 | $ 11,970 | $ 15,254 | $ 13,205 | $ 13,301 | $ 39,050 | $ 53,730 | $ 58,073 |
Debt Obligations - Debt Informa
Debt Obligations - Debt Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2009 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 27, 2015 | Nov. 30, 2010 | Dec. 31, 2005 | |
Notes Due 2015 [Member] | ||||||
Debt Information | ||||||
Debt instrument, face amount | $ 250,000,000 | |||||
Interest rate on debt | 5.00% | 5.00% | ||||
Debt repaid | $ 20,400,000 | |||||
Premium (charge) on debt redemption | $ (300,000) | |||||
Notes Due 2016 [Member] | ||||||
Debt Information | ||||||
Debt instrument, face amount | $ 225,000,000 | |||||
Interest rate on debt | 6.625% | 6.625% | 6.625% | |||
Premium (charge) on debt redemption | $ (2,200,000) | $ (2,100,000) | ||||
Redemption of long-term debt | $ 18,400,000 | $ 17,400,000 | ||||
Percentage of principle available for debt redemption | 100.00% | |||||
Option To Repurchase Headquarters Building 2019 [Member] | ||||||
Debt Information | ||||||
Sale leaseback transaction, sale price for the Condo Interest | $ 225,000,000 | |||||
Sale leaseback purchase option price | $ 250,000,000 | |||||
Sale leaseback financing, lease term | 15 years | |||||
Sale leaseback financing, lease renewal term | 20 years | |||||
Proceeds from sale-leaseback financing | $ 211,000,000 | |||||
Debt instrument, fee amount | $ 39,000,000 | |||||
Sale leaseback financing, amortization period | 10 years | |||||
Debt instrument, interest rate, effective percentage | 13.00% | 13.00% | 13.00% |
Other (Details)
Other (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | [2] | Jun. 29, 2014 | Mar. 30, 2014 | [2] | Dec. 29, 2013 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | ||||||||||
Other Expense [Line Items] | |||||||||||||||||||||||
Severance costs | $ 7,000 | $ 36,100 | $ 12,400 | ||||||||||||||||||||
Severance liability | $ 14,900 | $ 34,600 | 14,900 | 34,600 | |||||||||||||||||||
Pension settlement charge | 0 | [1] | $ 0 | [1] | $ 0 | [1] | $ 40,329 | [1] | $ 0 | [2] | $ 0 | $ 9,525 | [2] | $ 0 | 40,329 | [1] | 9,525 | [2] | 3,228 | ||||
Lump-sum payments made from Company cash | 24,000 | $ 10,900 | |||||||||||||||||||||
Multiemployer pension plan withdrawal expense | $ 4,358 | [3] | $ 0 | [3] | $ 0 | [3] | 4,697 | [3] | 9,055 | [3] | 0 | 6,171 | [3] | ||||||||||
Charge for early termination of distribution agreement | 2,600 | ||||||||||||||||||||||
Advertising expense | 83,400 | 89,500 | 86,000 | ||||||||||||||||||||
Reduction in uncertain tax positions | (2,545) | (21,147) | (1,803) | ||||||||||||||||||||
Capitalized Computer Software Costs [Member] | |||||||||||||||||||||||
Other Expense [Line Items] | |||||||||||||||||||||||
Depreciation expense | 11,900 | 29,400 | $ 27,400 | ||||||||||||||||||||
Pension Plan [Member] | |||||||||||||||||||||||
Other Expense [Line Items] | |||||||||||||||||||||||
Pension settlement charge | 40,300 | 9,500 | 3,200 | 98,348 | 24,015 | ||||||||||||||||||
Lump-sum payments to be made from plan assets | 98,300 | $ 98,348 | $ 24,015 | ||||||||||||||||||||
Reduction in pension benefit obligation | $ 142,800 | $ 32,000 | $ 12,700 | ||||||||||||||||||||
[1] | We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. | ||||||||||||||||||||||
[2] | We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. | ||||||||||||||||||||||
[3] | We recorded an estimated charge related to partial withdrawal obligations under multiemployer pension plans. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Proportionate share of loss, after tax and allocation to noncontrolling interest | $ (25) | $ 170 | $ (356) | $ (572) | $ (7,845) | $ 1,599 | $ 25 | $ (2,147) | $ (783) | $ (8,368) | $ (3,215) | ||
Carrying value of long-term debt | 236,000 | 420,000 | 236,000 | 420,000 | |||||||||
Long-term debt, fair value | 316,000 | 527,000 | 316,000 | 527,000 | |||||||||
Nonrecurring [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Impairment charge | 0 | 9,216 | [1] | ||||||||||
Impairment of assets, property, plant and equipment | [2] | 34,300 | |||||||||||
Level 1 [Member] | Recurring [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Deferred compensation | 35,578 | 45,136 | 35,578 | 45,136 | |||||||||
Level 1 [Member] | Nonrecurring [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Investments in joint ventures | 0 | 0 | |||||||||||
Property, plant and equipment, net | 0 | ||||||||||||
Level 2 [Member] | Recurring [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Deferred compensation | 0 | 0 | 0 | 0 | |||||||||
Level 2 [Member] | Nonrecurring [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Investments in joint ventures | 0 | 0 | |||||||||||
Property, plant and equipment, net | 0 | ||||||||||||
Level 3 [Member] | Recurring [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Deferred compensation | 0 | 0 | 0 | 0 | |||||||||
Level 3 [Member] | Nonrecurring [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Investments in joint ventures | 0 | 0 | |||||||||||
Property, plant and equipment, net | 0 | ||||||||||||
Estimate of Fair Value Measurement [Member] | Recurring [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Deferred compensation | $ 35,578 | 45,136 | $ 35,578 | 45,136 | |||||||||
Net Carrying Value [Member] | Nonrecurring [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Investments in joint ventures | 0 | 0 | |||||||||||
Property, plant and equipment, net | $ 0 | ||||||||||||
Madison Paper Industries [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Impairment charge | 9,200 | ||||||||||||
Proportionate share of loss, after tax and allocation to noncontrolling interest | $ (4,700) | $ (4,700) | |||||||||||
[1] | (1)Impairment losses related to Madison are included within “Loss from joint ventures” for the year ended December 28, 2014. See Note 5 for additional information. | ||||||||||||
[2] | Impairment losses related to the New England Media Group and are included within “(Loss)/income from discontinued operations, net of income taxes” for the year ended December 29, 2013. We sold the New England Media Group in the fourth quarter of 2013. See Note 13 for additional information. |
Pension Benefits - Net Periodic
Pension Benefits - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 27, 2015 | [1] | Sep. 27, 2015 | [1] | Jun. 28, 2015 | [1] | Mar. 29, 2015 | Dec. 28, 2014 | [2] | Sep. 28, 2014 | [2] | Jun. 29, 2014 | Mar. 30, 2014 | [2] | Dec. 29, 2013 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |||||
Pension Benefits | ||||||||||||||||||||||
Pension settlement charge | $ 0 | $ 0 | $ 0 | $ 40,329 | [1] | $ 0 | $ 0 | $ 9,525 | [2] | $ 0 | $ 40,329 | [1] | $ 9,525 | [2] | $ 3,228 | |||||||
Lump-sum payments made from Company cash | 24,000 | $ 10,900 | ||||||||||||||||||||
Qualified Plans [Member] | ||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||
Service cost | 11,932 | 9,543 | 11,225 | |||||||||||||||||||
Interest cost | 74,536 | 84,447 | 77,136 | |||||||||||||||||||
Expected return on plan assets | (115,261) | (113,839) | (124,250) | |||||||||||||||||||
Amortization and other costs | 36,442 | 26,620 | 33,770 | |||||||||||||||||||
Amortization of prior service (credit)/cost | (1,945) | (1,945) | (1,945) | |||||||||||||||||||
Effect of settlement | 40,329 | 0 | 0 | |||||||||||||||||||
Net periodic postretirement benefit (income)/expense | 46,033 | 4,826 | (4,064) | |||||||||||||||||||
Pension settlement charge | 98,348 | 0 | ||||||||||||||||||||
Lump-sum payments to be made from plan assets | 98,348 | 0 | ||||||||||||||||||||
Non-Qualified Plans [Member] | ||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||
Service cost | 157 | 184 | 1,162 | |||||||||||||||||||
Interest cost | 10,060 | 10,450 | 10,681 | |||||||||||||||||||
Expected return on plan assets | 0 | 0 | 0 | |||||||||||||||||||
Amortization and other costs | 5,081 | 4,718 | 5,561 | |||||||||||||||||||
Amortization of prior service (credit)/cost | 0 | 0 | 0 | |||||||||||||||||||
Effect of settlement | 0 | 9,525 | 3,228 | |||||||||||||||||||
Net periodic postretirement benefit (income)/expense | 15,298 | 24,877 | 20,632 | |||||||||||||||||||
Pension settlement charge | 0 | 24,015 | ||||||||||||||||||||
Lump-sum payments to be made from plan assets | 0 | 24,015 | ||||||||||||||||||||
Pension Plan [Member] | ||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||
Service cost | 12,089 | 9,727 | 12,387 | |||||||||||||||||||
Interest cost | 84,596 | 94,897 | 87,817 | |||||||||||||||||||
Expected return on plan assets | (115,261) | (113,839) | (124,250) | |||||||||||||||||||
Amortization and other costs | 41,523 | 31,338 | 39,331 | |||||||||||||||||||
Amortization of prior service (credit)/cost | (1,945) | (1,945) | (1,945) | |||||||||||||||||||
Effect of settlement | 40,329 | 9,525 | 3,228 | |||||||||||||||||||
Net periodic postretirement benefit (income)/expense | 61,331 | 29,703 | $ 16,568 | |||||||||||||||||||
Pension settlement charge | 40,300 | 9,500 | 3,200 | 98,348 | 24,015 | |||||||||||||||||
Lump-sum payments to be made from plan assets | 98,300 | $ 98,348 | $ 24,015 | |||||||||||||||||||
Reduction in pension benefit obligation | $ 142,800 | $ 32,000 | $ 12,700 | |||||||||||||||||||
[1] | We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. | |||||||||||||||||||||
[2] | We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. |
Pension Benefits - Changes in P
Pension Benefits - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Pension Benefits | |||
Defined contribution plan, cost recognized | $ 16,000 | $ 17,000 | $ 18,000 |
Pension Plan [Member] | |||
Pension Benefits | |||
Net actuarial loss/(gain) | 31,044 | 254,525 | (178,088) |
Amortization of loss | (41,523) | (30,665) | (39,017) |
Amortization of prior service cost | 1,945 | 1,945 | 1,945 |
Effect of curtailment | (1,264) | 0 | 0 |
Effect of settlement | (40,329) | (9,525) | (3,358) |
Total recognized in other comprehensive (income)/loss | (50,127) | 216,280 | (218,518) |
Net periodic pension cost | 61,331 | 29,703 | 16,568 |
Total recognized in net periodic benefit cost and other comprehensive loss | 11,204 | $ 245,983 | $ (201,950) |
Estimated actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | 33,000 | ||
Estimated prior service credit that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | $ 2,000 |
Pension Benefits - Changes in B
Pension Benefits - Changes in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 27, 2015 | Sep. 27, 2015 | [1] | Jun. 28, 2015 | [1] | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | [2] | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | ||||||||
Change in benefit obligation | ||||||||||||||||||||||
Lump-sum settlement paid | $ 0 | [1] | $ 0 | $ 0 | $ (40,329) | [1] | $ 0 | [2] | $ 0 | $ (9,525) | [2] | $ 0 | [2] | $ (40,329) | [1] | $ (9,525) | [2] | $ (3,228) | ||||
Amount recognized in accumulated other comprehensive loss | ||||||||||||||||||||||
Accumulated benefit obligation | 2,090,000 | 2,360,000 | 2,090,000 | 2,360,000 | ||||||||||||||||||
Qualified Plans [Member] | ||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||
Benefit obligation at beginning of year | 2,101,573 | 1,778,647 | 2,101,573 | 1,778,647 | ||||||||||||||||||
Service cost | 11,932 | 9,543 | 11,225 | |||||||||||||||||||
Interest cost | 74,536 | 84,447 | 77,136 | |||||||||||||||||||
Plan participants’ contributions | 20 | 26 | ||||||||||||||||||||
Actuarial (gain)/loss | (129,187) | 330,224 | ||||||||||||||||||||
Curtailments | (1,264) | 0 | ||||||||||||||||||||
Lump-sum settlement paid | (98,348) | 0 | ||||||||||||||||||||
Benefits paid | (107,352) | (101,314) | ||||||||||||||||||||
Effects of change in currency conversion | 0 | 0 | ||||||||||||||||||||
Benefit obligation at end of year | 1,851,910 | 2,101,573 | $ 1,778,647 | 1,851,910 | 2,101,573 | 1,778,647 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||
Fair value of plan assets at beginning of year | 1,837,250 | 1,698,091 | 1,837,250 | 1,698,091 | ||||||||||||||||||
Actual return on plan assets | (59,342) | 225,470 | ||||||||||||||||||||
Employer contributions | 7,128 | 14,977 | ||||||||||||||||||||
Lump-sum settlement paid | (98,348) | 0 | ||||||||||||||||||||
Fair value of plan assets at end of year | 1,579,356 | 1,837,250 | 1,698,091 | 1,579,356 | 1,837,250 | 1,698,091 | ||||||||||||||||
Amount recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||
Current liabilities | 0 | 0 | 0 | 0 | ||||||||||||||||||
Noncurrent liabilities | (272,554) | (264,323) | (272,554) | (264,323) | ||||||||||||||||||
Net amount recognized | (272,554) | (264,323) | (272,554) | (264,323) | ||||||||||||||||||
Amount recognized in accumulated other comprehensive loss | ||||||||||||||||||||||
Actuarial loss | 821,648 | 854,267 | 821,648 | 854,267 | ||||||||||||||||||
Prior service credit | (24,621) | (26,565) | (24,621) | (26,565) | ||||||||||||||||||
Total amount recognized in accumulated other comprehensive loss | 797,027 | 827,702 | 797,027 | 827,702 | ||||||||||||||||||
Non-Qualified Plans [Member] | ||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||
Benefit obligation at beginning of year | 267,824 | 262,501 | 267,824 | 262,501 | ||||||||||||||||||
Service cost | 157 | 184 | 1,162 | |||||||||||||||||||
Interest cost | 10,060 | 10,450 | 10,681 | |||||||||||||||||||
Plan participants’ contributions | 0 | 0 | ||||||||||||||||||||
Actuarial (gain)/loss | (14,372) | 36,604 | ||||||||||||||||||||
Curtailments | 0 | 0 | ||||||||||||||||||||
Lump-sum settlement paid | 0 | (24,015) | ||||||||||||||||||||
Benefits paid | (16,231) | (17,507) | ||||||||||||||||||||
Effects of change in currency conversion | (351) | (393) | ||||||||||||||||||||
Benefit obligation at end of year | 247,087 | 267,824 | 262,501 | 247,087 | 267,824 | 262,501 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||
Fair value of plan assets at beginning of year | 0 | 0 | 0 | 0 | ||||||||||||||||||
Actual return on plan assets | 0 | 0 | ||||||||||||||||||||
Employer contributions | 16,231 | 41,522 | ||||||||||||||||||||
Lump-sum settlement paid | 0 | (24,015) | ||||||||||||||||||||
Fair value of plan assets at end of year | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||
Amount recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||
Current liabilities | (16,043) | (15,767) | (16,043) | (15,767) | ||||||||||||||||||
Noncurrent liabilities | (231,044) | (252,057) | (231,044) | (252,057) | ||||||||||||||||||
Net amount recognized | (247,087) | (267,824) | (247,087) | (267,824) | ||||||||||||||||||
Amount recognized in accumulated other comprehensive loss | ||||||||||||||||||||||
Actuarial loss | 100,344 | 119,797 | 100,344 | 119,797 | ||||||||||||||||||
Prior service credit | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total amount recognized in accumulated other comprehensive loss | 100,344 | 119,797 | 100,344 | 119,797 | ||||||||||||||||||
Pension Plan [Member] | ||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||
Benefit obligation at beginning of year | 2,369,397 | 2,041,148 | 2,369,397 | 2,041,148 | ||||||||||||||||||
Service cost | 12,089 | 9,727 | 12,387 | |||||||||||||||||||
Interest cost | 84,596 | 94,897 | 87,817 | |||||||||||||||||||
Plan participants’ contributions | 20 | 26 | ||||||||||||||||||||
Actuarial (gain)/loss | (143,559) | 366,828 | ||||||||||||||||||||
Curtailments | (1,264) | 0 | 0 | |||||||||||||||||||
Lump-sum settlement paid | (40,300) | $ (9,500) | (3,200) | (98,348) | (24,015) | |||||||||||||||||
Benefits paid | (123,583) | (118,821) | ||||||||||||||||||||
Effects of change in currency conversion | (351) | (393) | ||||||||||||||||||||
Benefit obligation at end of year | 2,098,997 | 2,369,397 | 2,041,148 | 2,098,997 | 2,369,397 | 2,041,148 | ||||||||||||||||
Change in plan assets | ||||||||||||||||||||||
Fair value of plan assets at beginning of year | 1,837,250 | $ 1,698,091 | 1,837,250 | 1,698,091 | ||||||||||||||||||
Actual return on plan assets | (59,342) | 225,470 | ||||||||||||||||||||
Employer contributions | 23,359 | 56,499 | ||||||||||||||||||||
Lump-sum settlement paid | $ (98,300) | (98,348) | (24,015) | |||||||||||||||||||
Fair value of plan assets at end of year | 1,579,356 | 1,837,250 | $ 1,698,091 | 1,579,356 | 1,837,250 | $ 1,698,091 | ||||||||||||||||
Amount recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||
Current liabilities | (16,043) | (15,767) | (16,043) | (15,767) | ||||||||||||||||||
Noncurrent liabilities | (503,598) | (516,380) | (503,598) | (516,380) | ||||||||||||||||||
Net amount recognized | (519,641) | (532,147) | (519,641) | (532,147) | ||||||||||||||||||
Amount recognized in accumulated other comprehensive loss | ||||||||||||||||||||||
Actuarial loss | 921,992 | 974,064 | 921,992 | 974,064 | ||||||||||||||||||
Prior service credit | (24,621) | (26,565) | (24,621) | (26,565) | ||||||||||||||||||
Total amount recognized in accumulated other comprehensive loss | $ 897,371 | $ 947,499 | $ 897,371 | $ 947,499 | ||||||||||||||||||
[1] | We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. | |||||||||||||||||||||
[2] | We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. |
Pension Benefits - Schedule of
Pension Benefits - Schedule of Accumulated Benefit Obligations In Excess of Fair Value (Details) - USD ($) $ in Thousands | Dec. 27, 2015 | Dec. 28, 2014 |
Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract] | ||
Projected benefit obligation | $ 2,098,997 | $ 2,369,397 |
Accumulated benefit obligation | 2,092,600 | 2,362,050 |
Fair value of plan assets | $ 1,579,356 | $ 1,837,250 |
Pension Benefits - Schedule o60
Pension Benefits - Schedule of Assumptions Used (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Calculation term, market-related value | 3 years | |||
Increase to pension obligation due to change in mortality table assumptions | $ 117 | |||
Qualified Plans [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Discount rate | 4.60% | 4.05% | ||
Estimated increase in compensation level used to calculate benefit obligation | 2.96% | 2.89% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate used to calculate net periodic benefit cost | 4.05% | 4.90% | 4.00% | |
Estimated increase in compensation level use to calculate net periodic benefit cost | 2.89% | 2.87% | 3.50% | |
Expected long-term rate of return on assets | 7.01% | 7.02% | 7.85% | |
Non-Qualified Plans [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||||
Discount rate | 4.40% | 3.90% | ||
Estimated increase in compensation level used to calculate benefit obligation | 2.50% | 2.50% | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Discount rate used to calculate net periodic benefit cost | 3.90% | 4.60% | 3.70% | |
Estimated increase in compensation level use to calculate net periodic benefit cost | 2.50% | 2.50% | 3.00% | |
Scenario, Forecast [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Service and interest costs | $ 18.1 | |||
Scenario, Forecast [Member] | Minimum [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Spot rate used in calculation of service and interest costs | 0.84% | |||
Scenario, Forecast [Member] | Maximum [Member] | ||||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||||
Spot rate used in calculation of service and interest costs | 5.18% |
Pension Benefits - Schedule o61
Pension Benefits - Schedule of Allocation of Plan Assets (Details) | 12 Months Ended |
Dec. 27, 2015 | |
Pension Benefits | |
Percent of funded status policy minimum range | 95.00% |
Percent of funded status policy maximum range | 97.50% |
Long Duration Assets [Member] | |
Pension Benefits | |
Target allocation percentage of assets, range minimum | 53.00% |
Target allocation percentage of assets, range maximum | 63.00% |
Return Seeking Assets [Member] | |
Pension Benefits | |
Target allocation percentage of assets, range minimum | 37.00% |
Target allocation percentage of assets, range maximum | 47.00% |
Company Sponsored Pension Plan [Member] | Public Equity [Member] | |
Pension Benefits | |
Equity securities target allocation, range minimum | 70.00% |
Equity securities allocation, range maximum | 90.00% |
Actual return of plan asset allocations | 45.00% |
Company Sponsored Pension Plan [Member] | Growth Fixed Income Member] | |
Pension Benefits | |
Equity securities target allocation, range minimum | 0.00% |
Equity securities allocation, range maximum | 15.00% |
Actual return of plan asset allocations | 51.00% |
Company Sponsored Pension Plan [Member] | Alternative [Member] | |
Pension Benefits | |
Equity securities target allocation, range minimum | 0.00% |
Equity securities allocation, range maximum | 15.00% |
Actual return of plan asset allocations | 4.00% |
Company Sponsored Pension Plan [Member] | Cash and Cash Equivalents [Member] | |
Pension Benefits | |
Equity securities target allocation, range minimum | 0.00% |
Equity securities allocation, range maximum | 10.00% |
Actual return of plan asset allocations | 0.00% |
Pension Benefits - Fair Value o
Pension Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | ||
Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | $ 95,970 | $ 99,846 | |||
Level 1 [Member] | U.S. Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 47,136 | 48,640 | |||
Level 1 [Member] | International Equities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 48,834 | 51,154 | |||
Level 1 [Member] | Common Collective Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | [1] | 0 | [2] | |
Level 1 [Member] | Corporate Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 1 [Member] | US Treasury and Other Government Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 1 [Member] | Group Annuity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 1 [Member] | Municipal and Provincial Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 1 [Member] | US Government Sponsored Enterprises [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | [3] | 0 | [4] | |
Level 1 [Member] | Other Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 1 [Member] | Cash and Cash Equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 52 | |||
Level 1 [Member] | Private Equity [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 1 [Member] | Hedge Fund [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 1,422,436 | 1,670,383 | |||
Level 2 [Member] | U.S. Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 2 [Member] | International Equities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 2 [Member] | Common Collective Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 761,812 | [1] | 697,075 | [2] | |
Level 2 [Member] | Corporate Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 417,554 | 539,098 | |||
Level 2 [Member] | US Treasury and Other Government Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 119,098 | 150,496 | |||
Level 2 [Member] | Group Annuity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 57,044 | 76,290 | |||
Level 2 [Member] | Municipal and Provincial Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 36,912 | 47,046 | |||
Level 2 [Member] | US Government Sponsored Enterprises [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 6,250 | [3] | 9,517 | [4] | |
Level 2 [Member] | Other Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 11,511 | 22,951 | |||
Level 2 [Member] | Cash and Cash Equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 12,255 | 127,910 | |||
Level 2 [Member] | Private Equity [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 2 [Member] | Hedge Fund [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 60,950 | 67,021 | $ 70,862 | ||
Level 3 [Member] | U.S. Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 3 [Member] | International Equities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 3 [Member] | Common Collective Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | [1] | 0 | [2] | |
Level 3 [Member] | Corporate Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 3 [Member] | US Treasury and Other Government Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 3 [Member] | Group Annuity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 3 [Member] | Municipal and Provincial Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 3 [Member] | US Government Sponsored Enterprises [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | [3] | 0 | [4] | |
Level 3 [Member] | Other Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 3 [Member] | Cash and Cash Equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 0 | 0 | |||
Level 3 [Member] | Private Equity [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 29,707 | 35,727 | $ 40,537 | ||
Level 3 [Member] | Hedge Fund [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 31,243 | 31,294 | |||
Estimate of Fair Value Measurement [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 1,579,356 | 1,837,250 | |||
Estimate of Fair Value Measurement [Member] | U.S. Equity Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 47,136 | 48,640 | |||
Estimate of Fair Value Measurement [Member] | International Equities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 48,834 | 51,154 | |||
Estimate of Fair Value Measurement [Member] | Common Collective Funds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 761,812 | [1] | 697,075 | [2] | |
Estimate of Fair Value Measurement [Member] | Corporate Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 417,554 | 539,098 | |||
Estimate of Fair Value Measurement [Member] | US Treasury and Other Government Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 119,098 | 150,496 | |||
Estimate of Fair Value Measurement [Member] | Group Annuity Contract [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 57,044 | 76,290 | |||
Estimate of Fair Value Measurement [Member] | Municipal and Provincial Bonds [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 36,912 | 47,046 | |||
Estimate of Fair Value Measurement [Member] | US Government Sponsored Enterprises [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 6,250 | [3] | 9,517 | [4] | |
Estimate of Fair Value Measurement [Member] | Other Investments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 11,511 | 22,951 | |||
Estimate of Fair Value Measurement [Member] | Cash and Cash Equivalents [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 12,255 | 127,962 | |||
Estimate of Fair Value Measurement [Member] | Private Equity [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | 29,707 | 35,727 | |||
Estimate of Fair Value Measurement [Member] | Hedge Fund [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Assets, fair value disclosure, recurring | $ 31,243 | $ 31,294 | |||
[1] | 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 of the underlying funds. | ||||
[2] | Includes the assets of The Guild-Times Adjustable Pension Plan and the Retirement Annuity Plan which are not part of the Master Trust. | ||||
[3] | Represents investments that are not backed by the full faith and credit of the United States government. | ||||
[4] | 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 of the underlying funds. |
Pension Benefits - Reconciliati
Pension Benefits - Reconciliation of Significant Observable Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 27, 2015 | Dec. 28, 2014 | |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Actual gain on plan assets still held and sold during the period | $ (2,221) | $ (806) |
Capital contribution | 1,288 | 2,008 |
Return of Capital | (5,138) | (5,043) |
Level 3 [Member] | ||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Balance at beginning of year | 67,021 | 70,862 |
Balance at end of year | 60,950 | 67,021 |
Hedge Fund [Member] | ||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Actual gain on plan assets still held and sold during the period | (51) | |
Capital contribution | 0 | |
Return of Capital | 0 | |
Hedge Fund [Member] | Level 3 [Member] | ||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Balance at beginning of year | 31,294 | |
Balance at end of year | 31,243 | 31,294 |
Private Equity [Member] | ||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Actual gain on plan assets still held and sold during the period | (2,170) | (1,775) |
Capital contribution | 1,288 | 2,008 |
Return of Capital | (5,138) | (5,043) |
Private Equity [Member] | Level 3 [Member] | ||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Balance at beginning of year | 35,727 | 40,537 |
Balance at end of year | 29,707 | 35,727 |
Real Estate Funds [Member] | ||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Actual gain on plan assets still held and sold during the period | 969 | |
Capital contribution | 0 | |
Return of Capital | 0 | |
Real Estate Funds [Member] | Level 3 [Member] | ||
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||
Balance at beginning of year | $ 31,294 | 30,325 |
Balance at end of year | $ 31,294 |
Pension Benefits - Contribution
Pension Benefits - Contributions and Expected Benefit Payments (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2013 | Dec. 27, 2015 | Dec. 29, 2013 | |
Pension Benefits | |||
Future employer contributions in next fiscal year | $ 8,000 | ||
Pension contributions | 7,100 | $ 74,000 | |
Contributions to New York Times Newspaper Guild Pension Plan [Member] | |||
Pension Benefits | |||
Pension contributions | $ 57,000 | ||
Pension contributions necessary to satisfy minimum funding requirements | $ 20,000 | ||
Qualified Plans [Member] | |||
Pension Benefits | |||
2,016 | 107,149 | ||
2,017 | 108,010 | ||
2,018 | 109,054 | ||
2,019 | 110,552 | ||
2,020 | 111,509 | ||
2021-2025 | 581,287 | ||
Non-Qualified Plans [Member] | |||
Pension Benefits | |||
2,016 | 16,360 | ||
2,017 | 17,110 | ||
2,018 | 17,079 | ||
2,019 | 17,186 | ||
2,020 | 16,876 | ||
2021-2025 | 82,427 | ||
Company Sponsored Pension Plan [Member] | |||
Pension Benefits | |||
2,016 | 123,509 | ||
2,017 | 125,120 | ||
2,018 | 126,133 | ||
2,019 | 127,738 | ||
2,020 | 128,385 | ||
2021-2025 | $ 663,714 |
Pension Benefits - Schedule o65
Pension Benefits - Schedule of Multiemployer Plans (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 27, 2015USD ($)Collective_Bargaining_Agreement | Sep. 27, 2015USD ($) | [1] | Jun. 28, 2015USD ($) | [1] | Mar. 29, 2015USD ($) | [1] | Dec. 27, 2015USD ($)Collective_Bargaining_Agreement | Dec. 28, 2014USD ($) | Dec. 29, 2013USD ($) | |||||
Pension Benefits | ||||||||||||||
Multiemployer pension plan withdrawal expense | $ 4,358 | [1] | $ 0 | $ 0 | $ 4,697 | $ 9,055 | [1] | $ 0 | $ 6,171 | [1] | ||||
Multiemployer pension withdrawal expense, including amount for New England Media Group | 9,055 | 0 | 14,168 | |||||||||||
Multiemployer plan, withdrawal obligation | $ 124,000 | 124,000 | 116,000 | |||||||||||
Multiemployer plan, period contributions | 2,768 | 2,971 | 4,079 | |||||||||||
CWA/ITU Negotiated Pension Plan [Member] | ||||||||||||||
Pension Benefits | ||||||||||||||
Multiemployer plan, period contributions | [2] | 543 | 611 | 663 | ||||||||||
Newspaper and Mail Deliverers'-Publishers' Pension Fund [Member] | ||||||||||||||
Pension Benefits | ||||||||||||||
Multiemployer plan, period contributions | [3] | $ 1,038 | 1,102 | 1,217 | ||||||||||
Number of collective bargaining arrangements | Collective_Bargaining_Agreement | 2 | 2 | ||||||||||||
GCIU-Employer Retirement Benefit Plan [Member] | ||||||||||||||
Pension Benefits | ||||||||||||||
Multiemployer plan, period contributions | [4] | $ 57 | 58 | 124 | ||||||||||
Number of collective bargaining arrangements | Collective_Bargaining_Agreement | 2 | 2 | ||||||||||||
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | 10 years | |||||||||||||
Pressmen's Publishers' Pension Fund [Member] | ||||||||||||||
Pension Benefits | ||||||||||||||
Multiemployer plan, period contributions | [5] | $ 1,033 | 1,097 | 1,016 | ||||||||||
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | 10 years | |||||||||||||
Paper-Handlers' - Publishers' Pension Fund [Member] | ||||||||||||||
Pension Benefits | ||||||||||||||
Multiemployer plan, period contributions | [6] | $ 97 | 103 | 114 | ||||||||||
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | 10 years | |||||||||||||
Total of Individually Significant Multiemployer Plans [Member] | ||||||||||||||
Pension Benefits | ||||||||||||||
Multiemployer plan, period contributions | $ 2,768 | 2,971 | 3,134 | |||||||||||
Total of Other Multiemployer Plans [Member] | ||||||||||||||
Pension Benefits | ||||||||||||||
Multiemployer plan, period contributions | $ 0 | $ 0 | 945 | |||||||||||
New England Media Group [Member] | ||||||||||||||
Pension Benefits | ||||||||||||||
Multiemployer pension plan withdrawal expense | $ 8,000 | |||||||||||||
[1] | We recorded an estimated charge related to partial withdrawal obligations under multiemployer pension plans. | |||||||||||||
[2] | There are two collective bargaining agreements (Mailers and Typographers) requiring contributions to this plan, which both expire March 30, 2016. | |||||||||||||
[3] | 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)). | |||||||||||||
[4] | 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. | |||||||||||||
[5] | 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. | |||||||||||||
[6] | Board of Trustees elected funding relief. This election includes smoothing the March 31, 2009 investment losses over 10 years. |
Other Postretirement Benefits -
Other Postretirement Benefits - Schedule of Components of Net Periodic Postretirement Benefit Income (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | |||
Service cost | $ 588 | $ 580 | $ 1,089 |
Interest cost | 2,794 | 3,722 | 4,101 |
Amortization and other costs | 5,197 | 7,299 | 4,440 |
Amortization of prior service credit | (9,495) | (7,199) | (13,051) |
Effect of curtailment | 0 | 0 | (49,122) |
Net periodic postretirement benefit (income)/expense | $ (916) | $ 4,402 | $ (52,543) |
Other Postretirement Benefits67
Other Postretirement Benefits - Changes in the Benefit Obligations Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Other Postretirement Benefits | |||
Additional postretirement costs | $ 16,000 | $ 18,000 | $ 20,000 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | |||
Other Postretirement Benefits | |||
Net actuarial (gain)/loss | (5,543) | 8,882 | (13,500) |
Prior service cost/(credit) | 1,145 | (25,489) | (1,690) |
Amortization of loss | (5,197) | (4,948) | (4,440) |
Amortization of prior service credit | 9,495 | 7,199 | 13,051 |
Recognition of prior service credit due to curtailment | 0 | 0 | 49,122 |
Total recognized in other comprehensive (income)/loss | (100) | (14,356) | 42,543 |
Net periodic postretirement benefit expense/(income) | (916) | 4,402 | (52,543) |
Total recognized in net periodic benefit cost and other comprehensive loss | (1,016) | $ (9,954) | $ (10,000) |
Estimated actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | 4,100 | ||
Estimated prior service cost that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | $ 8,400 |
Other Postretirement Benefits68
Other Postretirement Benefits - Changes in the Benefit Obligation and Plan Assets and Other Amounts (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 81,054 | $ 100,932 | |
Service cost | 588 | 580 | $ 1,089 |
Interest cost | 2,794 | 3,722 | 4,101 |
Plan participants’ contributions | 4,230 | 3,834 | |
Actuarial (gain)/loss | (5,543) | 12,091 | |
Plan amendments | 1,145 | (25,489) | |
Benefits paid | (13,221) | (14,616) | |
Benefit obligation at end of year | 71,047 | 81,054 | 100,932 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employer contributions | 8,991 | 10,782 | |
Plan participants’ contributions | 4,230 | 3,834 | |
Benefits paid | (13,221) | (14,616) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Amount recognized in the Consolidated Balance Sheets | |||
Current liabilities | (8,168) | (9,426) | |
Noncurrent liabilities | (62,879) | (71,628) | |
Net amount recognized | (71,047) | (81,054) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 26,599 | 37,339 | |
Prior service cost | (41,309) | (51,950) | |
Total amount recognized in accumulated other comprehensive loss | $ (14,710) | $ (14,611) |
Other Postretirement Benefits69
Other Postretirement Benefits - Schedule of Assumptions Used (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 4.04% | 3.61% | |
Estimated increase in compensation level used to calculate benefit obligation | 3.50% | 3.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate used to calculate net periodic benefit cost | 3.74% | 4.22% | 3.70% |
Estimated increase in compensation level use to calculate net periodic benefit cost | 3.50% | 3.50% | 3.50% |
Other Postretirement Benefits70
Other Postretirement Benefits - Schedule of Health Care Cost Trend Rates (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] | 12 Months Ended | |
Dec. 27, 2015 | Dec. 28, 2014 | |
Other Postretirement Benefits | ||
Health care cost trend rate | 7.20% | 7.20% |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,023 | 2,023 |
Other Postretirement Benefits71
Other Postretirement Benefits - Schedule of Effect of One Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) - Other Postretirement Benefit Plans, Defined Benefit [Member] $ in Thousands | 12 Months Ended |
Dec. 27, 2015USD ($) | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates [Abstract] | |
Effect on total service and interest cost (increase) | $ 75 |
Effect on accumulated postretirement benefit obligation ( increase) | 1,769 |
Effect on total service and interest cost (decrease) | (63) |
Effect on accumulated postretirement benefit obligation (decrease) | $ (1,503) |
Other Postretirement Benefits72
Other Postretirement Benefits - Schedule of Expected Benefit Payments (Details) - Postretirement Plans [Member] $ in Thousands | Dec. 27, 2015USD ($) |
Other Postretirement Benefits | |
2,016 | $ 8,367 |
2,017 | 7,684 |
2,018 | 7,064 |
2,019 | 6,436 |
2,020 | 5,949 |
2021-2025 | $ 24,015 |
Other Postretirement Benefits73
Other Postretirement Benefits - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 25, 2016 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Other Postretirement Benefits | ||||
Postemployment benefits liability | $ 12,900 | $ 15,900 | ||
Unrecognized prior service cost due to change in plan provisions | (25,500) | |||
Unrecognized (gain)/loss due to change in discount rate | 3,600 | |||
Total effect of other postretirement benefit changes | 21,900 | |||
Increase in postretirement benefit obligation due to changes in mortality assumptions | 4,200 | |||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Other Postretirement Benefits | ||||
Effect of curtailment | $ 0 | $ 0 | $ 49,122 | |
New England Media Group [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Other Postretirement Benefits | ||||
Effect of curtailment | $ 49,100 | |||
Scenario, Forecast [Member] | ||||
Other Postretirement Benefits | ||||
Service and interest costs | $ (18,100) | |||
Scenario, Forecast [Member] | Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||
Other Postretirement Benefits | ||||
Service and interest costs | $ 700 | |||
Minimum [Member] | Scenario, Forecast [Member] | ||||
Other Postretirement Benefits | ||||
Spot rate used in calculation of service and interest costs | 0.84% | |||
Maximum [Member] | Scenario, Forecast [Member] | ||||
Other Postretirement Benefits | ||||
Spot rate used in calculation of service and interest costs | 5.18% |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 27, 2015 | Dec. 28, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Deferred compensation | $ 35,578 | $ 45,136 |
Other liabilities | 56,645 | 62,639 |
Total other liabilities | 92,223 | 107,775 |
Deferred compensation plan assets | $ 71,900 | $ 72,100 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Effective Income Tax Rate Reconciliation, Amount: | |||||||||||
Tax at federal statutory rate | $ 33,863 | $ 10,448 | $ 33,180 | ||||||||
State and local taxes, net | 5,093 | 4,620 | 8,312 | ||||||||
Effect of enacted changes in tax laws | 1,801 | 1,393 | 0 | ||||||||
Reduction in uncertain tax positions | (2,545) | (21,147) | (1,803) | ||||||||
Loss/(gain) on Company-owned life insurance | 75 | (1,250) | (3,673) | ||||||||
Nondeductible expense, net | 880 | 1,847 | 2,039 | ||||||||
Domestic manufacturing deduction | (2,651) | 0 | 0 | ||||||||
Other, net | (2,606) | 548 | (163) | ||||||||
Income tax expense/(benefit) | $ 28,006 | $ 3,611 | $ 11,700 | $ (9,407) | $ 8,685 | $ (10,247) | $ (5,743) | $ 3,764 | $ 33,910 | $ (3,541) | $ 37,892 |
Effective Income Tax Rate Reconciliation, Percent: | |||||||||||
Tax at federal statutory rate (% of pre-tax) | 35.00% | 35.00% | 35.00% | ||||||||
State and local taxes, net (% of pre-tax) | 5.20% | 15.50% | 8.80% | ||||||||
Effect of enacted changes in tax laws (% of pre-tax) | 1.80% | 4.70% | 0.00% | ||||||||
Reduction in uncertain tax positions (% of pre-tax) | (2.60%) | (70.80%) | (1.90%) | ||||||||
Loss/(gain) on Company-owned life insurance (% of pre-tax) | 0.10% | (4.20%) | (3.90%) | ||||||||
Non deductible expense, net (% of pre-tax) | 0.90% | 6.20% | 2.20% | ||||||||
Domestic manufacturing deduction (% of pre-tax) | (2.70%) | (0.00%) | (0.00%) | ||||||||
Other, net (% of pre-tax) | (2.70%) | 1.80% | (0.20%) | ||||||||
Effective income tax rate | 35.00% | (11.80%) | 40.00% |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Current tax expense/(benefit) | |||||||||||
Federal | $ 41,199 | $ 17,397 | $ 18,903 | ||||||||
Foreign | 485 | 583 | 681 | ||||||||
State and local | 5,919 | (25,625) | 8,371 | ||||||||
Total current tax expense/(benefit) | 47,603 | (7,645) | 27,955 | ||||||||
Deferred tax expense | |||||||||||
Federal | (14,554) | 4,014 | 5,426 | ||||||||
Foreign | 0 | 0 | 0 | ||||||||
State and local | 861 | 90 | 4,511 | ||||||||
Total deferred tax (benefit)/expense | (13,693) | 4,104 | 9,937 | ||||||||
Income tax expense/(benefit) | $ 28,006 | $ 3,611 | $ 11,700 | $ (9,407) | $ 8,685 | $ (10,247) | $ (5,743) | $ 3,764 | 33,910 | (3,541) | $ 37,892 |
Operating loss carryforward, State and local | $ 3,800 | $ 7,500 | $ 3,800 | $ 7,500 | |||||||
Maximum [Member] | |||||||||||
Deferred tax expense | |||||||||||
Operating loss carryforwards, remaining life | 18 years |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 27, 2015 | Dec. 28, 2014 | |
Deferred tax assets | ||
Retirement, postemployment and deferred compensation plans | $ 309,711 | $ 320,174 |
Accruals for other employee benefits, compensation, insurance and other | 32,731 | 42,294 |
Accounts receivable allowances | 1,690 | 1,746 |
Net operating losses | 38,703 | 46,726 |
Other | 44,099 | 41,186 |
Gross deferred tax assets | 426,934 | 452,126 |
Valuation allowance | (36,204) | (41,136) |
Net deferred tax assets | 390,730 | 410,990 |
Deferred tax liabilities | ||
Property, plant and equipment | 57,065 | 64,056 |
Intangible assets | 10,790 | 11,607 |
Investments in joint ventures | 11,694 | 13,971 |
Other | 2,039 | 5,129 |
Gross deferred tax liabilities | 81,588 | 94,763 |
Net deferred tax asset | 309,142 | 316,227 |
Deferred tax asset – current | 0 | 63,640 |
Deferred tax asset – long-term | $ 309,142 | $ 252,587 |
Valuation allowance, period for recoverability measurement | 3 years |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 16,324 | $ 46,058 | $ 45,308 |
Gross additions to tax positions taken during the current year | 1,151 | 2,116 | 2,249 |
Gross additions to tax positions taken during the prior year | 282 | 0 | 127 |
Gross reductions to tax positions taken during the prior year | (37) | (12,109) | (833) |
Reductions from settlements with taxing authorities | 0 | (7,114) | 0 |
Reductions from lapse of applicable statutes of limitations | (3,779) | (12,627) | (793) |
Balance at end of year | $ 13,941 | $ 16,324 | $ 46,058 |
Income Taxes - Other Informatio
Income Taxes - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Income Tax Disclosure [Abstract] | |||
Reduction in uncertain tax positions | $ (2,545) | $ (21,147) | $ (1,803) |
Income tax benefits related to exercise or vesting of equity awards | 4,400 | 3,100 | 3,400 |
AOCI deferred tax assets | 353,000 | 369,000 | |
Total amount of unrecognized tax benefit | 9,200 | 10,700 | |
Total amount of accrued interest and penalties | 4,000 | 4,000 | |
Net benefit of accrued interest and penalties | 100 | $ 8,600 | $ 1,700 |
Total amount of unrecognized tax benefit which may be recognized in the next twelve months that would impact the effective tax rate | $ 4,900 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 28, 2014USD ($) | Sep. 28, 2014USD ($) | Jun. 29, 2014USD ($) | Mar. 30, 2014USD ($) | Dec. 29, 2013USD ($) | Mar. 31, 2013USD ($) | Dec. 30, 2012USD ($) | Mar. 25, 2012USD ($)Newspaper | Dec. 30, 2012USD ($) | Dec. 27, 2015USD ($) | Dec. 28, 2014USD ($) | Dec. 29, 2013USD ($) | Dec. 30, 2012USD ($) | ||||
Discontinued operations | ||||||||||||||||
Income tax expense | $ 111 | $ 19,618 | ||||||||||||||
Loss/(gain) on sales of New England Media Group & About Group | [1] | (975) | 47,980 | |||||||||||||
(Loss)/gain on sale, net of income taxes | $ 0 | (1,086) | 28,362 | |||||||||||||
Loss from discontinued operations, net of income taxes | $ (92) | $ 0 | $ 0 | $ (994) | 0 | (1,086) | 7,949 | |||||||||
Impairment of assets | [2] | 0 | 34,300 | |||||||||||||
New England Media Group [Member] | ||||||||||||||||
Discontinued operations | ||||||||||||||||
Income tax expense | (127) | 19,457 | ||||||||||||||
Proceeds from the sale of discontinued operations | $ 70,000 | |||||||||||||||
Net after-tax proceeds from sale, including tax benefit | $ 74,000 | |||||||||||||||
Loss/(gain) on sales of New England Media Group & About Group | [1],[3] | (349) | 47,561 | |||||||||||||
(Loss)/gain on sale, net of income taxes | (222) | 28,104 | ||||||||||||||
Loss from discontinued operations, net of income taxes | (222) | 5,194 | ||||||||||||||
Impairment of assets | [2] | 0 | 34,300 | |||||||||||||
About Group [Member] | ||||||||||||||||
Discontinued operations | ||||||||||||||||
Income tax expense | (93) | 161 | ||||||||||||||
Proceeds from the sale of discontinued operations | $ 300,000 | |||||||||||||||
Net after-tax proceeds from sale, including tax benefit | 291,000 | |||||||||||||||
Loss/(gain) on sales of New England Media Group & About Group | 96,700 | (229) | [1] | 419 | [1] | |||||||||||
(Loss)/gain on sale, net of income taxes | 61,900 | (136) | 258 | |||||||||||||
Net working capital adjustment | $ 17,000 | |||||||||||||||
Loss from legal settlement | 200 | |||||||||||||||
Loss from discontinued operations, net of income taxes | (136) | 2,755 | ||||||||||||||
Impairment of assets | [2] | 0 | $ 0 | |||||||||||||
Regional Media Group [Member] | ||||||||||||||||
Discontinued operations | ||||||||||||||||
Income tax expense | $ 0 | 331 | ||||||||||||||
Proceeds from the sale of discontinued operations | $ 140,000 | |||||||||||||||
Net after-tax proceeds from sale, including tax benefit | $ 150,000 | |||||||||||||||
Loss/(gain) on sales of New England Media Group & About Group | [1] | 0 | (397) | |||||||||||||
(Loss)/gain on sale, net of income taxes | 0 | (728) | $ 23,600 | |||||||||||||
Number of newspapers, print publications and related businesses sold | Newspaper | 16 | |||||||||||||||
Loss from discontinued operations, net of income taxes | 0 | $ (6,600) | (728) | |||||||||||||
Impairment of assets | [2] | $ 0 | 0 | |||||||||||||
Loss from environmental contingency | $ 400 | |||||||||||||||
Metro Boston LLC [Member] | ||||||||||||||||
Discontinued operations | ||||||||||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | ||||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | ||||||||||||||||
Discontinued operations | ||||||||||||||||
Effect of curtailment | $ 0 | $ 0 | $ 49,122 | |||||||||||||
Other Postretirement Benefit Plans, Defined Benefit [Member] | New England Media Group [Member] | ||||||||||||||||
Discontinued operations | ||||||||||||||||
Effect of curtailment | $ 49,100 | |||||||||||||||
[1] | Included in the gain on sale in 2013 is a $49.1 million post-retirement curtailment gain related to the New England Media Group. | |||||||||||||||
[2] | Included in impairment of assets in 2013 is the impairment of fixed assets related to the New England Media Group. | |||||||||||||||
[3] | The income tax benefit for the About Group in 2013 is related to a change in prior period estimated tax expense. |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | ||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||||
Revenues | $ 0 | $ 287,677 | ||||||||||||
Total operating costs | 0 | 281,414 | ||||||||||||
Multiemployer pension withdrawal expense | $ 0 | 0 | [1] | 7,997 | [1] | |||||||||
Impairment of assets | [2] | 0 | 34,300 | |||||||||||
Income (loss) from joint ventures | 0 | (240) | ||||||||||||
Interest expense, net | 0 | 9 | ||||||||||||
Pre-tax income/(loss) | 0 | (36,283) | ||||||||||||
Income tax expense/(benefit) | [3] | 0 | (15,870) | |||||||||||
(Loss)/income from discontinued operations, net of income taxes | $ 0 | 0 | (20,413) | |||||||||||
Gain/(loss) on sale, net of income taxes: | ||||||||||||||
Gain (loss) on sale | [4] | (975) | 47,980 | |||||||||||
Income tax expense | 111 | 19,618 | ||||||||||||
(Loss)/gain on sale, net of income taxes | 0 | (1,086) | 28,362 | |||||||||||
(Loss)/income from discontinued operations, net of income taxes | $ (92) | $ 0 | $ 0 | $ (994) | $ 0 | (1,086) | 7,949 | |||||||
New England Media Group [Member] | ||||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||||
Revenues | 0 | 287,677 | ||||||||||||
Total operating costs | 0 | 281,414 | ||||||||||||
Multiemployer pension withdrawal expense | [1] | 0 | 7,997 | |||||||||||
Impairment of assets | [2] | 0 | 34,300 | |||||||||||
Income (loss) from joint ventures | 0 | (240) | ||||||||||||
Interest expense, net | 0 | 9 | ||||||||||||
Pre-tax income/(loss) | 0 | (36,283) | ||||||||||||
Income tax expense/(benefit) | [3] | 0 | (13,373) | |||||||||||
(Loss)/income from discontinued operations, net of income taxes | 0 | (22,910) | ||||||||||||
Gain/(loss) on sale, net of income taxes: | ||||||||||||||
Gain (loss) on sale | [3],[4] | (349) | 47,561 | |||||||||||
Income tax expense | (127) | 19,457 | ||||||||||||
(Loss)/gain on sale, net of income taxes | (222) | 28,104 | ||||||||||||
(Loss)/income from discontinued operations, net of income taxes | (222) | 5,194 | ||||||||||||
About Group [Member] | ||||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||||
Revenues | 0 | 0 | ||||||||||||
Total operating costs | 0 | 0 | ||||||||||||
Multiemployer pension withdrawal expense | 0 | 0 | ||||||||||||
Impairment of assets | [2] | 0 | 0 | |||||||||||
Income (loss) from joint ventures | 0 | 0 | ||||||||||||
Interest expense, net | 0 | 0 | ||||||||||||
Pre-tax income/(loss) | 0 | 0 | ||||||||||||
Income tax expense/(benefit) | [3] | 0 | (2,497) | |||||||||||
(Loss)/income from discontinued operations, net of income taxes | 0 | 2,497 | ||||||||||||
Gain/(loss) on sale, net of income taxes: | ||||||||||||||
Gain (loss) on sale | $ 96,700 | (229) | [4] | 419 | [4] | |||||||||
Income tax expense | (93) | 161 | ||||||||||||
(Loss)/gain on sale, net of income taxes | $ 61,900 | (136) | 258 | |||||||||||
(Loss)/income from discontinued operations, net of income taxes | (136) | $ 2,755 | ||||||||||||
Regional Media Group [Member] | ||||||||||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ||||||||||||||
Revenues | 0 | 0 | ||||||||||||
Total operating costs | 0 | 0 | ||||||||||||
Impairment of assets | [2] | 0 | 0 | |||||||||||
Income (loss) from joint ventures | 0 | 0 | ||||||||||||
Interest expense, net | 0 | 0 | ||||||||||||
Pre-tax income/(loss) | 0 | 0 | ||||||||||||
Income tax expense/(benefit) | [3] | 0 | 0 | |||||||||||
(Loss)/income from discontinued operations, net of income taxes | 0 | 0 | ||||||||||||
Gain/(loss) on sale, net of income taxes: | ||||||||||||||
Gain (loss) on sale | [4] | 0 | (397) | |||||||||||
Income tax expense | 0 | 331 | ||||||||||||
(Loss)/gain on sale, net of income taxes | 0 | (728) | $ 23,600 | |||||||||||
(Loss)/income from discontinued operations, net of income taxes | $ 0 | $ (6,600) | $ (728) | |||||||||||
[1] | The multiemployer pension plan withdrawal expense in 2013 is related to estimated charges for complete or partial withdrawal obligations under multiemployer pension plans triggered by the sale of the New England Media Group. | |||||||||||||
[2] | Included in impairment of assets in 2013 is the impairment of fixed assets related to the New England Media Group. | |||||||||||||
[3] | The income tax benefit for the About Group in 2013 is related to a change in prior period estimated tax expense. | |||||||||||||
[4] | Included in the gain on sale in 2013 is a $49.1 million post-retirement curtailment gain related to the New England Media Group. |
Earnings_(Loss) Per Share (Deta
Earnings/(Loss) Per Share (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 5 | 6 | 10 |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Options (number of shares): | |||
Exercised | (341,362) | (169,286) | (914,272) |
Weighted Average Exercise Price (in dollars per share): | |||
Total intrinsic value | $ 2,700 | $ 1,500 | $ 5,300 |
Stock Options [Member] | |||
Options (number of shares): | |||
Options outstanding at beginning of year | 8,170,000 | ||
Granted | 0 | 0 | 0 |
Exercised | (341,000) | ||
Forfeited/Expired | (1,439,000) | ||
Options outstanding at end of period | 6,390,000 | 8,170,000 | |
Options expected to vest at end of period | 6,390,000 | ||
Options exercisable at end of period | 6,390,000 | ||
Weighted Average Exercise Price (in dollars per share): | |||
Options outstanding at beginning of year | $ 18 | ||
Granted | 0 | ||
Exercised | 6 | ||
Forfeited/Expired | 27 | ||
Options outstanding at end of period | 16 | $ 18 | |
Options expected to vest at end of period | 16 | ||
Options exercisable at end of period | $ 16 | ||
Outstanding weighted average remaining contractual term, beginning of period | 2 years 11 months 16 days | 3 years | |
Outstanding weighted average remaining contractual term, end of period | 2 years 11 months 16 days | 3 years | |
Outstanding aggregate intrinsic value, beginning of period | $ 16,234 | ||
Outstanding aggregate intrinsic value, end of period | $ 13,938 | $ 16,234 | |
Options expected to vest weighted average remaining contractual term | 2 years 11 months 16 days | ||
Options exercisable weighted average remaining contractual term | 2 years 11 months 16 days | ||
Options expected to vest aggregate intrinsic value | $ 13,938 | ||
Options exercisable aggregate intrinsic value | $ 13,938 | ||
2004 Directors' Plan [Member] | Director [Member] | Equity Option [Member] | |||
Options (number of shares): | |||
Granted | 0 | 0 | 0 |
Stock-Based Awards - Stock-Sett
Stock-Based Awards - Stock-Settled Restricted Stock Units (Details) - Stock-settled Restricted Stock Units [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Restricted Stock Units (in shares): | |||
Unvested stock-settled restricted stock units at beginning of period | 1,059 | ||
Granted | 574 | ||
Vested | (386) | ||
Forfeited | (88) | ||
Unvested stock-settled restricted stock units at end of period | 1,159 | 1,059 | |
Unvested stock-settled restricted stock units expected to vest at end of period | 1,064 | ||
Weighted Average Grant-Date Fair Value (in dollars per share): | |||
Unvested stock-settled restricted stock units at beginning of period | $ 10 | ||
Granted | 14 | ||
Vested | 8 | ||
Forfeited | 13 | ||
Unvested stock-settled restricted stock units at end of period | 13 | $ 10 | |
Unvested stock-settled restricted stock units expected to vest at end of period | $ 13 | ||
Restricted stock units vested, intrinsic value | $ 5.5 | $ 5.8 | $ 1.9 |
Five-year vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Three-year vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | 3 years |
Stock-Based Awards - Class A Co
Stock-Based Awards - Class A Common Stock Reserved for Issuance (Details) - Class A Common Stock - shares shares in Thousands | Dec. 27, 2015 | Dec. 28, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, outstanding | 11,080 | 12,055 | |
Shares, available for issuance | 16,737 | 17,863 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, available for issuance | [1] | 6,410 | 6,410 |
Stock Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, available for issuance | 7,282 | 8,408 | |
Stock Options and Stock-Settled Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, outstanding | 7,549 | 9,228 | |
Stock-Settled Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, outstanding | [2] | 3,531 | 2,827 |
401(k) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, available for issuance | [3] | 3,045 | 3,045 |
[1] | We have not had an offering under the Employee Stock Purchase Plan since 2010. | ||
[2] | The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that could be issued is included in the table above. | ||
[3] | Effective 2014, we no longer offer a Company stock match under the Company’s 401(k) plan. |
Stock-Based Awards - Other Info
Stock-Based Awards - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | $ 10.6 | $ 8.9 | $ 8.8 |
Pool of excess tax benefits | 25 | ||
Payments under long term incentive plan based on total shareholder return during year | $ 3 | $ 1 | $ 9 |
Length of performance measurement period for long-term incentive compensation (in years) | 3 years | ||
Unrecognized compensation expense releted to the unvested portion of our stock-based awards | $ 15.7 | ||
Weighted average years to be recognized over | 1 year 6 months 29 days | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 0 | 0 | 0 |
2010 Incentive Plan [Member] | Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award term | 10 years | ||
Vesting period | 3 years | ||
2004 Directors' Plan [Member] | Non-Employee Director Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Annual stock option grant to directors | 4,000 | ||
2004 Directors' Plan [Member] | Non-Employee Director Stock Options [Member] | Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award term | 10 years | 10 years | |
Vesting period | 1 year | ||
Granted | 0 | 0 | 0 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target number of performance awards granted | 0.00% | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target number of performance awards granted | 200.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 14, 2015 | Dec. 27, 2015 | Jan. 13, 2015 | Dec. 28, 2014 |
Class of Stock [Line Items] | ||||
Class A common stock, right to elect percentage of the board of directors | 30.00% | |||
Class B Common Stock available for conversion into Class A Common Stock | 816,635 | 816,635 | ||
Class B common stock, right to elect percentage of the board of directors | 70.00% | |||
Proceeds from warrant exercises | $ 101.1 | |||
Stock repurchase program, authorized amount | $ 101.1 | |||
Minimum consideration for each share of preferred stock | $ 100 | |||
Adolph Ochs Family Trust [Member] | ||||
Class of Stock [Line Items] | ||||
Class B common stock ownership percentage | 90.00% | |||
Class A Common Stock | ||||
Class of Stock [Line Items] | ||||
Stock repurchased during the period, shares | 5,511,233 | |||
Stock repurchased during the period | $ 69.8 |
Stockholders' Equity Changes in
Stockholders' Equity Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning | $ (533,795) | |||
Income tax expense | 16,988 | $ (86,110) | $ 73,165 | |
Other comprehensive income/(loss), net of tax | 24,788 | (131,785) | 110,517 | |
Balance, ending | (509,094) | (533,795) | ||
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning | 5,705 | |||
Other comprehensive income before reclassifications, before tax(1) | [1] | (8,803) | ||
Amounts reclassified from accumulated other comprehensive loss, before tax(1) | [1] | 0 | ||
Income tax expense | [1] | (3,115) | ||
Other comprehensive income/(loss), net of tax | (5,688) | |||
Balance, ending | 17 | 5,705 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning | (539,500) | |||
Other comprehensive income before reclassifications, before tax(1) | [1] | (25,236) | ||
Amounts reclassified from accumulated other comprehensive loss, before tax(1) | [1] | 75,728 | ||
Income tax expense | [1] | 20,103 | ||
Other comprehensive income/(loss), net of tax | 30,389 | |||
Balance, ending | (509,111) | (539,500) | ||
Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning | (533,795) | |||
Other comprehensive income before reclassifications, before tax(1) | [1] | (34,039) | ||
Amounts reclassified from accumulated other comprehensive loss, before tax(1) | [1] | 75,728 | ||
Income tax expense | [1] | 16,988 | ||
Other comprehensive income/(loss), net of tax | 24,701 | (131,184) | $ 109,955 | |
Balance, ending | $ (509,094) | $ (533,795) | ||
[1] | All amounts are shown net of noncontrolling interest. |
Stockholders' Equity Reclassifi
Stockholders' Equity Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense | $ 16,988 | $ (86,110) | $ 73,165 | |
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense | [1] | 20,103 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Effect of other postretirement benefit remeasurement | (1,145) | |||
Total recognized in other comprehensive (income)/loss | [2] | 75,728 | ||
Income tax expense | 30,132 | |||
Total reclassification, net of tax | 45,596 | |||
Selling, General and Administrative Expenses [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of prior service credit | [3] | (11,440) | ||
Amortization of actuarial loss | [3] | 46,720 | ||
Discontinued Operations [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Effect of curtailment | 1,264 | |||
Pension settlement charge | $ 40,329 | |||
[1] | All amounts are shown net of noncontrolling interest. | |||
[2] | There were no reclassifications relating to noncontrolling interest for the year ended December 27, 2015. | |||
[3] | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Notes 9 and 10 for additional information |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended |
Dec. 27, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Commitments and Contingent Li91
Commitments and Contingent Liabilities - Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 16,000 | $ 16,000 | $ 16,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,016 | 11,416 | ||
2,017 | 9,564 | ||
2,018 | 5,550 | ||
2,019 | 3,152 | ||
2,020 | 2,827 | ||
Later years | 4,171 | ||
Total minimum lease payments | 36,680 | ||
Less: noncancelable subleases | (1,443) | ||
Total minimum lease payments, net of noncancelable subleases | $ 35,237 |
Commitments and Contingent Li92
Commitments and Contingent Liabilities - Capital Leases (Details) $ in Thousands | Dec. 27, 2015USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,016 | $ 552 |
2,017 | 552 |
2,018 | 552 |
2,019 | 7,245 |
2,020 | 0 |
Later years | 0 |
Total minimum lease payments | 8,901 |
Less: imputed interest | (2,145) |
Present value of net minimum lease payments including current maturities | $ 6,756 |
Commitments and Contingent Li93
Commitments and Contingent Liabilities - Restricted Cash (Details) - USD ($) $ in Millions | Dec. 27, 2015 | Dec. 28, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
Restricted cash | $ 28.7 | $ 30.2 |
Commitments and Contingent Li94
Commitments and Contingent Liabilities - Other (Details) - Threatened Litigation [Member] - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 28, 2014 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 27, 2015 | |
Loss Contingencies [Line Items] | ||||
Demand for payment | $ 34 | $ 26 | ||
Decline in contributions, percent | 70.00% | |||
Payments made in accordance with ERISA | $ 11.6 | |||
Payments made in current period | $ 7.1 |
Schedule II - Valuation and Q95
Schedule II - Valuation and Qualifying Accounts [Schedule] Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | ||
Accounts Receivable Allowances [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | $ 12,860 | $ 14,252 | $ 15,452 | |
Additions charged to operating costs and other | 13,999 | 11,384 | 9,377 | |
Deductions | [1] | 13,374 | 12,776 | 10,577 |
Balance at end of period | 13,485 | 12,860 | 14,252 | |
Valuation Allowance for Deferred Tax Assets [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 41,136 | 42,295 | 42,138 | |
Additions charged to operating costs and other | 0 | 0 | 2,432 | |
Deductions | [1] | 4,932 | 1,159 | 2,275 |
Balance at end of period | $ 36,204 | $ 41,136 | $ 42,295 | |
[1] | Includes write-offs, net of recoveries. |
Quarterly Information (Unaudi96
Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 27, 2015 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 27, 2015 | Dec. 28, 2014 | Dec. 29, 2013 | ||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||
Revenues | $ 444,686 | $ 367,404 | $ 382,886 | $ 384,239 | $ 444,683 | $ 364,718 | $ 388,719 | $ 390,408 | $ 1,579,215 | $ 1,588,528 | $ 1,577,230 | |||||||||||
Operating costs | 352,663 | 345,471 | 344,835 | 350,277 | 382,259 | 373,750 | 362,697 | 365,799 | 1,393,246 | 1,484,505 | 1,411,744 | |||||||||||
Early termination charge | 0 | 0 | 0 | 2,550 | 0 | 2,550 | 0 | |||||||||||||||
Pension Settlement Expense | 0 | [1] | 0 | [1] | 0 | [1] | 40,329 | [1] | 0 | [2] | 0 | [2] | 9,525 | [2] | 0 | [2] | 40,329 | [1] | 9,525 | [2] | 3,228 | |
Multiemployer pension plan withdrawal expense | 4,358 | [3] | 0 | [3] | 0 | [3] | 4,697 | [3] | 9,055 | [3] | 0 | 6,171 | [3] | |||||||||
Operating profit | 87,665 | 21,933 | 38,051 | (11,064) | 62,424 | (9,032) | 16,497 | 22,059 | 136,585 | 91,948 | 156,087 | |||||||||||
(Loss)/income from joint ventures | (25) | 170 | (356) | (572) | (7,845) | 1,599 | 25 | (2,147) | (783) | (8,368) | (3,215) | |||||||||||
Interest expense, net | 7,955 | 9,127 | 9,776 | 12,192 | 11,970 | 15,254 | 13,205 | 13,301 | 39,050 | 53,730 | 58,073 | |||||||||||
Income from continuing operations before income taxes | 79,685 | 12,976 | 27,919 | (23,828) | 42,609 | (22,687) | 3,317 | 6,611 | 96,752 | 29,850 | 94,799 | |||||||||||
Income tax (benefit)/expense | 28,006 | 3,611 | 11,700 | (9,407) | 8,685 | (10,247) | (5,743) | 3,764 | 33,910 | (3,541) | 37,892 | |||||||||||
Income from continuing operations | 51,679 | 9,365 | 16,219 | (14,421) | 33,924 | (12,440) | 9,060 | 2,847 | 62,842 | 33,391 | 56,907 | |||||||||||
Loss from discontinued operations, net of income taxes | (92) | 0 | 0 | (994) | 0 | (1,086) | 7,949 | |||||||||||||||
Net income | 51,679 | 9,365 | 16,219 | (14,421) | 33,832 | (12,440) | 9,060 | 1,853 | 62,842 | 32,305 | 64,856 | |||||||||||
Net loss attributable to the noncontrolling interest | 14 | 50 | 181 | 159 | 1,043 | (59) | 128 | (110) | 404 | 1,002 | 249 | |||||||||||
Net income attributable to The New York Times Company common stockholders | 51,693 | 9,415 | 16,400 | (14,262) | 34,875 | (12,499) | 9,188 | 1,743 | 63,246 | 33,307 | 65,105 | |||||||||||
(Loss)/income from continuing operations | $ 51,693 | $ 9,415 | $ 16,400 | $ (14,262) | 34,967 | (12,499) | 9,188 | 2,737 | 63,246 | 34,393 | 57,156 | |||||||||||
(Loss)/income from discontinued operations, net of income taxes | $ (92) | $ 0 | $ 0 | $ (994) | $ 0 | $ (1,086) | $ 7,949 | |||||||||||||||
Average number of common shares outstanding: | ||||||||||||||||||||||
Basic (in shares) | 162,179 | 165,052 | 166,355 | 163,988 | 150,779 | 150,822 | 150,796 | 150,612 | 164,390 | 150,673 | 149,755 | |||||||||||
Diluted (in shares) | 164,128 | 166,981 | 168,316 | 163,988 | 160,455 | 150,822 | 161,868 | 161,920 | 166,423 | 161,323 | 157,774 | |||||||||||
Basic earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
(Loss)/income from continuing operations (USD per share) | $ 0.32 | $ 0.06 | $ 0.10 | $ (0.09) | $ 0.23 | $ (0.08) | $ 0.06 | $ 0.02 | $ 0.38 | $ 0.23 | $ 0.38 | |||||||||||
Income from discontinued operations, net of income taxes (USD per share) | 0 | 0 | 0 | (0.01) | 0 | (0.01) | 0.05 | |||||||||||||||
Net income (USD per share) | 0.32 | 0.06 | 0.10 | (0.09) | 0.23 | (0.08) | 0.06 | 0.01 | 0.38 | 0.22 | 0.43 | |||||||||||
Diluted earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||||||||||||
(Loss)/income from continuing operations (USD per share) | 0.31 | 0.06 | 0.10 | (0.09) | 0.22 | (0.08) | 0.06 | 0.02 | 0.38 | 0.21 | 0.36 | |||||||||||
Income/(loss) from discontinued operations, net of income taxes (USD per share) | 0 | 0 | 0 | (0.01) | 0 | (0.01) | 0.05 | |||||||||||||||
Net income (USD per share) | $ 0.31 | $ 0.06 | $ 0.10 | $ (0.09) | $ 0.22 | $ (0.08) | $ 0.06 | $ 0.01 | $ 0.38 | $ 0.20 | $ 0.41 | |||||||||||
[1] | We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. | |||||||||||||||||||||
[2] | We recorded a settlement charge related to a lump-sum payment offer to certain former employees who participated in a non-qualified pension plan. | |||||||||||||||||||||
[3] | We recorded an estimated charge related to partial withdrawal obligations under multiemployer pension plans. |