Document Entity Information
Document Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 23, 2018 | Jun. 25, 2017 | |
Entity Information [Line Items] | |||
Entity Registrant Name | NEW YORK TIMES CO | ||
Entity Central Index Key | 71,691 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | $ 2.7 | ||
Class A Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 164,017,902 | ||
Class B Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 803,763 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Current assets | ||
Cash and cash equivalents | $ 182,911 | $ 100,692 |
Short-term marketable securities | 308,589 | 449,535 |
Accounts receivable (net of allowances of $14,542 in 2017 and $16,815 in 2016) | 184,885 | 197,355 |
Prepaid expenses | 22,851 | 15,948 |
Other current assets | 50,463 | 32,648 |
Total current assets | 749,699 | 796,178 |
Long-term marketable securities | 241,411 | 187,299 |
Investments in joint ventures | 1,736 | 15,614 |
Property, plant and equipment: | ||
Equipment | 528,111 | 523,104 |
Buildings, building equipment and improvements | 674,056 | 641,383 |
Software | 232,791 | 212,118 |
Land | 105,710 | 105,710 |
Assets in progress | 45,672 | 18,164 |
Total, at cost | 1,586,340 | 1,500,479 |
Less: accumulated depreciation and amortization | (945,401) | (903,736) |
Property, plant and equipment, net | 640,939 | 596,743 |
Goodwill | 143,549 | 134,517 |
Deferred income taxes | 153,046 | 301,342 |
Miscellaneous assets | 169,400 | 153,702 |
Total assets | 2,099,780 | 2,185,395 |
Current liabilities | ||
Accounts payable | 125,479 | 104,463 |
Accrued payroll and other related liabilities | 104,614 | 96,463 |
Unexpired subscriptions revenue | 75,054 | 66,686 |
Accrued expenses and other | 110,510 | 131,125 |
Total current liabilities | 415,657 | 398,737 |
Other liabilities | ||
Long-term debt and capital lease obligations | 250,209 | 246,978 |
Pension benefits obligation | 405,422 | 558,790 |
Postretirement benefits obligation | 48,816 | 57,999 |
Other | 82,313 | 78,647 |
Total other liabilities | 786,760 | 942,414 |
Common stock of $.10 par value: | ||
Additional paid-in capital | 164,275 | 149,928 |
Retained earnings | 1,310,136 | 1,331,911 |
Common stock held in treasury, at cost | (171,211) | (171,211) |
Accumulated other comprehensive loss, net of income taxes: | ||
Foreign currency translation adjustments | 6,328 | (1,822) |
Funded status of benefit plans | (427,819) | (477,994) |
Unrealized loss on available-for-sale securities | (1,538) | 0 |
Total accumulated other comprehensive loss, net of income taxes | (423,029) | (479,816) |
Total New York Times Company stockholders’ equity | 897,279 | 847,815 |
Noncontrolling interest | 84 | (3,571) |
Total stockholders’ equity | 897,363 | 844,244 |
Total liabilities and stockholders’ equity | 2,099,780 | 2,185,395 |
Class A Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | 17,028 | 16,921 |
Class B Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | $ 80 | $ 82 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Accounts receivable, allowances | $ 14,542 | $ 16,815 |
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) | 170,276,449 | 169,206,879 |
Treasury shares (in shares) | 8,870,801 | 8,870,801 |
Class B Common Stock | ||
Authorized shares (in shares) | 803,763 | 816,632 |
Issued shares (in shares) | 803,763 | 816,632 |
Treasury shares (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Revenues | |||
Subscription | $ 1,008,431 | $ 880,543 | $ 851,790 |
Advertising | 558,513 | 580,732 | 638,709 |
Other | 108,695 | 94,067 | 88,716 |
Total revenues | 1,675,639 | 1,555,342 | 1,579,215 |
Production costs: | |||
Wages and benefits | 362,750 | 363,051 | 354,516 |
Raw materials | 66,304 | 72,325 | 77,176 |
Other production costs | 186,352 | 192,728 | 186,120 |
Total production costs | 615,406 | 628,104 | 617,812 |
Selling, general and administrative costs | 810,854 | 721,083 | 713,837 |
Depreciation and amortization | 61,871 | 61,723 | 61,597 |
Total operating costs | 1,488,131 | 1,410,910 | 1,393,246 |
Headquarters redesign and consolidation | 10,090 | 0 | 0 |
Restructuring charge | 0 | 14,804 | 0 |
Multiemployer pension plan withdrawal expense | 0 | 6,730 | 9,055 |
Postretirement benefit plan settlement gain | (37,057) | 0 | 0 |
Pension settlement expense | 102,109 | 21,294 | 40,329 |
Operating profit | 112,366 | 101,604 | 136,585 |
Gain/(loss) from joint ventures | 18,641 | (36,273) | (783) |
Interest expense and other, net | 19,783 | 34,805 | 39,050 |
Income from continuing operations before income taxes | 111,224 | 30,526 | 96,752 |
Income tax expense | 103,956 | 4,421 | 33,910 |
Income from continuing operations | 7,268 | 26,105 | 62,842 |
Loss from discontinued operations, net of income taxes | 431 | 2,273 | 0 |
Net income | 6,837 | 23,832 | 62,842 |
Net (income)/loss attributable to the noncontrolling interest | (2,541) | 5,236 | 404 |
Net income attributable to The New York Times Company common stockholders | 4,296 | 29,068 | 63,246 |
Amounts attributable to The New York Times Company common stockholders: | |||
Income from continuing operations | 4,727 | 31,341 | 63,246 |
Loss from discontinued operations, net of income taxes | $ (431) | $ (2,273) | $ 0 |
Average number of common shares outstanding: | |||
Basic (in shares) | 161,926 | 161,128 | 164,390 |
Diluted (in shares) | 164,263 | 162,817 | 166,423 |
Basic earnings per share attributable to The New York Times Company common stockholders: | |||
Income from continuing operations (USD per share) | $ 0.03 | $ 0.19 | $ 0.38 |
Loss from discontinued operations, net of income taxes (USD per share) | 0 | (0.01) | 0 |
Net income (USD per share) | 0.03 | 0.18 | 0.38 |
Diluted earnings per share attributable to The New York Times Company common stockholders: | |||
Income from continuing operations (USD per share) | 0.03 | 0.19 | 0.38 |
Loss from discontinued operations, net of income taxes (USD per share) | 0 | (0.01) | 0 |
Net income (USD per share) | 0.03 | 0.18 | 0.38 |
Dividends declared per share (USD per share) | $ 0.16 | $ 0.16 | $ 0.16 |
Total New York Times Company Stockholders' Equity [Member] | |||
Production costs: | |||
Net income | $ 4,296 | $ 29,068 | $ 63,246 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 6,837 | $ 23,832 | $ 62,842 |
Other comprehensive income/(loss), before tax: | |||
Foreign currency translation adjustments-income/(loss) | 12,110 | (3,070) | (8,803) |
Pension and postretirement benefits obligation | 89,881 | 51,405 | 50,579 |
Net unrealized loss on available-for-sale securities | (2,545) | 0 | 0 |
Other comprehensive income, before tax | 99,446 | 48,335 | 41,776 |
Income tax expense | 41,545 | 19,096 | 16,988 |
Other comprehensive income, net of tax | 57,901 | 29,239 | 24,788 |
Comprehensive income | 64,738 | 53,071 | 87,630 |
Comprehensive (income)/loss attributable to the noncontrolling interest | (3,655) | 5,275 | 317 |
Comprehensive income attributable to The New York Times Company common stockholders | $ 61,083 | $ 58,346 | $ 87,947 |
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] |
Balance as of December 25, 2016 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 – Class A shares | (69,921) | (69,921) | 0 | 0 | 0 | (69,921) | 0 | 0 |
Stock-based compensation | 10,431 | 10,431 | 10,431 | |||||
Income tax shortfall related to share-based payments | (902) | (902) | (902) | |||||
Balance as of December 31, 2017 at Dec. 27, 2015 | 828,455 | 826,751 | 16,908 | 146,348 | 1,328,744 | (156,155) | (509,094) | 1,704 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income/(loss) | 23,832 | 29,068 | 29,068 | (5,236) | ||||
Dividends | (25,901) | (25,901) | (25,901) | |||||
Other comprehensive income/(loss) | 29,239 | 29,278 | 29,278 | (39) | ||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 762 | 762 | 12 | 750 | ||||
Restricted stock units vested - Class A shares | (2,739) | (2,739) | 30 | (2,769) | ||||
Performance-based awards - Class A shares | (6,888) | (6,888) | 53 | (6,941) | ||||
Share Repurchases – Class A shares | (15,056) | (15,056) | (15,056) | |||||
Stock-based compensation | 12,622 | 12,622 | 12,622 | |||||
Income tax shortfall related to share-based payments | (82) | (82) | (82) | |||||
Balance as of December 31, 2017 at Dec. 25, 2016 | 844,244 | 847,815 | 17,003 | 149,928 | 1,331,911 | (171,211) | (479,816) | (3,571) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income/(loss) | 6,837 | 4,296 | 4,296 | 2,541 | ||||
Dividends | (26,071) | (26,071) | (26,071) | |||||
Other comprehensive income/(loss) | 57,901 | 56,787 | 56,787 | 1,114 | ||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 4,601 | 4,601 | 66 | 4,535 | ||||
Restricted stock units vested - Class A shares | (2,715) | (2,715) | 28 | (2,743) | ||||
Performance-based awards - Class A shares | (1,349) | (1,349) | 11 | (1,360) | ||||
Stock-based compensation | 13,915 | 13,915 | 13,915 | |||||
Balance as of December 31, 2017 at Dec. 31, 2017 | $ 897,363 | $ 897,279 | $ 17,108 | $ 164,275 | $ 1,310,136 | $ (171,211) | $ (423,029) | $ 84 |
CONSOLIDATED STATEMENTS OF CHA7
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Stock options (in shares) | 657,704 | 114,652 | 341,362 |
Restricted stock unit vested (in shares) | 283,116 | 304,171 | 233,901 |
Performance-based awards (in shares) | 115,881 | 524,520 | 87,134 |
Warrants (in shares) | 15,900,000 | ||
Shares repurchased (in shares) | 1,179,672 | 5,511,233 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Cash flows from operating activities | |||
Net income | $ 6,837 | $ 23,832 | $ 62,842 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Restructuring charge | 0 | 14,804 | 0 |
Pension settlement expense | 102,109 | 21,294 | 40,329 |
Multiemployer pension plan charges | 0 | 11,701 | 9,055 |
Depreciation and amortization | 61,871 | 61,723 | 61,597 |
Stock-based compensation expense | 14,809 | 12,430 | 10,588 |
Undistributed (income)/loss of joint ventures | (18,641) | 36,273 | 783 |
Deferred income taxes | 105,174 | (13,128) | (10,102) |
Long-term retirement benefit obligations | (184,418) | (55,228) | (15,404) |
Uncertain tax positions | (4,343) | 5,089 | 1,627 |
Other – net | 2,991 | (564) | 11,494 |
Changes in operating assets and liabilities: | |||
Accounts receivable – net | 12,470 | 9,825 | 5,510 |
Other current assets | (30,527) | 1,599 | 22,141 |
Accounts payable, accrued payroll and other liabilities | 10,012 | (32,276) | (22,833) |
Unexpired subscriptions | 8,368 | 6,502 | 1,448 |
Net cash provided by operating activities | 86,712 | 103,876 | 179,075 |
Cash flows from investing activities | |||
Purchases of marketable securities | (466,522) | (566,846) | (818,865) |
Maturities/disposals of marketable securities | 548,461 | 725,365 | 818,262 |
Cash distribution from corporate-owned life insurance | 0 | 38,000 | 0 |
Business acquisitions | 0 | (40,410) | 0 |
(Purchases)/proceeds from investments | 15,591 | (1,955) | (5,068) |
Capital expenditures | (84,753) | (30,095) | (26,965) |
Change in restricted cash | 6,919 | 3,804 | 1,521 |
Other-net | 1,323 | 409 | 412 |
Net cash provided by/(used in) investing activities | 21,019 | 128,272 | (30,703) |
Cash flows from financing activities | |||
Repayment of debt and capital lease obligations | (552) | (189,768) | (223,648) |
Dividends paid | (26,004) | (25,897) | (26,599) |
Stock issuances | 4,601 | 761 | 103,026 |
Repurchases | 0 | (15,684) | (69,293) |
Windfall tax benefit related to share-based payments | 0 | 3,193 | 2,303 |
Share-based compensation tax withholding | (4,064) | (9,629) | (3,749) |
Net cash used in financing activities | (26,019) | (237,024) | (217,960) |
Net increase/(decrease) in cash and cash equivalents | 81,712 | (4,876) | (69,588) |
Effect of exchange rate changes on cash and cash equivalents | 507 | (208) | (1,243) |
Cash and cash equivalents at the beginning of the year | 100,692 | 105,776 | 176,607 |
Cash and cash equivalents at the end of the year | 182,911 | 100,692 | 105,776 |
Cash payments | |||
Interest, net of capitalized interest | 28 | 39,487 | 41,449 |
Income tax payments – net | $ 22 | $ 44,896 | $ 21,078 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
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 subscription 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 year 2017 comprised 53 weeks and fiscal years 2016 and 2015 each comprised 52 weeks. Our fiscal years ended as of December 31, 2017 , December 25, 2016 , and December 27, 2015 , respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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. Historically, we have accounted for all marketable securities as held-to-maturity (“HTM”) and stated at amortized cost as we had the intent and ability to hold our marketable debt securities until maturity. However, on June 29, 2017, our Board of Directors approved a change to the Company’s cash reserve investment policy to allow the Company to sell marketable securities prior to maturity. Beginning in the third quarter of 2017, the Company reclassified all marketable securities from HTM to available-for-sale (“AFS”). AFS securities are reported at fair value. Unrealized gains and losses, after applicable income taxes, are reported in accumulated other comprehensive income/(loss). We conduct an other-than-temporary impairment (“OTTI”) analysis on a quarterly basis or more often if a potential loss-triggering event occurs. We consider factors such as the duration, severity and the reason for the decline in value, the potential recovery period and whether we intend to sell. For AFS securities, we also consider whether (i) it is more likely than not that we will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. Concentration of Risk Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and marketable securities. Cash is placed with major financial institutions. As of December 31, 2017 , 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 marketable securities portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash equivalents and marketable securities 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. Included within marketable securities is approximately $63 million of securities used as collateral for letters of credit issued by the Company in connection with the leasing of floors in our headquarters building. 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 included within Other current assets of the Consolidated Balance Sheets. Inventories are stated at the lower of cost or net realizable value. Inventory cost is generally based on the last-in, first-out (“LIFO”) method for newsprint and other paper grades 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 and Intangibles Goodwill is the excess of cost over the fair value of tangible and 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 2017 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. Intangible assets that are not amortized (i.e., trade names) are tested for impairment at the asset level by comparing the fair value of the asset with its carrying amount. If the fair value, which is based on future cash flows, exceeds the carrying value, the asset is not considered impaired. If the carrying amount exceeds the fair value, an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the asset over the fair value of the asset. Intangible assets that are amortized (i.e., customer lists, non-competes, etc.) are tested for impairment at the asset 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. 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, discount rates and royalty 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 and intangibles 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 or intangibles 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. Employee medical costs above a certain threshold are insured by a third party. 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 $38 million as of December 31, 2017 and December 25, 2016 . 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 have elected the practical expedient to use the month-end that is closest to our fiscal year-end or interim period-end for measuring the single-employer pension plan assets and obligations as well as other postretirement benefit plan assets and obligations. We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We record liabilities for obligations related to complete, partial and estimated withdrawals from multiemployer pension plans. The actual liability for estimated withdrawals 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 In 2017, the Company renamed “circulation revenues” as “subscription revenues.” Subscription revenues include single-copy and subscription revenues. Subscription 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. The deferred proceeds are recorded within unexpired subscription revenue in the Consolidated Balance Sheets. 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 and rate adjustments. 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. We recognize an obligation for rate adjustments as a reduction of revenues, based on the amount of estimated post-billing adjustments that will be claimed. Measurement of the rate adjustment obligation is estimated based on historical experience of credits actually issued. Other revenues are recognized when the delivery occurs, services are rendered or purchases are made. 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 (i.e., sources of taxable income) and negative (i.e., 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. On December 22, 2017, federal tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after December 31, 2017, a one-time transition tax on the mandatory deemed repatriation of foreign earnings and numerous domestic and international-related provisions effective in 2018. We have estimated our provision for income taxes in accordance with the Act and guidance available as of the date of this filing and as a result have recorded $68.7 million as additional income tax expense in the fourth quarter of 2017, the period in which the legislation was enacted. On December 22, 2017, Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. In accordance with SAB 118, we have determined that the $68.7 million of additional income tax expense recorded in connection with the remeasurement of certain deferred tax assets and liabilities, the one-time transition tax on the mandatory deemed repatriation of foreign earnings, and deferred tax assets related to executive compensation deductions was a provisional amount and a reasonable estimate at December 31, 2017. Provisional estimates were also made with regard to the Company’s deductions under the Act’s new expensing provisions and state and local income taxes related to foreign earnings subject to the one-time transition tax. The ultimate impact of the Act may differ from the provisional amount recognized due to, among other things, changes in estimates resulting from the receipt or calculation of final data, changes in interpretations of the Act, and additional regulatory guidance that may be issued. The accounting for the impact of the Act is expected to be completed by the fourth quarter of fiscal year 2018. Stock-Based Compensation We establish fair value based on market data 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 period-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.” Recently Adopted Accounting Pronouncements I n March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation-Stock Compensation,” which provides guidance on accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance became effective for the Company for fiscal years beginning after December 25, 2016. As a result of the adoption of ASU 2016-09 in the first quarter of 2017, we recognized excess tax windfalls in income tax expense rather than additional paid-in capital of $3.6 million for the year ended December 31, 2017 . Excess tax shortfalls and/or windfalls for share-based payments are now included in net cash from operating activities rather than net cash from financing activities. The changes have been applied prospectively in accordance with the ASU and prior periods have not been adjusted. Additionally, the presentation of employee taxes paid to taxing authorities for share-based transactions are now included in net cash from financing activities rather than net cash from operating activities. This change was applied retrospectively and as a result, we reclassified $9.6 million and $3.7 million for the years ended December 25, 2016 and December 27, 2015, respectively, in our Statement of Cash Flows from operating activities to financing activities. No other material changes resulted from the adoption of this standard. Recently Issued Accounting Pronouncements In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effect from Accumulated Other Comprehensive Income.” The new guidance provides financial statement preparers with an option to reclassify stranded tax effects within Accumulated Other Comprehensive Income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded. The amendments are effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently in the process of evaluating the impact of this guidance on our consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The new guidance requires the service cost component to be presented separately from the other components of net benefit costs related to single-employer pension plans and other postretirement benefits plans. Service cost will be presented with other employee compensation cost within operations. The other components of net benefit cost, such as interest cost, amortization of prior service cost and gains or losses are required to be presented outside of operations. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The guidance should be applied retrospectively for the presentation of the service cost component in the income statement and allows a practical expedient for the estimation basis for applying the retrospective presentation requirements. Since the changes required in ASU 2017-07 only change the Consolidated Statements of Operations classification of the components of net periodic benefit cost, no changes will be made to net income. Upon adoption of the ASU during the first quarter of 2018, the Company will separately present the components of net periodic benefit cost or income related to single-employer pension plans and other postretirement benefits plans, excluding the service cost component, in non-operating expenses on a retrospective basis. Refer to Note 9 and Note 10 for components of net periodic benefit cost related to single-employer pension plans and other postretirement benefits, respectively. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates step two from the goodwill impairment test. Under ASU 2017-04, an entity should recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value up to the amount of goodwill allocated to that reporting unit. This guidance will be effective for us in the first quarter of 2020 on a prospective basis, and early adoption is permitted. The Company is in the process of evaluating the impact that this guidance will have on its consolidated financial statements. However, we do not expect the adoption of the standard to have a material effect on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) : Clarifying the Definition of a Business, which provides guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for interim and annual periods beginning after December 15, 2017. The adoption of this standard is not expected to have a material impact on the consolidated financial statements of the Company. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flow: Restricted Cash,” which amends the guidance in Accounting Standards Codification (“ASC”) 230 on the classification and presentation of restricted cash in the statement of cash flows. The key requirements of the ASU are: (1) all entities should include in their cash and cash-equivalent balances in the statements of cash flows those amounts that are deemed to be restricted cash and restricted cash equivalents, (2) a reconciliation between the statement of financial position and the statement of cash flows must be disclosed when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents, (3) changes in restricted cash and restricted cash equivalents that result from transfers between cash, cash equivalents, and restricted cash and restricted cash equivalents should not be presented as cash flow activities in the statement of cash flows and (4) an entity with a material balance of amounts generally described as restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. This guidance becomes effective for Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption of the standard during the first quarter of 2018, the Company will include the restricted cash balance with cash and cash equivalents balances in the statements of cash flows on a retrospective basis. Cash flows provided by investing activities will decrease by $6.9 million and $3.8 million for the fiscal years ended December 31, 2017 and December 25, 2016, respectively. The Company will add a reconciliation from Condensed Consolidated Balance Sheets to Condensed Consolidated Statement of Cash Flows in the first quarter of 2018. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments,” which amends the guidance in ASC 230 on the classification of certain cash receipts and cash payments in the statement of cash flows. The primary purpose of this ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The ASU’s amendments add or clarify guidance on eight cash flows issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This guidance becomes effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. All amendments must be adopted in the same period. Since proceeds and premiums of corporate-owned life insurance policies and the return on equity investment are currently classified as cash flows from investing activities, we do not expect the adoption of the standard to have a material effect on our consolidated financial statements. In June 2016, FASB issued ASU 2016-13, “Financial Instruments - Credit Losses.” The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale (AFS) debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We are currently in the process of evaluating the impact of this guidance on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases,” which provides guidance on accounting for leases and disclosure of key information about leasing arrangements. The guidance requires lessees to recognize the following for all operating and finance leases at the commencement date: (1) a lease liability, which is the obligation to make lease payments arising from a lease, measured on a discounted basis and (2) a right-of-use asset representing the lessee’s right to use, or control the use of, the underlying asset for the lease term. A lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities for short-term leases with a term of 12 months or less. The guidance does not fundamentally change lessor accounting; however, some changes have been made to align that guidance with the lessee guidance and other areas within GAAP. This guidance becomes effective for the Company for fiscal years beginning after December 30, 2018. Early application is permitted. This guidance is expected to be applied on a modified retrospective basis for leases existing at, or entered into after, the earliest period presented in the financial statements. We are currently in the process of evaluating the impact of the new leasing guidance and expect that most of our operating lease commitments will be subject to the new standard. The adoption of the standard will have the most significant change on our balance sheet as it will require us to record right-of-use assets and lease liabilities. Based upon our initial evaluation, we do not expect the adoption of the standard to have a material effect on our results of operations and liquidity. In January 2016, the F |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities As noted in Note 2, the Company reclassified all marketable securities from HTM to AFS in the third quarter of 2017, following a change to the Company’s cash reserve investment policy that allows the Company to sell marketable securities prior to maturity. This change resulted in recording a $2.5 million net unrealized loss in other comprehensive income. The reclassification of the investment portfolio to AFS was made to provide increased flexibility in the use of our investments to support current operations. The following table presents the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of December 31, 2017 : December 31, 2017 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 150,334 $ — $ (227 ) $ 150,107 U.S. Treasury securities 70,985 — (34 ) 70,951 U.S. governmental agency securities 45,819 — (179 ) 45,640 Certificates of deposit 9,300 — — 9,300 Commercial paper 32,591 — — 32,591 Total short-term AFS securities $ 309,029 $ — $ (440 ) $ 308,589 Long-term AFS securities U.S. governmental agency securities $ 97,798 $ — $ (1,019 ) $ 96,779 Corporate debt securities 92,687 — (683 ) 92,004 U.S. Treasury securities 53,031 — (403 ) 52,628 Total long-term AFS securities $ 243,516 $ — $ (2,105 ) $ 241,411 The following table represents the AFS securities as of December 31, 2017 that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: December 31, 2017 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Short-term AFS securities Corporate debt securities $ 140,111 $ (199 ) $ 9,996 $ (28 ) $ 150,107 $ (227 ) U.S. Treasury securities 70,951 (34 ) — — 70,951 (34 ) U.S. governmental agency securities 19,770 (50 ) 25,870 (129 ) 45,640 (179 ) Total short-term AFS securities $ 230,832 $ (283 ) $ 35,866 $ (157 ) $ 266,698 $ (440 ) Long-term AFS securities U.S. governmental agency securities $ 23,998 $ (125 ) $ 72,781 $ (894 ) $ 96,779 $ (1,019 ) Corporate debt securities 81,118 (579 ) 10,886 (104 ) 92,004 (683 ) U.S. Treasury securities 52,628 (403 ) — — 52,628 (403 ) Total long-term AFS securities $ 157,744 $ (1,107 ) $ 83,667 $ (998 ) $ 241,411 $ (2,105 ) We periodically review our AFS securities for OTTI. See Note 2 for factors we consider when assessing AFS securities for OTTI. As of December 31, 2017 , we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of December 31, 2017 , we have recognized no OTTI loss. The following table presents the amortized cost of our HTM securities as of December 25, 2016 : December 25, 2016 (In thousands) Amortized Cost Short-term HTM securities (1) U.S. Treasury securities $ 150,623 Corporate debt securities 150,599 U.S. governmental agency securities 64,135 Commercial paper 84,178 Total short-term HTM securities $ 449,535 Long-term HTM securities (1) U.S. governmental agency securities $ 110,732 Corporate debt securities 61,775 U.S. Treasury securities 14,792 Total long-term HTM securities $ 187,299 (1) All HTM securities were recorded at amortized cost and not adjusted to fair value in accordance with the HTM accounting treatment. As of December 25, 2016, the amortized cost approximated fair value because of the short-term maturity and highly liquid nature of these investments. Marketable debt securities As of December 31, 2017 , 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 hierarchy of our marketable securities. Letters of credit We issued letters of credit totaling $56.0 million as of December 31, 2017 , to secure commitments under certain sub-lease agreements associated with the rental of floors in our headquarters building. The letters of credit will expire in 2019, and are collateralized by marketable securities, with a fair value of $63.1 million , held in our investment portfolios. No amounts were outstanding on these letters of credit as of December 31, 2017. See Note 18 for additional information regarding the securities commitment. |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Goodwill and Intangibles In 2016, the Company acquired two digital marketing agencies, HelloSociety, LLC and Fake Love, LLC for an aggregate of $15.4 million , in separate all-cash transactions. Also in 2016, the Company acquired Submarine Leisure Club, Inc., which owned the product review and recommendation websites T he Wirecutter and The Sweethome, in an all-cash transaction. We paid $25.0 million , including a payment made for a non-compete agreement, a nd also entered into a consulting agreement and retention agreements that will likely require payments over the three years following the acquisition. The Company allocated the purchase prices for these acquisitions based on the final valuation of assets acquired and liabilities assumed, resulting in allocations to goodwill, intangibles, property, plant and equipment and other miscellaneous assets. The aggregate carrying amount of intangible assets of $8.2 million related to these acquisitions has been included in “Miscellaneous Assets” in our Consolidated Balance Sheets. The estimated useful lives for these assets range from 3 to 7 years and are amortized on a straight-line basis. The changes in the carrying amount of goodwill as of December 31, 2017 , and since December 27, 2015 , were as follows: (In thousands) Total Company Balance as of December 27, 2015 $ 109,085 Business acquisitions 28,529 Foreign currency translation (3,097 ) Balance as of December 25, 2016 134,517 Measurement Period Adjustment (1) (198 ) Foreign currency translation 9,230 Balance as of December 31, 2017 $ 143,549 (1) Includes measurement period adjustment in connection with the Submarine Leisure Club, Inc. acquisition. 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. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments in Joint Ventures As of December 31, 2017 , our investment in joint ventures of $1.7 million consisted of a 40% equity ownership interest in Madison Paper Industries (“Madison”), a partnership that previously operated a supercalendered paper mill in Maine. In the fourth quarter of 2017 , we sold our 49% equity interest in Donohue Malbaie Inc. (“Malbaie”), a Canadian newsprint company, for $20 million Canadian dollar ( $15.6 million USD). In the third quarter of 2017 , we sold our 30% ownership in Women in the World Media, LLC, a live event conference business, for a nominal amount. These investments 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 “Gain/(loss) from joint ventures” in our Consolidated Statements of Operations. In 2017 , we had a gain from joint ventures of $18.6 million compared with a loss of $36.3 million in 2016 . The gain was primarily due to the sale of the remaining assets of the paper mill previously operated by Madison, partially offset by our proportionate share of the loss recognized by Madison resulting from Madison’s settlement of pension obligations, as well as the sale of our investment in Malbaie. In 2016, we had a loss from joint ventures of $36.3 million compared with a loss of $0.8 million in 2015. The increase was primarily due to losses related to the shutdown of the paper mill previously operated by Madison, as described below, partially offset by increased income from our investment in Malbaie, which benefited from higher newsprint prices and the impact of a significantly weakened Canadian dollar. Madison The Company and UPM-Kymmene Corporation (“UPM”), 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 that owns 50% of Madison. UPM owns 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. In 2016, the paper mill closed and we recognized $41.4 million in losses from joint ventures related to the closure. The Company’s proportionate share of the loss was $20.1 million after tax and net of noncontrolling interest. As a result of the mill closure, we wrote our investment down to zero . The Company’s joint venture in Madison is currently being liquidated. In the fourth quarter of 2016, Madison sold certain assets at the mill site and we recognized a gain of $3.9 million related to the sale. In 2017 we recognized a gain of $20.8 million , primarily related to the sale of the remaining assets, partially offset by the loss related to our proportionate share of Madison’s settlement of certain pension obligations. The Company’s proportionate share of the gain was $11.6 million after tax and net of noncontrolling interest. We expect to receive our proportionate share of a cash distribution from the wind down of our Madison investment in 2018. The following table presents summarized unaudited balance sheet information for Madison, which follows a calendar year: (In thousands) December 31, 2017 December 31, 2016 Current assets $ 35,764 $ 3,766 Noncurrent assets 9,640 8,944 Total assets 45,404 12,710 Current liabilities 137 1,373 Noncurrent liabilities 4,070 29,386 Total liabilities 4,207 30,759 Total equity $ 41,197 $ (18,049 ) The following table presents summarized unaudited income statement information for Madison, which follows a calendar year: For the Twelve Months Ended (In thousands) December 31, 2017 December 31, 2016 December 31, 2015 Revenues $ — $ 40,523 $ 133,319 Income/(Expenses): Cost of sales (1) (13,396 ) (63,439 ) (126,292 ) General and administrative income/(expense) and other (2) 55,058 (62,759 ) (13,550 ) Total income/(expense) 41,662 (126,198 ) (139,842 ) Operating income/(loss) 41,662 (85,675 ) (6,523 ) Other income/(expense) 18 2 689 Net income/(loss) $ 41,680 $ (85,673 ) $ (5,834 ) (1) Primarily represents Madison’s settlement of its pension obligations in 2017. (2) Primarily represents gains/(losses) from the sale of assets and closure of Madison in 2017 and 2016. We received no distributions from Madison in 2017 , 2016 , or 2015 . Malbaie We had a 49% equity interest in Malbaie, which we sold during the fourth quarter of 2017 for $20 million Canadian dollars ( $15.6 million USD). We recognized a loss of $6.4 million before tax as a result of the sale. The other 51% equity interest was 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. Other than from the sale of our equity interest in 2017, we received no distributions from Malbaie in 2017, 2016 or 2015. Other We purchased newsprint from Malbaie, and previously purchased supercalendered paper from Madison, at competitive prices. These purchases totaled approximately $11 million in 2017 , $14 million in 2016 and $12 million in 2015 . Cost Method Investments The aggregate carrying amount of cost method investments included in “Miscellaneous assets’’ in our Consolidated Balance Sheets were $13.6 million for December 31, 2017 and December 25, 2016 . |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Debt Obligations Our indebtedness primarily consisted of 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) December 31, 2017 December 25, 2016 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% 6,596 9,801 Total option to repurchase ownership interest in headquarters building in 2019 243,404 240,199 Capital lease obligations 6,805 6,779 Total long-term debt and capital lease obligations $ 250,209 $ 246,978 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 2018 $ — 2019 250,000 2020 — 2021 — 2022 — Thereafter — Total face amount of maturities 250,000 Less: Unamortized debt costs and discount (6,596 ) Carrying value of debt (excludes capital leases) $ 243,404 “Interest expense and other, net,” as shown in the accompanying Consolidated Statements of Operations was as follows: (In thousands) December 31, December 25, December 27, Interest expense $ 27,732 $ 39,487 $ 41,973 Amortization of debt costs and discount on debt 3,205 4,897 4,756 Capitalized interest (1,257 ) (559 ) (338 ) Interest income and other expense, net (9,897 ) (9,020 ) (7,341 ) Total interest expense and other, net $ 19,783 $ 34,805 $ 39,050 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. In December 2016, the Company repaid, at maturity, the remaining principal amount of the 6.625% Notes. 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 less transaction costs, for net proceeds of approximately $211 million . The lease term is 15 years, and we have three renewal options that could extend the term for an additional 20 years. We have an option, exercisable in 2019, to repurchase the Condo Interest for $250.0 million . In January 2018, we delivered notice of our intent to exercise this option. See Note 19 for more detail on this notice. 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. 31, 2017 | |
Other Income and Expenses [Abstract] | |
Other | Other Advertising Expenses Advertising expense to promote our brand, subscription products and marketing services were $118.6 million , $89.8 million and $83.4 million for the fiscal years ended December 31, 2017 , December 25, 2016 and December 27, 2015 , respectively. We expense our advertising costs as incurred. Capitalized Computer Software Costs Amortization of capitalized computer software costs included in “Depreciation and amortization” in our Consolidated Statements of Operations was $12.8 million , $11.5 million and $11.9 million for the fiscal years ended December 31, 2017 , December 25, 2016 and December 27, 2015 , respectively. The unamortized computer software costs were $28.1 million and $19.0 million as of December 31, 2017 and December 25, 2016, respectively. Headquarters Redesign and Consolidation In December 2016, we announced plans to redesign our headquarters building, consolidate our operations within a smaller number of floors and lease the additional floors to third parties. These changes are expected to generate additional rental income and result in a more collaborative workspace. We incurred $10.1 million of total costs related to these measures for the fiscal year ended December 31, 2017 . The capital expenditures related to these measures were approximately $62 million for the fiscal year ended December 31, 2017 . Severance Costs On May 31, 2017, we announced certain measures designed to streamline our editing process and allow us to make further investments in the newsroom. These measures resulted in a workforce reduction primarily affecting our newsroom. We recognized severance costs of $23.9 million for the fiscal year ended December 31, 2017 , substantially all of which were related to this workforce reduction. W e recognized severance costs of $18.8 million in 2016 and $7.0 million in 2015 . These costs are recorded in “Selling, general and administrative costs” in our Consolidated Statements of Operations. Additionally, during the second quarter of 2016, we announced certain measures to streamline our international print operations and support future growth efforts. These measures included a redesign of our international print newspaper and the relocation of certain editing and production operations conducted in Paris to our locations in Hong Kong and New York. During the third and second quarters of 2016, we incurred $2.9 million and $11.9 million , respectively, of total costs related to the measures, primarily related to relocation and severance charges. These costs were recorded in “Restructuring charge” in our Consolidated Statements of Operations. We had a severance liability of $18.8 million and $23.2 million included in “Accrued expenses and other” in our Consolidated Balance Sheets as of December 31, 2017 and December 25, 2016 , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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 31, 2017 and December 25, 2016 , 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 assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and December 25, 2016 : (In thousands) December 31, 2017 December 25, 2016 (3) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) U.S Treasury securities $ 70,951 $ — $ 70,951 $ — $ — $ — $ — $ — Corporate debt securities 150,107 — 150,107 — — — — — U.S. governmental agency securities 45,640 — 45,640 — — — — — Certificates of deposit 9,300 — 9,300 — — — — — Commercial paper 32,591 — 32,591 — — — — — Total short-term AFS securities $ 308,589 $ — $ 308,589 $ — $ — $ — $ — $ — Long-term AFS securities (1) U.S. governmental agency securities $ 96,779 $ — $ 96,779 $ — $ — $ — $ — $ — Corporate debt securities 92,004 — 92,004 — — — — — U.S Treasury securities 52,628 — 52,628 — — — — — Total long-term AFS securities $ 241,411 $ — $ 241,411 $ — $ — $ — $ — $ — Liabilities: Deferred compensation (2) $ 29,526 $ 29,526 $ — $ — $ 31,006 $ 31,006 $ — $ — (1) 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 fair value (see Note 3). We classified these investments as Level 2 since the fair value is based on market observable inputs for investments with similar terms and maturities. (2) 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. Participation in the DEC was frozen effective December 31, 2015. Refer to Note 11 for detail. (3) As noted in Note 2, in the third quarter of 2017, we reclassified our marketable securities from HTM to AFS. Prior to being classified as AFS, the securities were recorded at amortized cost and not adjusted to fair value in accordance with the HTM accounting treatment. As of December 25, 2016, 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. Financial Instruments Disclosed, But Not Reported, at Fair Value The carrying value of our long-term debt was approximately $243 million as of December 31, 2017 and approximately $240 million as of December 25, 2016 . The fair value of our long-term debt was approximately $279 million and $298 million as of December 31, 2017 , and December 25, 2016 , respectively. 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 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). Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Certain non-financial assets, such as goodwill, intangible assets, property, plant and equipment and certain investments are only recorded at fair value if an impairment charge is recognized. Goodwill and intangible assets are initially recorded at fair value in purchase accounting. 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. There was no impairment recognized in 2017 , 2016 and 2015 . |
Pension Benefits
Pension Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits [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 participated in two joint Company and Guild-sponsored plans covering employees who are members of The NewsGuild of New York. Effective January 1, 2018, the sponsorship of one of these plans, the Newspaper Guild of New York - The New York Times Pension Plan, which is frozen, was transferred exclusively to the Company. 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 31, 2017 December 25, 2016 December 27, 2015 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 9,720 $ 79 $ 9,799 $ 8,991 $ 143 $ 9,134 $ 11,932 $ 157 $ 12,089 Interest cost 60,742 7,840 68,582 66,293 8,172 74,465 74,536 10,060 84,596 Expected return on plan assets (102,900 ) — (102,900 ) (111,159 ) — (111,159 ) (115,261 ) — (115,261 ) Amortization and other costs 29,051 4,318 33,369 28,274 4,184 32,458 36,442 5,081 41,523 Amortization of prior service (credit)/cost (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) Effect of settlement/curtailment 102,109 — 102,109 21,294 (1,599 ) 19,695 40,329 — 40,329 Net periodic pension cost $ 96,777 $ 12,237 $ 109,014 $ 11,748 $ 10,900 $ 22,648 $ 46,033 $ 15,298 $ 61,331 Over the past several years the Company has taken steps to reduce the size and volatility of our pension obligations. In the fourth quarter of 2017, the Company entered into agreements with two insurance companies to transfer future benefit obligations and annuity administration for certain retirees (or their beneficiaries) in two of the Company’s qualified pension plans. This transfer of plan assets and obligations reduced the Company’s qualified pension plan obligations by $263.3 million . As a result of these agreements, the Company recorded pension settlement charges of $102.1 million . Additionally, during the fourth quarter of 2017, the Company made discretionary contributions totaling $120 million to certain qualified pension plans. In the fourth quarter of 2016, we recorded a pension settlement charge of $21.3 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 $49.5 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 $52.2 million . In addition, we recorded a $1.6 million curtailment related to the streamlining of the Company’s international print operations. See Note 7 for more information on the streamlining of the Company’s international print operations. 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 . Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows: (In thousands) December 31, December 25, December 27, Net actuarial loss/(gain) $ 22,600 $ (4,289 ) $ 31,044 Amortization of loss (33,369 ) (32,458 ) (41,523 ) Amortization of prior service credit 1,945 1,945 1,945 Effect of curtailment — — (1,264 ) Effect of settlement (102,109 ) (21,294 ) (40,329 ) Total recognized in other comprehensive (income)/loss (110,933 ) (56,096 ) (50,127 ) Net periodic pension cost 109,014 22,648 61,331 Total recognized in net periodic benefit cost and other comprehensive (income)/loss $ (1,919 ) $ (33,448 ) $ 11,204 Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the future working lifetime for the ongoing plans and average life expectancy for the frozen plans. 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 $32 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. We also contribute to defined contribution benefit plans. The amount of cost recognized for defined contribution benefit plans was approximately $23 million for 2017 , $15 million for 2016 and $16 million for 2015 . Benefit Obligation and Plan Assets The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: December 31, 2017 December 25, 2016 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Change in benefit obligation Benefit obligation at beginning of year $ 1,798,652 $ 240,399 $ 2,039,051 $ 1,851,910 $ 247,087 $ 2,098,997 Service cost 9,720 79 9,799 8,991 143 9,134 Interest cost 60,742 7,840 68,582 66,293 8,172 74,465 Plan participants’ contributions 9 — 9 9 — 9 Actuarial loss 142,980 15,342 158,322 23,994 2,695 26,689 Curtailments — — — — (1,599 ) (1,599 ) Settlements (269,287 ) — (269,287 ) (48,413 ) — (48,413 ) Benefits paid (106,328 ) (18,510 ) (124,838 ) (104,132 ) (15,992 ) (120,124 ) Effects of change in currency conversion — 152 152 — (107 ) (107 ) Benefit obligation at end of year 1,636,488 245,302 1,881,790 1,798,652 240,399 2,039,051 Change in plan assets Fair value of plan assets at beginning of year 1,576,760 — 1,576,760 1,579,356 — 1,579,356 Actual return on plan assets 238,622 — 238,622 142,137 — 142,137 Employer contributions 127,635 18,510 146,145 7,803 15,992 23,795 Plan participants’ contributions 9 — 9 9 — 9 Settlements (269,287 ) — (269,287 ) (48,413 ) — (48,413 ) Benefits paid (106,328 ) (18,510 ) (124,838 ) (104,132 ) (15,992 ) (120,124 ) Fair value of plan assets at end of year 1,567,411 — 1,567,411 1,576,760 — 1,576,760 Net amount recognized $ (69,077 ) $ (245,302 ) $ (314,379 ) $ (221,892 ) $ (240,399 ) $ (462,291 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ — $ (16,901 ) $ (16,901 ) $ — $ (16,818 ) $ (16,818 ) Noncurrent liabilities (69,077 ) (228,401 ) (297,478 ) (221,892 ) (223,581 ) (445,473 ) Net amount recognized $ (69,077 ) $ (245,302 ) $ (314,379 ) $ (221,892 ) $ (240,399 ) $ (462,291 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 641,194 $ 109,880 $ 751,074 $ 765,096 $ 98,855 $ 863,951 Prior service credit (20,731 ) — (20,731 ) (22,676 ) — (22,676 ) Total $ 620,463 $ 109,880 $ 730,343 $ 742,420 $ 98,855 $ 841,275 Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: (In thousands) December 31, December 25, Projected benefit obligation $ 1,881,790 $ 2,039,051 Accumulated benefit obligation $ 1,874,445 $ 2,034,636 Fair value of plan assets $ 1,567,411 $ 1,576,760 Assumptions Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 31, December 25, Discount rate 3.75 % 4.31 % Rate of increase in compensation levels 2.95 % 2.95 % 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 31, December 25, December 27, Discount rate for determining projected benefit obligation 4.31 % 4.60 % 4.05 % Discount rate in effect for determining service cost 4.74 % 5.78 % 4.05 % Discount rate in effect for determining interest cost 3.54 % 3.68 % 4.05 % Rate of increase in compensation levels 2.95 % 2.91 % 2.89 % Expected long-term rate of return on assets 6.73 % 7.01 % 7.01 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 31, December 25, Discount rate 3.67 % 4.17 % 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 31, December 25, December 27, Discount rate for determining projected benefit obligation 4.17 % 4.40 % 3.90 % Discount rate in effect for determining interest cost 3.39 % 3.44 % 3.90 % Rate of increase in compensation levels 2.50 % 2.50 % 2.50 % 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 (i.e., 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. 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. 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, less expense expected to be incurred by 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. During the fourth quarters of 2017 and 2016, we adopted new mortality tables released by the Society of Actuaries (“SOA”) and revised the mortality assumptions used in determining our pension obligations. The net impact to our qualified and non-qualified pension obligations resulting from the new mortality assumptions in 2017 and 2016 was a decrease of $15.4 million and $34.7 million , respectively. Beginning in 2016, we changed 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. Prior to this change, 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. 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 estimate 2016 service and interest costs ranged from 1.32% to 4.79% . Service costs and interest costs for our benefit plans were reduced by approximately $18 million in 2016 due to the change in methodology. 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 investment 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 a plan's 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 Actual Public Equity 70% - 90% 83 % Growth Fixed Income 0% - 15% 6 % Alternatives 0% - 15% 8 % Cash 0% - 10% 3 % The asset allocations by asset category for both Long Duration and Return-Seeking Assets, as of December 31, 2017 , were as follows: Asset Category Percentage Range Actual Long Duration 53% - 63% 56 % Public Equity 26% - 42% 36 % Growth Fixed Income 0% - 7% 3 % Alternatives 0% - 7% 4 % Cash 0% - 5% 1 % 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 joint-sponsored Guild-Times Adjustable Pension Plan by asset category are as follows: December 31, 2017 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investment Measured at Net Asset Value (3) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 65,466 $ — $ — $ — $ 65,466 International Equities 62,256 — — — 62,256 Mutual Funds 44,173 — — — 44,173 Registered Investment Companies 42,868 — — — 42,868 Common/Collective Funds (1) — — — 601,896 601,896 Fixed Income Securities: Corporate Bonds — 416,201 — — 416,201 U.S. Treasury and Other Government Securities — 144,085 — — 144,085 Group Annuity Contract — — — 45,005 45,005 Municipal and Provincial Bonds — 36,674 — — 36,674 Government Sponsored Enterprises (2) — 11,364 — — 11,364 Other — 10,883 — — 10,883 Cash and Cash Equivalents — — — 32,352 32,352 Private Equity — — — 20,289 20,289 Hedge Fund — — — 33,899 33,899 Assets at Fair Value 214,763 619,207 — 733,441 1,567,411 Other Assets — Total $ 214,763 $ 619,207 $ — $ 733,441 $ 1,567,411 (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 (“NAV”) of the underlying funds. (2) Represents investments that are not backed by the full faith and credit of the U.S. government. (3) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Fair Value Measurement at December 25, 2016 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investment Measured at Net Asset Value (3) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 61,327 $ — $ — $ — $ 61,327 International Equities 48,494 — — — 48,494 Mutual Funds 49,869 — — — 49,869 Registered Investment Companies 30,870 — — — 30,870 Common/Collective Funds (1) — — — 701,577 701,577 Fixed Income Securities: Corporate Bonds — 376,289 — — 376,289 U.S. Treasury and Other Government Securities — 128,179 — — 128,179 Group Annuity Contract — — — 54,872 54,872 Municipal and Provincial Bonds — 33,115 — — 33,115 Government Sponsored Enterprises (2) — 7,227 — — 7,227 Other — 4,486 — — 4,486 Cash and Cash Equivalents — — — 22,829 22,829 Private Equity — — — 24,931 24,931 Hedge Fund — — — 31,939 31,939 Assets at Fair Value 190,560 549,296 — 836,148 1,576,004 Other Assets — — — — 756 Total $ 190,560 $ 549,296 $ — $ 836,148 $ 1,576,760 (1) The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value (“NAV”) of the underlying funds. (2) Represents investments that are not backed by the full faith and credit of the U.S. government. (3) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. 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. Cash Flows In 2017 , we made contributions to qualified pension plans of $127.6 million . We expect contributions made to satisfy minimum funding requirements to total approximately $8 million in 2018. 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 2018 $ 84,216 $ 17,181 $ 101,397 2019 85,816 17,068 102,884 2020 87,162 16,794 103,956 2021 89,169 16,583 105,752 2022 91,192 16,389 107,581 2023-2027 (1) 479,738 78,560 558,298 (1) While benefit payments under these plans are expected to continue beyond 2027, 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. In recent 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 2016 and 2015, we recorded $6.7 million and $9.1 million in charges for partial withdrawal obligations under multiemployer pension plans, respectively. There was no such charge in 2017. Our multiemployer pension plan withdrawal liability was approximately $108 million as of December 31, 2017 and approximately $113 million as of December 25, 2016 . 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 31, 2017 , is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a 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 2017 2016 2017 2016 2015 CWA/ITU Negotiated Pension Plan 13-6212879-001 Critical and Declining as of 1/01/17 Critical and Declining as of 1/01/16 Implemented $ 425 $ 486 $ 543 No (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund 13-6122251-001 Green as of 6/01/17 Green as of 6/01/16 N/A 995 1,040 1,038 No 3/30/2020 (2) GCIU-Employer Retirement Benefit Plan 91-6024903-001 Critical and Declining as of 1/01/17 Critical and Declining as of 1/01/16 Implemented 39 43 57 Yes 3/30/2021 (3) Pressmen’s Publishers’ Pension Fund 13-6121627-001 Green as of 4/01/17 Green as of 4/01/16 N/A 963 1,001 1,033 No 3/30/2021 (4) Paper-Handlers’-Publishers’ Pension Fund 13-6104795-001 Critical and Declining as of 4/01/17 Critical and Declining as of 4/01/16 Implemented 88 100 97 Yes 3/30/2021 (5) Contributions for individually significant plans $ 2,510 $ 2,670 $ 2,768 Total Contributions $ 2,510 $ 2,670 $ 2,768 (1) There are two collective bargaining agreements requiring contributions to this plan: Mailers which expires March 30, 2019, and Typographers which expires March 30, 2020. (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 12/31/2016 & 12/31/2015 (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2016 & 5/31/2015 (1) Pressmen’s Publisher’s Pension Fund 3/31/2017 & 3/31/2016 Paper-Handlers’-Publishers’ Pension Fund 3/31/2017 & 3/31/2016 (1) Forms 5500 for the plans’ year ended 12/31/17 and 5/31/17 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 in September 2013 and December 2014 associated with partial withdrawals. See Note 18 for further information. 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 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 The components of net periodic postretirement benefit income were as follows: (In thousands) December 31, December 25, December 27, Service cost $ 367 $ 417 $ 588 Interest cost 1,881 1,979 2,794 Amortization and other costs 3,621 4,105 5,197 Amortization of prior service credit (7,755 ) (8,440 ) (9,495 ) Effect of settlement/curtailment (1) (32,737 ) — — Net periodic postretirement benefit income $ (34,623 ) $ (1,939 ) $ (916 ) (1) In the fourth quarter of 2017, the Company recorded a gain in connection with the settlement of a funding obligation related to a postretirement plan. The changes in the benefit obligations recognized in other comprehensive income/loss were as follows: (In thousands) December 31, December 25, December 27, Net actuarial loss/(gain) $ (6,625 ) $ 28 $ (5,543 ) Prior service cost — — 1,145 Amortization of loss (3,621 ) (4,105 ) (5,197 ) Amortization of prior service credit 7,755 8,440 9,495 Effect of curtailment 6,502 — — Effect of settlement 26,235 — — Total recognized in other comprehensive loss/(income) 30,246 4,363 (100 ) Net periodic postretirement benefit income (34,623 ) (1,939 ) (916 ) Total recognized in net periodic postretirement benefit income and other comprehensive (income)/loss $ (4,377 ) $ 2,424 $ (1,016 ) Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the accumulated postretirement benefit obligation. Gains and losses in excess of the corridor are generally amortized over the average remaining service period to expected retirement of active participants. 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 $5 million and $6 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 $15 million in 2017 , $15 million in 2016 and $16 million in 2015 . The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/loss were as follows: (In thousands) December 31, December 25, Change in benefit obligation Benefit obligation at beginning of year $ 65,042 $ 71,047 Service cost 367 417 Interest cost 1,881 1,979 Plan participants’ contributions 4,007 4,409 Actuarial loss 3,703 28 Curtailments/settlements (10,328 ) — Benefits paid (10,030 ) (12,838 ) Benefit obligation at the end of year 54,642 65,042 Change in plan assets Fair value of plan assets at beginning of year — — Employer contributions 6,023 8,429 Plan participants’ contributions 4,007 4,409 Benefits paid (10,030 ) (12,838 ) Fair value of plan assets at end of year — — Net amount recognized $ (54,642 ) $ (65,042 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (5,826 ) $ (7,043 ) Noncurrent liabilities (48,816 ) (57,999 ) Net amount recognized $ (54,642 ) $ (65,042 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 38,512 $ 22,522 Prior service credit (18,613 ) (32,870 ) Total $ 19,899 $ (10,348 ) Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 31, December 25, Discount rate 3.46 % 3.94 % 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 31, December 25, December 2 |
Other Postretirement Benefits
Other Postretirement Benefits | 12 Months Ended |
Dec. 31, 2017 | |
Other Postretirement Benefits [Abstract] | |
Other Postretirement Benefits | Pension Benefits Single-Employer Plans We sponsor several single-employer defined benefit pension plans, the majority of which have been frozen. We also participated in two joint Company and Guild-sponsored plans covering employees who are members of The NewsGuild of New York. Effective January 1, 2018, the sponsorship of one of these plans, the Newspaper Guild of New York - The New York Times Pension Plan, which is frozen, was transferred exclusively to the Company. 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 31, 2017 December 25, 2016 December 27, 2015 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 9,720 $ 79 $ 9,799 $ 8,991 $ 143 $ 9,134 $ 11,932 $ 157 $ 12,089 Interest cost 60,742 7,840 68,582 66,293 8,172 74,465 74,536 10,060 84,596 Expected return on plan assets (102,900 ) — (102,900 ) (111,159 ) — (111,159 ) (115,261 ) — (115,261 ) Amortization and other costs 29,051 4,318 33,369 28,274 4,184 32,458 36,442 5,081 41,523 Amortization of prior service (credit)/cost (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) Effect of settlement/curtailment 102,109 — 102,109 21,294 (1,599 ) 19,695 40,329 — 40,329 Net periodic pension cost $ 96,777 $ 12,237 $ 109,014 $ 11,748 $ 10,900 $ 22,648 $ 46,033 $ 15,298 $ 61,331 Over the past several years the Company has taken steps to reduce the size and volatility of our pension obligations. In the fourth quarter of 2017, the Company entered into agreements with two insurance companies to transfer future benefit obligations and annuity administration for certain retirees (or their beneficiaries) in two of the Company’s qualified pension plans. This transfer of plan assets and obligations reduced the Company’s qualified pension plan obligations by $263.3 million . As a result of these agreements, the Company recorded pension settlement charges of $102.1 million . Additionally, during the fourth quarter of 2017, the Company made discretionary contributions totaling $120 million to certain qualified pension plans. In the fourth quarter of 2016, we recorded a pension settlement charge of $21.3 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 $49.5 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 $52.2 million . In addition, we recorded a $1.6 million curtailment related to the streamlining of the Company’s international print operations. See Note 7 for more information on the streamlining of the Company’s international print operations. 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 . Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows: (In thousands) December 31, December 25, December 27, Net actuarial loss/(gain) $ 22,600 $ (4,289 ) $ 31,044 Amortization of loss (33,369 ) (32,458 ) (41,523 ) Amortization of prior service credit 1,945 1,945 1,945 Effect of curtailment — — (1,264 ) Effect of settlement (102,109 ) (21,294 ) (40,329 ) Total recognized in other comprehensive (income)/loss (110,933 ) (56,096 ) (50,127 ) Net periodic pension cost 109,014 22,648 61,331 Total recognized in net periodic benefit cost and other comprehensive (income)/loss $ (1,919 ) $ (33,448 ) $ 11,204 Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the future working lifetime for the ongoing plans and average life expectancy for the frozen plans. 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 $32 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. We also contribute to defined contribution benefit plans. The amount of cost recognized for defined contribution benefit plans was approximately $23 million for 2017 , $15 million for 2016 and $16 million for 2015 . Benefit Obligation and Plan Assets The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: December 31, 2017 December 25, 2016 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Change in benefit obligation Benefit obligation at beginning of year $ 1,798,652 $ 240,399 $ 2,039,051 $ 1,851,910 $ 247,087 $ 2,098,997 Service cost 9,720 79 9,799 8,991 143 9,134 Interest cost 60,742 7,840 68,582 66,293 8,172 74,465 Plan participants’ contributions 9 — 9 9 — 9 Actuarial loss 142,980 15,342 158,322 23,994 2,695 26,689 Curtailments — — — — (1,599 ) (1,599 ) Settlements (269,287 ) — (269,287 ) (48,413 ) — (48,413 ) Benefits paid (106,328 ) (18,510 ) (124,838 ) (104,132 ) (15,992 ) (120,124 ) Effects of change in currency conversion — 152 152 — (107 ) (107 ) Benefit obligation at end of year 1,636,488 245,302 1,881,790 1,798,652 240,399 2,039,051 Change in plan assets Fair value of plan assets at beginning of year 1,576,760 — 1,576,760 1,579,356 — 1,579,356 Actual return on plan assets 238,622 — 238,622 142,137 — 142,137 Employer contributions 127,635 18,510 146,145 7,803 15,992 23,795 Plan participants’ contributions 9 — 9 9 — 9 Settlements (269,287 ) — (269,287 ) (48,413 ) — (48,413 ) Benefits paid (106,328 ) (18,510 ) (124,838 ) (104,132 ) (15,992 ) (120,124 ) Fair value of plan assets at end of year 1,567,411 — 1,567,411 1,576,760 — 1,576,760 Net amount recognized $ (69,077 ) $ (245,302 ) $ (314,379 ) $ (221,892 ) $ (240,399 ) $ (462,291 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ — $ (16,901 ) $ (16,901 ) $ — $ (16,818 ) $ (16,818 ) Noncurrent liabilities (69,077 ) (228,401 ) (297,478 ) (221,892 ) (223,581 ) (445,473 ) Net amount recognized $ (69,077 ) $ (245,302 ) $ (314,379 ) $ (221,892 ) $ (240,399 ) $ (462,291 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 641,194 $ 109,880 $ 751,074 $ 765,096 $ 98,855 $ 863,951 Prior service credit (20,731 ) — (20,731 ) (22,676 ) — (22,676 ) Total $ 620,463 $ 109,880 $ 730,343 $ 742,420 $ 98,855 $ 841,275 Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: (In thousands) December 31, December 25, Projected benefit obligation $ 1,881,790 $ 2,039,051 Accumulated benefit obligation $ 1,874,445 $ 2,034,636 Fair value of plan assets $ 1,567,411 $ 1,576,760 Assumptions Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 31, December 25, Discount rate 3.75 % 4.31 % Rate of increase in compensation levels 2.95 % 2.95 % 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 31, December 25, December 27, Discount rate for determining projected benefit obligation 4.31 % 4.60 % 4.05 % Discount rate in effect for determining service cost 4.74 % 5.78 % 4.05 % Discount rate in effect for determining interest cost 3.54 % 3.68 % 4.05 % Rate of increase in compensation levels 2.95 % 2.91 % 2.89 % Expected long-term rate of return on assets 6.73 % 7.01 % 7.01 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 31, December 25, Discount rate 3.67 % 4.17 % 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 31, December 25, December 27, Discount rate for determining projected benefit obligation 4.17 % 4.40 % 3.90 % Discount rate in effect for determining interest cost 3.39 % 3.44 % 3.90 % Rate of increase in compensation levels 2.50 % 2.50 % 2.50 % 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 (i.e., 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. 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. 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, less expense expected to be incurred by 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. During the fourth quarters of 2017 and 2016, we adopted new mortality tables released by the Society of Actuaries (“SOA”) and revised the mortality assumptions used in determining our pension obligations. The net impact to our qualified and non-qualified pension obligations resulting from the new mortality assumptions in 2017 and 2016 was a decrease of $15.4 million and $34.7 million , respectively. Beginning in 2016, we changed 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. Prior to this change, 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. 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 estimate 2016 service and interest costs ranged from 1.32% to 4.79% . Service costs and interest costs for our benefit plans were reduced by approximately $18 million in 2016 due to the change in methodology. 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 investment 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 a plan's 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 Actual Public Equity 70% - 90% 83 % Growth Fixed Income 0% - 15% 6 % Alternatives 0% - 15% 8 % Cash 0% - 10% 3 % The asset allocations by asset category for both Long Duration and Return-Seeking Assets, as of December 31, 2017 , were as follows: Asset Category Percentage Range Actual Long Duration 53% - 63% 56 % Public Equity 26% - 42% 36 % Growth Fixed Income 0% - 7% 3 % Alternatives 0% - 7% 4 % Cash 0% - 5% 1 % 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 joint-sponsored Guild-Times Adjustable Pension Plan by asset category are as follows: December 31, 2017 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investment Measured at Net Asset Value (3) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 65,466 $ — $ — $ — $ 65,466 International Equities 62,256 — — — 62,256 Mutual Funds 44,173 — — — 44,173 Registered Investment Companies 42,868 — — — 42,868 Common/Collective Funds (1) — — — 601,896 601,896 Fixed Income Securities: Corporate Bonds — 416,201 — — 416,201 U.S. Treasury and Other Government Securities — 144,085 — — 144,085 Group Annuity Contract — — — 45,005 45,005 Municipal and Provincial Bonds — 36,674 — — 36,674 Government Sponsored Enterprises (2) — 11,364 — — 11,364 Other — 10,883 — — 10,883 Cash and Cash Equivalents — — — 32,352 32,352 Private Equity — — — 20,289 20,289 Hedge Fund — — — 33,899 33,899 Assets at Fair Value 214,763 619,207 — 733,441 1,567,411 Other Assets — Total $ 214,763 $ 619,207 $ — $ 733,441 $ 1,567,411 (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 (“NAV”) of the underlying funds. (2) Represents investments that are not backed by the full faith and credit of the U.S. government. (3) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Fair Value Measurement at December 25, 2016 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investment Measured at Net Asset Value (3) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 61,327 $ — $ — $ — $ 61,327 International Equities 48,494 — — — 48,494 Mutual Funds 49,869 — — — 49,869 Registered Investment Companies 30,870 — — — 30,870 Common/Collective Funds (1) — — — 701,577 701,577 Fixed Income Securities: Corporate Bonds — 376,289 — — 376,289 U.S. Treasury and Other Government Securities — 128,179 — — 128,179 Group Annuity Contract — — — 54,872 54,872 Municipal and Provincial Bonds — 33,115 — — 33,115 Government Sponsored Enterprises (2) — 7,227 — — 7,227 Other — 4,486 — — 4,486 Cash and Cash Equivalents — — — 22,829 22,829 Private Equity — — — 24,931 24,931 Hedge Fund — — — 31,939 31,939 Assets at Fair Value 190,560 549,296 — 836,148 1,576,004 Other Assets — — — — 756 Total $ 190,560 $ 549,296 $ — $ 836,148 $ 1,576,760 (1) The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the net asset value (“NAV”) of the underlying funds. (2) Represents investments that are not backed by the full faith and credit of the U.S. government. (3) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. 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. Cash Flows In 2017 , we made contributions to qualified pension plans of $127.6 million . We expect contributions made to satisfy minimum funding requirements to total approximately $8 million in 2018. 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 2018 $ 84,216 $ 17,181 $ 101,397 2019 85,816 17,068 102,884 2020 87,162 16,794 103,956 2021 89,169 16,583 105,752 2022 91,192 16,389 107,581 2023-2027 (1) 479,738 78,560 558,298 (1) While benefit payments under these plans are expected to continue beyond 2027, 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. In recent 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 2016 and 2015, we recorded $6.7 million and $9.1 million in charges for partial withdrawal obligations under multiemployer pension plans, respectively. There was no such charge in 2017. Our multiemployer pension plan withdrawal liability was approximately $108 million as of December 31, 2017 and approximately $113 million as of December 25, 2016 . 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 31, 2017 , is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a 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 2017 2016 2017 2016 2015 CWA/ITU Negotiated Pension Plan 13-6212879-001 Critical and Declining as of 1/01/17 Critical and Declining as of 1/01/16 Implemented $ 425 $ 486 $ 543 No (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund 13-6122251-001 Green as of 6/01/17 Green as of 6/01/16 N/A 995 1,040 1,038 No 3/30/2020 (2) GCIU-Employer Retirement Benefit Plan 91-6024903-001 Critical and Declining as of 1/01/17 Critical and Declining as of 1/01/16 Implemented 39 43 57 Yes 3/30/2021 (3) Pressmen’s Publishers’ Pension Fund 13-6121627-001 Green as of 4/01/17 Green as of 4/01/16 N/A 963 1,001 1,033 No 3/30/2021 (4) Paper-Handlers’-Publishers’ Pension Fund 13-6104795-001 Critical and Declining as of 4/01/17 Critical and Declining as of 4/01/16 Implemented 88 100 97 Yes 3/30/2021 (5) Contributions for individually significant plans $ 2,510 $ 2,670 $ 2,768 Total Contributions $ 2,510 $ 2,670 $ 2,768 (1) There are two collective bargaining agreements requiring contributions to this plan: Mailers which expires March 30, 2019, and Typographers which expires March 30, 2020. (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 12/31/2016 & 12/31/2015 (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2016 & 5/31/2015 (1) Pressmen’s Publisher’s Pension Fund 3/31/2017 & 3/31/2016 Paper-Handlers’-Publishers’ Pension Fund 3/31/2017 & 3/31/2016 (1) Forms 5500 for the plans’ year ended 12/31/17 and 5/31/17 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 in September 2013 and December 2014 associated with partial withdrawals. See Note 18 for further information. 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 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 The components of net periodic postretirement benefit income were as follows: (In thousands) December 31, December 25, December 27, Service cost $ 367 $ 417 $ 588 Interest cost 1,881 1,979 2,794 Amortization and other costs 3,621 4,105 5,197 Amortization of prior service credit (7,755 ) (8,440 ) (9,495 ) Effect of settlement/curtailment (1) (32,737 ) — — Net periodic postretirement benefit income $ (34,623 ) $ (1,939 ) $ (916 ) (1) In the fourth quarter of 2017, the Company recorded a gain in connection with the settlement of a funding obligation related to a postretirement plan. The changes in the benefit obligations recognized in other comprehensive income/loss were as follows: (In thousands) December 31, December 25, December 27, Net actuarial loss/(gain) $ (6,625 ) $ 28 $ (5,543 ) Prior service cost — — 1,145 Amortization of loss (3,621 ) (4,105 ) (5,197 ) Amortization of prior service credit 7,755 8,440 9,495 Effect of curtailment 6,502 — — Effect of settlement 26,235 — — Total recognized in other comprehensive loss/(income) 30,246 4,363 (100 ) Net periodic postretirement benefit income (34,623 ) (1,939 ) (916 ) Total recognized in net periodic postretirement benefit income and other comprehensive (income)/loss $ (4,377 ) $ 2,424 $ (1,016 ) Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the accumulated postretirement benefit obligation. Gains and losses in excess of the corridor are generally amortized over the average remaining service period to expected retirement of active participants. 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 $5 million and $6 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 $15 million in 2017 , $15 million in 2016 and $16 million in 2015 . The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive income/loss were as follows: (In thousands) December 31, December 25, Change in benefit obligation Benefit obligation at beginning of year $ 65,042 $ 71,047 Service cost 367 417 Interest cost 1,881 1,979 Plan participants’ contributions 4,007 4,409 Actuarial loss 3,703 28 Curtailments/settlements (10,328 ) — Benefits paid (10,030 ) (12,838 ) Benefit obligation at the end of year 54,642 65,042 Change in plan assets Fair value of plan assets at beginning of year — — Employer contributions 6,023 8,429 Plan participants’ contributions 4,007 4,409 Benefits paid (10,030 ) (12,838 ) Fair value of plan assets at end of year — — Net amount recognized $ (54,642 ) $ (65,042 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (5,826 ) $ (7,043 ) Noncurrent liabilities (48,816 ) (57,999 ) Net amount recognized $ (54,642 ) $ (65,042 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 38,512 $ 22,522 Prior service credit (18,613 ) (32,870 ) Total $ 19,899 $ (10,348 ) Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 31, December 25, Discount rate 3.46 % 3.94 % 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 31, December 25, December 2 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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 31, December 25, Deferred compensation $ 29,526 $ 31,006 Other liabilities 52,787 47,641 Total $ 82,313 $ 78,647 Deferred compensation consists primarily of deferrals under our DEC. The DEC enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. Participation in the DEC was frozen effective December 31, 2015, and no new contributions may be made into the plan. 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 $40.3 million as of December 31, 2017 and $34.8 million as of December 25, 2016 . Other liabilities in the preceding table primarily included our post employment liabilities, our contingent tax liability for uncertain tax positions and self-insurance liabilities as of December 31, 2017 and December 25, 2016 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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 31, 2017 December 25, 2016 December 27, 2015 (In thousands) Amount % of Pre-tax Amount % of Pre-tax Amount % of Pre-tax Tax at federal statutory rate $ 38,928 35.0 $ 10,685 35.0 $ 33,863 35.0 State and local taxes, net 4,800 4.3 3,095 10.1 5,093 5.2 Effect of enacted changes in tax laws 68,747 61.8 — — 1,801 1.8 Reduction in uncertain tax positions (2,277 ) (2.0 ) (4,534 ) (14.9 ) (2,545 ) (2.6 ) Loss/(gain) on Company-owned life insurance (1,916 ) (1.7 ) (736 ) (2.4 ) 75 0.1 Nondeductible expense, net 1,021 0.9 1,115 3.7 880 0.9 Domestic manufacturing deduction — — (1,820 ) (6.0 ) (2,651 ) (2.7 ) Foreign Earnings and Dividends 458 0.4 (2,418 ) (7.9 ) (1,214 ) (1.3 ) Other, net (5,805 ) (5.2 ) (966 ) (3.2 ) (1,392 ) (1.4 ) Income tax expense $ 103,956 93.5 $ 4,421 14.4 $ 33,910 35.0 The components of income tax expense as shown in our Consolidated Statements of Operations were as follows: (In thousands) December 31, December 25, December 27, Current tax expense/(benefit) Federal $ (252 ) $ 22,864 $ 41,199 Foreign 458 312 485 State and local 350 (3,295 ) 5,919 Total current tax expense 556 19,881 47,603 Deferred tax expense Federal 105,905 (16,625 ) (14,554 ) State and local (2,505 ) 1,165 861 Total deferred tax expense/(benefit) 103,400 (15,460 ) (13,693 ) Income tax expense/(benefit) $ 103,956 $ 4,421 $ 33,910 State tax operating loss carryforwards totaled $4.7 million as of December 31, 2017 and $3.4 million as of December 25, 2016 . Such loss carryforwards expire in accordance with provisions of applicable tax laws and have remaining lives up to 20 years. On December 22, 2017, federal tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after December 31, 2017, a one-time transition tax on the mandatory deemed repatriation of foreign earnings and numerous domestic and international-related provisions effective in 2018. We have estimated our provision for income taxes in accordance with the Act and guidance available as of the date of this filing and as a result have recorded $68.7 million as additional income tax expense in the fourth quarter of 2017, the period in which the legislation was enacted. On December 22, 2017, Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. In accordance with SAB 118, we have determined that the $68.7 million of additional income tax expense recorded in connection with the remeasurement of certain deferred tax assets and liabilities, the one-time transition tax on the mandatory deemed repatriation of foreign earnings, and deferred tax assets related to executive compensation deductions was a provisional amount and a reasonable estimate at December 31, 2017. Provisional estimates were also made with regard to the Company’s deductions under the Act’s new expensing provisions and state and local income taxes related to foreign earnings subject to the one-time transition tax. The ultimate impact of the Act may differ from the provisional amount recognized due to, among other things, changes in estimates resulting from the receipt or calculation of final data, changes in interpretations of the Act, and additional regulatory guidance that may be issued. The accounting for the impact of the Act is expected to be completed by the fourth quarter of fiscal year 2018. The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows: (In thousands) December 31, December 25, Deferred tax assets Retirement, postemployment and deferred compensation plans $ 140,657 $ 275,611 Accruals for other employee benefits, compensation, insurance and other 16,883 34,466 Accounts receivable allowances 1,391 2,450 Net operating losses 6,228 2,598 Investment in joint ventures — 5,329 Other 30,295 39,943 Gross deferred tax assets $ 195,454 $ 360,397 Deferred tax liabilities Property, plant and equipment $ 31,043 $ 46,284 Intangible assets 7,300 11,975 Investments in joint ventures 615 — Other 3,450 796 Gross deferred tax liabilities 42,408 59,055 Net deferred tax asset $ 153,046 $ 301,342 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 (i.e., impairments of nondeductible goodwill and intangible assets). We had an income tax receivable of $25.4 million as of December 31, 2017 versus accrued income taxes payable of $1.9 million as of December 25, 2016 . Income tax benefits related to the exercise or vesting of equity awards reduced current taxes payable by $13.7 million in 2017 , $8.6 million in 2016 and $4.4 million in 2015 . As of December 31, 2017 and December 25, 2016 , “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 $196 million and $331 million , respectively. A reconciliation of unrecognized tax benefits is as follows: (In thousands) December 31, December 25, December 27, Balance at beginning of year $ 10,028 $ 13,941 $ 16,324 Gross additions to tax positions taken during the current year 9,009 997 1,151 Gross additions to tax positions taken during the prior year 103 — 282 Gross reductions to tax positions taken during the prior year (372 ) (3,042 ) (37 ) Reductions from lapse of applicable statutes of limitations (1,682 ) (1,868 ) (3,779 ) Balance at end of year $ 17,086 $ 10,028 $ 13,941 The total amount of unrecognized tax benefits that would, if recognized, affect the effective income tax rate was approximately $7 million as of December 31, 2017 and December 25, 2016 . In 2017 and 2016 , we recorded a $2.3 million and $4.5 million income tax benefit, respectively, primarily due to a reduction in the Company’s reserve for uncertain tax positions. 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 $2 million and $3 million as of December 31, 2017 and December 25, 2016 , respectively. The total amount of accrued interest and penalties was a net benefit of $0.1 million in 2017 , a net benefit of $0.9 million in 2016 and a net benefit of $0.1 million in 2015 . 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 2010. 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 $3.3 million that would, if recognized, impact the effective tax rate. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
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 $70.0 million in cash, subject to customary adjustments. The net after-tax proceeds from the sale, including a tax benefit, were approximately $74.0 million . In the forth quarter of 2016, the Company reached a settlement with respect to litigation involving NEMG T&G, Inc., a subsidiary of the Company that was a part of New England Media Group. As a result of the settlement, the Company recorded charges of $0.7 million ( $0.4 million after tax) and $3.7 million ( $2.3 million after tax) for the fiscal years ended December 31, 2017 and December 25, 2016, respectively. The results of operations of the New England Media Group have been classified as discontinued operations for all periods presented. |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Share | Earnings/(Loss) Per Share We compute earnings/(loss) per share using a two-class method, an earnings allocation method used 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. Earnings/(loss) per share is computed using both basic shares 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 decrease in our basic shares is primarily due to 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 excluded from the computation of diluted earnings per share because they were anti-dilutive was approximately 2 million in 2017 , 4 million in 2016 and 5 million in 2015 . There were no anti-dilutive stock-settled long-term performance awards and restricted stock units excluded from the computation of diluted earnings per share for the year ended 2017, 2016 and 2015. |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | Stock-Based Awards As of December 31, 2017 , 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”). The Company’s long-term incentive compensation program provides executives 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. In addition, the Company grants time-vested restricted stock units annually to a number of employees. These are settled in shares of Class A Common Stock. We recognize stock-based compensation expense for these stock-settled long-term performance awards and restricted stock units, as well as any stock options and stock appreciation rights (together, “Stock-Based Awards”). Stock-based compensation expense was $14.8 million in 2017 , $12.4 million in 2016 and $10.6 million in 2015 . 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 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 to be 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. The Company’s directors are considered employees for purposes of stock-based compensation. 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 2017 , 2016 or 2015 . 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 2017 , 2016 or 2015 . The Company’s directors are considered employees for purposes of stock-based compensation. Changes in our Company’s stock options in 2017 were as follows: December 31, 2017 (Shares in thousands) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value $(000s) Options outstanding at beginning of year 4,518 $ 14 3 $ 12,797 Exercised (658 ) 7 Forfeited/Expired (86 ) 24 Options outstanding at end of period (1) 3,774 $ 15 2 $ 17,597 Options exercisable at end of period 3,774 $ 15 2 $ 17,597 (1) All outstanding options are vested as of December 31, 2017. The total intrinsic value for stock options exercised was $7.0 million in 2017 , $0.7 million in 2016 and $2.7 million in 2015 . 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. Restricted Stock Units 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 2017 were as follows: December 31, 2017 (Shares in thousands) Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested stock-settled restricted stock units at beginning of period 1,008 $ 14 Granted 466 16 Vested (505 ) 14 Forfeited (83 ) 14 Unvested stock-settled restricted stock units at end of period 886 $ 15 Unvested stock-settled restricted stock units expected to vest at end of period 840 $ 15 The intrinsic value of stock-settled restricted stock units vested was $7.9 million in 2017 , $7.3 million in 2016 and $5.5 million in 2015 . Long-Term Incentive Compensation 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 2017 , $4 million in 2016 and $3 million in 2015 . 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 Monte Carlo simulation model. The fair value of awards under the other performance measure is determined by the average market price on the grant date. Unrecognized Compensation Expense As of December 31, 2017 , unrecognized compensation expense related to the unvested portion of our Stock-Based Awards was approximately $13 million and is expected to be recognized over a weighted-average period of 1.45 years. Reserved Shares We generally issue shares for the exercise of stock options and vesting of 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 31, December 25, Stock options, stock–settled restricted stock units and stock-settled performance awards Stock options and stock-settled restricted stock units 4,772 5,588 Stock-settled performance awards (1) 2,559 3,159 Outstanding 7,331 8,747 Available 7,188 6,914 Employee Stock Purchase Plan (2) Available 6,410 6,410 401(k) Company stock match (3) Available 3,045 3,045 Total Outstanding 7,331 8,747 Total Available 16,643 16,369 (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. 31, 2017 | |
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 803,763 shares as of December 31, 2017 and 816,632 as of December 25, 2016 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, entities controlled by 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. Concurrently, 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 warrant exercise. As of December 31, 2017 , total repurchases under this authorization totaled $84.9 million (excluding commissions) and $16.2 million remained under this authorization. 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 31, 2017 . The following table summarizes the changes in AOCI by component as of December 31, 2017 : (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net unrealized loss on available-for-sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 25, 2016 $ (1,822 ) $ (477,994 ) $ — $ (479,816 ) Other comprehensive income/(loss) before reclassifications, before tax (1) 10,810 (7,895 ) (2,545 ) 370 Amounts reclassified from accumulated other comprehensive loss, before tax (1) 1,300 96,662 — 97,962 Income tax (benefit)/expense (1) 3,960 38,592 (1,007 ) 41,545 Net current-period other comprehensive (loss)/income, net of tax 8,150 50,175 (1,538 ) 56,787 Balance as of December 31, 2017 $ 6,328 $ (427,819 ) $ (1,538 ) $ (423,029 ) (1) All amounts are shown net of noncontrolling interest. The following table summarizes the reclassifications from AOCI for the period ended December 31, 2017 : (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) $ (9,700 ) Selling, general & administrative costs Amortization of actuarial loss (1) 36,990 Selling, general & administrative costs Postretirement benefit plan settlement gain (32,737 ) Postretirement benefit plan settlement gain Pension settlement charge 102,109 Pension settlement charge Total reclassification, before tax (2) 96,662 Income tax expense 38,592 Income tax expense Total reclassification, net of tax $ 58,070 (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 31, 2017 . |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have one reportable segment that includes The New York Times, 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 subscriptions and advertising. Other revenues primarily consists of revenues from news services/syndication, digital archive licensing, building rental income, affiliate referrals, NYT Live (our live events business), and retail commerce. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
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 $19 million in 2017 and $16 million in 2016 and 2015 . The increase in rental expense is related to additional costs incurred due to the headquarter redesign and consolidation. The approximate minimum rental commitments as of December 31, 2017 were as follows: (In thousands) Amount 2018 $ 10,738 2019 7,532 2020 6,153 2021 4,972 2022 4,731 Later years 18,555 Total minimum lease payments $ 52,681 Capital Leases Future minimum lease payments for all capital leases, and the present value of the minimum lease payments as of December 31, 2017 , were as follows: (In thousands) Amount 2018 $ 552 2019 7,245 2020 — 2021 — 2022 — Later years — Total minimum lease payments 7,797 Less: imputed interest (992 ) Present value of net minimum lease payments including current maturities $ 6,805 Restricted Cash We were required to maintain $18.0 million of restricted cash as of December 31, 2017 and $24.9 million as of December 25, 2016 , the majority of which is set aside to collateralize workers’ compensation obligations. The decrease reflects the settlement of certain litigation described below. Newspaper and Mail Deliverers – Publishers’ Pension Fund In September 2013, the Newspaper and Mail Deliverers-Publishers’ Pension Fund (the “NMDU Fund”) assessed a partial withdrawal liability against the Company in the gross amount of approximately $26 million for the plan years ending May 31, 2012 and 2013 (the “Initial Assessment”), an amount that was increased to a gross amount of approximately $34 million in December 2014, when the NMDU Fund issued a revised partial withdrawal liability assessment for the plan year ending May 31, 2013 (the “Revised Assessment”). The NMDU Fund claimed that when City & Suburban Delivery Systems, Inc., a retail and newsstand distribution subsidiary of the Company and the largest contributor to the NMDU 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 disagreed with both the NMDU Fund’s determination that a partial withdrawal occurred and the methodology by which it calculated the withdrawal liability, and the parties engaged in arbitration proceedings to resolve the matter. In June 2016, the arbitrator issued an interim award and opinion that supported the NMDU Fund’s determination that a partial withdrawal had occurred, and concluded that the methodology used to calculate the Initial Assessment was correct. However, the arbitrator also concluded that the NMDU Fund’s calculation of the Revised Assessment was incorrect. In July 2017, the arbitrator issued a final award and opinion reflecting the same conclusions, which the Company has appealed. Due to requirements of the Employee Retirement Income Security Act of 1974 that sponsors make payments demanded by plans during arbitration and any resultant appeals, the Company had been making payments to the NMDU Fund since September 2013 relating to the Initial Assessment and February 2015 relating to the Revised Assessment based on the NMDU Fund’s demand. As a result, as of December 31, 2017 , we have paid $15.3 million relating to the Initial Assessment since the receipt of the initial demand letter. We also paid $5.0 million related to the Revised Assessment, which was refunded in July 2016 based on the arbitrator’s ruling. The Company recognized $0.4 million of expense for the fiscal year ended December 31, 2017 . The Company recognized $10.7 million of expense (inclusive of a special item of $6.7 million ) and $6.8 million for the fiscal years ended December 25, 2016 and December 27, 2015 , respectively. The Company had a liability of $6.5 million as of December 31, 2017 , related to this matter. Management believes it is reasonably possible that the total loss in this matter could exceed the liability established by a range of zero to approximately $10 million . NEMG T&G, Inc. The Company was involved in class action litigation brought on behalf of individuals who, from 2006 to 2011, delivered newspapers at NEMG T&G, Inc., a subsidiary of the Company (“T&G”). T&G was a part of the New England Media Group, which the Company sold in 2013. The plaintiffs asserted several claims against T&G, including a challenge to their classification as independent contractors, and sought unspecified damages. In December 2016, the Company reached a settlement with respect to the claims, which was approved by the court in May 2017. As a result of the settlement, the Company recorded charges of $0.7 million ( $0.4 million after tax) and $3.7 million ( $2.3 million after tax) for the fiscal years ended December 31, 2017 and December 25, 2016 , respectively, within discontinued operations. 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. Letter of Credit Commitment The Company issued $56 million letters of credit in connection with a sub-lease entered into in the fourth quarter of 2017 for approximately four floors of our headquarters building. A portion of the letters of credit will expire prorata through the second quarter of 2019, while the remaining portion of letters of credit will expire upon the Company’s repurchase of the Condo Interest in our headquarters building in 2019. Approximately $63 million of marketable securities were used as collateral for the letters of credit. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Events Notice of Intent to Exercise Repurchase Option Under Lease Agreement On January 30, 2018, the Company provided notice to an affiliate of W.P. Carey & Co. LLC of the Company’s intention to exercise its option under the Lease Agreement, dated March 6, 2009, by and between the parties (the “Lease”) to repurchase a portion of the Company’s leasehold condominium interest in the Company’s headquarters building located at 620 Eighth Avenue, New York, New York (the “Condo Interest”). The Lease was part of a transaction in 2009 under which the Company sold and simultaneously leased back approximately 750,000 rentable square feet, comprising the Condo Interest. The sale price for the Condo Interest was approximately $225 million . Under the Lease, the Company has an option exercisable in 2019 to repurchase the Condo Interest for approximately $250 million . The Company has accounted for the transaction as a financing transaction, and has continued to depreciate the Condo Interest and account for the rental payments as interest expense. The difference between the purchase option price and the net sale proceeds from the transaction is being amortized over the 10 -year period of 2009-2019 through interest expense. Quarterly Dividend On February 21, 2018, our Board of Directors approved a dividend of $0.04 per share on our Class A and Class B common stock. The dividend is payable on April 19, 2018, to all stockholders of record as of the close of business on April 4, 2018. Our Board of Directors will continue to evaluate the appropriate dividend level on an ongoing basis in light of our earnings, capital requirements, financial condition and other relevant factors. |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | QUARTERLY INFORMATION (UNAUDITED) Quarterly financial information for each quarter in the years ended December 31, 2017 and December 25, 2016 is included in the following tables. See Note 13 of the Notes to the Consolidated Financial Statements for additional information regarding discontinued operations. 2017 Quarters (In thousands, except per share data) March 26, June 25, September 24, December 31, Full Year (13 weeks) (13 weeks) (13 weeks) (14 weeks) (53 weeks) Revenues $ 398,804 $ 407,074 $ 385,635 $ 484,126 $ 1,675,639 Operating costs 367,393 377,420 350,080 393,238 1,488,131 Headquarters redesign and consolidation (1) 2,402 1,985 2,542 3,161 10,090 Postretirement benefit plan settlement gain (2) — — — (37,057 ) (37,057 ) Pension settlement expense (3) — — — 102,109 102,109 Operating profit 29,009 27,669 33,013 22,675 112,366 Gain/(loss) from joint ventures 173 (266 ) 31,557 (12,823 ) 18,641 Interest expense and other, net 5,325 5,133 4,660 4,665 19,783 Income from continuing operations before income taxes 23,857 22,270 59,910 5,187 111,224 Income tax expense (4) 10,742 6,711 23,420 63,083 103,956 Income/(loss) from continuing operations 13,115 15,559 36,490 (57,896 ) 7,268 (Loss)/income from discontinued operations, net of income taxes — — (488 ) 57 (431 ) Net income/(loss) 13,115 15,559 36,002 (57,839 ) 6,837 Net (income)/loss attributable to the noncontrolling interest 66 40 (3,673 ) 1,026 (2,541 ) Net income/(loss) attributable to The New York Times Company common stockholders $ 13,181 $ 15,599 $ 32,329 $ (56,813 ) $ 4,296 Amounts attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ 13,181 $ 15,599 $ 32,817 $ (56,870 ) $ 4,727 (Loss)/income from discontinued operations, net of income taxes $ — $ — $ (488 ) $ 57 $ (431 ) Net income/(loss) $ 13,181 $ 15,599 $ 32,329 $ (56,813 ) $ 4,296 Average number of common shares outstanding: Basic 161,402 161,787 162,173 162,311 161,926 Diluted 162,592 163,808 164,405 162,311 164,263 Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ 0.08 $ 0.10 $ 0.20 $ (0.35 ) $ 0.03 (Loss) from discontinued operations, net of income taxes $ — $ — $ — $ — $ — Net income/(loss) $ 0.08 $ 0.10 $ 0.20 $ (0.35 ) $ 0.03 Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ 0.08 $ 0.09 $ 0.20 $ (0.35 ) $ 0.03 (Loss) from discontinued operations, net of income taxes $ — $ — $ — $ — $ — Net income/(loss) $ 0.08 $ 0.09 $ 0.20 $ (0.35 ) $ 0.03 Dividends declared per share $ 0.04 $ — $ 0.08 $ 0.04 $ 0.16 (1) We recognized expenses related to the ongoing redesign and consolidation of space in our headquarters building. (2) We recorded a gain in the fourth quarter primarily in connection with the settlement of contractual funding obligations from a postretirement plan. (3) We recorded a pension settlement charge in the fourth quarter in connection with the purchase of group annuity contracts. (4) We recorded a $68.7 million charge in the fourth quarter primarily attributable to the remeasurement of our net deferred tax assets required as a result of recent tax legislation. 2016 Quarters (In thousands, except per share data) March 26, 2016 June 26, September 25, 2016 December 25, 2016 Full Year (13 weeks) (13 weeks) (13 weeks) (13 weeks) (52 weeks) Revenues $ 379,515 $ 372,630 $ 363,547 $ 439,650 $ 1,555,342 Operating costs 351,580 339,933 356,596 362,801 1,410,910 Restructuring charge (1) — 11,855 2,949 — 14,804 Multiemployer pension plan withdrawal expense (2) — 11,701 (4,971 ) — 6,730 Pension settlement expense (3) — — — 21,294 21,294 Operating (loss)/profit 27,935 9,141 8,973 55,555 101,604 (Loss)/income from joint ventures (41,896 ) (412 ) 463 5,572 (36,273 ) Interest expense and other, net 8,826 9,097 9,032 7,850 34,805 (Loss)/income from continuing operations before income taxes (22,787 ) (368 ) 404 53,277 30,526 Income tax (benefit)/expense (9,201 ) 124 121 13,377 4,421 Income/(loss) from continuing operations (13,586 ) (492 ) 283 39,900 26,105 (Loss) from discontinued operations, net of income taxes — — — (2,273 ) (2,273 ) Net (loss)/income (13,586 ) (492 ) 283 37,627 23,832 Net income attributable to the noncontrolling interest 5,315 281 123 (483 ) 5,236 Net (loss)/income attributable to The New York Times Company common stockholders $ (8,271 ) $ (211 ) $ 406 $ 37,144 $ 29,068 Amounts attributable to The New York Times Company common stockholders: (Loss)/income from continuing operations $ (8,271 ) $ (211 ) $ 406 $ 39,417 $ 31,341 (Loss) from discontinued operations, net of income taxes — — — (2,273 ) (2,273 ) Net (loss)/income $ (8,271 ) $ (211 ) $ 406 $ 37,144 $ 29,068 Average number of common shares outstanding: Basic 161,003 161,128 161,185 161,235 161,128 Diluted 161,003 161,128 162,945 162,862 162,817 Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: (Loss)/income from continuing operations $ (0.05 ) $ — $ — $ 0.24 $ 0.19 (Loss) from discontinued operations, net of income taxes — — — (0.01 ) (0.01 ) Net (loss)/income $ (0.05 ) $ — $ — $ 0.23 $ 0.18 Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ (0.05 ) $ — $ — $ 0.24 $ 0.19 (Loss) from discontinued operations, net of income taxes — — — (0.01 ) (0.01 ) Net (loss)/income $ (0.05 ) $ — $ — $ 0.23 $ 0.18 Dividends declared per share $ 0.04 $ — $ 0.08 $ 0.04 $ 0.16 (1) We recorded restructuring charges in the second and third quarters associated with the streamlining of the Company’s international print operations. (2) We recorded a charge in the second quarter related to a partial withdrawal obligation under a multiemployer pension plan following an unfavorable arbitration decision, of which $5 million was reimbursed to the Company in the third quarter. (3) We recorded a pension settlement charge in the fourth quarter related to a lump-sum payment offer to certain former employees who participated in a 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. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 31, 2017 , December 25, 2016 , and 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 31, 2017 $ 16,815 $ 11,747 $ 14,020 $ 14,542 Year ended December 25, 2016 $ 13,485 $ 17,154 $ 13,824 $ 16,815 Year ended December 27, 2015 $ 12,860 $ 13,999 $ 13,374 $ 13,485 Valuation allowance for deferred tax assets: Year ended December 31, 2017 $ — $ — $ — $ — Year ended December 25, 2016 $ 36,204 $ — $ 36,204 $ — Year ended December 27, 2015 $ 41,136 $ — $ 4,932 $ 36,204 (1) Includes write-offs, net of recoveries. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 year 2017 comprised 53 weeks and fiscal years 2016 and 2015 each comprised 52 weeks. Our fiscal years ended as of December 31, 2017 , December 25, 2016 , and December 27, 2015 , 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. Historically, we have accounted for all marketable securities as held-to-maturity (“HTM”) and stated at amortized cost as we had the intent and ability to hold our marketable debt securities until maturity. However, on June 29, 2017, our Board of Directors approved a change to the Company’s cash reserve investment policy to allow the Company to sell marketable securities prior to maturity. Beginning in the third quarter of 2017, the Company reclassified all marketable securities from HTM to available-for-sale (“AFS”). AFS securities are reported at fair value. Unrealized gains and losses, after applicable income taxes, are reported in accumulated other comprehensive income/(loss). We conduct an other-than-temporary impairment (“OTTI”) analysis on a quarterly basis or more often if a potential loss-triggering event occurs. We consider factors such as the duration, severity and the reason for the decline in value, the potential recovery period and whether we intend to sell. For AFS securities, we also consider whether (i) it is more likely than not that we will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. |
Concentration of Risk | Concentration of Risk Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and marketable securities. Cash is placed with major financial institutions. As of December 31, 2017 , 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 marketable securities portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash equivalents and marketable securities 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 included within Other current assets of the Consolidated Balance Sheets. Inventories are stated at the lower of cost or net realizable value. Inventory cost is generally based on the last-in, first-out (“LIFO”) method for newsprint and other paper grades 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 and Intangibles | Goodwill and Intangibles Goodwill is the excess of cost over the fair value of tangible and 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 2017 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. Intangible assets that are not amortized (i.e., trade names) are tested for impairment at the asset level by comparing the fair value of the asset with its carrying amount. If the fair value, which is based on future cash flows, exceeds the carrying value, the asset is not considered impaired. If the carrying amount exceeds the fair value, an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the asset over the fair value of the asset. Intangible assets that are amortized (i.e., customer lists, non-competes, etc.) are tested for impairment at the asset 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. 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, discount rates and royalty 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 and intangibles 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 or intangibles 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. Employee medical costs above a certain threshold are insured by a third party. 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 $38 million as of December 31, 2017 and December 25, 2016 . |
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 have elected the practical expedient to use the month-end that is closest to our fiscal year-end or interim period-end for measuring the single-employer pension plan assets and obligations as well as other postretirement benefit plan assets and obligations. We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We record liabilities for obligations related to complete, partial and estimated withdrawals from multiemployer pension plans. The actual liability for estimated withdrawals 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 In 2017, the Company renamed “circulation revenues” as “subscription revenues.” Subscription revenues include single-copy and subscription revenues. Subscription 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. The deferred proceeds are recorded within unexpired subscription revenue in the Consolidated Balance Sheets. 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 and rate adjustments. 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. We recognize an obligation for rate adjustments as a reduction of revenues, based on the amount of estimated post-billing adjustments that will be claimed. Measurement of the rate adjustment obligation is estimated based on historical experience of credits actually issued. Other revenues are recognized when the delivery occurs, services are rendered or purchases are made. |
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 (i.e., sources of taxable income) and negative (i.e., 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 based on market data 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 period-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 | Recently Issued Accounting Pronouncements In February 2018, the FASB issued ASU 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effect from Accumulated Other Comprehensive Income.” The new guidance provides financial statement preparers with an option to reclassify stranded tax effects within Accumulated Other Comprehensive Income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded. The amendments are effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We are currently in the process of evaluating the impact of this guidance on our consolidated financial statements. In March 2017, the FASB issued ASU 2017-07, “Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The new guidance requires the service cost component to be presented separately from the other components of net benefit costs related to single-employer pension plans and other postretirement benefits plans. Service cost will be presented with other employee compensation cost within operations. The other components of net benefit cost, such as interest cost, amortization of prior service cost and gains or losses are required to be presented outside of operations. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The guidance should be applied retrospectively for the presentation of the service cost component in the income statement and allows a practical expedient for the estimation basis for applying the retrospective presentation requirements. Since the changes required in ASU 2017-07 only change the Consolidated Statements of Operations classification of the components of net periodic benefit cost, no changes will be made to net income. Upon adoption of the ASU during the first quarter of 2018, the Company will separately present the components of net periodic benefit cost or income related to single-employer pension plans and other postretirement benefits plans, excluding the service cost component, in non-operating expenses on a retrospective basis. Refer to Note 9 and Note 10 for components of net periodic benefit cost related to single-employer pension plans and other postretirement benefits, respectively. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates step two from the goodwill impairment test. Under ASU 2017-04, an entity should recognize an impairment charge for the amount by which the carrying amount of a reporting unit exceeds its fair value up to the amount of goodwill allocated to that reporting unit. This guidance will be effective for us in the first quarter of 2020 on a prospective basis, and early adoption is permitted. The Company is in the process of evaluating the impact that this guidance will have on its consolidated financial statements. However, we do not expect the adoption of the standard to have a material effect on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) : Clarifying the Definition of a Business, which provides guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The guidance is effective for interim and annual periods beginning after December 15, 2017. The adoption of this standard is not expected to have a material impact on the consolidated financial statements of the Company. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flow: Restricted Cash,” which amends the guidance in Accounting Standards Codification (“ASC”) 230 on the classification and presentation of restricted cash in the statement of cash flows. The key requirements of the ASU are: (1) all entities should include in their cash and cash-equivalent balances in the statements of cash flows those amounts that are deemed to be restricted cash and restricted cash equivalents, (2) a reconciliation between the statement of financial position and the statement of cash flows must be disclosed when the statement of financial position includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents, (3) changes in restricted cash and restricted cash equivalents that result from transfers between cash, cash equivalents, and restricted cash and restricted cash equivalents should not be presented as cash flow activities in the statement of cash flows and (4) an entity with a material balance of amounts generally described as restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. This guidance becomes effective for Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. Upon adoption of the standard during the first quarter of 2018, the Company will include the restricted cash balance with cash and cash equivalents balances in the statements of cash flows on a retrospective basis. Cash flows provided by investing activities will decrease by $6.9 million and $3.8 million for the fiscal years ended December 31, 2017 and December 25, 2016, respectively. The Company will add a reconciliation from Condensed Consolidated Balance Sheets to Condensed Consolidated Statement of Cash Flows in the first quarter of 2018. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments,” which amends the guidance in ASC 230 on the classification of certain cash receipts and cash payments in the statement of cash flows. The primary purpose of this ASU is to reduce the diversity in practice that has resulted from the lack of consistent principles on this topic. The ASU’s amendments add or clarify guidance on eight cash flows issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. This guidance becomes effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. All amendments must be adopted in the same period. Since proceeds and premiums of corporate-owned life insurance policies and the return on equity investment are currently classified as cash flows from investing activities, we do not expect the adoption of the standard to have a material effect on our consolidated financial statements. In June 2016, FASB issued ASU 2016-13, “Financial Instruments - Credit Losses.” The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale (AFS) debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The new guidance is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We are currently in the process of evaluating the impact of this guidance on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases,” which provides guidance on accounting for leases and disclosure of key information about leasing arrangements. The guidance requires lessees to recognize the following for all operating and finance leases at the commencement date: (1) a lease liability, which is the obligation to make lease payments arising from a lease, measured on a discounted basis and (2) a right-of-use asset representing the lessee’s right to use, or control the use of, the underlying asset for the lease term. A lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities for short-term leases with a term of 12 months or less. The guidance does not fundamentally change lessor accounting; however, some changes have been made to align that guidance with the lessee guidance and other areas within GAAP. This guidance becomes effective for the Company for fiscal years beginning after December 30, 2018. Early application is permitted. This guidance is expected to be applied on a modified retrospective basis for leases existing at, or entered into after, the earliest period presented in the financial statements. We are currently in the process of evaluating the impact of the new leasing guidance and expect that most of our operating lease commitments will be subject to the new standard. The adoption of the standard will have the most significant change on our balance sheet as it will require us to record right-of-use assets and lease liabilities. Based upon our initial evaluation, we do not expect the adoption of the standard to have a material effect on our results of operations and liquidity. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities” which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments including requirements to measure most equity investments at fair value with changes in fair value recognized in net income, to perform a qualitative assessment of equity investments without readily determinable fair values, and to separately present financial assets and liabilities by measurement category and by type of financial asset on the balance sheet or the accompanying notes to the financial statements. The new guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. The amendments related to equity securities without readily determinable fair values for which the measurement alternative is applied should be applied prospectively to equity investments that exist as of the date of adoption. We expect to elect the measurement alternative, defined as cost, less impairments, adjusted by observable price changes. Starting the fourth quarter of 2017, we have renamed “Interest expense, net” as “Interest expense and other, net” to account for non-operational income or expense and any impairments or remeasurement of our non-equity method investments as a result of adopting this ASU. We anticipate that the adoption of the standard may increase the volatility of our Interest expense and other, net, as a result of the remeasurement of our equity investments upon the occurrence of observable price changes and impairments. 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 is effective for fiscal years beginning after December 31, 2017. 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 ASC 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 with a cumulative catch-up adjustment recorded to retained earnings. We will adopt the new standard using the modified retrospective method beginning January 1, 2018. Subsequently, in March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” which clarifies the implementation guidance on principal versus agent considerations in ASU 2014-09. In April 2016, the FASB also issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” to reduce the cost and complexity of applying the guidance on identifying promised goods or services when identifying a performance obligation and improve the operability and understandability of the licensing implementation guidance. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients,” to reduce the cost and complexity of applying the guidance to address certain issues on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The amendments in ASU 2016-08, 2016-10, and 2016-12 do not change the core principle of ASU 2014-09. Based upon our evaluation, the adoption of the standards will not have a material effect on our financial condition or results of operations. Our subscription and advertising revenues will not be impacted by the new guidance. The most significant changes will be primarily related to how we account for certain licensing arrangements in the other revenue category for which archival and updated content is included. Under the current revenue guidance, licensing revenue is generally recognized based on the annual minimum guarantee amount specified in the contractual agreement with the licensee as a single deliverable. Based on the guidance of Topic 606, the Company has determined that the archival content and updated content included in these licensing arrangements represent two separate performance obligations. As such, a portion of the total contract consideration related to the archival content will be recognized at the commencement of the contract when control of the archival content is transferred. Based on the modified retroactive approach, the remaining contractual consideration will be recognized proportionately over the term of the contract when updated content is transferred to the licensee, in line with when the control of the new content is transferred. The net impact of these changes will accelerate the revenue of contracts not completed as of January 1, 2018 and we expect that the adjustment to opening retained earnings will be an increase in the range of approximately $3 million to $6 million . 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. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Market Value of AFS Securities | The following table presents the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of December 31, 2017 : December 31, 2017 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 150,334 $ — $ (227 ) $ 150,107 U.S. Treasury securities 70,985 — (34 ) 70,951 U.S. governmental agency securities 45,819 — (179 ) 45,640 Certificates of deposit 9,300 — — 9,300 Commercial paper 32,591 — — 32,591 Total short-term AFS securities $ 309,029 $ — $ (440 ) $ 308,589 Long-term AFS securities U.S. governmental agency securities $ 97,798 $ — $ (1,019 ) $ 96,779 Corporate debt securities 92,687 — (683 ) 92,004 U.S. Treasury securities 53,031 — (403 ) 52,628 Total long-term AFS securities $ 243,516 $ — $ (2,105 ) $ 241,411 |
Schedule of AFS Securities in Unrealized Loss Position | The following table represents the AFS securities as of December 31, 2017 that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: December 31, 2017 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Short-term AFS securities Corporate debt securities $ 140,111 $ (199 ) $ 9,996 $ (28 ) $ 150,107 $ (227 ) U.S. Treasury securities 70,951 (34 ) — — 70,951 (34 ) U.S. governmental agency securities 19,770 (50 ) 25,870 (129 ) 45,640 (179 ) Total short-term AFS securities $ 230,832 $ (283 ) $ 35,866 $ (157 ) $ 266,698 $ (440 ) Long-term AFS securities U.S. governmental agency securities $ 23,998 $ (125 ) $ 72,781 $ (894 ) $ 96,779 $ (1,019 ) Corporate debt securities 81,118 (579 ) 10,886 (104 ) 92,004 (683 ) U.S. Treasury securities 52,628 (403 ) — — 52,628 (403 ) Total long-term AFS securities $ 157,744 $ (1,107 ) $ 83,667 $ (998 ) $ 241,411 $ (2,105 ) |
Schedule of Amortized Cost of HTM Securities | The following table presents the amortized cost of our HTM securities as of December 25, 2016 : December 25, 2016 (In thousands) Amortized Cost Short-term HTM securities (1) U.S. Treasury securities $ 150,623 Corporate debt securities 150,599 U.S. governmental agency securities 64,135 Commercial paper 84,178 Total short-term HTM securities $ 449,535 Long-term HTM securities (1) U.S. governmental agency securities $ 110,732 Corporate debt securities 61,775 U.S. Treasury securities 14,792 Total long-term HTM securities $ 187,299 (1) All HTM securities were recorded at amortized cost and not adjusted to fair value in accordance with the HTM accounting treatment. As of December 25, 2016, the amortized cost approximated fair value because of the short-term maturity and highly liquid nature of these investments. |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Balances | The changes in the carrying amount of goodwill as of December 31, 2017 , and since December 27, 2015 , were as follows: (In thousands) Total Company Balance as of December 27, 2015 $ 109,085 Business acquisitions 28,529 Foreign currency translation (3,097 ) Balance as of December 25, 2016 134,517 Measurement Period Adjustment (1) (198 ) Foreign currency translation 9,230 Balance as of December 31, 2017 $ 143,549 (1) Includes measurement period adjustment in connection with the Submarine Leisure Club, Inc. acquisition. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Madison Paper Industries [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Schedule and summarized unaudited condensed combined income statements of equity method investments | The following table presents summarized unaudited balance sheet information for Madison, which follows a calendar year: (In thousands) December 31, 2017 December 31, 2016 Current assets $ 35,764 $ 3,766 Noncurrent assets 9,640 8,944 Total assets 45,404 12,710 Current liabilities 137 1,373 Noncurrent liabilities 4,070 29,386 Total liabilities 4,207 30,759 Total equity $ 41,197 $ (18,049 ) The following table presents summarized unaudited income statement information for Madison, which follows a calendar year: For the Twelve Months Ended (In thousands) December 31, 2017 December 31, 2016 December 31, 2015 Revenues $ — $ 40,523 $ 133,319 Income/(Expenses): Cost of sales (1) (13,396 ) (63,439 ) (126,292 ) General and administrative income/(expense) and other (2) 55,058 (62,759 ) (13,550 ) Total income/(expense) 41,662 (126,198 ) (139,842 ) Operating income/(loss) 41,662 (85,675 ) (6,523 ) Other income/(expense) 18 2 689 Net income/(loss) $ 41,680 $ (85,673 ) $ (5,834 ) |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of carrying value of outstanding debt | Our indebtedness primarily consisted of 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) December 31, 2017 December 25, 2016 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% 6,596 9,801 Total option to repurchase ownership interest in headquarters building in 2019 243,404 240,199 Capital lease obligations 6,805 6,779 Total long-term debt and capital lease obligations $ 250,209 $ 246,978 |
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 2018 $ — 2019 250,000 2020 — 2021 — 2022 — Thereafter — Total face amount of maturities 250,000 Less: Unamortized debt costs and discount (6,596 ) Carrying value of debt (excludes capital leases) $ 243,404 |
Schedule of components of interest expense, net | “Interest expense and other, net,” as shown in the accompanying Consolidated Statements of Operations was as follows: (In thousands) December 31, December 25, December 27, Interest expense $ 27,732 $ 39,487 $ 41,973 Amortization of debt costs and discount on debt 3,205 4,897 4,756 Capitalized interest (1,257 ) (559 ) (338 ) Interest income and other expense, net (9,897 ) (9,020 ) (7,341 ) Total interest expense and other, net $ 19,783 $ 34,805 $ 39,050 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 and December 25, 2016 : (In thousands) December 31, 2017 December 25, 2016 (3) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) U.S Treasury securities $ 70,951 $ — $ 70,951 $ — $ — $ — $ — $ — Corporate debt securities 150,107 — 150,107 — — — — — U.S. governmental agency securities 45,640 — 45,640 — — — — — Certificates of deposit 9,300 — 9,300 — — — — — Commercial paper 32,591 — 32,591 — — — — — Total short-term AFS securities $ 308,589 $ — $ 308,589 $ — $ — $ — $ — $ — Long-term AFS securities (1) U.S. governmental agency securities $ 96,779 $ — $ 96,779 $ — $ — $ — $ — $ — Corporate debt securities 92,004 — 92,004 — — — — — U.S Treasury securities 52,628 — 52,628 — — — — — Total long-term AFS securities $ 241,411 $ — $ 241,411 $ — $ — $ — $ — $ — Liabilities: Deferred compensation (2) $ 29,526 $ 29,526 $ — $ — $ 31,006 $ 31,006 $ — $ — (1) 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 fair value (see Note 3). We classified these investments as Level 2 since the fair value is based on market observable inputs for investments with similar terms and maturities. (2) 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. Participation in the DEC was frozen effective December 31, 2015. Refer to Note 11 for detail. (3) As noted in Note 2, in the third quarter of 2017, we reclassified our marketable securities from HTM to AFS. Prior to being classified as AFS, the securities were recorded at amortized cost and not adjusted to fair value in accordance with the HTM accounting treatment. |
Pension Benefits (Tables)
Pension Benefits (Tables) - Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Pension Benefits | |
Schedule of Components of Net Periodic Pension Benefit Cost | The components of net periodic pension cost were as follows: December 31, 2017 December 25, 2016 December 27, 2015 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 9,720 $ 79 $ 9,799 $ 8,991 $ 143 $ 9,134 $ 11,932 $ 157 $ 12,089 Interest cost 60,742 7,840 68,582 66,293 8,172 74,465 74,536 10,060 84,596 Expected return on plan assets (102,900 ) — (102,900 ) (111,159 ) — (111,159 ) (115,261 ) — (115,261 ) Amortization and other costs 29,051 4,318 33,369 28,274 4,184 32,458 36,442 5,081 41,523 Amortization of prior service (credit)/cost (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) Effect of settlement/curtailment 102,109 — 102,109 21,294 (1,599 ) 19,695 40,329 — 40,329 Net periodic pension cost $ 96,777 $ 12,237 $ 109,014 $ 11,748 $ 10,900 $ 22,648 $ 46,033 $ 15,298 $ 61,331 |
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 31, December 25, December 27, Net actuarial loss/(gain) $ 22,600 $ (4,289 ) $ 31,044 Amortization of loss (33,369 ) (32,458 ) (41,523 ) Amortization of prior service credit 1,945 1,945 1,945 Effect of curtailment — — (1,264 ) Effect of settlement (102,109 ) (21,294 ) (40,329 ) Total recognized in other comprehensive (income)/loss (110,933 ) (56,096 ) (50,127 ) Net periodic pension cost 109,014 22,648 61,331 Total recognized in net periodic benefit cost and other comprehensive (income)/loss $ (1,919 ) $ (33,448 ) $ 11,204 |
Schedule of Changes in Projected Benefit Obligations and Plan Assets | The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: December 31, 2017 December 25, 2016 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Change in benefit obligation Benefit obligation at beginning of year $ 1,798,652 $ 240,399 $ 2,039,051 $ 1,851,910 $ 247,087 $ 2,098,997 Service cost 9,720 79 9,799 8,991 143 9,134 Interest cost 60,742 7,840 68,582 66,293 8,172 74,465 Plan participants’ contributions 9 — 9 9 — 9 Actuarial loss 142,980 15,342 158,322 23,994 2,695 26,689 Curtailments — — — — (1,599 ) (1,599 ) Settlements (269,287 ) — (269,287 ) (48,413 ) — (48,413 ) Benefits paid (106,328 ) (18,510 ) (124,838 ) (104,132 ) (15,992 ) (120,124 ) Effects of change in currency conversion — 152 152 — (107 ) (107 ) Benefit obligation at end of year 1,636,488 245,302 1,881,790 1,798,652 240,399 2,039,051 Change in plan assets Fair value of plan assets at beginning of year 1,576,760 — 1,576,760 1,579,356 — 1,579,356 Actual return on plan assets 238,622 — 238,622 142,137 — 142,137 Employer contributions 127,635 18,510 146,145 7,803 15,992 23,795 Plan participants’ contributions 9 — 9 9 — 9 Settlements (269,287 ) — (269,287 ) (48,413 ) — (48,413 ) Benefits paid (106,328 ) (18,510 ) (124,838 ) (104,132 ) (15,992 ) (120,124 ) Fair value of plan assets at end of year 1,567,411 — 1,567,411 1,576,760 — 1,576,760 Net amount recognized $ (69,077 ) $ (245,302 ) $ (314,379 ) $ (221,892 ) $ (240,399 ) $ (462,291 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ — $ (16,901 ) $ (16,901 ) $ — $ (16,818 ) $ (16,818 ) Noncurrent liabilities (69,077 ) (228,401 ) (297,478 ) (221,892 ) (223,581 ) (445,473 ) Net amount recognized $ (69,077 ) $ (245,302 ) $ (314,379 ) $ (221,892 ) $ (240,399 ) $ (462,291 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 641,194 $ 109,880 $ 751,074 $ 765,096 $ 98,855 $ 863,951 Prior service credit (20,731 ) — (20,731 ) (22,676 ) — (22,676 ) Total $ 620,463 $ 109,880 $ 730,343 $ 742,420 $ 98,855 $ 841,275 |
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 31, December 25, Projected benefit obligation $ 1,881,790 $ 2,039,051 Accumulated benefit obligation $ 1,874,445 $ 2,034,636 Fair value of plan assets $ 1,567,411 $ 1,576,760 |
Schedule of Assumptions Used | Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 31, December 25, Discount rate 3.75 % 4.31 % Rate of increase in compensation levels 2.95 % 2.95 % 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 31, December 25, December 27, Discount rate for determining projected benefit obligation 4.31 % 4.60 % 4.05 % Discount rate in effect for determining service cost 4.74 % 5.78 % 4.05 % Discount rate in effect for determining interest cost 3.54 % 3.68 % 4.05 % Rate of increase in compensation levels 2.95 % 2.91 % 2.89 % Expected long-term rate of return on assets 6.73 % 7.01 % 7.01 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 31, December 25, Discount rate 3.67 % 4.17 % 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 31, December 25, December 27, Discount rate for determining projected benefit obligation 4.17 % 4.40 % 3.90 % Discount rate in effect for determining interest cost 3.39 % 3.44 % 3.90 % Rate of increase in compensation levels 2.50 % 2.50 % 2.50 % |
Schedule of Allocation of Plan Assets | The following asset allocation guidelines apply to the Return-Seeking Assets: Asset Category Percentage Range Actual Public Equity 70% - 90% 83 % Growth Fixed Income 0% - 15% 6 % Alternatives 0% - 15% 8 % Cash 0% - 10% 3 % The asset allocations by asset category for both Long Duration and Return-Seeking Assets, as of December 31, 2017 , were as follows: Asset Category Percentage Range Actual Long Duration 53% - 63% 56 % Public Equity 26% - 42% 36 % Growth Fixed Income 0% - 7% 3 % Alternatives 0% - 7% 4 % Cash 0% - 5% 1 % The fair value of the assets underlying our Company-sponsored qualified pension plans and the joint-sponsored Guild-Times Adjustable Pension Plan by asset category are as follows: December 31, 2017 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investment Measured at Net Asset Value (3) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 65,466 $ — $ — $ — $ 65,466 International Equities 62,256 — — — 62,256 Mutual Funds 44,173 — — — 44,173 Registered Investment Companies 42,868 — — — 42,868 Common/Collective Funds (1) — — — 601,896 601,896 Fixed Income Securities: Corporate Bonds — 416,201 — — 416,201 U.S. Treasury and Other Government Securities — 144,085 — — 144,085 Group Annuity Contract — — — 45,005 45,005 Municipal and Provincial Bonds — 36,674 — — 36,674 Government Sponsored Enterprises (2) — 11,364 — — 11,364 Other — 10,883 — — 10,883 Cash and Cash Equivalents — — — 32,352 32,352 Private Equity — — — 20,289 20,289 Hedge Fund — — — 33,899 33,899 Assets at Fair Value 214,763 619,207 — 733,441 1,567,411 Other Assets — Total $ 214,763 $ 619,207 $ — $ 733,441 $ 1,567,411 (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 (“NAV”) of the underlying funds. (2) Represents investments that are not backed by the full faith and credit of the U.S. government. (3) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Fair Value Measurement at December 25, 2016 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investment Measured at Net Asset Value (3) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 61,327 $ — $ — $ — $ 61,327 International Equities 48,494 — — — 48,494 Mutual Funds 49,869 — — — 49,869 Registered Investment Companies 30,870 — — — 30,870 Common/Collective Funds (1) — — — 701,577 701,577 Fixed Income Securities: Corporate Bonds — 376,289 — — 376,289 U.S. Treasury and Other Government Securities — 128,179 — — 128,179 Group Annuity Contract — — — 54,872 54,872 Municipal and Provincial Bonds — 33,115 — — 33,115 Government Sponsored Enterprises (2) — 7,227 — — 7,227 Other — 4,486 — — 4,486 Cash and Cash Equivalents — — — 22,829 22,829 Private Equity — — — 24,931 24,931 Hedge Fund — — — 31,939 31,939 Assets at Fair Value 190,560 549,296 — 836,148 1,576,004 Other Assets — — — — 756 Total $ 190,560 $ 549,296 $ — $ 836,148 $ 1,576,760 |
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 2018 $ 84,216 $ 17,181 $ 101,397 2019 85,816 17,068 102,884 2020 87,162 16,794 103,956 2021 89,169 16,583 105,752 2022 91,192 16,389 107,581 2023-2027 (1) 479,738 78,560 558,298 (1) While benefit payments under these plans are expected to continue beyond 2027, we have presented in this table only those benefit payments estimated over the next 10 years. |
Schedule of Multi Employer Plans | Our participation in significant plans for the fiscal period ended December 31, 2017 , is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a 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 2017 2016 2017 2016 2015 CWA/ITU Negotiated Pension Plan 13-6212879-001 Critical and Declining as of 1/01/17 Critical and Declining as of 1/01/16 Implemented $ 425 $ 486 $ 543 No (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund 13-6122251-001 Green as of 6/01/17 Green as of 6/01/16 N/A 995 1,040 1,038 No 3/30/2020 (2) GCIU-Employer Retirement Benefit Plan 91-6024903-001 Critical and Declining as of 1/01/17 Critical and Declining as of 1/01/16 Implemented 39 43 57 Yes 3/30/2021 (3) Pressmen’s Publishers’ Pension Fund 13-6121627-001 Green as of 4/01/17 Green as of 4/01/16 N/A 963 1,001 1,033 No 3/30/2021 (4) Paper-Handlers’-Publishers’ Pension Fund 13-6104795-001 Critical and Declining as of 4/01/17 Critical and Declining as of 4/01/16 Implemented 88 100 97 Yes 3/30/2021 (5) Contributions for individually significant plans $ 2,510 $ 2,670 $ 2,768 Total Contributions $ 2,510 $ 2,670 $ 2,768 (1) There are two collective bargaining agreements requiring contributions to this plan: Mailers which expires March 30, 2019, and Typographers which expires March 30, 2020. (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 12/31/2016 & 12/31/2015 (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2016 & 5/31/2015 (1) Pressmen’s Publisher’s Pension Fund 3/31/2017 & 3/31/2016 Paper-Handlers’-Publishers’ Pension Fund 3/31/2017 & 3/31/2016 (1) Forms 5500 for the plans’ year ended 12/31/17 and 5/31/17 were not available as of the date we filed our financial statements. |
Other Postretirement Benefits (
Other Postretirement Benefits (Tables) - Other Postretirement Benefit Plans [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Other Postretirement Benefits | |
Schedule of Components of Net Periodic Postretirement Benefit Cost | The components of net periodic postretirement benefit income were as follows: (In thousands) December 31, December 25, December 27, Service cost $ 367 $ 417 $ 588 Interest cost 1,881 1,979 2,794 Amortization and other costs 3,621 4,105 5,197 Amortization of prior service credit (7,755 ) (8,440 ) (9,495 ) Effect of settlement/curtailment (1) (32,737 ) — — Net periodic postretirement benefit income $ (34,623 ) $ (1,939 ) $ (916 ) (1) In the fourth quarter of 2017, the Company recorded a gain in connection with the settlement of a funding obligation related to a postretirement plan. |
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 31, December 25, December 27, Net actuarial loss/(gain) $ (6,625 ) $ 28 $ (5,543 ) Prior service cost — — 1,145 Amortization of loss (3,621 ) (4,105 ) (5,197 ) Amortization of prior service credit 7,755 8,440 9,495 Effect of curtailment 6,502 — — Effect of settlement 26,235 — — Total recognized in other comprehensive loss/(income) 30,246 4,363 (100 ) Net periodic postretirement benefit income (34,623 ) (1,939 ) (916 ) Total recognized in net periodic postretirement benefit income and other comprehensive (income)/loss $ (4,377 ) $ 2,424 $ (1,016 ) |
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 31, December 25, Change in benefit obligation Benefit obligation at beginning of year $ 65,042 $ 71,047 Service cost 367 417 Interest cost 1,881 1,979 Plan participants’ contributions 4,007 4,409 Actuarial loss 3,703 28 Curtailments/settlements (10,328 ) — Benefits paid (10,030 ) (12,838 ) Benefit obligation at the end of year 54,642 65,042 Change in plan assets Fair value of plan assets at beginning of year — — Employer contributions 6,023 8,429 Plan participants’ contributions 4,007 4,409 Benefits paid (10,030 ) (12,838 ) Fair value of plan assets at end of year — — Net amount recognized $ (54,642 ) $ (65,042 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (5,826 ) $ (7,043 ) Noncurrent liabilities (48,816 ) (57,999 ) Net amount recognized $ (54,642 ) $ (65,042 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 38,512 $ 22,522 Prior service credit (18,613 ) (32,870 ) Total $ 19,899 $ (10,348 ) |
Schedule of Assumptions Used | Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 31, December 25, Discount rate 3.46 % 3.94 % 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 31, December 25, December 27, Discount rate for determining projected benefit obligation 3.93 % 4.05 % 3.74 % Discount rate in effect for determining service cost 4.08 % 4.24 % 3.74 % Discount rate in effect for determining interest cost 3.21 % 2.96 % 3.74 % 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 31, December 25, Health-care cost trend rate 7.60 % 8.00 % 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 2025 2025 |
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 2017 $ 62 $ (53 ) Effect on accumulated postretirement benefit obligation as of December 31, 2017 $ 2,200 $ (1,865 ) |
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 2018 $ 5,968 2019 5,589 2020 5,286 2021 4,988 2022 4,655 2023-2027 (1) 19,045 (1) While benefit payments under these plans are expected to continue beyond 2027, 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. 31, 2017 | |
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 31, December 25, Deferred compensation $ 29,526 $ 31,006 Other liabilities 52,787 47,641 Total $ 82,313 $ 78,647 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 31, 2017 December 25, 2016 December 27, 2015 (In thousands) Amount % of Pre-tax Amount % of Pre-tax Amount % of Pre-tax Tax at federal statutory rate $ 38,928 35.0 $ 10,685 35.0 $ 33,863 35.0 State and local taxes, net 4,800 4.3 3,095 10.1 5,093 5.2 Effect of enacted changes in tax laws 68,747 61.8 — — 1,801 1.8 Reduction in uncertain tax positions (2,277 ) (2.0 ) (4,534 ) (14.9 ) (2,545 ) (2.6 ) Loss/(gain) on Company-owned life insurance (1,916 ) (1.7 ) (736 ) (2.4 ) 75 0.1 Nondeductible expense, net 1,021 0.9 1,115 3.7 880 0.9 Domestic manufacturing deduction — — (1,820 ) (6.0 ) (2,651 ) (2.7 ) Foreign Earnings and Dividends 458 0.4 (2,418 ) (7.9 ) (1,214 ) (1.3 ) Other, net (5,805 ) (5.2 ) (966 ) (3.2 ) (1,392 ) (1.4 ) Income tax expense $ 103,956 93.5 $ 4,421 14.4 $ 33,910 35.0 |
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 31, December 25, December 27, Current tax expense/(benefit) Federal $ (252 ) $ 22,864 $ 41,199 Foreign 458 312 485 State and local 350 (3,295 ) 5,919 Total current tax expense 556 19,881 47,603 Deferred tax expense Federal 105,905 (16,625 ) (14,554 ) State and local (2,505 ) 1,165 861 Total deferred tax expense/(benefit) 103,400 (15,460 ) (13,693 ) Income tax expense/(benefit) $ 103,956 $ 4,421 $ 33,910 |
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 31, December 25, Deferred tax assets Retirement, postemployment and deferred compensation plans $ 140,657 $ 275,611 Accruals for other employee benefits, compensation, insurance and other 16,883 34,466 Accounts receivable allowances 1,391 2,450 Net operating losses 6,228 2,598 Investment in joint ventures — 5,329 Other 30,295 39,943 Gross deferred tax assets $ 195,454 $ 360,397 Deferred tax liabilities Property, plant and equipment $ 31,043 $ 46,284 Intangible assets 7,300 11,975 Investments in joint ventures 615 — Other 3,450 796 Gross deferred tax liabilities 42,408 59,055 Net deferred tax asset $ 153,046 $ 301,342 |
Summary of Income Tax Contingencies | A reconciliation of unrecognized tax benefits is as follows: (In thousands) December 31, December 25, December 27, Balance at beginning of year $ 10,028 $ 13,941 $ 16,324 Gross additions to tax positions taken during the current year 9,009 997 1,151 Gross additions to tax positions taken during the prior year 103 — 282 Gross reductions to tax positions taken during the prior year (372 ) (3,042 ) (37 ) Reductions from lapse of applicable statutes of limitations (1,682 ) (1,868 ) (3,779 ) Balance at end of year $ 17,086 $ 10,028 $ 13,941 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 were as follows: December 31, 2017 (Shares in thousands) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value $(000s) Options outstanding at beginning of year 4,518 $ 14 3 $ 12,797 Exercised (658 ) 7 Forfeited/Expired (86 ) 24 Options outstanding at end of period (1) 3,774 $ 15 2 $ 17,597 Options exercisable at end of period 3,774 $ 15 2 $ 17,597 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Changes in our Company’s stock-settled restricted stock units in 2017 were as follows: December 31, 2017 (Shares in thousands) Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested stock-settled restricted stock units at beginning of period 1,008 $ 14 Granted 466 16 Vested (505 ) 14 Forfeited (83 ) 14 Unvested stock-settled restricted stock units at end of period 886 $ 15 Unvested stock-settled restricted stock units expected to vest at end of period 840 $ 15 |
Schedule of Common Stock Reserved For Issuance | Shares of Class A Common Stock reserved for issuance were as follows: (Shares in thousands) December 31, December 25, Stock options, stock–settled restricted stock units and stock-settled performance awards Stock options and stock-settled restricted stock units 4,772 5,588 Stock-settled performance awards (1) 2,559 3,159 Outstanding 7,331 8,747 Available 7,188 6,914 Employee Stock Purchase Plan (2) Available 6,410 6,410 401(k) Company stock match (3) Available 3,045 3,045 Total Outstanding 7,331 8,747 Total Available 16,643 16,369 (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. 31, 2017 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component as of December 31, 2017 : (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net unrealized loss on available-for-sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 25, 2016 $ (1,822 ) $ (477,994 ) $ — $ (479,816 ) Other comprehensive income/(loss) before reclassifications, before tax (1) 10,810 (7,895 ) (2,545 ) 370 Amounts reclassified from accumulated other comprehensive loss, before tax (1) 1,300 96,662 — 97,962 Income tax (benefit)/expense (1) 3,960 38,592 (1,007 ) 41,545 Net current-period other comprehensive (loss)/income, net of tax 8,150 50,175 (1,538 ) 56,787 Balance as of December 31, 2017 $ 6,328 $ (427,819 ) $ (1,538 ) $ (423,029 ) (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 31, 2017 : (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) $ (9,700 ) Selling, general & administrative costs Amortization of actuarial loss (1) 36,990 Selling, general & administrative costs Postretirement benefit plan settlement gain (32,737 ) Postretirement benefit plan settlement gain Pension settlement charge 102,109 Pension settlement charge Total reclassification, before tax (2) 96,662 Income tax expense 38,592 Income tax expense Total reclassification, net of tax $ 58,070 (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 31, 2017 . |
Commitments and Contingent Li42
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The approximate minimum rental commitments as of December 31, 2017 were as follows: (In thousands) Amount 2018 $ 10,738 2019 7,532 2020 6,153 2021 4,972 2022 4,731 Later years 18,555 Total minimum lease payments $ 52,681 |
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 31, 2017 , were as follows: (In thousands) Amount 2018 $ 552 2019 7,245 2020 — 2021 — 2022 — Later years — Total minimum lease payments 7,797 Less: imputed interest (992 ) Present value of net minimum lease payments including current maturities $ 6,805 |
Quarterly Information (Unaudi43
Quarterly Information (Unaudited) Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly financial information for each quarter in the years ended December 31, 2017 and December 25, 2016 is included in the following tables. See Note 13 of the Notes to the Consolidated Financial Statements for additional information regarding discontinued operations. 2017 Quarters (In thousands, except per share data) March 26, June 25, September 24, December 31, Full Year (13 weeks) (13 weeks) (13 weeks) (14 weeks) (53 weeks) Revenues $ 398,804 $ 407,074 $ 385,635 $ 484,126 $ 1,675,639 Operating costs 367,393 377,420 350,080 393,238 1,488,131 Headquarters redesign and consolidation (1) 2,402 1,985 2,542 3,161 10,090 Postretirement benefit plan settlement gain (2) — — — (37,057 ) (37,057 ) Pension settlement expense (3) — — — 102,109 102,109 Operating profit 29,009 27,669 33,013 22,675 112,366 Gain/(loss) from joint ventures 173 (266 ) 31,557 (12,823 ) 18,641 Interest expense and other, net 5,325 5,133 4,660 4,665 19,783 Income from continuing operations before income taxes 23,857 22,270 59,910 5,187 111,224 Income tax expense (4) 10,742 6,711 23,420 63,083 103,956 Income/(loss) from continuing operations 13,115 15,559 36,490 (57,896 ) 7,268 (Loss)/income from discontinued operations, net of income taxes — — (488 ) 57 (431 ) Net income/(loss) 13,115 15,559 36,002 (57,839 ) 6,837 Net (income)/loss attributable to the noncontrolling interest 66 40 (3,673 ) 1,026 (2,541 ) Net income/(loss) attributable to The New York Times Company common stockholders $ 13,181 $ 15,599 $ 32,329 $ (56,813 ) $ 4,296 Amounts attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ 13,181 $ 15,599 $ 32,817 $ (56,870 ) $ 4,727 (Loss)/income from discontinued operations, net of income taxes $ — $ — $ (488 ) $ 57 $ (431 ) Net income/(loss) $ 13,181 $ 15,599 $ 32,329 $ (56,813 ) $ 4,296 Average number of common shares outstanding: Basic 161,402 161,787 162,173 162,311 161,926 Diluted 162,592 163,808 164,405 162,311 164,263 Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ 0.08 $ 0.10 $ 0.20 $ (0.35 ) $ 0.03 (Loss) from discontinued operations, net of income taxes $ — $ — $ — $ — $ — Net income/(loss) $ 0.08 $ 0.10 $ 0.20 $ (0.35 ) $ 0.03 Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ 0.08 $ 0.09 $ 0.20 $ (0.35 ) $ 0.03 (Loss) from discontinued operations, net of income taxes $ — $ — $ — $ — $ — Net income/(loss) $ 0.08 $ 0.09 $ 0.20 $ (0.35 ) $ 0.03 Dividends declared per share $ 0.04 $ — $ 0.08 $ 0.04 $ 0.16 (1) We recognized expenses related to the ongoing redesign and consolidation of space in our headquarters building. (2) We recorded a gain in the fourth quarter primarily in connection with the settlement of contractual funding obligations from a postretirement plan. (3) We recorded a pension settlement charge in the fourth quarter in connection with the purchase of group annuity contracts. (4) We recorded a $68.7 million charge in the fourth quarter primarily attributable to the remeasurement of our net deferred tax assets required as a result of recent tax legislation. 2016 Quarters (In thousands, except per share data) March 26, 2016 June 26, September 25, 2016 December 25, 2016 Full Year (13 weeks) (13 weeks) (13 weeks) (13 weeks) (52 weeks) Revenues $ 379,515 $ 372,630 $ 363,547 $ 439,650 $ 1,555,342 Operating costs 351,580 339,933 356,596 362,801 1,410,910 Restructuring charge (1) — 11,855 2,949 — 14,804 Multiemployer pension plan withdrawal expense (2) — 11,701 (4,971 ) — 6,730 Pension settlement expense (3) — — — 21,294 21,294 Operating (loss)/profit 27,935 9,141 8,973 55,555 101,604 (Loss)/income from joint ventures (41,896 ) (412 ) 463 5,572 (36,273 ) Interest expense and other, net 8,826 9,097 9,032 7,850 34,805 (Loss)/income from continuing operations before income taxes (22,787 ) (368 ) 404 53,277 30,526 Income tax (benefit)/expense (9,201 ) 124 121 13,377 4,421 Income/(loss) from continuing operations (13,586 ) (492 ) 283 39,900 26,105 (Loss) from discontinued operations, net of income taxes — — — (2,273 ) (2,273 ) Net (loss)/income (13,586 ) (492 ) 283 37,627 23,832 Net income attributable to the noncontrolling interest 5,315 281 123 (483 ) 5,236 Net (loss)/income attributable to The New York Times Company common stockholders $ (8,271 ) $ (211 ) $ 406 $ 37,144 $ 29,068 Amounts attributable to The New York Times Company common stockholders: (Loss)/income from continuing operations $ (8,271 ) $ (211 ) $ 406 $ 39,417 $ 31,341 (Loss) from discontinued operations, net of income taxes — — — (2,273 ) (2,273 ) Net (loss)/income $ (8,271 ) $ (211 ) $ 406 $ 37,144 $ 29,068 Average number of common shares outstanding: Basic 161,003 161,128 161,185 161,235 161,128 Diluted 161,003 161,128 162,945 162,862 162,817 Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: (Loss)/income from continuing operations $ (0.05 ) $ — $ — $ 0.24 $ 0.19 (Loss) from discontinued operations, net of income taxes — — — (0.01 ) (0.01 ) Net (loss)/income $ (0.05 ) $ — $ — $ 0.23 $ 0.18 Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: Income/(loss) from continuing operations $ (0.05 ) $ — $ — $ 0.24 $ 0.19 (Loss) from discontinued operations, net of income taxes — — — (0.01 ) (0.01 ) Net (loss)/income $ (0.05 ) $ — $ — $ 0.23 $ 0.18 Dividends declared per share $ 0.04 $ — $ 0.08 $ 0.04 $ 0.16 (1) We recorded restructuring charges in the second and third quarters associated with the streamlining of the Company’s international print operations. (2) We recorded a charge in the second quarter related to a partial withdrawal obligation under a multiemployer pension plan following an unfavorable arbitration decision, of which $5 million was reimbursed to the Company in the third quarter. (3) We recorded a pension settlement charge in the fourth quarter related to a lump-sum payment offer to certain former employees who participated in a qualified pension plan. |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Fiscal year term | 371 days | 365 days | 365 days |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | Jan. 01, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Change In Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense | $ 68,700 | $ 68,700 | |||
Self insurance reserve | 38,000 | 38,000 | $ 38,000 | ||
Net cash provided by/(used in) operating activities | (86,712) | (103,876) | $ (179,075) | ||
Net cash provided by (used in) financing activities | (26,019) | (237,024) | (217,960) | ||
Change in restricted cash | (21,019) | (128,272) | 30,703 | ||
Adjustment to opening retained earnings | 1,310,136 | 1,310,136 | 1,331,911 | ||
Accounting Standards Update 2016-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Excess tax windfalls for share-based payments | 3,600 | ||||
Net cash provided by/(used in) operating activities | 9,600 | 3,700 | |||
Net cash provided by (used in) financing activities | 9,600 | $ 3,700 | |||
Accounting Standards Update 2016-18 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Change in restricted cash | $ 6,900 | $ 3,800 | |||
Maximum [Member] | Building and Building Improvements [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, plant and equipment, useful life | 40 years | ||||
Maximum [Member] | Equipment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, plant and equipment, useful life | 30 years | ||||
Maximum [Member] | Computer Software, Intangible Asset [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, plant and equipment, useful life | 5 years | ||||
Minimum [Member] | Building and Building Improvements [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, plant and equipment, useful life | 10 years | ||||
Minimum [Member] | Equipment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, plant and equipment, useful life | 3 years | ||||
Minimum [Member] | Computer Software, Intangible Asset [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, plant and equipment, useful life | 2 years | ||||
Letter of Credit [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Securities pledged as collateral | $ 63,100 | $ 63,100 | |||
Subsequent Event [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Maximum [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustment to opening retained earnings | $ 6,000 | ||||
Subsequent Event [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Minimum [Member] | Accounting Standards Update 2014-09 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Adjustment to opening retained earnings | $ 3,000 |
Marketable Securities - Availab
Marketable Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Net unrealized loss in other comprehensive income | $ 2,545 | $ 0 | $ 0 |
Short-term AFS securities | |||
Amortized cost, short-term AFS securities | 309,029 | ||
Gross unrealized gains, short-term AFS securities | 0 | ||
Gross unrealized losses, short-term AFS securities | (440) | ||
Fair value, short-term AFS securities | 308,589 | ||
Long-term AFS securities | |||
Amortized cost, long-term marketable securities | 243,516 | ||
Gross unrealized gains, long-term marketable securities | 0 | ||
Gross unrealized losses, long-term marketable securities | (2,105) | ||
Fair value, long-term marketable securities | 241,411 | ||
US Treasury Securities [Member] | |||
Short-term AFS securities | |||
Amortized cost, short-term AFS securities | 70,985 | ||
Gross unrealized gains, short-term AFS securities | 0 | ||
Gross unrealized losses, short-term AFS securities | (34) | ||
Fair value, short-term AFS securities | 70,951 | ||
Long-term AFS securities | |||
Amortized cost, long-term marketable securities | 53,031 | ||
Gross unrealized gains, long-term marketable securities | 0 | ||
Gross unrealized losses, long-term marketable securities | (403) | ||
Fair value, long-term marketable securities | 52,628 | ||
Corporate Debt Securities [Member] | |||
Short-term AFS securities | |||
Amortized cost, short-term AFS securities | 150,334 | ||
Gross unrealized gains, short-term AFS securities | 0 | ||
Gross unrealized losses, short-term AFS securities | (227) | ||
Fair value, short-term AFS securities | 150,107 | ||
Long-term AFS securities | |||
Amortized cost, long-term marketable securities | 92,687 | ||
Gross unrealized gains, long-term marketable securities | 0 | ||
Gross unrealized losses, long-term marketable securities | (683) | ||
Fair value, long-term marketable securities | 92,004 | ||
US Government Agencies Securities [Member] | |||
Short-term AFS securities | |||
Amortized cost, short-term AFS securities | 45,819 | ||
Gross unrealized gains, short-term AFS securities | 0 | ||
Gross unrealized losses, short-term AFS securities | (179) | ||
Fair value, short-term AFS securities | 45,640 | ||
Long-term AFS securities | |||
Amortized cost, long-term marketable securities | 97,798 | ||
Gross unrealized gains, long-term marketable securities | 0 | ||
Gross unrealized losses, long-term marketable securities | (1,019) | ||
Fair value, long-term marketable securities | 96,779 | ||
Certificates of Deposit [Member] | |||
Short-term AFS securities | |||
Amortized cost, short-term AFS securities | 9,300 | ||
Gross unrealized gains, short-term AFS securities | 0 | ||
Fair value, short-term AFS securities | 9,300 | ||
Commercial Paper [Member] | |||
Short-term AFS securities | |||
Amortized cost, short-term AFS securities | 32,591 | ||
Gross unrealized gains, short-term AFS securities | 0 | ||
Fair value, short-term AFS securities | $ 32,591 |
Marketable Securities - Continu
Marketable Securities - Continuous Loss Position (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Long-term AFS securities | |
Other than temporary impairment, loss | $ 0 |
US Treasury Securities [Member] | |
Short-term AFS securities | |
Fair value, less than 12 months | 70,951,000 |
Gross unrealized losses, less than 12 months | (34,000) |
Fair value, 12 months or greater | 0 |
Gross unrealized losses, 12 months or greater | 0 |
Fair value, total | 70,951,000 |
Gross unrealized losses, total | (34,000) |
Long-term AFS securities | |
Fair value, less than 12 months | 52,628,000 |
Gross unrealized losses, less than 12 months | (403,000) |
Fair value, 12 months or greater | 0 |
Gross unrealized losses, 12 months or greater | 0 |
Fair value, total | 52,628,000 |
Gross unrealized losses, total | (403,000) |
Corporate Debt Securities [Member] | |
Short-term AFS securities | |
Fair value, less than 12 months | 140,111,000 |
Gross unrealized losses, less than 12 months | (199,000) |
Fair value, 12 months or greater | 9,996,000 |
Gross unrealized losses, 12 months or greater | (28,000) |
Fair value, total | 150,107,000 |
Gross unrealized losses, total | (227,000) |
Long-term AFS securities | |
Fair value, less than 12 months | 81,118,000 |
Gross unrealized losses, less than 12 months | (579,000) |
Fair value, 12 months or greater | 10,886,000 |
Gross unrealized losses, 12 months or greater | (104,000) |
Fair value, total | 92,004,000 |
Gross unrealized losses, total | (683,000) |
US Government Agencies Securities [Member] | |
Short-term AFS securities | |
Fair value, less than 12 months | 19,770,000 |
Gross unrealized losses, less than 12 months | (50,000) |
Fair value, 12 months or greater | 25,870,000 |
Gross unrealized losses, 12 months or greater | (129,000) |
Fair value, total | 45,640,000 |
Gross unrealized losses, total | (179,000) |
Long-term AFS securities | |
Fair value, less than 12 months | 23,998,000 |
Gross unrealized losses, less than 12 months | (125,000) |
Fair value, 12 months or greater | 72,781,000 |
Gross unrealized losses, 12 months or greater | (894,000) |
Fair value, total | 96,779,000 |
Gross unrealized losses, total | (1,019,000) |
Short-term Available-for Sale Securities [Member] | |
Short-term AFS securities | |
Fair value, less than 12 months | 230,832,000 |
Gross unrealized losses, less than 12 months | (283,000) |
Fair value, 12 months or greater | 35,866,000 |
Gross unrealized losses, 12 months or greater | (157,000) |
Fair value, total | 266,698,000 |
Gross unrealized losses, total | (440,000) |
Long-term AFS securities [Member] | |
Long-term AFS securities | |
Fair value, less than 12 months | 157,744,000 |
Gross unrealized losses, less than 12 months | (1,107,000) |
Fair value, 12 months or greater | 83,667,000 |
Gross unrealized losses, 12 months or greater | (998,000) |
Fair value, total | 241,411,000 |
Gross unrealized losses, total | $ (2,105,000) |
Marketable Securities - Held to
Marketable Securities - Held to Maturity Securities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Debt Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Short-term HTM securities | $ 449,535 |
Long-term HTM securities | 187,299 |
Debt Securities [Member] | US Treasury Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Short-term HTM securities | 150,623 |
Long-term HTM securities | 14,792 |
Debt Securities [Member] | Corporate Debt Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Short-term HTM securities | 150,599 |
Long-term HTM securities | 61,775 |
Debt Securities [Member] | US Government Agencies Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Short-term HTM securities | 64,135 |
Long-term HTM securities | 110,732 |
Debt Securities [Member] | Commercial Paper [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Short-term HTM securities | $ 84,178 |
Minimum [Member] | Short-term Marketable Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Remaining maturities on short-term and long-term marketable securities | 1 month |
Minimum [Member] | Long-term Marketable Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Remaining maturities on short-term and long-term marketable securities | 13 months |
Maximum [Member] | Short-term Marketable Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Remaining maturities on short-term and long-term marketable securities | 12 months |
Maximum [Member] | Long-term Marketable Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Remaining maturities on short-term and long-term marketable securities | 35 months |
Marketable Securities - Letters
Marketable Securities - Letters of Credit (Details) | Dec. 31, 2017USD ($) |
Short-term Debt [Line Items] | |
Total amount of letters of credit | $ 56,000,000 |
Amount outstanding, letters of credit | 0 |
Letter of Credit [Member] | |
Short-term Debt [Line Items] | |
Fair market value of letters of credit | $ 63,100,000 |
Goodwill and Intangibles (Detai
Goodwill and Intangibles (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($)acquisition | Dec. 27, 2015USD ($) | |
Business Acquisition [Line Items] | |||
Number of businesses acquired | acquisition | 2 | ||
Payments to acquire businesses | $ 0 | $ 40,410 | $ 0 |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | 134,517 | 109,085 | |
Business acquisitions | 28,529 | ||
Foreign currency translation | 9,230 | (3,097) | |
Measurement period adjustment | (198) | ||
Goodwill, ending balance | 143,549 | 134,517 | $ 109,085 |
HelloSociety, LLC and Fake Love, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Payments to acquire businesses | 15,400 | ||
Submarine Leisure Club, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Payments to acquire businesses | $ 25,000 | ||
Consulting and retention agreements, term | 3 years | ||
Miscellaneous Assets [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets, carrying value | $ 8,200 | ||
Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Estimated useful life of intangible assets acquired | 3 years | ||
Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Estimated useful life of intangible assets acquired | 7 years |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) CAD in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017USD ($) | Dec. 31, 2017CAD | Sep. 24, 2017USD ($) | Jun. 25, 2017USD ($) | Mar. 26, 2017USD ($) | Dec. 25, 2016USD ($) | Sep. 25, 2016USD ($) | Jun. 26, 2016USD ($) | Mar. 27, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | Dec. 27, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Investments in joint ventures | $ 1,736,000 | $ 15,614,000 | $ 1,736,000 | $ 15,614,000 | ||||||||
Loss from joint ventures | (12,823,000) | $ 31,557,000 | $ (266,000) | $ 173,000 | 5,572,000 | $ 463,000 | $ (412,000) | $ (41,896,000) | 18,641,000 | (36,273,000) | $ (783,000) | |
Loss from discontinued operations, net of income taxes | $ 57,000 | $ (488,000) | $ 0 | $ 0 | (2,273,000) | $ 0 | $ 0 | 0 | (431,000) | (2,273,000) | 0 | |
Newsprint and supercalendered paper purchased from the Paper Mills | $ 11,000,000 | 14,000,000 | 12,000,000 | |||||||||
Donohue Malbaie Inc. [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | ||||||||||
Loss from joint ventures | $ (6,400,000) | |||||||||||
Distributions received | $ 15,600,000 | CAD 20 | $ 0 | 0 | 0 | |||||||
Madison Paper Industries [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Distributions received | $ 0 | $ 0 | ||||||||||
Women in the World Media, LLC [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 30.00% | |||||||||||
Ownership of Madison Paper Industries by Consolidated Subsidiary [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | ||||||||||
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% | ||||||||||
Madison Paper Industries Owned Consolidated Subsidiary [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 80.00% | 80.00% | ||||||||||
Equity method investment, noncontrolling interest, ownership percentage | 20.00% | 20.00% | ||||||||||
Madison Paper Industries [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 40.00% | 40.00% | ||||||||||
Equity method investment, noncontrolling interest, ownership percentage | 10.00% | 10.00% | ||||||||||
Loss from discontinued operations, net of income taxes | $ 11,600,000 | |||||||||||
Investment in Madison | 0 | |||||||||||
Gain on sale of assets | $ 3,900,000 | 20,800,000 | ||||||||||
Distributions received | $ 0 | |||||||||||
Madison Paper Industries [Member] | UPM-Kymmene [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 60.00% | 60.00% | ||||||||||
Facility Closing [Member] | Madison Paper Industries [Member] | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Loss from joint ventures | 41,400,000 | |||||||||||
Loss from discontinued operations, net of income taxes | $ 20,100,000 |
Investments - Madison Financial
Investments - Madison Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Income Statement Information [Abstract] | |||||||||||
Loss from discontinued operations, net of income taxes | $ 57 | $ (488) | $ 0 | $ 0 | $ (2,273) | $ 0 | $ 0 | $ 0 | $ (431) | $ (2,273) | $ 0 |
Madison Paper Industries [Member] | |||||||||||
Balance Sheet Information [Abstract] | |||||||||||
Current assets | 35,764 | 3,766 | 35,764 | 3,766 | |||||||
Noncurrent assets | 9,640 | 8,944 | 9,640 | 8,944 | |||||||
Total assets | 45,404 | 12,710 | 45,404 | 12,710 | |||||||
Current liabilities | 137 | 1,373 | 137 | 1,373 | |||||||
Noncurrent liabilities | 4,070 | 29,386 | 4,070 | 29,386 | |||||||
Total liabilities | 4,207 | 30,759 | 4,207 | 30,759 | |||||||
Total equity | $ 41,197 | (18,049) | 41,197 | (18,049) | |||||||
Income Statement Information [Abstract] | |||||||||||
Revenues | 0 | 40,523 | 133,319 | ||||||||
Cost of sales | (13,396) | (63,439) | (126,292) | ||||||||
General and administrative income/(expense) and other | 55,058 | (62,759) | (13,550) | ||||||||
Total income/(expense) | 41,662 | (126,198) | (139,842) | ||||||||
Operating income/(loss) | 41,662 | (85,675) | (6,523) | ||||||||
Other income/(expense) | 18 | 2 | 689 | ||||||||
Net income/(loss) | 41,680 | $ (85,673) | $ (5,834) | ||||||||
Madison Paper Industries [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Gain on sale of assets | $ 3,900 | 20,800 | |||||||||
Income Statement Information [Abstract] | |||||||||||
Loss from discontinued operations, net of income taxes | $ 11,600 |
Investments - Cost Method Inves
Investments - Cost Method Investments (Details) $ in Millions | Dec. 31, 2017USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Cost method investments | $ 13.6 |
Debt Obligations - Debt & Capit
Debt Obligations - Debt & Capital Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Debt Instrument [Line Items] | ||
Principal amount | $ 250,000 | |
Less unamortized discount based on imputed interest rate of 13.0% | 6,596 | |
Total option to repurchase ownership interest in headquarters building in 2019 | 243,404 | $ 240,199 |
Capital lease obligations | 6,805 | 6,779 |
Total long-term debt and capital lease obligations | 250,209 | 246,978 |
Option To Repurchase Headquarters Building 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | 250,000 | 250,000 |
Less unamortized discount based on imputed interest rate of 13.0% | $ 6,596 | $ 9,801 |
Debt Obligations - Debt Maturit
Debt Obligations - Debt Maturities (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 0 |
2,019 | 250,000 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
Thereafter | 0 |
Total face amount of maturities | 250,000 |
Less: Unamortized debt costs and discount | (6,596) |
Carrying value of debt (excludes capital leases) | $ 243,404 |
Debt Obligations - Interest Exp
Debt Obligations - Interest Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Debt Disclosure [Abstract] | |||||||||||
Interest expense | $ 27,732 | $ 39,487 | $ 41,973 | ||||||||
Amortization of debt costs and discount on debt | 3,205 | 4,897 | 4,756 | ||||||||
Capitalized interest | (1,257) | (559) | (338) | ||||||||
Interest income and other expense, net | (9,897) | (9,020) | (7,341) | ||||||||
Total interest expense and other, net | $ 4,665 | $ 4,660 | $ 5,133 | $ 5,325 | $ 7,850 | $ 9,032 | $ 9,097 | $ 8,826 | $ 19,783 | $ 34,805 | $ 39,050 |
Debt Obligations - Debt Informa
Debt Obligations - Debt Information (Details) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2009USD ($)renerwal_option | Dec. 28, 2014USD ($) | Nov. 30, 2010USD ($) | |
Notes Due 2016 [Member] | |||
Debt Information | |||
Debt instrument, face amount | $ 225,000,000 | ||
Interest rate on debt | 6.625% | ||
Redemption of long-term debt | $ 18,400,000 | ||
Option To Repurchase Headquarters Building 2019 [Member] | |||
Debt Information | |||
Sale leaseback transaction, sale price for the Condo Interest | $ 225,000,000 | ||
Proceeds from sale-leaseback financing | $ 211,000,000 | ||
Sale leaseback financing, lease term | 15 years | ||
Sale leaseback financing, number of lease renewal options | renerwal_option | 3 | ||
Sale leaseback financing, lease renewal term | 20 years | ||
Sale leaseback purchase option price | $ 250,000,000 | ||
Debt instrument, fee amount | $ 39,000,000 | ||
Sale leaseback financing, amortization period | 10 years | ||
Debt instrument, interest rate, effective percentage | 13.00% |
Other (Details)
Other (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | Sep. 25, 2016 | Jun. 26, 2016 | |
Other Expense [Line Items] | |||||
Advertising expense | $ 118,600 | $ 89,800 | $ 83,400 | ||
Depreciation expense | 61,871 | 61,723 | 61,597 | ||
Severance liability | 18,800 | 23,200 | |||
Capitalized Computer Software Costs [Member] | |||||
Other Expense [Line Items] | |||||
Depreciation expense | 12,800 | 11,500 | 11,900 | ||
Selling, General and Administrative Expenses [Member] | |||||
Other Expense [Line Items] | |||||
Severance costs | $ 18,800 | $ 7,000 | |||
Headquarters Redesign and Consolidation [Member] | |||||
Other Expense [Line Items] | |||||
Total restructuring costs incurred | 10,100 | ||||
Capital expenditures related to restructuring costs | 62,000 | ||||
Employee Severance [Member] | Selling, General and Administrative Expenses [Member] | |||||
Other Expense [Line Items] | |||||
Severance costs | $ 23,900 | ||||
Relocation and Severance-related Charges [Member] | Streamlining of International Print Operations [Member] | |||||
Other Expense [Line Items] | |||||
Total restructuring costs incurred to date | $ 2,900 | $ 11,900 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | $ 308,589,000 | ||
Long-term AFS securities | 241,411,000 | ||
Carrying value of long-term debt | 243,404,000 | $ 240,199,000 | |
Fair value of long-term debt | 279,000,000 | 298,000,000 | |
Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment charge | 0 | 0 | $ 0 |
Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation | 29,526,000 | 31,006,000 | |
Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation | 0 | 0 | |
Level 3 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation | 29,526,000 | 31,006,000 | |
US Treasury Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 70,951,000 | ||
Long-term AFS securities | 52,628,000 | ||
US Treasury Securities [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 70,951,000 | 0 | |
Long-term AFS securities | 52,628,000 | 0 | |
US Treasury Securities [Member] | Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 0 | 0 | |
Long-term AFS securities | 0 | 0 | |
US Treasury Securities [Member] | Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 70,951,000 | 0 | |
Long-term AFS securities | 52,628,000 | 0 | |
US Treasury Securities [Member] | Level 3 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 0 | 0 | |
Long-term AFS securities | 0 | 0 | |
Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 150,107,000 | ||
Long-term AFS securities | 92,004,000 | ||
Corporate Debt Securities [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 150,107,000 | 0 | |
Long-term AFS securities | 92,004,000 | 0 | |
Corporate Debt Securities [Member] | Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 0 | 0 | |
Long-term AFS securities | 0 | 0 | |
Corporate Debt Securities [Member] | Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 150,107,000 | 0 | |
Long-term AFS securities | 92,004,000 | 0 | |
Corporate Debt Securities [Member] | Level 3 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 0 | 0 | |
Long-term AFS securities | 0 | 0 | |
US Government Agencies Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 45,640,000 | ||
Long-term AFS securities | 96,779,000 | ||
US Government Agencies Securities [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 45,640,000 | 0 | |
Long-term AFS securities | 96,779,000 | 0 | |
US Government Agencies Securities [Member] | Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 0 | 0 | |
Long-term AFS securities | 0 | 0 | |
US Government Agencies Securities [Member] | Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 45,640,000 | 0 | |
Long-term AFS securities | 96,779,000 | 0 | |
US Government Agencies Securities [Member] | Level 3 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 0 | 0 | |
Long-term AFS securities | 0 | 0 | |
Certificates of Deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 9,300,000 | ||
Certificates of Deposit [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 9,300,000 | 0 | |
Certificates of Deposit [Member] | Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 0 | 0 | |
Certificates of Deposit [Member] | Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 9,300,000 | 0 | |
Certificates of Deposit [Member] | Level 3 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 0 | 0 | |
Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 32,591,000 | ||
Commercial Paper [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 32,591,000 | 0 | |
Commercial Paper [Member] | Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 0 | 0 | |
Commercial Paper [Member] | Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 32,591,000 | 0 | |
Commercial Paper [Member] | Level 3 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 0 | 0 | |
Debt Securities [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 308,589,000 | 0 | |
Long-term AFS securities | 241,411,000 | 0 | |
Debt Securities [Member] | Level 1 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 0 | 0 | |
Long-term AFS securities | 0 | 0 | |
Debt Securities [Member] | Level 2 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 308,589,000 | 0 | |
Long-term AFS securities | 241,411,000 | 0 | |
Debt Securities [Member] | Level 3 [Member] | Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Short-term AFS securities | 0 | 0 | |
Long-term AFS securities | $ 0 | $ 0 |
Pension Benefits - Net Periodic
Pension Benefits - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Mar. 29, 2015 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Pension Benefits | ||||||||||||
Pension settlement expense | $ 102,109 | $ 0 | $ 0 | $ 0 | $ 21,294 | $ 0 | $ 0 | $ 0 | $ 102,109 | $ 21,294 | $ 40,329 | |
Pension Plan [Member] | ||||||||||||
Pension Benefits | ||||||||||||
Service cost | 9,799 | 9,134 | 12,089 | |||||||||
Interest cost | 68,582 | 74,465 | 84,596 | |||||||||
Expected return on plan assets | (102,900) | (111,159) | (115,261) | |||||||||
Amortization and other costs | 33,369 | 32,458 | 41,523 | |||||||||
Amortization of prior service (credit)/cost | (1,945) | (1,945) | (1,945) | |||||||||
Effect of settlement/curtailment | 102,109 | 19,695 | 40,329 | |||||||||
Net periodic pension cost | 109,014 | 22,648 | 61,331 | |||||||||
Reduction in pension benefit obligation | 263,300 | 52,200 | $ 142,800 | |||||||||
Pension settlement expense | 102,100 | 21,300 | 40,300 | |||||||||
Discretionary contributions to pension plans | $ 120,000 | |||||||||||
Lump-sum payments made from Company cash | 49,500 | $ 98,300 | ||||||||||
Curtailment | $ 1,600 | |||||||||||
Qualified Plan [Member] | Pension Plan [Member] | ||||||||||||
Pension Benefits | ||||||||||||
Service cost | 9,720 | 8,991 | 11,932 | |||||||||
Interest cost | 60,742 | 66,293 | 74,536 | |||||||||
Expected return on plan assets | (102,900) | (111,159) | (115,261) | |||||||||
Amortization and other costs | 29,051 | 28,274 | 36,442 | |||||||||
Amortization of prior service (credit)/cost | (1,945) | (1,945) | (1,945) | |||||||||
Effect of settlement/curtailment | 102,109 | 21,294 | 40,329 | |||||||||
Net periodic pension cost | 96,777 | 11,748 | 46,033 | |||||||||
Pension contributions | 127,600 | |||||||||||
Nonqualified Plan [Member] | ||||||||||||
Pension Benefits | ||||||||||||
Effect of settlement/curtailment | 0 | |||||||||||
Nonqualified Plan [Member] | Pension Plan [Member] | ||||||||||||
Pension Benefits | ||||||||||||
Service cost | 79 | 143 | 157 | |||||||||
Interest cost | 7,840 | 8,172 | 10,060 | |||||||||
Expected return on plan assets | 0 | 0 | 0 | |||||||||
Amortization and other costs | 4,318 | 4,184 | 5,081 | |||||||||
Amortization of prior service (credit)/cost | 0 | 0 | 0 | |||||||||
Effect of settlement/curtailment | (1,599) | 0 | ||||||||||
Net periodic pension cost | $ 12,237 | $ 10,900 | $ 15,298 |
Pension Benefits - Changes in P
Pension Benefits - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Pension Benefits | |||
Net actuarial loss/(gain) | $ 22,600 | $ (4,289) | $ 31,044 |
Amortization of loss | (33,369) | (32,458) | (41,523) |
Amortization of prior service credit | 1,945 | 1,945 | 1,945 |
Effect of curtailment | 0 | 0 | (1,264) |
Effect of settlement | (102,109) | (21,294) | (40,329) |
Total recognized in other comprehensive (income)/loss | (110,933) | (56,096) | (50,127) |
Net periodic pension cost | 109,014 | 22,648 | 61,331 |
Total recognized in net periodic benefit cost and other comprehensive (income)/loss | (1,919) | (33,448) | 11,204 |
Estimated actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | 32,000 | ||
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 | ||
Defined contribution plan, cost recognized | $ 23,000 | $ 15,000 | $ 16,000 |
Pension Benefits - Changes in B
Pension Benefits - Changes in Benefit Obligation and Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 2,039,051 | $ 2,098,997 | |
Service cost | 9,799 | 9,134 | $ 12,089 |
Interest cost | 68,582 | 74,465 | 84,596 |
Plan participants’ contributions | 9 | 9 | |
Actuarial loss | 158,322 | 26,689 | |
Curtailments | 0 | (1,599) | |
Settlements | (269,287) | (48,413) | |
Benefits paid | (124,838) | (120,124) | |
Effects of change in currency conversion | 152 | (107) | |
Benefit obligation at end of year | 1,881,790 | 2,039,051 | 2,098,997 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 1,576,760 | 1,579,356 | |
Actual return on plan assets | 238,622 | 142,137 | |
Employer contributions | 146,145 | 23,795 | |
Plan participants’ contributions | 9 | 9 | |
Settlements | (269,287) | (48,413) | |
Benefits paid | (124,838) | (120,124) | |
Fair value of plan assets at end of year | 1,567,411 | 1,576,760 | 1,579,356 |
Amount recognized in the Consolidated Balance Sheets | |||
Current liabilities | (16,901) | (16,818) | |
Noncurrent liabilities | (297,478) | (445,473) | |
Net amount recognized | (314,379) | (462,291) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 751,074 | 863,951 | |
Prior service credit | (20,731) | (22,676) | |
Total | 730,343 | 841,275 | |
Qualified Plan [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 1,798,652 | 1,851,910 | |
Service cost | 9,720 | 8,991 | 11,932 |
Interest cost | 60,742 | 66,293 | 74,536 |
Plan participants’ contributions | 9 | 9 | |
Actuarial loss | 142,980 | 23,994 | |
Curtailments | 0 | 0 | |
Settlements | (269,287) | (48,413) | |
Benefits paid | (106,328) | (104,132) | |
Effects of change in currency conversion | 0 | 0 | |
Benefit obligation at end of year | 1,636,488 | 1,798,652 | 1,851,910 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 1,576,760 | 1,579,356 | |
Actual return on plan assets | 238,622 | 142,137 | |
Employer contributions | 127,635 | 7,803 | |
Plan participants’ contributions | 9 | 9 | |
Settlements | (269,287) | (48,413) | |
Benefits paid | (106,328) | (104,132) | |
Fair value of plan assets at end of year | 1,567,411 | 1,576,760 | 1,579,356 |
Amount recognized in the Consolidated Balance Sheets | |||
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (69,077) | (221,892) | |
Net amount recognized | (69,077) | (221,892) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 641,194 | 765,096 | |
Prior service credit | (20,731) | (22,676) | |
Total | 620,463 | 742,420 | |
Nonqualified Plan [Member] | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 240,399 | 247,087 | |
Service cost | 79 | 143 | 157 |
Interest cost | 7,840 | 8,172 | 10,060 |
Plan participants’ contributions | 0 | 0 | |
Actuarial loss | 15,342 | 2,695 | |
Curtailments | 0 | (1,599) | |
Settlements | 0 | 0 | |
Benefits paid | (18,510) | (15,992) | |
Effects of change in currency conversion | 152 | (107) | |
Benefit obligation at end of year | 245,302 | 240,399 | 247,087 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 18,510 | 15,992 | |
Plan participants’ contributions | 0 | 0 | |
Settlements | 0 | 0 | |
Benefits paid | (18,510) | (15,992) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Amount recognized in the Consolidated Balance Sheets | |||
Current liabilities | (16,901) | (16,818) | |
Noncurrent liabilities | (228,401) | (223,581) | |
Net amount recognized | (245,302) | (240,399) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 109,880 | 98,855 | |
Prior service credit | 0 | 0 | |
Total | $ 109,880 | $ 98,855 |
Pension Benefits - Schedule of
Pension Benefits - Schedule of Accumulated Benefit Obligations In Excess of Fair Value (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Pension Benefits | ||
Projected benefit obligation | $ 1,881,790 | $ 2,039,051 |
Accumulated benefit obligation | 1,874,445 | 2,034,636 |
Fair value of plan assets | $ 1,567,411 | $ 1,576,760 |
Pension Benefits - Schedule o64
Pension Benefits - Schedule of Assumptions Used (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Calculation term, market-related value | 3 years | ||
Increase (decrease) to pension obligation due to change in mortality table assumptions | $ 15.4 | $ 34.7 | |
Decrease in service costs and interest costs | $ 18 | ||
Nonqualified Plan [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.67% | 4.17% | |
Rate of increase in compensation levels | 2.50% | 2.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate for determining projected benefit obligation | 4.17% | 4.40% | 3.90% |
Discount rate in effect for determining interest cost | 3.39% | 3.44% | 3.90% |
Rate of increase in compensation levels | 2.50% | 2.50% | 2.50% |
Qualified Plan [Member] | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.75% | 4.31% | |
Rate of increase in compensation levels | 2.95% | 2.95% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate for determining projected benefit obligation | 4.31% | 4.60% | 4.05% |
Discount rate in effect for determining service cost | 4.74% | 5.78% | 4.05% |
Discount rate in effect for determining interest cost | 3.54% | 3.68% | 4.05% |
Rate of increase in compensation levels | 2.95% | 2.91% | 2.89% |
Expected long-term rate of return on assets | 6.73% | 7.01% | 7.01% |
Pension Benefits - Schedule o65
Pension Benefits - Schedule of Allocation of Plan Assets (Details) - Pension Plan [Member] | 12 Months Ended |
Dec. 31, 2017 | |
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% |
Return Seeking Assets, Public Equity [Member] | |
Pension Benefits | |
Asset allocation, actual | 83.00% |
Return Seeking Assets, Growth Fixed Income [Member] | |
Pension Benefits | |
Asset allocation, actual | 6.00% |
Return Seeking Assets - Alternatives [Member] | |
Pension Benefits | |
Asset allocation, actual | 8.00% |
Return Seeking Assets - Cash [Member] | |
Pension Benefits | |
Asset allocation, actual | 3.00% |
Long Duration and Return-Seeking Assets, Long Duration [Member] | |
Pension Benefits | |
Asset allocation, actual | 56.00% |
Long Duration and Return-Seeking Assets, Public Equity [Member] | |
Pension Benefits | |
Asset allocation, actual | 36.00% |
Long Duration and Return-Seeking Assets, Growth Fixed Income [Member] | |
Pension Benefits | |
Asset allocation, actual | 3.00% |
Long Duration and Return-Seeking Assets, Alternatives [Member] | |
Pension Benefits | |
Asset allocation, actual | 4.00% |
Long Duration and Return-Seeking Assets, Cash [Member] | |
Pension Benefits | |
Asset allocation, actual | 1.00% |
Minimum [Member] | Return Seeking Assets, Public Equity [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 70.00% |
Minimum [Member] | Return Seeking Assets, Growth Fixed Income [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum [Member] | Return Seeking Assets - Alternatives [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum [Member] | Return Seeking Assets - Cash [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum [Member] | Long Duration and Return-Seeking Assets, Long Duration [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 53.00% |
Minimum [Member] | Long Duration and Return-Seeking Assets, Public Equity [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 26.00% |
Minimum [Member] | Long Duration and Return-Seeking Assets, Growth Fixed Income [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum [Member] | Long Duration and Return-Seeking Assets, Alternatives [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum [Member] | Long Duration and Return-Seeking Assets, Cash [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Maximum [Member] | Return Seeking Assets, Public Equity [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 90.00% |
Maximum [Member] | Return Seeking Assets, Growth Fixed Income [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 15.00% |
Maximum [Member] | Return Seeking Assets - Alternatives [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 15.00% |
Maximum [Member] | Return Seeking Assets - Cash [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 10.00% |
Maximum [Member] | Long Duration and Return-Seeking Assets, Long Duration [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 63.00% |
Maximum [Member] | Long Duration and Return-Seeking Assets, Public Equity [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 42.00% |
Maximum [Member] | Long Duration and Return-Seeking Assets, Growth Fixed Income [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 7.00% |
Maximum [Member] | Long Duration and Return-Seeking Assets, Alternatives [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 7.00% |
Maximum [Member] | Long Duration and Return-Seeking Assets, Cash [Member] | |
Pension Benefits | |
Asset allocation, target percentage range | 5.00% |
Pension Benefits - Fair Value o
Pension Benefits - Fair Value of Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | $ 733,441 | $ 836,148 |
Other Assets | 0 | 0 |
Total | 1,567,411 | 1,576,760 |
U.S. Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
International Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Registered Investment Companies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Common Collective Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 601,896 | 701,577 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
US Treasury and Other Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Group Annuity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 45,005 | 54,872 |
Municipal and Provincial Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
US Government Sponsored Enterprises [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Other Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Cash and Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 32,352 | 22,829 |
Private Equity [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 20,289 | 24,931 |
Hedge Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 33,899 | 31,939 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, recurring | 214,763 | 190,560 |
Other Assets | 0 | |
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 | 65,466 | 61,327 |
Level 1 [Member] | International Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, recurring | 62,256 | 48,494 |
Level 1 [Member] | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, recurring | 44,173 | 49,869 |
Level 1 [Member] | Registered Investment Companies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, recurring | 42,868 | 30,870 |
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 | 0 |
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 | 0 |
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 | 0 |
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 | 619,207 | 549,296 |
Other Assets | 0 | |
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] | Mutual 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] | Registered Investment Companies [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 | 0 | 0 |
Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, recurring | 416,201 | 376,289 |
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 | 144,085 | 128,179 |
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 | 0 | 0 |
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 | 36,674 | 33,115 |
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 | 11,364 | 7,227 |
Level 2 [Member] | Other Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, recurring | 10,883 | 4,486 |
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 | 0 | 0 |
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 | 0 | 0 |
Other Assets | 0 | |
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] | Mutual 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] | Registered Investment Companies [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 | 0 |
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 | 0 |
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 | 0 | 0 |
Level 3 [Member] | Hedge Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, recurring | 0 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, recurring | 1,567,411 | 1,576,004 |
Other Assets | 756 | |
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 | 65,466 | 61,327 |
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 | 62,256 | 48,494 |
Estimate of Fair Value Measurement [Member] | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, recurring | 44,173 | 49,869 |
Estimate of Fair Value Measurement [Member] | Registered Investment Companies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure, recurring | 42,868 | 30,870 |
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 | 601,896 | 701,577 |
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 | 416,201 | 376,289 |
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 | 144,085 | 128,179 |
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 | 45,005 | 54,872 |
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 | 36,674 | 33,115 |
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 | 11,364 | 7,227 |
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 | 10,883 | 4,486 |
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 | 32,352 | 22,829 |
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 | 20,289 | 24,931 |
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 | $ 33,899 | $ 31,939 |
Pension Benefits - Contribution
Pension Benefits - Contributions and Expected Benefit Payments (Details) - Pension Plan [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Pension Benefits | |
Future employer contributions in next fiscal year | $ 8,000 |
2,018 | 101,397 |
2,019 | 102,884 |
2,020 | 103,956 |
2,021 | 105,752 |
2,022 | 107,581 |
2023-2027 | 558,298 |
Qualified Plan [Member] | |
Pension Benefits | |
Pension contributions | 127,600 |
2,018 | 84,216 |
2,019 | 85,816 |
2,020 | 87,162 |
2,021 | 89,169 |
2,022 | 91,192 |
2023-2027 | 479,738 |
Nonqualified Plan [Member] | |
Pension Benefits | |
2,018 | 17,181 |
2,019 | 17,068 |
2,020 | 16,794 |
2,021 | 16,583 |
2,022 | 16,389 |
2023-2027 | $ 78,560 |
Pension Benefits - Schedule o68
Pension Benefits - Schedule of Multiemployer Plans (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jul. 29, 2016USD ($) | Dec. 25, 2016USD ($) | Sep. 25, 2016USD ($) | Jun. 26, 2016USD ($) | Mar. 27, 2016USD ($) | Dec. 31, 2017USD ($)Collective_Bargaining_Agreement | Dec. 25, 2016USD ($) | Dec. 27, 2015USD ($) | |
Pension Benefits | ||||||||
Multiemployer pension plan withdrawal expense | $ 5,000,000 | $ 0 | $ (4,971,000) | $ 11,701,000 | $ 0 | $ 0 | $ 6,730,000 | $ 9,055,000 |
Pension Plan [Member] | ||||||||
Pension Benefits | ||||||||
Multiemployer pension plan withdrawal expense | 0 | 6,700,000 | 9,100,000 | |||||
Multiemployer plan, withdrawal obligation | $ 113,000,000 | 108,000,000 | 113,000,000 | |||||
Multiemployer plan, period contributions | 2,510,000 | 2,670,000 | 2,768,000 | |||||
Pension Plan [Member] | Paper-Handlers' - Publishers' Pension Fund [Member] | ||||||||
Pension Benefits | ||||||||
Multiemployer plan, period contributions | $ 88,000 | 100,000 | 97,000 | |||||
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | 10 years | |||||||
Pension Plan [Member] | Pressmen's Publishers' Pension Fund [Member] | ||||||||
Pension Benefits | ||||||||
Multiemployer plan, period contributions | $ 963,000 | 1,001,000 | 1,033,000 | |||||
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | 10 years | |||||||
Pension Plan [Member] | GCIU-Employer Retirement Benefit Plan [Member] | ||||||||
Pension Benefits | ||||||||
Multiemployer plan, period contributions | $ 39,000 | 43,000 | 57,000 | |||||
Number of collective bargaining arrangements | Collective_Bargaining_Agreement | 2 | |||||||
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | 10 years | |||||||
Pension Plan [Member] | Newspaper and Mail Deliverers'-Publishers' Pension Fund [Member] | ||||||||
Pension Benefits | ||||||||
Multiemployer plan, period contributions | $ 995,000 | 1,040,000 | 1,038,000 | |||||
Number of collective bargaining arrangements | Collective_Bargaining_Agreement | 2 | |||||||
Pension Plan [Member] | CWAITU Negotiated Pension Plan [Member] | ||||||||
Pension Benefits | ||||||||
Multiemployer plan, period contributions | $ 425,000 | 486,000 | 543,000 | |||||
Pension Plan [Member] | Total of Individually Significant Multiemployer Plans [Member] | ||||||||
Pension Benefits | ||||||||
Multiemployer plan, period contributions | $ 2,510,000 | $ 2,670,000 | $ 2,768,000 |
Other Postretirement Benefits -
Other Postretirement Benefits - Schedule of Components of Net Periodic Postretirement Benefit Income (Details) - Other Postretirement Benefit Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 367 | $ 417 | $ 588 |
Interest cost | 1,881 | 1,979 | 2,794 |
Amortization and other costs | 3,621 | 4,105 | 5,197 |
Amortization of prior service credit | (7,755) | (8,440) | (9,495) |
Effect of settlement/curtailment (1) | (32,737) | 0 | 0 |
Net periodic pension cost | $ (34,623) | $ (1,939) | $ (916) |
Other Postretirement Benefits70
Other Postretirement Benefits - Changes in the Benefit Obligations Recognized in Other Comprehensive Income (Details) - Other Postretirement Benefit Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Other Postretirement Benefits | |||
Net actuarial loss/(gain) | $ (6,625) | $ 28 | $ (5,543) |
Prior service cost | 0 | 0 | 1,145 |
Amortization of loss | (3,621) | (4,105) | (5,197) |
Amortization of prior service credit | 7,755 | 8,440 | 9,495 |
Effect of curtailment | 6,502 | 0 | 0 |
Effect of settlement | (26,235) | 0 | 0 |
Total recognized in other comprehensive (income)/loss | 30,246 | 4,363 | (100) |
Net periodic postretirement benefit income | (34,623) | (1,939) | (916) |
Total recognized in net periodic postretirement benefit income and other comprehensive (income)/loss | (4,377) | 2,424 | (1,016) |
Estimated actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | 5,000 | ||
Estimated prior service cost that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | 6,000 | ||
Additional postretirement costs | $ 15,000 | $ 15,000 | $ 16,000 |
Other Postretirement Benefits71
Other Postretirement Benefits - Changes in the Benefit Obligation and Plan Assets and Other Amounts (Details) - Other Postretirement Benefit Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 65,042 | $ 71,047 | |
Service cost | 367 | 417 | $ 588 |
Interest cost | 1,881 | 1,979 | 2,794 |
Plan participants’ contributions | 4,007 | 4,409 | |
Actuarial loss | 3,703 | 28 | |
Curtailments/settlements | (10,328) | 0 | |
Benefits paid | (10,030) | (12,838) | |
Benefit obligation at end of year | 54,642 | 65,042 | 71,047 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Employer contributions | 6,023 | 8,429 | |
Plan participants’ contributions | 4,007 | 4,409 | |
Benefits paid | (10,030) | (12,838) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Amount recognized in the Consolidated Balance Sheets | |||
Current liabilities | (5,826) | (7,043) | |
Noncurrent liabilities | (48,816) | (57,999) | |
Net amount recognized | (54,642) | (65,042) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 38,512 | 22,522 | |
Prior service credit | (18,613) | (32,870) | |
Total | $ 19,899 | $ (10,348) |
Other Postretirement Benefits72
Other Postretirement Benefits - Schedule of Assumptions Used (Details) - Other Postretirement Benefit Plans [Member] | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.46% | 3.94% | |
Rate of increase in compensation levels | 3.50% | 3.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate for determining projected benefit obligation | 3.93% | 4.05% | 3.74% |
Discount rate in effect for determining service cost | 4.08% | 4.24% | 3.74% |
Discount rate in effect for determining interest cost | 3.21% | 2.96% | 3.74% |
Estimated increase in compensation level | 3.50% | 3.50% | 3.50% |
Other Postretirement Benefits73
Other Postretirement Benefits - Schedule of Health Care Cost Trend Rates (Details) - Other Postretirement Benefit Plans [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 25, 2016 | |
Other Postretirement Benefits | ||
Health-care cost trend rate | 7.60% | 8.00% |
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 | 2,025 | 2,025 |
Other Postretirement Benefits74
Other Postretirement Benefits - Schedule of Effect of One Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) - Other Postretirement Benefit Plans [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | |
Effect on total service and interest cost (increase) | $ 62 |
Effect on accumulated postretirement benefit obligation ( increase) | 2,200 |
Effect on total service and interest cost (decrease) | (53) |
Effect on accumulated postretirement benefit obligation (decrease) | $ (1,865) |
Other Postretirement Benefits75
Other Postretirement Benefits - Schedule of Expected Benefit Payments (Details) - Other Postretirement Benefit Plans [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Other Postretirement Benefits | |
2,018 | $ 5,968 |
2,019 | 5,589 |
2,020 | 5,286 |
2,021 | 4,988 |
2,022 | 4,655 |
2023-2027 | $ 19,045 |
Other Postretirement Benefits76
Other Postretirement Benefits - Other Information (Details) - Other Postretirement Benefit Plans [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 25, 2016 | |
Other Postretirement Benefits | ||
Postemployment benefits liability | $ 11.3 | $ 11.4 |
Increase (decrease) in postretirement benefit obligation due to changes in mortality assumptions | $ (0.6) | (1.2) |
Decrease in service costs and interest costs | $ 1 | |
Minimum [Member] | ||
Other Postretirement Benefits | ||
Spot rate used in calculation of service and interest costs | 1.32% | |
Maximum [Member] | ||
Other Postretirement Benefits | ||
Spot rate used in calculation of service and interest costs | 4.79% |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 |
Other Liabilities Disclosure [Abstract] | |||
Deferred compensation | $ 29,526 | $ 31,006 | |
Other liabilities | 52,787 | 47,641 | |
Total | $ 82,313 | 78,647 | |
Deferred compensation plan assets | $ 40,300 | $ 34,800 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Effective Income Tax Rate Reconciliation, Amount: | |||||||||||
Tax at federal statutory rate | $ 38,928 | $ 10,685 | $ 33,863 | ||||||||
State and local taxes, net | 4,800 | 3,095 | 5,093 | ||||||||
Effect of enacted changes in tax laws | 68,747 | 0 | 1,801 | ||||||||
Reduction in uncertain tax positions | (2,277) | (4,534) | (2,545) | ||||||||
Loss/(gain) on Company-owned life insurance | (1,916) | (736) | 75 | ||||||||
Nondeductible expense, net | 1,021 | 1,115 | 880 | ||||||||
Domestic manufacturing deduction | 0 | (1,820) | (2,651) | ||||||||
Foreign Earnings and Dividends | 458 | (2,418) | (1,214) | ||||||||
Other, net | (5,805) | (966) | (1,392) | ||||||||
Income tax expense/(benefit) | $ 63,083 | $ 23,420 | $ 6,711 | $ 10,742 | $ 13,377 | $ 121 | $ 124 | $ (9,201) | $ 103,956 | $ 4,421 | $ 33,910 |
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) | 4.30% | 10.10% | 5.20% | ||||||||
Effect of enacted changes in tax laws (% of pre-tax) | 61.80% | 0.00% | 1.80% | ||||||||
Reduction in uncertain tax positions (% of pre-tax) | (2.00%) | (14.90%) | (2.60%) | ||||||||
Loss/(gain) on Company-owned life insurance (% of pre-tax) | (1.70%) | (2.40%) | 0.10% | ||||||||
Non deductible expense, net (% of pre-tax) | 0.90% | 3.70% | 0.90% | ||||||||
Domestic manufacturing deduction (% of pre-tax) | (0.00%) | (6.00%) | (2.70%) | ||||||||
Foreign Earnings and Dividends (% of pre-tax) | 0.40% | (7.90%) | (1.30%) | ||||||||
Other, net (% of pre-tax) | (5.20%) | (3.20%) | (1.40%) | ||||||||
Effective income tax rate | 93.50% | 14.40% | 35.00% |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Current tax expense/(benefit) | |||||||||||
Federal | $ (252) | $ 22,864 | $ 41,199 | ||||||||
Foreign | 458 | 312 | 485 | ||||||||
State and local | 350 | (3,295) | 5,919 | ||||||||
Total current tax expense | 556 | 19,881 | 47,603 | ||||||||
Deferred tax expense | |||||||||||
Federal | 105,905 | (16,625) | (14,554) | ||||||||
State and local | (2,505) | 1,165 | 861 | ||||||||
Total deferred tax expense/(benefit) | 103,400 | (15,460) | (13,693) | ||||||||
Income tax expense/(benefit) | $ 63,083 | $ 23,420 | $ 6,711 | $ 10,742 | $ 13,377 | $ 121 | $ 124 | $ (9,201) | 103,956 | 4,421 | $ 33,910 |
Operating loss carryforward, state and local | $ 4,700 | $ 3,400 | $ 4,700 | $ 3,400 | |||||||
Maximum [Member] | |||||||||||
Deferred tax expense | |||||||||||
Operating loss carryforwards, remaining life | 20 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 25, 2016 | |
Deferred tax assets | ||
Retirement, postemployment and deferred compensation plans | $ 140,657 | $ 275,611 |
Accruals for other employee benefits, compensation, insurance and other | 16,883 | 34,466 |
Accounts receivable allowances | 1,391 | 2,450 |
Net operating losses | 6,228 | 2,598 |
Investment in joint ventures | 0 | 5,329 |
Other | 30,295 | 39,943 |
Gross deferred tax assets | 195,454 | 360,397 |
Deferred tax liabilities | ||
Property, plant and equipment | 31,043 | 46,284 |
Intangible assets | 7,300 | 11,975 |
Investments in joint ventures | 615 | 0 |
Other | 3,450 | 796 |
Gross deferred tax liabilities | 42,408 | 59,055 |
Net deferred tax asset | $ 153,046 | $ 301,342 |
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. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 10,028 | $ 13,941 | $ 16,324 |
Gross additions to tax positions taken during the current year | 9,009 | 997 | 1,151 |
Gross additions to tax positions taken during the prior year | 103 | 0 | 282 |
Gross reductions to tax positions taken during the prior year | (372) | (3,042) | (37) |
Reductions from lapse of applicable statutes of limitations | (1,682) | (1,868) | (3,779) |
Balance at end of year | $ 17,086 | $ 10,028 | $ 13,941 |
Income Taxes - Other Informatio
Income Taxes - Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Change In Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense | $ 68,700 | $ 68,700 | ||
Accrued income taxes | 25,400 | 25,400 | $ 1,900 | |
Income tax benefits related to exercise or vesting of equity awards | 13,700 | 8,600 | $ 4,400 | |
AOCI deferred tax assets | 196,000 | 196,000 | 331,000 | |
Reduction in uncertain tax positions | (2,277) | (4,534) | (2,545) | |
Total amount of unrecognized tax benefit | 7,000 | 7,000 | 7,000 | |
Total amount of accrued interest and penalties | 2,000 | 2,000 | 3,000 | |
Net benefit of accrued interest and penalties | 100 | $ 900 | $ 100 | |
Total amount of unrecognized tax benefit which may be recognized in the next twelve months that would impact the effective tax rate | $ 3,300 | $ 3,300 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 25, 2016 | Dec. 29, 2013 | Dec. 31, 2017 | |
New England Media Group [Member] | |||
Discontinued operations | |||
Proceeds from the sale of discontinued operations | $ 70 | ||
Net after-tax proceeds from sale, including tax benefit | $ 74 | ||
Loss/(gain) on sales of disposal group | $ 3.7 | $ (0.7) | |
(Loss)/gain on sale, net of income taxes | $ (2.3) | $ 0.4 | |
Metro Boston LLC [Member] | |||
Discontinued operations | |||
Equity method investment, ownership percentage | 49.00% |
Earnings_(Loss) Per Share (Deta
Earnings/(Loss) Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
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) | 2,000,000 | 4,000,000 | 5,000,000 |
Restricted Stock Units and Long-term Incentive Compensation Stock-settled Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Options (number of shares): | |||
Exercised (shares) | (657,704) | (114,652) | (341,362) |
Weighted Average Exercise Price (in dollars per share): | |||
Total intrinsic value | $ 7,000 | $ 700 | $ 2,700 |
Employee Stock Option [Member] | |||
Options (number of shares): | |||
Options outstanding at beginning of year (shares) | 4,518,000 | ||
Exercised (shares) | (658,000) | ||
Forfeited/Expired (shares) | (86,000) | ||
Options outstanding at end of period (shares) | 3,774,000 | 4,518,000 | |
Options exercisable at end of period (shares) | 3,774,000 | ||
Weighted Average Exercise Price (in dollars per share): | |||
Options outstanding at beginning of year (in dollars per share) | $ 14 | ||
Exercised (in dollars per share) | 7 | ||
Forfeited/Expired (in dollars per share) | 24 | ||
Options outstanding at end of period (in dollars per share) | 15 | $ 14 | |
Options exercisable at end of period | $ 15 | ||
Outstanding weighted average remaining contractual term, beginning of period | 2 years | 3 years | |
Outstanding weighted average remaining contractual term, end of period | 2 years | 3 years | |
Options exercisable weighted average remaining contractual term | 2 years | ||
Outstanding aggregate intrinsic value, beginning of period | $ 12,797 | ||
Outstanding aggregate intrinsic value, end of period | 17,597 | $ 12,797 | |
Options exercisable aggregate intrinsic value | $ 17,597 |
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. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Restricted Stock Units (in shares): | |||
Unvested stock-settled restricted stock units at beginning of period | 1,008 | ||
Granted | 466 | ||
Vested | (505) | ||
Forfeited | (83) | ||
Unvested stock-settled restricted stock units at end of period | 886 | 1,008 | |
Unvested stock-settled restricted stock units expected to vest at end of period | 840 | ||
Weighted Average Grant-Date Fair Value (in dollars per share): | |||
Unvested stock-settled restricted stock units at beginning of period | $ 14 | ||
Granted | 16 | ||
Vested | 14 | ||
Forfeited | 14 | ||
Unvested stock-settled restricted stock units at end of period | 15 | $ 14 | |
Unvested stock-settled restricted stock units expected to vest at end of period | $ 15 | ||
Restricted stock units vested, intrinsic value | $ 7.9 | $ 7.3 | $ 5.5 |
Five-year vesting [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years |
Stock-Based Awards - Class A Co
Stock-Based Awards - Class A Common Stock Reserved for Issuance (Details) - shares shares in Thousands | Dec. 31, 2017 | Dec. 25, 2016 |
Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, outstanding | 7,331 | 8,747 |
Shares, available for issuance | 16,643 | 16,369 |
Class A Common Stock | Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, available for issuance | 6,410 | 6,410 |
Class A Common Stock | Incentive Plans [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, available for issuance | 7,188 | 6,914 |
Stock Options and Stock-Settled Restricted Stock Units [Member] | Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, outstanding | 4,772 | 5,588 |
Stock-Settled Performance Awards [Member] | Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, outstanding | 2,559 | 3,159 |
Pension Plan [Member] | Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, available for issuance | 3,045 | 3,045 |
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% |
Stock-Based Awards - Other Info
Stock-Based Awards - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | Dec. 25, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 14.8 | $ 12.4 | $ 10.6 | |
Payments under long term incentive plan based on total shareholder return during year | $ 3 | $ 4 | $ 3 | |
Length of performance measurement period for long-term incentive compensation (in years) | 3 years | |||
Unrecognized compensation expense related to the unvested portion of our stock-based awards | $ 13 | |||
Weighted average years to be recognized over | 1 year 5 months 12 days | |||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 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 | |||
Vesting period | 1 year | |||
Granted (shares) | 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 ($) | Jan. 14, 2015 | Dec. 31, 2017 | Dec. 27, 2015 | Dec. 25, 2016 |
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 (in shares) | 803,763 | 816,632 | ||
Class B common stock, right to elect percentage of the board of directors | 70.00% | |||
Warrants exercised by entities controlled by Carlos Slim Helu (in shares) | 15,900,000 | 15,900,000 | ||
Exercise price of warrants (in USD per share) | $ 6.3572 | |||
Proceeds from warrant exercises | $ 101,100,000 | |||
Stock repurchase program, authorized amount | $ 101,100,000 | |||
Stock repurchased during the period | $ 84,900,000 | |||
Amount remaining under share repurchase authorization | $ 16,200,000 | |||
Minimum consideration for each share of preferred stock (in usd per share) | $ 100 | |||
Preferred stock issued (in shares) | 0 | |||
Preferred stock outstanding (in shares) | 0 | |||
Adolph Ochs Family Trust [Member] | ||||
Class of Stock [Line Items] | ||||
Class B common stock ownership percentage | 90.00% |
Stockholders' Equity Changes in
Stockholders' Equity Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance as of December 25, 2016 | $ 844,244 | $ 828,455 | $ 728,349 |
Income tax (benefit)/expense | 41,545 | 19,096 | 16,988 |
Other comprehensive income, net of tax | 57,901 | 29,239 | 24,788 |
Balance as of December 31, 2017 | 897,363 | 844,244 | 828,455 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance as of December 25, 2016 | (1,822) | ||
Other comprehensive income before reclassifications, before tax | 10,810 | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 1,300 | ||
Income tax (benefit)/expense | 3,960 | ||
Other comprehensive income, net of tax | 8,150 | ||
Balance as of December 31, 2017 | 6,328 | (1,822) | |
Funded Status of Benefit Plans [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance as of December 25, 2016 | (477,994) | ||
Other comprehensive income before reclassifications, before tax | (7,895) | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 96,662 | ||
Income tax (benefit)/expense | 38,592 | ||
Other comprehensive income, net of tax | 50,175 | ||
Balance as of December 31, 2017 | (427,819) | (477,994) | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance as of December 25, 2016 | 0 | ||
Other comprehensive income before reclassifications, before tax | (2,545) | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | ||
Income tax (benefit)/expense | (1,007) | ||
Other comprehensive income, net of tax | (1,538) | ||
Balance as of December 31, 2017 | (1,538) | 0 | |
Total New York Times Company Stockholders' Equity [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance as of December 25, 2016 | 847,815 | 826,751 | 726,328 |
Other comprehensive income before reclassifications, before tax | 370 | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 97,962 | ||
Income tax (benefit)/expense | 41,545 | ||
Other comprehensive income, net of tax | 56,787 | 29,278 | 24,701 |
Balance as of December 31, 2017 | 897,279 | 847,815 | 826,751 |
AOCI Attributable to Parent [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance as of December 25, 2016 | (479,816) | (509,094) | (533,795) |
Other comprehensive income, net of tax | 56,787 | 29,278 | 24,701 |
Balance as of December 31, 2017 | $ (423,029) | $ (479,816) | $ (509,094) |
Stockholders' Equity Reclassifi
Stockholders' Equity Reclassifications Out of Accumulated Other Comprehensive Income (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Amortization of Prior Service Credit [Member] | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Amounts reclassified from accumulated other comprehensive loss, before tax | $ (9,700) |
Amortization of Actuarial Loss [Member] | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 36,990 |
Accumulated Postretirement Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Amounts reclassified from accumulated other comprehensive loss, before tax | (32,737) |
Pension Settlement Charge [Member] | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 102,109 |
Total Reclassifications [Member] | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 96,662 |
Income tax expense | 38,592 |
Total reclassification, net of tax | $ 58,070 |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended |
Dec. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Commitments and Contingent Li93
Commitments and Contingent Liabilities - Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 19,000 | $ 16,000 | $ 16,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,018 | 10,738 | ||
2,019 | 7,532 | ||
2,020 | 6,153 | ||
2,021 | 4,972 | ||
2,022 | 4,731 | ||
Later years | 18,555 | ||
Total minimum lease payments | $ 52,681 |
Commitments and Contingent Li94
Commitments and Contingent Liabilities - Capital Leases (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 552 |
2,019 | 7,245 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
Later years | 0 |
Total minimum lease payments | 7,797 |
Less: imputed interest | (992) |
Present value of net minimum lease payments including current maturities | $ 6,805 |
Commitments and Contingent Li95
Commitments and Contingent Liabilities - Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 25, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
Restricted cash | $ 18 | $ 24.9 |
Commitments and Contingent Li96
Commitments and Contingent Liabilities - Other (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Jul. 29, 2016 | Dec. 28, 2014 | Sep. 29, 2013 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Loss Contingencies [Line Items] | ||||||||||
Multiemployer pension plan withdrawal, reimbursement | $ 5,000,000 | $ 0 | $ (4,971,000) | $ 11,701,000 | $ 0 | $ 0 | $ 6,730,000 | $ 9,055,000 | ||
Total amount of letters of credit | 56,000,000 | |||||||||
Threatened Litigation [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Demand for payment | $ 34,000,000 | $ 26,000,000 | ||||||||
Decline in contributions, percent | 70.00% | |||||||||
Payments made in accordance with ERISA | 15,300,000 | |||||||||
Expense recognized related to Initial and Revised Assessment | 400,000 | 10,700,000 | $ 6,800,000 | |||||||
Partial pension withdrawal arbitration liability | 6,500,000 | |||||||||
Minimum [Member] | Threatened Litigation [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Partial pension withdrawal contingent loss | 0 | |||||||||
Maximum [Member] | Threatened Litigation [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Partial pension withdrawal contingent loss | 10,000,000 | |||||||||
Discontinued Operations [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Litigation settlement charge | 700,000 | 3,700,000 | ||||||||
Litigation settlement charge, net of tax | 400,000 | $ 2,300,000 | ||||||||
Letter of Credit [Member] | ||||||||||
Loss Contingencies [Line Items] | ||||||||||
Securities pledged as collateral | $ 63,100,000 |
Subsequent Event (Details)
Subsequent Event (Details) $ / shares in Units, ft² in Thousands, $ in Millions | Feb. 21, 2018$ / shares | Jan. 30, 2018USD ($)ft² | Dec. 31, 2017$ / shares | Sep. 24, 2017$ / shares | Jun. 25, 2017$ / shares | Mar. 26, 2017$ / shares | Dec. 25, 2016$ / shares | Sep. 25, 2016$ / shares | Jun. 26, 2016$ / shares | Mar. 27, 2016$ / shares | Dec. 31, 2017$ / shares | Dec. 25, 2016$ / shares | Dec. 27, 2015$ / shares |
Subsequent Event [Line Items] | |||||||||||||
Dividends approved (in usd per share) | $ 0.04 | $ 0.08 | $ 0 | $ 0.04 | $ 0.04 | $ 0.08 | $ 0 | $ 0.04 | $ 0.16 | $ 0.16 | $ 0.16 | ||
Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Rentable square footage | ft² | 750 | ||||||||||||
Sale leaseback transaction, sale price for the Condo Interest | $ | $ 225 | ||||||||||||
Sale leaseback purchase option price | $ | $ 250 | ||||||||||||
Sale leaseback financing, amortization period | 10 years | ||||||||||||
Class B Common Stock | Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividends approved (in usd per share) | $ 0.04 | ||||||||||||
Class A Common Stock | Subsequent Event [Member] | |||||||||||||
Subsequent Event [Line Items] | |||||||||||||
Dividends approved (in usd per share) | $ 0.04 |
Quarterly Information (Unaudi98
Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jul. 29, 2016 | Dec. 31, 2017 | Sep. 24, 2017 | Jun. 25, 2017 | Mar. 26, 2017 | Dec. 25, 2016 | Sep. 25, 2016 | Jun. 26, 2016 | Mar. 27, 2016 | Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenues | $ 484,126 | $ 385,635 | $ 407,074 | $ 398,804 | $ 439,650 | $ 363,547 | $ 372,630 | $ 379,515 | $ 1,675,639 | $ 1,555,342 | $ 1,579,215 | |
Operating costs | 393,238 | 350,080 | 377,420 | 367,393 | 362,801 | 356,596 | 339,933 | 351,580 | 1,488,131 | 1,410,910 | 1,393,246 | |
Headquarters redesign and consolidation | 3,161 | 2,542 | 1,985 | 2,402 | 10,090 | 0 | 0 | |||||
Postretirement benefit plan settlement gain | (37,057) | 0 | 0 | 0 | (37,057) | 0 | 0 | |||||
Multiemployer pension plan withdrawal, reimbursement | $ 5,000 | 0 | (4,971) | 11,701 | 0 | 0 | 6,730 | 9,055 | ||||
Pension settlement expense | 102,109 | 0 | 0 | 0 | 21,294 | 0 | 0 | 0 | 102,109 | 21,294 | 40,329 | |
Operating profit | 22,675 | 33,013 | 27,669 | 29,009 | 55,555 | 8,973 | 9,141 | 27,935 | 112,366 | 101,604 | 136,585 | |
Gain/(loss) from joint ventures | (12,823) | 31,557 | (266) | 173 | 5,572 | 463 | (412) | (41,896) | 18,641 | (36,273) | (783) | |
Interest expense and other, net | 4,665 | 4,660 | 5,133 | 5,325 | 7,850 | 9,032 | 9,097 | 8,826 | 19,783 | 34,805 | 39,050 | |
Income from continuing operations before income taxes | 5,187 | 59,910 | 22,270 | 23,857 | 53,277 | 404 | (368) | (22,787) | 111,224 | 30,526 | 96,752 | |
Income tax expense | 63,083 | 23,420 | 6,711 | 10,742 | 13,377 | 121 | 124 | (9,201) | 103,956 | 4,421 | 33,910 | |
Income from continuing operations | (57,896) | 36,490 | 15,559 | 13,115 | 39,900 | 283 | (492) | (13,586) | 7,268 | 26,105 | 62,842 | |
Loss from discontinued operations, net of income taxes | (57) | 488 | 0 | 0 | 2,273 | 0 | 0 | 0 | 431 | 2,273 | 0 | |
Net income | (57,839) | 36,002 | 15,559 | 13,115 | 37,627 | 283 | (492) | (13,586) | 6,837 | 23,832 | 62,842 | |
Net (income)/loss attributable to the noncontrolling interest | 1,026 | (3,673) | 40 | 66 | (483) | 123 | 281 | 5,315 | (2,541) | 5,236 | 404 | |
Net income attributable to The New York Times Company common stockholders | (56,813) | 32,329 | 15,599 | 13,181 | 37,144 | 406 | (211) | (8,271) | 4,296 | 29,068 | 63,246 | |
Amounts attributable to The New York Times Company common stockholders: | ||||||||||||
Income/(loss) from continuing operations | (56,870) | 32,817 | 15,599 | 13,181 | 39,417 | 406 | (211) | (8,271) | 4,727 | 31,341 | 63,246 | |
Loss from discontinued operations, net of income taxes | $ 57 | $ (488) | $ 0 | $ 0 | $ (2,273) | $ 0 | $ 0 | $ 0 | $ (431) | $ (2,273) | $ 0 | |
Average number of common shares outstanding: | ||||||||||||
Basic (in shares) | 162,311 | 162,173 | 161,787 | 161,402 | 161,235 | 161,185 | 161,128 | 161,003 | 161,926 | 161,128 | 164,390 | |
Diluted (in shares) | 162,311 | 164,405 | 163,808 | 162,592 | 162,862 | 162,945 | 161,128 | 161,003 | 164,263 | 162,817 | 166,423 | |
Basic earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||
(Loss)/income from continuing operations (USD per share) | $ (0.35) | $ 0.20 | $ 0.10 | $ 0.08 | $ 0.24 | $ 0 | $ 0 | $ (0.05) | $ 0.03 | $ 0.19 | $ 0.38 | |
Loss from discontinued operations, net of income taxes (USD per share) | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | 0 | 0 | (0.01) | 0 | |
Net income (USD per share) | (0.35) | 0.20 | 0.10 | 0.08 | 0.23 | 0 | 0 | (0.05) | 0.03 | 0.18 | 0.38 | |
Diluted earnings per share attributable to The New York Times Company common stockholders: | ||||||||||||
(Loss)/income from continuing operations (USD per share) | (0.35) | 0.20 | 0.09 | 0.08 | 0.24 | 0 | 0 | (0.05) | 0.03 | 0.19 | 0.38 | |
Loss from discontinued operations, net of income taxes (USD per share) | 0 | 0 | 0 | 0 | (0.01) | 0 | 0 | 0 | 0 | (0.01) | 0 | |
Net income (USD per share) | (0.35) | 0.20 | 0.09 | 0.08 | 0.23 | 0 | 0 | (0.05) | 0.03 | 0.18 | 0.38 | |
Dividends declared per share (USD per share) | $ 0.04 | $ 0.08 | $ 0 | $ 0.04 | $ 0.04 | $ 0.08 | $ 0 | $ 0.04 | $ 0.16 | $ 0.16 | $ 0.16 | |
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Change In Tax Rate, Deferred Tax Asset, Provisional Income Tax Expense | $ 68,700 | $ 68,700 |
Schedule II - Valuation and Q99
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 25, 2016 | Dec. 27, 2015 | |
Accounts Receivable Allowances [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 16,815 | $ 13,485 | $ 12,860 |
Additions charged to operating costs and other | 11,747 | 17,154 | 13,999 |
Deductions | 14,020 | 13,824 | 13,374 |
Balance at end of period | 14,542 | 16,815 | 13,485 |
Valuation Allowance for Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 0 | 36,204 | 41,136 |
Additions charged to operating costs and other | 0 | 0 | 0 |
Deductions | 0 | 36,204 | 4,932 |
Balance at end of period | $ 0 | $ 0 | $ 36,204 |