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PENSION AND OTHER POSTRETIREMENT BENEFITS | 9 Months Ended
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Sep. 30, 2025
Retirement Benefits [Abstract] |
PENSION AND OTHER POSTRETIREMENT BENEFITS | PENSION AND OTHER POSTRETIREMENT BENEFITS Pension Single-Employer Plans We maintain The New York Times Companies Pension Plan, a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits. 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. The components of net periodic pension cost/(income) were as follows:
|  | For the Quarters Ended
|  | September 30, 2025 |  | September 30, 2024
(In thousands) |  | Qualified Plans |  | Non- Qualified Plans |  | All Plans |  | Qualified Plans |  | Non- Qualified Plans |  | All Plans
Service cost |  | $ | 1,661 |  |  | $ | — |  |  | $ | 1,661 |  |  | $ | 1,541 |  |  | $ | — |  |  | $ | 1,541 |
Interest cost |  | 13,217 |  |  | 2,076 |  |  | 15,293 |  |  | 13,376 |  |  | 2,206 |  |  | 15,582 |
Expected return on plan assets |  | (15,282) |  |  | — |  |  | (15,282) |  |  | (18,109) |  |  | — |  |  | (18,109) |
Amortization of actuarial loss |  | 4,026 |  |  | 866 |  |  | 4,892 |  |  | 2,603 |  |  | 997 |  |  | 3,600 |
Amortization of prior service credit |  | (486) |  |  | — |  |  | (486) |  |  | (486) |  |  | — |  |  | (486) |
Net periodic pension cost/(income) |  | $ | 3,136 |  |  | $ | 2,942 |  |  | $ | 6,078 |  |  | $ | (1,075) |  |  | $ | 3,203 |  |  | $ | 2,128 |
|  | For the Nine Months Ended
|  | September 30, 2025 |  | September 30, 2024
(In thousands) |  | Qualified Plans |  | Non- Qualified Plans |  | All Plans |  | Qualified Plans |  | Non- Qualified Plans |  | All Plans
Service cost |  | $ | 4,983 |  |  | $ | — |  |  | $ | 4,983 |  |  | $ | 4,623 |  |  | $ | — |  |  | $ | 4,623 |
Interest cost |  | 39,651 |  |  | 6,229 |  |  | 45,880 |  |  | 40,128 |  |  | 6,619 |  |  | 46,747 |
Expected return on plan assets |  | (45,846) |  |  | — |  |  | (45,846) |  |  | (54,327) |  |  | — |  |  | (54,327) |
Amortization of actuarial loss |  | 12,078 |  |  | 2,597 |  |  | 14,675 |  |  | 7,809 |  |  | 2,991 |  |  | 10,800 |
Amortization of prior service credit |  | (1,458) |  |  | — |  |  | (1,458) |  |  | (1,459) |  |  | — |  |  | (1,459) |
Effect of settlement |  | — |  |  | — |  |  | — |  |  | — |  |  | (27) |  |  | (27) |
Net periodic pension cost/(income) |  | $ | 9,408 |  |  | $ | 8,826 |  |  | $ | 18,234 |  |  | $ | (3,226) |  |  | $ | 9,583 |  |  | $ | 6,357 |
During the first nine months of 2025 and 2024, we made pension contributions of $9.4 million and $9.7 million, respectively, to the APP. We expect contributions made to satisfy the greater of minimum funding or collective bargaining agreement requirements to total approximately $13 million in 2025. As part of our strategy to reduce our pension obligations and the resulting impact on our overall financial position, we have offered lump-sum payments to certain participants in both our qualified and non-qualified pension plans. In the third quarter of 2025, the Company extended a voluntary offer to certain active employees who participate in The New York Times Companies Pension Plan to elect immediate lump-sum payments. The election period for this voluntary offer closes on November 14, 2025. Multiemployer Plans During the first quarter of 2025, the Company recorded a $4.5 million charge related to a multiemployer pension plan liability adjustment. This adjustment is recorded in Multiemployer pension plan liability adjustment in our Condensed Consolidated Statements of Operations. Other Postretirement Benefits The components of net periodic postretirement benefit cost were as follows:
|  | For the Quarters Ended |  | For the Nine Months Ended
(In thousands) |  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Service cost |  | $ | 4 |  |  | $ | 4 |  |  | $ | 10 |  |  | $ | 12 |
Interest cost |  | 203 |  |  | 272 |  |  | 611 |  |  | 816 |
Amortization of actuarial loss |  | — |  |  | 174 |  |  | — |  |  | 522 |
Net periodic postretirement benefit cost |  | $ | 207 |  |  | $ | 450 |  |  | $ | 621 |  |  | $ | 1,350 |

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