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Postretirement benefits other than pensions (Tables)
 12 Months Ended
Dec. 25, 2011
Funded Status of Principal Retirement Plans

The funded status (on a projected benefit obligation basis) of the company’s principal retirement plans at Dec. 25, 2011, is as follows:

 

 

September 30, September 30, September 30,

In thousands of dollars

      Fair Value of
Plan Assets		        Benefit
Obligation		        Funded
Status		  

GRP

      $ 1,775,478         $ 2,335,648         $ (560,170 ) 

SERP

        —             215,646           (215,646 ) 

Newsquest

        560,642           713,969           (153,327 ) 

All other

        72,648           86,231           (13,583 ) 
    

 

 

       

 

 

       

 

 

  

Total

      $ 2,408,768         $ 3,351,494         $ (942,726 ) 
    

 

 

       

 

 

       

 

 

  
Assumptions Used to Determine Pension Year-End Benefit Obligations

Benefit obligations and funded status: The following assumptions were used to determine the year-end benefit obligations:

 

September 30, September 30,
       Dec. 25, 2011     Dec. 26, 2010  

Discount rate

        4.86 %      5.49 % 

Rate of compensation increase

        2.96 %      2.95 %
Retirement Plans for which Accumulated Benefits Exceed Assets

The following table presents information for those company retirement plans for which the accumulated benefit obligation exceeds assets:

 

September 30, September 30,

In thousands of dollars

      Dec. 25, 2011        Dec. 26, 2010  

Accumulated benefit obligation

      $ 3,324,133         $ 3,123,535   

Fair value of plan assets

      $ 2,408,768         $ 2,514,939
Retirement Plans for which Projected Benefit Obligations Exceed Assets

The following table presents information for those company retirement plans for which the projected benefit obligation exceeds assets:

 

September 30, September 30,

In thousands of dollars

      Dec. 25, 2011        Dec. 26, 2010  

Projected benefit obligation

      $ 3,351,494         $ 3,148,228   

Fair value of plan assets

      $ 2,408,768         $ 2,514,939
Asset Allocation for Company-Sponsored Pension Plans and Target Allocations by Asset Category

The asset allocation for the GRP at the end of 2011 and 2010, and target allocations for 2012, by asset category, are presented in the table below:

 

September 30, September 30, September 30,
       Target Allocation     Allocation of Plan Assets  
       2012     2011     2010  

Equity securities

        47 %      46 %      42 % 

Debt securities

        35        39        44   

Other

        18        15        14   
    

 

 

    

 

 

    

 

 

  

Total

        100 %      100 %      100 % 
    

 

 

    

 

 

    

 

 

  
Multiemployer pension plans

Multi-employer Pension Plans

 

          Zone Status   FIP/RP
Status		   Contributions            
    EIN Number/     Dec. 31,   Pending/   (in thousands)     Surcharge   Expiration  

Pension Plan Name

   Plan Number     2011   2010   Implemented   2011     2010     2009     Imposed   Dates of CBAs  

AFTRA Retirement Plan (a)

     13-6414972/001      Green

as of

Nov.
30,

2010

   Green

as of

Nov.
30

2009

   n/a   $ 896      $ 858      $ 842      n/a    

 

 

 5/3/2011

7/13/2012

6/30/2013

   

  

  

CWA/ITU Negotiated Pension Plan

     13-6212879/001      Red   Red   Implemented     146        169        186      No    
 		 11/8/2010-
2/1/2013		   
  

GCIU—Employer Retirement Benefit Plan (a)

     91-6024903/001      Red   Red   Implemented     280        331        480      No    
 		 6/21/2010-
8/31/2013		   
  

The Newspaper Guild International Pension Plan (a)

     52-1082662/001      Red   Red   Implemented     385        392        498      No     11/13/2012   

IAM National Pension Plan (a)

     51-6031295/002      Green   Green   n/a     308        315        361      n/a     4/30/2013   

Teamsters Pension Trust Fund of Philadelphia and Vicinity (a)

     23-1511735/001      Yellow   Orange   Implemented     1,054        995        1,011      n/a    
 		 11/13/2012-
3/13/2013		   
  

Central Pension Fund of the International Union of Operating Engineers and Participating Employers (a)

     36-6052390/001      Green
as of
Jan.
31,
2012		   Green
as of
Jan.
31,
2011		   n/a     163        166        158      n/a     4/30/2013   

Central States Southeast and Southwest Areas Pension Fund

     36-6044243/001      Red   Red   Implemented     372        343        308      No     10/1/2012   
         

 

 

    

 

 

    

 

 

      

Total

           $ 3,604      $ 3,569      $ 3,844       
         

 

 

    

 

 

    

 

 

      

 

(a) This plan has elected to utilize special amortization provisions provided under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010.
Pension Plans, Defined Benefit
  
Benefit costs

The company’s pension costs, which include costs for its qualified, non-qualified and union plans, are presented in the following table:

 

September 30, September 30, September 30,

In thousands of dollars

      2011      2010      2009  

Service cost—benefits earned during the period

      $ 7,833       $ 14,829       $ 14,439   

Interest cost on benefit obligation

        171,339         176,738         178,646   

Expected return on plan assets

        (211,659 )       (191,614 )       (171,472 ) 

Amortization of prior service costs

        .7,580         6,731         1,641   

Amortization of actuarial loss

        37,901         46,870         48,541   
    

 

 

     

 

 

     

 

 

  

Pension expense for company-sponsored retirement plans

        12,994         53,554         71,795   

Curtailment gains

        —           (3,840 )       —     

Settlement and special termination benefit charge/(credit)

        1,068         —           (39,159 ) 

Union and other pension cost

        4,426         3,990         5,146   
    

 

 

     

 

 

     

 

 

  

Total pension cost (benefit)

      $ 18,488       $ 53,704       $ 37,782   
    

 

 

     

 

 

     

 

 

  
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Company-Sponsored Benefit Plans

The following table provides a reconciliation of pension benefit obligations (on a projected benefit obligation measurement basis), plan assets and funded status of company-sponsored retirement plans, along with the related amounts that are recognized in the Consolidated Balance Sheets.

 

September 30, September 30,

In thousands of dollars

      Dec. 25, 2011      Dec. 26, 2010  

Change in benefit obligations

        

Benefit obligations at beginning of year

      $ 3,217,877       $ 3,088,364   

Service cost

        7,833         14,829   

Interest cost

        171,339         176,738   

Plan amendments

        1,297         —     

Plan participants’ contributions

        3,885         7,595   

Actuarial loss

        182,789         189,382   

Foreign currency translation

        5,740         (24,259 ) 

Gross benefits paid

        (240,334 )       (218,362 ) 

Special termination benefit

        1,068         —     

Curtailments

        —           (16,410 ) 

Benefit obligations at end of year

      $ 3,351,494       $ 3,217,877   
    

 

 

     

 

 

  

Change in plan assets

        

Fair value of plan assets at beginning of year

      $ 2,588,728       $ 2,375,767   

Actual return on plan assets

        (6,537 )       269,263   

Plan participants’ contributions

        3,885         7,595   

Employer contributions

        56,392         174,578   

Gross benefits paid

        (240,334 )       (218,362 ) 

Foreign currency translation

        6,634         (20,113 ) 

Fair value of plan assets at end of year

      $ 2,408,768       $ 2,588,728   
    

 

 

     

 

 

  

Funded status at end of year

      $ (942,726 )     $ (629,149 ) 
    

 

 

     

 

 

  

Amounts recognized in Consolidated Balance Sheets

        

Long-term other assets

      $ —         $ 4,140   

Accrued benefit cost—current

      $ (34,616 )     $ (13,949 ) 

Accrued benefit cost—long-term

      $ (908,110 )     $ (619,340 ) 
    

 

 

     

 

 

  
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income for 2011 consist of the following:

 

September 30,

In thousands of dollars

         

Current year actuarial loss

      $ (400,985 ) 

Amortization of actuarial loss

        37,901   

Amortization of prior service costs

        7,580   

Change in prior service costs

        (1,297 ) 

Currency loss

        (286 ) 
    

 

 

  

Total

      $ (357,087 ) 
    

 

 

  
Assumptions Used to Determine Defined Benefit Plans Costs

Pension costs: The following assumptions were used to determine net pension costs:

 

September 30, September 30, September 30,
       2011     2010     2009  

Discount rate

        5.49 %      5.88 %      6.26 % 

Expected return on plan assets

        8.75 %      8.75 %      8.75 % 

Rate of compensation increase

        2.95 %      2.88 %      2.54 %
Estimated Benefit Payments

The company estimates it will make the following benefit payments (from either retirement plan assets or directly from company funds), which reflect expected future service, as appropriate:

 

September 30,

In thousands of dollars

         

2012

      $ 231,381   

2013

      $ 213,052   

2014

      $ 219,135   

2015

      $ 220,640   

2016

      $ 221,693   

2017-2021

      $ 1,116,070
Other Postretirement Benefit Plans, Defined Benefit
  
Benefit costs

Postretirement benefit cost for health care and life insurance included the following components:

 

September 30, September 30, September 30,

In thousands of dollars

      2011      2010      2009  

Service cost — benefits earned during the period

      $ 611       $ 713       $ 1,405   

Interest cost on net benefit obligation

        9,205         10,606         13,339   

Amortization of prior service credit

        (19,510 )       (19,377 )       (15,689 ) 

Amortization of actuarial loss

        5,444         4,949         4,695   
    

 

 

     

 

 

     

 

 

  

Net periodic postretirement (benefit) cost

      $ (4,250 )     $ (3,109 )     $ 3,750   
    

 

 

     

 

 

     

 

 

  
Reconciliation of Benefit Obligations, Plan Assets and Funded Status of Company-Sponsored Benefit Plans

The table below provides a reconciliation of benefit obligations and funded status of the company’s postretirement benefit plans:

 

September 30, September 30,

In thousands of dollars

      Dec. 25, 2011      Dec. 26, 2010  

Change in benefit obligations

        

Net benefit obligations at beginning of year

      $ 191,282       $ 208,213   

Service cost

        611         713   

Interest cost

        9,205         10,606   

Plan participants’ contributions

        10,896         11,708   

Plan amendments

        —           (677 ) 

Actuarial gain (loss)

        2,482         (6,121 ) 

Gross benefits paid

        (32,386 )       (35,658 ) 

Federal subsidy on benefits paid

        2,041         2,498   

Net benefit obligations at end of year

      $ 184,131       $ 191,282   

Change in plan assets

        

Fair value of plan assets at beginning of year

      $ —         $ —     

Employer contributions

        21,490         23,950   

Plan participants’ contributions

        10,896         11,708   

Gross benefits paid

        (32,386 )       (35,658 ) 

Fair value of plan assets at end of year

      $ —         $ —     
    

 

 

     

 

 

  

Benefit obligation at end of year

      $ 184,131       $ 191,282   
    

 

 

     

 

 

  

Accrued postretirement benefit cost:

        

Current

      $ 20,432       $ 22,960   

Noncurrent

      $ 163,699       $ 168,322
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income

Other changes in plan assets and benefit obligations recognized in other comprehensive (loss) income for 2011 consist of the following:

 

September 30,

In thousands of dollars

         

Current year actuarial loss

      $ (2,510 ) 

Prior service credit change

        —     

Amortization of actuarial loss

        5,444   

Amortization of prior service credit

        (19,510 ) 
    

 

 

  

Total

      $ (16,576 ) 
    

 

 

  
Assumptions Used to Determine Defined Benefit Plans Costs

Postretirement benefit costs: The following assumptions were used to determine postretirement benefit cost:

 

September 30, September 30, September 30,
       2011     2010     2009  

Discount rate

        5.30 %      5.80 %      6.15 % 

Health care cost trend on coverage

        6.50 %      6.50 %      7.00 % 

Ultimate trend rate

        5.00 %      5.00 %      5.00 % 

Year that ultimate trend rate is reached

        2015        2014        2014
Estimated Benefit Payments

Cash flows: The company expects to make the following benefit payments, which reflect expected future service, and to receive the following federal subsidy benefits as appropriate:

 

September 30, September 30,

In thousands of dollars

      Benefit Payments        Subsidy Benefits  

2012

      $ 20,431         $ 2,078   

2013

      $ 20,035         $ 2,057   

2014

      $ 19,695         $ 2,043   

2015

      $ 18,887         $ 2,000   

2016

      $ 17,848         $ 1,953   

2017-2021

      $ 73,018         $ 8,715
Assumptions Used to Determine Year-End Benefit Obligations

Benefit obligations and funded status: The following assumptions were used to determine the year-end benefit obligation:

 

September 30, September 30,
       Dec. 25, 2011     Dec. 26, 2010  

Discount rate

        4.75 %      5.30 % 

Health care cost trend rate assumed for next year

        6.50 %      6.50 % 

Ultimate trend rate

        5.00 %      5.00 % 

Year that ultimate trend rate is reached

        2015        2014