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Pensions and other postretirement benefit plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule Changes in Projected Benefit Obligations Amounts Recognized in Other Comprehensive Income Loss | The following table presents the change in the projected benefit obligation for the years ended December 31:
| Pension benefits |  | Postretirement benefits
In thousands | 2024 |  | 2023 |  | 2024 |  | 2023
Projected benefit obligation at beginning of period | $1,658,045 |  | $1,642,180 |  | $41,719 |  | $47,043
Service cost | 998 |  | 1,366 |  | 35 |  | 40
Interest cost | 81,500 |  | 84,449 |  | 2,120 |  | 2,334
Change in prior service cost | — |  | — |  | — |  | (3,307)
Actuarial (gain) loss | (101,025) |  | 21,769 |  | (286) |  | 109
Foreign currency translation | (8,174) |  | 33,973 |  | — |  | —
Benefits and expenses paid | (127,368) |  | (125,692) |  | (4,581) |  | (4,500)
Curtailment | 119 |  | — |  | — |  | —
Settlement | (964) |  | — |  | — |  | —
Projected benefit obligation at end of period | $1,503,131 |  | $1,658,045 |  | $39,007 |  | $41,719
The following table presents the change in the fair value of plan assets for the years ended December 31, and the plans' funded status at December 31:
| Pension benefits |  | Postretirement benefits
In thousands | 2024 |  | 2023 |  | 2024 |  | 2023
Fair value of plan assets at beginning of period | $1,783,898 |  | $1,720,810 |  | $— |  | $—
Actual return on plan assets | 5,620 |  | 150,371 |  | — |  | —
Employer contributions | 7,949 |  | 1,441 |  | 4,581 |  | 4,500
Settlement | (964) |  | — |  | — |  | —
Benefits paid | (127,368) |  | (125,692) |  | (4,581) |  | (4,500)
Foreign currency translation | (9,433) |  | 36,968 |  | — |  | —
Fair value of plan assets at end of period | $1,659,702 |  | $1,783,898 |  | $— |  | $—
Funded status at end of period | 156,571 |  | 125,853 |  | (39,007) |  | (41,719)
Unrecognized actuarial loss (gain) | 76,547 |  | 90,813 |  | (11,929) |  | (13,555)
Unrecognized prior service cost | 1,491 |  | 1,581 |  | (2,169) |  | (2,738)
Net prepaid (accrued) benefit cost | 234,609 |  | 218,247 |  | (53,105) |  | (58,012)
Amounts recognized in the Consolidated balance sheets at December 31, are listed below:
| Pension benefits |  | Postretirement benefits
In thousands | 2024 |  | 2023 |  | 2024 |  | 2023
Other assets | $160,343 |  | $131,881 |  | $— |  | $—
Accounts payable and accrued liabilities | 277 |  | 282 |  | 4,682 |  | 4,804
Pension and other postretirement benefit obligations | 3,495 |  | 5,746 |  | 34,325 |  | 36,915
Accumulated other comprehensive (loss) income | (78,038) |  | (92,394) |  | 14,098 |  | 16,293
Net prepaid (accrued) benefit cost | $234,609 |  | $218,247 |  | $(53,105) |  | $(58,012)
The following table presents information about funded and underfunded pension plans at December 31:
| Funded plans |  | Underfunded plans
In thousands | 2024 |  | 2023 |  | 2024 |  | 2023
Projected benefit obligation | $1,457,351 |  | $1,602,112 |  | $45,780 |  | $55,933
Accumulated benefit obligation | 1,456,629 |  | 1,601,306 |  | 45,780 |  | 55,933
Fair value of plan assets | 1,617,694 |  | 1,733,993 |  | 42,008 |  | 49,905
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The following table presents the components of net periodic benefit cost and amounts recognized in Other comprehensive income (loss) at December 31, 2024, 2023, and 2022:
| Pension benefits |  | Postretirement benefits
In thousands | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Service cost - benefits earned during the period | $998 |  | $1,366 |  | $1,754 |  | $35 |  | $40 |  | $77
Non-operating expenses: |  |  |  |  |  |  |  |  |  |  |
Interest cost on benefit obligations | 81,500 |  | 84,449 |  | 71,733 |  | 2,120 |  | 2,334 |  | 1,770
Expected return on plan assets | (96,726) |  | (95,358) |  | (131,295) |  | — |  | — |  | —
Amortization of actuarial loss (gain) | 2,926 |  | 2,185 |  | 89 |  | (1,912) |  | (2,490) |  | (589)
Amortization of prior service costs | 69 |  | 67 |  | 66 |  | (569) |  | (569) |  | —
Settlement loss (gain) | 35 |  | — |  | (727) |  | — |  | — |  | —
Curtailment | 119 |  | — |  | — |  | — |  | — |  | —
Total non-operating (benefit) expense | (12,077) |  | (8,657) |  | (60,134) |  | (361) |  | (725) |  | 1,181
Total (benefit) expense for retirement plans | $(11,079) |  | $(7,291) |  | $(58,380) |  | $(326) |  | $(685) |  | $1,258
Other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss): |  |  |  |  |  |
Net actuarial (gain) loss | $(9,919) |  | $(33,244) |  | $199,374 |  | $(286) |  | $109 |  | $(14,092)
Amortization of net actuarial (loss) gain | (2,926) |  | (2,185) |  | (89) |  | 1,912 |  | 2,490 |  | 589
Change in prior service cost | — |  | — |  | — |  | — |  | (3,307) |  | —
Amortization of prior service costs | (69) |  | (67) |  | (66) |  | 569 |  | 569 |  | —
Settlement (loss) gain | (35) |  | — |  | — |  | — |  | — |  | —
Equity method investments | (116) |  | (610) |  | — |  | — |  | — |  | —
Other | (1,405) |  | 7,415 |  | (5,283) |  | — |  | — |  | —
(Gain) loss recognized in Other comprehensive income (loss) | $(14,470) |  | $(28,691) |  | $193,936 |  | $2,195 |  | $(139) |  | $(13,503)
Schedule of Assumptions Used | The following assumptions were used in connection with the Company's actuarial valuation of its pension plans and postretirement benefit obligations at December 31:
| Pension benefits |  | Postretirement benefits
| 2024 |  | 2023 |  | 2024 |  | 2023
Weighted average discount rate | 5.7% |  | 5.1% |  | 5.8% |  | 5.4%
Rate of increase in future compensation levels(a) | 2.0% |  | 2.0% |  | N/A |  | N/A
Current year medical trend | N/A |  | N/A |  | 7.5% |  | 6.3%
Ultimate year medical trend | N/A |  | N/A |  | 4.5% |  | 4.5%
Year of ultimate trend | N/A |  | N/A |  | 2037 |  | 2031
(a) Relates only to the Newspaper Guild of Detroit defined benefit pension plans. The following assumptions were used to calculate the net periodic benefit cost for the Company's pension plans and postretirement benefit obligations at December 31, 2024, 2023, and 2022:
| Pension benefits |  | Postretirement benefits
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
Weighted average discount rate | 5.1% |  | 5.4% |  | 3.8% |  | 5.4% |  | 5.7% |  | 3.0%
Rate of increase in future compensation levels(a) | 2.0% |  | 2.0% |  | 2.0% |  | N/A |  | N/A |  | N/A
Weighted average expected return on assets | 5.6% |  | 5.7% |  | 4.8% |  | N/A |  | N/A |  | N/A
Current year medical trend | N/A |  | N/A |  | N/A |  | 6.3% |  | 6.5% |  | 6.0%
Ultimate year medical trend | N/A |  | N/A |  | N/A |  | 4.5% |  | 4.5% |  | 4.5%
Year of ultimate trend | N/A |  | N/A |  | N/A |  | 2031 |  | 2031 |  | 2028
(a) Relates only to the Newspaper Guild of Detroit defined benefit pension plans.
Schedule of Allocation of Plan Assets | The weighted average target asset allocation of our plans for 2025 and allocations at the end of 2024 and 2023, by asset category, are presented in the table below:
| Target allocation |  | Allocation of plan assets
| 2025 |  | 2024 |  | 2023
Equity securities | 17% |  | 21% |  | 24%
Debt securities | 71% |  | 62% |  | 57%
Alternative investments(a) | 12% |  | 17% |  | 19%
Total | 100% |  | 100% |  | 100%
(a)Alternative investments include real estate, private equity and hedge funds.
Schedule of Estimated Benefit Payments | We estimate making the following benefit payments, which reflect expected future service:
In thousands | Pension benefits |  | Postretirement benefits
2025 | $134,982 |  | $4,815
2026 | 133,856 |  | 4,536
2027 | 133,474 |  | 4,269
2028 | 130,646 |  | 4,010
2029 | 128,982 |  | 3,764
Thereafter | 554,288 |  | 15,549
Schedule of Multiemployer Pension Plans | For each of the plans listed below, the Company's contribution represented less than 5% of total contributions to the plan.
| EIN/Plan number | Zone status Year Ended | FIP/RP status pending/ implemented | Contributions (In thousands) | Surcharge imposed | Expiration dates of CBAs
Pension Plan Name | December 31, 2024 | December 31, 2023 | 2024 | 2023 | 2022
CWA/ITU Negotiated Pension Plan | 13-6212879/001 | Red | Red | Implemented | $160 | $255 | $276 | No | December 31, 2025 and March 30, 2026
GCIU—Employer Retirement Benefit Plan(a) | 91-6024903/001 | Red | Red | Implemented | 46 | 41 | 42 | No | 12/31/2025
The Newspaper Guild International Pension Plan(a) | 52-1082662/001 | Red | Red | Implemented | 9 | 14 | 15 | Yes | 10/6/2021
IAM National Pension Plan(a) (b) | 51-6031295/002 | Red | Red | Implemented | 118 | 147 | 177 | Yes | January 6, 2026 and January 8, 2026
Teamsters Pension Trust Fund of Philadelphia and Vicinity(a) | 23-1511735/001 | Green as of Apr. 29, 2024 | Green as of Apr. 30, 2023 | N/A | 998 | 965 | 1,249 | N/A | 8/31/2025
Central Pension Fund of the International Union of Operating Engineers and Participating Employers(a) | 36-6052390/001 | Green | Green | N/A | 53 | 58 | 56 | N/A | 1/9/2026
Total |  |  |  |  | $1,384 | $1,480 | $1,815 |  |
(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. (b)The trustees of this plan have voluntarily elected to put the fund in critical status to strengthen its funding position.

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