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Pensions and other postretirement benefit plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Pensions and other postretirement benefit plans NOTE 9 — Pensions and other postretirement benefit plans
We, along with our subsidiaries, sponsor various defined benefit retirement plans, including plans established under
collective bargaining agreements. Our retirement plans include the (i) Gannett Retirement Plan (the "GR Plan"), (ii) Gannett
Retirement Plan for Certain Union Employees (the "Gannett CUE Plan"), (iii) Newsquest Scheme in the U.K. (the "U.K.
Pension Plan"), (iv) Newspaper Guild of Detroit Pension Plan (the "Detroit Plan"), (v) George W. Prescott Publishing Company
Pension Plan (the "GWP Plan") and (vi) Times Publishing Company Defined Benefit Pension Plan (the "TPC Plan"). The GWP
Plan was amended to freeze all future benefit accruals by December 31, 2008, except for a select group of union employees
whose benefits were frozen in 2009, the GR Plan was amended to freeze all future benefit accruals by August 1, 2008, except
for a select group of unions and the TPC Plan was frozen as of May 31, 2007, prior to the Company's acquisition of the TPC
Plan.
The Company also maintains several postretirement medical and life insurance plans which cover certain employees. We
also provide health care and life insurance benefits to certain retired employees who meet age and service requirements. Most
of our retirees contribute to the cost of these benefits and retiree contributions are increased as actual benefit costs increase. The
cost of providing retiree health care and life insurance benefits is actuarially determined. Our policy is to fund benefits as claims
and premiums are paid. We use a December 31 measurement date for these plans.
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)
Accumulated pension benefit obligations were $1.5 billion and $1.7 billion as of December 31, 2024 and 2023,
respectively. For the Funded plans, the fair value of plan assets exceeds both the projected benefit obligation and accumulated
benefit obligation. For the Underfunded plans, the projected benefit obligation and accumulated benefit obligation exceed the
fair value of plan assets. 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
Net periodic benefit cost and amounts recognized in Other comprehensive income (loss)
The combined net pension and postretirement expense (benefit) recognized in the Consolidated statements of operations
and comprehensive income (loss) was $11.4 million, $8.0 million, and $57.1 million for the years ended December 31, 2024,
2023, and 2022, respectively.
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)
Assumptions
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.
To determine the expected long-term rate of return on pension plan assets, the Company considers the current and expected
asset allocations as well as historical and expected returns on various categories of plan assets, input from the actuaries and
investment consultants, and long-term inflation assumptions. The expected allocation of pension plan assets is based on a
diversified portfolio consisting of domestic and international equity securities and fixed income securities. This expected return
is then applied to the fair value of plan assets. The Company amortizes experienced gains and losses, including the effects of
changes in actuarial assumptions and plan provisions, over a period equal to the average future service of plan participants or
over the average remaining life expectancy of inactive participants. The Company updates the estimates used to measure the
defined benefit pension assets and obligations annually or upon a remeasurement event.
The fiduciaries of the pension plans set investment policies and strategies for the pension trusts. Objectives include
preserving the funded status of the plan and balancing risk against return.
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.
Purchase of pension annuity contract
On August 31, 2022, Gannett Media Corp., a wholly-owned subsidiary of the Company, as sponsor of the GR Plan, entered
into an agreement pursuant to which the GR Plan used a portion of its assets to purchase annuities from two insurance
companies (the "Insurers") and transferred approximately $450 million of the GR Plan's pension liabilities and related pension
assets. As of August 31, 2022, this agreement irrevocably transferred to the Insurers future GR Plan benefit obligations for
certain U.S. retirees and beneficiaries ("Participants") beginning with payments due to the Participants on November 1, 2022
(the "Effective Date") and Gannett Media Corp. has no financial responsibility for the Participants' benefits on or after such
date. As of the Effective Date, the Insurers assumed responsibility for administrative and customer service support, including
distribution of payments to the Participants. Participants' benefits were not reduced as a result of this transaction. As a result of
this transaction, we were required to remeasure the related plan benefit obligations and assets as of August 31, 2022 reflecting
the use of an updated discount rate. The plan remeasurement resulted in a decrease of $99.9 million to our net funded pension
obligation, which included a decrease in benefit obligation of $281.8 million (primarily due to an increase in the discount rate
from 2.95% at January 1, 2022 to 5.05%) and an incremental decrease in plan assets of $381.7 million. In addition, we
recognized a noncash pension settlement gain of $0.7 million ($0.5 million after tax) for the GR Plan for the year ended
December 31, 2022, which represented the accelerated recognition of actuarial gains that were included in accumulated other
comprehensive income (loss) within stockholders' equity.
Contributions
We are contractually obligated to contribute to our pension and postretirement benefit plans. During the year ended
December 31, 2024, we contributed $7.9 million and $4.6 million to our pension and other postretirement plans, respectively.
Beginning with the quarter ended December 31, 2022, and ending with the quarter ending September 30, 2024, the GR Plan's
appointed actuary certified the GR Plan's funded status for each quarter (the "Quarterly Certification") in accordance with U.S.
GAAP. If the GR Plan was less than 100% funded, the Company would have been required to make a $1.0 million contribution
to the GR Plan no later than 60 days following the receipt of the Quarterly Certification. The Company's obligation to make
additional contractual contributions terminated the day following the date that a contractual contribution would have been due
for the quarter ending September 30, 2024. As of December 31, 2024, the GR Plan was more than 100% funded.
Future contributions to our pension and postretirement benefit plans, which we are contractually obligated to contribute, are
estimated to be $6.6 million in 2025. Contributions beyond 2025 are not estimated due to uncertainties regarding significant
assumptions involved in estimating these contributions, such as interest rate levels, as well as the amount and timing of invested
asset returns. These future contributions do not include additional contributions which may be required to meet Internal
Revenue Service ("IRS") minimum funding standards as these contributions are subject to uncertainties regarding significant
assumptions involved in their estimation such as interest rate levels as well as the amount and timing of invested asset returns.
Estimated future 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
The amounts above exclude the participants' share of the benefit cost. We expect no subsidy benefits for 2025 and beyond.
Multiemployer plans
The Company is a participant in six multiemployer pension plans covering certain employees with collective bargaining
agreements ("CBAs"). The risks of participating in these multiemployer plans are different from single-employer plans in the
following aspects:
•The Company plays no part in the management of plan investments or any other aspect of plan administration;
•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; and
•If the Company chooses to stop participating in some of its multiemployer plans, the Company may be required to pay
those plans in an amount based on the unfunded status of the plan, referred to as withdrawal liability.
The Company's participation in these plans for the year ended December 31, 2024, is outlined in the table below. The
"EIN/Pension Plan Number" column provides the Employee Identification Number ("EIN") and the three-digit plan number.
Unless otherwise noted, the two most recent Pension Protection Act zone statuses available are for the plans for the years ended
December 31, 2024, and 2023, respectively. The zone status is based on information the Company received from the plan and is
certified by the plan's actuary. Among other factors, plans in the red zone are generally less than 65% funded; plans in the
orange zone are both (i) less than 80% funded and (ii) have an accumulated/expected funding deficiency in any of the next six
plan years, net of any amortization extensions; plans in the yellow zone meet either one of the criteria mentioned in the orange
zone; and plans in the green zone are at least 80% funded. The "FIP/RP Status Pending/Implemented" column indicates plans
for which a financial improvement plan ("FIP") or a rehabilitation plan ("RP") is either pending or has been implemented. The
last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. The Company
makes all required contributions to these plans as determined under the respective CBAs. 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.
As of December 31, 2024, the total unpaid balance for the Company's withdrawal liabilities was approximately $55.6
million, which are payable over 13.9 years. For the year ended December 31, 2024, we recorded $24.5 million related to
withdrawal liabilities which were expensed as a result of ceasing contributions to multiemployer pension plans in which we
formerly participated.
Defined contribution plans
Employees are immediately eligible to participate in the Gannett Media Corp. 401(k) Savings Plan (the "Gannett 401(k)
Plan") and can elect to save up to 75% of compensation on a pre-tax basis, subject to IRS limitations. Effective January 1, 2021,
employees covered under collective bargaining agreements are eligible to participate in the Gannett 401(k) Plan only if
participation has been bargained, unless previously eligible in the New Media Investment Group Inc. Retirement Savings Plan.
In October 2022, matching contributions to the Gannett 401(k) Plan, with the exception of certain employees covered under
collective bargaining agreements, were suspended. Prior to the suspension of matching contributions in October 2022, the
matching formula was 100% of the first 4% of employee contributions and 50% on the next 2% of employee contributions of
eligible pay. Beginning in July 2024, matching contributions to the Gannett 401(k) Plan were reinstated, and the current
matching formula is 25% of the first 4% of employee contributions of eligible pay. For the years ended December 31, 2024,
2023, and 2022, the Company's matching contributions were $3.3 million, $0.8 million and $13.5 million, respectively.