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Pensions and other postretirement benefit plans (Tables)

12 Months Ended

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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