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Pensions and other postretirement benefit plans | 12 Months Ended
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Dec. 31, 2025
Retirement Benefits [Abstract] |
Pensions and other postretirement benefit plans | NOTE 10 — 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 "Union 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 | 2025 |  | 2024 |  | 2025 |  | 2024
Projected benefit obligation at beginning of period | $1,503,131 |  | $1,658,045 |  | $39,007 |  | $41,719
Service cost | 860 |  | 998 |  | 32 |  | 35
Interest cost | 80,834 |  | 81,500 |  | 2,104 |  | 2,120
Actuarial loss (gain) | 23,908 |  | (101,025) |  | (793) |  | (286)
Foreign currency translation | 41,031 |  | (8,174) |  | — |  | —
Benefits paid | (115,042) |  | (127,368) |  | (3,758) |  | (4,581)
Curtailment | — |  | 119 |  | — |  | —
Settlement | (212,186) |  | (964) |  | — |  | —
Projected benefit obligation at end of period | $1,322,536 |  | $1,503,131 |  | $36,592 |  | $39,007
The following table presents the change in the fair value of plan assets for the years ended December 31:
| Pension benefits |  | Postretirement benefits
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Fair value of plan assets at beginning of period | $1,659,702 |  | $1,783,898 |  | $— |  | $—
Actual return on plan assets | 112,229 |  | 5,620 |  | — |  | —
Employer contributions | 1,691 |  | 7,949 |  | 3,758 |  | 4,581
Settlement | (212,186) |  | (964) |  | — |  | —
Benefits paid | (115,042) |  | (127,368) |  | (3,758) |  | (4,581)
Foreign currency translation | 47,294 |  | (9,433) |  | — |  | —
Fair value of plan assets at end of period | $1,493,688 |  | $1,659,702 |  | $— |  | $—
The following table presents amounts recognized in the Consolidated balance sheets, the plans' funded status and accumulated other comprehensive income that has not yet been recognized at December 31:
| Pension benefits |  | Postretirement benefits
In thousands | 2025 |  | 2024 |  | 2025 |  | 2024
Other assets | $173,362 |  | $160,343 |  | $— |  | $—
Accounts payable and accrued liabilities | 271 |  | 277 |  | 4,361 |  | 4,682
Pension and other postretirement benefit obligations | 1,939 |  | 3,495 |  | 32,231 |  | 34,325
Funded status at end of period | 171,152 |  | 156,571 |  | (36,592) |  | (39,007)
Unrecognized actuarial loss (gain) | 98,955 |  | 76,547 |  | (11,049) |  | (11,929)
Unrecognized prior service cost (benefit) | 1,529 |  | 1,491 |  | (1,599) |  | (2,169)
Net prepaid (accrued) benefit cost | $271,636 |  | $234,609 |  | $(49,240) |  | $(53,105)
Accumulated pension benefit obligations were $1.3 billion and $1.5 billion as of December 31, 2025 and 2024, 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 | 2025 |  | 2024 |  | 2025 |  | 2024
Accumulated benefit obligation | $1,319,619 |  | $1,456,629 |  | $2,210 |  | $45,780
Projected benefit obligation | 1,320,326 |  | 1,457,351 |  | 2,210 |  | 45,780
Fair value of plan assets | 1,493,688 |  | 1,617,694 |  | — |  | 42,008
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 $19.7 million, $11.4 million, and $8.0 million for the years ended December 31, 2025, 2024, and 2023, respectively. The following table presents the components of net periodic pension and postretirement benefits at December 31:
| Pension benefits |  | Postretirement benefits
In thousands | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Service cost | $860 |  | $998 |  | $1,366 |  | $32 |  | $35 |  | $40
Interest cost(a) | 80,834 |  | 81,500 |  | 84,449 |  | 2,104 |  | 2,120 |  | 2,334
Expected return on plan assets(a) | (91,689) |  | (96,726) |  | (95,358) |  | — |  | — |  | —
Amortization of actuarial loss (gain)(a) | 2,453 |  | 2,926 |  | 2,185 |  | (1,674) |  | (1,912) |  | (2,490)
Amortization of prior service costs(a) | 71 |  | 69 |  | 67 |  | (569) |  | (569) |  | (569)
Settlement loss (gain)(a) | (12,105) |  | 35 |  | — |  | — |  | — |  | —
Curtailment(a) | — |  | 119 |  | — |  | — |  | — |  | —
Total benefit, net | $(19,576) |  | $(11,079) |  | $(7,291) |  | $(107) |  | $(326) |  | $(685)
(a) Amounts are included in Other income (expense), net on the Consolidated statements of operations and comprehensive income (loss). The following table presents the changes in pension and other postretirement benefit plans recognized in Other comprehensive income (loss) at December 31:
| Pension benefits |  | Postretirement benefits
In thousands | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Net actuarial (gain) loss | $3,368 |  | $(9,919) |  | $(33,244) |  | $(793) |  | $(286) |  | $109
Amortization of net actuarial (loss) gain | (2,453) |  | (2,926) |  | (2,185) |  | 1,674 |  | 1,912 |  | 2,490
Change in prior service cost | — |  | — |  | — |  | — |  | — |  | (3,307)
Amortization of prior service costs | (71) |  | (69) |  | (67) |  | 569 |  | 569 |  | 569
Settlement gain (loss) | 12,105 |  | (35) |  | — |  | — |  | — |  | —
Equity method investments | 725 |  | (116) |  | (610) |  | — |  | — |  | —
Other | 9,497 |  | (1,405) |  | 7,415 |  | — |  | — |  | —
(Gain) loss recognized in Other comprehensive income (loss) | $23,171 |  | $(14,470) |  | $(28,691) |  | $1,450 |  | $2,195 |  | $(139)
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
| 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average discount rate | 5.5% |  | 5.7% |  | 5.4% |  | 5.8%
Rate of increase in future compensation levels(a) | 2.0% |  | 2.0% |  | N/A |  | N/A
Current year medical trend | N/A |  | N/A |  | 7.3% |  | 7.5%
Ultimate year medical trend | N/A |  | N/A |  | 4.5% |  | 4.5%
Year of ultimate trend | N/A |  | N/A |  | 2037 |  | 2037
(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:
| Pension benefits |  | Postretirement benefits
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
Weighted average discount rate | 5.5% |  | 5.1% |  | 5.4% |  | 5.8% |  | 5.4% |  | 5.7%
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 | 5.7% |  | 5.6% |  | 5.7% |  | N/A |  | N/A |  | N/A
Current year medical trend | N/A |  | N/A |  | N/A |  | 7.5% |  | 6.3% |  | 6.5%
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 |  | 2037 |  | 2031 |  | 2031
(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 2026 and allocations at the end of 2025 and 2024, by asset category, are presented in the table below:
| Target allocation |  | Allocation of plan assets
| 2026 |  | 2025 |  | 2024
Equity securities | 14% |  | 10% |  | 21%
Debt securities | 69% |  | 72% |  | 62%
Alternative investments(a) | 17% |  | 18% |  | 17%
Total | 100% |  | 100% |  | 100%
(a)Alternative investments include real estate, private equity and hedge funds. Purchase of pension annuity contract On October 31, 2025, USA TODAY Media Corp., formerly 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 one insurance company (the "Insurer") and transferred approximately $206 million of the GR Plan's pension liabilities and related pension assets. As of November 7, 2025 (the "Effective Date"), this agreement irrevocably transferred to the Insurer future GR Plan benefit obligations for certain U.S. retirees and beneficiaries ("Participants") beginning with payments due to the Participants on January 1, 2026 and USA TODAY Media Corp. has no financial responsibility for the Participants' benefits on or after such date. As of the Effective Date, the Insurer 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 October 31, 2025 reflecting the use of an updated discount rate. The plan remeasurement resulted in an increase of $13.6 million in the GR Plan's funded status, which included an increase in benefit obligation of $27.1 million (primarily due to a decrease in the discount rate from 5.75% at January 1, 2025 to 5.45%) and an incremental increase in plan assets of $40.7 million. In addition, we recognized a noncash pension settlement gain of $11.8 million ($8.9 million, net of tax) for the GR Plan for the year ended December 31, 2025, 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, 2025, we contributed $1.7 million and $3.8 million to our pension and other postretirement plans, respectively. Future contributions to our pension and postretirement benefit plans, which we are contractually obligated to contribute, are estimated to be $5.9 million in 2026. Contributions beyond 2026 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
2026 | $112,980 |  | $4,477
2027 | 113,107 |  | 4,200
2028 | 111,222 |  | 3,943
2029 | 112,295 |  | 3,695
2030 | 108,085 |  | 3,469
Thereafter | 488,002 |  | 14,275
The amounts above exclude the participants' share of the benefit cost. We expect no subsidy benefits for 2026 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, 2025, 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, 2025, and 2024, 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 i n 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, 2025 | December 31, 2024 | 2025 | 2024 | 2023
CWA/ITU Negotiated Pension Plan | 13-6212879/001 | Red | Red | Implemented | $21 | $160 | $255 | No | 8/4/2025
GCIU—Employer Retirement Benefit Plan(a) | 91-6024903/001 | Red | Red | Implemented | 28 | 46 | 41 | No | 8/4/2025
The Newspaper Guild International Pension Plan(a) | 52-1082662/001 | Red | Red | Implemented | 14 | 9 | 14 | Yes | 10/6/2021
IAM National Pension Plan(a) (b) | 51-6031295/002 | Red | Red | Implemented | 74 | 118 | 147 | Yes | 8/4/2025
Teamsters Pension Trust Fund of Philadelphia and Vicinity(a) | 23-1511735/001 | Green | Green | N/A | 694 | 998 | 965 | N/A | August 31, 2026 and September 1, 2026
Central Pension Fund of the International Union of Operating Engineers and Participating Employers(a) | 36-6052390/001 | Green | Green | N/A | 31 | 53 | 58 | N/A | 8/4/2025
Total |  |  |  |  | $862 | $1,384 | $1,480 |  |
(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, 2025, the total unpaid balance for the Company's withdrawal liabilities was approximately $37.3 million, which are payable over 13.2 years. During the year ended December 31, 2025, we reversed $12.2 million of withdrawal liabilities related to multiemployer pension plans, in which we formerly participated, based on the settlement of the withdrawal liabilities. Defined contribution plans Employees are immediately eligible to participate in the Gannett Media Corp. 401(k) Savings Plan (the "401(k) Savings 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 401(k) Savings 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 401(k) Savings Plan, with the exception of certain employees covered under collective bargaining agreements, were suspended. Beginning in July 2024, matching contributions to the 401(k) Savings 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, 2025, 2024, and 2023, the Company's matching contributions were $5.7 million, $3.3 million and $0.8 million, respectively.

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