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Pensions and other postretirement benefit plans
 12 Months Ended
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 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, 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.