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Pensions and other postretirement benefit plans (Tables)

12 Months Ended

Dec. 31, 2025

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	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)

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

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

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)

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
	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.

Schedule of Allocation of Plan Assets

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.

Schedule of Estimated 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

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, 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.

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