v3.24.3
Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFITS PENSION AND OTHER POSTRETIREMENT BENEFITS
Pension
Single-Employer Plans
We maintain The New York Times Companies Pension Plan, a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits.
We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation.
The components of net periodic pension (income)/cost were as follows:
For the Quarters Ended
 September 30, 2024September 30, 2023
(In thousands)Qualified
Plans		Non-
Qualified
Plans		All
Plans		Qualified
Plans		Non-
Qualified
Plans		All
Plans
Service cost$1,541 $— $1,541 $1,417 $— $1,417 
Interest cost 13,376 2,206 15,582 14,198 2,296 16,494 
Expected return on plan assets (18,109)— (18,109)(19,122)— (19,122)
Amortization of actuarial loss 2,603 997 3,600 663 890 1,553 
Amortization of prior service credit (486)— (486)(486)— (486)
Net periodic pension (income)/cost$(1,075)$3,203 $2,128 $(3,330)$3,186 $(144)
For the Nine Months Ended
 September 30, 2024September 30, 2023
(In thousands)Qualified
Plans		Non-
Qualified
Plans		All
Plans		Qualified
Plans		Non-
Qualified
Plans		All
Plans
Service cost$4,623 $— $4,623 $4,252 $— $4,252 
Interest cost 40,128 6,619 46,747 42,595 6,887 49,482 
Expected return on plan assets (54,327)— (54,327)(57,367)— (57,367)
Amortization of actuarial loss 7,809 2,991 10,800 1,991 2,669 4,660 
Amortization of prior service credit (1,459)— (1,459)(1,459)— (1,459)
Effect of settlement— (27)(27)— — — 
Net periodic pension (income)/cost$(3,226)$9,583 $6,357 $(9,988)$9,556 $(432)
During the first nine months of 2024 and 2023, we made pension contributions of $9.7 million and $7.7 million, respectively, to the APP. We expect to make contractual contributions in 2024 of approximately $13 million, which more than satisfy minimum funding requirements.
Multiemployer Plans
During the third quarter of 2023, we recorded a favorable adjustment of $2.3 million related to a reduction to our multiemployer pension plan liability. This favorable adjustment was recorded in Multiemployer pension plan liability adjustment in our Condensed Consolidated Statements of Operations.
Other Postretirement Benefits
The components of net periodic postretirement benefit cost were as follows:
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Service cost$4 $8 $12 $25 
Interest cost 272 375 816 1,126 
Amortization of actuarial loss 174 486 522 1,455 
Net periodic postretirement benefit cost$450 $869 $1,350 $2,606