Pension and Other Retirement Plans

6 Months Ended

Jun. 30, 2025

Pension and Other Retirement Plans [Abstract]

Note 6: Pension and Other Retirement Plans

Defined Benefit Plans. The Company sponsored the DallasNews Pension Plans (the “Pension Plans”), which provided benefits to approximately 1,300 current and former employees of the Company. DallasNews Pension Plan I provided benefits to certain current and former employees primarily employed with The Dallas Morning News or the DallasNews corporate offices. DallasNews Pension Plan II provided benefits to certain former employees of The Providence Journal Company. This obligation was retained by the Company upon the sale of the newspaper operations of The Providence Journal. No additional benefits were accruing under the DallasNews Pension Plans, as future benefits were frozen.

On April 17, 2025, the Pension Plans purchased a nonparticipating single premium group annuity contract that transferred all of the Pension Plans’ defined benefit pension obligations to First Allmerica Financial Life Insurance Company (the “Insurer”). The contract covers approximately 1,300 participants and beneficiaries (the “Transferred Participants”). Under the group annuity contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay the pension benefits of each Transferred Participant that are due on and after July 1, 2025. The transaction will not result in any changes to the amount of benefits payable to the Transferred Participants. The purchase of the group annuity contract was funded by (i) approximately $132,000 of Pension Plans’ assets and (ii) a cash contribution of approximately $10,000 from the Company, which cash contribution was intended to fully fund the Company’s remaining defined benefit pension liabilities. The Company funded this contribution using proceeds from the sale of the North Plant Property. The settlement of the Company’s defined benefit obligations required the Pension Plans’ assets and obligations to be remeasured resulting in an actuarial gain of $1,175 recorded in other comprehensive income in the second quarter; see Note 7 – Shareholders’ Equity. For the remeasurement, the discount rate used to determine interest expense was 5.3 percent and the expected long-term rate of return on the Pension Plans’ assets remained at 6.3 percent.

Following the remeasurement, in the second quarter, the Company recorded a one-time non-cash pre-tax pension settlement charge of $35,266 to recognize all actuarial gains (losses) in accumulated other comprehensive loss attributable to the Pension Plans. The recognized settlement loss is a component of net periodic pension expense (benefit), which is included in other income (loss), net in the Consolidated Statements of Operations.

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Net Periodic Pension Expense (Benefit)

The Company’s estimates of net periodic pension expense or benefit are based on the expected return on plan assets, interest on the projected benefit obligations and the amortization of actuarial gains and losses that are deferred in accumulated other comprehensive loss. Participation in and accrual of new benefits to participants has been frozen since 2007 and, accordingly, on-going service costs are not a component of net periodic pension benefit.

The table below sets forth components of net periodic pension expense (benefit), which is included in other income (loss), net in the Consolidated Statements of Operations.



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest cost	$	1,920	$	1,882	$	3,841	$	3,764
Expected return on plans' assets		(2,131)		(2,469)		(4,261)		(4,937)
Amortization of actuarial loss		229		109		458		218
Recognized settlement loss		35,266		—		35,266		—
Net periodic pension expense (benefit)	$	35,284	$	(478)	$	35,304	$	(955)

Other defined benefit plans. DallasNews also sponsors unfunded other post-employment benefit (the “OPEB”) plans, which provide health and life insurance benefits for certain retired employees. These plans were frozen subsequent to the separation from the Company’s former parent company; therefore, no future benefits accrue and on-going service costs are not a component of net periodic benefit cost. The Company recorded a liability of $854 and $880 related to the OPEB plans as of June 30, 2025 and December 31, 2024, respectively. A net periodic benefit cost of $2 and $3 for the three months ended June 30, 2025 and 2024, respectively, and $3 and $7 for the six months ended June 30, 2025 and 2024, respectively, was recorded to other income (loss), net. The net periodic benefit cost primarily represents amortization of actuarial gains (losses) and prior service costs, offset by interest expense associated with the actuarial liability. Actuarial gains (losses) are recorded annually to other comprehensive income; see Note 7 – Shareholders’ Equity.

Defined Contribution Plans. The DallasNews Savings Plan (the “Savings Plan”), a defined contribution 401(k) plan, covers substantially all employees of DallasNews. Participants may elect to contribute a portion of their pretax compensation as provided by the Savings Plan and the Internal Revenue Code. Employees can contribute up to 100 percent of their annual eligible compensation less required withholdings and deductions up to statutory limits. The Company provides an ongoing dollar-for-dollar match of eligible employee contributions, up to 1.5 percent of the employees’ compensation. Aggregate expense for matching contributions to the Savings Plan was $159 and $168 for the three months ended June 30, 2025 and 2024, respectively, and $319 and $337 for the six months ended June 30, 2025 and 2024, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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+ Details

DallasNews Corp 10-Q