•  addressing political or social instability; •  adapting to currency exchange rate fluctuations; and •  complying with restrictions on repatriation of funds. The underfunded status of our pension plans may adversely affect our operations, financial condition and liquidity.  Our participation in multiemployer pension plans may subject us to liabilities that could materially adversely affect  our results of operations, financial condition and cash flows.  P. 10 – THE NEW YORK TIMES COMPANY Adverse developments in any of these areas could have an adverse impact on our business, financial condition  and results of operations. In addition, we have limited experience in operating and marketing our products in new  international regions and could be at a disadvantage compared to competitors with more experience. We maintain qualified defined benefit pension plans. In addition, although we sold the New England Media  Group in 2013 and the Regional Media Group in 2012, we retained pension assets and liabilities and postretirement  obligations related to employees of those businesses. As a result, and although we have frozen participation and  benefits under all but two of the qualified pension plans we maintain, our results of operations will be affected by the  amount of income or expense we record for, and the contributions we are required to make to, these plans.  Pension income and expense is calculated using a number of actuarial valuations. These valuations reflect  assumptions about mortality, as well as financial markets and other economic conditions, which may change based on  changes in key economic indicators. The most significant year-end assumptions we use to estimate pension expense  are the discount rate and the expected long-term rate of return on the plan assets. Our qualified defined benefit  pension plans were underfunded by approximately $264 million as of December 28, 2014. We are required to make  contributions to our qualified defined benefit pension plans to comply with minimum funding requirements imposed  by laws governing those plans. A decrease in the discount rate used to determine the liabilities for pension obligations  may result in increased contributions.  Failure to achieve expected returns on plan assets driven by various factors, including a continued environment  of low interest rates or sustained volatility and disruption in the stock and bond markets, could also result in an  increase in the amount of cash we would be required to contribute to these pension plans. In addition, unfavorable  changes in underlying assumptions or applicable laws or regulations could materially change the timing and amount  of required plan funding. As a result, we may have less cash available for working capital and other corporate uses,  which may have an adverse impact on our results of operations, financial condition and liquidity. We participate in, and make periodic contributions to, various multiemployer pension plans that cover many of  our current and former union employees. Our required contributions to these plans could increase because of a  shrinking contribution base as a result of the insolvency or withdrawal of other companies that currently contribute to  these plans, the inability or failure of withdrawing companies to pay their withdrawal liability, low interest rates,  lower than expected returns on pension fund assets or other funding deficiencies. Our withdrawal liability for any  multiemployer pension plan will depend on the nature and timing of any triggering event and the extent of that  plan’s funding of vested benefits. If a multiemployer pension plan in which we participate has significant  underfunded liabilities, such underfunding will increase the size of our potential withdrawal liability. In addition,  under the Pension Protection Act of 2006, special funding rules apply to multiemployer pension plans that are  classified as “endangered,” “seriously endangered,” or “critical” status. If plans in which we participate are in critical  status, benefit reductions may apply and/or we could be required to make additional contributions. If, in the future,  we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution base units,  additional liabilities would need to be recorded that could have an adverse effect on our business, results of  operations, financial condition or cash flows. We have recorded significant withdrawal liabilities with respect to multiemployer pension plans in which we  formerly participated, primarily in connection with the sales of the New England and the Regional Media Groups.  Until demand letters from some of the multiemployer plans’ trustees are received, the exact amount of the  withdrawal liability will not be fully known and, as such, a difference from the recorded estimate could have an  adverse effect on our results of operations, financial condition and cash flows. In addition, in the event a mass  withdrawal is deemed to have occurred at any of these plans, we may be required to make additional contributions  under applicable law.