11. Other Liabilities The components of the “Other Liabilities — Other” balance in our Consolidated Balance Sheets were as follows: Deferred compensation consists primarily of deferrals under our deferred executive compensation plan (the  “DEC Plan”). The DEC Plan enables certain eligible executives to elect to defer a portion of their compensation on a  pre-tax basis. While the initial deferral period is for a minimum of 2 years up to a maximum of 15 years (after which  time taxable distributions must begin), the executive has the option to extend the deferral period. Employees’  contributions earn income based on the performance of investment funds they select. We invest deferred compensation in life insurance products designed to closely mirror the performance of the  investment funds that the participants select. Our investments in life insurance products are included in  “Miscellaneous assets” in our Consolidated Balance Sheets, and were $72.1 million as of December 28, 2014 and $68.6  million as of December 29, 2013. Other liabilities in the preceding table primarily included our post employment liabilities as of December 28,  2014 and our contingent tax liability for uncertain tax positions as of December 29, 2013.  Reconciliations between the effective tax rate on income/(loss) from continuing operations before income taxes  and the federal statutory rate are presented below. 12. Income Taxes GLYPH<160> December 28, 2014 December 29, 2013 December 30, 2012 (In thousands) Amount % of Pre-tax Amount % of Pre-tax Amount % of Pre-tax Tax at federal statutory rate $ 10,448 35.0 $ 33,180 35.0 $ 90,494 35.0 State and local taxes, net 4,620 15.5 8,312 8.8 11,507 4.4 Effect of enacted changes in tax laws 1,393 4.7 GLYPH<151> GLYPH<151> GLYPH<151> GLYPH<151> Reduction in uncertain tax positions (21,147) (70.8) (1,803) (1.9) (6,721) (2.6) Gain on Company-owned life insurance (1,250) (4.2) (3,673) (3.9) (2,690) (1.0) Nondeductible expense, net 1,847 6.2 2,039 2.2 866 0.3 Other, net 548 1.8 (163) (0.2) 1,161 0.5 Income tax (benefit)/expense $ (3,541) (11.8) $ 37,892 40.0 $ 94,617 36.6 THE NEW YORK TIMES COMPANY – P. 91 (In thousands) December 28, 2014 December 29, 2013 Deferred compensation $ 45,136 $ 51,660 Other liabilities 62,639 106,775 Total $ 107,775 $ 158,435