4.GLYPH<160>Goodwill 5. Investments Equity Method Investments MalbaieGLYPH<160>& Madison P. 72 – THE NEW YORK TIMES COMPANY We received distributions from Madison of $0.0 million in 2014, $0.0 million in 2013 and $2.0 million in 2012. We received distributions from Malbaie of $3.9 million in 2014, $1.4 million in 2013 and $7.3 million in 2012.  Our Company and UPM-Kymmene Corporation, a Finnish paper manufacturing company, are partners  through subsidiary companies in Madison. The Company’s percentage ownership of Madison, which represents 40%,  is through an 80%-owned consolidated subsidiary. UPM-Kymmene owns 60% of Madison, including a 10% interest  through a 20% noncontrolling interest in the consolidated subsidiary of the Company. We have a 49% equity interest in a Canadian newsprint company, Malbaie. The other 51% is owned by  Resolute FP Canada Inc., a subsidiary of Resolute Forest Products Inc. (“Resolute”), a Delaware corporation. Resolute  is a large global manufacturer of paper, market pulp and wood products. Malbaie manufactures newsprint on the  paper machine it owns within Resolute’s paper mill in Clermont, Quebec. Malbaie is wholly dependent upon  Resolute for its pulp, which is purchased by Malbaie from Resolute’s Clermont paper mill.  We have investments in Donohue Malbaie, Inc. (“Malbaie”), a Canadian newsprint company, and Madison  Paper Industries (“Madison”), a partnership operating a supercalendered paper mill in Maine (together, the “Paper  Mills”).  In the fourth quarter of 2013, we completed the sale of the New England Media Group and our 49% equity  interest in Metro Boston, and classified the results as discontinued operations for all periods presented. See Note 13  for additional information.  In the first quarter of 2013, we recorded a nominal charge for the impairment of our investment in  quandrantONE LLC as a result of its February 2013 announcement of the wind down of its operations. Our investments above are accounted for under the equity method, and are recorded in “Investments in joint  ventures” in our Consolidated Balance Sheets. Our proportionate shares of the operating results of our investments  are recorded in “(Loss)/income from joint ventures” in our Consolidated Statements of Operations and in  “Investments in joint ventures” in our Consolidated Balance Sheets. As of December 28, 2014, our investments in joint ventures consisted of equity ownership interests in the  following entities: The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates  related to the consolidation of certain international subsidiaries. (1) See Note 13 for additional information regarding the assets and liabilities held for sale for the New England Media Group. The changes in the carrying amount of goodwill in 2014 and 2013 were as follows: (In thousands) Total Company Balance as of December 30, 2012 $ 122,691 Goodwill transferred to held for sale  (1) GLYPH<151> Foreign currency translation 3,180 Balance as of December 29, 2013 125,871 Foreign currency translation (9,449) Balance as of December 28, 2014 $ 116,422 Company ApproximateGLYPH<160>% Ownership Donohue Malbaie Inc. 49% Madison Paper Industries 40%