fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic  conditions outside our control. The market approach analysis includes applying a multiple, based on comparable market transactions, to  certain operating metrics of the reporting unit. All other long-lived assets were tested for impairment at the asset group level associated with the lowest level  of cash flows. An impairment exists if the carrying value of the asset (1) was not recoverable (the carrying value of the  asset was greater than the sum of undiscounted cash flows) and (2) was greater than its fair value. The significant estimates and assumptions used by management in assessing the recoverability of goodwill  acquired and other long-lived assets are estimated future cash flows, discount rates, growth rates, as well as other  factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on  reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on  the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of  outcomes. In addition to annual testing, management uses certain indicators to evaluate whether the carrying values of its  long-lived assets may not be recoverable and an interim impairment test may be required. These indicators include:  (1) current-period operating or cash flow declines combined with a history of operating or cash flow declines or a  projection/forecast that demonstrates continuing declines in the cash flow or the inability to improve our operations  to forecasted levels, (2) a significant adverse change in the business climate, whether structural or technological, (3)  significant impairments and (4) a decline in our stock price and market capitalization.  Management has applied what it believes to be the most appropriate valuation methodology for its impairment  testing. Additionally, management believes that the likelihood of an impairment of goodwill is remote due to the  excess market capitalization relative to its net book value. See Notes 4 and 13 of the Notes to the Consolidated  Financial Statements. We self-insure for workers’ compensation costs, automobile and general liability claims, up to certain  deductible limits, as well as for certain employee medical and disability benefits. The recorded liabilities for self- insured risks are primarily calculated using actuarial methods. The liabilities include amounts for actual claims, claim  growth and claims incurred but not yet reported. The recorded liabilities for self-insured risks were approximately  $43 million as of December 28, 2014 and December 29, 2013.  Our single-employer pension and other postretirement benefit costs are accounted for using actuarial  valuations. We recognize the funded status of these plans – measured as the difference between plan assets, if funded,  and the benefit obligation – on the balance sheet and recognize changes in the funded status that arise during the  period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss),  net of income taxes. The assets related to our funded pension plans are measured at fair value. We make significant subjective judgments about a number of actuarial assumptions, which include discount  rates, health-care cost trend rates, long-term return on plan assets and mortality rates. Depending on the assumptions  and estimates used, the impact from our pension and other postretirement benefits could vary within a range of  outcomes and could have a material effect on our Consolidated Financial Statements. We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer  pension plans. We assess a liability, for obligations related to complete and partial withdrawals from multiemployer  pension plans, as well as estimate obligations for future partial withdrawals that we consider probable and  reasonably estimable. The actual liability is not known until each plan completes a final assessment of the withdrawal  liability and issues a demand to us. Therefore, we adjust the estimate of our multiemployer pension plan liability as  more information becomes available that allows us to refine our estimates. See Notes 9 and 10 for additional information regarding pension and other postretirement benefits. P. 68 – THE NEW YORK TIMES COMPANY Pension and Other Postretirement Benefits Self-Insurance