Retirement Benefits THE NEW YORK TIMES COMPANY – P. 47  See “— Pensions and Other Postretirement Benefits” below for more information on our retirement benefits. On October 27, 2014, the SOA released new mortality tables that increased life expectancy assumptions. During  the fourth quarter of 2014, we adopted the new mortality tables and revised the mortality assumptions used in  determining our pension and postretirement benefit obligations. The net impact to our qualified and non-qualified  pension and postretirement obligations resulting from the new mortality assumptions was an increase of $117.0 and  $4.2 million, respectively. See Note 9 and Note 10 of our Consolidated Financial Statements for additional  information. We consider accounting for retirement plans critical to our operations because management is required to 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. These assumptions may have an effect on the  amount and timing of future contributions. 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.  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 tax. The assets related to our funded pension plans are measured at fair value. 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. 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.  The significant estimates and assumptions used by management in assessing the recoverability of goodwill 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. The market approach analysis includes applying a multiple, based on comparable market transactions, to  certain operating metrics of the reporting unit. The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of  which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working  capital and discount rates. The starting point for the assumptions used in our discounted cash flow analysis is the  annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range  financial forecast takes into consideration a multitude of factors, including historical growth rates and operating  performance, related industry trends, macroeconomic conditions, and marketplace data, among others. Assumptions  are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of  fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic  conditions outside our control. goodwill. An impairment loss would be recognized in an amount equal to the excess of the carrying amount of the  goodwill over the implied fair value of the goodwill.