SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 11-K
X ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
--- SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1994
OR
--- TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from __________ to __________.
Commission file number: 1-5837
THE MECHANICAL UNIONS SAVINGS TRUST
(Exact name of plan)
135 Morrissey Boulevard
P.O. Box 2378
Boston, MA 02107-2378
(Address of Plan)
THE NEW YORK TIMES COMPANY
(Exact name of issuer)
229 West 43d Street
New York, New York 10036
(Address of issuer's principal executive office)
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The following financial statements are included in this Report:
Report of independent public accounts, including:
Statement of net assets available for plan benefits as of
December 31, 1994 and December 31, 1993.
Statement of changes in net assets available for plan benefits
for each of the years ending December 31, 1994 and 1993.
Notes to financial statements.
Schedule I - Supplemental schedule of investments as of December
31, 1994.
Schedule II - Supplemental schedule of reportable transactions for
the year ended December 31, 1994.
Schedule III - Supplemental schedule of changes in net assets by
account for the year ended December 31, 1994.
Signatures
- ----------
The Plan: Pursuant to the requirements of the Securities Exchange
Act of 1934, the trustees of the Plan have duly caused this annual report to
be signed on its behalf by the undersigned hereunto duly authorized.
THE MECHANICAL UNIONS SAVINGS TRUST
Dated: June 29, 1995 By /s/ Marilyn A. Kelly
------------------------
Marilyn A. Kelly,
Administrative Trustee
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MECHANICAL UNIONS SAVINGS TRUST
FINANCIAL STATEMENTS AS OF
DECEMBER 31, 1994 AND 1993
TOGETHER WITH AUDITORS' REPORT
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TABLE OF CONTENTS
Accountants' Report ..................................... Page 1
Statements of Net Assets Available for Plan Benefits ........ 2
Statements of Changes in Net Assets Available for
Plan Benefits ............................................. 3
Notes to Financial Statements ............................ 4 - 7
Schedule I - Supplemental Schedule of Investments ........... 8
Schedule II - Supplemental Schedule of Reportable
Transactions .............................................. 9
Schedule III - Supplemental Schedule of Changes in Net
Assets by Account ......................................... 10
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Administrative Trustees of the
Mechanical Unions Savings Trust:
We have audited the accompanying Statements of Net Assets
Available for Plan Benefits of the Mechanical Unions Savings
Trust (the Plan) as of December 31, 1994 and 1993, and the
related Statements of Changes in Net Assets Available for Plan
Benefits for the years then ended. These financial statements
and the schedules referred to below are the responsibility of the
Plan's trustees. Our responsibility is to express an opinion on
these financial statements and schedules based on our audits.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An
audit also includes assessing the accounting principles used and
significant estimates made by the trustees, as well as evaluating
the overall financial statement presentation. We believe that
our audit provides a reasonable basis for our opinion.
In our opinion, the 1994 financial statements referred to above
present fairly, in all material respects, the net assets
available for plan benefits of the Plan as of December 31, 1994,
and the changes in net assets available for plan benefits for the
year then ended, in conformity with generally accepted accounting
principles.
Our audit was made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules of investment, reportable transactions and changes in
net assets by account, as listed in the accompanying index, are
presented for the purpose of additional analysis and are not a
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<PAGE>
required part of the basic financial statements but are
supplementary information required by the Department of Labor
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The supplemental
schedules have been subjected to the auditing procedures applied
in our audits of the basic financial statements and, in our
opinion, are fairly stated, in all material respects, in relation
to the basic financial statements taken as a whole.
/s/ James J. Garrety & Company
Norwood, Massachusetts
June 15, 1995
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MECHANICAL UNIONS SAVINGS TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
December 31, 1994 and 1993
1994 1993
---- ----
ASSETS:
Investments, at contract or market
value
Fixed Interest Fund $ 9,146,347 $ 7,844,035
Growth Stock Fund 3,240,326 2,280,993
Diversified Bond Fund 300,486 278,750
Money Market Fund 548,879 677,337
Indexed Stock Fund 908,335 579,294
Government Securities Fund 295,858 257,599
Balanced Fund 1,057,136 439,275
New York Times Stock Fund 446,701 590,364
----------- -----------
NET ASSETS AVAILABLE FOR PLAN
BENEFITS $15,944,068 $12,947,647
=========== ===========
The accompanying notes are an integral
part of these financial statements.
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MECHANICAL UNIONS SAVINGS TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE
FOR PLAN BENEFITS
For the years ended December 31,
1994 1993
---- ----
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
beginning of year $12,947,647 $ 9,624,081
ADD (DEDUCT):
Participant contributions 3,262,918 2,839,062
Employee rollovers, net 15,753 1,087
Investment income 569,481 595,812
Net realized/unrealized gains (losses) ( 91,310) 481,394
Contractual and professional fees ( 45,090) ( 44,343)
Benefits paid ( 353,322) ( 222,632)
In-service withdrawal ( 120,143) ( 103,804)
Hardship withdrawal ( 241,866) ( 223,010)
- ( - )
------------ -----------
NET ASSETS AVAILABLE FOR PLAN BENEFITS,
end of year $15,944,068 $12,947,647
=========== ===========
The accompanying notes are an integral
part of these financial statements.
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<PAGE>
MECHANICAL UNIONS SAVINGS TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
NOTE A - DESCRIPTION OF THE PLAN
The Mechanical Unions Savings Trust (the Plan) is a defined
contribution plan established under the collective bargaining
agreement between the Globe Newspaper Company, Wilson Tisdale
Company (the Company) and nine Mechanical Unions. The Plan
became effective on January 1, 1989, was last amended October 1,
1993 and is available to all employees of the participating
unions who meet the eligibility requirements. It is intended that
the Plan qualify under Section 401(k) of the Internal Revenue
Code.
The pension committee, comprised of the plan trustees, serves as
the plan administrator. Three union representatives and three
representatives of the Company make up the plan trustees.
The Plan's assets are held by Allmerica Financial and are
invested under a group annuity contract.
All expenses incurred in the administration of the Plan are paid
by the participants.
Eligibility
-----------
To be eligible to participate in the Plan, an employee must be at
least 21 years of age and a member of one of the nine Mechanical
Unions participating in the Plan, and must have worked at least
1,000 hours during the previous 12-month period.
Contributions
-------------
Participants may elect to contribute up to 20% of their total
compensation per plan year. Employee contributions under the
Plan are tax-deferred and subject to certain limitations, as
defined under the plan agreement.
Investments
-----------
Plan participants may direct the investment of their account
balances in any of the following eight investment options:
1. Fixed Interest Fund
This fund invests primarily in investment grade fixed-income
securities with emphasis on public bonds, private placements
and commerical mortgages. It is managed by Allmerica Asset
Management, Inc. The fund's primary objective is to guarantee
a specific rate of interest while also guaranteeing
contributions against investment loss. Amounts invested in
this fund are allocated to State Mutual's General Account.
The General Account is an investment account es-
-4-
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MECHANICAL UNIONS SAVINGS TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1994
NOTE A - DESCRIPTION OF THE PLAN - (Continued)
1. Fixed Interest Fund (Continued)
tablished and maintained for all assets of State Mutual not
specifically directed to other investment funds, and, as such,
is subject to the general creditors of State Mutual Life
Assurance Company of America.
2. Growth Stock Fund
This fund invests primarily in common stocks and other
equity-type investments, and is managed by Miller, Anderson &
Sherrerd. The fund's primary objective is to produce
above-average performance results relative to the broad stock
market averages. Neither the principal nor investment earnings
are guaranteed under this fund.
3. Diversified Bond Fund
This fund invests primarily in publicly traded, fixed-income
securities such as bonds, notes and debentures. It is managed
by Allmerica Asset Management, Inc. The fund's primary
objective is to maximize total return. Neither the principal
nor investment earnings are guaranteed under this fund.
4. Money Market Fund
This fund invests primarily in money market instruments that
mature in less than one year, including but not limited to
government securities, certificates of deposit, bankers
acceptances and commerical paper. It is managed by Allmerica
Asset Management, Inc. The fund's primary objective is to
obtain the most current income possible while preserving
principal and allowing you access to funds. Neither the
principal nor investment earnings are guaranteed under this
fund.
5. Indexed Stock Fund
This fund's primary objective is to match the total return of
the Standard & Poor's 500 Composite Stock Price Index as
closely as possible by investing in more than three-guarters
of the Index's stocks. (The "Standard and Poor's 500 Composite
Stock Price Index" is a registered trademark of Standard &
Poor's Corporation, which neither sponsors nor is affiliated
with this fund.) This fund is managed by Allmerica Asset
Management, Inc. Neither the principal nor investment earnings
are guaranteed under this fund.
6. Government Securities Fund
This fund invests primarily in debt securities issued or
guaranteed by the U.S. government or its agencies, and is
managed by Allmerica Asset Management, Inc. The fund's primary
objective is to maximize income. Neither the principal nor
investment earnings are guaranteed under this fund.
-5-
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<PAGE>
MECHANICAL UNIONS SAVINGS TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1994
NOTE A - DESCRIPTION OF THE PLAN - (Continued)
7. Balanced Fund
This fund invests primarily in traditional stocks, bonds and
cash equivalents, and is managed by Standish, Ayer & Wood. The
fund's primary objective is to provide a balanced investment
comprised of well-diversified portfolio of stocks and bonds
that will produce both capital growth and current income.
Neither the principal nor investment earnings are guaranteed
under this fund.
8. New York Times Stock Fund
Under this option, your account is invested in common stock of
the New York Times Company, as offered in State Mutual's
Separate Investment Accounts. Minimum share blocks of 100 are
purchased by the Account for their fair market value with any
other amounts invested in cash or cash equivalents. As a
stockholder, you are investing in the Company. Neither the
principal nor any investment earnings are guaranteed under
this option. This investment account accepted no new
contributions after October 1, 1993.
Vesting
-------
Participants are 100% vested in their contributions and any
earnings on their investment account balances.
Termination of Employment
-------------------------
If a participant terminates employment due to death, disability
or retirement (as defined in the plan agreement), the account
becomes 100% distributable. A participant may not withdraw any
part of his account while still employed by the Company, except
if the employee has reached the age of 59-1/2 years, applies for a
hardship withdrawal or changes job classifications. Distribution
is made in a lump-sum payment equal to the value of the
participant's account.
Hardship Withdrawals
--------------------
A participant may withdraw his contributions prior to age 59-1/2
solely in the event of financial hardship. Determinations of
financial hardship shall be made by the plan administrator based
on the criteria listed in the plan agreement (conforming with
Internal Revenue Service regulations).
Classification Change
---------------------
A participant may transfer his account balance to another plan
sponsored by the Company if, upon a job classification change, the
participant is no longer an eligible employee of the plan.
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MECHANICAL UNIONS SAVINGS TRUST
NOTES TO FINANCIAL STATEMENTS (Continued)
December 31, 1994
NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING ISSUES
Basis of Accounting
-------------------
The accompanying financial statements are prepared using the
accrual basis of accounting. All investments are stated at
market value or cost plus carrying value (contract value) for the
Guaranteed Investment Account.
Federal Income Taxes
--------------------
The Plan obtained its latest determination letter on January 8,
1993, in which the Internal Revenue Service stated that the Plan
was in compliance with the applicable requirements of the
Internal Revenue Code, and is, therefore, exempt from federal
income taxes.
NOTE C - DISTRIBUTIONS PAYABLE
Included in net assets available for plan benefits at December
31, 1994 and 1993 are benefits payable to terminated participants
who requested distributions prior to plan year-end of $0 and
$55,111, respectively.
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MECHANICAL UNIONS SAVINGS TRUST
SUPPLEMENTAL SCHEDULE OF INVESTMENTS
as of December 31, 1994
GUARANTEED ACCUMULATION FUNDS
-----------------------------
Contract/
Market
Cost Value
----------- -----------
Allmerica Financial:
Fixed Interest Fund-
#G01-003, 8.35%, due 12/31/94 $ 1,640,698 $ 1,640,698
#G01-004, 7.15%, due 12/31/96 1,635,613 1,635,613
#G01-005, 5.25%, due 6/30/96 631,843 631,843
#G01-006, 7.15%, due 12/31/96 139,117 139,117
#G01-007, 4.51%, due 12/31/97 697,855 697,855
#G01-008, 5.25%, due 6/30/96 156,984 156,984
#G01-009, 4.51%, due 12/31/97 108,086 108,086
#G02-001, 9.00%, due 12/31/96 2,076,515 2,076,515
#G03-001, 3.89%, due 12/31/95 27,302 27,302
#G03-002, 3.89%, due 12/31/95 1,174,544 1,174,544
#G05-001, 6.45%, due 6/30/98 751,984 751,984
#G05-002, 3.89%, due 12/31/95 105,806 105,806
----------- ----------
Total guaranteed accumulation
funds $ 9,146,347 $ 9,146,347
----------- -----------
INVESTMENT ACCOUNTS
-------------------
Units
-----
Allmerica Financial:
Growth Stock Fund 4,805 $ 3,240,326
Diversified Bond Fund 459 300,486
Money Market Fund 1,845 548,879
Indexed Stock Fund 3,910 908,335
Government Securities Fund 2,502 295,858
Balanced Fund 8,894 1,057,136
New York Times Stock Fund 3,337 446,701
-----------
Total investment accounts $ 6,797,721
-----------
Total investments $15,944,068
===========
The accompanying notes are an integral
part of these financial statements.
-8-
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SCHEDULE II
MECHANICAL UNIONS SAVINGS TRUST
SUPPLEMENTAL SCHEDULE OF REPORTABLE TRANSACTIONS
For the year ended December 31, 1994
<TABLE><CAPTION>
Description of Total Cost Total Sales
Description of Assets Transactions of Purchases Proceeds
--------------------- -------------- ------------ -----------
<S> <C> <C> <C>
Fixed Interest Fund (1)
G03-002 39 purchases
154 sales $ 4,001,042 $ 2,866,050
G05-001 61 purchases
90 sales $ 3,458,484 $ 2,573,203
Growth Stock Fund (1) 106 purchases of
1,861 units
49 sales of 411
units $ 1,249,410 $ 276,219
Balanced Fund (1) 124 purchases of
7,272 units
30 sales of 1,911
units $ 889,418 $ 227,106
New York Times (2) No purchases
19 sales of 431
units $ - $ 68,152
</TABLE>
(1) Represents transactions or a series of transactions in
securities of the same issue in excess of 5% of the
current value of plan assets at the beginning of the
year.
(2) Represents transactions with a party in interest.
-9-
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<TABLE><CAPTION>
MECHANICAL UNIONS SAVINGS TRUST
SUPPLEMENTAL SCHEDULE OF CHANGES IN NET ASSETS BY ACCOUNT
For the year ended December 31, 1994
Fixed Growth Money Indexed Government
Interest Stock Diversified Market Stock Securities
Fund Fund Bond Fund Fund Fund Fund
-------- ------ ----------- ------ ------- ----------
<S> <C> <C> <C> <C> <C> <C>
BALANCE,
beginning of year $ 7,844,035 $ 2,280,994 $ 278,750 $ 677,336 $ 579,294 $ 257,599
ADD (DEDUCT):
Transfers, net 27,718 126,854 ( 14,471) ( 274,110) 86,780 ( 62,822)
Participants
contributions 1,112,722 982,002 90,477 181,418 270,184 124,910
Employee rollovers, net 172 3,341 171 171 1,061 171
Investment income 569,481 - - - - -
Net realized/unrealized
gain - 5,772 ( 8,378) 21,099 8,450 ( 1,499)
Contractual and pro-
fessional fees ( 26,994) ( 9,710) ( 937) ( 1,425) ( 1,960) ( 845)
Benefits paid ( 216,503) ( 39,000) ( 39,507) ( 23,518) ( 13,712) ( 17,004)
In-service withdrawal ( 50,999) ( 32,307) ( 2,776) ( 31,628) - -
Hardship withdrawal ( 113,285) ( 77,620) ( 2,843) ( 464) ( 21,762) ( 4,652)
---------- ---------- ---------- ---------- ---------- ----------
BALANCE, end of year $ 9,146,347 $ 3,240,326 $ 300,486 $ 548,879 $ 908,335 $ 295,858
========== ========== ========== ========== ========== ==========
</TABLE>
New York
Balanced Times
Fund Fund Total
-------- -------- -----
BALANCE,
beginning of year $ 439,275 $ 590,364 $ 12,947,647
ADD (DEDUCT):
Transfers, net 168,355 ( 58,304) -
Participants
contributions 501,205 - 3,262,918
Employee rollovers, net 10,666 - 15,753
Investment income - - 569,481
Net realized/unrealized
gain ( 42,187) ( 74,567) ( 91,310)
Contractual and pro-
fessional fees ( 2,275) ( 944) ( 45,090)
Benefits paid - ( 4,078) ( 353,322)
In-service withdrawal ( 2,433) - ( 120,143)
Hardship withdrawal ( 15,470) ( 5,770) ( 241,866)
----------- ------------ ------------
BALANCE, end of year $ 1,057,136 $ 446,701 $ 15,944,068
=========== ============ ============
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