Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 28, 2021 | Apr. 30, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 28, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-5837 | |
Entity Registrant Name | THE NEW YORK TIMES COMPANY | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-1102020 | |
Entity Address, Address Line One | 620 Eighth Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10018 | |
City Area Code | 212 | |
Local Phone Number | 556-1234 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | NYT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000071691 | |
Current Fiscal Year End Date | --12-26 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 167,079,231 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 781,724 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 28, 2021 | Dec. 27, 2020 |
Current assets | ||
Cash and cash equivalents | $ 275,242 | $ 286,079 |
Short-term marketable securities | 297,454 | 309,080 |
Accounts receivable (net of allowances of $12,498 in 2021 and $13,797 in 2020) | 145,170 | 183,692 |
Prepaid expenses | 33,459 | 29,487 |
Other current assets | 35,327 | 27,497 |
Total current assets | 786,652 | 835,835 |
Other assets | ||
Long-term marketable securities | 317,988 | 286,831 |
Property, plant and equipment (less accumulated depreciation and amortization of $900,278 in 2021 and $886,149 in 2020) | 587,452 | 594,516 |
Goodwill | 169,295 | 171,657 |
Deferred income taxes | 98,884 | 99,518 |
Miscellaneous assets | 322,491 | 319,332 |
Total assets | 2,282,762 | 2,307,689 |
Current liabilities | ||
Accounts payable | 102,699 | 123,157 |
Accrued payroll and other related liabilities | 86,844 | 121,159 |
Unexpired subscriptions revenue | 114,845 | 105,346 |
Accrued expenses and other | 136,318 | 137,086 |
Total current liabilities | 440,706 | 486,748 |
Other liabilities | ||
Pension benefits obligation | 322,543 | 326,555 |
Postretirement benefits obligation | 37,136 | 38,690 |
Other | 126,915 | 127,585 |
Total other liabilities | 486,594 | 492,830 |
Common stock of $.10 par value: | ||
Additional paid-in capital | 212,802 | 216,714 |
Retained earnings | 1,701,860 | 1,672,586 |
Common stock held in treasury, at cost | (171,211) | (171,211) |
Accumulated other comprehensive loss, net of income taxes: | ||
Foreign currency translation adjustments | 6,407 | 8,386 |
Funded status of benefit plans | (417,010) | (421,698) |
Net unrealized gain on available-for-sale securities | 2,350 | 3,131 |
Total accumulated other comprehensive loss, net of income taxes | (408,253) | (410,181) |
Total New York Times Company stockholders’ equity | 1,352,868 | 1,325,517 |
Noncontrolling interest | 2,594 | 2,594 |
Total stockholders’ equity | 1,355,462 | 1,328,111 |
Total liabilities and stockholders’ equity | 2,282,762 | 2,307,689 |
Class A Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | 17,592 | 17,531 |
Class B Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | $ 78 | $ 78 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 28, 2021 | Dec. 27, 2020 |
Accounts receivable, allowance for credit loss | $ 12,498 | $ 13,797 |
Accumulated depreciation and amortization | $ 900,278 | $ 886,149 |
Common stock, par value (in usd per share) | $ 0.10 | $ 0.10 |
Class A Common Stock | ||
Authorized shares (in shares) | 300,000,000 | 300,000,000 |
Issued shares (in shares) | 175,916,992 | 175,308,672 |
Treasury shares (in shares) | 8,870,801 | 8,870,801 |
Class B Common Stock | ||
Authorized shares (in shares) | 781,724 | 781,724 |
Issued shares (in shares) | 781,724 | 781,724 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Revenues | ||
Total revenues | $ 473,045 | $ 443,636 |
Operating costs | ||
Cost of revenue (excluding depreciation and amortization) | 250,997 | 243,484 |
Sales and marketing | 60,153 | 73,784 |
Product development | 38,943 | 31,002 |
General and administrative | 56,577 | 52,861 |
Depreciation and amortization | 14,717 | 15,185 |
Total operating costs | 421,387 | 416,316 |
Operating profit | 51,658 | 27,320 |
Other components of net periodic benefit costs | 2,599 | 2,314 |
Interest income and other, net | 1,511 | 13,854 |
Income from continuing operations before income taxes | 50,570 | 38,860 |
Income tax expense | 9,461 | 6,006 |
Net income | 41,109 | 32,854 |
Net income attributable to The New York Times Company common stockholders | $ 41,109 | $ 32,854 |
Average number of common shares outstanding: | ||
Basic (in shares) | 167,647 | 166,549 |
Diluted (in shares) | 168,165 | 167,845 |
Basic earnings per share attributable to The New York Times Company common stockholders | ||
Basic earnings per share attributable to The New York Times Company common stockholders (in usd per share) | $ 0.25 | $ 0.20 |
Diluted earnings per share attributable to The New York Times Company common stockholders | ||
Diluted earnings per share attributable to The New York Times Company common stockholders (in usd per share) | 0.24 | 0.20 |
Dividends declared per share (in usd per share) | $ 0.07 | $ 0.06 |
Subscription | ||
Revenues | ||
Total revenues | $ 329,084 | $ 285,434 |
Advertising | ||
Revenues | ||
Total revenues | 97,116 | 106,137 |
Other | ||
Revenues | ||
Total revenues | $ 46,845 | $ 52,065 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 41,109 | $ 32,854 |
Other comprehensive income, before tax: | ||
Loss on foreign currency translation adjustments | (2,702) | (254) |
Pension and postretirement benefits obligation | 6,406 | 6,397 |
Net unrealized (loss)/gain on available-for-sale securities | (1,067) | 715 |
Other comprehensive income, before tax | 2,637 | 6,858 |
Income tax expense | 709 | 1,915 |
Other comprehensive income, net of tax | 1,928 | 4,943 |
Comprehensive income attributable to The New York Times Company common stockholders | $ 43,037 | $ 37,797 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Capital Stock - Class A and Class B Common | Additional Paid-in Capital | Retained Earnings | Common Stock Held in Treasury, at Cost | Accumulated Other Comprehensive Loss, Net of Income Taxes | Total New York Times Company Stockholders’ Equity | Non- controlling Interest |
Balance, beginning of period at Dec. 29, 2019 | $ 1,173,863 | $ 17,504 | $ 208,028 | $ 1,612,658 | $ (171,211) | $ (494,976) | $ 1,172,003 | $ 1,860 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 32,854 | 32,854 | 32,854 | |||||
Dividends | (10,039) | (10,039) | (10,039) | |||||
Other comprehensive income | 4,943 | 4,943 | 4,943 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 931 | 9 | 922 | 931 | ||||
Restricted stock units vested - Class A shares | (3,609) | 13 | (3,622) | (3,609) | ||||
Performance-based awards - Class A shares | (7,824) | 26 | (7,850) | (7,824) | ||||
Stock-based compensation | 2,455 | 2,455 | 2,455 | |||||
Balance, end of period at Mar. 29, 2020 | 1,193,574 | 17,552 | 199,933 | 1,635,473 | (171,211) | (490,033) | 1,191,714 | 1,860 |
Balance, beginning of period at Dec. 27, 2020 | 1,328,111 | 17,609 | 216,714 | 1,672,586 | (171,211) | (410,181) | 1,325,517 | 2,594 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 41,109 | 41,109 | 41,109 | |||||
Dividends | (11,835) | (11,835) | (11,835) | |||||
Other comprehensive income | 1,928 | 1,928 | 1,928 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 2,447 | 33 | 2,414 | 2,447 | ||||
Restricted stock units vested - Class A shares | (4,550) | 14 | (4,564) | (4,550) | ||||
Performance-based awards - Class A shares | (5,933) | 14 | (5,947) | (5,933) | ||||
Stock-based compensation | 4,185 | 4,185 | 4,185 | |||||
Balance, end of period at Mar. 28, 2021 | $ 1,355,462 | $ 17,670 | $ 212,802 | $ 1,701,860 | $ (171,211) | $ (408,253) | $ 1,352,868 | $ 2,594 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Stock options (in shares) | 323,360 | 88,775 |
Restricted stock unit vested (in shares) | 142,707 | 134,985 |
Performance-based awards (in shares) | 142,253 | 257,098 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Cash flows from operating activities | ||
Net income | $ 41,109 | $ 32,854 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,717 | 15,185 |
Amortization of right of use asset | 2,166 | 2,347 |
Stock-based compensation expense | 4,185 | 2,455 |
Gain on non-marketable equity investment | 0 | (10,074) |
Long-term retirement benefit obligations | (4,004) | (4,469) |
Fair market value adjustment on life insurance products | 208 | 3,469 |
Other – net | (1,277) | 3,064 |
Changes in operating assets and liabilities: | ||
Accounts receivable – net | 38,522 | 55,722 |
Other assets | (3,768) | 6,826 |
Accounts payable, accrued payroll and other liabilities | (68,428) | (79,225) |
Unexpired subscriptions | 9,499 | 10,697 |
Net cash provided by operating activities | 32,929 | 38,851 |
Cash flows from investing activities | ||
Purchases of marketable securities | (177,543) | (142,024) |
Maturities of marketable securities | 155,782 | 127,291 |
Business acquisitions | 0 | (8,055) |
(Purchases)/sales of investments – net | (70) | 2,965 |
Capital expenditures | (6,394) | (15,217) |
Other-net | 2,017 | 1,617 |
Net cash used in investing activities | (26,208) | (33,423) |
Long-term obligations: | ||
Dividends paid | (10,072) | (8,344) |
Capital shares: | ||
Proceeds from stock option exercises | 2,447 | 931 |
Share-based compensation tax withholding | (10,483) | (11,432) |
Net cash used in financing activities | (18,108) | (18,845) |
Net decrease in cash, cash equivalents and restricted cash | (11,387) | (13,417) |
Effect of exchange rate changes on cash | (341) | 32 |
Cash, cash equivalents and restricted cash at the beginning of the period | 301,964 | 247,518 |
Cash, cash equivalents and restricted cash at the end of the period | $ 290,236 | $ 234,133 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 28, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION In the opinion of management of The New York Times Company (the “Company”), the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of March 28, 2021, and December 27, 2020, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended March 28, 2021, and March 29, 2020. The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 27, 2020. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks for the first quarter. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates. Certain prior period amounts have been reclassified to conform with the current period presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 28, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as described herein, as of March 28, 2021, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 27, 2020, have not changed materially. Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2019-12 Simplifying the Accounting for Income Taxes (Topic 740) Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. Simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted this guidance on December 28, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements |
Revenue
Revenue | 3 Months Ended |
Mar. 28, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE We generate revenues principally from subscriptions and advertising. Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as our Games, Cooking and Audm products) and single-copy and bulk sales of our print products. Subscription revenues are based on both the number of copies of the printed newspaper sold and digital-only subscriptions, and the rates charged to the respective customers. Advertising revenue is principally from advertisers (such as technology, financial and luxury goods companies) promoting products, services or brands on digital platforms in the form of display ads, audio and video, and in print, in the form of column-inch ads. Advertising revenue is primarily derived from offerings sold directly to marketers by our advertising sales teams. A smaller proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising revenue is primarily determined by the volume (e.g., impressions), rate and mix of advertisements. Digital advertising includes our core digital advertising business and other digital advertising. Our core digital advertising business includes direct-sold website, mobile application, podcast, email and video advertisements. Direct-sold display advertising, a component of core digital advertising, includes offerings on websites and mobile applications sold directly to marketers by our advertising sales teams. Other digital advertising includes open-market programmatic advertising and creative services fees. Print advertising includes revenue from column-inch ads and classified advertising, including line-ads as well as preprinted advertising, also known as freestanding inserts. Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), commercial printing, retail commerce, television and film and our live events business. Subscription, advertising and other revenues were as follows: For the Quarters Ended (In thousands) March 28, 2021 As % of total March 29, 2020 As % of total Subscription $ 329,084 69.6 % $ 285,434 64.4 % Advertising 97,116 20.5 % 106,137 23.9 % Other (1) 46,845 9.9 % 52,065 11.7 % Total $ 473,045 100.0 % $ 443,636 100.0 % (1) Other revenues includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $6 million and $8 million for the quarters ended March 28, 2021, and March 29, 2020, respectively. The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the quarters ended March 28, 2021, and March 29, 2020: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Digital-only subscription revenues: News product subscription revenues (1) $ 161,287 $ 118,958 Other product subscription revenues (2) 18,312 11,052 Subtotal digital-only subscriptions 179,599 130,010 Print subscription revenues: Domestic home delivery subscription revenues (3) 134,395 133,736 Single-copy, NYT International and other subscription revenues (4) 15,090 21,688 Subtotal print subscription revenues 149,485 155,424 Total subscription revenues $ 329,084 $ 285,434 (1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category. (2) Includes revenues from standalone subscriptions to the Company’s Games, Cooking and Audm products. (3) Includes free access to some of the Company’s digital products. (4) NYT International is the international edition of our print newspaper. The following table summarizes digital and print advertising revenues for the quarters ended March 28, 2021, and March 29, 2020: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Advertising revenues: Digital $ 59,496 $ 51,158 Print 37,620 54,979 Total advertising $ 97,116 $ 106,137 Performance Obligations We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of March 28, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $112 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $37 million, $34 million and $41 million will be recognized in the remainder of 2021, 2022 and thereafter, respectively. Contract Assets As of March 28, 2021, and December 27, 2020, the Company had $1.7 million and $1.8 million, respectively, in contract assets recorded in the Condensed Consolidated Balance Sheets related to digital archiving licensing revenue. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 28, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $3.2 million and $4.3 million of net unrealized gains in Accumulated other comprehensive income (“AOCI”) as of March 28, 2021, and December 27, 2020, respectively. The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of March 28, 2021, and December 27, 2020: March 28, 2021 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 125,933 $ 417 $ (19) $ 126,331 Certificates of deposit 59,083 — — 59,083 U.S. Treasury securities 51,225 27 (1) 51,251 U.S. governmental agency securities 39,362 42 — 39,404 Commercial paper 21,385 — — 21,385 Total short-term AFS securities $ 296,988 $ 486 $ (20) $ 297,454 Long-term AFS securities Corporate debt securities $ 150,272 $ 1,125 $ (119) $ 151,278 U.S. Treasury securities 101,222 1,751 (8) 102,965 U.S. governmental agency securities 51,588 15 (13) 51,590 Municipal securities 12,161 1 (7) 12,155 Total long-term AFS securities $ 315,243 $ 2,892 $ (147) $ 317,988 December 27, 2020 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 129,805 $ 504 $ (8) $ 130,301 Certificates of deposit 36,525 — — 36,525 U.S. Treasury securities 79,467 39 (3) 79,503 U.S. governmental agency securities 25,113 61 (3) 25,171 Commercial paper 37,580 — — 37,580 Total short-term AFS securities $ 308,490 $ 604 $ (14) $ 309,080 Long-term AFS securities Corporate debt securities $ 134,296 $ 1,643 $ (5) $ 135,934 U.S. Treasury securities 95,511 2,054 — 97,565 U.S. governmental agency securities 48,342 19 (13) 48,348 Municipal securities 4,994 — (10) 4,984 Total long-term AFS securities $ 283,143 $ 3,716 $ (28) $ 286,831 The following tables represent the AFS securities as of March 28, 2021, and December 27, 2020, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: March 28, 2021 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Short-term AFS securities Corporate debt securities $ 50,264 $ (19) $ — $ — $ 50,264 $ (19) U.S. Treasury securities 10,563 (1) — — 10,563 (1) Total short-term AFS securities $ 60,827 $ (20) $ — $ — $ 60,827 $ (20) Long-term AFS securities Corporate debt securities $ 42,532 $ (119) $ — $ — $ 42,532 $ (119) U.S. Treasury securities 9,493 (8) — — 9,493 (8) U.S. governmental agency securities 21,235 (13) — — 21,235 (13) Municipal securities 7,161 (7) — — 7,161 (7) Total long-term AFS securities $ 80,421 $ (147) $ — $ — $ 80,421 $ (147) December 27, 2020 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Short-term AFS securities Corporate debt securities $ 33,735 $ (8) $ — $ — $ 33,735 $ (8) U.S. Treasury securities 20,133 (3) — — 20,133 (3) U.S. governmental agency securities 4,999 (2) 8,749 (1) 13,748 (3) Total short-term AFS securities $ 58,867 $ (13) $ 8,749 $ (1) $ 67,616 $ (14) Long-term AFS securities Corporate debt securities $ 6,717 $ (5) $ — $ — $ 6,717 $ (5) U.S. governmental agency securities 26,236 (13) — — 26,236 (13) Municipal securities 4,984 (10) — — 4,984 (10) Total long-term AFS securities $ 37,937 $ (28) $ — $ — $ 37,937 $ (28) We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs. As of March 28, 2021 , and December 27, 2020, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of March 28, 2021 , and December 27, 2020, we have recognized no losses or allowance for credit losses related to AFS securities. As of March 28, 2021, and December 27, 2020, our short-term and long-term marketable securities had remaining maturities of less than one month to 12 months and 13 months to 36 months, respectively. See Note 8 for more information regarding the fair value of our marketable securities. |
Goodwill and Intangibles
Goodwill and Intangibles | 3 Months Ended |
Mar. 28, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | GOODWILL AND INTANGIBLES The changes in the carrying amount of goodwill as of March 28, 2021, and since December 27, 2020, were as follows: (In thousands) Total Company Balance as of December 27, 2020 $ 171,657 Foreign currency translation (2,362) Balance as of March 28, 2021 $ 169,295 The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries. The aggregate carrying amount of intangible assets of $15.8 million is included in Miscellaneous assets |
Investments
Investments | 3 Months Ended |
Mar. 28, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS Non-Marketable Equity Securities Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable securities sold or impaired are recognized in Interest income and other, net . As of March 28, 2021, and December 27, 2020, non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $21.0 million and $20.9 million, respectively. During the first quarter of 2020, we recorded a $10.1 million gain related to a non-marketable equity investment transaction. The gain is comprised of $2.5 million realized gain due to the partial sale of the investment and a $7.6 million unrealized gain due to the mark to market of the remaining investment, and is included in Interest income and other, net in our Condensed Consolidated Statements of Operations. |
Other
Other | 3 Months Ended |
Mar. 28, 2021 | |
Other Income and Expenses [Abstract] | |
Other | OTHER Capitalized Computer Software Costs Amortization of capitalized computer software costs included in Depreciation and amortization in our Condensed Consolidated Statements of Operations were $2.6 million and $3.8 million in the first quarters of 2021 and 2020, respectively. Interest income and other, net Interest income and other, net , as shown in the accompanying Condensed Consolidated Statements of Operations was as follows: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Interest income and other expense, net (1) $ 1,689 $ 14,039 Interest expense (178) (185) Total interest income and other, net $ 1,511 $ 13,854 (1) The quarter ended March 29, 2020 includes a $10.1 million gain related to a non-marketable equity investment transaction. Restricted Cash A reconciliation of cash, cash equivalents and restricted cash as of March 28, 2021, and December 27, 2020, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) March 28, 2021 December 27, 2020 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 275,242 $ 286,079 Restricted cash included within other current assets 664 686 Restricted cash included within miscellaneous assets 14,330 15,199 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 290,236 $ 301,964 Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations. Revolving Credit Facility In September 2019, the Company entered into a $250.0 million five-year unsecured revolving credit facility (the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee of 0.20%. As of March 28, 2021, there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the documents governing the Credit Facility. Severance Costs We recognized $0.4 million in severance costs in each of the first quarters of 2021 and 2020, respectively. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations. We had a severance liability of $3.3 million and $5.0 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of March 28, 2021, and December 27, 2020, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 28, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels: Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3–unobservable inputs for the asset or liability. Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of March 28, 2021, and December 27, 2020: (In thousands) March 28, 2021 December 27, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) Corporate debt securities $ 126,331 $ — $ 126,331 $ — $ 130,301 $ — $ 130,301 $ — Certificates of deposit 59,083 — 59,083 — 36,525 — 36,525 — U.S. Treasury securities 51,251 — 51,251 — 79,503 — 79,503 — U.S. governmental agency securities 39,404 — 39,404 — 25,171 — 25,171 — Commercial paper 21,385 — 21,385 — 37,580 — 37,580 — Total short-term AFS securities $ 297,454 $ — $ 297,454 $ — $ 309,080 $ — $ 309,080 $ — Long-term AFS securities (1) Corporate debt securities $ 151,278 $ — $ 151,278 $ — $ 135,934 $ — $ 135,934 $ — U.S. Treasury securities 102,965 — 102,965 — 97,565 — 97,565 — U.S. governmental agency securities 51,590 — 51,590 — 48,348 — 48,348 — Municipal securities 12,155 — 12,155 — 4,984 — 4,984 — Total long-term AFS securities $ 317,988 $ — $ 317,988 $ — $ 286,831 $ — $ 286,831 $ — Liabilities: Deferred compensation (2)(3) $ 18,857 $ 18,857 $ — $ — $ 22,245 $ 22,245 $ — $ — Contingent consideration $ 7,728 $ — $ — $ 7,728 $ 8,431 $ — $ — $ 8,431 (1) We classified these investments as Level 2 since the fair value is based on market observable inputs for investments with similar terms and maturities. (2) The deferred compensation liability, included in Other liabilities—other in our Condensed Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), which previously enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015. (3) The Company invests the assets associated with the deferred compensation liability in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $50.2 million as of March 28, 2021, and $49.2 million as of December 27, 2020. The fair value of these assets is measured using the net asset value per share (or its equivalent) and has not been classified in the fair value hierarchy. Level 3 Liabilities The contingent consideration liability is related to the 2020 acquisition of substantially all the assets and certain liabilities of Serial Productions, LLC (the “Serial acquisition”) and represents contingent payments based on the achievement of certain operational targets, as defined in the acquisition agreement, over the 5 years following the acquisition. The Company estimated the fair value using a probability-weighted discounted cash flow model. The estimate of the fair value of contingent consideration requires subjective assumptions to be made regarding probabilities assigned to operational targets and the discount rate. As the fair value is based on significant unobservable inputs, this is a Level 3 liability. The following table presents the contingent consideration balances as of March 28, 2021, and December 27, 2020: (In thousands) March 28, 2021 December 27, 2020 Balance at the beginning of the period (1) $ 8,431 $ — Serial acquisition — 9,293 Payments — (862) Fair value adjustments (2) (703) — Contingent consideration at the end of the period $ 7,728 $ 8,431 (1) There were no transactions involving contingent consideration during the quarter ended March 29, 2020. The contingent consideration reflected above relates to the Serial acquisition, which was completed during the third quarter of 2020. (2) Fair value adjustments are included in General and administrative expenses in our Condensed Consolidated Statements of Operations. The remaining contingent consideration balances as of March 28, 2021, and December 27, 2020, of $7.7 million and $8.4 million, respectively, are included in Accrued expenses and other , for the current portion of the liability, and Other non-current liabilities , for the long-term portion of the liability, in our Condensed Consolidated Balance Sheets. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 28, 2021 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS Pension Single-Employer Plans We maintain The New York Times Companies Pension Plan (the “Pension Plan”), a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits. We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. The components of net periodic pension cost were as follows: For the Quarters Ended March 28, 2021 March 29, 2020 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 2,276 $ — $ 2,276 $ 2,607 $ — $ 2,607 Interest cost 7,629 1,088 8,717 11,742 1,648 13,390 Expected return on plan assets (12,677) — (12,677) (17,736) — (17,736) Amortization of actuarial loss 5,055 1,821 6,876 5,655 1,521 7,176 Amortization of prior service credit (486) — (486) (486) — (486) Net periodic pension cost (1) $ 1,797 $ 2,909 $ 4,706 $ 1,782 $ 3,169 $ 4,951 (1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit. During the first quarters of 2021 and 2020, we made pension contributions of $1.5 million and $2.1 million, respectively, to the APP. We expect contributions in 2021 to total approximately $10 million to satisfy funding requirements. Other Postretirement Benefits The components of net periodic postretirement benefit cost/(income) were as follows: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Service cost $ 13 $ 7 Interest cost 141 256 Amortization of actuarial loss 852 763 Amortization of prior service credit (836) (1,056) Net periodic postretirement benefit cost/(income) (1) $ 170 $ (30) (1) The service cost component of net periodic postretirement benefit cost/(income) is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 28, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXESThe Company had income tax expense of $9.5 million and $6.0 million in the first quarters of 2021 and 2020, respectively. The Company’s effective tax rates from continuing operations were 18.7% and 15.5% for the first quarters of 2021 and 2020, respectively. The Company received a tax benefit in both periods from stock price appreciation on stock-based awards that settled in the quarters, resulting in a lower than statutory tax rate. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 28, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE We compute earnings per share using a two-class method, which is an earnings allocation method used when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. Earnings per share is computed using both basic shares and diluted shares. The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our stock options, stock-settled long-term performance awards and restricted stock units could have a significant impact on diluted shares. The difference between basic and diluted shares of approximately 0.5 million and 1.3 million as of March 28, 2021, and March 29, 2020, resulted primarily from the dilutive effect of certain stock options, performance awards and restricted stock units. Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock, because their inclusion would result in an anti-dilutive effect on per share amounts. There were approximately 0.1 million and 0.2 million restricted stock units excluded from the computation of diluted earnings per share in the first quarters of 2021 and 2020, respectively, because they were anti-dilutive. There were no anti-dilutive stock options or stock-settled long-term performance awards excluded from the computation of diluted earnings per share in the first quarters of 2021 and 2020, respectively. |
Supplemental Stockholders' Equi
Supplemental Stockholders' Equity Information | 3 Months Ended |
Mar. 28, 2021 | |
Equity [Abstract] | |
Supplemental Stockholders' Equity Information | SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATIONIn 2015, the Board of Directors authorized up to $101.1 million of repurchases of shares of the Company’s Class A Common Stock. As of March 28, 2021, repurchases under this authorization totaled $84.9 million (excluding commissions) and $16.2 million remained. Our Board of Directors has authorized us to purchase shares from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization. There have been no purchases under this authorization since 2016. The following table summarizes the changes in AOCI by component as of March 28, 2021: (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net Unrealized Gain on Available-For-Sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 27, 2020 $ 8,386 $ (421,698) $ 3,131 $ (410,181) Other comprehensive income before reclassifications, before tax (2,702) — (1,067) (3,769) Amounts reclassified from accumulated other comprehensive loss, before tax — 6,406 — 6,406 Income tax (benefit)/expense (723) 1,718 (286) 709 Net current-period other comprehensive (loss)/ income, net of tax (1,979) 4,688 (781) 1,928 Balance as of March 28, 2021 $ 6,407 $ (417,010) $ 2,350 $ (408,253) The following table summarizes the reclassifications from AOCI for the first quarter ended March 28, 2021: (In thousands) Detail about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affects line item in the statement where net income is presented Funded status of benefit plans: Amortization of prior service credit (1) $ (1,322) Other components of net periodic benefit costs Amortization of actuarial loss (1) 7,728 Other components of net periodic benefit costs Total reclassification, before tax (2) 6,406 Income tax expense 1,718 Income tax expense Total reclassification, net of tax $ 4,688 (1) These AOCI components are included in the computation of net periodic benefit cost for pension and other postretirement benefits. See Note 9 for more information. (2) There were no reclassifications relating to noncontrolling interest for the first quarter ended March 28, 2021. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 28, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATIONThe Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (who is the Company’s President and Chief Executive Officer) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information. The Company has determined that it has one reportable segment. Therefore, all required segment information can be found in the Condensed Consolidated Financial Statements. |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 28, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | CONTINGENT LIABILITIES Legal Proceedings We are involved in various legal actions incidental to our business that are now pending against us. These actions generally have damage claims that are greatly in excess of the payments, if any, that we would be required to pay if we lost or settled the cases. Although the Company cannot predict the outcome of these matters, it is possible that an unfavorable outcome in one or more matters could be material to the Company’s consolidated results of operations or cash flows for an individual reporting period. However, based on currently available information, management does not believe that the ultimate resolution of these matters, individually or in the aggregate, is likely to have a material effect on the Company’s financial position. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 28, 2021 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2019-12 Simplifying the Accounting for Income Taxes (Topic 740) Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. Simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted this guidance on December 28, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2019-12 Simplifying the Accounting for Income Taxes (Topic 740) Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted. Simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted this guidance on December 28, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Subscription, advertising and other revenues were as follows: For the Quarters Ended (In thousands) March 28, 2021 As % of total March 29, 2020 As % of total Subscription $ 329,084 69.6 % $ 285,434 64.4 % Advertising 97,116 20.5 % 106,137 23.9 % Other (1) 46,845 9.9 % 52,065 11.7 % Total $ 473,045 100.0 % $ 443,636 100.0 % (1) Other revenues includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $6 million and $8 million for the quarters ended March 28, 2021, and March 29, 2020, respectively. The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the quarters ended March 28, 2021, and March 29, 2020: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Digital-only subscription revenues: News product subscription revenues (1) $ 161,287 $ 118,958 Other product subscription revenues (2) 18,312 11,052 Subtotal digital-only subscriptions 179,599 130,010 Print subscription revenues: Domestic home delivery subscription revenues (3) 134,395 133,736 Single-copy, NYT International and other subscription revenues (4) 15,090 21,688 Subtotal print subscription revenues 149,485 155,424 Total subscription revenues $ 329,084 $ 285,434 (1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category. (2) Includes revenues from standalone subscriptions to the Company’s Games, Cooking and Audm products. (3) Includes free access to some of the Company’s digital products. (4) NYT International is the international edition of our print newspaper. The following table summarizes digital and print advertising revenues for the quarters ended March 28, 2021, and March 29, 2020: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Advertising revenues: Digital $ 59,496 $ 51,158 Print 37,620 54,979 Total advertising $ 97,116 $ 106,137 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Market Value of AFS Securities | The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of March 28, 2021, and December 27, 2020: March 28, 2021 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 125,933 $ 417 $ (19) $ 126,331 Certificates of deposit 59,083 — — 59,083 U.S. Treasury securities 51,225 27 (1) 51,251 U.S. governmental agency securities 39,362 42 — 39,404 Commercial paper 21,385 — — 21,385 Total short-term AFS securities $ 296,988 $ 486 $ (20) $ 297,454 Long-term AFS securities Corporate debt securities $ 150,272 $ 1,125 $ (119) $ 151,278 U.S. Treasury securities 101,222 1,751 (8) 102,965 U.S. governmental agency securities 51,588 15 (13) 51,590 Municipal securities 12,161 1 (7) 12,155 Total long-term AFS securities $ 315,243 $ 2,892 $ (147) $ 317,988 December 27, 2020 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 129,805 $ 504 $ (8) $ 130,301 Certificates of deposit 36,525 — — 36,525 U.S. Treasury securities 79,467 39 (3) 79,503 U.S. governmental agency securities 25,113 61 (3) 25,171 Commercial paper 37,580 — — 37,580 Total short-term AFS securities $ 308,490 $ 604 $ (14) $ 309,080 Long-term AFS securities Corporate debt securities $ 134,296 $ 1,643 $ (5) $ 135,934 U.S. Treasury securities 95,511 2,054 — 97,565 U.S. governmental agency securities 48,342 19 (13) 48,348 Municipal securities 4,994 — (10) 4,984 Total long-term AFS securities $ 283,143 $ 3,716 $ (28) $ 286,831 |
Schedule of AFS Securities in Unrealized Loss Position | The following tables represent the AFS securities as of March 28, 2021, and December 27, 2020, that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: March 28, 2021 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Short-term AFS securities Corporate debt securities $ 50,264 $ (19) $ — $ — $ 50,264 $ (19) U.S. Treasury securities 10,563 (1) — — 10,563 (1) Total short-term AFS securities $ 60,827 $ (20) $ — $ — $ 60,827 $ (20) Long-term AFS securities Corporate debt securities $ 42,532 $ (119) $ — $ — $ 42,532 $ (119) U.S. Treasury securities 9,493 (8) — — 9,493 (8) U.S. governmental agency securities 21,235 (13) — — 21,235 (13) Municipal securities 7,161 (7) — — 7,161 (7) Total long-term AFS securities $ 80,421 $ (147) $ — $ — $ 80,421 $ (147) December 27, 2020 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Short-term AFS securities Corporate debt securities $ 33,735 $ (8) $ — $ — $ 33,735 $ (8) U.S. Treasury securities 20,133 (3) — — 20,133 (3) U.S. governmental agency securities 4,999 (2) 8,749 (1) 13,748 (3) Total short-term AFS securities $ 58,867 $ (13) $ 8,749 $ (1) $ 67,616 $ (14) Long-term AFS securities Corporate debt securities $ 6,717 $ (5) $ — $ — $ 6,717 $ (5) U.S. governmental agency securities 26,236 (13) — — 26,236 (13) Municipal securities 4,984 (10) — — 4,984 (10) Total long-term AFS securities $ 37,937 $ (28) $ — $ — $ 37,937 $ (28) |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Balances | The changes in the carrying amount of goodwill as of March 28, 2021, and since December 27, 2020, were as follows: (In thousands) Total Company Balance as of December 27, 2020 $ 171,657 Foreign currency translation (2,362) Balance as of March 28, 2021 $ 169,295 |
Other (Tables)
Other (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Other Income and Expenses [Abstract] | |
Interest Income and Other, Net | Interest income and other, net , as shown in the accompanying Condensed Consolidated Statements of Operations was as follows: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Interest income and other expense, net (1) $ 1,689 $ 14,039 Interest expense (178) (185) Total interest income and other, net $ 1,511 $ 13,854 |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | A reconciliation of cash, cash equivalents and restricted cash as of March 28, 2021, and December 27, 2020, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) March 28, 2021 December 27, 2020 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 275,242 $ 286,079 Restricted cash included within other current assets 664 686 Restricted cash included within miscellaneous assets 14,330 15,199 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 290,236 $ 301,964 |
Restrictions on Cash and Cash Equivalents | A reconciliation of cash, cash equivalents and restricted cash as of March 28, 2021, and December 27, 2020, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) March 28, 2021 December 27, 2020 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 275,242 $ 286,079 Restricted cash included within other current assets 664 686 Restricted cash included within miscellaneous assets 14,330 15,199 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 290,236 $ 301,964 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of March 28, 2021, and December 27, 2020: (In thousands) March 28, 2021 December 27, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) Corporate debt securities $ 126,331 $ — $ 126,331 $ — $ 130,301 $ — $ 130,301 $ — Certificates of deposit 59,083 — 59,083 — 36,525 — 36,525 — U.S. Treasury securities 51,251 — 51,251 — 79,503 — 79,503 — U.S. governmental agency securities 39,404 — 39,404 — 25,171 — 25,171 — Commercial paper 21,385 — 21,385 — 37,580 — 37,580 — Total short-term AFS securities $ 297,454 $ — $ 297,454 $ — $ 309,080 $ — $ 309,080 $ — Long-term AFS securities (1) Corporate debt securities $ 151,278 $ — $ 151,278 $ — $ 135,934 $ — $ 135,934 $ — U.S. Treasury securities 102,965 — 102,965 — 97,565 — 97,565 — U.S. governmental agency securities 51,590 — 51,590 — 48,348 — 48,348 — Municipal securities 12,155 — 12,155 — 4,984 — 4,984 — Total long-term AFS securities $ 317,988 $ — $ 317,988 $ — $ 286,831 $ — $ 286,831 $ — Liabilities: Deferred compensation (2)(3) $ 18,857 $ 18,857 $ — $ — $ 22,245 $ 22,245 $ — $ — Contingent consideration $ 7,728 $ — $ — $ 7,728 $ 8,431 $ — $ — $ 8,431 (1) We classified these investments as Level 2 since the fair value is based on market observable inputs for investments with similar terms and maturities. (2) The deferred compensation liability, included in Other liabilities—other in our Condensed Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), which previously enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015. (3) The Company invests the assets associated with the deferred compensation liability in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $50.2 million as of March 28, 2021, and $49.2 million as of December 27, 2020. The fair value of these assets is measured using the net asset value per share (or its equivalent) and has not been classified in the fair value hierarchy. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the contingent consideration balances as of March 28, 2021, and December 27, 2020: (In thousands) March 28, 2021 December 27, 2020 Balance at the beginning of the period (1) $ 8,431 $ — Serial acquisition — 9,293 Payments — (862) Fair value adjustments (2) (703) — Contingent consideration at the end of the period $ 7,728 $ 8,431 (1) There were no transactions involving contingent consideration during the quarter ended March 29, 2020. The contingent consideration reflected above relates to the Serial acquisition, which was completed during the third quarter of 2020. (2) Fair value adjustments are included in General and administrative expenses in our Condensed Consolidated Statements of Operations. |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Pension Plan | |
Pension Benefits | |
Schedule of Components of Net Periodic Pension Cost and Postretirement Benefit Income | The components of net periodic pension cost were as follows: For the Quarters Ended March 28, 2021 March 29, 2020 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 2,276 $ — $ 2,276 $ 2,607 $ — $ 2,607 Interest cost 7,629 1,088 8,717 11,742 1,648 13,390 Expected return on plan assets (12,677) — (12,677) (17,736) — (17,736) Amortization of actuarial loss 5,055 1,821 6,876 5,655 1,521 7,176 Amortization of prior service credit (486) — (486) (486) — (486) Net periodic pension cost (1) $ 1,797 $ 2,909 $ 4,706 $ 1,782 $ 3,169 $ 4,951 (1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit. |
Other Postretirement Benefit Plan | |
Pension Benefits | |
Schedule of Components of Net Periodic Pension Cost and Postretirement Benefit Income | The components of net periodic postretirement benefit cost/(income) were as follows: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Service cost $ 13 $ 7 Interest cost 141 256 Amortization of actuarial loss 852 763 Amortization of prior service credit (836) (1,056) Net periodic postretirement benefit cost/(income) (1) $ 170 $ (30) (1) The service cost component of net periodic postretirement benefit cost/(income) is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit. |
Supplemental Stockholders' Eq_2
Supplemental Stockholders' Equity Information (Tables) | 3 Months Ended |
Mar. 28, 2021 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table summarizes the changes in AOCI by component as of March 28, 2021: (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net Unrealized Gain on Available-For-Sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 27, 2020 $ 8,386 $ (421,698) $ 3,131 $ (410,181) Other comprehensive income before reclassifications, before tax (2,702) — (1,067) (3,769) Amounts reclassified from accumulated other comprehensive loss, before tax — 6,406 — 6,406 Income tax (benefit)/expense (723) 1,718 (286) 709 Net current-period other comprehensive (loss)/ income, net of tax (1,979) 4,688 (781) 1,928 Balance as of March 28, 2021 $ 6,407 $ (417,010) $ 2,350 $ (408,253) |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications from AOCI for the first quarter ended March 28, 2021: (In thousands) Detail about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affects line item in the statement where net income is presented Funded status of benefit plans: Amortization of prior service credit (1) $ (1,322) Other components of net periodic benefit costs Amortization of actuarial loss (1) 7,728 Other components of net periodic benefit costs Total reclassification, before tax (2) 6,406 Income tax expense 1,718 Income tax expense Total reclassification, net of tax $ 4,688 (1) These AOCI components are included in the computation of net periodic benefit cost for pension and other postretirement benefits. See Note 9 for more information. (2) There were no reclassifications relating to noncontrolling interest for the first quarter ended March 28, 2021. |
Revenue - Subscription, Adverti
Revenue - Subscription, Advertising, and Other Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 473,045 | $ 443,636 |
Product and service benchmark | Product concentration risk | ||
Disaggregation of Revenue [Line Items] | ||
As % of total | 100.00% | 100.00% |
Subscription | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 329,084 | $ 285,434 |
Subscription | Product and service benchmark | Product concentration risk | ||
Disaggregation of Revenue [Line Items] | ||
As % of total | 69.60% | 64.40% |
Advertising | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 97,116 | $ 106,137 |
Advertising | Product and service benchmark | Product concentration risk | ||
Disaggregation of Revenue [Line Items] | ||
As % of total | 20.50% | 23.90% |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 46,845 | $ 52,065 |
Other | Product and service benchmark | Product concentration risk | ||
Disaggregation of Revenue [Line Items] | ||
As % of total | 9.90% | 11.70% |
Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue not from contract with customer | $ 6,000 | $ 8,000 |
Revenue - Digital-only Subscrip
Revenue - Digital-only Subscription Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 473,045 | $ 443,636 |
Subscription | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 329,084 | 285,434 |
Subscription | Digital | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 179,599 | 130,010 |
Subscription | Print | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 149,485 | 155,424 |
News products | Digital | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 161,287 | 118,958 |
Other products | Digital | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 18,312 | 11,052 |
Domestic home delivery subscription | Print | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 134,395 | 133,736 |
Single copy, NYT International and other | Print | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 15,090 | $ 21,688 |
Revenue - Advertising Revenues
Revenue - Advertising Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | $ 473,045 | $ 443,636 |
Advertising | ||
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | 97,116 | 106,137 |
Digital | Advertising | ||
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | 59,496 | 51,158 |
Print | Advertising | ||
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | $ 37,620 | $ 54,979 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) $ in Millions | Mar. 28, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 112 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-29 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 37 |
Remaining performance obligation, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-27 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 34 |
Remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-12-26 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 41 |
Remaining performance obligation, period |
Revenue - Contract Assets (Deta
Revenue - Contract Assets (Details) - USD ($) $ in Millions | Mar. 28, 2021 | Dec. 27, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Contract asset, current | $ 1.7 | $ 1.8 |
Marketable Securities - Narrati
Marketable Securities - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 28, 2021 | Dec. 27, 2020 | |
Line of Credit Facility [Line Items] | ||
Net unrealized gains in other comprehensive income | $ 3,200,000 | $ 4,300,000 |
OTTI loss recognized | $ 0 | $ 0 |
Short-term Marketable Securities | Minimum | ||
Line of Credit Facility [Line Items] | ||
Marketable securities, remaining maturities (in months) | 1 month | 1 month |
Short-term Marketable Securities | Maximum | ||
Line of Credit Facility [Line Items] | ||
Marketable securities, remaining maturities (in months) | 12 months | 12 months |
Long-term Marketable Securities | Minimum | ||
Line of Credit Facility [Line Items] | ||
Marketable securities, remaining maturities (in months) | 13 months | 13 months |
Long-term Marketable Securities | Maximum | ||
Line of Credit Facility [Line Items] | ||
Marketable securities, remaining maturities (in months) | 36 months | 36 months |
Marketable Securities - Availab
Marketable Securities - Available for Sale (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Dec. 27, 2020 |
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | $ 296,988 | $ 308,490 |
Gross unrealized gains, short-term AFS securities | 486 | 604 |
Gross unrealized losses, short-term AFS securities | (20) | (14) |
Fair value, short-term AFS securities | 297,454 | 309,080 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 315,243 | 283,143 |
Gross unrealized gains, long-term AFS securities | 2,892 | 3,716 |
Gross unrealized losses, long-term AFS securities | (147) | (28) |
Fair value, long-term AFS securities | 317,988 | 286,831 |
Corporate debt securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 125,933 | 129,805 |
Gross unrealized gains, short-term AFS securities | 417 | 504 |
Gross unrealized losses, short-term AFS securities | (19) | (8) |
Fair value, short-term AFS securities | 126,331 | 130,301 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 150,272 | 134,296 |
Gross unrealized gains, long-term AFS securities | 1,125 | 1,643 |
Gross unrealized losses, long-term AFS securities | (119) | (5) |
Fair value, long-term AFS securities | 151,278 | 135,934 |
Certificates of deposit | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 59,083 | 36,525 |
Gross unrealized gains, short-term AFS securities | 0 | 0 |
Gross unrealized losses, short-term AFS securities | 0 | 0 |
Fair value, short-term AFS securities | 59,083 | 36,525 |
U.S. Treasury securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 51,225 | 79,467 |
Gross unrealized gains, short-term AFS securities | 27 | 39 |
Gross unrealized losses, short-term AFS securities | (1) | (3) |
Fair value, short-term AFS securities | 51,251 | 79,503 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 101,222 | 95,511 |
Gross unrealized gains, long-term AFS securities | 1,751 | 2,054 |
Gross unrealized losses, long-term AFS securities | (8) | 0 |
Fair value, long-term AFS securities | 102,965 | 97,565 |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 39,362 | 25,113 |
Gross unrealized gains, short-term AFS securities | 42 | 61 |
Gross unrealized losses, short-term AFS securities | 0 | (3) |
Fair value, short-term AFS securities | 39,404 | 25,171 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 51,588 | 48,342 |
Gross unrealized gains, long-term AFS securities | 15 | 19 |
Gross unrealized losses, long-term AFS securities | (13) | (13) |
Fair value, long-term AFS securities | 51,590 | 48,348 |
Commercial paper | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 21,385 | 37,580 |
Gross unrealized gains, short-term AFS securities | 0 | 0 |
Gross unrealized losses, short-term AFS securities | 0 | 0 |
Fair value, short-term AFS securities | 21,385 | 37,580 |
Municipal securities | ||
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 12,161 | 4,994 |
Gross unrealized gains, long-term AFS securities | 1 | 0 |
Gross unrealized losses, long-term AFS securities | (7) | (10) |
Fair value, long-term AFS securities | $ 12,155 | $ 4,984 |
Marketable Securities Available
Marketable Securities Available-for-sale Securities - Continuous Loss Position (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Dec. 27, 2020 |
Total short-term AFS securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | $ 60,827 | $ 58,867 |
Gross unrealized losses, less than 12 months | (20) | (13) |
Fair value, greater than 12 months | 0 | 8,749 |
Gross unrealized losses, greater than 12 months | 0 | (1) |
Fair value, total | 60,827 | 67,616 |
Gross unrealized losses, total | (20) | (14) |
U.S. Treasury securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 10,563 | 20,133 |
Gross unrealized losses, less than 12 months | (1) | (3) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized losses, greater than 12 months | 0 | 0 |
Fair value, total | 10,563 | 20,133 |
Gross unrealized losses, total | (1) | (3) |
Long-term AFS securities | ||
Fair value, less than 12 months | 9,493 | |
Gross unrealized losses, less than 12 months | (8) | |
Fair value, greater than 12 months | 0 | |
Gross unrealized losses, greater than 12 months | 0 | |
Fair value, total | 9,493 | |
Gross unrealized losses, total | (8) | |
Total long-term AFS securities | ||
Long-term AFS securities | ||
Fair value, less than 12 months | 80,421 | 37,937 |
Gross unrealized losses, less than 12 months | (147) | (28) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized losses, greater than 12 months | 0 | 0 |
Fair value, total | 80,421 | 37,937 |
Gross unrealized losses, total | (147) | (28) |
Corporate debt securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 50,264 | 33,735 |
Gross unrealized losses, less than 12 months | (19) | (8) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized losses, greater than 12 months | 0 | 0 |
Fair value, total | 50,264 | 33,735 |
Gross unrealized losses, total | (19) | (8) |
Long-term AFS securities | ||
Fair value, less than 12 months | 42,532 | 6,717 |
Gross unrealized losses, less than 12 months | (119) | (5) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized losses, greater than 12 months | 0 | 0 |
Fair value, total | 42,532 | 6,717 |
Gross unrealized losses, total | (119) | (5) |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 4,999 | |
Gross unrealized losses, less than 12 months | (2) | |
Fair value, greater than 12 months | 8,749 | |
Gross unrealized losses, greater than 12 months | (1) | |
Fair value, total | 13,748 | |
Gross unrealized losses, total | (3) | |
Long-term AFS securities | ||
Fair value, less than 12 months | 21,235 | 26,236 |
Gross unrealized losses, less than 12 months | (13) | (13) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized losses, greater than 12 months | 0 | 0 |
Fair value, total | 21,235 | 26,236 |
Gross unrealized losses, total | (13) | (13) |
Municipal securities | ||
Long-term AFS securities | ||
Fair value, less than 12 months | 7,161 | 4,984 |
Gross unrealized losses, less than 12 months | (7) | (10) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized losses, greater than 12 months | 0 | 0 |
Fair value, total | 7,161 | 4,984 |
Gross unrealized losses, total | $ (7) | $ (10) |
Goodwill and Intangibles - Narr
Goodwill and Intangibles - Narrative (Details) $ in Millions | Mar. 28, 2021USD ($) |
Miscellaneous Assets | |
Business Acquisition [Line Items] | |
Intangible assets | $ 15.8 |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Goodwill Balances (Details) $ in Thousands | 3 Months Ended |
Mar. 28, 2021USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 27, 2020 | $ 171,657 |
Foreign currency translation | (2,362) |
Balance as of March 28, 2021 | $ 169,295 |
Investments - Non-Marketable Eq
Investments - Non-Marketable Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 28, 2021 | Mar. 29, 2020 | Dec. 27, 2020 | |
Net Investment Income [Line Items] | |||
Equity securities | $ 21,000 | $ 20,900 | |
Interest income and other expense, net | $ 1,689 | $ 14,039 | |
Realized gain on partial sale of investment | 2,500 | ||
Unrealized gain due to mark to market of remaining investment | 7,600 | ||
Non-marketable equity securities | |||
Net Investment Income [Line Items] | |||
Interest income and other expense, net | $ 10,100 |
Other - Narrative (Details)
Other - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2019 | Mar. 28, 2021 | Mar. 29, 2020 | Dec. 27, 2020 | |
Other Expense [Line Items] | ||||
Severance liability | $ 3,300,000 | $ 5,000,000 | ||
Severance | Selling, General and Administrative Expenses | ||||
Other Expense [Line Items] | ||||
Severance costs | 400,000 | $ 400,000 | ||
Credit Facility | ||||
Other Expense [Line Items] | ||||
Unsecured revolving credit facility, maximum borrowing capacity | $ 250,000,000 | |||
Unsecured revolving credit facility, term (in years) | 5 years | |||
Unsecured revolving credit facility, unused commitment fee (quarterly) | 0.20% | |||
Line of credit facility, outstanding borrowings | 0 | |||
Capitalized Computer Software Costs | ||||
Other Expense [Line Items] | ||||
Capitalized computer software amortization | $ 2,600,000 | $ 3,800,000 |
Other - Interest Expense and Ot
Other - Interest Expense and Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Other Income and Expenses [Abstract] | ||
Interest income and other expense, net | $ 1,689 | $ 14,039 |
Interest expense | (178) | (185) |
Total interest income and other, net | $ 1,511 | 13,854 |
Interest income and other expense, net | $ 10,100 |
Other - Reconciliation of Cash,
Other - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Dec. 27, 2020 | Mar. 29, 2020 | Dec. 29, 2019 |
Reconciliation of cash, cash equivalents and restricted cash | ||||
Cash and cash equivalents | $ 275,242 | $ 286,079 | ||
Restricted cash included within other current assets | 664 | 686 | ||
Restricted cash included within miscellaneous assets | 14,330 | 15,199 | ||
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ 290,236 | $ 301,964 | $ 234,133 | $ 247,518 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 28, 2021 | Dec. 27, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | $ 297,454 | $ 309,080 |
Long-term AFS securities | 317,988 | 286,831 |
Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 18,857 | 22,245 |
Contingent consideration | 0 | 0 |
Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 0 | 0 |
Contingent consideration | 0 | 0 |
Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 0 | 0 |
Contingent consideration | 7,728 | 8,431 |
Fair Value | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 18,857 | 22,245 |
Contingent consideration | 7,728 | 8,431 |
Debt Securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 297,454 | 309,080 |
Long-term AFS securities | 317,988 | 286,831 |
Debt Securities | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Long-term AFS securities | 0 | 0 |
Debt Securities | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 297,454 | 309,080 |
Long-term AFS securities | 317,988 | 286,831 |
Debt Securities | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Long-term AFS securities | 0 | 0 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 126,331 | 130,301 |
Long-term AFS securities | 151,278 | 135,934 |
Corporate debt securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 126,331 | 130,301 |
Long-term AFS securities | 151,278 | 135,934 |
Corporate debt securities | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Long-term AFS securities | 0 | 0 |
Corporate debt securities | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 126,331 | 130,301 |
Long-term AFS securities | 151,278 | 135,934 |
Corporate debt securities | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Long-term AFS securities | 0 | 0 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 59,083 | 36,525 |
Certificates of deposit | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 59,083 | 36,525 |
Certificates of deposit | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Certificates of deposit | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 59,083 | 36,525 |
Certificates of deposit | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 51,251 | 79,503 |
Long-term AFS securities | 102,965 | 97,565 |
U.S. Treasury securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 51,251 | 79,503 |
Long-term AFS securities | 102,965 | 97,565 |
U.S. Treasury securities | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Long-term AFS securities | 0 | 0 |
U.S. Treasury securities | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 51,251 | 79,503 |
Long-term AFS securities | 102,965 | 97,565 |
U.S. Treasury securities | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Long-term AFS securities | 0 | 0 |
U.S. governmental agency securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 39,404 | 25,171 |
Long-term AFS securities | 51,590 | 48,348 |
U.S. governmental agency securities | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Long-term AFS securities | 0 | 0 |
U.S. governmental agency securities | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 39,404 | 25,171 |
Long-term AFS securities | 51,590 | 48,348 |
U.S. governmental agency securities | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Long-term AFS securities | 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 21,385 | 37,580 |
Commercial paper | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 21,385 | 37,580 |
Commercial paper | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Commercial paper | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 21,385 | 37,580 |
Commercial paper | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term AFS securities | 12,155 | 4,984 |
Municipal securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term AFS securities | 12,155 | 4,984 |
Municipal securities | Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term AFS securities | 0 | 0 |
Municipal securities | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term AFS securities | 12,155 | 4,984 |
Municipal securities | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term AFS securities | 0 | 0 |
Life insurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Miscellaneous assets | $ 50,200 | $ 49,200 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Balance of Contingent Consideration (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 28, 2021 | Dec. 27, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration redemption period (in years) | 5 years | |
Recurring | Fair Value | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Contingent consideration | $ 7,728 | $ 8,431 |
Contingent Consideration | Recurring | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the period | 8,431 | 0 |
Serial acquisition | 0 | 9,293 |
Payments | 0 | (862) |
Fair value adjustments | (703) | 0 |
Contingent consideration at the end of the period | $ 7,728 | $ 8,431 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Pension Benefits - Net Periodic Pension Cost (Details) - Pension Plan - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Pension Benefits | ||
Service cost | $ 2,276 | $ 2,607 |
Interest cost | 8,717 | 13,390 |
Expected return on plan assets | (12,677) | (17,736) |
Amortization of actuarial loss | 6,876 | 7,176 |
Amortization of prior service credit | (486) | (486) |
Net periodic postretirement benefit cost/(income) | 4,706 | 4,951 |
Qualified Plans | ||
Pension Benefits | ||
Service cost | 2,276 | 2,607 |
Interest cost | 7,629 | 11,742 |
Expected return on plan assets | (12,677) | (17,736) |
Amortization of actuarial loss | 5,055 | 5,655 |
Amortization of prior service credit | (486) | (486) |
Net periodic postretirement benefit cost/(income) | 1,797 | 1,782 |
Pension contributions | 1,500 | 2,100 |
Expected future employer contributions | 10,000 | |
Non- Qualified Plans | ||
Pension Benefits | ||
Service cost | 0 | 0 |
Interest cost | 1,088 | 1,648 |
Expected return on plan assets | 0 | 0 |
Amortization of actuarial loss | 1,821 | 1,521 |
Amortization of prior service credit | 0 | 0 |
Net periodic postretirement benefit cost/(income) | $ 2,909 | $ 3,169 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Other Postretirement Benefits (Details) - Other Postretirement Benefit Plan - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Pension Benefits | ||
Service cost | $ 13 | $ 7 |
Interest cost | 141 | 256 |
Amortization of actuarial loss | 852 | 763 |
Amortization of prior service credit | (836) | (1,056) |
Net periodic postretirement benefit cost/(income) | $ 170 | $ (30) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 9,461 | $ 6,006 |
Effective income tax rate from continuing operations | 18.70% | 15.50% |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 500,000 | 1,300,000 |
Restricted Stock Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 100,000 | 200,000 |
Long-Term Incentive Compensation Stock-Settled Awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 |
Supplemental Stockholders' Eq_3
Supplemental Stockholders' Equity Information - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 28, 2021 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||
Stock repurchase program, remaining authorized repurchase amount | $ 16,200,000 | |
Class A Common Stock | ||
Class of Stock [Line Items] | ||
Stock repurchase program, authorized amount | $ 101,100,000 | |
Share repurchases | $ 84,900,000 |
Supplemental Stockholders' Eq_4
Supplemental Stockholders' Equity Information - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of period | $ 1,328,111 | $ 1,173,863 |
Income tax (benefit)/expense | 709 | 1,915 |
Other comprehensive income, net of tax | 1,928 | 4,943 |
Balance, end of period | 1,355,462 | 1,193,574 |
Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of period | 8,386 | |
Other comprehensive income before reclassifications, before tax | (2,702) | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | |
Income tax (benefit)/expense | (723) | |
Other comprehensive income, net of tax | (1,979) | |
Balance, end of period | 6,407 | |
Funded Status of Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of period | (421,698) | |
Other comprehensive income before reclassifications, before tax | 0 | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 6,406 | |
Income tax (benefit)/expense | 1,718 | |
Other comprehensive income, net of tax | 4,688 | |
Balance, end of period | (417,010) | |
Net Unrealized Gain on Available-For-Sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of period | 3,131 | |
Other comprehensive income before reclassifications, before tax | (1,067) | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | |
Income tax (benefit)/expense | (286) | |
Other comprehensive income, net of tax | (781) | |
Balance, end of period | 2,350 | |
Total Accumulated Other Comprehensive Loss | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of period | (410,181) | (494,976) |
Other comprehensive income before reclassifications, before tax | (3,769) | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 6,406 | |
Income tax (benefit)/expense | 709 | |
Other comprehensive income, net of tax | 1,928 | 4,943 |
Balance, end of period | $ (408,253) | $ (490,033) |
Supplemental Stockholders' Eq_5
Supplemental Stockholders' Equity Information - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2021 | Mar. 29, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Cost of revenue (excluding depreciation and amortization) | $ 2,599 | $ 2,314 |
Total reclassification, before tax | 50,570 | 38,860 |
Income tax expense | 9,461 | 6,006 |
Total reclassification, net of tax | 41,109 | $ 32,854 |
Amounts reclassified from accumulated other comprehensive loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassification, before tax | 6,406 | |
Income tax expense | 1,718 | |
Total reclassification, net of tax | 4,688 | |
Amounts reclassified from accumulated other comprehensive loss | Amortization of prior service credit | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Cost of revenue (excluding depreciation and amortization) | (1,322) | |
Amounts reclassified from accumulated other comprehensive loss | Amortization of actuarial loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Cost of revenue (excluding depreciation and amortization) | $ 7,728 |
Segment Information (Details)
Segment Information (Details) | 3 Months Ended |
Mar. 28, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments (in segments) | 1 |