Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 26, 2022 | Jul. 29, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 26, 2022 | |
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 | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 165,469,429 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 780,724 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 26, 2022 | Dec. 26, 2021 |
Current assets | ||
Cash and cash equivalents | $ 161,342 | $ 319,973 |
Short-term marketable securities | 61,911 | 341,075 |
Accounts receivable (net of allowances of $11,170 in 2022 and $12,374 in 2021) | 175,984 | 232,908 |
Prepaid expenses | 46,228 | 33,199 |
Other current assets | 27,873 | 25,553 |
Total current assets | 473,338 | 952,708 |
Other assets | ||
Long-term marketable securities | 230,173 | 413,380 |
Property, plant and equipment (less accumulated depreciation and amortization of $804,106 in 2022 and $777,637 in 2021) | 566,442 | 574,952 |
Goodwill | 411,525 | 166,360 |
Intangible assets, net | 336,126 | 14,246 |
Deferred income taxes | 107,697 | 95,800 |
Miscellaneous assets | 387,560 | 346,662 |
Total assets | 2,512,861 | 2,564,108 |
Current liabilities | ||
Accounts payable | 113,982 | 127,073 |
Accrued payroll and other related liabilities | 122,731 | 166,464 |
Unexpired subscriptions revenue | 148,511 | 119,296 |
Accrued expenses and other | 149,053 | 146,319 |
Total current liabilities | 534,277 | 559,152 |
Other liabilities | ||
Pension benefits obligation | 286,514 | 295,104 |
Postretirement benefits obligation | 34,642 | 36,086 |
Other | 117,294 | 133,041 |
Total other liabilities | 438,450 | 464,231 |
Common stock of $.10 par value: | ||
Additional paid-in capital | 236,495 | 230,115 |
Retained earnings | 1,896,646 | 1,845,343 |
Common stock held in treasury, at cost | (225,680) | (171,211) |
Accumulated other comprehensive loss, net of income taxes: | ||
Foreign currency translation adjustments | (298) | 3,754 |
Funded status of benefit plans | (378,273) | (385,680) |
Net unrealized loss on available-for-sale securities | (8,466) | (1,276) |
Total accumulated other comprehensive loss, net of income taxes | (387,037) | (383,202) |
Total New York Times Company stockholders’ equity | 1,538,129 | 1,538,720 |
Noncontrolling interest | 2,005 | 2,005 |
Total stockholders’ equity | 1,540,134 | 1,540,725 |
Total liabilities and stockholders’ equity | 2,512,861 | 2,564,108 |
Class A Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | 17,627 | 17,597 |
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 | Jun. 26, 2022 | Dec. 26, 2021 |
Accounts receivable, allowance for credit loss | $ 11,170 | $ 12,374 |
Accumulated depreciation and amortization | $ 804,106 | $ 777,637 |
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) | 176,273,938 | 175,971,801 |
Treasury shares (in shares) | 10,345,131 | 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 | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Revenues | ||||
Total revenues | $ 555,680 | $ 498,497 | $ 1,093,105 | $ 971,542 |
Operating costs | ||||
Cost of revenue (excluding depreciation and amortization) | 300,583 | 251,358 | 581,948 | 502,355 |
Sales and marketing | 62,769 | 53,555 | 140,357 | 113,708 |
Product development | 50,822 | 39,699 | 98,255 | 78,642 |
General and administrative | 69,141 | 62,283 | 140,498 | 118,860 |
Depreciation and amortization | 20,704 | 14,486 | 39,390 | 29,203 |
Total operating costs | 504,019 | 421,381 | 1,000,448 | 842,768 |
Acquisition-related costs | 0 | 0 | 34,712 | 0 |
Lease termination charge | 0 | 3,831 | 0 | 3,831 |
Operating profit | 51,661 | 73,285 | 57,945 | 124,943 |
Other components of net periodic benefit costs | 1,624 | 2,598 | 3,146 | 5,197 |
Interest income and other, net | 35,604 | 1,873 | 36,679 | 3,384 |
Income from continuing operations before income taxes | 85,641 | 72,560 | 91,478 | 123,130 |
Income tax expense | 23,864 | 18,243 | 24,976 | 27,704 |
Net income | 61,777 | 54,317 | 66,502 | 95,426 |
Total reclassification, net of tax | $ 61,777 | $ 54,317 | $ 66,502 | $ 95,426 |
Average number of common shares outstanding: | ||||
Basic (in shares) | 167,636 | 168,012 | 167,816 | 167,828 |
Diluted (in shares) | 167,636 | 168,346 | 167,816 | 168,312 |
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) | $ 0.37 | $ 0.32 | $ 0.40 | $ 0.57 |
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) | 0.37 | 0.32 | 0.40 | 0.57 |
Dividends declared per share (in usd per share) | $ 0 | $ 0 | $ 0.09 | $ 0.07 |
Subscription | ||||
Revenues | ||||
Total revenues | $ 383,619 | $ 339,217 | $ 755,598 | $ 668,301 |
Advertising | ||||
Revenues | ||||
Total revenues | 117,379 | 112,774 | 233,649 | 209,890 |
Other | ||||
Revenues | ||||
Total revenues | $ 54,682 | $ 46,506 | $ 103,858 | $ 93,351 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 61,777 | $ 54,317 | $ 66,502 | $ 95,426 |
Other comprehensive (loss)/income, before tax: | ||||
(Loss)/gain on foreign currency translation adjustments | (3,407) | 935 | (5,616) | (1,767) |
Pension and postretirement benefits obligation | 5,114 | 6,409 | 10,124 | 12,815 |
Net unrealized loss on available-for-sale securities | (1,911) | (779) | (9,827) | (1,846) |
Other comprehensive (loss)/income, before tax | (204) | 6,565 | (5,319) | 9,202 |
Income tax (benefit)/expense | (104) | 1,756 | (1,484) | 2,465 |
Other comprehensive (loss)/income, net of tax | (100) | 4,809 | (3,835) | 6,737 |
Comprehensive income attributable to The New York Times Company common stockholders | $ 61,677 | $ 59,126 | $ 62,667 | $ 102,163 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Total New York Times Company Stockholders’ Equity | Capital Stock - Class A and Class B Common | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss, Net of Income Taxes | Non- controlling Interest | Treasury Stock, Common |
Balance, beginning of period at Dec. 27, 2020 | $ 1,328,111 | $ 1,325,517 | $ 17,609 | $ 216,714 | $ 1,672,586 | $ (410,181) | $ 2,594 | $ (171,211) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 95,426 | 95,426 | 95,426 | |||||
Dividends | (11,814) | (11,814) | (11,814) | |||||
Other comprehensive income | 6,737 | 6,737 | 6,737 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 2,447 | 2,447 | 33 | 2,414 | ||||
Restricted stock units vested - Class A shares | (4,936) | (4,936) | 18 | (4,954) | ||||
Performance-based awards - Class A shares | (5,933) | (5,933) | 14 | (5,947) | ||||
Stock-based compensation | 9,338 | 9,338 | 9,338 | |||||
Distributions | (589) | (589) | ||||||
Balance, end of period at Jun. 27, 2021 | 1,418,787 | 1,416,782 | 17,674 | 217,565 | 1,756,198 | (403,444) | 2,005 | (171,211) |
Balance, beginning of period at Mar. 28, 2021 | 1,355,462 | 1,352,868 | 17,670 | 212,802 | 1,701,860 | (408,253) | 2,594 | (171,211) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 54,317 | 54,317 | 54,317 | |||||
Dividends | 21 | 21 | 21 | |||||
Other comprehensive income | 4,809 | 4,809 | 4,809 | |||||
Issuance of shares: | ||||||||
Restricted stock units vested - Class A shares | (386) | (386) | 4 | (390) | ||||
Stock-based compensation | 5,153 | 5,153 | 5,153 | |||||
Distributions | (589) | (589) | ||||||
Balance, end of period at Jun. 27, 2021 | 1,418,787 | 1,416,782 | 17,674 | 217,565 | 1,756,198 | (403,444) | 2,005 | (171,211) |
Balance, beginning of period at Dec. 26, 2021 | 1,540,725 | 1,538,720 | 17,675 | 230,115 | 1,845,343 | (383,202) | 2,005 | (171,211) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 66,502 | 66,502 | 66,502 | |||||
Dividends | (15,199) | (15,199) | (15,199) | |||||
Other comprehensive income | (3,835) | (3,835) | (3,835) | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 3 | 3 | 3 | |||||
Restricted stock units vested - Class A shares | (4,072) | (4,072) | 14 | (4,086) | ||||
Performance-based awards - Class A shares | (5,557) | (5,557) | 16 | (5,573) | ||||
Share Repurchases - Class A shares | (54,469) | (54,469) | (54,469) | |||||
Stock-based compensation | 16,036 | 16,036 | 16,036 | |||||
Balance, end of period at Jun. 26, 2022 | 1,540,134 | 1,538,129 | 17,705 | 236,495 | 1,896,646 | (387,037) | 2,005 | (225,680) |
Balance, beginning of period at Mar. 27, 2022 | 1,495,076 | 1,493,071 | 17,704 | 227,815 | 1,834,734 | (386,937) | 2,005 | (200,245) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 61,777 | 61,777 | 61,777 | |||||
Dividends | 135 | 135 | 135 | |||||
Other comprehensive income | (100) | (100) | (100) | |||||
Issuance of shares: | ||||||||
Restricted stock units vested - Class A shares | (301) | (301) | 1 | (302) | ||||
Share Repurchases - Class A shares | (25,435) | (25,435) | (25,435) | |||||
Stock-based compensation | 8,982 | 8,982 | 8,982 | |||||
Balance, end of period at Jun. 26, 2022 | $ 1,540,134 | $ 1,538,129 | $ 17,705 | $ 236,495 | $ 1,896,646 | $ (387,037) | $ 2,005 | $ (225,680) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Restricted stock unit vested (in shares) | 10,769 | 45,280 | 138,219 | 187,987 |
Share repurchases (in shares) | 781,530 | 1,474,330 | ||
Stock options (in shares) | 400 | 323,360 | ||
Performance-based awards (in shares) | 163,518 | 142,253 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,540,134 | $ 1,418,787 | $ 1,540,134 | $ 1,418,787 |
Share Repurchases - Class A shares | $ (25,435) | $ (54,469) |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 26, 2022 | Jun. 27, 2021 | |
Cash flows from operating activities | ||
Net income | $ 66,502 | $ 95,426 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 39,390 | 29,203 |
Lease termination charge | 0 | 3,831 |
Amortization of right of use asset | 4,979 | 4,442 |
Stock-based compensation expense | 16,036 | 9,338 |
Gain on the sale of land | (34,227) | 0 |
Change in long-term retirement benefit obligations | (9,823) | (8,866) |
Fair market value adjustment on life insurance products | 1,364 | 221 |
Other – net | 1,508 | (510) |
Changes in operating assets and liabilities, net of business acquisitions: | ||
Accounts receivable – net | 62,438 | 30,152 |
Other assets | (12,287) | (8,027) |
Accounts payable, accrued payroll and other liabilities | (120,886) | (54,170) |
Unexpired subscriptions | 1,154 | 9,394 |
Net cash provided by operating activities | 16,148 | 110,434 |
Cash flows from investing activities | ||
Purchases of marketable securities | (6,649) | (326,996) |
Maturities of marketable securities | 458,306 | 293,053 |
Business acquisitions, net of cash acquired | (515,299) | 0 |
Sales of investments – net | (556) | 271 |
Capital expenditures | (19,005) | (14,677) |
Other-net | 2,013 | 2,017 |
Net cash used in investing activities | (81,190) | (46,332) |
Long-term obligations: | ||
Dividends paid | (26,895) | (21,825) |
Payment of contingent consideration | (1,724) | 0 |
Capital shares: | ||
Proceeds from stock option exercises | 3 | 2,441 |
Repurchases | (54,469) | 0 |
Share-based compensation tax withholding | (9,629) | (10,901) |
Net cash used in financing activities | (92,714) | (30,285) |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (157,756) | 33,817 |
Effect of exchange rate changes on cash | (812) | (280) |
Cash, cash equivalents and restricted cash at the beginning of the period | 334,306 | 301,964 |
Cash, cash equivalents and restricted cash at the end of the period | $ 175,738 | $ 335,501 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 26, 2022 | |
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 June 26, 2022, and December 26, 2021, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended June 26, 2022, and June 27, 2021. 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 United States 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 26, 2021. 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 and 26 weeks for the second quarter and first six months, respectively. In December 2021, the Board of Directors approved a resolution to change the Company’s fiscal year from a 52/53 week fiscal year ending the last Sunday of December to a calendar year. Accordingly, the Company’s 2022 fiscal year, which commenced December 27, 2021, will be extended from December 25, 2022, to December 31, 2022, and subsequent fiscal years will begin on January 1 and end on December 31 of each year. On February 1, 2022, we acquired The Athletic Media Company (“The Athletic”), a global digital subscription-based sports media business that provides national and local coverage of more than 200 clubs and teams in the U.S. and around the world. The results of The Athletic have been included in our Condensed Consolidated Financial Statements beginning February 1, 2022. The Athletic is a separate reportable segment of the Company. As a result, beginning in the first quarter of 2022, the Company has two reportable segments: The New York Times Group and The Athletic. Management, including the Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker), uses adjusted operating profit by segment (as defined below) in assessing performance and allocating resources. The Company includes in its presentation revenues and adjusted operating costs (as defined below) to arrive at adjusted operating profit by segment. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 26, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as described herein, as of June 26, 2022, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 26, 2021, have not changed materially. Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. Requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The Company adopted this guidance on December 27, 2021. As a result of The Athletic acquisition, the Company assumed unexpired subscriptions revenue of $28.1 million. Recently Issued Accounting Pronouncements |
Revenue
Revenue | 6 Months Ended |
Jun. 26, 2022 | |
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 The Athletic and our Games, Cooking, Audm and Wirecutter 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 generated 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 generated primarily 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. Advertising revenue from The Athletic is primarily podcast revenue and therefore is reflected in this category. 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 as well as preprinted advertising, also known as freestanding inserts. Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, commercial printing, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), retail commerce, our live events business, our student subscription sponsorship program, and television and film. Subscription, advertising and other revenues were as follows for the second quarters and first six months ended June 26, 2022, and June 27, 2021: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 As % of total June 27, 2021 As % of total June 26, 2022 As % of total June 27, 2021 As % of total Subscription $ 383,619 69.0 % $ 339,217 68.1 % $ 755,598 69.2 % $ 668,301 68.8 % Advertising 117,379 21.0 % 112,774 22.6 % 233,649 21.3 % 209,890 21.6 % Other (1) 54,682 10.0 % 46,506 9.3 % 103,858 9.5 % 93,351 9.6 % Total $ 555,680 100.0 % $ 498,497 100.0 % $ 1,093,105 100.0 % $ 971,542 100.0 % (1) Other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $7 million for the second quarters of 2022 and 2021, respectively, and approximately $14 million and $13 million for the first six months of 2022 and 2021, respectively. The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the second quarters and first six months ended June 26, 2022, and June 27, 2021: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 As % of total June 27, 2021 As % of total June 26, 2022 As % of total June 27, 2021 As % of total Digital-only subscription revenues (1) $ 238,727 62.2 % $ 190,145 56.1 % $ 465,489 61.6 % $ 369,745 55.3 % Print subscription revenues: Domestic home delivery subscription revenues (2) 131,080 34.2 % 134,755 39.7 % 262,472 34.7 % 269,150 40.3 % Single-copy, NYT International and Other subscription revenues (3) 13,812 3.6 % 14,317 4.2 % 27,637 3.7 % 29,406 4.4 % Subtotal print subscription revenues 144,892 37.8 % 149,072 43.9 % 290,109 38.4 % 298,556 44.7 % Total subscription revenues $ 383,619 100.0 % $ 339,217 100.0 % $ 755,598 100.0 % $ 668,301 100.0 % (1) Includes revenue from digital-only bundled and standalone subscriptions to our news product, as well as The Athletic and our Games, Cooking, Audm and Wirecutter products. (2) Domestic home delivery subscriptions include access to our digital news product, as well as our Games, Cooking and Wirecutter products. (3) NYT International is the international edition of our print newspaper. The following table summarizes digital and print advertising revenues, which are components of advertising revenues above, for the second quarters and first six months ended June 26, 2022, and June 27, 2021: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 As % of total June 27, 2021 As % of total June 26, 2022 As % of total June 27, 2021 As % of total Advertising revenues: Digital $ 69,292 59.0 % $ 70,995 63.0 % $ 136,306 58.3 % $ 130,491 62.2 % Print 48,087 41.0 % 41,779 37.0 % 97,343 41.7 % 79,399 37.8 % Total advertising $ 117,379 100.0 % $ 112,774 100.0 % $ 233,649 100.0 % $ 209,890 100.0 % Performance Obligations We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of June 26, 2022, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $105 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $21 million, $22 million and $62 million will be recognized in the remainder of 2022, 2023 and thereafter through 2028, respectively. Contract Assets As of June 26, 2022, and December 26, 2021, the Company had $3.7 million and $3.4 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 | 6 Months Ended |
Jun. 26, 2022 | |
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 $11.6 million and $1.7 million of net unrealized losses in Accumulated other comprehensive income (“AOCI”) as of June 26, 2022, and December 26, 2021, respectively. The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of June 26, 2022, and December 26, 2021: June 26, 2022 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term AFS securities U.S. Treasury securities $ 35,776 $ 2 $ (408) $ 35,370 Corporate debt securities 19,922 — (289) 19,633 Municipal securities 7,033 — (125) 6,908 Total short-term AFS securities $ 62,731 $ 2 $ (822) $ 61,911 Long-term AFS securities Corporate debt securities $ 157,376 $ — $ (7,507) $ 149,869 U.S. Treasury securities 50,858 — (2,127) 48,731 U.S. governmental agency securities 28,804 — (1,003) 27,801 Municipal securities 3,890 — (118) 3,772 Total long-term AFS securities $ 240,928 $ — $ (10,755) $ 230,173 December 26, 2021 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term AFS securities U.S. Treasury securities $ 148,899 $ 692 $ (43) $ 149,548 Corporate debt securities 107,158 245 (69) 107,334 Certificates of deposit 55,551 — — 55,551 Commercial paper 21,145 — — 21,145 Municipal securities 3,999 — (2) 3,997 U.S. governmental agency securities 3,500 — — 3,500 Total short-term AFS securities $ 340,252 $ 937 $ (114) $ 341,075 Long-term AFS securities Corporate debt securities $ 242,764 $ 149 $ (1,858) $ 241,055 U.S. Treasury securities 119,695 — (549) 119,146 U.S. governmental agency securities 39,498 — (252) 39,246 Municipal securities 13,994 — (61) 13,933 Total long-term AFS securities $ 415,951 $ 149 $ (2,720) $ 413,380 The following tables represent the AFS securities as of June 26, 2022, and December 26, 2021, 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: June 26, 2022 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 U.S. Treasury securities $ 30,842 $ (408) $ — $ — $ 30,842 $ (408) Corporate debt securities 19,633 (289) — — 19,633 (289) Municipal securities 6,908 (125) — — 6,908 (125) Total short-term AFS securities $ 57,383 $ (822) $ — $ — $ 57,383 $ (822) Long-term AFS securities Corporate debt securities $ 138,137 $ (7,006) $ 11,732 $ (501) $ 149,869 $ (7,507) U.S. Treasury securities 45,986 (2,023) 2,745 (104) 48,731 (2,127) U.S. governmental agency securities 22,015 (789) 5,786 (214) 27,801 (1,003) Municipal securities 3,772 (118) — — 3,772 (118) Total long-term AFS securities $ 209,910 $ (9,936) $ 20,263 $ (819) $ 230,173 $ (10,755) December 26, 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 U.S. Treasury securities $ 61,018 $ (43) $ — $ — $ 61,018 $ (43) Corporate debt securities 53,148 (69) — — 53,148 (69) Municipal securities 1,998 (2) — — 1,998 (2) Total short-term AFS securities $ 116,164 $ (114) $ — $ — $ 116,164 $ (114) Long-term AFS securities Corporate debt securities $ 224,022 $ (1,858) $ — $ — $ 224,022 $ (1,858) U.S. Treasury securities 119,146 (549) — — 119,146 (549) U.S. governmental agency securities 39,246 (252) — — 39,246 (252) Municipal securities 13,933 (61) — — 13,933 (61) Total long-term AFS securities $ 396,347 $ (2,720) $ — $ — $ 396,347 $ (2,720) We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs. As of June 26, 2022 , and December 26, 2021, 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 June 26, 2022 , and December 26, 2021, we have recognized no losses or allowance for credit losses related to AFS securities. |
Business Combination
Business Combination | 6 Months Ended |
Jun. 26, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combination | BUSINESS COMBINATION The Athletic Acquisition The Company accounts for business combinations using the acquisition method of accounting. The purchase price is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. The excess of the purchase price over the estimated fair value of the net assets acquired is recorded as goodwill. The results of businesses acquired in a business combination are included in the Company’s consolidated financial statements from the date of acquisition. On February 1, 2022, the Company acquired The Athletic in an all-cash transaction. The consideration paid of approximately $550 million was funded from cash on hand and included $523.5 million which we determined to be the purchase price for assets acquired and liabilities assumed, and $26.7 million paid in connection with the acceleration of The Athletic stock options. The stock options acceleration is included in Acquisition-related costs in our Condensed Consolidated Statements of Operations for the six months ended June 26, 2022. The purchase price allocation has been prepared on a preliminary basis. As additional information becomes available, the Company may revise the allocation to certain assets and liabilities, including tax estimates. The Company will finalize the acquisition accounting within the required measurement period of one year. The following table summarizes the preliminary allocation of the purchase price (at fair value) to the assets acquired and liabilities assumed of The Athletic as of February 1, 2022 (the date of acquisition): (In thousands) Preliminary Purchase Price Allocation Estimated Useful Life (in years) Total current assets $ 18,495 Property, plant and equipment 281 3- 5 Right of use asset (1) 2,612 Trademark (2) 160,000 20 Existing subscriber base (2) 135,000 12 Developed technology (2) 35,000 5 Content archive (2) 2,000 2 Goodwill 249,792 Indefinite Total current liabilities (3) (41,107) Other liabilities — Other (3,491) Deferred tax liability, net (4) (35,116) Total purchase price $ 523,466 (1) Included in Miscellaneous assets in our Condensed Consolidated Balance Sheets. (2) Included in Intangible assets, net in our Condensed Consolidated Balance Sheets. (3) Includes Unexpired subscriptions revenue of $28.1 million. (4) Included in Deferred income taxes in our Condensed Consolidated Balance Sheets. Goodwill is primarily attributable to future subscribers expected to be acquired both organically and through synergies from adding The Athletic to the Company’s products as well as the acquired assembled workforce. Goodwill is not expected to be deductible for tax purposes. The fair value of trademarks is estimated using a relief from royalty valuation method, the fair value of subscriber relationships is estimated using a multi-period excess earnings valuation method, and the fair value of developed technology and content archive is estimated using a replacement cost method. The following unaudited pro forma summary presents consolidated information of the Company, including The Athletic, as if the business combination had occurred on December 28, 2020, the earliest period presented herein: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Revenue $ 555,680 $ 514,765 $ 1,100,252 $ 1,001,932 Net income 61,777 39,270 89,822 31,056 The pro forma adjustments include (1) transaction costs and other one-time non-recurring costs which reduced expenses by $47.8 million for the six months ended June 26, 2022 and increased expenses by $47.8 million for the six months ended June 27, 2021, (2) recognition of additional amortization related to the intangible assets acquired (3) alignment of accounting policies, and (4) recognition of the estimated income tax impact of the pro forma adjustments. The pro forma does not reflect cost savings or operating synergies expected to result from the acquisition. These pro forma results are illustrative only and not indicative of the actual results of operations that would have been achieved nor are they indicative of future results of operations. Goodwill and Intangibles The changes in the carrying amount of goodwill as of June 26, 2022, and since December 26, 2021, were as follows: (In thousands) The New York Times Group The Athletic Total Balance as of December 27, 2020 $ 171,657 $ — $ 171,657 Foreign currency translation (5,297) — (5,297) Balance as of December 26, 2021 166,360 — 166,360 Foreign currency translation (4,627) — (4,627) Acquisition of The Athletic — 249,792 249,792 Balance as of June 26, 2022 $ 161,733 $ 249,792 $ 411,525 The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries. As of June 26, 2022, the gross book value and accumulated amortization of acquired intangible assets from the acquisition of The Athletic were as follows: (In thousands) Gross book value Accumulated amortization Net book value Trademark $ 160,000 $ (3,333) $ 156,667 Existing subscriber base 135,000 (4,688) 130,312 Developed technology 35,000 (2,917) 32,083 Content archive 2,000 (417) 1,583 Total $ 332,000 $ (11,355) $ 320,645 Amortization expense for intangible assets from the acquisition of The Athletic included in Depreciation and amortization in our Condensed Consolidated Statements of Operations for the second quarter and first six months of 2022 was $6.9 million and $11.4 million, respectively. The estimated aggregate amortization expense for the remainder of 2022 and each of the following fiscal years ending December 31 is presented below: (In thousands) Remainder of 2022 $ 13,625 2023 27,250 2024 26,333 2025 26,250 2026 26,250 Thereafter 200,937 Total amortization expense $ 320,645 The aggregate carrying amount of intangible assets of $336.1 million, which includes an indefinite-lived intangible of $9.0 million, is included in Intangible assets, net |
Investments
Investments | 6 Months Ended |
Jun. 26, 2022 | |
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 revalued, sold or impaired are recognized in Interest income and other, net in our Condensed Consolidated Statements of Operations. As of June 26, 2022, and December 26, 2021, non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $28.4 million and $27.9 million, respectively. |
Other
Other | 6 Months Ended |
Jun. 26, 2022 | |
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 was $1.9 million and $2.4 million for the second quarters of 2022 and 2021, respectively, and $3.9 million and $5.0 million for the first six months of 2022 and 2021, 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 For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Interest income and other expense, net $ 1,535 $ 2,053 $ 2,757 $ 3,743 Gain on the sale of land (1) 34,227 — 34,227 — Interest expense (158) (180) (305) (359) Total interest income and other, net $ 35,604 $ 1,873 $ 36,679 $ 3,384 (1) On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement. Restricted Cash A reconciliation of cash, cash equivalents and restricted cash as of June 26, 2022, and December 26, 2021, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) June 26, 2022 December 26, 2021 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 161,342 $ 319,973 Restricted cash included within miscellaneous assets 14,396 14,333 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 175,738 $ 334,306 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 at an annual rate of 0.20%. As of June 26, 2022, 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. On July 27, 2022, the Company entered into an amendment and restatement of the Credit Facility that, among other changes, increased the committed amount to $350.0 million and extended the maturity date to July 27, 2027. See Note 15 for more information. Severance Costs We recognized $2.7 million in severance costs largely related to our commercial printing operations in the second quarter and first six months of 2022. We recognized no severance costs in the second quarter of 2021 and $0.4 million in severance costs in the first six months of 2021. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations. We had a severance liability of $4.3 million and $2.1 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of June 26, 2022, and December 26, 2021, respectively. Acquisition-Related Costs The Company incurred $34.7 million of acquisition-related costs for the six months ended June 26, 2022. Acquisition-related costs primarily include expenses paid in connection with the acceleration of The Athletic stock options, and legal, accounting, financial advisory and integration planning expenses. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 26, 2022 | |
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 June 26, 2022, and December 26, 2021: (In thousands) June 26, 2022 December 26, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) U.S. Treasury securities $ 35,370 $ — $ 35,370 $ — $ 149,548 $ — $ 149,548 $ — Corporate debt securities 19,633 — 19,633 — 107,334 — 107,334 — Certificates of deposit — — — — 55,551 — 55,551 — Municipal securities 6,908 — 6,908 — 3,997 — 3,997 — U.S. governmental agency securities — — — — 3,500 — 3,500 — Commercial paper — — — — 21,145 — 21,145 — Total short-term AFS securities $ 61,911 $ — $ 61,911 $ — $ 341,075 $ — $ 341,075 $ — Long-term AFS securities (1) Corporate debt securities $ 149,869 $ — $ 149,869 $ — $ 241,055 $ — $ 241,055 $ — U.S. Treasury securities 48,731 — 48,731 — 119,146 — 119,146 — U.S. governmental agency securities 27,801 — 27,801 — 39,246 — 39,246 — Municipal securities 3,772 — 3,772 — 13,933 — 13,933 — Total long-term AFS securities $ 230,173 $ — $ 230,173 $ — $ 413,380 $ — $ 413,380 $ — Liabilities: Deferred compensation (2)(3) $ 14,330 $ 14,330 $ — $ — $ 21,101 $ 21,101 $ — $ — Contingent consideration $ 5,858 $ — $ — $ 5,858 $ 7,450 $ — $ — $ 7,450 (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 $47.9 million as of June 26, 2022, and $52.5 million as of December 26, 2021. 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 five 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 changes in the contingent consideration balances for the quarters and six months ended June 26, 2022, and June 27, 2021: Quarters Ended Six Months Ended (In thousands) June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Balance at the beginning of the period $ 5,858 $ 7,728 $ 7,450 $ 8,431 Payments — (862) (1,724) (862) Fair value adjustments (1) — 584 132 (119) Contingent consideration at the end of the period $ 5,858 $ 7,450 $ 5,858 $ 7,450 (1) Fair value adjustments are included in General and administrative costs in our Condensed Consolidated Statements of Operations. The remaining contingent consideration balances as of June 26, 2022, and December 26, 2021, of $5.9 million and $7.5 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 | 6 Months Ended |
Jun. 26, 2022 | |
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, 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 June 26, 2022 June 27, 2021 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 2,882 $ — $ 2,882 $ 2,276 $ — $ 2,276 Interest cost 8,837 1,284 10,121 7,629 1,088 8,717 Expected return on plan assets (13,807) — (13,807) (12,678) — (12,678) Amortization of actuarial loss 3,266 1,643 4,909 5,057 1,822 6,879 Amortization of prior service credit (486) — (486) (486) — (486) Net periodic pension cost $ 692 $ 2,927 $ 3,619 $ 1,798 $ 2,910 $ 4,708 For the Six Months Ended June 26, 2022 June 27, 2021 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 5,763 $ — $ 5,763 $ 4,552 $ — $ 4,552 Interest cost 17,675 2,568 20,243 15,258 2,176 17,434 Expected return on plan assets (27,615) — (27,615) (25,355) — (25,355) Amortization of actuarial loss 6,532 3,287 9,819 10,113 3,642 13,755 Amortization of prior service credit (972) — (972) (972) — (972) Net periodic pension cost $ 1,383 $ 5,855 $ 7,238 $ 3,596 $ 5,818 $ 9,414 During the first six months of 2022 and 2021, we made pension contributions of $5.1 million and $4.2 million, respectively, to the APP. We expect to make contractual contributions in 2022 of approximately $10 million, which more than satisfy minimum funding requirements. Other Postretirement Benefits The components of net periodic postretirement benefit cost were as follows: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Service cost $ 11 $ 13 $ 23 $ 26 Interest cost 183 141 365 282 Amortization of actuarial loss 823 852 1,647 1,704 Amortization of prior service credit (132) (836) (368) (1,672) Net periodic postretirement benefit cost $ 885 $ 170 $ 1,667 $ 340 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 26, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company had income tax expense of $23.9 million and $25.0 million in the second quarter and first six months of 2022, respectively. The Company had income tax expense of $18.2 million and $27.7 million in the second quarter and first six months of 2021, respectively. The Company’s effective tax rates from continuing operations were 27.9% and 27.3% for the second quarter and first six months of 2022, respectively. The Company’s effective tax rates from continuing operations were 25.1% and 22.5% for the second quarter and first six months of 2021, respectively. The increase in income tax expense in the second quarter of 2022 was primarily due to higher income from continuing operations in the second quarter of 2022. The decrease in income tax expense in the first six months of 2022 was primarily due to lower income from continuing operations in the first six months of 2022. The increase in the effective tax rate in the first six months of 2022 was primarily due to a lower benefit in the first six months of 2022 from stock price appreciation on stock-based awards that settled in the respective six-month periods. Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures immediately in the year incurred and instead requires taxpayers to capitalize and amortize such expenditures over five years. Our cash tax payments have increased significantly this year as a result of the foregoing provision, and we expect our cash tax payments will continue to be elevated over the next few years if Congress does not repeal or defer the effective date of this provision. Also, our deferred tax assets will increase significantly as we begin to capitalize our research and development expenditures. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 26, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE We compute earnings per share based upon the lower of the two-class method or the treasury stock method. The two-class method 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 was de minimis in the second quarter and first six months of 2022, respectively. The difference between basic and diluted shares was approximately 0.3 million and 0.5 million in the second quarter and first six months of 2021, respectively. In 2021, dilution resulted primarily from the dilutive effect of certain performance awards, restricted stock units and stock options. 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 1.4 million and 0.3 million restricted stock units excluded from the computation of diluted earnings per share in the second quarter and first six months of 2022, respectively, because they were anti-dilutive. There were approximately 0.3 million and 0.2 million restricted stock units excluded from the computation of diluted earnings per share in the second quarter and first six months of 2021, 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 second quarters and first six months of 2022 and 2021. |
Supplemental Stockholders' Equi
Supplemental Stockholders' Equity Information | 6 Months Ended |
Jun. 26, 2022 | |
Equity [Abstract] | |
Supplemental Stockholders' Equity Information | SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION In February 2022, the Board of Directors approved a $150 million Class A stock repurchase program. The authorization provides that Class A shares may be purchased from time to time as market conditions warrant, through open market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. There is no expiration date with respect to this authorization. As of June 26, 2022, repurchases under this authorization totaled approximately $54.4 million (excluding commissions) and approximately $95.6 million remained. The following table summarizes the changes in AOCI by component as of June 26, 2022: (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net Unrealized Loss on Available-For-Sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 26, 2021 $ 3,754 $ (385,680) $ (1,276) $ (383,202) Other comprehensive loss before reclassifications, before tax (5,616) — (9,827) (15,443) Amounts reclassified from accumulated other comprehensive loss, before tax — 10,124 — 10,124 Income tax (benefit)/expense (1,564) 2,717 (2,637) (1,484) Net current-period other comprehensive (loss)/ income, net of tax (4,052) 7,407 (7,190) (3,835) Balance as of June 26, 2022 $ (298) $ (378,273) $ (8,466) $ (387,037) The following table summarizes the reclassifications from AOCI for the six months ended June 26, 2022: (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) $ (1,340) Other components of net periodic benefit costs Amortization of actuarial loss (1) 11,464 Other components of net periodic benefit costs Total reclassification, before tax (2) 10,124 Income tax expense 2,717 Income tax expense Total reclassification, net of tax $ 7,407 (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 quarter ended June 26, 2022. Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations is as follows: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Cost of revenue $ 2,030 $ 1,291 $ 3,619 $ 2,421 Sales and marketing 304 277 669 624 Product development 2,848 999 4,599 1,676 General and administrative 3,800 2,586 7,149 4,617 Total stock-based compensation expense $ 8,982 $ 5,153 $ 16,036 $ 9,338 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 26, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The 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 Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information. On February 1, 2022, the Company acquired The Athletic (see Note 5). Beginning with the first quarter of 2022, the results of The Athletic have been included in the Company's Condensed Consolidated Financial Statements beginning February 1, 2022. The Athletic is a separate reportable segment of the Company. As a result, beginning in the first quarter of 2022, the Company has two reportable segments: The New York Times Group and The Athletic. These segments are evaluated regularly by the Company’s Chief Operating Decision Maker in assessing performance and allocating resources. Management uses adjusted operating profit by segment in assessing performance and allocating resources. The Company includes in its presentation revenues and adjusted operating costs to arrive at adjusted operating profit by segment. Adjusted operating costs are defined as operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Subscription revenue from our digital subscription package (or “bundle”) is allocated to The New York Times Group and The Athletic. We allocate revenue first to our digital news product based on its list price and then the remaining bundle revenue is allocated to the other products in the bundle, including The Athletic, based on their relative list price. The direct variable expenses associated with the bundle, which include credit card fees, third party fees and sales taxes, are allocated to The New York Times Group and The Athletic based on a historical actual percentage of these costs to bundle revenue. The following tables present segment information: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 % Change June 26, 2022 June 27, 2021 % Change Revenues The New York Times Group $ 536,134 $ 498,497 7.6 % $ 1,061,402 $ 971,542 9.2 % The Athletic 19,546 — * 31,703 — * Total revenues $ 555,680 $ 498,497 11.5 % $ 1,093,105 $ 971,542 12.5 % Adjusted operating costs The New York Times Group $ 447,316 $ 405,594 10.3 % $ 904,860 $ 810,532 11.6 % The Athletic 32,145 — * 51,123 — * Total adjusted operating costs $ 479,461 $ 405,594 18.2 % $ 955,983 $ 810,532 17.9 % Adjusted operating profit The New York Times Group $ 88,818 $ 92,903 (4.4) % $ 156,542 $ 161,010 (2.8) % The Athletic (12,599) — * (19,420) — * Total adjusted operating profit $ 76,219 $ 92,903 (18.0) % $ 137,122 $ 161,010 (14.8) % * Represents a change equal to or in excess of 100% or not meaningful. Revenues detail by segment For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 % Change June 26, 2022 June 27, 2021 % Change The New York Times Group Subscription $ 366,620 $ 339,217 8.1 % $ 728,222 $ 668,301 9.0 % Advertising 114,832 112,774 1.8 % 229,322 209,890 9.3 % Other 54,682 46,506 17.6 % 103,858 93,351 11.3 % Total $ 536,134 $ 498,497 7.6 % $ 1,061,402 $ 971,542 9.2 % The Athletic Subscription $ 16,999 $ — * $ 27,376 $ — * Advertising 2,547 — * 4,327 — * Total $ 19,546 $ — * $ 31,703 $ — * The New York Times Company Subscription $ 383,619 $ 339,217 13.1 % $ 755,598 $ 668,301 13.1 % Advertising 117,379 112,774 4.1 % 233,649 209,890 11.3 % Other 54,682 46,506 17.6 % 103,858 93,351 11.3 % Total $ 555,680 $ 498,497 11.5 % $ 1,093,105 $ 971,542 12.5 % * Represents a change equal to or in excess of 100% or not meaningful. Adjusted operating costs (operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs) detail by segment For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 % Change June 26, 2022 June 27, 2021 % Change The New York Times Group Cost of revenue (excluding depreciation and amortization) $ 279,985 $ 251,358 11.4 % $ 549,460 $ 502,355 9.4 % Sales and marketing 58,183 53,555 8.6 % 132,643 113,708 16.7 % Product development 46,773 39,699 17.8 % 91,952 78,642 16.9 % Adjusted general and administrative (1) 62,375 60,982 2.3 % 130,805 115,827 12.9 % Total $ 447,316 $ 405,594 10.3 % $ 904,860 $ 810,532 11.6 % The Athletic Cost of revenue (excluding depreciation and amortization) $ 20,598 $ — * $ 32,488 $ — * Sales and marketing 4,586 — * 7,714 — * Product development 4,049 — * 6,303 — * Adjusted general and administrative (2) 2,912 — * 4,618 — * Total $ 32,145 $ — * $ 51,123 $ — * The New York Times Company Cost of revenue (excluding depreciation and amortization) $ 300,583 $ 251,358 19.6 % $ 581,948 $ 502,355 15.8 % Sales and marketing 62,769 53,555 17.2 % 140,357 113,708 23.4 % Product development 50,822 39,699 28.0 % 98,255 78,642 24.9 % Adjusted general and administrative 65,287 60,982 7.1 % 135,423 115,827 16.9 % Total $ 479,461 $ 405,594 18.2 % $ 955,983 $ 810,532 17.9 % (1) Excludes severance of $2.5 million for the quarter and six months ended June 26, 2022, and multiemployer pension withdrawal costs of $1.2 million and $2.4 million for the quarter and six months ended June 26, 2022, respectively. Excludes multiemployer pension withdrawal costs of $1.3 million and $2.6 million for the quarter and six months ended June 27, 2021, respectively, and severance of $0.4 million for the six months ended June 27, 2021. (2) Excludes $0.2 million of severance for the quarter and six months ended June, 26, 2022. * Represents a change equal to or in excess of 100% or not meaningful. Reconciliation of operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs) For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 % Change June 26, 2022 June 27, 2021 % Change Operating costs $ 504,019 $ 421,381 19.6 % $ 1,000,448 $ 842,768 18.7 % Less: Depreciation and amortization 20,704 14,486 42.9 % 39,390 29,203 34.9 % Severance 2,660 — * 2,660 406 * Multiemployer pension plan withdrawal costs 1,194 1,301 (8.2) % 2,415 2,627 (8.1) % Adjusted operating costs $ 479,461 $ 405,594 18.2 % $ 955,983 $ 810,532 17.9 % * Represents a change equal to or in excess of 100% or not meaningful. Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit) For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 % Change June 26, 2022 June 27, 2021 % Change Operating profit $ 51,661 $ 73,285 (29.5) % $ 57,945 $ 124,943 (53.6) % Add: Depreciation and amortization 20,704 14,486 42.9 % 39,390 29,203 34.9 % Severance 2,660 — * 2,660 406 * Multiemployer pension plan withdrawal costs 1,194 1,301 (8.2) % 2,415 2,627 (8.1) % Special items: Acquisition-related costs — — — 34,712 — * Lease termination charge — 3,831 * — 3,831 * Adjusted operating profit $ 76,219 $ 92,903 (18.0) % $ 137,122 $ 161,010 (14.8) % * Represents a change equal to or in excess of 100% or not meaningful. |
Contingent Liabilities
Contingent Liabilities | 6 Months Ended |
Jun. 26, 2022 | |
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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 26, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Amended Revolving Credit Facility On July 27, 2022, the Company entered into an amendment and restatement of its Credit Facility (the “Amended Credit Facility”). The Amended Credit Facility provides for up to $350.0 million of revolving credit loans for the five-year period through July 27, 2027. There was no initial borrowing under the Amended Credit Facility, there are approximately $0.6 million in outstanding letters of credit and the remaining committed amount remains available. The Amended Credit Facility contains various customary affirmative and negative covenants. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 26, 2022 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. Requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The Company adopted this guidance on December 27, 2021. As a result of The Athletic acquisition, the Company assumed unexpired subscriptions revenue of $28.1 million. Recently Issued Accounting Pronouncements |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 26, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. Requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. The Company adopted this guidance on December 27, 2021. As a result of The Athletic acquisition, the Company assumed unexpired subscriptions revenue of $28.1 million. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 26, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Subscription, advertising and other revenues were as follows for the second quarters and first six months ended June 26, 2022, and June 27, 2021: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 As % of total June 27, 2021 As % of total June 26, 2022 As % of total June 27, 2021 As % of total Subscription $ 383,619 69.0 % $ 339,217 68.1 % $ 755,598 69.2 % $ 668,301 68.8 % Advertising 117,379 21.0 % 112,774 22.6 % 233,649 21.3 % 209,890 21.6 % Other (1) 54,682 10.0 % 46,506 9.3 % 103,858 9.5 % 93,351 9.6 % Total $ 555,680 100.0 % $ 498,497 100.0 % $ 1,093,105 100.0 % $ 971,542 100.0 % (1) Other revenues include building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $7 million for the second quarters of 2022 and 2021, respectively, and approximately $14 million and $13 million for the first six months of 2022 and 2021, respectively. The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the second quarters and first six months ended June 26, 2022, and June 27, 2021: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 As % of total June 27, 2021 As % of total June 26, 2022 As % of total June 27, 2021 As % of total Digital-only subscription revenues (1) $ 238,727 62.2 % $ 190,145 56.1 % $ 465,489 61.6 % $ 369,745 55.3 % Print subscription revenues: Domestic home delivery subscription revenues (2) 131,080 34.2 % 134,755 39.7 % 262,472 34.7 % 269,150 40.3 % Single-copy, NYT International and Other subscription revenues (3) 13,812 3.6 % 14,317 4.2 % 27,637 3.7 % 29,406 4.4 % Subtotal print subscription revenues 144,892 37.8 % 149,072 43.9 % 290,109 38.4 % 298,556 44.7 % Total subscription revenues $ 383,619 100.0 % $ 339,217 100.0 % $ 755,598 100.0 % $ 668,301 100.0 % (1) Includes revenue from digital-only bundled and standalone subscriptions to our news product, as well as The Athletic and our Games, Cooking, Audm and Wirecutter products. (2) Domestic home delivery subscriptions include access to our digital news product, as well as our Games, Cooking and Wirecutter products. (3) NYT International is the international edition of our print newspaper. The following table summarizes digital and print advertising revenues, which are components of advertising revenues above, for the second quarters and first six months ended June 26, 2022, and June 27, 2021: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 As % of total June 27, 2021 As % of total June 26, 2022 As % of total June 27, 2021 As % of total Advertising revenues: Digital $ 69,292 59.0 % $ 70,995 63.0 % $ 136,306 58.3 % $ 130,491 62.2 % Print 48,087 41.0 % 41,779 37.0 % 97,343 41.7 % 79,399 37.8 % Total advertising $ 117,379 100.0 % $ 112,774 100.0 % $ 233,649 100.0 % $ 209,890 100.0 % |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 26, 2022 | |
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 June 26, 2022, and December 26, 2021: June 26, 2022 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term AFS securities U.S. Treasury securities $ 35,776 $ 2 $ (408) $ 35,370 Corporate debt securities 19,922 — (289) 19,633 Municipal securities 7,033 — (125) 6,908 Total short-term AFS securities $ 62,731 $ 2 $ (822) $ 61,911 Long-term AFS securities Corporate debt securities $ 157,376 $ — $ (7,507) $ 149,869 U.S. Treasury securities 50,858 — (2,127) 48,731 U.S. governmental agency securities 28,804 — (1,003) 27,801 Municipal securities 3,890 — (118) 3,772 Total long-term AFS securities $ 240,928 $ — $ (10,755) $ 230,173 December 26, 2021 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term AFS securities U.S. Treasury securities $ 148,899 $ 692 $ (43) $ 149,548 Corporate debt securities 107,158 245 (69) 107,334 Certificates of deposit 55,551 — — 55,551 Commercial paper 21,145 — — 21,145 Municipal securities 3,999 — (2) 3,997 U.S. governmental agency securities 3,500 — — 3,500 Total short-term AFS securities $ 340,252 $ 937 $ (114) $ 341,075 Long-term AFS securities Corporate debt securities $ 242,764 $ 149 $ (1,858) $ 241,055 U.S. Treasury securities 119,695 — (549) 119,146 U.S. governmental agency securities 39,498 — (252) 39,246 Municipal securities 13,994 — (61) 13,933 Total long-term AFS securities $ 415,951 $ 149 $ (2,720) $ 413,380 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables represent the AFS securities as of June 26, 2022, and December 26, 2021, 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: June 26, 2022 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 U.S. Treasury securities $ 30,842 $ (408) $ — $ — $ 30,842 $ (408) Corporate debt securities 19,633 (289) — — 19,633 (289) Municipal securities 6,908 (125) — — 6,908 (125) Total short-term AFS securities $ 57,383 $ (822) $ — $ — $ 57,383 $ (822) Long-term AFS securities Corporate debt securities $ 138,137 $ (7,006) $ 11,732 $ (501) $ 149,869 $ (7,507) U.S. Treasury securities 45,986 (2,023) 2,745 (104) 48,731 (2,127) U.S. governmental agency securities 22,015 (789) 5,786 (214) 27,801 (1,003) Municipal securities 3,772 (118) — — 3,772 (118) Total long-term AFS securities $ 209,910 $ (9,936) $ 20,263 $ (819) $ 230,173 $ (10,755) December 26, 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 U.S. Treasury securities $ 61,018 $ (43) $ — $ — $ 61,018 $ (43) Corporate debt securities 53,148 (69) — — 53,148 (69) Municipal securities 1,998 (2) — — 1,998 (2) Total short-term AFS securities $ 116,164 $ (114) $ — $ — $ 116,164 $ (114) Long-term AFS securities Corporate debt securities $ 224,022 $ (1,858) $ — $ — $ 224,022 $ (1,858) U.S. Treasury securities 119,146 (549) — — 119,146 (549) U.S. governmental agency securities 39,246 (252) — — 39,246 (252) Municipal securities 13,933 (61) — — 13,933 (61) Total long-term AFS securities $ 396,347 $ (2,720) $ — $ — $ 396,347 $ (2,720) |
Business Combination (Tables)
Business Combination (Tables) | 6 Months Ended |
Jun. 26, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of the purchase price (at fair value) to the assets acquired and liabilities assumed of The Athletic as of February 1, 2022 (the date of acquisition): (In thousands) Preliminary Purchase Price Allocation Estimated Useful Life (in years) Total current assets $ 18,495 Property, plant and equipment 281 3- 5 Right of use asset (1) 2,612 Trademark (2) 160,000 20 Existing subscriber base (2) 135,000 12 Developed technology (2) 35,000 5 Content archive (2) 2,000 2 Goodwill 249,792 Indefinite Total current liabilities (3) (41,107) Other liabilities — Other (3,491) Deferred tax liability, net (4) (35,116) Total purchase price $ 523,466 (1) Included in Miscellaneous assets in our Condensed Consolidated Balance Sheets. (2) Included in Intangible assets, net in our Condensed Consolidated Balance Sheets. (3) Includes Unexpired subscriptions revenue of $28.1 million. (4) Included in Deferred income taxes in our Condensed Consolidated Balance Sheets. |
Pro Forma Summary | The following unaudited pro forma summary presents consolidated information of the Company, including The Athletic, as if the business combination had occurred on December 28, 2020, the earliest period presented herein: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Revenue $ 555,680 $ 514,765 $ 1,100,252 $ 1,001,932 Net income 61,777 39,270 89,822 31,056 |
Schedule of Goodwill Balances | The changes in the carrying amount of goodwill as of June 26, 2022, and since December 26, 2021, were as follows: (In thousands) The New York Times Group The Athletic Total Balance as of December 27, 2020 $ 171,657 $ — $ 171,657 Foreign currency translation (5,297) — (5,297) Balance as of December 26, 2021 166,360 — 166,360 Foreign currency translation (4,627) — (4,627) Acquisition of The Athletic — 249,792 249,792 Balance as of June 26, 2022 $ 161,733 $ 249,792 $ 411,525 |
Schedule of Finite-Lived Intangible Assets | As of June 26, 2022, the gross book value and accumulated amortization of acquired intangible assets from the acquisition of The Athletic were as follows: (In thousands) Gross book value Accumulated amortization Net book value Trademark $ 160,000 $ (3,333) $ 156,667 Existing subscriber base 135,000 (4,688) 130,312 Developed technology 35,000 (2,917) 32,083 Content archive 2,000 (417) 1,583 Total $ 332,000 $ (11,355) $ 320,645 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated aggregate amortization expense for the remainder of 2022 and each of the following fiscal years ending December 31 is presented below: (In thousands) Remainder of 2022 $ 13,625 2023 27,250 2024 26,333 2025 26,250 2026 26,250 Thereafter 200,937 Total amortization expense $ 320,645 |
Other (Tables)
Other (Tables) | 6 Months Ended |
Jun. 26, 2022 | |
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 For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Interest income and other expense, net $ 1,535 $ 2,053 $ 2,757 $ 3,743 Gain on the sale of land (1) 34,227 — 34,227 — Interest expense (158) (180) (305) (359) Total interest income and other, net $ 35,604 $ 1,873 $ 36,679 $ 3,384 (1) On December 9, 2020, we entered into an agreement to lease and subsequently sell approximately four acres of land at our printing and distribution facility in College Point, N.Y., subject to certain conditions. The lease commenced on April 11, 2022. At the time of the lease expiration in February 2025, we will sell the parcel to the lessee for approximately $36 million. The transaction is accounted for as a sales-type lease and as a result, we recognized a gain of approximately $34 million (net of commissions) at the time of lease commencement. |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | A reconciliation of cash, cash equivalents and restricted cash as of June 26, 2022, and December 26, 2021, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) June 26, 2022 December 26, 2021 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 161,342 $ 319,973 Restricted cash included within miscellaneous assets 14,396 14,333 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 175,738 $ 334,306 |
Restrictions on Cash and Cash Equivalents | A reconciliation of cash, cash equivalents and restricted cash as of June 26, 2022, and December 26, 2021, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) June 26, 2022 December 26, 2021 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 161,342 $ 319,973 Restricted cash included within miscellaneous assets 14,396 14,333 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 175,738 $ 334,306 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 26, 2022 | |
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 June 26, 2022, and December 26, 2021: (In thousands) June 26, 2022 December 26, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) U.S. Treasury securities $ 35,370 $ — $ 35,370 $ — $ 149,548 $ — $ 149,548 $ — Corporate debt securities 19,633 — 19,633 — 107,334 — 107,334 — Certificates of deposit — — — — 55,551 — 55,551 — Municipal securities 6,908 — 6,908 — 3,997 — 3,997 — U.S. governmental agency securities — — — — 3,500 — 3,500 — Commercial paper — — — — 21,145 — 21,145 — Total short-term AFS securities $ 61,911 $ — $ 61,911 $ — $ 341,075 $ — $ 341,075 $ — Long-term AFS securities (1) Corporate debt securities $ 149,869 $ — $ 149,869 $ — $ 241,055 $ — $ 241,055 $ — U.S. Treasury securities 48,731 — 48,731 — 119,146 — 119,146 — U.S. governmental agency securities 27,801 — 27,801 — 39,246 — 39,246 — Municipal securities 3,772 — 3,772 — 13,933 — 13,933 — Total long-term AFS securities $ 230,173 $ — $ 230,173 $ — $ 413,380 $ — $ 413,380 $ — Liabilities: Deferred compensation (2)(3) $ 14,330 $ 14,330 $ — $ — $ 21,101 $ 21,101 $ — $ — Contingent consideration $ 5,858 $ — $ — $ 5,858 $ 7,450 $ — $ — $ 7,450 (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 $47.9 million as of June 26, 2022, and $52.5 million as of December 26, 2021. 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 changes in the contingent consideration balances for the quarters and six months ended June 26, 2022, and June 27, 2021: Quarters Ended Six Months Ended (In thousands) June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Balance at the beginning of the period $ 5,858 $ 7,728 $ 7,450 $ 8,431 Payments — (862) (1,724) (862) Fair value adjustments (1) — 584 132 (119) Contingent consideration at the end of the period $ 5,858 $ 7,450 $ 5,858 $ 7,450 (1) Fair value adjustments are included in General and administrative costs in our Condensed Consolidated Statements of Operations. |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 6 Months Ended |
Jun. 26, 2022 | |
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 June 26, 2022 June 27, 2021 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 2,882 $ — $ 2,882 $ 2,276 $ — $ 2,276 Interest cost 8,837 1,284 10,121 7,629 1,088 8,717 Expected return on plan assets (13,807) — (13,807) (12,678) — (12,678) Amortization of actuarial loss 3,266 1,643 4,909 5,057 1,822 6,879 Amortization of prior service credit (486) — (486) (486) — (486) Net periodic pension cost $ 692 $ 2,927 $ 3,619 $ 1,798 $ 2,910 $ 4,708 For the Six Months Ended June 26, 2022 June 27, 2021 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 5,763 $ — $ 5,763 $ 4,552 $ — $ 4,552 Interest cost 17,675 2,568 20,243 15,258 2,176 17,434 Expected return on plan assets (27,615) — (27,615) (25,355) — (25,355) Amortization of actuarial loss 6,532 3,287 9,819 10,113 3,642 13,755 Amortization of prior service credit (972) — (972) (972) — (972) Net periodic pension cost $ 1,383 $ 5,855 $ 7,238 $ 3,596 $ 5,818 $ 9,414 |
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 were as follows: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Service cost $ 11 $ 13 $ 23 $ 26 Interest cost 183 141 365 282 Amortization of actuarial loss 823 852 1,647 1,704 Amortization of prior service credit (132) (836) (368) (1,672) Net periodic postretirement benefit cost $ 885 $ 170 $ 1,667 $ 340 |
Supplemental Stockholders' Eq_2
Supplemental Stockholders' Equity Information (Tables) | 6 Months Ended |
Jun. 26, 2022 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table summarizes the changes in AOCI by component as of June 26, 2022: (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net Unrealized Loss on Available-For-Sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 26, 2021 $ 3,754 $ (385,680) $ (1,276) $ (383,202) Other comprehensive loss before reclassifications, before tax (5,616) — (9,827) (15,443) Amounts reclassified from accumulated other comprehensive loss, before tax — 10,124 — 10,124 Income tax (benefit)/expense (1,564) 2,717 (2,637) (1,484) Net current-period other comprehensive (loss)/ income, net of tax (4,052) 7,407 (7,190) (3,835) Balance as of June 26, 2022 $ (298) $ (378,273) $ (8,466) $ (387,037) |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications from AOCI for the six months ended June 26, 2022: (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) $ (1,340) Other components of net periodic benefit costs Amortization of actuarial loss (1) 11,464 Other components of net periodic benefit costs Total reclassification, before tax (2) 10,124 Income tax expense 2,717 Income tax expense Total reclassification, net of tax $ 7,407 (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 quarter ended June 26, 2022. |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations is as follows: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 June 26, 2022 June 27, 2021 Cost of revenue $ 2,030 $ 1,291 $ 3,619 $ 2,421 Sales and marketing 304 277 669 624 Product development 2,848 999 4,599 1,676 General and administrative 3,800 2,586 7,149 4,617 Total stock-based compensation expense $ 8,982 $ 5,153 $ 16,036 $ 9,338 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 26, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | The following tables present segment information: For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 % Change June 26, 2022 June 27, 2021 % Change Revenues The New York Times Group $ 536,134 $ 498,497 7.6 % $ 1,061,402 $ 971,542 9.2 % The Athletic 19,546 — * 31,703 — * Total revenues $ 555,680 $ 498,497 11.5 % $ 1,093,105 $ 971,542 12.5 % Adjusted operating costs The New York Times Group $ 447,316 $ 405,594 10.3 % $ 904,860 $ 810,532 11.6 % The Athletic 32,145 — * 51,123 — * Total adjusted operating costs $ 479,461 $ 405,594 18.2 % $ 955,983 $ 810,532 17.9 % Adjusted operating profit The New York Times Group $ 88,818 $ 92,903 (4.4) % $ 156,542 $ 161,010 (2.8) % The Athletic (12,599) — * (19,420) — * Total adjusted operating profit $ 76,219 $ 92,903 (18.0) % $ 137,122 $ 161,010 (14.8) % * Represents a change equal to or in excess of 100% or not meaningful. Revenues detail by segment For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 % Change June 26, 2022 June 27, 2021 % Change The New York Times Group Subscription $ 366,620 $ 339,217 8.1 % $ 728,222 $ 668,301 9.0 % Advertising 114,832 112,774 1.8 % 229,322 209,890 9.3 % Other 54,682 46,506 17.6 % 103,858 93,351 11.3 % Total $ 536,134 $ 498,497 7.6 % $ 1,061,402 $ 971,542 9.2 % The Athletic Subscription $ 16,999 $ — * $ 27,376 $ — * Advertising 2,547 — * 4,327 — * Total $ 19,546 $ — * $ 31,703 $ — * The New York Times Company Subscription $ 383,619 $ 339,217 13.1 % $ 755,598 $ 668,301 13.1 % Advertising 117,379 112,774 4.1 % 233,649 209,890 11.3 % Other 54,682 46,506 17.6 % 103,858 93,351 11.3 % Total $ 555,680 $ 498,497 11.5 % $ 1,093,105 $ 971,542 12.5 % * Represents a change equal to or in excess of 100% or not meaningful. Adjusted operating costs (operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs) detail by segment For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 % Change June 26, 2022 June 27, 2021 % Change The New York Times Group Cost of revenue (excluding depreciation and amortization) $ 279,985 $ 251,358 11.4 % $ 549,460 $ 502,355 9.4 % Sales and marketing 58,183 53,555 8.6 % 132,643 113,708 16.7 % Product development 46,773 39,699 17.8 % 91,952 78,642 16.9 % Adjusted general and administrative (1) 62,375 60,982 2.3 % 130,805 115,827 12.9 % Total $ 447,316 $ 405,594 10.3 % $ 904,860 $ 810,532 11.6 % The Athletic Cost of revenue (excluding depreciation and amortization) $ 20,598 $ — * $ 32,488 $ — * Sales and marketing 4,586 — * 7,714 — * Product development 4,049 — * 6,303 — * Adjusted general and administrative (2) 2,912 — * 4,618 — * Total $ 32,145 $ — * $ 51,123 $ — * The New York Times Company Cost of revenue (excluding depreciation and amortization) $ 300,583 $ 251,358 19.6 % $ 581,948 $ 502,355 15.8 % Sales and marketing 62,769 53,555 17.2 % 140,357 113,708 23.4 % Product development 50,822 39,699 28.0 % 98,255 78,642 24.9 % Adjusted general and administrative 65,287 60,982 7.1 % 135,423 115,827 16.9 % Total $ 479,461 $ 405,594 18.2 % $ 955,983 $ 810,532 17.9 % (1) Excludes severance of $2.5 million for the quarter and six months ended June 26, 2022, and multiemployer pension withdrawal costs of $1.2 million and $2.4 million for the quarter and six months ended June 26, 2022, respectively. Excludes multiemployer pension withdrawal costs of $1.3 million and $2.6 million for the quarter and six months ended June 27, 2021, respectively, and severance of $0.4 million for the six months ended June 27, 2021. (2) Excludes $0.2 million of severance for the quarter and six months ended June, 26, 2022. * Represents a change equal to or in excess of 100% or not meaningful. Reconciliation of operating costs before depreciation and amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs) For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 % Change June 26, 2022 June 27, 2021 % Change Operating costs $ 504,019 $ 421,381 19.6 % $ 1,000,448 $ 842,768 18.7 % Less: Depreciation and amortization 20,704 14,486 42.9 % 39,390 29,203 34.9 % Severance 2,660 — * 2,660 406 * Multiemployer pension plan withdrawal costs 1,194 1,301 (8.2) % 2,415 2,627 (8.1) % Adjusted operating costs $ 479,461 $ 405,594 18.2 % $ 955,983 $ 810,532 17.9 % * Represents a change equal to or in excess of 100% or not meaningful. Reconciliation of operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items (or adjusted operating profit) For the Quarters Ended For the Six Months Ended (In thousands) June 26, 2022 June 27, 2021 % Change June 26, 2022 June 27, 2021 % Change Operating profit $ 51,661 $ 73,285 (29.5) % $ 57,945 $ 124,943 (53.6) % Add: Depreciation and amortization 20,704 14,486 42.9 % 39,390 29,203 34.9 % Severance 2,660 — * 2,660 406 * Multiemployer pension plan withdrawal costs 1,194 1,301 (8.2) % 2,415 2,627 (8.1) % Special items: Acquisition-related costs — — — 34,712 — * Lease termination charge — 3,831 * — 3,831 * Adjusted operating profit $ 76,219 $ 92,903 (18.0) % $ 137,122 $ 161,010 (14.8) % * Represents a change equal to or in excess of 100% or not meaningful. |
Basis of Presentation (Details)
Basis of Presentation (Details) | Feb. 01, 2022 club |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of clubs and teams | 200 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total revenues | $ 555,680 | $ 498,497 | $ 1,093,105 | $ 971,542 | |
Subscription | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total revenues | $ 383,619 | $ 339,217 | $ 755,598 | $ 668,301 | |
Accounting Standards Update 2021-08 | Subscription | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total revenues | $ 28,100 |
Revenue - Subscription, Adverti
Revenue - Subscription, Advertising, and Other Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 555,680 | $ 498,497 | $ 1,093,105 | $ 971,542 |
Product and service benchmark | Product concentration risk | ||||
Disaggregation of Revenue [Line Items] | ||||
As % of total | 100% | 100% | 100% | 100% |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 383,619 | $ 339,217 | $ 755,598 | $ 668,301 |
Subscription | Product and service benchmark | Product concentration risk | ||||
Disaggregation of Revenue [Line Items] | ||||
As % of total | 69% | 68.10% | 69.20% | 68.80% |
Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 117,379 | $ 112,774 | $ 233,649 | $ 209,890 |
Advertising | Product and service benchmark | Product concentration risk | ||||
Disaggregation of Revenue [Line Items] | ||||
As % of total | 21% | 22.60% | 21.30% | 21.60% |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 54,682 | $ 46,506 | $ 103,858 | $ 93,351 |
Other | Product and service benchmark | Product concentration risk | ||||
Disaggregation of Revenue [Line Items] | ||||
As % of total | 10% | 9.30% | 9.50% | 9.60% |
Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue not from contract with customer | $ 7,000 | $ 7,000 | $ 14,000 | $ 13,000 |
Revenue - Advertising Revenues
Revenue - Advertising Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total advertising | $ 555,680 | $ 498,497 | $ 1,093,105 | $ 971,542 |
Subscription revenue benchmark | Product concentration risk | ||||
Disaggregation of Revenue [Line Items] | ||||
As % of total | 100% | 100% | 100% | 100% |
Advertising benchmark | Product concentration risk | ||||
Disaggregation of Revenue [Line Items] | ||||
As % of total | 100% | 100% | 100% | 100% |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total advertising | $ 383,619 | $ 339,217 | $ 755,598 | $ 668,301 |
Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total advertising | $ 117,379 | $ 112,774 | $ 233,649 | $ 209,890 |
Digital | Subscription revenue benchmark | Product concentration risk | ||||
Disaggregation of Revenue [Line Items] | ||||
As % of total | 62.20% | 56.10% | 61.60% | 55.30% |
Digital | Advertising benchmark | Product concentration risk | ||||
Disaggregation of Revenue [Line Items] | ||||
As % of total | 59% | 63% | 58.30% | 62.20% |
Digital | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total advertising | $ 238,727 | $ 190,145 | $ 465,489 | $ 369,745 |
Digital | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total advertising | $ 69,292 | $ 70,995 | $ 136,306 | $ 130,491 |
Print | Subscription revenue benchmark | Product concentration risk | ||||
Disaggregation of Revenue [Line Items] | ||||
As % of total | 37.80% | 43.90% | 38.40% | 44.70% |
Print | Advertising benchmark | Product concentration risk | ||||
Disaggregation of Revenue [Line Items] | ||||
As % of total | 41% | 37% | 41.70% | 37.80% |
Print | Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Total advertising | $ 144,892 | $ 149,072 | $ 290,109 | $ 298,556 |
Print | Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Total advertising | 48,087 | 41,779 | 97,343 | 79,399 |
Print | Domestic home delivery subscription revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total advertising | $ 131,080 | $ 134,755 | $ 262,472 | $ 269,150 |
Print | Domestic home delivery subscription revenues | Subscription revenue benchmark | Product concentration risk | ||||
Disaggregation of Revenue [Line Items] | ||||
As % of total | 34.20% | 39.70% | 34.70% | 40.30% |
Print | Single copy, NYT International and other subscription revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total advertising | $ 13,812 | $ 14,317 | $ 27,637 | $ 29,406 |
Print | Single copy, NYT International and other subscription revenues | Subscription revenue benchmark | Product concentration risk | ||||
Disaggregation of Revenue [Line Items] | ||||
As % of total | 3.60% | 4.20% | 3.70% | 4.40% |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) $ in Millions | Jun. 26, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 105 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-06-27 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 21 |
Remaining performance obligation, period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 22 |
Remaining performance obligation, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 62 |
Remaining performance obligation, period |
Revenue - Contract Assets (Deta
Revenue - Contract Assets (Details) - USD ($) $ in Millions | Jun. 26, 2022 | Dec. 26, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Contract asset, current | $ 3.7 | $ 3.4 |
Marketable Securities - Narrati
Marketable Securities - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 26, 2022 | Dec. 26, 2021 | |
Line of Credit Facility [Line Items] | ||
Net unrealized losses in other comprehensive income | $ 11,600,000 | $ 1,700,000 |
OTTI loss recognized | $ 0 | $ 0 |
Short-term Marketable Securities | Minimum | ||
Line of Credit Facility [Line Items] | ||
Marketable securities, remaining maturities (in months) | 1 month | |
Short-term Marketable Securities | Maximum | ||
Line of Credit Facility [Line Items] | ||
Marketable securities, remaining maturities (in months) | 12 months | |
Long-term Marketable Securities | Minimum | ||
Line of Credit Facility [Line Items] | ||
Marketable securities, remaining maturities (in months) | 13 months | |
Long-term Marketable Securities | Maximum | ||
Line of Credit Facility [Line Items] | ||
Marketable securities, remaining maturities (in months) | 33 months |
Marketable Securities - Availab
Marketable Securities - Available for Sale (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Dec. 26, 2021 |
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | $ 62,731 | $ 340,252 |
Gross unrealized gains, short-term AFS securities | 2 | 937 |
Gross unrealized losses, short-term AFS securities | (822) | (114) |
Fair value, short-term AFS securities | 61,911 | 341,075 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 240,928 | 415,951 |
Gross unrealized gains, long-term AFS securities | 0 | 149 |
Gross unrealized losses, long-term AFS securities | (10,755) | (2,720) |
Fair value, long-term AFS securities | 230,173 | 413,380 |
U.S. Treasury securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 35,776 | 148,899 |
Gross unrealized gains, short-term AFS securities | 2 | 692 |
Gross unrealized losses, short-term AFS securities | (408) | (43) |
Fair value, short-term AFS securities | 35,370 | 149,548 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 50,858 | 119,695 |
Gross unrealized gains, long-term AFS securities | 0 | 0 |
Gross unrealized losses, long-term AFS securities | (2,127) | (549) |
Fair value, long-term AFS securities | 48,731 | 119,146 |
Corporate debt securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 19,922 | 107,158 |
Gross unrealized gains, short-term AFS securities | 0 | 245 |
Gross unrealized losses, short-term AFS securities | (289) | (69) |
Fair value, short-term AFS securities | 19,633 | 107,334 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 157,376 | 242,764 |
Gross unrealized gains, long-term AFS securities | 0 | 149 |
Gross unrealized losses, long-term AFS securities | (7,507) | (1,858) |
Fair value, long-term AFS securities | 149,869 | 241,055 |
Municipal securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 7,033 | 3,999 |
Gross unrealized gains, short-term AFS securities | 0 | 0 |
Gross unrealized losses, short-term AFS securities | (125) | (2) |
Fair value, short-term AFS securities | 6,908 | 3,997 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 3,890 | 13,994 |
Gross unrealized gains, long-term AFS securities | 0 | 0 |
Gross unrealized losses, long-term AFS securities | (118) | (61) |
Fair value, long-term AFS securities | 3,772 | 13,933 |
Certificates of deposit | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 55,551 | |
Gross unrealized gains, short-term AFS securities | 0 | |
Gross unrealized losses, short-term AFS securities | 0 | |
Fair value, short-term AFS securities | 55,551 | |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 3,500 | |
Gross unrealized gains, short-term AFS securities | 0 | |
Fair value, short-term AFS securities | 3,500 | |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 28,804 | 39,498 |
Gross unrealized gains, long-term AFS securities | 0 | 0 |
Gross unrealized losses, long-term AFS securities | (1,003) | (252) |
Fair value, long-term AFS securities | $ 27,801 | 39,246 |
Commercial paper | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 21,145 | |
Gross unrealized gains, short-term AFS securities | 0 | |
Gross unrealized losses, short-term AFS securities | 0 | |
Fair value, short-term AFS securities | $ 21,145 |
Marketable Securities - Avail_2
Marketable Securities - Available-for-sale Securities - Continuous Loss Position (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Dec. 26, 2021 |
Total short-term AFS securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | $ 57,383 | $ 116,164 |
Gross unrealized losses, less than 12 months | (822) | (114) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized losses, greater than 12 months | 0 | 0 |
Fair value, total | 57,383 | 116,164 |
Gross unrealized losses, total | (822) | (114) |
Total long-term AFS securities | ||
Long-term AFS securities | ||
Fair value, less than 12 months | 209,910 | 396,347 |
Gross unrealized losses, less than 12 months | (9,936) | (2,720) |
Fair value, greater than 12 months | 20,263 | 0 |
Gross unrealized losses, greater than 12 months | (819) | 0 |
Fair value, total | 230,173 | 396,347 |
Gross unrealized losses, total | (10,755) | (2,720) |
U.S. Treasury securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 30,842 | 61,018 |
Gross unrealized losses, less than 12 months | (408) | (43) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized losses, greater than 12 months | 0 | 0 |
Fair value, total | 30,842 | 61,018 |
Gross unrealized losses, total | (408) | (43) |
Long-term AFS securities | ||
Fair value, less than 12 months | 45,986 | 119,146 |
Gross unrealized losses, less than 12 months | (2,023) | (549) |
Fair value, greater than 12 months | 2,745 | 0 |
Gross unrealized losses, greater than 12 months | (104) | 0 |
Fair value, total | 48,731 | 119,146 |
Gross unrealized losses, total | (2,127) | (549) |
Corporate debt securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 19,633 | 53,148 |
Gross unrealized losses, less than 12 months | (289) | (69) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized losses, greater than 12 months | 0 | 0 |
Fair value, total | 19,633 | 53,148 |
Gross unrealized losses, total | (289) | (69) |
Long-term AFS securities | ||
Fair value, less than 12 months | 138,137 | 224,022 |
Gross unrealized losses, less than 12 months | (7,006) | (1,858) |
Fair value, greater than 12 months | 11,732 | 0 |
Gross unrealized losses, greater than 12 months | (501) | 0 |
Fair value, total | 149,869 | 224,022 |
Gross unrealized losses, total | (7,507) | (1,858) |
U.S. governmental agency securities | ||
Long-term AFS securities | ||
Fair value, less than 12 months | 22,015 | 39,246 |
Gross unrealized losses, less than 12 months | (789) | (252) |
Fair value, greater than 12 months | 5,786 | 0 |
Gross unrealized losses, greater than 12 months | (214) | 0 |
Fair value, total | 27,801 | 39,246 |
Gross unrealized losses, total | (1,003) | (252) |
Municipal securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 6,908 | 1,998 |
Gross unrealized losses, less than 12 months | (125) | (2) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized losses, greater than 12 months | 0 | 0 |
Fair value, total | 6,908 | 1,998 |
Gross unrealized losses, total | (125) | (2) |
Long-term AFS securities | ||
Fair value, less than 12 months | 3,772 | 13,933 |
Gross unrealized losses, less than 12 months | (118) | (61) |
Fair value, greater than 12 months | 0 | 0 |
Gross unrealized losses, greater than 12 months | 0 | 0 |
Fair value, total | 3,772 | 13,933 |
Gross unrealized losses, total | $ (118) | $ (61) |
Business Combination - Narrativ
Business Combination - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Feb. 01, 2022 | Jun. 26, 2022 | Jun. 26, 2022 | Jun. 27, 2021 | Dec. 26, 2021 | |
Business Acquisition [Line Items] | |||||
Payments for business acquisitions | $ 515,299 | $ 0 | |||
Reduced expenses | 47,800 | ||||
Increased expenses | $ 47,800 | ||||
Intangible assets, net | $ 336,126 | 336,126 | $ 14,246 | ||
Indefinite-lived intangible assets | 9,000 | 9,000 | |||
The Athletic Media Company | |||||
Business Acquisition [Line Items] | |||||
Amortization expense | 6,900 | 11,400 | |||
Intangible assets, net | $ 336,100 | $ 336,100 | |||
The Athletic Media Company | |||||
Business Acquisition [Line Items] | |||||
Payments for business acquisitions | $ 550,000 | ||||
Purchase price for assets acquired and liabilities assumed | 523,500 | ||||
Payment for acceleration of stock options | $ 26,700 |
Business Combination - Schedule
Business Combination - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Feb. 01, 2022 | Jun. 26, 2022 | Dec. 26, 2021 | Dec. 27, 2020 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 411,525 | $ 166,360 | $ 171,657 | |
Unexpired subscriptions revenue | $ 28,100 | |||
The Athletic Media Company | ||||
Business Acquisition [Line Items] | ||||
Total current assets | 18,495 | |||
Property, plant and equipment | 281 | |||
Right of use asset | 2,612 | |||
Goodwill | 249,792 | $ 249,792 | $ 0 | $ 0 |
Total current liabilities | (41,107) | |||
Other liabilities - other | (3,491) | |||
Deferred tax liability, net | (35,116) | |||
Total purchase price | $ 523,466 | |||
The Athletic Media Company | Minimum | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment, useful life | 3 years | |||
The Athletic Media Company | Maximum | ||||
Business Acquisition [Line Items] | ||||
Property, plant and equipment, useful life | 5 years | |||
Trademark | The Athletic Media Company | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangibles | $ 160,000 | |||
Estimated useful life | 20 years | |||
Existing subscriber base | The Athletic Media Company | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangibles | $ 135,000 | |||
Estimated useful life | 12 years | |||
Developed technology | The Athletic Media Company | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangibles | $ 35,000 | |||
Estimated useful life | 5 years | |||
Content archive | The Athletic Media Company | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangibles | $ 2,000 | |||
Estimated useful life | 2 years |
Business Combination - Pro Form
Business Combination - Pro Forma (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Revenue | $ 555,680 | $ 514,765 | $ 1,100,252 | $ 1,001,932 |
Net income | $ 61,777 | $ 39,270 | $ 89,822 | $ 31,056 |
Business Combination - Schedu_2
Business Combination - Schedule of Goodwill Balances (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 26, 2022 | Dec. 26, 2021 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 166,360 | $ 171,657 |
Foreign currency translation | (4,627) | (5,297) |
Acquisition of The Athletic | 249,792 | |
Goodwill, ending balance | 411,525 | 166,360 |
The Athletic Media Company | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 0 | 0 |
Foreign currency translation | 0 | 0 |
Acquisition of The Athletic | 249,792 | |
Goodwill, ending balance | 249,792 | 0 |
New York Times Media Group | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 166,360 | 171,657 |
Foreign currency translation | (4,627) | (5,297) |
Acquisition of The Athletic | 0 | |
Goodwill, ending balance | $ 161,733 | $ 166,360 |
Business Combination - Schedu_3
Business Combination - Schedule of Finite-Lived Intangible Assets (Details) $ in Thousands | Jun. 26, 2022 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Gross book value | $ 332,000 |
Accumulated amortization | (11,355) |
Net book value | 320,645 |
Trademark | |
Finite-Lived Intangible Assets [Line Items] | |
Gross book value | 160,000 |
Accumulated amortization | (3,333) |
Net book value | 156,667 |
Existing subscriber base | |
Finite-Lived Intangible Assets [Line Items] | |
Gross book value | 135,000 |
Accumulated amortization | (4,688) |
Net book value | 130,312 |
Developed technology | |
Finite-Lived Intangible Assets [Line Items] | |
Gross book value | 35,000 |
Accumulated amortization | (2,917) |
Net book value | 32,083 |
Content archive | |
Finite-Lived Intangible Assets [Line Items] | |
Gross book value | 2,000 |
Accumulated amortization | (417) |
Net book value | $ 1,583 |
Business Combination - Schedu_4
Business Combination - Schedule of Future Amortization (Details) $ in Thousands | Jun. 26, 2022 USD ($) |
Business Combination and Asset Acquisition [Abstract] | |
Remainder of 2022 | $ 13,625 |
2023 | 27,250 |
2024 | 26,333 |
2025 | 26,250 |
2026 | 26,250 |
Thereafter | 200,937 |
Net book value | $ 320,645 |
Investments - Non-Marketable Eq
Investments - Non-Marketable Equity Securities (Details) - USD ($) $ in Millions | Jun. 26, 2022 | Dec. 26, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Equity securities | $ 28.4 | $ 27.9 |
Other - Narrative (Details)
Other - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jul. 27, 2022 | Sep. 30, 2019 | Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | Dec. 26, 2021 | |
Other Expense [Line Items] | |||||||
Severance | $ 2,660,000 | $ 0 | $ 2,660,000 | $ 406,000 | |||
Severance liability | 4,300,000 | 4,300,000 | $ 2,100,000 | ||||
Acquisition-related costs | 0 | 0 | 34,712,000 | 0 | |||
Severance | Selling, General and Administrative Expenses | |||||||
Other Expense [Line Items] | |||||||
Severance | 2,700,000 | 0 | 2,700,000 | 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 | 0 | |||||
Credit Facility | Amended Credit Facility | Subsequent Event | |||||||
Other Expense [Line Items] | |||||||
Unsecured revolving credit facility, maximum borrowing capacity | $ 350,000,000 | ||||||
Unsecured revolving credit facility, term (in years) | 5 years | ||||||
Line of credit facility, outstanding borrowings | $ 0 | ||||||
Capitalized Computer Software Costs | |||||||
Other Expense [Line Items] | |||||||
Capitalized computer software amortization | $ 1,900,000 | $ 2,400,000 | $ 3,900,000 | $ 5,000,000 |
Other - Interest Income and Oth
Other - Interest Income and Other, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 11, 2022 | Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Other Income and Expenses [Abstract] | |||||
Interest income and other expense, net | $ 1,535 | $ 2,053 | $ 2,757 | $ 3,743 | |
Gain on College Point land sale | 34,227 | 0 | 34,227 | 0 | |
Interest expense | (158) | (180) | (305) | (359) | |
Total interest income and other, net | $ 35,604 | $ 1,873 | $ 36,679 | $ 3,384 | |
Parcel to the lessor, amount | $ 36,000 | ||||
Gain on lease commencement | $ 34,000 |
Other - Reconciliation of Cash,
Other - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Dec. 26, 2021 | Jun. 27, 2021 | Dec. 27, 2020 |
Reconciliation of cash, cash equivalents and restricted cash | ||||
Cash and cash equivalents | $ 161,342 | $ 319,973 | ||
Restricted cash included within miscellaneous assets | 14,396 | 14,333 | ||
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ 175,738 | $ 334,306 | $ 335,501 | $ 301,964 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Jun. 26, 2022 | Dec. 26, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | $ 61,911 | $ 341,075 |
Long-term AFS securities | 230,173 | 413,380 |
Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 14,330 | 21,101 |
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 | 5,858 | 7,450 |
Fair Value | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 14,330 | 21,101 |
Contingent consideration | 5,858 | 7,450 |
Debt Securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 61,911 | 341,075 |
Long-term AFS securities | 230,173 | 413,380 |
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 | 61,911 | 341,075 |
Long-term AFS securities | 230,173 | 413,380 |
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 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 35,370 | 149,548 |
Long-term AFS securities | 48,731 | 119,146 |
U.S. Treasury securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 35,370 | 149,548 |
Long-term AFS securities | 48,731 | 119,146 |
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 | 35,370 | 149,548 |
Long-term AFS securities | 48,731 | 119,146 |
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 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 19,633 | 107,334 |
Long-term AFS securities | 149,869 | 241,055 |
Corporate debt securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 19,633 | 107,334 |
Long-term AFS securities | 149,869 | 241,055 |
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 | 19,633 | 107,334 |
Long-term AFS securities | 149,869 | 241,055 |
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 | 55,551 | |
Certificates of deposit | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 55,551 |
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 | 0 | 55,551 |
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 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 6,908 | 3,997 |
Long-term AFS securities | 3,772 | 13,933 |
Municipal securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 6,908 | 3,997 |
Long-term AFS securities | 3,772 | 13,933 |
Municipal 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 |
Municipal securities | Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 6,908 | 3,997 |
Long-term AFS securities | 3,772 | 13,933 |
Municipal 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 | 0 | 3,500 |
Long-term AFS securities | 27,801 | 39,246 |
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 | 0 | 3,500 |
Long-term AFS securities | 27,801 | 39,246 |
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 | 21,145 | |
Commercial paper | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 21,145 |
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 | 0 | 21,145 |
Commercial paper | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Life insurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Miscellaneous assets | $ 47,900 | $ 52,500 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Balance of Contingent Consideration (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | Dec. 26, 2021 | |
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, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent consideration | $ 5,858 | $ 5,858 | $ 7,450 | ||
Contingent Consideration | Recurring | |||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Balance at the beginning of the period | 5,858 | $ 7,728 | 7,450 | $ 8,431 | |
Payments | 0 | (862) | (1,724) | (862) | |
Fair value adjustments | 0 | 584 | 132 | (119) | |
Contingent consideration at the end of the period | $ 5,858 | $ 7,450 | $ 5,858 | $ 7,450 |
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 | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Pension Benefits | ||||
Service cost | $ 2,882 | $ 2,276 | $ 5,763 | $ 4,552 |
Interest cost | 10,121 | 8,717 | 20,243 | 17,434 |
Expected return on plan assets | (13,807) | (12,678) | (27,615) | (25,355) |
Amortization of actuarial loss | 4,909 | 6,879 | 9,819 | 13,755 |
Amortization of prior service credit | (486) | (486) | (972) | (972) |
Net periodic postretirement benefit cost | 3,619 | 4,708 | 7,238 | 9,414 |
Qualified Plans | ||||
Pension Benefits | ||||
Service cost | 2,882 | 2,276 | 5,763 | 4,552 |
Interest cost | 8,837 | 7,629 | 17,675 | 15,258 |
Expected return on plan assets | (13,807) | (12,678) | (27,615) | (25,355) |
Amortization of actuarial loss | 3,266 | 5,057 | 6,532 | 10,113 |
Amortization of prior service credit | (486) | (486) | (972) | (972) |
Net periodic postretirement benefit cost | 692 | 1,798 | 1,383 | 3,596 |
Pension contributions | 5,100 | 4,200 | ||
Expected future employer contributions | 10,000 | 10,000 | ||
Non- Qualified Plans | ||||
Pension Benefits | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 1,284 | 1,088 | 2,568 | 2,176 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial loss | 1,643 | 1,822 | 3,287 | 3,642 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Net periodic postretirement benefit cost | $ 2,927 | $ 2,910 | $ 5,855 | $ 5,818 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Other Postretirement Benefits (Details) - Other Postretirement Benefit Plan - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Pension Benefits | ||||
Service cost | $ 11 | $ 13 | $ 23 | $ 26 |
Interest cost | 183 | 141 | 365 | 282 |
Amortization of actuarial loss | 823 | 852 | 1,647 | 1,704 |
Amortization of prior service credit | (132) | (836) | (368) | (1,672) |
Net periodic postretirement benefit cost | $ 885 | $ 170 | $ 1,667 | $ 340 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 23,864 | $ 18,243 | $ 24,976 | $ 27,704 |
Effective income tax rate from continuing operations | 27.90% | 25.10% | 27.30% | 22.50% |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0.3 | 0.5 | ||
Restricted Stock Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Restricted stock units excluded from computation of earnings per share (in shares) | 1.4 | 0.3 | 0.3 | 0.2 |
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 | ||
Stock Options | ||||
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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 26, 2022 | Jun. 26, 2022 | Feb. 28, 2022 | |
Class of Stock [Line Items] | |||
Stock repurchase program, authorized amount | $ 150,000 | ||
Share repurchases | $ 25,435 | $ 54,469 | |
Stock repurchase program, remaining authorized repurchase amount | $ 95,600 | 95,600 | |
Class A Common Stock | |||
Class of Stock [Line Items] | |||
Share repurchases | $ 54,400 |
Supplemental Stockholders' Eq_4
Supplemental Stockholders' Equity Information - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | $ 1,495,076 | $ 1,355,462 | $ 1,540,725 | $ 1,328,111 |
Other comprehensive loss before reclassifications, before tax | (15,443) | |||
Amounts reclassified from accumulated other comprehensive loss, before tax | 10,124 | |||
Income tax (benefit)/expense | (104) | 1,756 | (1,484) | 2,465 |
Other comprehensive (loss)/income, net of tax | (100) | 4,809 | (3,835) | 6,737 |
Balance, end of period | 1,540,134 | 1,418,787 | 1,540,134 | 1,418,787 |
Foreign Currency Translation Adjustments | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | 3,754 | |||
Other comprehensive loss before reclassifications, before tax | (5,616) | |||
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | |||
Income tax (benefit)/expense | (1,564) | |||
Other comprehensive (loss)/income, net of tax | (4,052) | |||
Balance, end of period | (298) | (298) | ||
Funded Status of Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | (385,680) | |||
Other comprehensive loss before reclassifications, before tax | 0 | |||
Amounts reclassified from accumulated other comprehensive loss, before tax | 10,124 | |||
Income tax (benefit)/expense | 2,717 | |||
Other comprehensive (loss)/income, net of tax | 7,407 | |||
Balance, end of period | (378,273) | (378,273) | ||
Net Unrealized Loss on Available-For-Sale Securities | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | (1,276) | |||
Other comprehensive loss before reclassifications, before tax | (9,827) | |||
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | |||
Income tax (benefit)/expense | (2,637) | |||
Other comprehensive (loss)/income, net of tax | (7,190) | |||
Balance, end of period | (8,466) | (8,466) | ||
Total Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | (386,937) | (408,253) | (383,202) | (410,181) |
Other comprehensive (loss)/income, net of tax | (100) | 4,809 | (3,835) | 6,737 |
Balance, end of period | $ (387,037) | $ (403,444) | $ (387,037) | $ (403,444) |
Supplemental Stockholders' Eq_5
Supplemental Stockholders' Equity Information - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of revenue (excluding depreciation and amortization) | $ 1,624 | $ 2,598 | $ 3,146 | $ 5,197 |
Total reclassification, before tax | 85,641 | 72,560 | 91,478 | 123,130 |
Income tax expense | 23,864 | 18,243 | 24,976 | 27,704 |
Total reclassification, net of tax | $ 61,777 | $ 54,317 | 66,502 | $ 95,426 |
Amounts reclassified from accumulated other comprehensive loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassification, before tax | 10,124 | |||
Income tax expense | 2,717 | |||
Total reclassification, net of tax | 7,407 | |||
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) | (1,340) | |||
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) | $ 11,464 |
Supplemental Stockholders' Eq_6
Supplemental Stockholders' Equity Information - Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2022 | Jun. 27, 2021 | Jun. 26, 2022 | Jun. 27, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 8,982 | $ 5,153 | $ 16,036 | $ 9,338 |
Cost of Sales | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 2,030 | 1,291 | 3,619 | 2,421 |
Selling and Marketing Expense | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 304 | 277 | 669 | 624 |
Research and Development Expense | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 2,848 | 999 | 4,599 | 1,676 |
General and Administrative Expense | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 3,800 | $ 2,586 | $ 7,149 | $ 4,617 |
Segment Information (Details)
Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 26, 2022 USD ($) | Jun. 27, 2021 USD ($) | Jun. 26, 2022 USD ($) segment | Jun. 27, 2021 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments (in segments) | segment | 2 | |||
Total revenues | $ 555,680 | $ 498,497 | $ 1,093,105 | $ 971,542 |
Revenues, percent change | 0.115 | 0.125 | 0.125 | |
Cost of revenue (excluding depreciation and amortization) | $ 300,583 | 251,358 | $ 581,948 | $ 502,355 |
Cost of revenue, percent change | 0.196 | 0.158 | ||
Sales and marketing | $ 62,769 | 53,555 | $ 140,357 | 113,708 |
Sales and marketing, percent change | 0.172 | 0.234 | ||
Product development | $ 50,822 | 39,699 | $ 98,255 | 78,642 |
Product development, percent change | 0.280 | 0.249 | ||
Adjusted general and administrative expense | $ 65,287 | 60,982 | $ 135,423 | 115,827 |
Adjusted general and administrative, percent change | 0.071 | 0.169 | ||
Total operating costs | $ 504,019 | 421,381 | $ 1,000,448 | 842,768 |
Adjusted operating costs, total | $ 479,461 | 405,594 | $ 955,983 | 810,532 |
Operating costs, percent change | 0.196 | 0.187 | ||
Adjusted operating costs, total, percent change | 0.182 | 0.179 | ||
Adjusted operating profit | $ 76,219 | 92,903 | $ 137,122 | 161,010 |
Operating profit | $ 51,661 | 73,285 | $ 57,945 | 124,943 |
Operating profit, percent change | (0.295) | (0.536) | ||
Depreciation and amortization | $ 20,704 | 14,486 | $ 39,390 | 29,203 |
Depreciation and amortization, percent change | 0.429 | 0.349 | ||
Severance | $ 2,660 | 0 | $ 2,660 | 406 |
Multiemployer pension plan withdrawal costs | $ 1,194 | 1,301 | $ 2,415 | 2,627 |
Multiemployer pension plan withdrawal costs, percent change | (0.082) | (0.081) | ||
Adjusted operating costs | $ 479,461 | 405,594 | $ 955,983 | 810,532 |
Adjusted operating costs, percent change | 0.182 | 0.179 | ||
Lease termination charge | $ 0 | 3,831 | $ 0 | 3,831 |
Acquisition-related costs | $ 0 | 0 | $ 34,712 | 0 |
Adjusted operating profit, percent change | (0.180) | (0.148) | ||
New York Times Media Group | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 536,134 | 498,497 | $ 1,061,402 | 971,542 |
Revenues, percent change | 0.076 | 0.092 | ||
Cost of revenue (excluding depreciation and amortization) | $ 279,985 | 251,358 | $ 549,460 | 502,355 |
Cost of revenue, percent change | 0.114 | 0.094 | ||
Sales and marketing | $ 58,183 | 53,555 | $ 132,643 | 113,708 |
Sales and marketing, percent change | 0.086 | 0.167 | ||
Product development | $ 46,773 | 39,699 | $ 91,952 | 78,642 |
Product development, percent change | 0.178 | 0.169 | ||
Adjusted general and administrative expense | $ 62,375 | 60,982 | $ 130,805 | 115,827 |
Adjusted general and administrative, percent change | 0.023 | 0.129 | ||
Total operating costs | $ 447,316 | 405,594 | $ 904,860 | 810,532 |
Total, percent change | 0.103 | 0.116 | ||
Adjusted operating profit | $ 88,818 | 92,903 | $ 156,542 | 161,010 |
Severance | 2,500 | 2,500 | 400 | |
Multiemployer pension plan withdrawal costs | $ 1,200 | 1,300 | $ 2,400 | 2,600 |
Adjusted operating profit, percent change | (0.044) | (0.028) | ||
The Athletic Media Company | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 19,546 | 0 | $ 31,703 | 0 |
Cost of revenue (excluding depreciation and amortization) | 20,598 | 0 | 32,488 | 0 |
Sales and marketing | 4,586 | 0 | 7,714 | 0 |
Product development | 4,049 | 0 | 6,303 | 0 |
Adjusted general and administrative expense | 2,912 | 0 | 4,618 | 0 |
Total operating costs | 32,145 | 0 | 51,123 | 0 |
Adjusted operating profit | (12,599) | 0 | (19,420) | 0 |
Severance | 200 | 200 | ||
Subscription | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 383,619 | 339,217 | $ 755,598 | 668,301 |
Revenues, percent change | 0.131 | 0.131 | ||
Subscription | New York Times Media Group | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 366,620 | 339,217 | $ 728,222 | 668,301 |
Revenues, percent change | 0.081 | 0.090 | ||
Subscription | The Athletic Media Company | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 16,999 | 0 | $ 27,376 | 0 |
Advertising | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 117,379 | 112,774 | $ 233,649 | 209,890 |
Revenues, percent change | 0.041 | 0.113 | ||
Advertising | New York Times Media Group | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 114,832 | 112,774 | $ 229,322 | 209,890 |
Revenues, percent change | 0.018 | 0.093 | ||
Advertising | The Athletic Media Company | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 2,547 | 0 | $ 4,327 | 0 |
Other | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 54,682 | 46,506 | $ 103,858 | 93,351 |
Revenues, percent change | 0.176 | 0.113 | ||
Other | New York Times Media Group | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 54,682 | $ 46,506 | $ 103,858 | $ 93,351 |
Revenues, percent change | 0.176 | 0.113 |
Subsequent Events (Details)
Subsequent Events (Details) - Credit Facility - USD ($) | 1 Months Ended | ||
Jul. 27, 2022 | Sep. 30, 2019 | Jun. 26, 2022 | |
Subsequent Event [Line Items] | |||
Unsecured revolving credit facility, maximum borrowing capacity | $ 250,000,000 | ||
Unsecured revolving credit facility, term (in years) | 5 years | ||
Line of credit facility, outstanding borrowings | $ 0 | ||
Subsequent Event | Amended Credit Facility | |||
Subsequent Event [Line Items] | |||
Unsecured revolving credit facility, maximum borrowing capacity | $ 350,000,000 | ||
Unsecured revolving credit facility, term (in years) | 5 years | ||
Line of credit facility, outstanding borrowings | $ 0 | ||
Letters of credit outstanding | $ 600,000 |