13-1102020 | ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Class A Common Stock | NYT | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
Class A Common Stock | shares | |||||||
Class B Common Stock | shares |
PART I | Financial Information | |||||||||||||||||||
Item | 1 | Financial Statements | ||||||||||||||||||
Condensed Consolidated Balance Sheets as of September 27, 2020 (unaudited) and December 29, 2019 | ||||||||||||||||||||
Condensed Consolidated Statements of Operations (unaudited) for the quarters and nine months ended September 27, 2020 and September 29, 2019 | ||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and nine months ended September 27, 2020 and September 29, 2019 | ||||||||||||||||||||
Condensed Consolidated Statements of Changes In Stockholders’ Equity (unaudited) for the quarters and nine months ended September 27, 2020 and September 29, 2019 | ||||||||||||||||||||
Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 27, 2020 and September 29, 2019 | ||||||||||||||||||||
Notes to the Condensed Consolidated Financial Statements | ||||||||||||||||||||
Item | 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||||||||||
Item | 3 | Quantitative and Qualitative Disclosures about Market Risk | ||||||||||||||||||
Item | 4 | Controls and Procedures | ||||||||||||||||||
PART II | Other Information | |||||||||||||||||||
Item | 1 | Legal Proceedings | ||||||||||||||||||
Item | 1A | Risk Factors | ||||||||||||||||||
Item | 2 | Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||||||||||||
Item | 6 | Exhibits |
ITEM NO. | ||||||
PART I | Financial Information | |||||
Item | 1 | Financial Statements | ||||
Condensed Consolidated Balance Sheets as September 24, 2017 (unaudited) and December 25, 2016 | ||||||
Condensed Consolidated Statements of Operations (unaudited) for the quarters and nine months ended September 24, 2017 and September 25, 2016 | ||||||
Condensed Consolidated Statements of Comprehensive Income (unaudited) for the quarters and nine months ended September 24, 2017 and September 25, 2016 | ||||||
Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 24, 2017 and September 25, 2016 | ||||||
Notes to the Condensed Consolidated Financial Statements | ||||||
Item | 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||
Item | 3 | Quantitative and Qualitative Disclosures about Market Risk | ||||
Item | 4 | Controls and Procedures | ||||
PART II | Other Information | |||||
Item | 1 | Legal Proceedings | ||||
Item | 1A | Risk Factors | ||||
Item | 2 | Unregistered Sales of Equity Securities and Use of Proceeds | ||||
Item | 6 | Exhibits |
September 24, 2017 | December 25, 2016 | September 27, 2020 | December 29, 2019 | |||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||
Current assets | Current assets | |||||||||||||||||||||
Cash and cash equivalents | $ | 244,667 | $ | 100,692 | Cash and cash equivalents | $ | 215,763 | $ | 230,431 | |||||||||||||
Short-term marketable securities | 336,442 | 449,535 | Short-term marketable securities | 308,734 | 201,785 | |||||||||||||||||
Accounts receivable (net of allowances of $13,838 in 2017 and $16,815 in 2016) | 142,323 | 197,355 | ||||||||||||||||||||
Accounts receivable (net of allowances of $14,153 in 2020 and $14,358 in 2019) | Accounts receivable (net of allowances of $14,153 in 2020 and $14,358 in 2019) | 125,337 | 213,402 | |||||||||||||||||||
Prepaid expenses | 17,869 | 15,948 | Prepaid expenses | 32,087 | 29,089 | |||||||||||||||||
Other current assets | 26,462 | 32,648 | Other current assets | 39,063 | 42,124 | |||||||||||||||||
Total current assets | 767,763 | 796,178 | Total current assets | 720,984 | 716,831 | |||||||||||||||||
Other assets | Other assets | |||||||||||||||||||||
Long-term marketable securities | 241,782 | 187,299 | Long-term marketable securities | 275,649 | 251,696 | |||||||||||||||||
Investments in joint ventures | 20,472 | 15,614 | ||||||||||||||||||||
Property, plant and equipment (less accumulated depreciation and amortization of $945,416 in 2017 and $903,736 in 2016) | 618,835 | 596,743 | ||||||||||||||||||||
Property, plant and equipment (less accumulated depreciation and amortization of $916,109 in 2020 and $950,881 in 2019) | Property, plant and equipment (less accumulated depreciation and amortization of $916,109 in 2020 and $950,881 in 2019) | 604,283 | 627,121 | |||||||||||||||||||
Goodwill | 143,171 | 134,517 | Goodwill | 168,700 | 138,674 | |||||||||||||||||
Deferred income taxes | 290,473 | 301,342 | Deferred income taxes | 109,197 | 115,229 | |||||||||||||||||
Miscellaneous assets | 156,462 | 153,702 | Miscellaneous assets | 260,728 | 239,587 | |||||||||||||||||
Total assets | $ | 2,238,958 | $ | 2,185,395 | Total assets | $ | 2,139,541 | $ | 2,089,138 |
September 24, 2017 | December 25, 2016 | September 27, 2020 | December 29, 2019 | |||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
Liabilities and stockholders’ equity | Liabilities and stockholders’ equity | |||||||||||||||||||||
Current liabilities | Current liabilities | |||||||||||||||||||||
Accounts payable | $ | 116,724 | $ | 104,463 | Accounts payable | $ | 97,749 | $ | 116,571 | |||||||||||||
Accrued payroll and other related liabilities | 90,651 | 96,463 | Accrued payroll and other related liabilities | 94,101 | 108,865 | |||||||||||||||||
Unexpired subscriptions | 76,886 | 66,686 | ||||||||||||||||||||
Unexpired subscriptions revenue | Unexpired subscriptions revenue | 100,149 | 88,419 | |||||||||||||||||||
Accrued expenses and other | 134,411 | 131,125 | Accrued expenses and other | 133,929 | 123,840 | |||||||||||||||||
Total current liabilities | 418,672 | 398,737 | Total current liabilities | 425,928 | 437,695 | |||||||||||||||||
Other liabilities | Other liabilities | |||||||||||||||||||||
Long-term debt and capital lease obligations | 249,375 | 246,978 | ||||||||||||||||||||
Pension benefits obligation | 518,395 | 558,790 | Pension benefits obligation | 286,355 | 313,655 | |||||||||||||||||
Postretirement benefits obligation | 55,107 | 57,999 | Postretirement benefits obligation | 34,455 | 37,688 | |||||||||||||||||
Other | 78,735 | 78,647 | Other | 135,549 | 126,237 | |||||||||||||||||
Total other liabilities | 901,612 | 942,414 | Total other liabilities | 456,359 | 477,580 | |||||||||||||||||
Stockholders’ equity | Stockholders’ equity | |||||||||||||||||||||
Common stock of $.10 par value: | Common stock of $.10 par value: | |||||||||||||||||||||
Class A – authorized: 300,000,000 shares; issued: 2017 – 170,220,136; 2016 – 169,206,879 (including treasury shares: 2017 – 8,870,801; 2016 – 8,870,801) | 17,022 | 16,921 | ||||||||||||||||||||
Class B – convertible – authorized and issued shares: 2017 – 810,933; 2016 – 816,632 (including treasury shares: 2017 – none; 2016 – none) | 81 | 82 | ||||||||||||||||||||
Class A – authorized: 300,000,000 shares; issued: 2020 – 175,215,600; 2019 – 174,242,668 (including treasury shares: 2020 – 8,870,801; 2019 – 8,870,801) | Class A – authorized: 300,000,000 shares; issued: 2020 – 175,215,600; 2019 – 174,242,668 (including treasury shares: 2020 – 8,870,801; 2019 – 8,870,801) | 17,521 | 17,424 | |||||||||||||||||||
Class B – convertible – authorized and issued shares: 2020 – 781,724; 2019 – 803,404 | Class B – convertible – authorized and issued shares: 2020 – 781,724; 2019 – 803,404 | 78 | 80 | |||||||||||||||||||
Additional paid-in capital | 159,830 | 149,928 | Additional paid-in capital | 212,291 | 208,028 | |||||||||||||||||
Retained earnings | 1,373,478 | 1,331,911 | Retained earnings | 1,672,633 | 1,612,658 | |||||||||||||||||
Common stock held in treasury, at cost | (171,211 | ) | (171,211 | ) | Common stock held in treasury, at cost | (171,211) | (171,211) | |||||||||||||||
Accumulated other comprehensive loss, net of income taxes: | Accumulated other comprehensive loss, net of income taxes: | |||||||||||||||||||||
Foreign currency translation adjustments | 5,571 | (1,822 | ) | Foreign currency translation adjustments | 5,710 | 3,438 | ||||||||||||||||
Funded status of benefit plans | (465,440 | ) | (477,994 | ) | Funded status of benefit plans | (485,087) | (498,986) | |||||||||||||||
Net unrealized loss on available-for-sale securities | (653 | ) | — | |||||||||||||||||||
Net unrealized gain on available-for-sale securities | Net unrealized gain on available-for-sale securities | 3,459 | 572 | |||||||||||||||||||
Total accumulated other comprehensive loss, net of income taxes | (460,522 | ) | (479,816 | ) | Total accumulated other comprehensive loss, net of income taxes | (475,918) | (494,976) | |||||||||||||||
Total New York Times Company stockholders’ equity | 918,678 | 847,815 | Total New York Times Company stockholders’ equity | 1,255,394 | 1,172,003 | |||||||||||||||||
Noncontrolling interest | (4 | ) | (3,571 | ) | Noncontrolling interest | 1,860 | 1,860 | |||||||||||||||
Total stockholders’ equity | 918,674 | 844,244 | Total stockholders’ equity | 1,257,254 | 1,173,863 | |||||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,238,958 | $ | 2,185,395 | Total liabilities and stockholders’ equity | $ | 2,139,541 | $ | 2,089,138 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||
September 27, 2020 | September 29, 2019 | September 27, 2020 | September 29, 2019 | |||||||||||||||||||||||
(13 weeks) | (39 weeks) | |||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||
Subscription | $ | 300,950 | $ | 267,302 | $ | 879,573 | $ | 808,568 | ||||||||||||||||||
Advertising | 79,253 | 113,531 | 253,150 | 359,380 | ||||||||||||||||||||||
Other | 46,692 | 47,668 | 141,558 | 135,873 | ||||||||||||||||||||||
Total revenues | 426,895 | 428,501 | 1,274,281 | 1,303,821 | ||||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | 235,900 | 245,100 | 709,719 | 729,654 | ||||||||||||||||||||||
Sales and marketing | 50,627 | 64,218 | 164,040 | 201,327 | ||||||||||||||||||||||
Product development | 34,102 | 26,669 | 95,641 | 75,658 | ||||||||||||||||||||||
General and administrative | 51,118 | 50,015 | 162,791 | 152,054 | ||||||||||||||||||||||
Depreciation and amortization | 15,552 | 15,450 | 46,368 | 45,548 | ||||||||||||||||||||||
Total operating costs | 387,299 | 401,452 | 1,178,559 | 1,204,241 | ||||||||||||||||||||||
Restructuring charge | 0 | 4,008 | 0 | 4,008 | ||||||||||||||||||||||
Gain from pension liability adjustment | 0 | (2,045) | 0 | (2,045) | ||||||||||||||||||||||
Operating profit | 39,596 | 25,086 | 95,722 | 97,617 | ||||||||||||||||||||||
Other components of net periodic benefit costs | 2,272 | 1,834 | 6,735 | 5,502 | ||||||||||||||||||||||
Interest income/(expense) and other, net | 3,537 | (755) | 20,177 | (3,572) | ||||||||||||||||||||||
Income from continuing operations before income taxes | 40,861 | 22,497 | 109,164 | 88,543 | ||||||||||||||||||||||
Income tax expense | 7,283 | 6,070 | 19,070 | 16,789 | ||||||||||||||||||||||
Net income | 33,578 | 16,427 | 90,094 | 71,754 | ||||||||||||||||||||||
Net income attributable to The New York Times Company common stockholders | $ | 33,578 | $ | 16,427 | $ | 90,094 | $ | 71,754 | ||||||||||||||||||
Average number of common shares outstanding: | ||||||||||||||||||||||||||
Basic | 167,075 | 166,148 | 166,842 | 165,976 | ||||||||||||||||||||||
Diluted | 168,059 | 167,555 | 167,943 | 167,384 | ||||||||||||||||||||||
Basic earnings per share attributable to The New York Times Company common stockholders | $ | 0.20 | $ | 0.10 | $ | 0.54 | $ | 0.43 | ||||||||||||||||||
Diluted earnings per share attributable to The New York Times Company common stockholders | $ | 0.20 | $ | 0.10 | $ | 0.54 | $ | 0.43 | ||||||||||||||||||
Dividends declared per share | $ | 0.12 | $ | 0.05 | $ | 0.18 | $ | 0.15 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||
September 24, 2017 | September 25, 2016 | September 24, 2017 | September 25, 2016 | |||||||||||||
(13 weeks) | (39 weeks) | |||||||||||||||
Revenues | ||||||||||||||||
Subscription | $ | 246,638 | $ | 217,099 | $ | 739,050 | $ | 654,573 | ||||||||
Advertising | 113,633 | 124,898 | 375,895 | 395,733 | ||||||||||||
Other | 25,364 | 21,550 | 76,568 | 65,386 | ||||||||||||
Total revenues | 385,635 | 363,547 | 1,191,513 | 1,115,692 | ||||||||||||
Operating costs | ||||||||||||||||
Production costs: | ||||||||||||||||
Wages and benefits | 89,866 | 91,041 | 269,209 | 274,142 | ||||||||||||
Raw materials | 15,718 | 18,228 | 48,461 | 53,115 | ||||||||||||
Other | 44,336 | 47,347 | 134,771 | 139,938 | ||||||||||||
Total production costs | 149,920 | 156,616 | 452,441 | 467,195 | ||||||||||||
Selling, general and administrative costs | 184,483 | 184,596 | 595,491 | 534,911 | ||||||||||||
Depreciation and amortization | 15,677 | 15,384 | 46,961 | 46,003 | ||||||||||||
Total operating costs | 350,080 | 356,596 | 1,094,893 | 1,048,109 | ||||||||||||
Headquarters redesign and consolidation | 2,542 | — | 6,929 | — | ||||||||||||
Restructuring charge | — | 2,949 | — | 14,804 | ||||||||||||
Multiemployer pension plan withdrawal expense | — | (4,971 | ) | — | 6,730 | |||||||||||
Operating profit | 33,013 | 8,973 | 89,691 | 46,049 | ||||||||||||
Gain/(loss) from joint ventures | 31,557 | 463 | 31,464 | (41,845 | ) | |||||||||||
Interest expense, net | 4,660 | 9,032 | 15,118 | 26,955 | ||||||||||||
Income/(loss) from continuing operations before income taxes | 59,910 | 404 | 106,037 | (22,751 | ) | |||||||||||
Income tax expense/(benefit) | 23,420 | 121 | 40,873 | (8,956 | ) | |||||||||||
Income/(loss) from continuing operations | 36,490 | 283 | 65,164 | (13,795 | ) | |||||||||||
Loss from discontinued operations, net of income taxes | 488 | — | 488 | — | ||||||||||||
Net income/(loss) | 36,002 | 283 | 64,676 | (13,795 | ) | |||||||||||
Net (income)/loss attributable to the noncontrolling interest | (3,673 | ) | 123 | (3,567 | ) | 5,719 | ||||||||||
Net income/(loss) attributable to The New York Times Company common stockholders | $ | 32,329 | $ | 406 | $ | 61,109 | $ | (8,076 | ) | |||||||
Average number of common shares outstanding: | ||||||||||||||||
Basic | 162,173 | 161,185 | 161,798 | 161,092 | ||||||||||||
Diluted | 164,405 | 162,945 | 164,005 | 161,092 | ||||||||||||
Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: | ||||||||||||||||
Income/(loss) from continuing operations | $ | 0.20 | $ | — | $ | 0.38 | $ | (0.05 | ) | |||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | ||||||||||||
Net income/(loss) | $ | 0.20 | $ | — | $ | 0.38 | $ | (0.05 | ) |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||
September 24, 2017 | September 25, 2016 | September 24, 2017 | September 25, 2016 | |||||||||||||
(13 weeks) | (39 weeks) | |||||||||||||||
Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: | ||||||||||||||||
Income/(loss) from continuing operations | $ | 0.20 | $ | — | $ | 0.37 | $ | (0.05 | ) | |||||||
Loss from discontinued operations, net of income taxes | — | — | — | — | ||||||||||||
Net income/(loss) | $ | 0.20 | $ | — | $ | 0.37 | $ | (0.05 | ) | |||||||
Dividends declared per share | $ | 0.08 | $ | 0.08 | $ | 0.12 | $ | 0.12 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | September 27, 2020 | September 29, 2019 | September 27, 2020 | September 29, 2019 | |||||||||||||||||||||||||||||||||||||
September 24, 2017 | September 25, 2016 | September 24, 2017 | September 25, 2016 | (13 weeks) | (39 weeks) | |||||||||||||||||||||||||||||||||||||
(13 weeks) | (39 weeks) | |||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | $ | 36,002 | $ | 283 | $ | 64,676 | $ | (13,795 | ) | |||||||||||||||||||||||||||||||||
Net income | Net income | $ | 33,578 | $ | 16,427 | $ | 90,094 | $ | 71,754 | |||||||||||||||||||||||||||||||||
Other comprehensive income, before tax: | Other comprehensive income, before tax: | |||||||||||||||||||||||||||||||||||||||||
Income on foreign currency translation adjustments | 6,099 | 604 | 11,170 | 2,110 | ||||||||||||||||||||||||||||||||||||||
Income/(loss) on foreign currency translation adjustments | Income/(loss) on foreign currency translation adjustments | 2,730 | (3,159) | 3,095 | (3,286) | |||||||||||||||||||||||||||||||||||||
Pension and postretirement benefits obligation | 6,921 | 6,552 | 20,762 | 19,655 | Pension and postretirement benefits obligation | 6,354 | 4,893 | 18,982 | 14,685 | |||||||||||||||||||||||||||||||||
Net unrealized loss on available-for-sale securities | (1,081 | ) | — | (1,081 | ) | — | ||||||||||||||||||||||||||||||||||||
Net unrealized (loss)/gain on available-for-sale securities | Net unrealized (loss)/gain on available-for-sale securities | (854) | 284 | 3,936 | 3,773 | |||||||||||||||||||||||||||||||||||||
Other comprehensive income, before tax | 11,939 | 7,156 | 30,851 | 21,765 | Other comprehensive income, before tax | 8,230 | 2,018 | 26,013 | 15,172 | |||||||||||||||||||||||||||||||||
Income tax expense | 4,200 | 2,912 | 11,557 | 8,492 | Income tax expense | 2,192 | 489 | 6,955 | 3,903 | |||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 7,739 | 4,244 | 19,294 | 13,273 | Other comprehensive income, net of tax | 6,038 | 1,529 | 19,058 | 11,269 | |||||||||||||||||||||||||||||||||
Comprehensive income/(loss) | 43,741 | 4,527 | 83,970 | (522 | ) | |||||||||||||||||||||||||||||||||||||
Comprehensive (income)/loss attributable to the noncontrolling interest | (3,673 | ) | 123 | (3,567 | ) | 5,719 | ||||||||||||||||||||||||||||||||||||
Comprehensive income attributable to The New York Times Company common stockholders | $ | 40,068 | $ | 4,650 | $ | 80,403 | $ | 5,197 | Comprehensive income attributable to The New York Times Company common stockholders | $ | 39,616 | $ | 17,956 | $ | 109,152 | $ | 83,023 |
Capital Stock - Class A and Class B Common | Additional Paid-in Capital | Retained Earnings | Common Stock Held in Treasury, at Cost | Accumulated Other Comprehensive Loss, Net of Income Taxes | Total New York Times Company Stockholders’ Equity | Non- controlling Interest | Total Stock- holders’ Equity | |||||||||||||||||||
Balance, June 30, 2019 | $ | 17,488 | $ | 200,356 | $ | 1,544,694 | $ | (171,211) | $ | (507,984) | $ | 1,083,343 | $ | 1,860 | $ | 1,085,203 | ||||||||||
Net income | — | — | 16,427 | — | — | 16,427 | — | 16,427 | ||||||||||||||||||
Dividends | — | — | (8,333) | — | — | (8,333) | — | (8,333) | ||||||||||||||||||
Other comprehensive income | — | — | — | — | 1,529 | 1,529 | — | 1,529 | ||||||||||||||||||
Issuance of shares: | ||||||||||||||||||||||||||
Stock options – 3,000 Class A shares | — | 33 | — | — | — | 33 | — | 33 | ||||||||||||||||||
Restricted stock units vested – 25,512 Class A shares | 3 | (3) | — | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation | — | 2,907 | — | — | — | 2,907 | — | 2,907 | ||||||||||||||||||
Balance, September 29, 2019 | $ | 17,491 | $ | 203,293 | $ | 1,552,788 | $ | (171,211) | $ | (506,455) | $ | 1,095,906 | $ | 1,860 | $ | 1,097,766 | ||||||||||
Balance, June 28, 2020 | $ | 17,562 | $ | 205,618 | $ | 1,659,158 | $ | (171,211) | $ | (481,956) | $ | 1,229,171 | $ | 1,860 | $ | 1,231,031 | ||||||||||
Net income | — | — | 33,578 | — | — | 33,578 | — | 33,578 | ||||||||||||||||||
Dividends | — | — | (20,103) | — | — | (20,103) | — | (20,103) | ||||||||||||||||||
Other comprehensive income | — | — | — | — | 6,038 | 6,038 | — | 6,038 | ||||||||||||||||||
Issuance of shares: | ||||||||||||||||||||||||||
Stock options – 372,508 Class A shares | 37 | 3,397 | — | — | — | 3,434 | — | 3,434 | ||||||||||||||||||
Restricted stock units vested – 635 Class A shares | — | (16) | — | — | — | (16) | — | (16) | ||||||||||||||||||
Stock-based compensation | — | 3,292 | — | — | — | 3,292 | — | 3,292 | ||||||||||||||||||
Balance, September 27, 2020 | $ | 17,599 | $ | 212,291 | $ | 1,672,633 | $ | (171,211) | $ | (475,918) | $ | 1,255,394 | $ | 1,860 | $ | 1,257,254 |
Capital Stock - Class A and Class B Common | Additional Paid-in Capital | Retained Earnings | Common Stock Held in Treasury, at Cost | Accumulated Other Comprehensive Loss, Net of Income Taxes | Total New York Times Company Stockholders’ Equity | Non- controlling Interest | Total Stock- holders’ Equity | |||||||||||||||||||
Balance, December 30, 2018 | $ | 17,396 | $ | 206,316 | $ | 1,506,004 | $ | (171,211) | $ | (517,724) | $ | 1,040,781 | $ | 1,860 | $ | 1,042,641 | ||||||||||
Net income | — | — | 71,754 | — | — | 71,754 | — | 71,754 | ||||||||||||||||||
Dividends | — | — | (24,970) | — | — | (24,970) | — | (24,970) | ||||||||||||||||||
Other comprehensive income | — | — | — | — | 11,269 | 11,269 | — | 11,269 | ||||||||||||||||||
Issuance of shares: | ||||||||||||||||||||||||||
Stock options – 282,510 Class A shares | 28 | 2,970 | — | — | — | 2,998 | — | 2,998 | ||||||||||||||||||
Restricted stock units vested – 246,599 Class A shares | 25 | (3,750) | — | — | — | (3,725) | — | (3,725) | ||||||||||||||||||
Performance-based awards – 418,491 Class A shares | 42 | (11,966) | — | — | — | (11,924) | — | (11,924) | ||||||||||||||||||
Stock-based compensation | — | 9,723 | — | — | — | 9,723 | — | 9,723 | ||||||||||||||||||
Balance, September 29, 2019 | $ | 17,491 | $ | 203,293 | $ | 1,552,788 | $ | (171,211) | $ | (506,455) | $ | 1,095,906 | $ | 1,860 | $ | 1,097,766 | ||||||||||
Balance, December 29, 2019 | $ | 17,504 | $ | 208,028 | $ | 1,612,658 | $ | (171,211) | $ | (494,976) | $ | 1,172,003 | $ | 1,860 | $ | 1,173,863 | ||||||||||
Net income | — | — | 90,094 | — | — | 90,094 | — | 90,094 | ||||||||||||||||||
Dividends | — | — | (30,119) | — | — | (30,119) | — | (30,119) | ||||||||||||||||||
Other comprehensive income | — | — | — | — | 19,058 | 19,058 | — | 19,058 | ||||||||||||||||||
Issuance of shares: | ||||||||||||||||||||||||||
Stock options – 552,018 Class A shares | 55 | 5,252 | — | — | — | 5,307 | — | 5,307 | ||||||||||||||||||
Restricted stock units vested – 142,136 Class A shares | 14 | (3,913) | — | — | — | (3,899) | — | (3,899) | ||||||||||||||||||
Performance-based awards – 257,098 Class A shares | 26 | (7,850) | — | — | — | (7,824) | — | (7,824) | ||||||||||||||||||
Stock-based compensation | — | 10,774 | — | — | — | 10,774 | — | 10,774 | ||||||||||||||||||
Balance, September 27, 2020 | $ | 17,599 | $ | 212,291 | $ | 1,672,633 | $ | (171,211) | $ | (475,918) | $ | 1,255,394 | $ | 1,860 | $ | 1,257,254 |
For the Nine Months Ended | For the Nine Months Ended | |||||||||||||||||||||
September 24, 2017 | September 25, 2016 | September 27, 2020 | September 29, 2019 | |||||||||||||||||||
(39 weeks) | (39 weeks) | |||||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | |||||||||||||||||||||
Net income/(loss) | $ | 64,676 | $ | (13,795 | ) | |||||||||||||||||
Net income | Net income | $ | 90,094 | $ | 71,754 | |||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Restructuring charge | — | 14,804 | ||||||||||||||||||||
Multiemployer pension plan charges | — | 11,701 | ||||||||||||||||||||
Depreciation and amortization | 46,961 | 46,003 | Depreciation and amortization | 46,368 | 45,548 | |||||||||||||||||
Amortization of right of use asset | Amortization of right of use asset | 6,446 | 5,462 | |||||||||||||||||||
Stock-based compensation expense | 10,927 | 8,561 | Stock-based compensation expense | 10,744 | 9,723 | |||||||||||||||||
Undistributed (gain)/loss of joint ventures | (31,464 | ) | 41,845 | |||||||||||||||||||
Deferred income taxes | Deferred income taxes | (1,209) | 0 | |||||||||||||||||||
Gain on non-marketable equity investment | Gain on non-marketable equity investment | (10,074) | (1,886) | |||||||||||||||||||
Long-term retirement benefit obligations | (21,897 | ) | (22,366 | ) | Long-term retirement benefit obligations | (11,635) | (17,648) | |||||||||||||||
Uncertain tax positions | 139 | 53 | ||||||||||||||||||||
Fair market value adjustment on life insurance products | Fair market value adjustment on life insurance products | (638) | (2,215) | |||||||||||||||||||
Other-net | 2,609 | 8,257 | Other-net | (3,658) | (6,926) | |||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | |||||||||||||||||||||
Accounts receivable-net | 55,032 | 54,591 | Accounts receivable-net | 88,065 | 55,383 | |||||||||||||||||
Other assets | (1,761 | ) | (21,926 | ) | Other assets | 3,816 | (17,401) | |||||||||||||||
Accounts payable, accrued payroll and other liabilities | 12,473 | (45,546 | ) | Accounts payable, accrued payroll and other liabilities | (23,366) | (22,898) | ||||||||||||||||
Unexpired subscriptions | 10,200 | 3,461 | Unexpired subscriptions | 11,730 | 2,704 | |||||||||||||||||
Net cash provided by operating activities | 147,895 | 85,643 | Net cash provided by operating activities | 206,683 | 121,600 | |||||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | |||||||||||||||||||||
Purchases of marketable securities | (398,246 | ) | (514,809 | ) | Purchases of marketable securities | (460,117) | (466,108) | |||||||||||||||
Maturities of marketable securities | 454,022 | 522,655 | Maturities of marketable securities | 331,786 | 458,810 | |||||||||||||||||
Cash distribution from corporate-owned life insurance | — | 38,000 | ||||||||||||||||||||
Business acquisitions | — | (15,410 | ) | Business acquisitions | (33,085) | 0 | ||||||||||||||||
Purchase of investments – net of proceeds | (422 | ) | (1,840 | ) | ||||||||||||||||||
Change in restricted cash | 7,014 | 3,816 | ||||||||||||||||||||
Proceeds from sale of investments – net | Proceeds from sale of investments – net | 1,000 | 103 | |||||||||||||||||||
Capital expenditures | (47,831 | ) | (21,820 | ) | Capital expenditures | (29,236) | (33,101) | |||||||||||||||
Other-net | 1,070 | (380 | ) | Other-net | 2,388 | 3,038 | ||||||||||||||||
Net cash provided by investing activities | 15,607 | 10,212 | ||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (187,264) | (37,258) | |||||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | |||||||||||||||||||||
Long-term obligations: | Long-term obligations: | |||||||||||||||||||||
Repayment of debt and capital lease obligations | (414 | ) | (460 | ) | ||||||||||||||||||
Repayment of debt and finance lease obligations | Repayment of debt and finance lease obligations | 0 | (7,220) | |||||||||||||||||||
Dividends paid | (19,483 | ) | (19,416 | ) | Dividends paid | (28,393) | (23,269) | |||||||||||||||
Payment of contingent consideration | Payment of contingent consideration | (862) | 0 | |||||||||||||||||||
Capital shares: | Capital shares: | |||||||||||||||||||||
Stock issuances | 4,142 | 273 | ||||||||||||||||||||
Repurchases | — | (15,684 | ) | |||||||||||||||||||
Proceeds from stock option exercises | Proceeds from stock option exercises | 5,307 | 2,998 | |||||||||||||||||||
Share-based compensation tax withholding | (3,984 | ) | (9,572 | ) | Share-based compensation tax withholding | (11,723) | (15,648) | |||||||||||||||
Net cash used in financing activities | (19,739 | ) | (44,859 | ) | Net cash used in financing activities | (35,671) | (43,139) | |||||||||||||||
Net increase in cash and cash equivalents | 143,763 | 50,996 | ||||||||||||||||||||
Net (decrease)/increase in cash, cash equivalents and restricted cash | Net (decrease)/increase in cash, cash equivalents and restricted cash | (16,252) | 41,203 | |||||||||||||||||||
Effect of exchange rate changes on cash | 212 | 166 | Effect of exchange rate changes on cash | 349 | (202) | |||||||||||||||||
Cash and cash equivalents at the beginning of the period | 100,692 | 105,776 | ||||||||||||||||||||
Cash and cash equivalents at the end of the period | $ | 244,667 | $ | 156,938 | ||||||||||||||||||
Cash, cash equivalents and restricted cash at the beginning of the period | Cash, cash equivalents and restricted cash at the beginning of the period | 247,518 | 259,799 | |||||||||||||||||||
Cash, cash equivalents and restricted cash at the end of the period | Cash, cash equivalents and restricted cash at the end of the period | $ | 231,615 | $ | 300,800 |
Accounting Standard Update(s) | Topic | Effective Period | Summary | ||||||||
2018-15 | Intangibles—Goodwill and Other—Internal-Use Software | Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. | Clarifies the accounting for implementation costs in cloud computing arrangements. The standard provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. The Company adopted this ASU prospectively on December 30, 2019 and will include capitalized implementation costs in Miscellaneous assets in the Company’s Condensed Consolidated Balance Sheet and within Total operating costs in the Condensed Consolidated Statement of Operations. The adoption did not have a material impact on the Company’s consolidated financial statements. | ||||||||
2018-13 | Fair Value Measurement (Topic 820) Disclosure Framework | Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. | Modifies the disclosure requirements on fair value measurements. The amendments of disclosures related to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted this ASU on December 30, 2019. The adoption did not have a material impact on the Company’s disclosures. | ||||||||
2016-13 2018-19 2019-04 | Financial Instruments—Credit Losses | Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. | Amends guidance on reporting credit losses for assets, including trade receivables, available-for-sale marketable securities and any other financial assets not excluded from the scope that have the contractual right to receive cash. For trade receivables, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. For available-for-sale marketable securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The Company adopted this ASU on December 30, 2019 using a modified retrospective approach. The adoption did not have a material impact on the Company’s consolidated financial statements. |
Accounting Standard Update(s) | Topic | Effective Period | Summary | ||||||||
2019-12 | Simplifying the Accounting for Income Taxes (Topic 740) | Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted. | Simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. We do not expect this guidance to have a material impact on our consolidated financial statements. | ||||||||
2018-14 | Compensation—Retirement Benefits—Defined Benefit Plans—General | Fiscal years ending after December 15, 2020. Early adoption is permitted. | Modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. We do not expect this guidance to have a material impact on our consolidated financial statements. |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | September 27, 2020 | As % of total | September 29, 2019 | As % of total | September 27, 2020 | As % of total | September 29, 2019 | As % of total | ||||||||||||||||||||||||||||||||||||||||||
Subscription | $ | 300,950 | 70.5 | % | $ | 267,302 | 62.4 | % | $ | 879,573 | 69.0 | % | $ | 808,568 | 62.0 | % | ||||||||||||||||||||||||||||||||||
Advertising | 79,253 | 18.6 | % | 113,531 | 26.5 | % | 253,150 | 19.9 | % | 359,380 | 27.6 | % | ||||||||||||||||||||||||||||||||||||||
Other (1) | 46,692 | 10.9 | % | 47,668 | 11.1 | % | 141,558 | 11.1 | % | 135,873 | 10.4 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 426,895 | 100.0 | % | $ | 428,501 | 100.0 | % | $ | 1,274,281 | 100.0 | % | $ | 1,303,821 | 100.0 | % |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||
(In thousands) | September 27, 2020 | September 29, 2019 | September 27, 2020 | September 29, 2019 | ||||||||||||||||||||||
Digital-only subscription revenues: | ||||||||||||||||||||||||||
News product subscription revenues(1) | $ | 140,740 | $ | 107,009 | $ | 392,620 | $ | 313,785 | ||||||||||||||||||
Other product subscription revenues(2) | 14,546 | 8,855 | 38,660 | 24,573 | ||||||||||||||||||||||
Subtotal digital-only subscriptions | 155,286 | 115,864 | 431,280 | 338,358 | ||||||||||||||||||||||
Print subscription revenues: | ||||||||||||||||||||||||||
Domestic home delivery subscription revenues(3) | 129,912 | 126,769 | 396,620 | 395,011 | ||||||||||||||||||||||
Single-copy, NYT International and other subscription revenues(4) | 15,752 | 24,669 | 51,673 | 75,199 | ||||||||||||||||||||||
Subtotal print subscription revenues | 145,664 | 151,438 | 448,293 | 470,210 | ||||||||||||||||||||||
Total subscription revenues | $ | 300,950 | $ | 267,302 | $ | 879,573 | $ | 808,568 | ||||||||||||||||||
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category. | ||||||||||||||||||||||||||
(2) Includes revenues from standalone subscriptions to the Company’s Games, Cooking and audio products. | ||||||||||||||||||||||||||
(3) Includes free access to some or all of the Company’s digital products. | ||||||||||||||||||||||||||
(4) NYT International is the international edition of our print newspaper. |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||
(In thousands) | September 27, 2020 | September 29, 2019 | September 27, 2020 | September 29, 2019 | ||||||||||||||||||||||
Advertising revenues: | ||||||||||||||||||||||||||
Digital | $ | 47,763 | $ | 54,653 | $ | 138,452 | $ | 168,222 | ||||||||||||||||||
31,490 | 58,878 | 114,698 | 191,158 | |||||||||||||||||||||||
Total advertising | $ | 79,253 | $ | 113,531 | $ | 253,150 | $ | 359,380 |
September 24, 2017 | ||||||||||||||||
(In thousands) | Amortized Cost | Gross unrealized gains | Gross unrealized losses | Fair Value | ||||||||||||
Short-term AFS securities | ||||||||||||||||
U.S Treasury securities | $ | 73,220 | $ | — | $ | (45 | ) | $ | 73,175 | |||||||
Corporate debt securities | 156,683 | 35 | (79 | ) | 156,639 | |||||||||||
U.S. governmental agency securities | 53,842 | 1 | (89 | ) | 53,754 | |||||||||||
Certificates of deposit | 20,403 | — | — | 20,403 | ||||||||||||
Commercial paper | 32,471 | — | — | 32,471 | ||||||||||||
Total short-term AFS securities | $ | 336,619 | $ | 36 | $ | (213 | ) | $ | 336,442 | |||||||
Long-term AFS securities | ||||||||||||||||
U.S. governmental agency securities | $ | 97,431 | $ | 2 | $ | (616 | ) | 96,817 | ||||||||
Corporate debt securities | 97,583 | 21 | (259 | ) | 97,345 | |||||||||||
U.S Treasury securities | 47,672 | — | (52 | ) | 47,620 | |||||||||||
Total long-term AFS securities | $ | 242,686 | $ | 23 | $ | (927 | ) | $ | 241,782 |
September 27, 2020 | ||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross unrealized gains | Gross unrealized losses | Fair Value | ||||||||||||||||||||||
Short-term AFS securities | ||||||||||||||||||||||||||
Corporate debt securities | $ | 119,042 | $ | 561 | $ | (17) | $ | 119,586 | ||||||||||||||||||
U.S. Treasury securities | 97,712 | 94 | (4) | 97,802 | ||||||||||||||||||||||
U.S. governmental agency securities | 47,759 | 68 | (4) | 47,823 | ||||||||||||||||||||||
Commercial paper | 43,523 | 0 | 0 | 43,523 | ||||||||||||||||||||||
Total short-term AFS securities | $ | 308,036 | $ | 723 | $ | (25) | $ | 308,734 | ||||||||||||||||||
Long-term AFS securities | ||||||||||||||||||||||||||
Corporate debt securities | $ | 118,690 | $ | 1,713 | $ | (22) | $ | 120,381 | ||||||||||||||||||
U.S. Treasury securities | 88,059 | 2,343 | 0 | 90,402 | ||||||||||||||||||||||
U.S. governmental agency securities | 64,881 | 89 | (104) | 64,866 | ||||||||||||||||||||||
Total long-term AFS securities | $ | 271,630 | $ | 4,145 | $ | (126) | $ | 275,649 |
December 29, 2019 | ||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross unrealized gains | Gross unrealized losses | Fair Value | ||||||||||||||||||||||
Short-term AFS securities | ||||||||||||||||||||||||||
Corporate debt securities | $ | 98,864 | $ | 271 | $ | (9) | $ | 99,126 | ||||||||||||||||||
U.S. Treasury securities | 43,098 | 8 | (11) | 43,095 | ||||||||||||||||||||||
U.S. governmental agency securities | 37,471 | 35 | (4) | 37,502 | ||||||||||||||||||||||
Commercial paper | 12,561 | 0 | 0 | 12,561 | ||||||||||||||||||||||
Certificates of deposit | 9,501 | 0 | 0 | 9,501 | ||||||||||||||||||||||
Total short-term AFS securities | $ | 201,495 | $ | 314 | $ | (24) | $ | 201,785 | ||||||||||||||||||
Long-term AFS securities | ||||||||||||||||||||||||||
Corporate debt securities | $ | 103,149 | $ | 617 | $ | (29) | $ | 103,737 | ||||||||||||||||||
U.S. Treasury securities | 101,457 | 84 | (103) | 101,438 | ||||||||||||||||||||||
U.S. governmental agency securities | 46,600 | 5 | (84) | 46,521 | ||||||||||||||||||||||
Total long-term AFS securities | $ | 251,206 | $ | 706 | $ | (216) | $ | 251,696 |
September 27, 2020 | ||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Gross unrealized losses | Fair Value | Gross unrealized losses | Fair Value | Gross unrealized losses | ||||||||||||||||||||||||||||||||
Short-term AFS securities | ||||||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 22,174 | $ | (17) | $ | 0 | $ | 0 | $ | 22,174 | $ | (17) | ||||||||||||||||||||||||||
U.S. Treasury securities | 43,982 | (4) | 0 | 0 | 43,982 | (4) | ||||||||||||||||||||||||||||||||
U.S. governmental agency securities | 4,999 | (2) | 8,748 | (2) | 13,747 | (4) | ||||||||||||||||||||||||||||||||
Total short-term AFS securities | $ | 71,155 | $ | (23) | $ | 8,748 | $ | (2) | $ | 79,903 | $ | (25) | ||||||||||||||||||||||||||
Long-term AFS securities | ||||||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 10,466 | $ | (22) | $ | 0 | $ | 0 | $ | 10,466 | $ | (22) | ||||||||||||||||||||||||||
U.S. governmental agency securities | 22,146 | (104) | 0 | 0 | 22,146 | (104) | ||||||||||||||||||||||||||||||||
Total long-term AFS securities | $ | 32,612 | $ | (126) | $ | 0 | $ | 0 | $ | 32,612 | $ | (126) |
September 24, 2017 | December 29, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Greater | Total | 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 | (In thousands) | Fair Value | Gross unrealized losses | Fair Value | Gross unrealized losses | Fair Value | Gross unrealized losses | |||||||||||||||||||||||||||||||||||||||||||||||||
Short-term AFS securities | Short-term AFS securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S Treasury securities | $ | 73,175 | $ | (45 | ) | $ | — | $ | — | $ | 73,175 | $ | (45 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 101,648 | (77 | ) | 2,500 | (2 | ) | 104,148 | (79 | ) | Corporate debt securities | $ | 20,975 | $ | (6) | $ | 8,251 | $ | (3) | $ | 29,226 | $ | (9) | ||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 13,296 | (3) | 11,147 | (8) | 24,443 | (11) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | 42,490 | (53 | ) | 8,964 | (36 | ) | 51,454 | (89 | ) | U.S. governmental agency securities | 0 | 0 | 15,000 | (4) | 15,000 | (4) | ||||||||||||||||||||||||||||||||||||||||||||||
Total short-term AFS securities | $ | 217,313 | $ | (175 | ) | $ | 11,464 | $ | (38 | ) | $ | 228,777 | $ | (213 | ) | Total short-term AFS securities | $ | 34,271 | $ | (9) | $ | 34,398 | $ | (15) | $ | 68,669 | $ | (24) | ||||||||||||||||||||||||||||||||||
Long-term AFS securities | Long-term AFS securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | $ | 35,891 | $ | (25) | $ | 4,502 | $ | (4) | $ | 40,393 | $ | (29) | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | U.S. Treasury securities | 60,935 | (103) | 0 | 0 | 60,935 | (103) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | $ | 47,620 | $ | (312 | ) | $ | — | (304 | ) | $ | 47,620 | $ | (616 | ) | U.S. governmental agency securities | 34,167 | (84) | 0 | 0 | 34,167 | (84) | |||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 66,428 | (196 | ) | 8,918 | (63 | ) | 75,346 | (259 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S Treasury securities | 53,142 | (52 | ) | 39,697 | — | 92,839 | (52 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term AFS securities | $ | 167,190 | $ | (560 | ) | $ | 48,615 | $ | (367 | ) | $ | 215,805 | $ | (927 | ) | Total long-term AFS securities | $ | 130,993 | $ | (212) | $ | 4,502 | $ | (4) | $ | 135,495 | $ | (216) |
December 25, 2016 | ||||
(In thousands) | Amortized Cost | |||
Short-term HTM securities (1) | ||||
U.S Treasury securities | $ | 150,623 | ||
Corporate debt securities | 150,599 | |||
U.S. governmental agency securities | 64,135 | |||
Commercial paper | 84,178 | |||
Total short-term HTM securities | $ | 449,535 | ||
Long-term HTM securities (1) | ||||
U.S. governmental agency securities | $ | 110,732 | ||
Corporate debt securities | 61,775 | |||
U.S Treasury securities | 14,792 | |||
Total long-term HTM securities | $ | 187,299 |
(In thousands) | Total Company | |||
Balance as of December 25, 2016 | $ | 134,517 | ||
Measurement period adjustment (1) | (198 | ) | ||
Foreign currency translation | 8,852 | |||
Balance as of September 24, 2017 | $ | 143,171 |
(In thousands) | Total Company | |||||||
Balance as of December 29, 2019 | $ | 138,674 | ||||||
Business acquisitions | 27,269 | |||||||
Foreign currency translation | 2,757 | |||||||
Balance as of September 27, 2020 | $ | 168,700 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||
(In thousands) | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | 40,523 | ||||||||
Expenses: | ||||||||||||||||
Cost of sales | (105 | ) | (1,450 | ) | (1,277 | ) | (68,039 | ) | ||||||||
General and administrative income/(expense) and other | 60,216 | (566 | ) | 59,662 | (66,056 | ) | ||||||||||
Total costs and expenses | 60,111 | (2,016 | ) | 58,385 | (134,095 | ) | ||||||||||
Operating income/(loss) | 60,111 | (2,016 | ) | 58,385 | (93,572 | ) | ||||||||||
Other (expense)/income | (1 | ) | 2 | (7 | ) | 4 | ||||||||||
Net income/(loss) | $ | 60,110 | $ | (2,014 | ) | $ | 58,378 | $ | (93,568 | ) |
(In thousands) | September 24, 2017 | December 25, 2016 | ||||||
Option to repurchase ownership interest in headquarters building in 2019: | ||||||||
Principal amount | $ | 250,000 | $ | 250,000 | ||||
Less unamortized discount based on imputed interest rate of 13.0% | 7,423 | 9,801 | ||||||
Total option to repurchase ownership interest in headquarters building in 2019 | 242,577 | 240,199 | ||||||
Capital lease obligations | 6,798 | 6,779 | ||||||
Total long-term debt and capital lease obligations | $ | 249,375 | $ | 246,978 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||
(In thousands) | September 27, 2020 | September 29, 2019 | September 27, 2020 | September 29, 2019 | ||||||||||||||||||||||
Interest income and other expense, net (1) | $ | 3,720 | $ | 5,078 | $ | 20,724 | $ | 17,093 | ||||||||||||||||||
Interest expense | (188) | (7,118) | (569) | (21,314) | ||||||||||||||||||||||
Amortization of debt costs and discount on debt | 0 | 1,278 | 0 | 590 | ||||||||||||||||||||||
Capitalized interest | 5 | 7 | 22 | 59 | ||||||||||||||||||||||
Total interest income/(expense) and other, net | $ | 3,537 | $ | (755) | $ | 20,177 | $ | (3,572) |
(In thousands) | September 27, 2020 | December 29, 2019 | ||||||||||||
Reconciliation of cash, cash equivalents and restricted cash | ||||||||||||||
Cash and cash equivalents | $ | 215,763 | $ | 230,431 | ||||||||||
Restricted cash included within other current assets | 550 | 528 | ||||||||||||
Restricted cash included within miscellaneous assets | 15,302 | 16,559 | ||||||||||||
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ | 231,615 | $ | 247,518 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | September 24, 2017 | September 25, 2016 | ||||||||||||
Interest expense | $ | 6,956 | $ | 10,022 | $ | 20,775 | $ | 29,964 | ||||||||
Amortization of debt costs and discount on debt | 801 | 1,226 | 2,379 | 3,670 | ||||||||||||
Capitalized interest | (345 | ) | (131 | ) | (852 | ) | (412 | ) | ||||||||
Interest income | (2,752 | ) | (2,085 | ) | (7,184 | ) | (6,267 | ) | ||||||||
Total interest expense, net | $ | 4,660 | $ | 9,032 | $ | 15,118 | $ | 26,955 |
(In thousands) | September 27, 2020 | December 29, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term AFS securities (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 119,586 | $ | 0 | $ | 119,586 | $ | 0 | $ | 99,126 | $ | 0 | $ | 99,126 | $ | 0 | ||||||||||||||||||||||||||||||||||
U.S. Treasury securities | 97,802 | 0 | 97,802 | 0 | 43,095 | 0 | 43,095 | 0 | ||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | 47,823 | 0 | 47,823 | 0 | 37,502 | 0 | 37,502 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Commercial paper | 43,523 | 0 | 43,523 | 0 | 12,561 | 0 | 12,561 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Certificates of deposit | 0 | 0 | 0 | 0 | 9,501 | 0 | 9,501 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Total short-term AFS securities | $ | 308,734 | $ | 0 | $ | 308,734 | $ | 0 | $ | 201,785 | $ | 0 | $ | 201,785 | $ | 0 | ||||||||||||||||||||||||||||||||||
Long-term AFS securities (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | $ | 120,381 | $ | 0 | $ | 120,381 | $ | 0 | $ | 103,737 | $ | 0 | $ | 103,737 | $ | 0 | ||||||||||||||||||||||||||||||||||
U.S. Treasury securities | 90,402 | 0 | 90,402 | 0 | 101,438 | 0 | 101,438 | 0 | ||||||||||||||||||||||||||||||||||||||||||
U.S. governmental agency securities | 64,866 | 0 | 64,866 | 0 | 46,521 | 0 | 46,521 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Total long-term AFS securities | $ | 275,649 | $ | 0 | $ | 275,649 | $ | 0 | $ | 251,696 | $ | 0 | $ | 251,696 | $ | 0 | ||||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation (2)(3) | $ | 19,797 | $ | 19,797 | $ | 0 | $ | 0 | $ | 23,702 | $ | 23,702 | $ | 0 | $ | 0 | ||||||||||||||||||||||||||||||||||
Contingent consideration(4) | $ | 8,431 | $ | 0 | $ | 0 | $ | 8,431 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
(In thousands) | September 24, 2017 | December 25, 2016 (3) | ||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Short-term AFS securities (1) | ||||||||||||||||||||||||||||||||
U.S Treasury securities | $ | 73,175 | $ | — | $ | 73,175 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Corporate debt securities | 156,639 | — | 156,639 | — | — | — | — | — | ||||||||||||||||||||||||
U.S. governmental agency securities | 53,754 | — | 53,754 | — | — | — | — | — | ||||||||||||||||||||||||
Certificates of deposit | 20,403 | — | 20,403 | — | — | — | — | — | ||||||||||||||||||||||||
Commercial paper | 32,471 | — | 32,471 | — | — | — | — | — | ||||||||||||||||||||||||
Total short-term AFS securities | $ | 336,442 | $ | — | $ | 336,442 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Long-term AFS securities (1) | ||||||||||||||||||||||||||||||||
U.S. governmental agency securities | $ | 96,817 | $ | — | $ | 96,817 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Corporate debt securities | 97,345 | — | 97,345 | — | — | — | — | — | ||||||||||||||||||||||||
U.S Treasury securities | 47,620 | — | 47,620 | — | — | — | — | — | ||||||||||||||||||||||||
Total long-term AFS securities | $ | 241,782 | $ | — | $ | 241,782 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Deferred compensation (2) | $ | 28,354 | $ | 28,354 | $ | — | $ | — | $ | 31,006 | $ | 31,006 | $ | — | $ | — |
For the Quarters Ended | ||||||||||||||||||||||||||||||||||||||
September 27, 2020 | September 29, 2019 | |||||||||||||||||||||||||||||||||||||
(In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | ||||||||||||||||||||||||||||||||
Service cost | $ | 2,608 | $ | 0 | $ | 2,608 | $ | 1,278 | $ | 0 | $ | 1,278 | ||||||||||||||||||||||||||
Interest cost | 11,742 | 1,648 | 13,390 | 14,708 | 2,089 | 16,797 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (17,741) | 0 | (17,741) | (20,258) | 0 | (20,258) | ||||||||||||||||||||||||||||||||
Amortization of actuarial loss | 5,655 | 1,521 | 7,176 | 4,635 | 1,094 | 5,729 | ||||||||||||||||||||||||||||||||
Amortization of prior service credit | (486) | 0 | (486) | (487) | 0 | (487) | ||||||||||||||||||||||||||||||||
Net periodic pension cost/(income) (1) | $ | 1,778 | $ | 3,169 | $ | 4,947 | $ | (124) | $ | 3,183 | $ | 3,059 |
For the Nine Months Ended | ||||||||||||||||||||||||||||||||||||||
September 27, 2020 | September 29, 2019 | |||||||||||||||||||||||||||||||||||||
(In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | ||||||||||||||||||||||||||||||||
Service cost | $ | 7,822 | $ | 0 | $ | 7,822 | $ | 3,835 | $ | 0 | $ | 3,835 | ||||||||||||||||||||||||||
Interest cost | 35,226 | 4,945 | 40,171 | 44,125 | 6,265 | 50,390 | ||||||||||||||||||||||||||||||||
Expected return on plan assets | (53,222) | 0 | (53,222) | (60,775) | 0 | (60,775) | ||||||||||||||||||||||||||||||||
Amortization of actuarial loss | 16,966 | 4,564 | 21,530 | 13,905 | 3,282 | 17,187 | ||||||||||||||||||||||||||||||||
Amortization of prior service credit | (1,459) | 0 | (1,459) | (1,459) | 0 | (1,459) | ||||||||||||||||||||||||||||||||
Net periodic pension cost/(income) (1) | $ | 5,333 | $ | 9,509 | $ | 14,842 | $ | (369) | $ | 9,547 | $ | 9,178 |
For the Quarters Ended | ||||||||||||||||||||||||
September 24, 2017 | September 25, 2016 | |||||||||||||||||||||||
(In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | ||||||||||||||||||
Service cost | $ | 2,423 | $ | — | $ | 2,423 | $ | 2,248 | $ | — | $ | 2,248 | ||||||||||||
Interest cost | 15,596 | 1,956 | 17,552 | 16,573 | 2,034 | 18,607 | ||||||||||||||||||
Expected return on plan assets | (26,136 | ) | — | (26,136 | ) | (27,790 | ) | — | (27,790 | ) | ||||||||||||||
Amortization of actuarial loss | 7,351 | 1,088 | 8,439 | 7,069 | 1,054 | 8,123 | ||||||||||||||||||
Amortization of prior service credit | (486 | ) | — | (486 | ) | (487 | ) | — | (487 | ) | ||||||||||||||
Net periodic pension (income)/cost | $ | (1,252 | ) | $ | 3,044 | $ | 1,792 | $ | (2,387 | ) | $ | 3,088 | $ | 701 |
For the Nine Months Ended | ||||||||||||||||||||||||
September 24, 2017 | September 25, 2016 | |||||||||||||||||||||||
(In thousands) | Qualified Plans | Non- Qualified Plans | All Plans | Qualified Plans | Non- Qualified Plans | All Plans | ||||||||||||||||||
Service cost | $ | 7,269 | $ | — | $ | 7,269 | $ | 6,743 | $ | — | $ | 6,743 | ||||||||||||
Interest cost | 46,784 | 5,868 | 52,652 | 49,720 | 6,102 | 55,822 | ||||||||||||||||||
Expected return on plan assets | (78,408 | ) | — | (78,408 | ) | (83,369 | ) | — | (83,369 | ) | ||||||||||||||
Amortization of actuarial loss | 22,057 | 3,264 | 25,321 | 21,206 | 3,160 | 24,366 | ||||||||||||||||||
Amortization of prior service credit | (1,458 | ) | — | (1,458 | ) | (1,459 | ) | — | (1,459 | ) | ||||||||||||||
Net periodic pension (income)/cost | $ | (3,756 | ) | $ | 9,132 | $ | 5,376 | $ | (7,159 | ) | $ | 9,262 | $ | 2,103 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||
(In thousands) | September 27, 2020 | September 29, 2019 | September 27, 2020 | September 29, 2019 | ||||||||||||||||||||||
Service cost | $ | 7 | $ | 6 | $ | 21 | $ | 20 | ||||||||||||||||||
Interest cost | 257 | 402 | 770 | 1,202 | ||||||||||||||||||||||
Amortization of actuarial loss | 763 | 843 | 2,289 | 2,531 | ||||||||||||||||||||||
Amortization of prior service credit | (1,099) | (1,192) | (3,378) | (3,574) | ||||||||||||||||||||||
Net periodic postretirement benefit (income)/cost (1) | $ | (72) | $ | 59 | $ | (298) | $ | 179 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | September 24, 2017 | September 25, 2016 | ||||||||||||
Service cost | $ | 92 | $ | 104 | $ | 276 | $ | 313 | ||||||||
Interest cost | 470 | 495 | 1,410 | 1,485 | ||||||||||||
Amortization of actuarial loss | 905 | 1,026 | 2,715 | 3,078 | ||||||||||||
Amortization of prior service credit | (1,939 | ) | (2,110 | ) | (5,816 | ) | (6,330 | ) | ||||||||
Net periodic postretirement benefit income | $ | (472 | ) | $ | (485 | ) | $ | (1,415 | ) | $ | (1,454 | ) |
(In thousands) | Total New York Times Company Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||
Balance as of December 25, 2016 | $ | 847,815 | $ | (3,571 | ) | $ | 844,244 | |||||
Net income | 61,109 | 3,567 | 64,676 | |||||||||
Other comprehensive income, net of tax | 19,294 | — | 19,294 | |||||||||
Effect of issuance of shares | 158 | — | 158 | |||||||||
Dividends declared | (19,543 | ) | — | (19,543 | ) | |||||||
Stock-based compensation | 9,845 | — | 9,845 | |||||||||
Balance as of September 24, 2017 | $ | 918,678 | $ | (4 | ) | $ | 918,674 |
(In thousands) | Total New York Times Company Stockholders’ Equity | Noncontrolling Interest | Total Stockholders’ Equity | |||||||||
Balance as of December 27, 2015 | $ | 826,751 | $ | 1,704 | $ | 828,455 | ||||||
Net loss | (8,076 | ) | (5,719 | ) | (13,795 | ) | ||||||
Other comprehensive income, net of tax | 13,273 | — | 13,273 | |||||||||
Effect of issuance of shares | (9,298 | ) | — | (9,298 | ) | |||||||
Share repurchases | (15,056 | ) | — | (15,056 | ) | |||||||
Dividends declared | (19,414 | ) | — | (19,414 | ) | |||||||
Stock-based compensation | 9,006 | — | 9,006 | |||||||||
Balance as of September 25, 2016 | $ | 797,186 | $ | (4,015 | ) | $ | 793,171 |
(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 25, 2016 | $ | (1,822 | ) | $ | (477,994 | ) | — | $ | (479,816 | ) | |||||
Other comprehensive income (loss) before reclassifications, before tax(1) | 11,170 | — | (1,081 | ) | 10,089 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax(1) | — | 20,762 | — | 20,762 | |||||||||||
Income tax expense (benefit) (1) | 3,777 | 8,208 | (428 | ) | 11,557 | ||||||||||
Net current-period other comprehensive income, net of tax | 7,393 | 12,554 | (653 | ) | 19,294 | ||||||||||
Balance as of September 24, 2017 | $ | 5,571 | $ | (465,440 | ) | (653 | ) | $ | (460,522 | ) |
(In thousands) | Foreign Currency Translation Adjustments | Funded Status of Benefit Plans | Net Unrealized Gain on Available-For-Sale Securities | Total Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
Balance as of December 29, 2019 | $ | 3,438 | $ | (498,986) | $ | 572 | $ | (494,976) | ||||||||||||||||||
Other comprehensive income before reclassifications, before tax | 3,095 | 0 | 3,936 | 7,031 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | 18,982 | 0 | 18,982 | ||||||||||||||||||||||
Income tax expense | 823 | 5,083 | 1,049 | 6,955 | ||||||||||||||||||||||
Net current-period other comprehensive income, net of tax | 2,272 | 13,899 | 2,887 | 19,058 | ||||||||||||||||||||||
Balance as of September 27, 2020 | $ | 5,710 | $ | (485,087) | $ | 3,459 | $ | (475,918) |
(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) | $ | (7,274 | ) | Selling, general & administrative costs | ||
Amortization of actuarial loss(1) | 28,036 | Selling, general & administrative costs | ||||
Total reclassification, before tax(2) | 20,762 | |||||
Income tax expense | 8,208 | Income tax expense | ||||
Total reclassification, net of tax | $ | 12,554 |
(In thousands) Detail about accumulated other comprehensive | Amounts reclassified from accumulated other comprehensive loss | Affects line item in the | ||||||||||||
Funded status of benefit plans: | ||||||||||||||
Amortization of prior service credit(1) | $ | (4,837) | Other components of net periodic benefit |
Amortization of actuarial loss(1) | 23,819 | Other components of net periodic benefit costs | ||||||||||||
Total reclassification, before tax(2) | 18,982 | |||||||||||||
Income tax expense | 5,083 | Income tax expense | ||||||||||||
Total reclassification, net of tax | $ | 13,899 |
As Reported for the Quarter Ended September 29, 2019 | Reclassification | Recast for the Quarter Ended September 29, 2019 | ||||||||||||||||||
Operating costs | ||||||||||||||||||||
Production costs: | ||||||||||||||||||||
Wages and benefits | $ | 106,377 | $ | (106,377) | (1)(2) | $ | 0 | |||||||||||||
Raw materials | 18,531 | (18,531) | (1) | 0 | ||||||||||||||||
Other production costs | 53,868 | (53,868) | (1)(2) | 0 | ||||||||||||||||
Total production costs | 178,776 | (178,776) | (1)(2) | 0 | ||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | 0 | 245,100 | (1)(3)(4) | 245,100 | ||||||||||||||||
Selling, general and administrative costs | 207,226 | (207,226) | (3)(4)(5) | 0 | ||||||||||||||||
Sales and marketing | 0 | 64,218 | (4)(5) | 64,218 | ||||||||||||||||
Product development | 0 | 26,669 | (2)(4)(5) | 26,669 | ||||||||||||||||
General and administrative | 0 | 50,015 | (4)(5) | 50,015 | ||||||||||||||||
Depreciation and amortization | 15,450 | 0 | 15,450 | |||||||||||||||||
Total operating costs | $ | 401,452 | $ | 0 | $ | 401,452 |
As Reported for the Nine Months Ended September 29, 2019 | Reclassification | Recast for the Nine Months Ended September 29, 2019 | ||||||||||||||||||
Operating costs | ||||||||||||||||||||
Production costs: | ||||||||||||||||||||
Wages and benefits | $ | 313,244 | $ | (313,244) | (1)(2) | $ | 0 | |||||||||||||
Raw materials | 57,527 | (57,527) | (1) | 0 | ||||||||||||||||
Other production costs | 149,102 | (149,102) | (1)(2) | 0 | ||||||||||||||||
Total production costs | 519,873 | (519,873) | (1)(2) | 0 | ||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | 0 | 729,654 | (1)(3)(4) | 729,654 | ||||||||||||||||
Selling, general and administrative costs | 638,820 | (638,820) | (3)(4)(5) | 0 | ||||||||||||||||
Sales and marketing | 0 | 201,327 | (4)(5) | 201,327 | ||||||||||||||||
Product development | 0 | 75,658 | (2)(4)(5) | 75,658 | ||||||||||||||||
General and administrative | 0 | 152,054 | (4)(5) | 152,054 | ||||||||||||||||
Depreciation and amortization | 45,548 | 0 | 45,548 | |||||||||||||||||
Total operating costs | $ | 1,204,241 | $ | 0 | $ | 1,204,241 |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 27, 2020 | September 29, 2019 | % Change | September 27, 2020 | September 29, 2019 | % Change | ||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||
Subscription | $ | 300,950 | $ | 267,302 | 12.6 | % | $ | 879,573 | $ | 808,568 | 8.8 | % | ||||||||||||||||||||||||||
Advertising | 79,253 | 113,531 | (30.2) | % | 253,150 | 359,380 | (29.6) | % | ||||||||||||||||||||||||||||||
Other | 46,692 | 47,668 | (2.0) | % | 141,558 | 135,873 | 4.2 | % | ||||||||||||||||||||||||||||||
Total revenues | 426,895 | 428,501 | (0.4) | % | 1,274,281 | 1,303,821 | (2.3) | % | ||||||||||||||||||||||||||||||
Operating costs | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | 235,900 | 245,100 | (3.8) | % | 709,719 | 729,654 | (2.7) | % | ||||||||||||||||||||||||||||||
Sales and marketing | 50,627 | 64,218 | (21.2) | % | 164,040 | 201,327 | (18.5) | % | ||||||||||||||||||||||||||||||
Product development | 34,102 | 26,669 | 27.9 | % | 95,641 | 75,658 | 26.4 | % | ||||||||||||||||||||||||||||||
General and administrative | 51,118 | 50,015 | 2.2 | % | 162,791 | 152,054 | 7.1 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization | 15,552 | 15,450 | 0.7 | % | 46,368 | 45,548 | 1.8 | % | ||||||||||||||||||||||||||||||
Total operating costs | 387,299 | 401,452 | (3.5) | % | 1,178,559 | 1,204,241 | (2.1) | % | ||||||||||||||||||||||||||||||
Restructuring charge | — | 4,008 | * | — | 4,008 | * | ||||||||||||||||||||||||||||||||
Gain from pension liability adjustment | — | (2,045) | * | — | (2,045) | * | ||||||||||||||||||||||||||||||||
Operating profit | 39,596 | 25,086 | 57.8 | % | 95,722 | 97,617 | (1.9) | % | ||||||||||||||||||||||||||||||
Other components of net periodic benefit costs | 2,272 | 1,834 | 23.9 | % | 6,735 | 5,502 | 22.4 | % | ||||||||||||||||||||||||||||||
Interest income/(expense) and other, net | 3,537 | (755) | * | 20,177 | (3,572) | * | ||||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | 40,861 | 22,497 | 81.6 | % | 109,164 | 88,543 | 23.3 | % | ||||||||||||||||||||||||||||||
Income tax expense | 7,283 | 6,070 | 20.0 | % | 19,070 | 16,789 | 13.6 | % | ||||||||||||||||||||||||||||||
Net income | 33,578 | 16,427 | * | 90,094 | 71,754 | 25.6 | % | |||||||||||||||||||||||||||||||
Net income attributable to The New York Times Company common stockholders | $ | 33,578 | $ | 16,427 | * | $ | 90,094 | $ | 71,754 | 25.6 | % |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | September 24, 2017 | September 25, 2016 | % Change | ||||||||||||||||
Revenues | ||||||||||||||||||||||
Subscription | $ | 246,638 | $ | 217,099 | 13.6 | % | $ | 739,050 | $ | 654,573 | 12.9 | % | ||||||||||
Advertising | 113,633 | 124,898 | (9.0 | )% | 375,895 | 395,733 | (5.0 | )% | ||||||||||||||
Other | 25,364 | 21,550 | 17.7 | % | 76,568 | 65,386 | 17.1 | % | ||||||||||||||
Total revenues | 385,635 | 363,547 | 6.1 | % | 1,191,513 | 1,115,692 | 6.8 | % | ||||||||||||||
Operating costs | ||||||||||||||||||||||
Production costs: | ||||||||||||||||||||||
Wages and benefits | 89,866 | 91,041 | (1.3 | )% | 269,209 | 274,142 | (1.8 | )% | ||||||||||||||
Raw materials | 15,718 | 18,228 | (13.8 | )% | 48,461 | 53,115 | (8.8 | )% | ||||||||||||||
Other | 44,336 | 47,347 | (6.4 | )% | 134,771 | 139,938 | (3.7 | )% | ||||||||||||||
Total production costs | 149,920 | 156,616 | (4.3 | )% | 452,441 | 467,195 | (3.2 | )% | ||||||||||||||
Selling, general and administrative costs | 184,483 | 184,596 | (0.1 | )% | 595,491 | 534,911 | 11.3 | % | ||||||||||||||
Depreciation and amortization | 15,677 | 15,384 | 1.9 | % | 46,961 | 46,003 | 2.1 | % | ||||||||||||||
Total operating costs | 350,080 | 356,596 | (1.8 | )% | 1,094,893 | 1,048,109 | 4.5 | % | ||||||||||||||
Headquarters redesign and consolidation | 2,542 | — | * | 6,929 | — | * | ||||||||||||||||
Restructuring charge | — | 2,949 | * | — | 14,804 | * | ||||||||||||||||
Multiemployer pension plan withdrawal expense | — | (4,971 | ) | * | — | 6,730 | * | |||||||||||||||
Operating profit | 33,013 | 8,973 | * | 89,691 | 46,049 | 94.8 | % | |||||||||||||||
Gain/(loss) from joint ventures | 31,557 | 463 | * | 31,464 | (41,845 | ) | * | |||||||||||||||
Interest expense, net | 4,660 | 9,032 | (48.4 | )% | 15,118 | 26,955 | (43.9 | )% | ||||||||||||||
Income/(loss) from continuing operations before income taxes | 59,910 | 404 | * | 106,037 | (22,751 | ) | * | |||||||||||||||
Income tax expense/(benefit) | 23,420 | 121 | * | 40,873 | (8,956 | ) | * | |||||||||||||||
Income/(loss) from continuing operations | 36,490 | 283 | * | 65,164 | (13,795 | ) | * | |||||||||||||||
Loss from discontinued operations, net of income taxes | 488 | — | * | 488 | — | * | ||||||||||||||||
Net income/(loss) | 36,002 | 283 | * | 64,676 | (13,795 | ) | * | |||||||||||||||
Net (income)/loss attributable to the noncontrolling interest | (3,673 | ) | 123 | * | (3,567 | ) | 5,719 | * | ||||||||||||||
Net income/(loss) attributable to The New York Times Company common stockholders | $ | 32,329 | $ | 406 | * | $ | 61,109 | $ | (8,076 | ) | * |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 27, 2020 | September 29, 2019 | % Change | September 27, 2020 | September 29, 2019 | % Change | ||||||||||||||||||||||||||||||||
Digital-only subscription revenues: | ||||||||||||||||||||||||||||||||||||||
News product subscription revenues(1) | $ | 140,740 | $ | 107,009 | 31.5 | % | $ | 392,620 | $ | 313,785 | 25.1 | % | ||||||||||||||||||||||||||
Other product subscription revenues(2) | 14,546 | 8,855 | 64.3 | % | 38,660 | 24,573 | 57.3 | % | ||||||||||||||||||||||||||||||
Subtotal digital-only subscription revenues | 155,286 | 115,864 | 34.0 | % | 431,280 | 338,358 | 27.5 | % | ||||||||||||||||||||||||||||||
Print subscription revenues: | ||||||||||||||||||||||||||||||||||||||
Domestic home delivery subscription revenues(3) | 129,912 | 126,769 | 2.5 | % | 396,620 | 395,011 | 0.4 | % | ||||||||||||||||||||||||||||||
Single-copy, NYT International and other subscription revenues(4) | 15,752 | 24,669 | (36.1) | % | 51,673 | 75,199 | (31.3) | % | ||||||||||||||||||||||||||||||
Subtotal print subscription revenues | 145,664 | 151,438 | (3.8) | % | 448,293 | 470,210 | (4.7) | % | ||||||||||||||||||||||||||||||
Total subscription revenues | $ | 300,950 | $ | 267,302 | 12.6 | % | $ | 879,573 | $ | 808,568 | 8.8 | % | ||||||||||||||||||||||||||
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category. | ||||||||||||||||||||||||||||||||||||||
(2) Includes revenues from standalone subscriptions to the Company’s Games, Cooking and audio products. | ||||||||||||||||||||||||||||||||||||||
(3) Includes free access to some or all of the Company’s digital products. | ||||||||||||||||||||||||||||||||||||||
(4) NYT International is the international edition of our print newspaper. |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | September 24, 2017 | September 25, 2016 | % Change | ||||||||||||||||
Digital-only subscription revenues: | ||||||||||||||||||||||
News product subscription revenues(1) | $ | 82,073 | $ | 56,144 | 46.2 | % | $ | 234,234 | $ | 162,344 | 44.3 | % | ||||||||||
Other product subscription revenues(2) | 3,610 | 2,408 | 49.9 | % | 9,810 | 6,778 | 44.7 | % | ||||||||||||||
Total digital-only subscription revenues | $ | 85,683 | $ | 58,552 | 46.3 | % | $ | 244,044 | $ | 169,122 | 44.3 | % | ||||||||||
(1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Crossword and Cooking products are also included in this category. | ||||||||||||||||||||||
(2) Includes revenues from standalone subscriptions to the Company’s Crossword and Cooking products. |
For the Quarters Ended | |||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | ||||||
Digital-only subscriptions(1): | |||||||||
News product subscriptions(2) | 2,132 | 1,338 | 59.3 | % | |||||
Other product subscriptions(3) | 355 | 225 | 57.8 | % | |||||
Total digital-only subscriptions | 2,487 | 1,563 | 59.1 | % | |||||
(1) Reflects certain immaterial prior-period corrections. | |||||||||
(2) Includes subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Crossword and Cooking products are also included in this category. | |||||||||
(3) Includes standalone subscriptions to the Company’s Crossword and Cooking products. |
For the Quarters Ended | ||||||||||||||||||||
(In thousands) | September 27, 2020 | September 29, 2019 | % Change | |||||||||||||||||
Digital-only subscriptions: | ||||||||||||||||||||
News product subscriptions(1) | 4,665 | 3,197 | 45.9 | % | ||||||||||||||||
Other product subscriptions(2) | 1,398 | 856 | 63.3 | % | ||||||||||||||||
Subtotal digital-only subscriptions | 6,063 | 4,053 | 49.6 | % | ||||||||||||||||
Print subscriptions | 831 | 865 | (3.9) | % | ||||||||||||||||
Total subscriptions | 6,894 | 4,918 | 40.2 | % | ||||||||||||||||
(1) Includes subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category. | ||||||||||||||||||||
(2) Includes standalone subscriptions to the Company’s Games, Cooking and audio products. During the first quarter of 2020, the Company acquired a subscription-based audio product. Approximately 20,000 of the audio product’s subscriptions were included in the Company’s digital-only other product subscriptions at the time of acquisition. |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 27, 2020 | September 29, 2019 | % Change | September 27, 2020 | September 29, 2019 | % Change | ||||||||||||||||||||||||||||||||
Advertising revenues: | ||||||||||||||||||||||||||||||||||||||
Digital | $ | 47,763 | $ | 54,653 | (12.6) | % | $ | 138,452 | $ | 168,222 | (17.7) | % | ||||||||||||||||||||||||||
31,490 | 58,878 | (46.5) | % | 114,698 | 191,158 | (40.0) | % | |||||||||||||||||||||||||||||||
Total advertising | $ | 79,253 | $ | 113,531 | (30.2) | % | $ | 253,150 | $ | 359,380 | (29.6) | % |
For the Quarters Ended | |||||||||||||||||||||||||||||||||
September 24, 2017 | September 25, 2016 | % Change | |||||||||||||||||||||||||||||||
(In thousands) | Digital | Total | Digital | Total | Digital | Total | |||||||||||||||||||||||||||
Display | $ | 56,710 | $ | 41,547 | $ | 98,257 | $ | 72,442 | $ | 38,447 | $ | 110,889 | (21.7 | )% | 8.1 | % | (11.4 | )% | |||||||||||||||
Classified and Other | 7,679 | 7,697 | 15,376 | 8,102 | 5,907 | 14,009 | (5.2 | )% | 30.3 | % | 9.8 | % | |||||||||||||||||||||
Total advertising | $ | 64,389 | $ | 49,244 | $ | 113,633 | $ | 80,544 | $ | 44,354 | $ | 124,898 | (20.1 | )% | 11.0 | % | (9.0 | )% |
For the Nine Months Ended | |||||||||||||||||||||||||||||||||
September 24, 2017 | September 25, 2016 | % Change | |||||||||||||||||||||||||||||||
(In thousands) | Digital | Total | Digital | Total | Digital | Total | |||||||||||||||||||||||||||
Display | $ | 196,836 | $ | 129,008 | $ | 325,844 | $ | 238,399 | $ | 114,957 | $ | 353,356 | (17.4 | )% | 12.2 | % | (7.8 | )% | |||||||||||||||
Classified and Other | 24,966 | 25,085 | 50,051 | 26,156 | 16,221 | 42,377 | (4.5 | )% | 54.6 | % | 18.1 | % | |||||||||||||||||||||
Total advertising | $ | 221,802 | $ | 154,093 | $ | 375,895 | $ | 264,555 | $ | 131,178 | $ | 395,733 | (16.2 | )% | 17.5 | % | (5.0 | )% |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | September 24, 2017 | September 25, 2016 | % Change | ||||||||||||||||
Production costs: | ||||||||||||||||||||||
Wages and benefits | $ | 89,866 | $ | 91,041 | (1.3 | )% | $ | 269,209 | $ | 274,142 | (1.8 | )% | ||||||||||
Raw materials | 15,718 | 18,228 | (13.8 | )% | 48,461 | 53,115 | (8.8 | )% | ||||||||||||||
Other | 44,336 | 47,347 | (6.4 | )% | 134,771 | 139,938 | (3.7 | )% | ||||||||||||||
Total production costs | 149,920 | 156,616 | (4.3 | )% | 452,441 | 467,195 | (3.2 | )% | ||||||||||||||
Selling, general and administrative costs | 184,483 | 184,596 | (0.1 | )% | 595,491 | 534,911 | 11.3 | % | ||||||||||||||
Depreciation and amortization | 15,677 | 15,384 | 1.9 | % | 46,961 | 46,003 | 2.1 | % | ||||||||||||||
Total operating costs | $ | 350,080 | $ | 356,596 | (1.8 | )% | $ | 1,094,893 | $ | 1,048,109 | 4.5 | % |
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 27, 2020 | September 29, 2019 | % Change | September 27, 2020 | September 29, 2019 | % Change | ||||||||||||||||||||||||||||||||
Operating costs: | ||||||||||||||||||||||||||||||||||||||
Cost of revenue (excluding depreciation and amortization) | $ | 235,900 | $ | 245,100 | (3.8) | % | $ | 709,719 | $ | 729,654 | (2.7) | % | ||||||||||||||||||||||||||
Sales and marketing | 50,627 | 64,218 | (21.2) | % | 164,040 | 201,327 | (18.5) | % | ||||||||||||||||||||||||||||||
Product development | 34,102 | 26,669 | 27.9 | % | 95,641 | 75,658 | 26.4 | % | ||||||||||||||||||||||||||||||
General and administrative | 51,118 | 50,015 | 2.2 | % | 162,791 | 152,054 | 7.1 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization | 15,552 | 15,450 | 0.7 | % | 46,368 | 45,548 | 1.8 | % | ||||||||||||||||||||||||||||||
Total operating costs | $ | 387,299 | $ | 401,452 | (3.5) | % | $ | 1,178,559 | $ | 1,204,241 | (2.1) | % |
Reconciliation of diluted earnings per share from continuing operations excluding severance, non-operating retirement costs and special items (or adjusted diluted earnings per share from continuing operations) | ||||||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||
September 24, 2017 | September 25, 2016 | % Change | September 24, 2017 | September 25, 2016 | % Change | |||||||||||||||||
Diluted earnings/(loss) per share from continuing operations | $ | 0.20 | $ | — | * | $ | 0.37 | $ | (0.05 | ) | * | |||||||||||
Add: | ||||||||||||||||||||||
Severance | 0.01 | 0.08 | (87.5 | )% | 0.14 | 0.11 | 27.3 | % | ||||||||||||||
Non-operating retirement costs | 0.02 | 0.02 | * | 0.06 | 0.08 | (25.0 | )% | |||||||||||||||
Special items: | ||||||||||||||||||||||
Headquarters redesign and consolidation | 0.02 | — | * | 0.04 | — | * | ||||||||||||||||
Restructuring charge | — | 0.02 | * | — | 0.09 | * | ||||||||||||||||
Multiemployer pension plan withdrawal (income)/expense | — | (0.03 | ) | * | — | 0.04 | * | |||||||||||||||
(Gain)/loss from joint ventures, net of noncontrolling interest | (0.16 | ) | — | * | (0.16 | ) | 0.21 | * | ||||||||||||||
Income tax expense/(benefit) of adjustments | 0.04 | (0.04 | ) | * | (0.03 | ) | (0.21 | ) | (85.7 | )% | ||||||||||||
Adjusted diluted earnings per share from continuing operations (1) | $ | 0.13 | $ | 0.06 | * | $ | 0.42 | $ | 0.27 | 55.6 | % |
Reconciliation of diluted earnings per share from continuing operations excluding severance, non-operating retirement costs and special items (or adjusted diluted earnings per share from continuing operations) | ||||||||||||||||||||||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 27, 2020 | September 29, 2019 | % Change | September 27, 2020 | September 29, 2019 | % Change | |||||||||||||||||||||||||||||||||
Diluted earnings per share from continuing operations | $ | 0.20 | $ | 0.10 | * | $ | 0.54 | $ | 0.43 | 25.6 | % | |||||||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||||||||||||
Severance | — | — | — | 0.04 | 0.01 | * | ||||||||||||||||||||||||||||||||
Non-operating retirement costs: | ||||||||||||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 0.01 | 0.01 | — | 0.02 | 0.03 | (33.3) | % | |||||||||||||||||||||||||||||||
Other components of net periodic benefit costs | 0.01 | 0.01 | — | 0.04 | 0.03 | 33.3 | % | |||||||||||||||||||||||||||||||
Special item: | ||||||||||||||||||||||||||||||||||||||
Restructuring charge | — | 0.02 | * | — | 0.02 | * | ||||||||||||||||||||||||||||||||
Gain from non- marketable equity security | — | — | — | (0.06) | — | * | ||||||||||||||||||||||||||||||||
Gain from pension liability adjustment | — | (0.01) | * | — | (0.01) | * | ||||||||||||||||||||||||||||||||
Income tax expense of adjustments | (0.01) | (0.01) | — | (0.01) | (0.02) | (50.0) | % | |||||||||||||||||||||||||||||||
Adjusted diluted earnings per share from continuing operations(1) | $ | 0.22 | $ | 0.12 | 83.3 | % | $ | 0.57 | $ | 0.49 | 16.3 | % |
* Represents a change equal to or in excess of 100% or not meaningful
* Represents a change equal to or in excess of 100% or not meaningful |
Reconciliation of operating costs before depreciation & amortization, severance and multiemployer pension plan withdrawal costs (or adjusted operating costs) | ||||||||||||||||||||||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||||||||||||||||||
(In thousands) | September 27, 2020 | September 29, 2019 | % Change | September 27, 2020 | September 29, 2019 | % Change | ||||||||||||||||||||||||||||||||
Operating costs | $ | 387,299 | $ | 401,452 | (3.5) | % | $ | 1,178,559 | $ | 1,204,241 | (2.1) | % | ||||||||||||||||||||||||||
Less: | ||||||||||||||||||||||||||||||||||||||
Depreciation & amortization | 15,552 | 15,450 | 0.7 | % | 46,368 | 45,548 | 1.8 | % | ||||||||||||||||||||||||||||||
Severance | — | 367 | * | 6,675 | 2,441 | * | ||||||||||||||||||||||||||||||||
Multiemployer pension plan withdrawal costs | 1,376 | 1,204 | 14.3 | % | 4,198 | 4,454 | (5.7) | % | ||||||||||||||||||||||||||||||
Adjusted operating costs | $ | 370,371 | $ | 384,431 | (3.7) | % | $ | 1,121,318 | $ | 1,151,798 | (2.6) | % |
Reconciliation of operating profit before depreciation & amortization, severance, non-operating retirement costs and special items (or adjusted operating profit) | ||||||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | September 24, 2017 | September 25, 2016 | % Change | ||||||||||||||||
Operating profit | $ | 33,013 | $ | 8,973 | * | $ | 89,691 | $ | 46,049 | 94.8 | % | |||||||||||
Add: | ||||||||||||||||||||||
Depreciation & amortization | 15,677 | 15,384 | 1.9 | % | 46,961 | 46,003 | 2.1 | % | ||||||||||||||
Severance | 2,123 | 13,006 | (83.7 | )% | 22,977 | 18,262 | 25.8 | % | ||||||||||||||
Non-operating retirement costs | 3,100 | 3,845 | (19.4 | )% | 9,642 | 13,349 | (27.8 | )% | ||||||||||||||
Special items: | ||||||||||||||||||||||
Headquarters redesign and consolidation | 2,542 | — | * | 6,929 | — | * | ||||||||||||||||
Restructuring charge | — | 2,949 | * | — | 14,804 | * | ||||||||||||||||
Multiemployer pension plan withdrawal (income)/expense | — | (4,971 | ) | * | — | 6,730 | * | |||||||||||||||
Adjusted operating profit | $ | 56,455 | $ | 39,186 | 44.1 | % | $ | 176,200 | $ | 145,197 | 21.4 | % |
Reconciliation of operating costs before depreciation & amortization, severance and non-operating retirement costs (or adjusted operating costs) | ||||||||||||||||||||||
For the Quarters Ended | For the Nine Months Ended | |||||||||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | September 24, 2017 | September 25, 2016 | % Change | ||||||||||||||||
Operating costs | $ | 350,080 | $ | 356,596 | (1.8 | )% | $ | 1,094,893 | $ | 1,048,109 | 4.5 | % | ||||||||||
Less: | ||||||||||||||||||||||
Depreciation & amortization | 15,677 | 15,384 | 1.9 | % | 46,961 | 46,003 | 2.1 | % | ||||||||||||||
Severance | 2,123 | 13,006 | (83.7 | )% | 22,977 | 18,262 | 25.8 | % | ||||||||||||||
Non-operating retirement costs | 3,100 | 3,845 | (19.4 | )% | 9,642 | 13,349 | (27.8 | )% | ||||||||||||||
Adjusted operating costs | $ | 329,180 | $ | 324,361 | 1.5 | % | $ | 1,015,313 | $ | 970,495 | 4.6 | % |
For the Nine Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||
(In thousands) | September 24, 2017 | September 25, 2016 | % Change | (In thousands) | September 27, 2020 | September 29, 2019 | % Change | ||||||||||||||||||||||||
Operating activities | $ | 147,895 | $ | 85,643 | 72.7 | % | Operating activities | $ | 206,683 | $ | 121,600 | 70.0 | % | ||||||||||||||||||
Investing activities | $ | 15,607 | $ | 10,212 | 52.8 | % | Investing activities | $ | (187,264) | $ | (37,258) | * | |||||||||||||||||||
Financing activities | $ | (19,739 | ) | $ | (44,859 | ) | (56.0 | )% | Financing activities | $ | (35,671) | $ | (43,139) | (17.3) | % |
Exhibit No. | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||
Inline XBRL Taxonomy Extension Schema Document. | ||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
THE NEW YORK TIMES COMPANY | ||||||||
(Registrant) | ||||||||
Date: | November 5, 2020 | |||||||
Roland A. Caputo Executive Vice President and Chief Financial Officer (Principal Financial Officer) |