Document Entity Information
Document Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Entity Information [Line Items] | ||
Entity Registrant Name | NEW YORK TIMES CO | |
Entity Central Index Key | 0000071691 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Period Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | NYT | |
Amendment Flag | false | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 165,197,690 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 803,408 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 |
Current assets | ||
Cash and cash equivalents | $ 235,674 | $ 241,504 |
Short-term marketable securities | 388,077 | 371,301 |
Accounts receivable (net of allowances of $13,334 in 2019 and $13,249 in 2018) | 180,055 | 222,464 |
Prepaid expenses | 24,225 | 25,349 |
Other current assets | 56,090 | 33,328 |
Total current assets | 884,121 | 893,946 |
Other assets | ||
Long-term marketable securities | 185,083 | 213,558 |
Property, plant and equipment (less accumulated depreciation and amortization of $926,280 in 2019 and $911,845 in 2018) | 635,444 | 638,846 |
Goodwill | 138,949 | 140,282 |
Deferred income taxes | 127,101 | 128,431 |
Miscellaneous assets | 223,865 | 182,060 |
Total assets | 2,194,563 | 2,197,123 |
Current liabilities | ||
Accounts payable | 106,237 | 111,553 |
Accrued payroll and other related liabilities | 68,107 | 104,543 |
Unexpired subscriptions revenue | 92,739 | 84,044 |
Short-term debt and finance lease obligations | 254,530 | 253,630 |
Accrued expenses and other | 114,698 | 119,534 |
Total current liabilities | 636,311 | 673,304 |
Other liabilities | ||
Pension benefits obligation | 353,139 | 362,940 |
Postretirement benefits obligation | 39,530 | 40,391 |
Other | 105,769 | 77,847 |
Total other liabilities | 498,438 | 481,178 |
Common stock of $.10 par value: | ||
Additional paid-in capital | 197,626 | 206,316 |
Retained earnings | 1,527,859 | 1,506,004 |
Common stock held in treasury, at cost | (171,211) | (171,211) |
Accumulated other comprehensive loss, net of income taxes: | ||
Foreign currency translation adjustments | 3,459 | 4,677 |
Funded status of benefit plans | (516,700) | (520,308) |
Net unrealized loss on available-for-sale securities | (561) | (2,093) |
Total accumulated other comprehensive loss, net of income taxes | (513,802) | (517,724) |
Total New York Times Company stockholders’ equity | 1,057,954 | 1,040,781 |
Noncontrolling interest | 1,860 | 1,860 |
Total stockholders’ equity | 1,059,814 | 1,042,641 |
Total liabilities and stockholders’ equity | 2,194,563 | 2,197,123 |
Class A Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | 17,402 | 17,316 |
Class B Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | $ 80 | $ 80 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 |
Accounts receivable, allowances | $ 13,334 | $ 13,249 |
Accumulated depreciation and amortization | $ 926,280 | $ 911,845 |
Common stock, par value (in usd per share) | $ 0.1 | $ 0.1 |
Class A Common Stock | ||
Authorized shares (in shares) | 300,000,000 | 300,000,000 |
Issued shares (in shares) | 174,017,535 | 173,158,414 |
Treasury shares (in shares) | 8,870,801 | 8,870,801 |
Class B Common Stock | ||
Authorized shares (in shares) | 803,408 | 803,408 |
Issued shares (in shares) | 803,408 | 803,408 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Revenues | ||
Total revenues | $ 439,062 | $ 413,948 |
Production costs: | ||
Wages and benefits | 102,908 | 91,993 |
Raw materials | 19,838 | 16,692 |
Other production costs | 45,337 | 45,656 |
Total production costs | 168,083 | 154,341 |
Selling, general and administrative costs | 221,463 | 208,623 |
Depreciation and amortization | 14,918 | 15,041 |
Total operating costs | 404,464 | 378,005 |
Headquarters redesign and consolidation | 0 | 1,888 |
Operating profit | 34,598 | 34,055 |
Other components of net periodic benefit costs | 1,835 | 2,028 |
Gain from joint ventures | 0 | 15 |
Interest expense and other, net | 1,303 | 4,877 |
Income from continuing operations before income taxes | 31,460 | 27,165 |
Income tax expense | 1,304 | 5,251 |
Net income | 30,156 | 21,914 |
Net income attributable to the noncontrolling interest | 0 | (2) |
Net income attributable to The New York Times Company common stockholders | $ 30,156 | $ 21,912 |
Average number of common shares outstanding: | ||
Basic (in shares) | 165,674 | 164,094 |
Diluted (in shares) | 167,129 | 166,237 |
Basic earnings per share attributable to The New York Times Company common stockholders | ||
Net income (in usd per share) | $ 0.18 | $ 0.13 |
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) | 0.18 | 0.13 |
Dividends declared per share (in usd per share) | $ 0.05 | $ 0.04 |
Subscription | ||
Revenues | ||
Total revenues | $ 270,810 | $ 260,593 |
Advertising | ||
Revenues | ||
Total revenues | 125,088 | 125,647 |
Other | ||
Revenues | ||
Total revenues | $ 43,164 | $ 27,708 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 30,156 | $ 21,914 |
Other comprehensive income, before tax: | ||
(Loss)/income on foreign currency translation adjustments | (1,649) | 2,273 |
Pension and postretirement benefits obligation | 4,896 | 9,760 |
Net unrealized gain/(loss) on available-for-sale securities | 2,074 | (1,371) |
Other comprehensive income, before tax | 5,321 | 10,662 |
Income tax expense | 1,399 | 2,820 |
Other comprehensive income, net of tax | 3,922 | 7,842 |
Comprehensive income | 34,078 | 29,756 |
Comprehensive income attributable to the noncontrolling interest | 0 | (2) |
Comprehensive income attributable to The New York Times Company common stockholders | $ 34,078 | $ 29,754 |
CONSOLIDATED STATEMENTS OF CHAN
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 | Common Stock Held in Treasury, at Cost | Accumulated Other Comprehensive Loss, Net of Income Taxes | Non- controlling Interest |
Balance, beginning of period at Dec. 31, 2017 | $ 897,363 | $ 897,279 | $ 17,108 | $ 164,275 | $ 1,310,136 | $ (171,211) | $ (423,029) | $ 84 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 21,914 | 21,912 | 21,912 | 2 | ||||
Dividends | (6,632) | (6,632) | (6,632) | |||||
Other comprehensive income | 7,842 | 7,842 | 7,842 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 40,439 | 40,439 | 218 | 40,221 | ||||
Restricted stock units vested - Class A shares | (2,844) | (2,844) | 19 | (2,863) | ||||
Performance-based awards - Class A shares | (5,903) | (5,903) | 27 | (5,930) | ||||
Stock-based compensation | 3,326 | 3,326 | 3,326 | |||||
Balance, end of period at Apr. 01, 2018 | 958,077 | 957,991 | 17,372 | 199,029 | 1,422,123 | (171,211) | (509,322) | 86 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Impact of adopting new accounting guidance | 2,572 | 2,572 | 96,707 | (94,135) | ||||
Balance, beginning of period at Dec. 30, 2018 | 1,042,641 | 1,040,781 | 17,396 | 206,316 | 1,506,004 | (171,211) | (517,724) | 1,860 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 30,156 | 30,156 | 30,156 | |||||
Dividends | (8,301) | (8,301) | (8,301) | |||||
Other comprehensive income | 3,922 | 3,922 | 3,922 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 2,965 | 2,965 | 28 | 2,937 | ||||
Restricted stock units vested - Class A shares | (3,452) | (3,452) | 16 | (3,468) | ||||
Performance-based awards - Class A shares | (11,924) | (11,924) | 42 | (11,966) | ||||
Stock-based compensation | 3,807 | 3,807 | 3,807 | |||||
Balance, end of period at Mar. 31, 2019 | $ 1,059,814 | $ 1,057,954 | $ 17,482 | $ 197,626 | $ 1,527,859 | $ (171,211) | $ (513,802) | $ 1,860 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Stock options (in shares) | 279,510 | 2,177,326 |
Restricted stock unit vested (in shares) | 161,120 | 191,817 |
Performance-based awards (in shares) | 418,491 | 271,841 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Cash flows from operating activities | ||
Net income | $ 30,156 | $ 21,914 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 14,918 | 15,041 |
Stock-based compensation expense | 3,827 | 4,263 |
Long-term retirement benefit obligations | (5,754) | (3,406) |
Other-net | (8,903) | 2,565 |
Changes in operating assets and liabilities: | ||
Accounts receivable-net | 42,409 | 33,469 |
Other assets | (4,329) | 888 |
Accounts payable, accrued payroll and other liabilities | (55,835) | (67,142) |
Unexpired subscriptions | 8,695 | 10,307 |
Net cash provided by operating activities | 25,184 | 17,899 |
Cash flows from investing activities | ||
Purchases of marketable securities | (112,029) | (110,346) |
Maturities of marketable securities | 108,792 | 122,936 |
Proceeds from/(purchase of) investments – net | 41 | (484) |
Capital expenditures | (10,473) | (24,882) |
Other-net | 689 | 635 |
Net cash used in investing activities | (12,980) | (12,141) |
Long-term obligations: | ||
Repayment of debt and finance lease obligations | (138) | (138) |
Dividends paid | (6,601) | (6,530) |
Capital shares: | ||
Proceeds from stock option exercises | 2,965 | 40,439 |
Share-based compensation tax withholding | (15,376) | (8,747) |
Net cash (used in)/provided by financing activities | (19,150) | 25,024 |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (6,946) | 30,782 |
Effect of exchange rate changes on cash | (338) | 195 |
Cash, cash equivalents and restricted cash at the beginning of the period | 259,799 | 200,936 |
Cash, cash equivalents and restricted cash at the end of the period | $ 252,515 | $ 231,913 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION In the opinion of management of The New York Times Company (the “Company”), the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of March 31, 2019 , and December 30, 2018 , and the results of operations, changes in stockholder’s equity and cash flows of the Company for the periods ended March 31, 2019 , and April 1, 2018 . The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 30, 2018 . Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks for the first quarter. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as described herein, as of March 31, 2019 , our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 30, 2018 , have not changed materially. Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2016-02 2018-20 2019-01 Leases Fiscal years beginning after December 30, 2018. Early adoption is permitted. The Financial Accounting Standards Board (the “FASB”) issued authoritative guidance on accounting for leases and disclosure of key information about leasing arrangements. The guidance requires lessees to recognize the following for all operating and finance leases at such lease’s commencement date: (1) a lease liability, which is the obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset representing the lessee’s right to use, or control the use of, the underlying asset for the lease term. A lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities for short-term leases with a term of 12 months or less. The guidance does not fundamentally change lessor accounting; however, some changes have been made to align that guidance with the lessee guidance and other areas within GAAP. The Company adopted this Accounting Standard Update (“ASU”) on December 31, 2018, utilizing the modified retrospective approach with optional transition relief. Prior periods have not been retrospectively adjusted and we recorded approximately $36 million of right-of-use asset and $42 million of lease liability in our Condensed Consolidated Balance Sheet. The difference between the right-of-use asset and lease liability was due to deferred rent relating to periods prior to December 31, 2018. We have elected the practical expedients under ASU 2016-02 and have not reassessed any of the following: (1) whether any expired or existing contracts are or contain a lease, (2) the classification of any existing leases prior to the adoption of ASU 2016-02 or (3) initial direct costs for any existing leases. The Company has elected not to apply the recognition requirements in ASU 2016-02 to leases with durations of 12 months or less. Lease payments for leases with durations of 12 months or less are recorded in the statement of operations on a straight-line basis over the term of the lease. In addition, we elected the practical expedient not to separate the lease and non-lease components in the contract for our office space and equipment leases and for office space we lease to third parties. Recently Issued and Not Yet Adopted Accounting Pronouncements 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. The FASB issued authoritative guidance that 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. We do not believe the adoption of this guidance will have a material impact on our condensed consolidated financial statements. 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The FASB issued authoritative guidance that 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 are currently in the process of evaluating the impact of this guidance on our disclosures. 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. The FASB issued authoritative guidance that modifies the disclosure requirements on fair value measurements. The amendments on 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. We are currently in the process of evaluating the impact of this guidance on our 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. The FASB issued authoritative guidance that 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. The allowance for credit losses is a valuation account that is deducted from the gross trade receivables balance to present the net amount expected to be collected. 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. We are currently in the process of evaluating the impact of this guidance on our condensed consolidated financial statements. The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
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 print and digital products (which include our news product, as well as our Crossword and Cooking 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 revenues are derived from the sale of our advertising products and services on our print and digital platforms. These revenues are primarily determined by the volume, rate and mix of advertisements. Display advertising revenue is principally from advertisers promoting products, services or brands. Display advertising also includes branded content on The Times’s platforms. Other advertising primarily represents, for our print products, classified advertising revenue. Digital other advertising revenue primarily includes creative services fees; advertising revenue from our podcasts; and advertising revenue generated by Wirecutter, our product review and recommendation website. Other revenues primarily consist of revenues from licensing, commercial printing, building rental revenue, affiliate referrals (revenue generated by offering direct links to merchants in exchange for a portion of the sale price), NYT Live (our live events business) and retail commerce. Subscription, advertising and other revenues were as follows: For the Quarters Ended (In thousands) March 31, 2019 April 1, 2018 Subscription $ 270,810 $ 260,593 Advertising 125,088 125,647 Other (1) 43,164 27,708 Total $ 439,062 $ 413,948 (1) Other revenue includes building rental revenue, which is not under the scope of Topic 606. Building rental revenue was approximately $8 million and $5 million for the quarters ended March 31, 2019 and April 1, 2018 , respectively. The following table summarizes digital-only subscription revenues, which are a component of subscription revenues above, for the first quarters of 2019 and 2018 : For the Quarters Ended (In thousands) March 31, 2019 April 1, 2018 Digital-only subscription revenues: News product subscription revenues (1) $ 102,346 $ 90,577 Other product subscription revenues (2) 7,513 4,835 Total digital-only subscription revenues $ 109,859 $ 95,412 (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. Advertising revenues (print and digital) by category were as follows: For the Quarters Ended March 31, 2019 April 1, 2018 (In thousands) Print Digital Total Print Digital Total Advertising revenues: Display $ 62,342 $ 42,112 $ 104,454 $ 70,805 $ 38,700 $ 109,505 Other 7,203 13,431 20,634 8,139 8,003 16,142 Total advertising $ 69,545 $ 55,543 $ 125,088 $ 78,944 $ 46,703 $ 125,647 Performance Obligations We allocate the transaction price of our digital archive licensing contracts among the performance obligations, (i) the delivery of archival content and (ii) the delivery of updated content, based on the Company’s estimate of the standalone selling price of each of the performance obligations, as they are currently not sold separately. As of March 31, 2019 , the aggregate amount of transaction price allocated to the remaining performance obligations (which represents the delivery of updated content to be delivered under our digital archive licensing contracts) was approximately $91 million . The Company will recognize this revenue as control of the performance obligation is transferred to the customer. We expect that approximately $15 million , $19 million and $57 million , will be recognized in the remainder of 2019, 2020, and thereafter, respectively. Contract Assets As of March 31, 2019 , and December 30, 2018 , the Company had $4.3 million and $2.5 million , respectively, in contract assets recorded in Other current assets in the Condensed Consolidated Balance Sheets related to the archival content of our digital archiving licensing revenue. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule. The increase in the contract assets balance of $1.8 million for the quarter ended March 31, 2019 , is primarily driven by new contract assets of $2.0 million offset by $0.2 million of consideration that was reclassified to Accounts receivable when invoiced based on the contractual billing schedules for the period ended March 31, 2019 . |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2019 | |
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 $0.8 million and $2.8 million of net unrealized loss in Accumulated other comprehensive income (“AOCI”) as of March 31, 2019 , and December 30, 2018 , respectively. The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS debt securities as of March 31, 2019 , and December 30, 2018 : March 31, 2019 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 141,399 $ 25 $ (279 ) $ 141,145 U.S. Treasury securities 121,241 9 (183 ) 121,067 U.S. governmental agency securities 88,157 8 (346 ) 87,819 Certificates of deposit 21,688 — — 21,688 Commercial paper 16,358 — — 16,358 Total short-term AFS securities $ 388,843 $ 42 $ (808 ) $ 388,077 Long-term AFS securities Corporate debt securities $ 107,085 $ 372 $ (165 ) $ 107,292 U.S. governmental agency securities 39,315 7 (92 ) 39,230 U.S. Treasury securities 38,688 28 (155 ) 38,561 Total long-term AFS securities $ 185,088 $ 407 $ (412 ) $ 185,083 December 30, 2018 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 140,631 $ 1 $ (464 ) $ 140,168 U.S. Treasury securities 107,717 — (232 ) 107,485 U.S. governmental agency securities 92,628 — (654 ) 91,974 Certificates of deposit 23,497 — — 23,497 Commercial paper 8,177 — — 8,177 Total short-term AFS securities $ 372,650 $ 1 $ (1,350 ) $ 371,301 Long-term AFS securities Corporate debt securities $ 130,612 $ 44 $ (1,032 ) $ 129,624 U.S. governmental agency securities 37,362 3 (168 ) 37,197 U.S. Treasury securities 47,079 5 (347 ) 46,737 Total long-term AFS securities $ 215,053 $ 52 $ (1,547 ) $ 213,558 The following tables represent the AFS securities as of March 31, 2019 , and December 30, 2018 , that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: March 31, 2019 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 $ 41,565 $ (8 ) $ 65,613 $ (271 ) $ 107,178 $ (279 ) U.S. Treasury securities 40,594 (7 ) 36,612 (176 ) 77,206 (183 ) U.S. governmental agency securities 8,347 (6 ) 71,267 (340 ) 79,614 (346 ) Total short-term AFS securities $ 90,506 $ (21 ) $ 173,492 $ (787 ) $ 263,998 $ (808 ) Long-term AFS securities Corporate debt securities $ 28,658 $ (57 ) $ 15,799 $ (108 ) $ 44,457 $ (165 ) U.S. governmental agency securities 13,289 (22 ) 11,929 (70 ) 25,218 (92 ) U.S. Treasury securities 9,491 (20 ) 15,553 (135 ) 25,044 (155 ) Total long-term AFS securities $ 51,438 $ (99 ) $ 43,281 $ (313 ) $ 94,719 $ (412 ) December 30, 2018 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 $ 76,886 $ (115 ) $ 61,459 $ (349 ) $ 138,345 $ (464 ) U.S. Treasury securities 70,830 (31 ) 28,207 (201 ) 99,037 (232 ) U.S. governmental agency securities 11,664 (4 ) 80,311 (650 ) 91,975 (654 ) Certificates of deposit $ 1,599 $ — $ — $ — $ 1,599 $ — Total short-term AFS securities $ 160,979 $ (150 ) $ 169,977 $ (1,200 ) $ 330,956 $ (1,350 ) Long-term AFS securities Corporate debt securities $ 81,655 $ (570 ) $ 27,265 $ (462 ) $ 108,920 $ (1,032 ) U.S. governmental agency securities 21,579 (36 ) 11,868 (132 ) 33,447 (168 ) U.S. Treasury securities 20,479 (29 ) 23,762 (318 ) 44,241 (347 ) Total long-term AFS securities $ 123,713 $ (635 ) $ 62,895 $ (912 ) $ 186,608 $ (1,547 ) We conduct an other-than-temporary impairment (“OTTI”) analysis on a quarterly basis or more often if a potential loss-triggering event occurs. We consider factors such as the duration, severity and the reason for the decline in value, the potential recovery period and whether we intend to sell. We also consider whether (i) it is more likely than not that we will be required to sell the debt securities before recovery of their amortized cost basis and (ii) the amortized cost basis cannot be recovered as a result of credit losses. As of March 31, 2019 , we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of March 31, 2019 , we have recognized no OTTI loss. As of March 31, 2019 , our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 36 months , respectively. See Note 9 for more information regarding the fair value of our marketable securities. |
Goodwill and Intangibles
Goodwill and Intangibles | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | GOODWILL AND INTANGIBLES The changes in the carrying amount of goodwill as of March 31, 2019 , and since December 30, 2018 , were as follows: (In thousands) Total Company Balance as of December 30, 2018 $ 140,282 Foreign currency translation (1,333 ) Balance as of March 31, 2019 $ 138,949 The foreign currency translation line item reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries. The aggregate carrying amount of intangible assets of $5.7 million is included in Miscellaneous assets in our Condensed Consolidated Balance Sheets as of March 31, 2019 . |
Investments
Investments | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | INVESTMENTS Equity Method Investments Our investments in joint ventures consists of a 40% equity ownership interest in Madison Paper Industries (“Madison”), a partnership that previously operated a supercalendered paper mill in Maine. The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, are partners through subsidiary companies in Madison. The Company’s 40% ownership of Madison is through an 80% -owned consolidated subsidiary that owns 50% of Madison. UPM owns 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. In 2016, the paper mill closed. During the fourth quarter of 2018, we received a $12.5 million cash distribution in connection with the pending liquidation of Madison. We expect to receive a final cash distribution in 2019 in the range of $5 million to $8 million . As of March 31, 2019 , and December 30, 2018 , the value of our investments in joint ventures was zero. Our proportionate share of the operating results of our investment for the quarters ended March 31, 2019 , and April 1, 2018 , was de minimis and was recorded in Gain from joint ventures in our Condensed Consolidated Statements of Operations. We received no distributions from Madison during the first quarters of 2019 and 2018 , respectively. Non-Marketable Equity Securities Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Realized gains and losses on non-marketable securities sold or impaired are recognized in Interest expense and other, net . As of March 31, 2019 , and December 30, 2018 , non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $15.6 million and $13.7 million , respectively. During the quarter ended March 31, 2019 , we recorded a gain of $1.9 million from fair value adjustments in Interest expense and other, net in our Condensed Consolidated Statements of Operations. |
Debt Obligations
Debt Obligations | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Obligations | DEBT OBLIGATIONS Our indebtedness consisted of the repurchase option related to the sale-leaseback of a portion of our New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”). Our total debt and finance lease obligations consisted of the following: (In thousands) March 31, 2019 December 30, 2018 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% 2,309 3,202 Net option to repurchase ownership interest in headquarters building in 2019 247,691 246,798 Finance lease obligations (due in August 2019) 6,839 6,832 Total short-term debt and finance lease obligations 254,530 253,630 See Note 9 for more information regarding the fair value of our debt and N ote 15 for more information regarding finance lease obligations. Interest expense and other, net , as shown in the accompanying Condensed Consolidated Statements of Operations was as follows: For the Quarters Ended (In thousands) March 31, 2019 April 1, 2018 Interest expense $ 7,059 $ 6,958 Amortization of debt costs and discount on debt 893 876 Capitalized interest (44 ) (155 ) Interest income and other expense, net (1) (6,605 ) (2,802 ) Total interest expense and other, net $ 1,303 $ 4,877 (1) The quarter ended March 31, 2019, includes fair value adjustments of $1.9 million related to non-marketable equity securities. Notice of Intent to Exercise Repurchase Option Under Lease Agreement On January 30, 2018, the Company provided notice to an affiliate of W.P. Carey & Co. LLC of the Company’s intention to exercise in the fourth quarter of 2019 its option under the Lease Agreement, dated March 6, 2009, by and between the parties (the “Lease”) to repurchase a portion of the Company’s leasehold condominium interest in the Company Headquarters. The Lease was part of a transaction in 2009 under which the Company sold and simultaneously leased back approximately 750,000 rentable square feet, in the Company Headquarters (the “Condo Interest”). The sale price for the Condo Interest was approximately $225 million . Under the Lease, the Company has an option exercisable in the fourth quarter of 2019 to repurchase the Condo Interest for approximately $250 million . The Company has accounted for the transaction as a financing transaction, and has continued to depreciate the Condo Interest and account for the rental payments as interest expense. The difference between the purchase option price and the net sale proceeds from the transaction is being amortized over the 10 -year period of 2009-2019 through interest expense. |
Other
Other | 3 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other | OTHER Capitalized Computer Software Costs Amortization of capitalized computer software costs included in Depreciation and amortization in our Condensed Consolidated Statements of Operations were $4.3 million and $3.4 million in the first quarters of 2019 and 2018 , respectively. Headquarters Redesign and Consolidation In 2017 and 2018, we undertook efforts to redesign our Company Headquarters, consolidate our space within a smaller number of floors and lease the additional floors to third parties. As the project was substantially complete as of December 30, 2018 , we did not incur significant expenses related to these measures in the first quarter of 2019 . We incurred $1.9 million of total expenses related to these measures in the first quarter of 2018 . We capitalized less than $1 million and approximately $6 million in the first quarters of 2019 and 2018 , respectively, related to these measures. Marketing Expenses Marketing expense to promote our brand and products and grow our subscriber base was $47.5 million and $31.6 million in the first quarters of 2019 and 2018 , respectively. Restricted Cash A reconciliation of cash, cash equivalents and restricted cash as of March 31, 2019 , and December 30, 2018 , from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) March 31, 2019 December 30, 2018 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 235,674 $ 241,504 Restricted cash included within other current assets 629 642 Restricted cash included within miscellaneous assets 16,212 17,653 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 252,515 $ 259,799 Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations. Severance Costs We recognized severance costs of $1.4 million and $2.4 million in the first quarters of 2019 and 2018 , respectively, related to workforce reductions. These costs are recorded in Selling, general and administrative costs in our Condensed Consolidated Statements of Operations. We had a severance liability of $6.7 million and $8.4 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of March 31, 2019 , and December 30, 2018 , respectively. We anticipate most of the payments will be made within the next twelve months. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels: Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3–unobservable inputs for the asset or liability. Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 , and December 30, 2018 : (In thousands) March 31, 2019 December 30, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) Corporate debt securities $ 141,145 $ — $ 141,145 $ — $ 140,168 $ — $ 140,168 $ — U.S. Treasury securities 121,067 — 121,067 — 107,485 — 107,485 — U.S. governmental agency securities 87,819 — 87,819 — 91,974 — 91,974 — Certificates of deposit 21,688 — 21,688 — 23,497 — 23,497 — Commercial paper 16,358 — 16,358 — 8,177 — 8,177 — Total short-term AFS securities $ 388,077 $ — $ 388,077 $ — $ 371,301 $ — $ 371,301 $ — Long-term AFS securities (1) Corporate debt securities $ 107,292 $ — $ 107,292 $ — $ 129,624 $ — $ 129,624 $ — U.S. governmental agency securities 39,230 — 39,230 — 37,197 — 37,197 — U.S. Treasury securities 38,561 — 38,561 — 46,737 — 46,737 — Total long-term AFS securities $ 185,083 $ — $ 185,083 $ — $ 213,558 $ — $ 213,558 $ — Liabilities: Deferred compensation (2)(3) $ 21,447 $ 21,447 $ — $ — $ 23,211 $ 23,211 $ — $ — (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 deferred compensation assets in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $41.8 million as of March 31, 2019 , and $38.1 million as of December 30, 2018 . 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. Financial Instruments Disclosed, But Not Reported, at Fair Value The carrying value of our debt was approximately $248 million as of March 31, 2019 , and approximately $247 million as of December 30, 2018 . The fair value of our debt was approximately $259 million and $260 million as of March 31, 2019 , and December 30, 2018 , respectively. We estimate the fair value of our debt utilizing market quotations for debt that have quoted prices in active markets. Since our debt does not trade on a daily basis in an active market, the fair value estimates are based on market observable inputs based on borrowing rates currently available for debt with similar terms and average maturities (Level 2). |
Pension and Other Postretiremen
Pension and Other Postretirement Benefits | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS Pension Single-Employer Plans We sponsor several frozen single-employer defined benefit pension plans. The Company and The NewsGuild of New York jointly sponsor the Guild-Times Adjustable Pension Plan, which continues to accrue active benefits. Effective January 1, 2018, the Company became the sole sponsor of the frozen Newspaper Guild of New York - The New York Times Pension Plan (the “Guild-Times Plan”). The Guild-Times Plan was previously joint trusteed between the Guild and the Company. Effective December 31, 2018, the Guild-Times Plan and the Retirement Annuity Plan For Craft Employees of The New York Times Companies (the “RAP”) were merged into The New York Times Companies Pension Plan. The components of net periodic pension cost were as follows: For the Quarters Ended March 31, 2019 April 1, 2018 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 1,278 $ — $ 1,278 $ 2,647 $ — $ 2,647 Interest cost 14,709 2,088 16,797 13,151 1,848 14,999 Expected return on plan assets (20,258 ) — (20,258 ) (20,555 ) — (20,555 ) Amortization of actuarial loss 4,635 1,094 5,729 6,762 1,294 8,056 Amortization of prior service credit (486 ) — (486 ) (486 ) — (486 ) Net periodic pension cost/(income) (1) $ (122 ) $ 3,182 $ 3,060 $ 1,519 $ 3,142 $ 4,661 (1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit. During the first quarters of 2019 and 2018 , we made pension contributions of $2.0 million and $2.1 million , respectively, to certain qualified pension plans. We expect contributions in 2019 to total approximately $9 million to satisfy funding requirements. Other Postretirement Benefits The components of net periodic postretirement benefit income were as follows: For the Quarters Ended (In thousands) March 31, 2019 April 1, 2018 Service cost $ 7 $ 5 Interest cost 400 369 Amortization of actuarial loss 844 1,184 Amortization of prior service credit (1,191 ) (1,539 ) Net periodic postretirement benefit cost (1) $ 60 $ 19 (1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company had income tax expense of $1.3 million and $5.3 million in the first quarters of 2019 and 2018 , respectively. The Company’s effective tax rates from continuing operations were 4.1% and 19.3% for the first quarters of 2019 and 2018 , respectively. The Company received a tax benefit in both periods from stock price appreciation on stock-based awards that settled in the quarters, resulting in a lower than statutory tax rate. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE We compute earnings per share using a two-class method, which is an earnings allocation method used when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. Earnings per share is computed using both basic shares and diluted shares. The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our stock options, stock-settled long-term performance awards and restricted stock units could have a significant impact on diluted shares. The difference between basic and diluted shares of approximately 1.5 million and 2.1 million as of March 31, 2019 , and April 1, 2018 , respectively, resulted primarily from the dilutive effect of certain stock options, restricted stock units and performance awards. Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock, because their inclusion would result in an anti-dilutive effect on per share amounts. There were approximately 0.2 million restricted stock units excluded from the computation of diluted earnings per share because they were anti-dilutive in the first quarter of 2019. There were no anti-dilutive stock options or stock-settled long-term performance awards excluded from the computation of diluted earnings per share in the first quarter of 2019 and no anti-dilutive stock options, stock-settled long-term performance awards or restricted stock units excluded from the computation of diluted earnings per share in the first quarter of 2018 . |
Supplemental Stockholders' Equi
Supplemental Stockholders' Equity Information | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Supplemental Stockholders' Equity Information | SUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION In 2015, the Board of Directors authorized up to $101.1 million of repurchases of shares of the Company’s Class A Common Stock. As of March 31, 2019 , repurchases under this authorization totaled $84.9 million (excluding commissions) and $16.2 million remained under this authorization. The Company did not repurchase any shares during the first quarter of 2019. All purchases were made pursuant to our publicly announced share repurchase program. Our Board of Directors has authorized us to purchase shares under this authorization from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization. The following table summarizes the changes in AOCI by component as of March 31, 2019 : (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net Unrealized (Loss)/Gain on Available-For-Sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 30, 2018 $ 4,677 $ (520,308 ) $ (2,093 ) $ (517,724 ) Other comprehensive (loss)/income before reclassifications, before tax (1,649 ) — 2,074 425 Amounts reclassified from accumulated other comprehensive loss, before tax — 4,896 — 4,896 Income tax expense/(benefit) (431 ) 1,288 542 1,399 Net current-period other comprehensive (loss)/income, net of tax (1,218 ) 3,608 1,532 3,922 Balance as of March 31, 2019 $ 3,459 $ (516,700 ) $ (561 ) $ (513,802 ) The following table summarizes the reclassifications from AOCI for the first quarter of 2019 : (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) $ (1,677 ) Other components of net periodic benefit costs/(income) Amortization of actuarial loss (1) 6,573 Other components of net periodic benefit costs/(income) Total reclassification, before tax (2) 4,896 Income tax expense 1,288 Income tax expense Total reclassification, net of tax $ 3,608 (1) These AOCI components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 10 for more information. (2) There were no reclassifications relating to noncontrolling interest for the quarter ended March 31, 2019 . |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
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 Chief Operating Decision Maker (who is the Company’s President and Chief Executive Officer) to make decisions about resources to be allocated to the segment and assess its performance; and iii) it has available discrete financial information. The Company has determined that it has one reportable segment. Therefore, all required segment information can be found in the Condensed Consolidated Financial Statements. |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | LEASES Lessee activities Operating leases We have operating leases for office space and equipment. We determine if an arrangement is a lease at inception. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. Our operating leases generally include options to extend the term of the leases which are not recognized as part of the right-of-use asset until we are reasonably certain that the option will be exercised. We may terminate our leases with sufficient notice to the lessor and in some cases, upon the payment of a termination fee. Our leases do not include substantial variable payments based on index or rate. After the adoption of ASU 2016-02 in 2019, for all leases, a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, are recognized in the Condensed Consolidated Balance Sheet as of March 31, 2019 as described below. Our leases do not provide a readily determinable implicit discount rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on the information available at lease commencement. We recognize a single lease cost on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We evaluate right-of-use assets for impairment consistent with our property, plant and equipment policy disclosure included in our Annual Report on Form 10-K for the year ended December 30, 2018 . The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Condensed Consolidated Balance Sheet March 31, 2019 Operating lease right-of-use assets Miscellaneous assets $ 35,955 Current operating lease liabilities Accrued expenses and other 6,594 Noncurrent operating lease liabilities Other 34,939 Total operating lease liabilities $ 41,533 The total lease cost for operating leases included in Selling, general and administrative costs in our Condensed Consolidated Statement of Operations was as follows: For the Quarter Ended (In thousands) March 31, 2019 Operating lease cost $ 2,239 Short term and variable lease cost 460 Total lease cost $ 2,699 The table below presents additional information regarding operating leases: For the Quarter Ended (In thousands, except lease term and discount rate) March 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,197 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 37,863 Weighted-average remaining lease term 7.3 years Weighted-average discount rate 5.41 % (1) Amounts for the quarter ended March 31, 2019 , include the transition adjustment resulting from the adoption of ASU 2016-02 as discussed in Note 2. Maturities of lease liabilities on an annual basis for the Company's operating leases as of March 31, 2019 , were as follows: (In thousands) Amount 2019 (9 months ending December 29, 2019) $ 6,242 2020 7,682 2021 6,829 2022 6,261 2023 5,474 Later Years 18,158 Total lease payments $ 50,646 Less: Interest (9,113 ) Present value of lease liabilities $ 41,533 Finance lease We have a finance lease in connection with the land at our College Point, N.Y. printing facility. Interest on the lease liability has been recorded in Interest expense and other, net in our Condensed Consolidated Statement of Operations. Repayments of the principal portion of our lease liability are recorded in financing activities and payments of interest on our lease liability are recorded in operating activities in the statement of cash flows for our finance lease. As of March 31, 2019 , the asset related to the finance lease of $5.0 million is included in Property, plant and equipment in the Condensed Consolidated Balance Sheet. As of March 31, 2019 , the undiscounted cash flow related to the finance lease was $7.1 million offset by interest of $0.3 million , resulting in $6.8 million included in Short-term debt and finance lease obligations in the Condensed Consolidated Balance Sheet. Lessor activities Our leases to third parties predominantly relate to office space in the Company Headquarters. We determine if an arrangement is a lease at inception. Office space leases are operating leases and generally include options to extend the term of the lease. Our leases do not include variable payments based on index or rate. We do not separate the lease and non-lease components in a contract. The non-lease components predominantly include charges for utilities usage and other operating expenses estimated based on the proportionate share of the rental space of each lease. For our office space operating leases, we recognize rental revenue on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Residual value risk is not a primary risk resulting from our office space operating leases because of the long-lived nature of the underlying real estate assets which generally hold their value or appreciate in the long term. We evaluate assets leased to third parties for impairment consistent with our property, plant and equipment policy disclosure included in our Annual Report on Form 10-K for the year ended December 30, 2018 . As of March 31, 2019 , the cost and accumulated depreciation related to the Company Headquarters building included in Property, plant and equipment in our Condensed Consolidated Balance Sheet was approximately $510 million and $192 million , respectively. Office space leased to third parties represents approximately 39% of rentable square feet of the Company Headquarters. We generate building rental revenue from the floors in our headquarter building that we lease to third parties. The building rental revenue was as follows: For the Quarter Ended (In thousands) March 31, 2019 Building rental revenue (1) $ 7,639 (1) Building rental revenue includes approximately $2.9 million of sublease income for the quarter ended March 31, 2019. Maturities of lease payments to be received on an annual basis for the Company's office space operating leases as of March 31, 2019 , were as follows: (In thousands) Amount 2019 (9 months ending December 29, 2019) $ 21,792 2020 32,214 2021 32,231 2022 32,226 2023 19,301 Later Years 142,057 Total building rental revenue from operating leases $ 279,821 |
Leases | LEASES Lessee activities Operating leases We have operating leases for office space and equipment. We determine if an arrangement is a lease at inception. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. Our operating leases generally include options to extend the term of the leases which are not recognized as part of the right-of-use asset until we are reasonably certain that the option will be exercised. We may terminate our leases with sufficient notice to the lessor and in some cases, upon the payment of a termination fee. Our leases do not include substantial variable payments based on index or rate. After the adoption of ASU 2016-02 in 2019, for all leases, a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, are recognized in the Condensed Consolidated Balance Sheet as of March 31, 2019 as described below. Our leases do not provide a readily determinable implicit discount rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on the information available at lease commencement. We recognize a single lease cost on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We evaluate right-of-use assets for impairment consistent with our property, plant and equipment policy disclosure included in our Annual Report on Form 10-K for the year ended December 30, 2018 . The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Condensed Consolidated Balance Sheet March 31, 2019 Operating lease right-of-use assets Miscellaneous assets $ 35,955 Current operating lease liabilities Accrued expenses and other 6,594 Noncurrent operating lease liabilities Other 34,939 Total operating lease liabilities $ 41,533 The total lease cost for operating leases included in Selling, general and administrative costs in our Condensed Consolidated Statement of Operations was as follows: For the Quarter Ended (In thousands) March 31, 2019 Operating lease cost $ 2,239 Short term and variable lease cost 460 Total lease cost $ 2,699 The table below presents additional information regarding operating leases: For the Quarter Ended (In thousands, except lease term and discount rate) March 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,197 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 37,863 Weighted-average remaining lease term 7.3 years Weighted-average discount rate 5.41 % (1) Amounts for the quarter ended March 31, 2019 , include the transition adjustment resulting from the adoption of ASU 2016-02 as discussed in Note 2. Maturities of lease liabilities on an annual basis for the Company's operating leases as of March 31, 2019 , were as follows: (In thousands) Amount 2019 (9 months ending December 29, 2019) $ 6,242 2020 7,682 2021 6,829 2022 6,261 2023 5,474 Later Years 18,158 Total lease payments $ 50,646 Less: Interest (9,113 ) Present value of lease liabilities $ 41,533 Finance lease We have a finance lease in connection with the land at our College Point, N.Y. printing facility. Interest on the lease liability has been recorded in Interest expense and other, net in our Condensed Consolidated Statement of Operations. Repayments of the principal portion of our lease liability are recorded in financing activities and payments of interest on our lease liability are recorded in operating activities in the statement of cash flows for our finance lease. As of March 31, 2019 , the asset related to the finance lease of $5.0 million is included in Property, plant and equipment in the Condensed Consolidated Balance Sheet. As of March 31, 2019 , the undiscounted cash flow related to the finance lease was $7.1 million offset by interest of $0.3 million , resulting in $6.8 million included in Short-term debt and finance lease obligations in the Condensed Consolidated Balance Sheet. Lessor activities Our leases to third parties predominantly relate to office space in the Company Headquarters. We determine if an arrangement is a lease at inception. Office space leases are operating leases and generally include options to extend the term of the lease. Our leases do not include variable payments based on index or rate. We do not separate the lease and non-lease components in a contract. The non-lease components predominantly include charges for utilities usage and other operating expenses estimated based on the proportionate share of the rental space of each lease. For our office space operating leases, we recognize rental revenue on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Residual value risk is not a primary risk resulting from our office space operating leases because of the long-lived nature of the underlying real estate assets which generally hold their value or appreciate in the long term. We evaluate assets leased to third parties for impairment consistent with our property, plant and equipment policy disclosure included in our Annual Report on Form 10-K for the year ended December 30, 2018 . As of March 31, 2019 , the cost and accumulated depreciation related to the Company Headquarters building included in Property, plant and equipment in our Condensed Consolidated Balance Sheet was approximately $510 million and $192 million , respectively. Office space leased to third parties represents approximately 39% of rentable square feet of the Company Headquarters. We generate building rental revenue from the floors in our headquarter building that we lease to third parties. The building rental revenue was as follows: For the Quarter Ended (In thousands) March 31, 2019 Building rental revenue (1) $ 7,639 (1) Building rental revenue includes approximately $2.9 million of sublease income for the quarter ended March 31, 2019. Maturities of lease payments to be received on an annual basis for the Company's office space operating leases as of March 31, 2019 , were as follows: (In thousands) Amount 2019 (9 months ending December 29, 2019) $ 21,792 2020 32,214 2021 32,231 2022 32,226 2023 19,301 Later Years 142,057 Total building rental revenue from operating leases $ 279,821 |
Leases | LEASES Lessee activities Operating leases We have operating leases for office space and equipment. We determine if an arrangement is a lease at inception. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. Our operating leases generally include options to extend the term of the leases which are not recognized as part of the right-of-use asset until we are reasonably certain that the option will be exercised. We may terminate our leases with sufficient notice to the lessor and in some cases, upon the payment of a termination fee. Our leases do not include substantial variable payments based on index or rate. After the adoption of ASU 2016-02 in 2019, for all leases, a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, are recognized in the Condensed Consolidated Balance Sheet as of March 31, 2019 as described below. Our leases do not provide a readily determinable implicit discount rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on the information available at lease commencement. We recognize a single lease cost on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We evaluate right-of-use assets for impairment consistent with our property, plant and equipment policy disclosure included in our Annual Report on Form 10-K for the year ended December 30, 2018 . The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Condensed Consolidated Balance Sheet March 31, 2019 Operating lease right-of-use assets Miscellaneous assets $ 35,955 Current operating lease liabilities Accrued expenses and other 6,594 Noncurrent operating lease liabilities Other 34,939 Total operating lease liabilities $ 41,533 The total lease cost for operating leases included in Selling, general and administrative costs in our Condensed Consolidated Statement of Operations was as follows: For the Quarter Ended (In thousands) March 31, 2019 Operating lease cost $ 2,239 Short term and variable lease cost 460 Total lease cost $ 2,699 The table below presents additional information regarding operating leases: For the Quarter Ended (In thousands, except lease term and discount rate) March 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,197 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 37,863 Weighted-average remaining lease term 7.3 years Weighted-average discount rate 5.41 % (1) Amounts for the quarter ended March 31, 2019 , include the transition adjustment resulting from the adoption of ASU 2016-02 as discussed in Note 2. Maturities of lease liabilities on an annual basis for the Company's operating leases as of March 31, 2019 , were as follows: (In thousands) Amount 2019 (9 months ending December 29, 2019) $ 6,242 2020 7,682 2021 6,829 2022 6,261 2023 5,474 Later Years 18,158 Total lease payments $ 50,646 Less: Interest (9,113 ) Present value of lease liabilities $ 41,533 Finance lease We have a finance lease in connection with the land at our College Point, N.Y. printing facility. Interest on the lease liability has been recorded in Interest expense and other, net in our Condensed Consolidated Statement of Operations. Repayments of the principal portion of our lease liability are recorded in financing activities and payments of interest on our lease liability are recorded in operating activities in the statement of cash flows for our finance lease. As of March 31, 2019 , the asset related to the finance lease of $5.0 million is included in Property, plant and equipment in the Condensed Consolidated Balance Sheet. As of March 31, 2019 , the undiscounted cash flow related to the finance lease was $7.1 million offset by interest of $0.3 million , resulting in $6.8 million included in Short-term debt and finance lease obligations in the Condensed Consolidated Balance Sheet. Lessor activities Our leases to third parties predominantly relate to office space in the Company Headquarters. We determine if an arrangement is a lease at inception. Office space leases are operating leases and generally include options to extend the term of the lease. Our leases do not include variable payments based on index or rate. We do not separate the lease and non-lease components in a contract. The non-lease components predominantly include charges for utilities usage and other operating expenses estimated based on the proportionate share of the rental space of each lease. For our office space operating leases, we recognize rental revenue on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Residual value risk is not a primary risk resulting from our office space operating leases because of the long-lived nature of the underlying real estate assets which generally hold their value or appreciate in the long term. We evaluate assets leased to third parties for impairment consistent with our property, plant and equipment policy disclosure included in our Annual Report on Form 10-K for the year ended December 30, 2018 . As of March 31, 2019 , the cost and accumulated depreciation related to the Company Headquarters building included in Property, plant and equipment in our Condensed Consolidated Balance Sheet was approximately $510 million and $192 million , respectively. Office space leased to third parties represents approximately 39% of rentable square feet of the Company Headquarters. We generate building rental revenue from the floors in our headquarter building that we lease to third parties. The building rental revenue was as follows: For the Quarter Ended (In thousands) March 31, 2019 Building rental revenue (1) $ 7,639 (1) Building rental revenue includes approximately $2.9 million of sublease income for the quarter ended March 31, 2019. Maturities of lease payments to be received on an annual basis for the Company's office space operating leases as of March 31, 2019 , were as follows: (In thousands) Amount 2019 (9 months ending December 29, 2019) $ 21,792 2020 32,214 2021 32,231 2022 32,226 2023 19,301 Later Years 142,057 Total building rental revenue from operating leases $ 279,821 |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | CONTINGENT LIABILITIES Newspaper and Mail Deliverers–Publishers’ Pension Fund In September 2013, the Newspaper and Mail Deliverers-Publishers’ Pension Fund (the “NMDU Fund”) assessed a partial withdrawal liability against the Company in the gross amount of approximately $26 million for the plan years ending May 31, 2012, and 2013 (the “Initial Assessment”), an amount that was increased to a gross amount of approximately $34 million in December 2014, when the NMDU Fund issued a revised partial withdrawal liability assessment for the plan year ending May 31, 2013 (the “Revised Assessment”). The NMDU Fund claimed that when City & Suburban Delivery Systems, Inc., a retail and newsstand distribution subsidiary of the Company and the largest contributor to the NMDU Fund, ceased operations in 2009, it triggered a decline of more than 70% in contribution base units in each of these two plan years. The Company disagreed with both the NMDU Fund’s determination that a partial withdrawal occurred and the methodology by which it calculated the withdrawal liability, and the parties engaged in arbitration proceedings to resolve the matter. In June 2016, the arbitrator issued an interim award and opinion that supported the NMDU Fund’s determination that a partial withdrawal had occurred, and concluded that the methodology used to calculate the Initial Assessment was correct. However, the arbitrator also concluded that the NMDU Fund’s calculation of the Revised Assessment was incorrect. In July 2017, the arbitrator issued a final award and opinion reflecting the same conclusions, which both the Company and NMDU Fund challenged in federal district court. In March 2018, the court determined that a partial withdrawal had occurred, but supported the Company’s position that the NMDU Fund’s calculation of the withdrawal liability was improper. The Company has appealed the court’s decision with respect to the determination that a partial withdrawal had occurred, and the NMDU Fund has appealed the court’s decision with respect to the calculation of the withdrawal liability. Due to requirements of the Employee Retirement Income Security Act of 1974 that sponsors make payments demanded by plans during arbitration and any resultant appeals, the Company had been making payments to the NMDU fund since September 2013 relating to the Initial Assessment and February 2015 relating to the Revised Assessment based on the NMDU Fund’s demand. As a result, as of March 31, 2019 , we have paid $19.8 million relating to the Initial Assessment since the receipt of the initial demand letter. We also paid $5.0 million related to the Revised Assessment, which was refunded in July 2016 based on the arbitrator’s ruling. The Company had a liability of $2.3 million as of March 31, 2019 , related to this matter. Management believes it is reasonably possible that the total loss in this matter could exceed the liability established by a range of zero to approximately $11 million . Other We are involved in various legal actions incidental to our business that are now pending against us. These actions are generally for amounts greatly in excess of the payments, if any, that may be required to be made. 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. Letters of Credit Commitment We have issued letters of credit totaling $45.7 million and $48.8 million a s of March 31, 2019 , and December 30, 2018 , respectively, in connection with the leasing of floors in the Company Headquarters. The letters of credit will expire by 2020. Approximately $51 million and $54 million of marketable securities were used as collateral for the letters of credit, as of March 31, 2019 , and December 30, 2018 , respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2016-02 2018-20 2019-01 Leases Fiscal years beginning after December 30, 2018. Early adoption is permitted. The Financial Accounting Standards Board (the “FASB”) issued authoritative guidance on accounting for leases and disclosure of key information about leasing arrangements. The guidance requires lessees to recognize the following for all operating and finance leases at such lease’s commencement date: (1) a lease liability, which is the obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset representing the lessee’s right to use, or control the use of, the underlying asset for the lease term. A lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities for short-term leases with a term of 12 months or less. The guidance does not fundamentally change lessor accounting; however, some changes have been made to align that guidance with the lessee guidance and other areas within GAAP. The Company adopted this Accounting Standard Update (“ASU”) on December 31, 2018, utilizing the modified retrospective approach with optional transition relief. Prior periods have not been retrospectively adjusted and we recorded approximately $36 million of right-of-use asset and $42 million of lease liability in our Condensed Consolidated Balance Sheet. The difference between the right-of-use asset and lease liability was due to deferred rent relating to periods prior to December 31, 2018. We have elected the practical expedients under ASU 2016-02 and have not reassessed any of the following: (1) whether any expired or existing contracts are or contain a lease, (2) the classification of any existing leases prior to the adoption of ASU 2016-02 or (3) initial direct costs for any existing leases. The Company has elected not to apply the recognition requirements in ASU 2016-02 to leases with durations of 12 months or less. Lease payments for leases with durations of 12 months or less are recorded in the statement of operations on a straight-line basis over the term of the lease. In addition, we elected the practical expedient not to separate the lease and non-lease components in the contract for our office space and equipment leases and for office space we lease to third parties. Recently Issued and Not Yet Adopted Accounting Pronouncements 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. The FASB issued authoritative guidance that 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. We do not believe the adoption of this guidance will have a material impact on our condensed consolidated financial statements. 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The FASB issued authoritative guidance that 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 are currently in the process of evaluating the impact of this guidance on our disclosures. 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. The FASB issued authoritative guidance that modifies the disclosure requirements on fair value measurements. The amendments on 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. We are currently in the process of evaluating the impact of this guidance on our 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. The FASB issued authoritative guidance that 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. The allowance for credit losses is a valuation account that is deducted from the gross trade receivables balance to present the net amount expected to be collected. 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. We are currently in the process of evaluating the impact of this guidance on our condensed consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2016-02 2018-20 2019-01 Leases Fiscal years beginning after December 30, 2018. Early adoption is permitted. The Financial Accounting Standards Board (the “FASB”) issued authoritative guidance on accounting for leases and disclosure of key information about leasing arrangements. The guidance requires lessees to recognize the following for all operating and finance leases at such lease’s commencement date: (1) a lease liability, which is the obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset representing the lessee’s right to use, or control the use of, the underlying asset for the lease term. A lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities for short-term leases with a term of 12 months or less. The guidance does not fundamentally change lessor accounting; however, some changes have been made to align that guidance with the lessee guidance and other areas within GAAP. The Company adopted this Accounting Standard Update (“ASU”) on December 31, 2018, utilizing the modified retrospective approach with optional transition relief. Prior periods have not been retrospectively adjusted and we recorded approximately $36 million of right-of-use asset and $42 million of lease liability in our Condensed Consolidated Balance Sheet. The difference between the right-of-use asset and lease liability was due to deferred rent relating to periods prior to December 31, 2018. We have elected the practical expedients under ASU 2016-02 and have not reassessed any of the following: (1) whether any expired or existing contracts are or contain a lease, (2) the classification of any existing leases prior to the adoption of ASU 2016-02 or (3) initial direct costs for any existing leases. The Company has elected not to apply the recognition requirements in ASU 2016-02 to leases with durations of 12 months or less. Lease payments for leases with durations of 12 months or less are recorded in the statement of operations on a straight-line basis over the term of the lease. In addition, we elected the practical expedient not to separate the lease and non-lease components in the contract for our office space and equipment leases and for office space we lease to third parties. Recently Issued and Not Yet Adopted Accounting Pronouncements 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. The FASB issued authoritative guidance that 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. We do not believe the adoption of this guidance will have a material impact on our condensed consolidated financial statements. 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General Fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. The FASB issued authoritative guidance that 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 are currently in the process of evaluating the impact of this guidance on our disclosures. 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. The FASB issued authoritative guidance that modifies the disclosure requirements on fair value measurements. The amendments on 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. We are currently in the process of evaluating the impact of this guidance on our 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. The FASB issued authoritative guidance that 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. The allowance for credit losses is a valuation account that is deducted from the gross trade receivables balance to present the net amount expected to be collected. 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. We are currently in the process of evaluating the impact of this guidance on our condensed consolidated financial statements. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Advertising revenues (print and digital) by category were as follows: For the Quarters Ended March 31, 2019 April 1, 2018 (In thousands) Print Digital Total Print Digital Total Advertising revenues: Display $ 62,342 $ 42,112 $ 104,454 $ 70,805 $ 38,700 $ 109,505 Other 7,203 13,431 20,634 8,139 8,003 16,142 Total advertising $ 69,545 $ 55,543 $ 125,088 $ 78,944 $ 46,703 $ 125,647 The following table summarizes digital-only subscription revenues, which are a component of subscription revenues above, for the first quarters of 2019 and 2018 : For the Quarters Ended (In thousands) March 31, 2019 April 1, 2018 Digital-only subscription revenues: News product subscription revenues (1) $ 102,346 $ 90,577 Other product subscription revenues (2) 7,513 4,835 Total digital-only subscription revenues $ 109,859 $ 95,412 (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. Subscription, advertising and other revenues were as follows: For the Quarters Ended (In thousands) March 31, 2019 April 1, 2018 Subscription $ 270,810 $ 260,593 Advertising 125,088 125,647 Other (1) 43,164 27,708 Total $ 439,062 $ 413,948 (1) Other revenue includes building rental revenue, which is not under the scope of Topic 606. Building rental revenue was approximately $8 million and $5 million for the quarters ended March 31, 2019 and April 1, 2018 , respectively |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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 debt securities as of March 31, 2019 , and December 30, 2018 : March 31, 2019 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 141,399 $ 25 $ (279 ) $ 141,145 U.S. Treasury securities 121,241 9 (183 ) 121,067 U.S. governmental agency securities 88,157 8 (346 ) 87,819 Certificates of deposit 21,688 — — 21,688 Commercial paper 16,358 — — 16,358 Total short-term AFS securities $ 388,843 $ 42 $ (808 ) $ 388,077 Long-term AFS securities Corporate debt securities $ 107,085 $ 372 $ (165 ) $ 107,292 U.S. governmental agency securities 39,315 7 (92 ) 39,230 U.S. Treasury securities 38,688 28 (155 ) 38,561 Total long-term AFS securities $ 185,088 $ 407 $ (412 ) $ 185,083 December 30, 2018 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 140,631 $ 1 $ (464 ) $ 140,168 U.S. Treasury securities 107,717 — (232 ) 107,485 U.S. governmental agency securities 92,628 — (654 ) 91,974 Certificates of deposit 23,497 — — 23,497 Commercial paper 8,177 — — 8,177 Total short-term AFS securities $ 372,650 $ 1 $ (1,350 ) $ 371,301 Long-term AFS securities Corporate debt securities $ 130,612 $ 44 $ (1,032 ) $ 129,624 U.S. governmental agency securities 37,362 3 (168 ) 37,197 U.S. Treasury securities 47,079 5 (347 ) 46,737 Total long-term AFS securities $ 215,053 $ 52 $ (1,547 ) $ 213,558 |
Schedule of AFS Securities in Unrealized Loss Position | The following tables represent the AFS securities as of March 31, 2019 , and December 30, 2018 , that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position: March 31, 2019 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 $ 41,565 $ (8 ) $ 65,613 $ (271 ) $ 107,178 $ (279 ) U.S. Treasury securities 40,594 (7 ) 36,612 (176 ) 77,206 (183 ) U.S. governmental agency securities 8,347 (6 ) 71,267 (340 ) 79,614 (346 ) Total short-term AFS securities $ 90,506 $ (21 ) $ 173,492 $ (787 ) $ 263,998 $ (808 ) Long-term AFS securities Corporate debt securities $ 28,658 $ (57 ) $ 15,799 $ (108 ) $ 44,457 $ (165 ) U.S. governmental agency securities 13,289 (22 ) 11,929 (70 ) 25,218 (92 ) U.S. Treasury securities 9,491 (20 ) 15,553 (135 ) 25,044 (155 ) Total long-term AFS securities $ 51,438 $ (99 ) $ 43,281 $ (313 ) $ 94,719 $ (412 ) December 30, 2018 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 $ 76,886 $ (115 ) $ 61,459 $ (349 ) $ 138,345 $ (464 ) U.S. Treasury securities 70,830 (31 ) 28,207 (201 ) 99,037 (232 ) U.S. governmental agency securities 11,664 (4 ) 80,311 (650 ) 91,975 (654 ) Certificates of deposit $ 1,599 $ — $ — $ — $ 1,599 $ — Total short-term AFS securities $ 160,979 $ (150 ) $ 169,977 $ (1,200 ) $ 330,956 $ (1,350 ) Long-term AFS securities Corporate debt securities $ 81,655 $ (570 ) $ 27,265 $ (462 ) $ 108,920 $ (1,032 ) U.S. governmental agency securities 21,579 (36 ) 11,868 (132 ) 33,447 (168 ) U.S. Treasury securities 20,479 (29 ) 23,762 (318 ) 44,241 (347 ) Total long-term AFS securities $ 123,713 $ (635 ) $ 62,895 $ (912 ) $ 186,608 $ (1,547 ) |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Balances | The changes in the carrying amount of goodwill as of March 31, 2019 , and since December 30, 2018 , were as follows: (In thousands) Total Company Balance as of December 30, 2018 $ 140,282 Foreign currency translation (1,333 ) Balance as of March 31, 2019 $ 138,949 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Capital Lease Obligations | Our total debt and finance lease obligations consisted of the following: (In thousands) March 31, 2019 December 30, 2018 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% 2,309 3,202 Net option to repurchase ownership interest in headquarters building in 2019 247,691 246,798 Finance lease obligations (due in August 2019) 6,839 6,832 Total short-term debt and finance lease obligations 254,530 253,630 |
Schedule of Components of Interest Expense, Net | Interest expense and other, net , as shown in the accompanying Condensed Consolidated Statements of Operations was as follows: For the Quarters Ended (In thousands) March 31, 2019 April 1, 2018 Interest expense $ 7,059 $ 6,958 Amortization of debt costs and discount on debt 893 876 Capitalized interest (44 ) (155 ) Interest income and other expense, net (1) (6,605 ) (2,802 ) Total interest expense and other, net $ 1,303 $ 4,877 (1) The quarter ended March 31, 2019, includes fair value adjustments of $1.9 million related to non-marketable equity securities. |
Other (Tables)
Other (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | A reconciliation of cash, cash equivalents and restricted cash as of March 31, 2019 , and December 30, 2018 , from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) March 31, 2019 December 30, 2018 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 235,674 $ 241,504 Restricted cash included within other current assets 629 642 Restricted cash included within miscellaneous assets 16,212 17,653 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 252,515 $ 259,799 |
Restrictions on Cash and Cash Equivalents | A reconciliation of cash, cash equivalents and restricted cash as of March 31, 2019 , and December 30, 2018 , from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) March 31, 2019 December 30, 2018 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 235,674 $ 241,504 Restricted cash included within other current assets 629 642 Restricted cash included within miscellaneous assets 16,212 17,653 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 252,515 $ 259,799 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 , and December 30, 2018 : (In thousands) March 31, 2019 December 30, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) Corporate debt securities $ 141,145 $ — $ 141,145 $ — $ 140,168 $ — $ 140,168 $ — U.S. Treasury securities 121,067 — 121,067 — 107,485 — 107,485 — U.S. governmental agency securities 87,819 — 87,819 — 91,974 — 91,974 — Certificates of deposit 21,688 — 21,688 — 23,497 — 23,497 — Commercial paper 16,358 — 16,358 — 8,177 — 8,177 — Total short-term AFS securities $ 388,077 $ — $ 388,077 $ — $ 371,301 $ — $ 371,301 $ — Long-term AFS securities (1) Corporate debt securities $ 107,292 $ — $ 107,292 $ — $ 129,624 $ — $ 129,624 $ — U.S. governmental agency securities 39,230 — 39,230 — 37,197 — 37,197 — U.S. Treasury securities 38,561 — 38,561 — 46,737 — 46,737 — Total long-term AFS securities $ 185,083 $ — $ 185,083 $ — $ 213,558 $ — $ 213,558 $ — Liabilities: Deferred compensation (2)(3) $ 21,447 $ 21,447 $ — $ — $ 23,211 $ 23,211 $ — $ — (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 deferred compensation assets in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $41.8 million as of March 31, 2019 , and $38.1 million as of December 30, 2018 . 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. |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Pension Plan | |
Pension Benefits | |
Schedule of Components of Net Periodic Pension Cost and Postretirement Benefit Income | The components of net periodic pension cost were as follows: For the Quarters Ended March 31, 2019 April 1, 2018 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 1,278 $ — $ 1,278 $ 2,647 $ — $ 2,647 Interest cost 14,709 2,088 16,797 13,151 1,848 14,999 Expected return on plan assets (20,258 ) — (20,258 ) (20,555 ) — (20,555 ) Amortization of actuarial loss 4,635 1,094 5,729 6,762 1,294 8,056 Amortization of prior service credit (486 ) — (486 ) (486 ) — (486 ) Net periodic pension cost/(income) (1) $ (122 ) $ 3,182 $ 3,060 $ 1,519 $ 3,142 $ 4,661 (1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit. |
Other Postretirement Benefit Plan | |
Pension Benefits | |
Schedule of Components of Net Periodic Pension Cost and Postretirement Benefit Income | The components of net periodic postretirement benefit income were as follows: For the Quarters Ended (In thousands) March 31, 2019 April 1, 2018 Service cost $ 7 $ 5 Interest cost 400 369 Amortization of actuarial loss 844 1,184 Amortization of prior service credit (1,191 ) (1,539 ) Net periodic postretirement benefit cost (1) $ 60 $ 19 (1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit. |
Supplemental Stockholders' Eq_2
Supplemental Stockholders' Equity Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table summarizes the changes in AOCI by component as of March 31, 2019 : (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net Unrealized (Loss)/Gain on Available-For-Sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 30, 2018 $ 4,677 $ (520,308 ) $ (2,093 ) $ (517,724 ) Other comprehensive (loss)/income before reclassifications, before tax (1,649 ) — 2,074 425 Amounts reclassified from accumulated other comprehensive loss, before tax — 4,896 — 4,896 Income tax expense/(benefit) (431 ) 1,288 542 1,399 Net current-period other comprehensive (loss)/income, net of tax (1,218 ) 3,608 1,532 3,922 Balance as of March 31, 2019 $ 3,459 $ (516,700 ) $ (561 ) $ (513,802 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications from AOCI for the first quarter of 2019 : (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) $ (1,677 ) Other components of net periodic benefit costs/(income) Amortization of actuarial loss (1) 6,573 Other components of net periodic benefit costs/(income) Total reclassification, before tax (2) 4,896 Income tax expense 1,288 Income tax expense Total reclassification, net of tax $ 3,608 (1) These AOCI components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Note 10 for more information. (2) There were no reclassifications relating to noncontrolling interest for the quarter ended March 31, 2019 . |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Assets And Liabilities | The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Condensed Consolidated Balance Sheet March 31, 2019 Operating lease right-of-use assets Miscellaneous assets $ 35,955 Current operating lease liabilities Accrued expenses and other 6,594 Noncurrent operating lease liabilities Other 34,939 Total operating lease liabilities $ 41,533 |
Operating Lease Costs | The total lease cost for operating leases included in Selling, general and administrative costs in our Condensed Consolidated Statement of Operations was as follows: For the Quarter Ended (In thousands) March 31, 2019 Operating lease cost $ 2,239 Short term and variable lease cost 460 Total lease cost $ 2,699 The table below presents additional information regarding operating leases: For the Quarter Ended (In thousands, except lease term and discount rate) March 31, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,197 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 37,863 Weighted-average remaining lease term 7.3 years Weighted-average discount rate 5.41 % (1) Amounts for the quarter ended March 31, 2019 , include the transition adjustment resulting from the adoption of ASU 2016-02 as discussed in Note 2. |
Operating Lease Liability Maturity | Maturities of lease liabilities on an annual basis for the Company's operating leases as of March 31, 2019 , were as follows: (In thousands) Amount 2019 (9 months ending December 29, 2019) $ 6,242 2020 7,682 2021 6,829 2022 6,261 2023 5,474 Later Years 18,158 Total lease payments $ 50,646 Less: Interest (9,113 ) Present value of lease liabilities $ 41,533 |
Cash Flows To Be Received | The building rental revenue was as follows: For the Quarter Ended (In thousands) March 31, 2019 Building rental revenue (1) $ 7,639 (1) Building rental revenue includes approximately $2.9 million of sublease income for the quarter ended March 31, 2019. Maturities of lease payments to be received on an annual basis for the Company's office space operating leases as of March 31, 2019 , were as follows: (In thousands) Amount 2019 (9 months ending December 29, 2019) $ 21,792 2020 32,214 2021 32,231 2022 32,226 2023 19,301 Later Years 142,057 Total building rental revenue from operating leases $ 279,821 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal period duration | 91 days |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Accounting Standards Update 2016-02 $ in Millions | Dec. 31, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Operating lease right-of-use assets | $ 36 |
Lease liabilities | $ 42 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Increase (Decrease) in Contract With Customer, Asset | $ 2 | |
Commutative catch up adjustment | 1.8 | |
Contract asset, current | 4.3 | $ 2.5 |
Consideration reclassified to accounts receivable | $ 0.2 |
Revenue - Subscription, Adverti
Revenue - Subscription, Advertising, and Other Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 439,062 | $ 413,948 |
Subscription | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 270,810 | 260,593 |
Advertising | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 125,088 | 125,647 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 43,164 | 27,708 |
Real Estate | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 8,000 | $ 5,000 |
Revenue - Digital-only Subscrip
Revenue - Digital-only Subscription Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 439,062 | $ 413,948 |
News Products | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 102,346 | 90,577 |
Other Products | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 7,513 | 4,835 |
Total digital-only subscription revenues | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 109,859 | $ 95,412 |
Revenue - Advertising Revenues
Revenue - Advertising Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | $ 439,062 | $ 413,948 |
Display | ||
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | 104,454 | 109,505 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | 20,634 | 16,142 |
Total advertising | ||
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | 125,088 | 125,647 |
Print | Display | ||
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | 62,342 | 70,805 |
Print | Other | ||
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | 7,203 | 8,139 |
Print | Total advertising | ||
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | 69,545 | 78,944 |
Digital | Display | ||
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | 42,112 | 38,700 |
Digital | Other | ||
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | 13,431 | 8,003 |
Digital | Total advertising | ||
Disaggregation of Revenue [Line Items] | ||
Advertising revenue | $ 55,543 | $ 46,703 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 15 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 19 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 57 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil) | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 91 |
Marketable Securities - Availab
Marketable Securities - Available for Sale (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 30, 2018 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Net unrealized loss in other comprehensive income | $ 800,000 | $ 2,800,000 |
OTTI loss recognized | 0 | |
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 388,843,000 | 372,650,000 |
Gross unrealized gains, short-term AFS | 42,000 | 1,000 |
Gross unrealized losses, short-term AFS | (808,000) | (1,350,000) |
Fair value, short-term AFS securities | 388,077,000 | 371,301,000 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 185,088,000 | 215,053,000 |
Gross unrealized gains, long-term AFS | 407,000 | 52,000 |
Gross unrealized losses, long-term AFS | (412,000) | (1,547,000) |
Fair value, long-term AFS securities | 185,083,000 | 213,558,000 |
Corporate debt securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 141,399,000 | 140,631,000 |
Gross unrealized gains, short-term AFS | 25,000 | 1,000 |
Gross unrealized losses, short-term AFS | (279,000) | (464,000) |
Fair value, short-term AFS securities | 141,145,000 | 140,168,000 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 107,085,000 | 130,612,000 |
Gross unrealized gains, long-term AFS | 372,000 | 44,000 |
Gross unrealized losses, long-term AFS | (165,000) | (1,032,000) |
Fair value, long-term AFS securities | 107,292,000 | 129,624,000 |
U.S. Treasury securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 121,241,000 | 107,717,000 |
Gross unrealized gains, short-term AFS | 9,000 | 0 |
Gross unrealized losses, short-term AFS | (183,000) | (232,000) |
Fair value, short-term AFS securities | 121,067,000 | 107,485,000 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 38,688,000 | 47,079,000 |
Gross unrealized gains, long-term AFS | 28,000 | 5,000 |
Gross unrealized losses, long-term AFS | (155,000) | (347,000) |
Fair value, long-term AFS securities | 38,561,000 | 46,737,000 |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 88,157,000 | 92,628,000 |
Gross unrealized gains, short-term AFS | 8,000 | 0 |
Gross unrealized losses, short-term AFS | (346,000) | (654,000) |
Fair value, short-term AFS securities | 87,819,000 | 91,974,000 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 39,315,000 | 37,362,000 |
Gross unrealized gains, long-term AFS | 7,000 | 3,000 |
Gross unrealized losses, long-term AFS | (92,000) | (168,000) |
Fair value, long-term AFS securities | 39,230,000 | 37,197,000 |
Certificates of deposit | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 21,688,000 | 23,497,000 |
Gross unrealized gains, short-term AFS | 0 | 0 |
Gross unrealized losses, short-term AFS | 0 | 0 |
Fair value, short-term AFS securities | 21,688,000 | 23,497,000 |
Commercial paper | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 16,358,000 | 8,177,000 |
Gross unrealized gains, short-term AFS | 0 | 0 |
Gross unrealized losses, short-term AFS | 0 | 0 |
Fair value, short-term AFS securities | $ 16,358,000 | $ 8,177,000 |
Marketable Securities Available
Marketable Securities Available-for-sale Securities - Continuous Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 |
Total short-term AFS securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | $ 90,506 | $ 160,979 |
Gross unrealized losses, less than 12 months | (21) | (150) |
Fair value, greater than 12 months | 173,492 | 169,977 |
Gross unrealized losses, greater than 12 months | (787) | (1,200) |
Fair value, total | 263,998 | 330,956 |
Gross unrealized losses, total | (808) | (1,350) |
Certificates of deposit | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 1,599 | |
Gross unrealized losses, less than 12 months | 0 | |
Fair value, greater than 12 months | 0 | |
Gross unrealized losses, greater than 12 months | 0 | |
Fair value, total | 1,599 | |
Gross unrealized losses, total | 0 | |
Total long-term AFS securities | ||
Long-term AFS securities | ||
Fair value, less than 12 months | 51,438 | 123,713 |
Gross unrealized losses, less than 12 months | (99) | (635) |
Fair value, greater than 12 months | 43,281 | 62,895 |
Gross unrealized losses, greater than 12 months | (313) | (912) |
Fair value, total | 94,719 | 186,608 |
Gross unrealized losses, total | (412) | (1,547) |
Corporate Debt Securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 41,565 | 76,886 |
Gross unrealized losses, less than 12 months | (8) | (115) |
Fair value, greater than 12 months | 65,613 | 61,459 |
Gross unrealized losses, greater than 12 months | (271) | (349) |
Fair value, total | 107,178 | 138,345 |
Gross unrealized losses, total | (279) | (464) |
Long-term AFS securities | ||
Fair value, less than 12 months | 28,658 | 81,655 |
Gross unrealized losses, less than 12 months | (57) | (570) |
Fair value, greater than 12 months | 15,799 | 27,265 |
Gross unrealized losses, greater than 12 months | (108) | (462) |
Fair value, total | 44,457 | 108,920 |
Gross unrealized losses, total | (165) | (1,032) |
US Treasury Securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 40,594 | 70,830 |
Gross unrealized losses, less than 12 months | (7) | (31) |
Fair value, greater than 12 months | 36,612 | 28,207 |
Gross unrealized losses, greater than 12 months | (176) | (201) |
Fair value, total | 77,206 | 99,037 |
Gross unrealized losses, total | (183) | (232) |
Long-term AFS securities | ||
Fair value, less than 12 months | 9,491 | 21,579 |
Gross unrealized losses, less than 12 months | (20) | (36) |
Fair value, greater than 12 months | 15,553 | 11,868 |
Gross unrealized losses, greater than 12 months | (135) | (132) |
Fair value, total | 25,044 | 33,447 |
Gross unrealized losses, total | (155) | (168) |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 8,347 | 11,664 |
Gross unrealized losses, less than 12 months | (6) | (4) |
Fair value, greater than 12 months | 71,267 | 80,311 |
Gross unrealized losses, greater than 12 months | (340) | (650) |
Fair value, total | 79,614 | 91,975 |
Gross unrealized losses, total | (346) | (654) |
Long-term AFS securities | ||
Fair value, less than 12 months | 13,289 | 20,479 |
Gross unrealized losses, less than 12 months | (22) | (29) |
Fair value, greater than 12 months | 11,929 | 23,762 |
Gross unrealized losses, greater than 12 months | (70) | (318) |
Fair value, total | 25,218 | 44,241 |
Gross unrealized losses, total | $ (92) | $ (347) |
Marketable Securities (Details)
Marketable Securities (Details) | 3 Months Ended |
Mar. 31, 2019 | |
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) | 36 months |
Goodwill and Intangibles - Addi
Goodwill and Intangibles - Additional Information (Details) $ in Millions | Mar. 31, 2019USD ($) |
Miscellaneous Assets | |
Business Acquisition [Line Items] | |
Intangible assets, carrying values | $ 5.7 |
Goodwill and Intangibles (Detai
Goodwill and Intangibles (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 30, 2018 | $ 140,282 |
Foreign currency translation | (1,333) |
Balance as of March 31, 2019 | $ 138,949 |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2019 | Mar. 31, 2019 | |
Madison Paper Industries | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 40.00% | ||
Madison Paper Industries Owned Consolidated Subsidiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 80.00% | ||
Ownership of Madison Paper Industries by Consolidated Subsidiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
UPM-Kymmene | Madison Paper Industries | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 60.00% | ||
Madison Paper Industries | Madison Paper Industries | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 10.00% | ||
Madison Paper Industries | Madison Paper Industries Owned Consolidated Subsidiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 20.00% | ||
Madison Paper Industries | |||
Schedule of Equity Method Investments [Line Items] | |||
Gain on sale of non-hydro power assets | $ 12.5 | ||
Forecast | Madison Paper Industries | Minimum | |||
Schedule of Equity Method Investments [Line Items] | |||
Gain on sale of non-hydro power assets | $ 5 | ||
Forecast | Madison Paper Industries | Maximum | |||
Schedule of Equity Method Investments [Line Items] | |||
Gain on sale of non-hydro power assets | $ 8 |
Investments - Non-Marketable Eq
Investments - Non-Marketable Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Apr. 01, 2018 | Dec. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Non-marketable equity securities | $ 15,600 | $ 13,700 | |
Investment Income, Interest | $ 6,605 | $ 2,802 |
Debt Obligations - Debt & Capit
Debt Obligations - Debt & Capital Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 |
Debt Instrument [Line Items] | ||
Capital Lease Obligations, Current | $ 6,839 | $ 6,832 |
Total short-term debt and finance lease obligations | $ 254,530 | 253,630 |
Option To Repurchase Headquarters Building 2019 | ||
Debt Instrument [Line Items] | ||
Imputed interest rate, as a percentage | 13.00% | |
Principal amount | $ 250,000 | 250,000 |
Less unamortized discount based on imputed interest rate of 13.0% | 2,309 | 3,202 |
Net option to repurchase ownership interest in headquarters building in 2019 | $ 247,691 | $ 246,798 |
Debt Obligations - Interest Exp
Debt Obligations - Interest Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Debt Instrument [Line Items] | ||
Interest expense | $ 7,059 | $ 6,958 |
Amortization of debt costs and discount on debt | 893 | 876 |
Capitalized interest | (44) | (155) |
Interest income and other expense, net (1) | (6,605) | (2,802) |
Total interest expense and other, net | 1,303 | $ 4,877 |
Non-marketable equity securities | ||
Debt Instrument [Line Items] | ||
Interest income and other expense, net (1) | $ (1,900) |
Debt Obligations (Details)
Debt Obligations (Details) ft² in Thousands, $ in Millions | Mar. 06, 2009USD ($)ft² |
Sale Leaseback Transaction [Line Items] | |
Rentable square feet | ft² | 750 |
Option To Repurchase Headquarters Building 2019 | |
Sale Leaseback Transaction [Line Items] | |
Sale price for Condo Interest | $ 225 |
Exercisable repurchase option | $ 250 |
Amortization period | 10 years |
Other (Details)
Other (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Apr. 01, 2018 | Dec. 30, 2018 | |
Other Expense [Line Items] | |||
Advertising expense | $ 47.5 | $ 31.6 | |
Severance liability | 6.7 | $ 8.4 | |
Capitalized Computer Software Costs | |||
Other Expense [Line Items] | |||
Capitalized computer software amortization | 4.3 | 3.4 | |
Headquarters Redesign and Consolidation | |||
Other Expense [Line Items] | |||
Costs incurred during the period | 1.9 | ||
Restructuring costs capitalized in period | 1 | 6 | |
Severance | Selling, General and Administrative Expenses | |||
Other Expense [Line Items] | |||
Severance costs | $ 1.4 | $ 2.4 |
Other - Reconciliation of Cash,
Other - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 | Apr. 01, 2018 | Dec. 31, 2017 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 235,674 | $ 241,504 | ||
Restricted cash included within other current assets | 629 | 642 | ||
Restricted cash included within miscellaneous assets | 16,212 | 17,653 | ||
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ 252,515 | $ 259,799 | $ 231,913 | $ 200,936 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | $ 388,077 | $ 371,301 |
Long-term AFS securities | 185,083 | 213,558 |
Total long term debt | 248,000 | 247,000 |
Long-term debt, fair value | 259,000 | 260,000 |
Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 21,447 | 23,211 |
Level 2 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 0 | 0 |
Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 0 | 0 |
Fair Value | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 21,447 | 23,211 |
Debt Securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 388,077 | 371,301 |
Long-term AFS securities | 185,083 | 213,558 |
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 | 388,077 | 371,301 |
Long-term AFS securities | 185,083 | 213,558 |
Debt Securities | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Long-term AFS securities | 0 | 0 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 141,145 | 140,168 |
Long-term AFS securities | 107,292 | 129,624 |
Corporate debt securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 141,145 | 140,168 |
Long-term AFS securities | 107,292 | 129,624 |
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 | 141,145 | 140,168 |
Long-term AFS securities | 107,292 | 129,624 |
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 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 121,067 | 107,485 |
Long-term AFS securities | 38,561 | 46,737 |
U.S. Treasury securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 121,067 | 107,485 |
Long-term AFS securities | 38,561 | 46,737 |
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 | 121,067 | 107,485 |
Long-term AFS securities | 38,561 | 46,737 |
U.S. Treasury securities | Level 3 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 0 | 0 |
Long-term AFS securities | 0 | 0 |
U.S. governmental agency securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 87,819 | 91,974 |
Long-term AFS securities | 39,230 | 37,197 |
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 | 87,819 | 91,974 |
Long-term AFS securities | 39,230 | 37,197 |
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 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 21,688 | 23,497 |
Certificates of deposit | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 21,688 | 23,497 |
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 | 21,688 | 23,497 |
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 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 16,358 | 8,177 |
Commercial paper | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 16,358 | 8,177 |
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 | 16,358 | 8,177 |
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 Product Line [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other Assets, Miscellaneous | $ 41,800 | $ 38,100 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Pension Benefits - Net Periodic Pension Cost (Details) - Pension Plan - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Pension Benefits | ||
Service cost | $ 1,278 | $ 2,647 |
Interest cost | 16,797 | 14,999 |
Expected return on plan assets | (20,258) | (20,555) |
Amortization of actuarial loss | 5,729 | 8,056 |
Amortization of prior service credit | (486) | (486) |
Net periodic postretirement benefit income | 3,060 | 4,661 |
Qualified Plans | ||
Pension Benefits | ||
Service cost | 1,278 | 2,647 |
Interest cost | 14,709 | 13,151 |
Expected return on plan assets | (20,258) | (20,555) |
Amortization of actuarial loss | 4,635 | 6,762 |
Amortization of prior service credit | (486) | (486) |
Net periodic postretirement benefit income | (122) | 1,519 |
Pension contributions | 2,000 | 2,100 |
Expected contributions in 2018 | 9,000 | |
Non- Qualified Plans | ||
Pension Benefits | ||
Service cost | 0 | 0 |
Interest cost | 2,088 | 1,848 |
Expected return on plan assets | 0 | 0 |
Amortization of actuarial loss | 1,094 | 1,294 |
Amortization of prior service credit | 0 | 0 |
Net periodic postretirement benefit income | $ 3,182 | $ 3,142 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Other Postretirement Benefits (Details) - Other Postretirement Benefit Plan - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Pension Benefits | ||
Service cost | $ 7 | $ 5 |
Interest cost | 400 | 369 |
Amortization of actuarial loss | 844 | 1,184 |
Amortization of prior service credit | (1,191) | (1,539) |
Net periodic postretirement benefit income | $ 60 | $ 19 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 1,304 | $ 5,251 |
Effective income tax rate from continuing operations | 4.10% | 19.30% |
Earnings_(Loss) Per Share (Deta
Earnings/(Loss) Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,500,000 | 2,100,000 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 200,000 | |
Restricted Stock Units and 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 |
Supplemental Stockholders' Eq_3
Supplemental Stockholders' Equity Information - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||
Stock repurchase program, remaining authorized repurchase amount | $ 16,200,000 | |
Class A Common Stock | ||
Class of Stock [Line Items] | ||
Stock repurchase program, authorized amount | $ 101,100,000 | |
Share repurchases | $ 84,900,000 |
Supplemental Stockholders' Eq_4
Supplemental Stockholders' Equity Information - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of period | $ 1,042,641 | $ 897,363 |
Income tax expense/(benefit) | 1,399 | 2,820 |
Other comprehensive income, net of tax | 3,922 | 7,842 |
Balance, end of period | 1,059,814 | 958,077 |
Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of period | 4,677 | |
Other comprehensive (loss)/income before reclassifications, before tax | (1,649) | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | |
Income tax expense/(benefit) | (431) | |
Other comprehensive income, net of tax | (1,218) | |
Balance, end of period | 3,459 | |
Funded Status of Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of period | (520,308) | |
Other comprehensive (loss)/income before reclassifications, before tax | 0 | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 4,896 | |
Income tax expense/(benefit) | 1,288 | |
Other comprehensive income, net of tax | 3,608 | |
Balance, end of period | (516,700) | |
Net unrealized Loss on available-for-sale Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of period | (2,093) | |
Other comprehensive (loss)/income before reclassifications, before tax | 2,074 | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | |
Income tax expense/(benefit) | 542 | |
Other comprehensive income, net of tax | 1,532 | |
Balance, end of period | (561) | |
Parent | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of period | 1,040,781 | 897,279 |
Other comprehensive (loss)/income before reclassifications, before tax | 425 | |
Amounts reclassified from accumulated other comprehensive loss, before tax | 4,896 | |
Income tax expense/(benefit) | 1,399 | |
Other comprehensive income, net of tax | 3,922 | 7,842 |
Balance, end of period | 1,057,954 | 957,991 |
Accumulated Other Comprehensive Loss, Net of Income Taxes | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, beginning of period | (517,724) | (423,029) |
Other comprehensive income, net of tax | 3,922 | 7,842 |
Balance, end of period | $ (513,802) | $ (509,322) |
Supplemental Stockholders' Eq_5
Supplemental Stockholders' Equity Information - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Apr. 01, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassification, before tax | $ 31,460 | $ 27,165 |
Income tax expense | 1,304 | 5,251 |
Total reclassification, net of tax | 30,156 | $ 21,914 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassification, before tax | (4,896) | |
Income tax expense | (1,288) | |
Total reclassification, net of tax | (3,608) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of prior service credit | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortizations | 1,677 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of actuarial loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortizations | $ (6,573) |
Segment Information (Details)
Segment Information (Details) | 3 Months Ended |
Mar. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 30, 2018 | |
Real Estate [Line Items] | ||
Right-of-Use Asset | $ 5,000 | |
Finance lease payments, undiscounted | 7,100 | |
Finance lease, interest offset | 300 | |
Present value of finance lease liabilities | 6,800 | |
Accumulated depreciation and amortization | $ 926,280 | $ 911,845 |
Office Space Leased To Third Parties ( as a percent ) | 39.00% | |
Headquarters Redesign and Consolidation | ||
Real Estate [Line Items] | ||
Investment Building and Building Improvements | $ 510,000 | |
Accumulated depreciation and amortization | $ 192,000 |
Leases Assets And Liabilities (
Leases Assets And Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 35,955 |
Current operating lease liabilities | 6,594 |
Noncurrent operating lease liabilities | 34,939 |
Present value of lease liabilities | $ 41,533 |
Leases Operating Lease Costs (D
Leases Operating Lease Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Obligation with Joint and Several Liability Arrangement [Line Items] | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 2,197 |
Right-of-use assets obtained in exchange for lease liabilities | $ 37,863 |
Weighted-average remaining lease term-operating leases ( in years ) | 7 years 3 months 18 days |
Weighted-average discount rate-operating leases ( as a percent ) | 5.41% |
Selling, General and Administrative Expenses | |
Obligation with Joint and Several Liability Arrangement [Line Items] | |
Operating lease cost | $ 2,239 |
Short term and variable lease cost | 460 |
Present value of lease liabilities | $ 2,699 |
Leases Operating Lease Liabilit
Leases Operating Lease Liability Maturity (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 (9 months ending December 29, 2019) | $ 6,242 |
2020 | 7,682 |
2021 | 6,829 |
2022 | 6,261 |
2023 | 5,474 |
Later Years | 18,158 |
Total lease payments | 50,646 |
Less: Interest | (9,113) |
Present value of lease liabilities | $ 41,533 |
Leases Cash Flows To Be Receive
Leases Cash Flows To Be Received (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Building rental revenue | $ 7,639 |
Sublease Income | 2,900 |
2019 (9 months ending December 29, 2019) | 21,792 |
2020 | 32,214 |
2021 | 32,231 |
2022 | 32,226 |
2023 | 19,301 |
Later Years | 142,057 |
Total building rental revenue from operating leases | $ 279,821 |
Contingent Liabilities (Details
Contingent Liabilities (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jul. 29, 2016 | Dec. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2019 | Dec. 30, 2018 | |
Loss Contingencies [Line Items] | |||||
Gain from pension liability adjustment | $ 5,000,000 | ||||
Letters of credit | $ 45,700,000 | $ 48,800,000 | |||
Threatened Litigation | |||||
Loss Contingencies [Line Items] | |||||
Demand for payment | $ 34,000,000 | $ 26,000,000 | |||
Decline in contributions, percent (more than) | 70.00% | ||||
Payments related to Initial Assessment | 19,800,000 | ||||
Partial pension withdrawal arbitration liability | 2,300,000 | ||||
Minimum | Threatened Litigation | |||||
Loss Contingencies [Line Items] | |||||
Estimate of possible loss | 0 | ||||
Maximum | Threatened Litigation | |||||
Loss Contingencies [Line Items] | |||||
Estimate of possible loss | 11,000,000 | ||||
Letter of Credit | |||||
Loss Contingencies [Line Items] | |||||
Collateral, letters of credit | $ 51,000,000 | $ 54,000,000 |