Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 29, 2019 | Nov. 01, 2019 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 29, 2019 | |
Entity File Number | 1-5837 | |
Entity Registrant Name | NEW YORK TIMES CO | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-1102020 | |
Entity Address, Address Line One | 620 EIGHTH AVENUE | |
Entity Address, City or Town | NEW YORK | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10018 | |
City Area Code | 212 | |
Local Phone Number | 556-1234 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | NYT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0000071691 | |
Current Fiscal Year End Date | --12-29 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Transition Report | false | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 165,235,217 | |
Class B Common Stock | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 803,404 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 29, 2019 | Dec. 30, 2018 |
Current assets | ||
Cash and cash equivalents | $ 283,795 | $ 241,504 |
Short-term marketable securities | 376,863 | 371,301 |
Accounts receivable (net of allowances of $13,626 in 2019 and $13,249 in 2018) | 167,081 | 222,464 |
Prepaid expenses | 31,442 | 25,349 |
Other current assets | 50,108 | 33,328 |
Total current assets | 909,289 | 893,946 |
Other assets | ||
Long-term marketable securities | 217,265 | 213,558 |
Property, plant and equipment (less accumulated depreciation and amortization of $939,234 in 2019 and $911,845 in 2018) | 627,059 | 638,846 |
Goodwill | 137,256 | 140,282 |
Deferred income taxes | 124,412 | 128,431 |
Miscellaneous assets | 239,680 | 182,060 |
Total assets | 2,254,961 | 2,197,123 |
Current liabilities | ||
Accounts payable | 106,867 | 111,553 |
Accrued payroll and other related liabilities | 99,055 | 104,543 |
Unexpired subscriptions revenue | 86,748 | 84,044 |
Short-term debt and finance lease obligations | 246,208 | 253,630 |
Accrued expenses and other | 120,904 | 119,534 |
Total current liabilities | 659,782 | 673,304 |
Other liabilities | ||
Pension benefits obligation | 333,312 | 362,940 |
Postretirement benefits obligation | 37,651 | 40,391 |
Other | 126,450 | 77,847 |
Total other liabilities | 497,413 | 481,178 |
Common stock of $.10 par value: | ||
Additional paid-in capital | 203,293 | 206,316 |
Retained earnings | 1,552,788 | 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 | 2,254 | 4,677 |
Funded status of benefit plans | (509,403) | (520,308) |
Net unrealized gain/(loss) on available-for-sale securities | 694 | (2,093) |
Total accumulated other comprehensive loss, net of income taxes | (506,455) | (517,724) |
Total New York Times Company stockholders’ equity | 1,095,906 | 1,040,781 |
Noncontrolling interest | 1,860 | 1,860 |
Total stockholders’ equity | 1,097,766 | 1,042,641 |
Total liabilities and stockholders’ equity | 2,254,961 | 2,197,123 |
Class A Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | 17,411 | 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 | Sep. 29, 2019 | Dec. 30, 2018 |
Accounts receivable, allowances | $ 13,626 | $ 13,249 |
Accumulated depreciation and amortization | $ 939,234 | $ 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) | 174,106,014 | 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 | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Revenues | ||||
Total revenues | $ 428,501 | $ 417,346 | $ 1,303,821 | $ 1,245,854 |
Production costs: | ||||
Other production costs | 53,868 | 47,521 | 149,102 | 138,454 |
Total production costs | 178,776 | 163,434 | 519,873 | 473,632 |
Selling, general and administrative costs | 207,226 | 202,473 | 638,820 | 614,464 |
Depreciation and amortization | 15,450 | 14,847 | 45,548 | 43,969 |
Total operating costs | 401,452 | 380,754 | 1,204,241 | 1,132,065 |
Headquarters redesign and consolidation | 0 | 0 | 0 | 3,140 |
Restructuring charge | 4,008 | 0 | 4,008 | 0 |
Gain from pension liability adjustment | (2,045) | (4,851) | (2,045) | (4,851) |
Operating profit | 25,086 | 41,443 | 97,617 | 115,500 |
Other components of net periodic benefit costs | 1,834 | 2,335 | 5,502 | 6,226 |
Loss from joint ventures | 0 | (16) | 0 | (9) |
Interest expense and other, net | 755 | 4,026 | 3,572 | 13,439 |
Income from continuing operations before income taxes | 22,497 | 35,066 | 88,543 | 95,826 |
Income tax expense | 6,070 | 10,092 | 16,789 | 25,342 |
Net income | 16,427 | 24,974 | 71,754 | 70,484 |
Net loss attributable to the noncontrolling interest | 0 | 2 | 0 | 1 |
Net income attributable to The New York Times Company common stockholders | $ 16,427 | $ 24,976 | $ 71,754 | $ 70,485 |
Average number of common shares outstanding: | ||||
Basic (in shares) | 166,148 | 165,064 | 165,976 | 164,742 |
Diluted (in shares) | 167,555 | 166,966 | 167,384 | 166,671 |
Basic earnings per share attributable to The New York Times Company common stockholders | ||||
Basic earnings (in usd per share) | $ 0.10 | $ 0.15 | $ 0.43 | $ 0.43 |
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) | 0.10 | 0.15 | 0.43 | 0.42 |
Dividends declared per share (in usd per share) | $ 0.05 | $ 0.04 | $ 0.15 | $ 0.12 |
Subscription | ||||
Revenues | ||||
Total revenues | $ 267,302 | $ 257,796 | $ 808,568 | $ 779,018 |
Advertising | ||||
Revenues | ||||
Total revenues | 113,531 | 121,677 | 359,380 | 366,525 |
Other | ||||
Revenues | ||||
Total revenues | 47,668 | 37,873 | 135,873 | 100,311 |
Product | ||||
Production costs: | ||||
Wages and benefits | 106,377 | 95,941 | 313,244 | 280,688 |
Raw materials | $ 18,531 | $ 19,972 | $ 57,527 | $ 54,490 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 16,427 | $ 24,974 | $ 71,754 | $ 70,484 |
Other comprehensive income, before tax: | ||||
Loss on foreign currency translation adjustments | (3,159) | (567) | (3,286) | (2,923) |
Pension and postretirement benefits obligation | 4,893 | 8,009 | 14,685 | 24,850 |
Net unrealized gain/(loss) on available-for-sale securities | 284 | 314 | 3,773 | (784) |
Other comprehensive income, before tax | 2,018 | 7,756 | 15,172 | 21,143 |
Income tax expense | 489 | 2,031 | 3,903 | 5,535 |
Other comprehensive income, net of tax | 1,529 | 5,725 | 11,269 | 15,608 |
Comprehensive income | 17,956 | 30,699 | 83,023 | 86,092 |
Comprehensive loss attributable to the noncontrolling interest | 0 | 2 | 0 | 1 |
Comprehensive income attributable to The New York Times Company common stockholders | $ 17,956 | $ 30,701 | $ 83,023 | $ 86,093 |
CONDENSED CONSOLIDATED STATEME
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Total New York Times Company Stockholders’ Equity | Capital Stock - Class A and Class B Common | Additional Paid-in Capital | Retained Earnings | 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 | 70,484 | 70,485 | 70,485 | (1) | ||||
Dividends | (19,865) | (19,865) | (19,865) | |||||
Other comprehensive income | 15,608 | 15,608 | 15,608 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 40,650 | 40,650 | 222 | 40,428 | ||||
Restricted stock units vested | (3,145) | (3,145) | 23 | (3,168) | ||||
Performance-based awards - Class A shares | (5,903) | (5,903) | 27 | (5,930) | ||||
Stock-based compensation | 8,907 | 8,907 | 8,907 | |||||
Balance, end of period at Sep. 30, 2018 | 1,006,671 | 1,006,588 | 17,380 | 204,512 | 1,457,463 | (171,211) | (501,556) | 83 |
Balance, beginning of period at Jul. 01, 2018 | 979,691 | 979,606 | 17,376 | 201,601 | 1,439,121 | (171,211) | (507,281) | 85 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 24,974 | 24,976 | 24,976 | (2) | ||||
Dividends | (6,634) | (6,634) | (6,634) | |||||
Other comprehensive income | 5,725 | 5,725 | 5,725 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 123 | 123 | 3 | 120 | ||||
Restricted stock units vested | (91) | (91) | 1 | (92) | ||||
Stock-based compensation | 2,883 | 2,883 | 2,883 | |||||
Balance, end of period at Sep. 30, 2018 | 1,006,671 | 1,006,588 | 17,380 | 204,512 | 1,457,463 | (171,211) | (501,556) | 83 |
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 | 71,754 | 71,754 | 71,754 | |||||
Dividends | (24,970) | (24,970) | (24,970) | |||||
Other comprehensive income | 11,269 | 11,269 | 11,269 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 2,998 | 2,998 | 28 | 2,970 | ||||
Restricted stock units vested | (3,725) | (3,725) | 25 | (3,750) | ||||
Performance-based awards - Class A shares | (11,924) | (11,924) | 42 | (11,966) | ||||
Stock-based compensation | 9,723 | 9,723 | 9,723 | |||||
Balance, end of period at Sep. 29, 2019 | 1,097,766 | 1,095,906 | 17,491 | 203,293 | 1,552,788 | (171,211) | (506,455) | 1,860 |
Balance, beginning of period at Jun. 30, 2019 | 1,085,203 | 1,083,343 | 17,488 | 200,356 | 1,544,694 | (171,211) | (507,984) | 1,860 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 16,427 | 16,427 | 16,427 | |||||
Dividends | (8,333) | (8,333) | (8,333) | |||||
Other comprehensive income | 1,529 | 1,529 | 1,529 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 33 | 33 | 33 | |||||
Restricted stock units vested | 0 | 3 | (3) | |||||
Stock-based compensation | 2,907 | 2,907 | 2,907 | |||||
Balance, end of period at Sep. 29, 2019 | $ 1,097,766 | $ 1,095,906 | $ 17,491 | $ 203,293 | $ 1,552,788 | $ (171,211) | $ (506,455) | $ 1,860 |
CONDENSED CONSOLIDATED STATE_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - (Parenthetical) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Stock options (in shares) | 3,000 | 34,000 | 282,510 | 2,219,201 |
Restricted stock unit vested (in shares) | 25,512 | 7,648 | 246,599 | 230,822 |
Performance-based awards (in shares) | 418,491 | 271,841 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 71,754 | $ 70,484 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 45,548 | 43,969 |
Stock-based compensation expense | 9,723 | 9,969 |
Long-term retirement benefit obligations | (17,648) | (19,769) |
Fair market value adjustment on life insurance products | (2,215) | (823) |
Other-net | (3,350) | 1,183 |
Changes in operating assets and liabilities: | ||
Accounts receivable-net | 55,383 | 27,024 |
Other assets | (17,401) | 6,226 |
Accounts payable, accrued payroll and other liabilities | (22,898) | (28,702) |
Unexpired subscriptions | 2,704 | 6,815 |
Net cash provided by operating activities | 121,600 | 116,376 |
Cash flows from investing activities | ||
Purchases of marketable securities | (466,108) | (386,842) |
Maturities of marketable securities | 458,810 | 346,601 |
Capital expenditures | (33,101) | (61,983) |
Other-net | 3,141 | (1,585) |
Net cash used in investing activities | (37,258) | (103,809) |
Long-term obligations: | ||
Repayment of debt and finance lease obligations | (7,220) | (414) |
Dividends paid | (23,269) | (19,761) |
Capital shares: | ||
Proceeds from stock option exercises | 2,998 | 40,650 |
Share-based compensation tax withholding | (15,648) | (9,048) |
Net cash (used in)/provided by financing activities | (43,139) | 11,427 |
Net increase in cash, cash equivalents and restricted cash | 41,203 | 23,994 |
Effect of exchange rate changes on cash | (202) | (540) |
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 | $ 300,800 | $ 224,390 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 29, 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 September 29, 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 September 29, 2019 , and September 30, 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 third 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 | 9 Months Ended |
Sep. 29, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as described herein, as of September 29, 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 ending after December 15, 2020. 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 of disclosures related to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. 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
Revenue | 9 Months Ended |
Sep. 29, 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, the leasing of floors in the Company Headquarters, affiliate referrals (revenue generated by offering direct links to merchants in exchange for a portion of the sale price), television (primarily from our television series, “The Weekly”), NYT Live (our live events business) and retail commerce. Subscription, advertising and other revenues were as follows: For the Quarters Ended For the Nine Months Ended (In thousands) September 29, 2019 September 30, 2018 September 29, 2019 September 30, 2018 Subscription $ 267,302 $ 257,796 $ 808,568 $ 779,018 Advertising 113,531 121,677 359,380 366,525 Other (1) 47,668 37,873 135,873 100,311 Total $ 428,501 $ 417,346 $ 1,303,821 $ 1,245,854 (1) Other revenue includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $8 million and $7 million for the third quarters of 2019 and 2018 , respectively, and approximately $23 million and $17 million for the first nine months of 2019 and 2018 , respectively. The following table summarizes digital-only subscription revenues, which are a component of subscription revenues above, for the third quarters and first nine months of 2019 and 2018 : For the Quarters Ended For the Nine Months Ended (In thousands) September 29, 2019 September 30, 2018 September 29, 2019 September 30, 2018 Digital-only subscription revenues: News product subscription revenues (1) $ 107,009 $ 95,568 $ 313,785 $ 279,693 Other product subscription revenues (2) 8,855 5,639 24,573 15,669 Total digital-only subscription revenues $ 115,864 $ 101,207 $ 338,358 $ 295,362 (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 September 29, 2019 September 30, 2018 (In thousands) Print Digital Total Print Digital Total Advertising revenues: Display $ 51,702 $ 36,202 $ 87,904 $ 57,245 $ 43,730 $ 100,975 Other 7,176 18,451 25,627 6,676 14,026 20,702 Total advertising $ 58,878 $ 54,653 $ 113,531 $ 63,921 $ 57,756 $ 121,677 For the Nine Months Ended September 29, 2019 September 30, 2018 (In thousands) Print Digital Total Print Digital Total Advertising revenues: Display $ 169,903 $ 121,147 $ 291,050 $ 188,853 $ 123,870 $ 312,723 Other 21,255 47,075 68,330 22,182 31,620 53,802 Total advertising $ 191,158 $ 168,222 $ 359,380 $ 211,035 $ 155,490 $ 366,525 Performance Obligations We have remaining performance obligations related to digital archive licensing and certain advertising contracts. As of September 29, 2019 , the aggregate amount of transaction price allocated to the remaining performance obligations was approximately $95 million . The Company will recognize this revenue as control of the performance obligation is transferred to the customer. We expect that approximately $7 million , $25 million and $63 million will be recognized in the remainder of 2019, 2020 and thereafter, respectively. These remaining performance obligations exclude contracts that have an original expected duration of one year or less. Contract Assets As of September 29, 2019 , and December 30, 2018 , the Company had $3.7 million and $2.5 million , respectively, in contract assets recorded in Other current assets in the Condensed Consolidated Balance Sheets. 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 $1.2 million for the nine months ended September 29, 2019 , is primarily driven by new contract assets of $1.9 million offset by $0.7 million of consideration that was reclassified to Accounts receivable when invoiced based on the contractual billing schedules for the nine months ended September 29, 2019 . |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 29, 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 $0.9 million and $2.8 million of net unrealized gains and net unrealized losses, respectively, in Accumulated other comprehensive income (“AOCI”) as of September 29, 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 September 29, 2019 , and December 30, 2018 : September 29, 2019 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities U.S. Treasury securities $ 123,224 $ 46 $ (47 ) $ 123,223 Corporate debt securities 109,792 263 (36 ) 110,019 Commercial paper 69,298 — — 69,298 U.S. governmental agency securities 60,515 15 (17 ) 60,513 Certificates of deposit 13,810 — — 13,810 Total short-term AFS securities $ 376,639 $ 324 $ (100 ) $ 376,863 Long-term AFS securities Corporate debt securities $ 93,989 $ 696 $ (22 ) $ 94,663 U.S. Treasury securities 71,313 121 (67 ) 71,367 U.S. governmental agency securities 51,258 27 (50 ) 51,235 Total long-term AFS securities $ 216,560 $ 844 $ (139 ) $ 217,265 December 30, 2018 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities U.S. Treasury securities $ 107,717 $ — $ (232 ) $ 107,485 Corporate debt securities 140,631 1 (464 ) 140,168 Commercial paper 8,177 — — 8,177 U.S. governmental agency securities 92,628 — (654 ) 91,974 Certificates of deposit 23,497 — — 23,497 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. Treasury securities 47,079 5 (347 ) 46,737 U.S. governmental agency securities 37,362 3 (168 ) 37,197 Total long-term AFS securities $ 215,053 $ 52 $ (1,547 ) $ 213,558 The following tables represent the AFS securities as of September 29, 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: September 29, 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 U.S. Treasury securities $ 14,863 $ (7 ) $ 23,113 $ (40 ) $ 37,976 $ (47 ) Corporate debt securities 12,678 (3 ) 36,975 (33 ) 49,653 (36 ) U.S. governmental agency securities 4,998 — 23,188 (17 ) 28,186 (17 ) Total short-term AFS securities $ 32,539 $ (10 ) $ 83,276 $ (90 ) $ 115,815 $ (100 ) Long-term AFS securities Corporate debt securities $ 11,008 $ (15 ) $ 8,004 $ (7 ) $ 19,012 $ (22 ) U.S. Treasury securities 35,727 (67 ) — — 35,727 (67 ) U.S. governmental agency securities 41,958 (50 ) — — 41,958 (50 ) Total long-term AFS securities $ 88,693 $ (132 ) $ 8,004 $ (7 ) $ 96,697 $ (139 ) 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 U.S. Treasury securities $ 70,830 $ (31 ) $ 28,207 $ (201 ) $ 99,037 $ (232 ) Corporate debt securities 76,886 (115 ) 61,459 (349 ) 138,345 (464 ) U.S. governmental agency securities 11,664 (4 ) 80,311 (650 ) 91,975 (654 ) Total short-term AFS securities $ 159,380 $ (150 ) $ 169,977 $ (1,200 ) $ 329,357 $ (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 September 29, 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 September 29, 2019 , we have recognized no OTTI loss. As of September 29, 2019 , our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 34 months , respectively. See Note 9 for more information regarding the fair value of our marketable securities. |
Goodwill and Intangibles
Goodwill and Intangibles | 9 Months Ended |
Sep. 29, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | GOODWILL AND INTANGIBLES The changes in the carrying amount of goodwill as of September 29, 2019 , and since December 30, 2018 , were as follows: (In thousands) Total Company Balance as of December 30, 2018 $ 140,282 Foreign currency translation (3,026 ) Balance as of September 29, 2019 $ 137,256 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 $3.3 million is included in Miscellaneous assets in our Condensed Consolidated Balance Sheets as of September 29, 2019 |
Investments
Investments | 9 Months Ended |
Sep. 29, 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 received no distributions from Madison during the first nine months of 2019 and 2018 , respectively. We expect to receive a final cash distribution in the range of $5 million to $8 million . As of September 29, 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 September 29, 2019 , and September 30, 2018 , was de minimis and was recorded in Loss from joint ventures in our Condensed Consolidated Statements of Operations. 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 September 29, 2019 , and December 30, 2018 , non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $13.3 million and $13.7 million , respectively. During the first quarter of 2019 , we recorded a gain of $1.9 million from fair value adjustment related to the sale of one of our investments in Interest expense and other, net in our Condensed Consolidated Statements of Operations. |
Debt Obligations
Debt Obligations | 9 Months Ended |
Sep. 29, 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) September 29, 2019 December 30, 2018 Option to repurchase ownership interest in headquarters building in 2019: Principal amount (1) $ 245,339 $ 250,000 Less unamortized (premium)/discount based on imputed interest rate of 12.0% in 2019 and 13.0% in 2018 (869 ) 3,202 Net option to repurchase ownership interest in headquarters building in 2019 246,208 246,798 Finance lease obligation (2) — 6,832 Total short-term debt and finance lease obligations $ 246,208 $ 253,630 (1) The reduction in principal amount reflects a $4.7 million credit to the repurchase price as the result of a change in the closing date to December 2019. This credit is accounted for as a reduction in interest expense. (2) On August 1, 2019, we purchased the previously leased land at our College Point, N.Y., printing and distribution facility, which resulted in the settlement of our finance lease obligation. See Note 9 for more information regarding the fair value of our debt and Note 15 for more information regarding finance lease obligation. Interest expense and other, net , as shown in the accompanying Condensed Consolidated Statements of Operations was as follows: For the Quarters Ended For the Nine Months Ended (In thousands) September 29, 2019 September 30, 2018 September 29, 2019 September 30, 2018 Interest expense $ 7,118 $ 7,061 $ 21,314 $ 21,078 Amortization of debt costs and (premium)/discount on debt (1,278 ) 839 (590 ) 2,528 Capitalized interest (7 ) (38 ) (59 ) (412 ) Interest income and other expense, net (1) (5,078 ) (3,836 ) (17,093 ) (9,755 ) Total interest expense and other, net $ 755 $ 4,026 $ 3,572 $ 13,439 (1) The nine months ended September 29, 2019, include a fair value adjustment of $1.9 million related to the sale of a non-marketable equity security. 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 Company has accounted for the transaction as a financing transaction and accounted 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. 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 . In December 2019, we expect to repurchase the Condo Interest for $245.3 million . Revolving Credit Facility In September 2019, the Company entered into a $250.0 million five-year unsecured revolving credit facility (the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee of 0.20% . As of September 29, 2019 , there were no outstanding borrowings under the Credit Facility and the Company was not aware of any instances of non-compliance with the financial covenants contained in the documents governing the Credit Facility. |
Other
Other | 9 Months Ended |
Sep. 29, 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 $4.4 million and $4.1 million in the third quarters of 2019 and 2018 , respectively, and $13.1 million and $11.4 million in the first nine months of 2019 and 2018 , respectively. Headquarters Redesign and Consolidation In 2017 and 2018, we redesigned our Company Headquarters, consolidated our space within a smaller number of floors and leased the additional floors to third parties. As the project was substantially completed as of December 30, 2018 , we did not incur significant expenses related to these measures in the third quarter and in the first nine months of 2019 . We did not incur significant expenses in the third quarter of 2018 and incurred $3.1 million of total expenses in the first nine months of 2018 related to these measures. We capitalized a de minimis amount and approximately $3 million in the third quarters of 2019 and 2018 , respectively, and less than $1 million and $14 million in the first nine months of 2019 and 2018 , related to these measures. Marketing Expenses Marketing expense to promote our brand and products and grow our subscriber base was $38.4 million and $40.4 million in the third quarters of 2019 and 2018 , respectively, and $122.5 million and $107.6 million in the first nine months of 2019 and 2018 , respectively. Restricted Cash A reconciliation of cash, cash equivalents and restricted cash as of September 29, 2019 , and December 30, 2018 , from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) September 29, 2019 December 30, 2018 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 283,795 $ 241,504 Restricted cash included within other current assets 613 642 Restricted cash included within miscellaneous assets 16,392 17,653 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 300,800 $ 259,799 Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations. Restructuring Charge We recognized a restructuring charge of $4.0 million in the third quarter of 2019 , which included impairment and severance charges related to the closure of our digital marketing agency, HelloSociety, LLC. These costs are recorded in Restructuring charge in our Condensed Consolidated Statements of Operations. Severance Costs We recognized severance costs of $0.3 million in each of the third quarters of 2019 and 2018 , and $2.4 million and $4.9 million in the first nine months 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 $8.1 million and $8.3 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of September 29, 2019 , and December 30, 2018 , respectively. The September 29, 2019 balance includes severance liabilities related to the restructuring charge recorded in our Condensed Consolidated Statements of Operations. We anticipate most of the payments will be made within the next twelve months. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 29, 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 September 29, 2019 , and December 30, 2018 : (In thousands) September 29, 2019 December 30, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) U.S. Treasury securities $ 123,223 $ — $ 123,223 $ — $ 107,485 $ — $ 107,485 $ — Corporate debt securities 110,019 — 110,019 — 140,168 — 140,168 — Commercial paper 69,298 — 69,298 — 8,177 — 8,177 — U.S. governmental agency securities 60,513 — 60,513 — 91,974 — 91,974 — Certificates of deposit 13,810 — 13,810 — 23,497 — 23,497 — Total short-term AFS securities $ 376,863 $ — $ 376,863 $ — $ 371,301 $ — $ 371,301 $ — Long-term AFS securities (1) Corporate debt securities $ 94,663 $ — $ 94,663 $ — $ 129,624 $ — $ 129,624 $ — U.S. Treasury securities 71,367 — 71,367 — 46,737 — 46,737 — U.S. governmental agency securities 51,235 — 51,235 — 37,197 — 37,197 — Total long-term AFS securities $ 217,265 $ — $ 217,265 $ — $ 213,558 $ — $ 213,558 $ — Liabilities: Deferred compensation (2)(3) $ 22,326 $ 22,326 $ — $ — $ 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 $43.4 million as of September 29, 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 $246 million as of September 29, 2019 , and approximately $247 million as of December 30, 2018 . The fair value of our debt was approximately $246 million and $260 million as of September 29, 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 | 9 Months Ended |
Sep. 29, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits | PENSION AND OTHER POSTRETIREMENT BENEFITS Pension Single-Employer Plans We historically sponsored several frozen single-employer defined benefit pension plans. 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”). Previously, the NewsGuild of New York (the “Guild”) and the Company were joint trustees of The Guild- Times Plan. 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 Company and the Guild jointly sponsor the Guild-Times Adjustable Pension Plan (the “APP”), which continues to accrue active benefits. The components of net periodic pension cost were as follows: For the Quarters Ended September 29, 2019 September 30, 2018 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 1,278 $ — $ 1,278 $ 2,393 $ — $ 2,393 Interest cost 14,708 2,089 16,797 13,207 1,848 15,055 Expected return on plan assets (20,258 ) — (20,258 ) (20,591 ) — (20,591 ) Amortization of actuarial loss 4,635 1,094 5,729 6,680 1,294 7,974 Amortization of prior service credit (487 ) — (487 ) (487 ) — (487 ) Other — — — — 421 421 Net periodic pension (income)/cost (1) $ (124 ) $ 3,183 $ 3,059 $ 1,202 $ 3,563 $ 4,765 For the Nine Months Ended September 29, 2019 September 30, 2018 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 3,835 $ — $ 3,835 $ 7,593 $ — $ 7,593 Interest cost 44,125 6,265 50,390 39,564 5,543 45,107 Expected return on plan assets (60,775 ) — (60,775 ) (61,736 ) — (61,736 ) Amortization of actuarial loss 13,905 3,282 17,187 20,122 3,882 24,004 Amortization of prior service credit (1,459 ) — (1,459 ) (1,459 ) — (1,459 ) Other — — — — 421 421 Net periodic pension (income)/cost (1) $ (369 ) $ 9,547 $ 9,178 $ 4,084 $ 9,846 $ 13,930 (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 nine months of 2019 and 2018 , we made pension contributions of $6.3 million and $6.2 million , respectively, to the APP. We expect contributions in 2019 to total approximately $9 million to satisfy funding requirements. Multiemployer Plans During the third quarter of 2019 and 2018 we recorded a gain of $2.0 million and $4.9 million , respectively, from multiemployer pension liability adjustments, which were recorded in Gain from pension liability adjustment in our Condensed Consolidated Statements of Operations. See Note 16 for more information. Other Postretirement Benefits The components of net periodic postretirement benefit income were as follows: For the Quarters Ended For the Nine Months Ended (In thousands) September 29, 2019 September 30, 2018 September 29, 2019 September 30, 2018 Service cost $ 6 $ 8 $ 20 $ 18 Interest cost 402 370 1,202 1,108 Amortization of actuarial loss 843 1,183 2,531 3,551 Amortization of prior service credit (1,192 ) (1,590 ) (3,574 ) (4,772 ) Net periodic postretirement benefit cost/(income) (1) $ 59 $ (29 ) $ 179 $ (95 ) (1) The service cost component of net periodic postretirement benefit 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 | 9 Months Ended |
Sep. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The Company had income tax expense of $6.1 million and $16.8 million in the third quarter and first nine months of 2019 , respectively. The Company had income tax expense of $10.1 million and $25.3 million in the third quarter and first nine months of 2018 , respectively. The Company’s effective tax rates from continuing operations were 27.0% and 19.0% for the third quarter and first nine months of 2019 , respectively. The Company received a tax benefit in the first quarter of 2019 from stock price appreciation on stock-based awards that settled in the quarter, resulting in a lower than statutory tax rate for the first nine months of 2019 . The Company’s effective tax rates from continuing operations were 28.8% and 26.4% for the third quarter and first nine months of 2018 , respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 29, 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 1.4 million and 1.9 million as of the third quarters and first nine months of 2019 and 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 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 third quarters and first nine months of 2019 and 2018 |
Supplemental Stockholders' Equi
Supplemental Stockholders' Equity Information | 9 Months Ended |
Sep. 29, 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 September 29, 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 nine months 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 September 29, 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 (3,286 ) — 3,773 487 Amounts reclassified from accumulated other comprehensive loss, before tax — 14,685 — 14,685 Income tax (benefit)/expense (863 ) 3,780 986 3,903 Net current-period other comprehensive (loss)/income, net of tax (2,423 ) 10,905 2,787 11,269 Balance as of September 29, 2019 $ 2,254 $ (509,403 ) $ 694 $ (506,455 ) The following table summarizes the reclassifications from AOCI for the nine months ended September 29, 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) $ (5,033 ) Other components of net periodic benefit costs Amortization of actuarial loss (1) 19,718 Other components of net periodic benefit costs Total reclassification, before tax (2) 14,685 Income tax expense 3,780 Income tax expense Total reclassification, net of tax $ 10,905 (1) These AOCI components are included in the computation of net periodic benefit cost for pension and other postretirement benefits. See Note 10 for more information. (2) There were no reclassifications relating to noncontrolling interest for the nine months ended September 29, 2019 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 29, 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
Leases | 9 Months Ended |
Sep. 29, 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. Options to extend the term of operating leases 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 the notice required under the lease and upon the payment of a termination fee, if required. 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 September 29, 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 . On July 2, 2019, we entered into a lease agreement for office space in Long Island City, N.Y. (the “LIC Lease”), which commenced in July and ends in 2035. The present value of lease liabilities associated with the LIC Lease at the commencement date was $22 million . The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Condensed Consolidated Balance Sheet September 29, 2019 Operating lease right-of-use assets Miscellaneous assets $ 54,909 Current operating lease liabilities Accrued expenses and other $ 7,733 Noncurrent operating lease liabilities Other 56,156 Total operating lease liabilities $ 63,889 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 For the Nine Months Ended (In thousands) September 29, 2019 Operating lease cost $ 2,763 $ 7,310 Short term and variable lease cost 442 1,454 Total lease cost $ 3,205 $ 8,764 The table below presents additional information regarding operating leases: (In thousands, except lease term and discount rate) September 29, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 6,818 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 60,988 Weighted-average remaining lease term 9.9 years Weighted-average discount rate 4.65 % (1) Amounts for the nine months ended September 29, 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 September 29, 2019 , were as follows: (In thousands) Amount 2019 (3 months ending December 29, 2019) $ 2,284 2020 9,808 2021 9,026 2022 8,577 2023 7,970 Later Years 41,899 Total lease payments $ 79,564 Less: Interest (15,675 ) Present value of lease liabilities $ 63,889 Finance lease We had a finance lease in connection with the land at our College Point, N.Y., printing and distribution facility. Interest on the lease liability was 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. On August 1, 2019, using existing cash, we purchased the assets under the finance lease for $6.9 million , which resulted in the settlement of our finance lease obligation. See Note 7 for more information. 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 September 29, 2019 , the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment in our Condensed Consolidated Balance Sheet was approximately $508 million and $200 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 the Company Headquarters that we lease to third parties. The building rental revenue was as follows: For the Quarter Ended For the Nine Months Ended (In thousands) September 29, 2019 Building rental revenue (1) $ 7,887 $ 22,962 (1) Building rental revenue includes approximately $3.0 million and $8.8 million of sublease income for the quarter and nine months ended September 29, 2019 , respectively. Maturities of lease payments to be received on an annual basis for the Company's office space operating leases as of September 29, 2019 , were as follows: (In thousands) Amount 2019 (3 months ending December 29, 2019) $ 7,590 2020 32,242 2021 32,259 2022 32,254 2023 19,329 Later Years 142,162 Total building rental revenue from operating leases $ 265,836 |
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. Options to extend the term of operating leases 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 the notice required under the lease and upon the payment of a termination fee, if required. 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 September 29, 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 . On July 2, 2019, we entered into a lease agreement for office space in Long Island City, N.Y. (the “LIC Lease”), which commenced in July and ends in 2035. The present value of lease liabilities associated with the LIC Lease at the commencement date was $22 million . The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Condensed Consolidated Balance Sheet September 29, 2019 Operating lease right-of-use assets Miscellaneous assets $ 54,909 Current operating lease liabilities Accrued expenses and other $ 7,733 Noncurrent operating lease liabilities Other 56,156 Total operating lease liabilities $ 63,889 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 For the Nine Months Ended (In thousands) September 29, 2019 Operating lease cost $ 2,763 $ 7,310 Short term and variable lease cost 442 1,454 Total lease cost $ 3,205 $ 8,764 The table below presents additional information regarding operating leases: (In thousands, except lease term and discount rate) September 29, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 6,818 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 60,988 Weighted-average remaining lease term 9.9 years Weighted-average discount rate 4.65 % (1) Amounts for the nine months ended September 29, 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 September 29, 2019 , were as follows: (In thousands) Amount 2019 (3 months ending December 29, 2019) $ 2,284 2020 9,808 2021 9,026 2022 8,577 2023 7,970 Later Years 41,899 Total lease payments $ 79,564 Less: Interest (15,675 ) Present value of lease liabilities $ 63,889 Finance lease We had a finance lease in connection with the land at our College Point, N.Y., printing and distribution facility. Interest on the lease liability was 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. On August 1, 2019, using existing cash, we purchased the assets under the finance lease for $6.9 million , which resulted in the settlement of our finance lease obligation. See Note 7 for more information. 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 September 29, 2019 , the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment in our Condensed Consolidated Balance Sheet was approximately $508 million and $200 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 the Company Headquarters that we lease to third parties. The building rental revenue was as follows: For the Quarter Ended For the Nine Months Ended (In thousands) September 29, 2019 Building rental revenue (1) $ 7,887 $ 22,962 (1) Building rental revenue includes approximately $3.0 million and $8.8 million of sublease income for the quarter and nine months ended September 29, 2019 , respectively. Maturities of lease payments to be received on an annual basis for the Company's office space operating leases as of September 29, 2019 , were as follows: (In thousands) Amount 2019 (3 months ending December 29, 2019) $ 7,590 2020 32,242 2021 32,259 2022 32,254 2023 19,329 Later Years 142,162 Total building rental revenue from operating leases $ 265,836 |
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. Options to extend the term of operating leases 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 the notice required under the lease and upon the payment of a termination fee, if required. 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 September 29, 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 . On July 2, 2019, we entered into a lease agreement for office space in Long Island City, N.Y. (the “LIC Lease”), which commenced in July and ends in 2035. The present value of lease liabilities associated with the LIC Lease at the commencement date was $22 million . The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Condensed Consolidated Balance Sheet September 29, 2019 Operating lease right-of-use assets Miscellaneous assets $ 54,909 Current operating lease liabilities Accrued expenses and other $ 7,733 Noncurrent operating lease liabilities Other 56,156 Total operating lease liabilities $ 63,889 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 For the Nine Months Ended (In thousands) September 29, 2019 Operating lease cost $ 2,763 $ 7,310 Short term and variable lease cost 442 1,454 Total lease cost $ 3,205 $ 8,764 The table below presents additional information regarding operating leases: (In thousands, except lease term and discount rate) September 29, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 6,818 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 60,988 Weighted-average remaining lease term 9.9 years Weighted-average discount rate 4.65 % (1) Amounts for the nine months ended September 29, 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 September 29, 2019 , were as follows: (In thousands) Amount 2019 (3 months ending December 29, 2019) $ 2,284 2020 9,808 2021 9,026 2022 8,577 2023 7,970 Later Years 41,899 Total lease payments $ 79,564 Less: Interest (15,675 ) Present value of lease liabilities $ 63,889 Finance lease We had a finance lease in connection with the land at our College Point, N.Y., printing and distribution facility. Interest on the lease liability was 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. On August 1, 2019, using existing cash, we purchased the assets under the finance lease for $6.9 million , which resulted in the settlement of our finance lease obligation. See Note 7 for more information. 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 September 29, 2019 , the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment in our Condensed Consolidated Balance Sheet was approximately $508 million and $200 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 the Company Headquarters that we lease to third parties. The building rental revenue was as follows: For the Quarter Ended For the Nine Months Ended (In thousands) September 29, 2019 Building rental revenue (1) $ 7,887 $ 22,962 (1) Building rental revenue includes approximately $3.0 million and $8.8 million of sublease income for the quarter and nine months ended September 29, 2019 , respectively. Maturities of lease payments to be received on an annual basis for the Company's office space operating leases as of September 29, 2019 , were as follows: (In thousands) Amount 2019 (3 months ending December 29, 2019) $ 7,590 2020 32,242 2021 32,259 2022 32,254 2023 19,329 Later Years 142,162 Total building rental revenue from operating leases $ 265,836 |
Contingent Liabilities
Contingent Liabilities | 9 Months Ended |
Sep. 29, 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 appealed the court’s decision with respect to the determination that a partial withdrawal had occurred, and the NMDU Fund appealed the court’s decision with respect to the calculation of the withdrawal liability. Oral arguments were held in May 2019. 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 based on the NMDU Fund’s demand. As a result, through September 29, 2019 , we have paid $21.6 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. On September 16, 2019, the Company and the NMDU Fund reached an agreement to settle this matter. As a result of the settlement, the Company recognized a gain of approximately $2.0 million , and as of September 29, 2019, the Company had no contingent liability related to this matter. In addition, each party withdrew its appeal of the March 2018 court decision. 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 $42.4 million and $48.8 million a s of September 29, 2019 , and December 30, 2018 , respectively, in connection with the leasing of floors in the Company Headquarters. We expect the letters of credit to expire subsequent to the repurchase of the Condo Interest in December 2019. Approximately $47 million and $54 million of marketable securities were designated as collateral for the letters of credit, as of September 29, 2019 , and December 30, 2018 , respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies - (Policies) | 9 Months Ended |
Sep. 29, 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 ending after December 15, 2020. 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 of disclosures related to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. 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) | 9 Months Ended |
Sep. 29, 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 ending after December 15, 2020. 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 of disclosures related to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. 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) | 9 Months Ended |
Sep. 29, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenues | Advertising revenues (print and digital) by category were as follows: For the Quarters Ended September 29, 2019 September 30, 2018 (In thousands) Print Digital Total Print Digital Total Advertising revenues: Display $ 51,702 $ 36,202 $ 87,904 $ 57,245 $ 43,730 $ 100,975 Other 7,176 18,451 25,627 6,676 14,026 20,702 Total advertising $ 58,878 $ 54,653 $ 113,531 $ 63,921 $ 57,756 $ 121,677 For the Nine Months Ended September 29, 2019 September 30, 2018 (In thousands) Print Digital Total Print Digital Total Advertising revenues: Display $ 169,903 $ 121,147 $ 291,050 $ 188,853 $ 123,870 $ 312,723 Other 21,255 47,075 68,330 22,182 31,620 53,802 Total advertising $ 191,158 $ 168,222 $ 359,380 $ 211,035 $ 155,490 $ 366,525 The following table summarizes digital-only subscription revenues, which are a component of subscription revenues above, for the third quarters and first nine months of 2019 and 2018 : For the Quarters Ended For the Nine Months Ended (In thousands) September 29, 2019 September 30, 2018 September 29, 2019 September 30, 2018 Digital-only subscription revenues: News product subscription revenues (1) $ 107,009 $ 95,568 $ 313,785 $ 279,693 Other product subscription revenues (2) 8,855 5,639 24,573 15,669 Total digital-only subscription revenues $ 115,864 $ 101,207 $ 338,358 $ 295,362 (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 For the Nine Months Ended (In thousands) September 29, 2019 September 30, 2018 September 29, 2019 September 30, 2018 Subscription $ 267,302 $ 257,796 $ 808,568 $ 779,018 Advertising 113,531 121,677 359,380 366,525 Other (1) 47,668 37,873 135,873 100,311 Total $ 428,501 $ 417,346 $ 1,303,821 $ 1,245,854 (1) Other revenue includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $8 million and $7 million for the third quarters of 2019 and 2018 , respectively, and approximately $23 million and $17 million for the first nine months of 2019 and 2018 , respectively. |
Marketable Securities - (Tables
Marketable Securities - (Tables) | 9 Months Ended |
Sep. 29, 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 September 29, 2019 , and December 30, 2018 : September 29, 2019 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities U.S. Treasury securities $ 123,224 $ 46 $ (47 ) $ 123,223 Corporate debt securities 109,792 263 (36 ) 110,019 Commercial paper 69,298 — — 69,298 U.S. governmental agency securities 60,515 15 (17 ) 60,513 Certificates of deposit 13,810 — — 13,810 Total short-term AFS securities $ 376,639 $ 324 $ (100 ) $ 376,863 Long-term AFS securities Corporate debt securities $ 93,989 $ 696 $ (22 ) $ 94,663 U.S. Treasury securities 71,313 121 (67 ) 71,367 U.S. governmental agency securities 51,258 27 (50 ) 51,235 Total long-term AFS securities $ 216,560 $ 844 $ (139 ) $ 217,265 December 30, 2018 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities U.S. Treasury securities $ 107,717 $ — $ (232 ) $ 107,485 Corporate debt securities 140,631 1 (464 ) 140,168 Commercial paper 8,177 — — 8,177 U.S. governmental agency securities 92,628 — (654 ) 91,974 Certificates of deposit 23,497 — — 23,497 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. Treasury securities 47,079 5 (347 ) 46,737 U.S. governmental agency securities 37,362 3 (168 ) 37,197 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 September 29, 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: September 29, 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 U.S. Treasury securities $ 14,863 $ (7 ) $ 23,113 $ (40 ) $ 37,976 $ (47 ) Corporate debt securities 12,678 (3 ) 36,975 (33 ) 49,653 (36 ) U.S. governmental agency securities 4,998 — 23,188 (17 ) 28,186 (17 ) Total short-term AFS securities $ 32,539 $ (10 ) $ 83,276 $ (90 ) $ 115,815 $ (100 ) Long-term AFS securities Corporate debt securities $ 11,008 $ (15 ) $ 8,004 $ (7 ) $ 19,012 $ (22 ) U.S. Treasury securities 35,727 (67 ) — — 35,727 (67 ) U.S. governmental agency securities 41,958 (50 ) — — 41,958 (50 ) Total long-term AFS securities $ 88,693 $ (132 ) $ 8,004 $ (7 ) $ 96,697 $ (139 ) 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 U.S. Treasury securities $ 70,830 $ (31 ) $ 28,207 $ (201 ) $ 99,037 $ (232 ) Corporate debt securities 76,886 (115 ) 61,459 (349 ) 138,345 (464 ) U.S. governmental agency securities 11,664 (4 ) 80,311 (650 ) 91,975 (654 ) Total short-term AFS securities $ 159,380 $ (150 ) $ 169,977 $ (1,200 ) $ 329,357 $ (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 - (Tab
Goodwill and Intangibles - (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Balances | The changes in the carrying amount of goodwill as of September 29, 2019 , and since December 30, 2018 , were as follows: (In thousands) Total Company Balance as of December 30, 2018 $ 140,282 Foreign currency translation (3,026 ) Balance as of September 29, 2019 $ 137,256 |
Debt Obligations - (Tables)
Debt Obligations - (Tables) | 9 Months Ended |
Sep. 29, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Capital Lease Obligations | Our total debt and finance lease obligations consisted of the following: (In thousands) September 29, 2019 December 30, 2018 Option to repurchase ownership interest in headquarters building in 2019: Principal amount (1) $ 245,339 $ 250,000 Less unamortized (premium)/discount based on imputed interest rate of 12.0% in 2019 and 13.0% in 2018 (869 ) 3,202 Net option to repurchase ownership interest in headquarters building in 2019 246,208 246,798 Finance lease obligation (2) — 6,832 Total short-term debt and finance lease obligations $ 246,208 $ 253,630 (1) The reduction in principal amount reflects a $4.7 million credit to the repurchase price as the result of a change in the closing date to December 2019. This credit is accounted for as a reduction in interest expense. |
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 For the Nine Months Ended (In thousands) September 29, 2019 September 30, 2018 September 29, 2019 September 30, 2018 Interest expense $ 7,118 $ 7,061 $ 21,314 $ 21,078 Amortization of debt costs and (premium)/discount on debt (1,278 ) 839 (590 ) 2,528 Capitalized interest (7 ) (38 ) (59 ) (412 ) Interest income and other expense, net (1) (5,078 ) (3,836 ) (17,093 ) (9,755 ) Total interest expense and other, net $ 755 $ 4,026 $ 3,572 $ 13,439 (1) The nine months ended September 29, 2019, include a fair value adjustment of $1.9 million related to the sale of a non-marketable equity security. |
Other - (Tables)
Other - (Tables) | 9 Months Ended |
Sep. 29, 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 September 29, 2019 , and December 30, 2018 , from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) September 29, 2019 December 30, 2018 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 283,795 $ 241,504 Restricted cash included within other current assets 613 642 Restricted cash included within miscellaneous assets 16,392 17,653 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 300,800 $ 259,799 |
Restrictions on Cash and Cash Equivalents | A reconciliation of cash, cash equivalents and restricted cash as of September 29, 2019 , and December 30, 2018 , from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) September 29, 2019 December 30, 2018 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 283,795 $ 241,504 Restricted cash included within other current assets 613 642 Restricted cash included within miscellaneous assets 16,392 17,653 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 300,800 $ 259,799 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 9 Months Ended |
Sep. 29, 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 September 29, 2019 , and December 30, 2018 : (In thousands) September 29, 2019 December 30, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) U.S. Treasury securities $ 123,223 $ — $ 123,223 $ — $ 107,485 $ — $ 107,485 $ — Corporate debt securities 110,019 — 110,019 — 140,168 — 140,168 — Commercial paper 69,298 — 69,298 — 8,177 — 8,177 — U.S. governmental agency securities 60,513 — 60,513 — 91,974 — 91,974 — Certificates of deposit 13,810 — 13,810 — 23,497 — 23,497 — Total short-term AFS securities $ 376,863 $ — $ 376,863 $ — $ 371,301 $ — $ 371,301 $ — Long-term AFS securities (1) Corporate debt securities $ 94,663 $ — $ 94,663 $ — $ 129,624 $ — $ 129,624 $ — U.S. Treasury securities 71,367 — 71,367 — 46,737 — 46,737 — U.S. governmental agency securities 51,235 — 51,235 — 37,197 — 37,197 — Total long-term AFS securities $ 217,265 $ — $ 217,265 $ — $ 213,558 $ — $ 213,558 $ — Liabilities: Deferred compensation (2)(3) $ 22,326 $ 22,326 $ — $ — $ 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 $43.4 million as of September 29, 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) | 9 Months Ended |
Sep. 29, 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 September 29, 2019 September 30, 2018 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 1,278 $ — $ 1,278 $ 2,393 $ — $ 2,393 Interest cost 14,708 2,089 16,797 13,207 1,848 15,055 Expected return on plan assets (20,258 ) — (20,258 ) (20,591 ) — (20,591 ) Amortization of actuarial loss 4,635 1,094 5,729 6,680 1,294 7,974 Amortization of prior service credit (487 ) — (487 ) (487 ) — (487 ) Other — — — — 421 421 Net periodic pension (income)/cost (1) $ (124 ) $ 3,183 $ 3,059 $ 1,202 $ 3,563 $ 4,765 For the Nine Months Ended September 29, 2019 September 30, 2018 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 3,835 $ — $ 3,835 $ 7,593 $ — $ 7,593 Interest cost 44,125 6,265 50,390 39,564 5,543 45,107 Expected return on plan assets (60,775 ) — (60,775 ) (61,736 ) — (61,736 ) Amortization of actuarial loss 13,905 3,282 17,187 20,122 3,882 24,004 Amortization of prior service credit (1,459 ) — (1,459 ) (1,459 ) — (1,459 ) Other — — — — 421 421 Net periodic pension (income)/cost (1) $ (369 ) $ 9,547 $ 9,178 $ 4,084 $ 9,846 $ 13,930 (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 For the Nine Months Ended (In thousands) September 29, 2019 September 30, 2018 September 29, 2019 September 30, 2018 Service cost $ 6 $ 8 $ 20 $ 18 Interest cost 402 370 1,202 1,108 Amortization of actuarial loss 843 1,183 2,531 3,551 Amortization of prior service credit (1,192 ) (1,590 ) (3,574 ) (4,772 ) Net periodic postretirement benefit cost/(income) (1) $ 59 $ (29 ) $ 179 $ (95 ) (1) The service cost component of net periodic postretirement benefit 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) | 9 Months Ended |
Sep. 29, 2019 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table summarizes the changes in AOCI by component as of September 29, 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 (3,286 ) — 3,773 487 Amounts reclassified from accumulated other comprehensive loss, before tax — 14,685 — 14,685 Income tax (benefit)/expense (863 ) 3,780 986 3,903 Net current-period other comprehensive (loss)/income, net of tax (2,423 ) 10,905 2,787 11,269 Balance as of September 29, 2019 $ 2,254 $ (509,403 ) $ 694 $ (506,455 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications from AOCI for the nine months ended September 29, 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) $ (5,033 ) Other components of net periodic benefit costs Amortization of actuarial loss (1) 19,718 Other components of net periodic benefit costs Total reclassification, before tax (2) 14,685 Income tax expense 3,780 Income tax expense Total reclassification, net of tax $ 10,905 (1) These AOCI components are included in the computation of net periodic benefit cost for pension and other postretirement benefits. See Note 10 for more information. (2) There were no reclassifications relating to noncontrolling interest for the nine months ended September 29, 2019 . |
Leases - (Tables)
Leases - (Tables) | 9 Months Ended |
Sep. 29, 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 September 29, 2019 Operating lease right-of-use assets Miscellaneous assets $ 54,909 Current operating lease liabilities Accrued expenses and other $ 7,733 Noncurrent operating lease liabilities Other 56,156 Total operating lease liabilities $ 63,889 |
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 For the Nine Months Ended (In thousands) September 29, 2019 Operating lease cost $ 2,763 $ 7,310 Short term and variable lease cost 442 1,454 Total lease cost $ 3,205 $ 8,764 The table below presents additional information regarding operating leases: (In thousands, except lease term and discount rate) September 29, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 6,818 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 60,988 Weighted-average remaining lease term 9.9 years Weighted-average discount rate 4.65 % (1) Amounts for the nine months ended September 29, 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 September 29, 2019 , were as follows: (In thousands) Amount 2019 (3 months ending December 29, 2019) $ 2,284 2020 9,808 2021 9,026 2022 8,577 2023 7,970 Later Years 41,899 Total lease payments $ 79,564 Less: Interest (15,675 ) Present value of lease liabilities $ 63,889 |
Cash Flows To Be Received | The building rental revenue was as follows: For the Quarter Ended For the Nine Months Ended (In thousands) September 29, 2019 Building rental revenue (1) $ 7,887 $ 22,962 (1) Building rental revenue includes approximately $3.0 million and $8.8 million of sublease income for the quarter and nine months ended September 29, 2019 , respectively. Maturities of lease payments to be received on an annual basis for the Company's office space operating leases as of September 29, 2019 , were as follows: (In thousands) Amount 2019 (3 months ending December 29, 2019) $ 7,590 2020 32,242 2021 32,259 2022 32,254 2023 19,329 Later Years 142,162 Total building rental revenue from operating leases $ 265,836 |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) | 3 Months Ended |
Sep. 29, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fiscal period duration (in days) | 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 - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 29, 2019 | Dec. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Increase (Decrease) in Contract with Customer, Asset | $ 1.9 | |
Commutative catch up adjustment | 1.2 | |
Contract asset, current | 3.7 | $ 2.5 |
Consideration reclassified to accounts receivable | $ 0.7 |
Revenue - Subscription, Adverti
Revenue - Subscription, Advertising, and Other Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 428,501 | $ 417,346 | $ 1,303,821 | $ 1,245,854 |
Subscription | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 267,302 | 257,796 | 808,568 | 779,018 |
Advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 113,531 | 121,677 | 359,380 | 366,525 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 47,668 | 37,873 | 135,873 | 100,311 |
Real Estate | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | $ 8,000 | $ 7,000 | $ 23,000 | $ 17,000 |
Revenue - Digital-only Subscrip
Revenue - Digital-only Subscription Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 428,501 | $ 417,346 | $ 1,303,821 | $ 1,245,854 |
News Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 107,009 | 95,568 | 313,785 | 279,693 |
Other Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 8,855 | 5,639 | 24,573 | 15,669 |
Total digital-only subscription revenues | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 115,864 | $ 101,207 | $ 338,358 | $ 295,362 |
Revenue - Advertising Revenues
Revenue - Advertising Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Advertising revenue | $ 428,501 | $ 417,346 | $ 1,303,821 | $ 1,245,854 |
Display | ||||
Disaggregation of Revenue [Line Items] | ||||
Advertising revenue | 87,904 | 100,975 | 291,050 | 312,723 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Advertising revenue | 25,627 | 20,702 | 68,330 | 53,802 |
Total advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Advertising revenue | 113,531 | 121,677 | 359,380 | 366,525 |
Print | Display | ||||
Disaggregation of Revenue [Line Items] | ||||
Advertising revenue | 51,702 | 57,245 | 169,903 | 188,853 |
Print | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Advertising revenue | 7,176 | 6,676 | 21,255 | 22,182 |
Print | Total advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Advertising revenue | 58,878 | 63,921 | 191,158 | 211,035 |
Digital | Display | ||||
Disaggregation of Revenue [Line Items] | ||||
Advertising revenue | 36,202 | 43,730 | 121,147 | 123,870 |
Digital | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Advertising revenue | 18,451 | 14,026 | 47,075 | 31,620 |
Digital | Total advertising | ||||
Disaggregation of Revenue [Line Items] | ||||
Advertising revenue | $ 54,653 | $ 57,756 | $ 168,222 | $ 155,490 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) $ in Millions | Sep. 29, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-09-30 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 7 |
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 | $ 95 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-09-30 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 25 |
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]: 2021-09-30 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 63 |
Marketable Securities - Availab
Marketable Securities - Available for Sale (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 29, 2019 | Dec. 30, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Net unrealized gains (loss) in other comprehensive income | $ 900,000 | $ (2,800,000) |
OTTI loss recognized | 0 | |
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 376,639,000 | 372,650,000 |
Gross unrealized gains, short-term AFS | 324,000 | 1,000 |
Gross unrealized losses, short-term AFS | (100,000) | (1,350,000) |
Fair value, short-term AFS securities | 376,863,000 | 371,301,000 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 216,560,000 | 215,053,000 |
Gross unrealized gains, long-term AFS | 844,000 | 52,000 |
Gross unrealized losses, long-term AFS | (139,000) | (1,547,000) |
Fair value, long-term AFS securities | 217,265,000 | 213,558,000 |
Corporate debt securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 109,792,000 | 140,631,000 |
Gross unrealized gains, short-term AFS | 263,000 | 1,000 |
Gross unrealized losses, short-term AFS | (36,000) | (464,000) |
Fair value, short-term AFS securities | 110,019,000 | 140,168,000 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 93,989,000 | 130,612,000 |
Gross unrealized gains, long-term AFS | 696,000 | 44,000 |
Gross unrealized losses, long-term AFS | (22,000) | (1,032,000) |
Fair value, long-term AFS securities | 94,663,000 | 129,624,000 |
U.S. Treasury securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 123,224,000 | 107,717,000 |
Gross unrealized gains, short-term AFS | 46,000 | 0 |
Gross unrealized losses, short-term AFS | (47,000) | (232,000) |
Fair value, short-term AFS securities | 123,223,000 | 107,485,000 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 71,313,000 | 47,079,000 |
Gross unrealized gains, long-term AFS | 121,000 | 5,000 |
Gross unrealized losses, long-term AFS | (67,000) | (347,000) |
Fair value, long-term AFS securities | 71,367,000 | 46,737,000 |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 60,515,000 | 92,628,000 |
Gross unrealized gains, short-term AFS | 15,000 | 0 |
Gross unrealized losses, short-term AFS | (17,000) | (654,000) |
Fair value, short-term AFS securities | 60,513,000 | 91,974,000 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 51,258,000 | 37,362,000 |
Gross unrealized gains, long-term AFS | 27,000 | 3,000 |
Gross unrealized losses, long-term AFS | (50,000) | (168,000) |
Fair value, long-term AFS securities | 51,235,000 | 37,197,000 |
Certificates of deposit | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 13,810,000 | 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 | 13,810,000 | 23,497,000 |
Commercial paper | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 69,298,000 | 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 | $ 69,298,000 | $ 8,177,000 |
Marketable Securities - Avail_2
Marketable Securities - Available-for-sale Securities - Continuous Loss Position (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Dec. 30, 2018 |
Total short-term AFS securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | $ 32,539 | $ 159,380 |
Gross unrealized losses, less than 12 months | (10) | (150) |
Fair value, greater than 12 months | 83,276 | 169,977 |
Gross unrealized losses, greater than 12 months | (90) | (1,200) |
Fair value, total | 115,815 | 329,357 |
Gross unrealized losses, total | (100) | (1,350) |
Total long-term AFS securities | ||
Long-term AFS securities | ||
Fair value, less than 12 months | 88,693 | 123,713 |
Gross unrealized losses, less than 12 months | (132) | (635) |
Fair value, greater than 12 months | 8,004 | 62,895 |
Gross unrealized losses, greater than 12 months | (7) | (912) |
Fair value, total | 96,697 | 186,608 |
Gross unrealized losses, total | (139) | (1,547) |
US Treasury Securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 14,863 | 70,830 |
Gross unrealized losses, less than 12 months | (7) | (31) |
Fair value, greater than 12 months | 23,113 | 28,207 |
Gross unrealized losses, greater than 12 months | (40) | (201) |
Fair value, total | 37,976 | 99,037 |
Gross unrealized losses, total | (47) | (232) |
Long-term AFS securities | ||
Fair value, less than 12 months | 35,727 | 21,579 |
Gross unrealized losses, less than 12 months | (67) | (36) |
Fair value, greater than 12 months | 0 | 11,868 |
Gross unrealized losses, greater than 12 months | 0 | (132) |
Fair value, total | 35,727 | 33,447 |
Gross unrealized losses, total | (67) | (168) |
Corporate Debt Securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 12,678 | 76,886 |
Gross unrealized losses, less than 12 months | (3) | (115) |
Fair value, greater than 12 months | 36,975 | 61,459 |
Gross unrealized losses, greater than 12 months | (33) | (349) |
Fair value, total | 49,653 | 138,345 |
Gross unrealized losses, total | (36) | (464) |
Long-term AFS securities | ||
Fair value, less than 12 months | 11,008 | 81,655 |
Gross unrealized losses, less than 12 months | (15) | (570) |
Fair value, greater than 12 months | 8,004 | 27,265 |
Gross unrealized losses, greater than 12 months | (7) | (462) |
Fair value, total | 19,012 | 108,920 |
Gross unrealized losses, total | (22) | (1,032) |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months | 4,998 | 11,664 |
Gross unrealized losses, less than 12 months | 0 | (4) |
Fair value, greater than 12 months | 23,188 | 80,311 |
Gross unrealized losses, greater than 12 months | (17) | (650) |
Fair value, total | 28,186 | 91,975 |
Gross unrealized losses, total | (17) | (654) |
Long-term AFS securities | ||
Fair value, less than 12 months | 41,958 | 20,479 |
Gross unrealized losses, less than 12 months | (50) | (29) |
Fair value, greater than 12 months | 0 | 23,762 |
Gross unrealized losses, greater than 12 months | 0 | (318) |
Fair value, total | 41,958 | 44,241 |
Gross unrealized losses, total | $ (50) | $ (347) |
Marketable Securities - Narrati
Marketable Securities - Narrative (Details) | 9 Months Ended |
Sep. 29, 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) | 34 months |
Goodwill and Intangibles - Narr
Goodwill and Intangibles - Narrative (Details) $ in Millions | Sep. 29, 2019USD ($) |
Miscellaneous Assets | |
Business Acquisition [Line Items] | |
Intangible assets, carrying values | $ 3.3 |
- Schedule of Goodwill Balances
- Schedule of Goodwill Balances (Details) $ in Thousands | 9 Months Ended |
Sep. 29, 2019USD ($) | |
Goodwill [Roll Forward] | |
Balance as of December 30, 2018 | $ 140,282 |
Foreign currency translation | (3,026) |
Balance as of September 29, 2019 | $ 137,256 |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2019 | Sep. 29, 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 | 9 Months Ended | |||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | Dec. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Non-marketable equity securities | $ 13,300 | $ 13,300 | $ 13,700 | ||
Investment Income, Interest | $ 5,078 | $ 3,836 | $ 17,093 | $ 9,755 |
Debt Obligations - Debt & Capit
Debt Obligations - Debt & Capital Leases (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Dec. 30, 2018 | Sep. 30, 2018 |
Debt Instrument [Line Items] | |||
Capital Lease Obligations, Current | $ 6,832 | ||
Total short-term debt and finance lease obligations | $ 246,208 | 253,630 | |
Change In Repurchase Price | 4,700 | ||
Option To Repurchase Headquarters Building 2019 | |||
Debt Instrument [Line Items] | |||
Principal amount | 245,339 | 250,000 | |
Less unamortized (premium)/discount based on imputed interest rate of 12.0% in 2019 and 13.0% in 2018 | (869) | 3,202 | |
Net option to repurchase ownership interest in headquarters building in 2019 | $ 246,208 | $ 246,798 | |
Imputed interest rate (as a percent) | 12.00% | 13.00% |
Debt Obligations - Interest Exp
Debt Obligations - Interest Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Debt Instrument [Line Items] | ||||
Interest expense | $ 7,118 | $ 7,061 | $ 21,314 | $ 21,078 |
Amortization of debt costs and (premium)/discount on debt | (1,278) | 839 | (590) | 2,528 |
Capitalized interest | (7) | (38) | (59) | (412) |
Interest income and other expense, net | (5,078) | (3,836) | (17,093) | (9,755) |
Total interest expense and other, net | $ 755 | $ 4,026 | 3,572 | $ 13,439 |
Non-marketable equity securities | ||||
Debt Instrument [Line Items] | ||||
Interest income and other expense, net | $ (1,900) |
- Narrative (Details)
- Narrative (Details) ft² in Thousands, $ in Thousands | Mar. 06, 2009USD ($)ft² | Sep. 29, 2019USD ($) | Sep. 29, 2019USD ($) | Dec. 30, 2018USD ($) |
Sale Leaseback Transaction [Line Items] | ||||
Rentable square feet | ft² | 750 | |||
Amortization period | 10 years | |||
Option To Repurchase Headquarters Building 2019 | ||||
Sale Leaseback Transaction [Line Items] | ||||
Sale price for Condo Interest | $ 225,000 | |||
Principal amount | $ 245,339 | $ 245,339 | $ 250,000 | |
Credit Facility | ||||
Sale Leaseback Transaction [Line Items] | ||||
Unsecured revolving credit facility, maximum borrowing capacity | $ 250,000 | $ 250,000 | ||
Unsecured revolving credit facility, term | 5 years | |||
Unsecured revolving credit facility, unused commitment fee (quarterly) | 0.20% |
Other - Narrative (Details)
Other - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | Dec. 30, 2018 | |
Other Expense [Line Items] | |||||
Impairment and severance charges | $ 4,000,000 | ||||
Advertising expense | 38,400,000 | $ 40,400,000 | $ 122,500,000 | $ 107,600,000 | |
Severance liability | 8,100,000 | 8,100,000 | $ 8,300,000 | ||
Capitalized Computer Software Costs | |||||
Other Expense [Line Items] | |||||
Capitalized computer software amortization | 4,400,000 | 4,100,000 | 13,100,000 | 11,400,000 | |
Headquarters Redesign and Consolidation | |||||
Other Expense [Line Items] | |||||
Costs incurred during the period | 3,100,000 | ||||
Restructuring costs capitalized in period | 3,000,000 | 1,000,000 | 14,000,000 | ||
Severance | Selling, General and Administrative Expenses | |||||
Other Expense [Line Items] | |||||
Severance costs | $ 300,000 | $ 300,000 | $ 2,400,000 | $ 4,900,000 |
Other - Reconciliation of Cash,
Other - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 283,795 | $ 241,504 | ||
Restricted cash included within other current assets | 613 | 642 | ||
Restricted cash included within miscellaneous assets | 16,392 | 17,653 | ||
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows | $ 300,800 | $ 259,799 | $ 224,390 | $ 200,936 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | Sep. 29, 2019 | Dec. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | $ 376,863 | $ 371,301 |
Long-term AFS securities | 217,265 | 213,558 |
Total long term debt | 246,000 | 247,000 |
Long-term debt, fair value | 246,000 | 260,000 |
Level 1 | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 22,326 | 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 | 22,326 | 23,211 |
Debt Securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 376,863 | 371,301 |
Long-term AFS securities | 217,265 | 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 | 376,863 | 371,301 |
Long-term AFS securities | 217,265 | 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 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 123,223 | 107,485 |
Long-term AFS securities | 71,367 | 46,737 |
U.S. Treasury securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 123,223 | 107,485 |
Long-term AFS securities | 71,367 | 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 | 123,223 | 107,485 |
Long-term AFS securities | 71,367 | 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 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 110,019 | 140,168 |
Long-term AFS securities | 94,663 | 129,624 |
Corporate debt securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 110,019 | 140,168 |
Long-term AFS securities | 94,663 | 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 | 110,019 | 140,168 |
Long-term AFS securities | 94,663 | 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. governmental agency securities | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 60,513 | 91,974 |
Long-term AFS securities | 51,235 | 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 | 60,513 | 91,974 |
Long-term AFS securities | 51,235 | 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 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 69,298 | 8,177 |
Commercial paper | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 69,298 | 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 | 69,298 | 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 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 13,810 | 23,497 |
Certificates of deposit | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term AFS securities | 13,810 | 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 | 13,810 | 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 |
Life Insurance Product Line [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Life Insurance Investments | $ 43,400 | $ 38,100 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Pension Benefits | ||||
Gain from pension liability adjustment | $ 2,045 | $ 4,851 | $ 2,045 | $ 4,851 |
Pension Plan | ||||
Pension Benefits | ||||
Service cost | 1,278 | 2,393 | 3,835 | 7,593 |
Interest cost | 16,797 | 15,055 | 50,390 | 45,107 |
Expected return on plan assets | (20,258) | (20,591) | (60,775) | (61,736) |
Amortization of actuarial loss | 5,729 | 7,974 | 17,187 | 24,004 |
Amortization of prior service credit | (487) | (487) | (1,459) | (1,459) |
Other | 0 | 421 | 0 | 421 |
Net periodic postretirement benefit income | 3,059 | 4,765 | 9,178 | 13,930 |
Qualified Plans | Pension Plan | ||||
Pension Benefits | ||||
Service cost | 1,278 | 2,393 | 3,835 | 7,593 |
Interest cost | 14,708 | 13,207 | 44,125 | 39,564 |
Expected return on plan assets | (20,258) | (20,591) | (60,775) | (61,736) |
Amortization of actuarial loss | 4,635 | 6,680 | 13,905 | 20,122 |
Amortization of prior service credit | (487) | (487) | (1,459) | (1,459) |
Other | 0 | 0 | 0 | 0 |
Net periodic postretirement benefit income | (124) | 1,202 | (369) | 4,084 |
Pension contributions | 6,300 | 6,200 | ||
Expected contributions in 2018 | 9,000 | 9,000 | ||
Non- Qualified Plans | Pension Plan | ||||
Pension Benefits | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 2,089 | 1,848 | 6,265 | 5,543 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of actuarial loss | 1,094 | 1,294 | 3,282 | 3,882 |
Amortization of prior service credit | 0 | 0 | 0 | 0 |
Other | 0 | 421 | 0 | 421 |
Net periodic postretirement benefit income | $ 3,183 | $ 3,563 | $ 9,547 | $ 9,846 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - Other Postretirement Benefits (Details) - Other Postretirement Benefit Plan - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Pension Benefits | ||||
Service cost | $ 6 | $ 8 | $ 20 | $ 18 |
Interest cost | 402 | 370 | 1,202 | 1,108 |
Amortization of actuarial loss | 843 | 1,183 | 2,531 | 3,551 |
Amortization of prior service credit | (1,192) | (1,590) | (3,574) | (4,772) |
Net periodic postretirement benefit income | $ 59 | $ (29) | $ 179 | $ (95) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 6,070 | $ 10,092 | $ 16,789 | $ 25,342 |
Effective income tax rate from continuing operations | 27.00% | 28.80% | 19.00% | 26.40% |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1.4 | 1.9 | 1.4 | 1.9 |
Supplemental Stockholders' Eq_3
Supplemental Stockholders' Equity Information - Narrative (Details) - USD ($) | 9 Months Ended | |
Sep. 29, 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 | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | $ 1,085,203 | $ 979,691 | $ 1,042,641 | $ 897,363 |
Income tax (benefit)/expense | 489 | 2,031 | 3,903 | 5,535 |
Other comprehensive income, net of tax | 1,529 | 5,725 | 11,269 | 15,608 |
Balance, end of period | 1,097,766 | 1,006,671 | 1,097,766 | 1,006,671 |
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 | (3,286) | |||
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | |||
Income tax (benefit)/expense | (863) | |||
Other comprehensive income, net of tax | (2,423) | |||
Balance, end of period | 2,254 | 2,254 | ||
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 | 14,685 | |||
Income tax (benefit)/expense | 3,780 | |||
Other comprehensive income, net of tax | 10,905 | |||
Balance, end of period | (509,403) | (509,403) | ||
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 | 3,773 | |||
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | |||
Income tax (benefit)/expense | 986 | |||
Other comprehensive income, net of tax | 2,787 | |||
Balance, end of period | 694 | 694 | ||
Parent | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | 1,083,343 | 979,606 | 1,040,781 | 897,279 |
Other comprehensive (loss)/income before reclassifications, before tax | 487 | |||
Amounts reclassified from accumulated other comprehensive loss, before tax | 14,685 | |||
Income tax (benefit)/expense | 3,903 | |||
Other comprehensive income, net of tax | 1,529 | 5,725 | 11,269 | 15,608 |
Balance, end of period | 1,095,906 | 1,006,588 | 1,095,906 | 1,006,588 |
Accumulated Other Comprehensive Loss, Net of Income Taxes | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Balance, beginning of period | (507,984) | (507,281) | (517,724) | (423,029) |
Other comprehensive income, net of tax | 1,529 | 5,725 | 11,269 | 15,608 |
Balance, end of period | $ (506,455) | $ (501,556) | $ (506,455) | $ (501,556) |
Supplemental Stockholders' Eq_5
Supplemental Stockholders' Equity Information - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortizations | $ (178,776) | $ (163,434) | $ (519,873) | $ (473,632) |
Total reclassification, before tax | 22,497 | 35,066 | 88,543 | 95,826 |
Income tax expense | 6,070 | 10,092 | 16,789 | 25,342 |
Total reclassification, net of tax | $ 16,427 | $ 24,974 | 71,754 | $ 70,484 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassification, before tax | 14,685 | |||
Income tax expense | 3,780 | |||
Total reclassification, net of tax | 10,905 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of prior service credit | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortizations | (5,033) | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of actuarial loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortizations | $ 19,718 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 9 Months Ended |
Sep. 29, 2019Segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | Aug. 01, 2019 | Sep. 29, 2019 | Dec. 30, 2018 |
Real Estate [Line Items] | |||
Present value of lease liabilities | $ 63,889 | ||
Right-of-Use Asset | $ 6,900 | ||
Accumulated depreciation and amortization | $ 939,234 | $ 911,845 | |
Office Space Leased To Third Parties ( as a percent ) | 39.00% | ||
LIC Lease [Member] | |||
Real Estate [Line Items] | |||
Present value of lease liabilities | $ 22,000 | ||
Headquarters Redesign and Consolidation | |||
Real Estate [Line Items] | |||
Accumulated depreciation | 508,000 | ||
Accumulated depreciation and amortization | $ 200,000 |
Leases - Assets And Liabilities
Leases - Assets And Liabilities (Details) $ in Thousands | Sep. 29, 2019USD ($) |
Leases [Abstract] | |
Operating lease right-of-use assets | $ 54,909 |
Current operating lease liabilities | 7,733 |
Noncurrent operating lease liabilities | 56,156 |
Present value of lease liabilities | $ 63,889 |
Leases - Operating Lease Costs
Leases - Operating Lease Costs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 29, 2019USD ($) | Sep. 29, 2019USD ($) | |
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 6,818 | |
Right-of-use assets obtained in exchange for lease liabilities | $ 60,988 | |
Weighted-average remaining lease term-operating leases ( in years ) | 9 years 10 months 24 days | 9 years 10 months 24 days |
Weighted-average discount rate-operating leases ( as a percent ) | 4.65% | 4.65% |
Selling, General and Administrative Expenses | ||
Obligation with Joint and Several Liability Arrangement [Line Items] | ||
Operating lease cost | $ 2,763 | $ 7,310 |
Short term and variable lease cost | 442 | 1,454 |
Present value of lease liabilities | $ 3,205 | $ 8,764 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturity (Details) $ in Thousands | Sep. 29, 2019USD ($) |
Leases [Abstract] | |
2019 (3 months ending December 29, 2019) | $ 2,284 |
2020 | 9,808 |
2021 | 9,026 |
2022 | 8,577 |
2023 | 7,970 |
Later Years | 41,899 |
Total lease payments | 79,564 |
Less: Interest | (15,675) |
Present value of lease liabilities | $ 63,889 |
Leases - Cash Flows To Be Recei
Leases - Cash Flows To Be Received (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 29, 2019USD ($) | Sep. 29, 2019USD ($) | |
Leases [Abstract] | ||
Building rental revenue | $ 7,887 | $ 22,962 |
Sublease Income | 3,000 | 8,800 |
2019 (3 months ending December 29, 2019) | 7,590 | 7,590 |
2020 | 32,242 | 32,242 |
2021 | 32,259 | 32,259 |
2022 | 32,254 | 32,254 |
2023 | 19,329 | 19,329 |
Later Years | 142,162 | 142,162 |
Total building rental revenue from operating leases | $ 265,836 | $ 265,836 |
Contingent Liabilities - Narrat
Contingent Liabilities - Narrative (Details) - USD ($) $ in Millions | Sep. 16, 2019 | Jul. 29, 2016 | Dec. 31, 2014 | Sep. 30, 2013 | Sep. 29, 2019 | Dec. 30, 2018 |
Loss Contingencies [Line Items] | ||||||
Gain from pension liability adjustment | $ 5 | |||||
Gain from settlement | $ 2 | |||||
Letters of credit | $ 42.4 | $ 48.8 | ||||
Threatened Litigation | ||||||
Loss Contingencies [Line Items] | ||||||
Demand for payment | $ 34 | $ 26 | ||||
Decline in contributions, percent (more than) | 70.00% | |||||
Payments related to Initial Assessment | 21.6 | |||||
Letter of Credit | ||||||
Loss Contingencies [Line Items] | ||||||
Collateral, letters of credit | $ 47 | $ 54 |
Uncategorized Items - nyt929191
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,572,000 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (94,135,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 96,707,000 |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 2,572,000 |