Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 29, 2019 | Feb. 24, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 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 of $.10 par value | ||
Trading Symbol | NYT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 5.2 | ||
Document Transition Report | false | ||
Entity Central Index Key | 0000071691 | ||
Current Fiscal Year End Date | --12-29 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 165,595,573 | ||
Common Class B | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 803,404 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Current assets | ||
Cash and cash equivalents | $ 230,431 | $ 241,504 |
Short-term marketable securities | 201,785 | 371,301 |
Accounts receivable (net of allowances of $14,358 in 2019 and $13,249 in 2018) | 213,402 | 222,464 |
Prepaid expenses | 29,089 | 25,349 |
Other current assets | 42,124 | 33,328 |
Total current assets | 716,831 | 893,946 |
Long-term marketable securities | 251,696 | 213,558 |
Property, plant and equipment: | ||
Equipment | 498,299 | 484,931 |
Buildings, building equipment and improvements | 718,194 | 712,439 |
Software | 237,326 | 225,846 |
Land | 105,710 | 105,710 |
Assets in progress | 18,473 | 21,765 |
Total, at cost | 1,578,002 | 1,550,691 |
Less: accumulated depreciation and amortization | (950,881) | (911,845) |
Property, plant and equipment, net | 627,121 | 638,846 |
Goodwill | 138,674 | 140,282 |
Deferred income taxes | 115,229 | 128,431 |
Miscellaneous assets | 239,587 | 182,060 |
Total assets | 2,089,138 | 2,197,123 |
Current liabilities | ||
Accounts payable | 116,571 | 111,553 |
Accrued payroll and other related liabilities | 108,865 | 104,543 |
Unexpired subscriptions revenue | 88,419 | 84,044 |
Short-term debt and capital lease obligations | 0 | 253,630 |
Accrued expenses and other | 123,840 | 119,534 |
Total current liabilities | 437,695 | 673,304 |
Other liabilities | ||
Pension benefits obligation | 313,655 | 362,940 |
Postretirement benefits obligation | 37,688 | 40,391 |
Other | 126,237 | 77,847 |
Total other liabilities | 477,580 | 481,178 |
Common stock of $.10 par value: | ||
Additional paid-in capital | 208,028 | 206,316 |
Retained earnings | 1,612,658 | 1,506,004 |
Common stock held in treasury, at cost | (171,211) | (171,211) |
Accumulated other comprehensive loss, net of income taxes: | ||
Foreign currency translation adjustments | 3,438 | 4,677 |
Funded status of benefit plans | (498,986) | (520,308) |
Unrealized gain(loss) on available-for-sale securities | 572 | (2,093) |
Total accumulated other comprehensive loss, net of income taxes | (494,976) | (517,724) |
Total New York Times Company stockholders’ equity | 1,172,003 | 1,040,781 |
Noncontrolling interest | 1,860 | 1,860 |
Total stockholders’ equity | 1,173,863 | 1,042,641 |
Total liabilities and stockholders’ equity | 2,089,138 | 2,197,123 |
Class A Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | 17,424 | 17,316 |
Class B Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | $ 80 | $ 80 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Accounts receivable, allowances | $ 14,358 | $ 13,249 |
Common stock, par value (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) | 174,242,668 | 173,158,414 |
Treasury shares (in shares) | 8,870,801 | 8,870,801 |
Class B Common Stock | ||
Authorized shares (in shares) | 803,404 | 803,408 |
Issued shares (in shares) | 803,404 | 803,408 |
Treasury shares (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Revenues | |||
Total revenues | $ 1,812,184 | $ 1,748,598 | $ 1,675,639 |
Production costs: | |||
Other production costs | 206,381 | 196,956 | 186,352 |
Total production costs | 706,355 | 654,176 | 616,342 |
Selling, general and administrative costs | 867,623 | 845,591 | 815,065 |
Depreciation and amortization | 60,661 | 59,011 | 61,871 |
Total operating costs | 1,634,639 | 1,558,778 | 1,493,278 |
Headquarters redesign and consolidation | 0 | 4,504 | 10,090 |
Restructuring charge | (4,008) | 0 | 0 |
Gain from pension liability adjustment | (2,045) | (4,851) | (4,320) |
Operating profit | 175,582 | 190,167 | 176,591 |
Other components of net periodic benefit costs | 7,302 | 8,274 | 64,225 |
Gain from joint ventures | 0 | 10,764 | 18,641 |
Interest expense and other, net | 3,820 | 16,566 | 19,783 |
Income from continuing operations before income taxes | 164,460 | 176,091 | 111,224 |
Income tax expense | 24,494 | 48,631 | 103,956 |
Net income | 139,966 | 127,460 | 6,837 |
Net income attributable to the noncontrolling interest | 0 | (1,776) | (2,541) |
Net income attributable to The New York Times Company common stockholders | 139,966 | 125,684 | 4,296 |
Amounts attributable to The New York Times Company common stockholders: | |||
Income from continuing operations | 139,966 | 125,684 | 4,727 |
Loss from discontinued operations, net of income taxes | $ 0 | $ 0 | $ (431) |
Average number of common shares outstanding: | |||
Basic (in shares) | 166,042 | 164,845 | 161,926 |
Diluted (in shares) | 167,545 | 166,939 | 164,263 |
Basic earnings per share attributable to The New York Times Company common stockholders: | |||
Income from continuing operations (USD per share) | $ 0.84 | $ 0.76 | $ 0.03 |
Net income (USD per share) | 0.84 | 0.76 | 0.03 |
Diluted earnings per share attributable to The New York Times Company common stockholders: | |||
Income from continuing operations (USD per share) | 0.83 | 0.75 | 0.03 |
Net income (USD per share) | 0.83 | 0.75 | 0.03 |
Dividends declared per share (USD per share) | $ 0.20 | $ 0.16 | $ 0.16 |
Subscription | |||
Revenues | |||
Total revenues | $ 1,083,851 | $ 1,042,571 | $ 1,008,431 |
Advertising | |||
Revenues | |||
Total revenues | 530,678 | 558,253 | 558,513 |
Other | |||
Revenues | |||
Total revenues | 197,655 | 147,774 | 108,695 |
Product | |||
Production costs: | |||
Wages and benefits | 424,070 | 380,678 | 363,686 |
Raw materials | $ 75,904 | $ 76,542 | $ 66,304 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 139,966 | $ 127,460 | $ 6,837 |
Other comprehensive income/(loss), before tax: | |||
Foreign currency translation adjustments-(loss)/income | (1,684) | (4,368) | 12,110 |
Pension and postretirement benefits obligation | 28,987 | 3,910 | 89,881 |
Net unrealized gain(loss) on available-for-sale securities | 3,624 | (300) | (2,545) |
Other comprehensive income/(loss), before tax | 30,927 | (758) | 99,446 |
Income tax expense/(benefit) | 8,179 | (198) | 41,545 |
Other comprehensive income/(loss), net of tax | 22,748 | (560) | 57,901 |
Comprehensive income | 162,714 | 126,900 | 64,738 |
Comprehensive income attributable to the noncontrolling interest | 0 | (1,776) | (3,655) |
Comprehensive income attributable to The New York Times Company common stockholders | $ 162,714 | $ 125,124 | $ 61,083 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Total New York Times Company Stockholders' Equity | Capital Stock Class A and Class B Common | Additional Paid-in Capital | Retained Earnings | Common Stock Held in Treasury, at Cost | Accumulated Other Comprehensive Loss, Net of Income Taxes | Non- controlling Interest |
Beginning balance at Dec. 25, 2016 | $ 844,244 | $ 847,815 | $ 17,003 | $ 149,928 | $ 1,331,911 | $ (171,211) | $ (479,816) | $ (3,571) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 6,837 | 4,296 | 4,296 | 2,541 | ||||
Dividends | (26,071) | (26,071) | (26,071) | |||||
Other comprehensive income/(loss) | 57,901 | 56,787 | 56,787 | 1,114 | ||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 4,601 | 4,601 | 66 | 4,535 | ||||
Restricted stock units vested - Class A shares | (2,715) | (2,715) | 28 | (2,743) | ||||
Performance-based awards - Class A shares | (1,349) | (1,349) | 11 | (1,360) | ||||
Stock-based compensation | 13,915 | 13,915 | 13,915 | |||||
Ending balance 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 | 127,460 | 125,684 | 125,684 | 1,776 | ||||
Dividends | (26,523) | (26,523) | (26,523) | |||||
Other comprehensive income/(loss) | (560) | (560) | (560) | 0 | ||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 41,288 | 41,288 | 233 | 41,055 | ||||
Restricted stock units vested - Class A shares | (4,591) | (4,591) | 28 | (4,619) | ||||
Performance-based awards - Class A shares | (5,903) | (5,903) | 27 | (5,930) | ||||
Stock-based compensation | 11,535 | 11,535 | 11,535 | |||||
Ending balance 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 | 139,966 | 139,966 | 139,966 | 0 | ||||
Dividends | (33,312) | (33,312) | (33,312) | |||||
Other comprehensive income/(loss) | 22,748 | 22,748 | 22,748 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 4,520 | 4,520 | 42 | 4,478 | ||||
Restricted stock units vested - Class A shares | (3,726) | (3,726) | 24 | (3,750) | ||||
Performance-based awards - Class A shares | (11,922) | (11,922) | 42 | (11,964) | ||||
Stock-based compensation | 12,948 | 12,948 | 12,948 | |||||
Ending balance at Dec. 29, 2019 | $ 1,173,863 | $ 1,172,003 | $ 17,504 | $ 208,028 | $ 1,612,658 | $ (171,211) | $ (494,976) | $ 1,860 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Stock options (in shares) | 419,160 | 2,327,046 | 657,704 |
Restricted stock unit vested (in shares) | 246,599 | 282,723 | 283,116 |
Performance-based awards (in shares) | 418,491 | 271,841,000 | 115,881,000 |
Shares repurchased (in shares) | 0 | 0 | 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income | $ 139,966 | $ 127,460 | $ 6,837 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Pension settlement expense | 0 | 0 | 102,109 |
Depreciation and amortization | 60,661 | 59,011 | 61,871 |
Amortization of right of use asset | 7,384 | ||
Stock-based compensation expense | 12,948 | 12,959 | 14,809 |
(Gain)/loss from joint ventures | 0 | (10,764) | (18,641) |
Deferred income taxes | 4,242 | 4,047 | 105,174 |
Long-term retirement benefit obligations | (22,914) | (46,877) | (184,418) |
Fair market value adjustment on life insurance products | (3,461) | 821 | 4,047 |
Uncertain tax positions | (4,627) | (138) | (4,343) |
Other – net | (1,186) | 456 | (1,056) |
Changes in operating assets and liabilities: | |||
Accounts receivable – net | 9,062 | (37,579) | 12,470 |
Other current assets | (3,355) | 18,241 | (30,527) |
Accounts payable, accrued payroll and other liabilities | (13,197) | 20,490 | 10,012 |
Unexpired subscriptions | 4,375 | 8,990 | 8,368 |
Net cash provided by operating activities | 189,898 | 157,117 | 86,712 |
Cash flows from investing activities | |||
Purchases of marketable securities | (572,337) | (470,493) | (466,522) |
Maturities/disposals of marketable securities | 707,632 | 434,012 | 548,461 |
Proceeds/(purchases) of investments | 85 | 12,447 | 15,591 |
Capital expenditures | (45,441) | (77,487) | (84,753) |
Other - net | 3,273 | 426 | 1,323 |
Net cash provided by/(used) in investing activities | 93,212 | (101,095) | 14,100 |
Cash flows from financing activities | |||
Repayment of debt and capital lease obligations | (252,559) | (552) | (552) |
Dividends paid | (31,604) | (26,418) | (26,004) |
Stock issuances | 4,520 | 41,288 | 4,601 |
Share-based compensation tax withholding | (15,648) | (10,494) | (4,064) |
Net cash (used) in/provided by financing activities | (295,291) | 3,824 | (26,019) |
Net (decrease)/increase in cash, cash equivalents and restricted cash | (12,181) | 59,846 | 74,793 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (100) | (983) | 593 |
Cash, cash equivalents and restricted cash at the beginning of the year | 259,799 | 200,936 | 125,550 |
Cash, cash equivalents and restricted cash at the end of the year | 247,518 | 259,799 | 200,936 |
Cash payments | |||
Interest, net of capitalized interest | 28,049 | 28,133 | 27,732 |
Income tax payments/(refunds) – net | $ 30,407 | $ (1,070) | $ 21,552 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 29, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Nature of Operations The New York Times Company is a global media organization that includes our newspaper, print and digital products and related businesses. The New York Times Company and its consolidated subsidiaries are referred to collectively as the “Company,” “we,” “our” and “us.” Our major sources of revenue are subscriptions and advertising. Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of our Company and our wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions. The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity. Reclassification Certain prior period amounts have been reclassified to conform with the current period presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ from these estimates. Fiscal Year Our fiscal year end is the last Sunday in December. Fiscal years 2019 and 2018 each comprised 52 weeks and fiscal year 2017 comprised 53 weeks. Our fiscal years ended as of December 29, 2019 , December 30, 2018 , and December 31, 2017 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and Cash Equivalents We consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Marketable Securities We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable securities are accounted for as available for sale (“AFS”). AFS securities are reported at fair value. Unrealized gains and losses, after applicable income taxes, are reported in accumulated other comprehensive income/(loss). 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. For AFS securities, 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. Concentration of Risk Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and marketable securities. Cash is placed with major financial institutions. As of December 29, 2019 , we had cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these financial institutions as part of our ongoing investment strategy. Our marketable securities portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash equivalents and marketable securities are primarily managed by third-party investment managers who are required to adhere to investment policies approved by our Board of Directors designed to mitigate risk. Accounts Receivable Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, rate adjustments and discounts are generally established based on historical experience. Inventories Inventories are included within Other current assets of the Consolidated Balance Sheets. Inventories are stated at the lower of cost or net realizable value. Inventory cost is generally based on the last-in, first-out (“LIFO”) method for newsprint and other paper grades and the first-in, first-out (“FIFO”) method for other inventories. Investments Investments in which we have at least a 20% , but not more than a 50% , interest are generally accounted for under the equity method. We elected the fair value measurement alternative for our investment interests below 20% and account for these investments at cost l ess impairments, adjusted by observable price changes in orderly transactions for the identical or similar investments of the same issuer given our equity instruments are without readily determinable fair values. We evaluate whether there has been an impairment of our investments annually or in an interim period if circumstances indicate that a possible impairment may exist. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements – 10 to 40 years; equipment – 3 to 30 years; and software – 3 to 5 years. We capitalize interest costs and certain staffing costs as part of the cost of major projects. We evaluate whether there has been an impairment of long-lived assets, primarily property, plant and equipment, if certain circumstances indicate that a possible impairment may exist. These assets are tested for impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (i) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (ii) is greater than its fair value. Leases Lessee activities We enter into 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. 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. There were no impairments of right-of-use assets in 2019 . Lessor activities Our leases to third parties predominantly relate to office space in our New York headquarters building located at 620 Eighth Avenue, New York, New York (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. There were no impairments of assets leased to third parties in 2019 . Goodwill and Intangibles Goodwill is the excess of cost over the fair value of tangible and intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter. We test goodwill for impairment at a reporting unit level. During the fourth quarter of 2018, we adopted accounting guidance that simplifies our goodwill impairment testing by eliminating the requirement to calculate the implied fair value of goodwill (formerly “Step 2”) in the event that an impairment is identified. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key management personnel and our share price. The result of this assessment determines whether it is necessary to perform the goodwill impairment test (formerly “Step 1”). For the 2019 annual impairment testing, based on our qualitative assessment, we concluded that goodwill is not impaired. If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we compare the fair value of a reporting unit with its carrying amount, including goodwill. Fair value is calculated by a combination of a discounted cash flow model and a market approach model. In calculating fair value for a reporting unit, we generally weigh the results of the discounted cash flow model more heavily than the market approach because the discounted cash flow model is specific to our business and long-term projections. If the fair value of a reporting unit exceeds its carrying amount, goodwill of that reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Intangible assets that are not amortized (i.e., trade names) are tested for impairment at the asset level by comparing the fair value of the asset with its carrying amount. If the fair value, which is based on future cash flows, exceeds the carrying value, the asset is not considered impaired. If the carrying amount exceeds the fair value, an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the asset over the fair value of the asset. We recognized a de minimis impairment in 2019 related to to the closure of our digital marketing agency, HelloSociety, LLC. Intangible assets that are amortized (i.e., customer lists, non-competes, etc.) are tested for impairment at the asset level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (1) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater than its fair value. The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working capital, discount rates and royalty rates. The starting point for the assumptions used in our discounted cash flow analysis is the annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and operating performance, related industry trends, macroeconomic conditions, and marketplace data, among others. Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic conditions outside our control. The market approach analysis includes applying a multiple, based on comparable market transactions, to certain operating metrics of a reporting unit. The significant estimates and assumptions used by management in assessing the recoverability of goodwill acquired and intangibles are estimated future cash flows, discount rates, growth rates, as well as other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes. In addition to annual testing, management uses certain indicators to evaluate whether the carrying value of a reporting unit or intangibles may not be recoverable and an interim impairment test may be required. These indicators include: (1) current-period operating results or cash flow declines combined with a history of operating results or cash flow declines or a projection/forecast that demonstrates continuing declines in the cash flow or the inability to improve our operations to forecasted levels; (2) a significant adverse change in the business climate, whether structural or technological; (3) significant impairments; and (4) a decline in our stock price and market capitalization. Self-Insurance We self-insure for workers’ compensation costs, automobile and general liability claims, up to certain deductible limits, as well as for certain employee medical and disability benefits. Employee medical costs above a certain threshold are insured by a third party. The recorded liabilities for self-insured risks are primarily calculated using actuarial methods. The liabilities include amounts for actual claims, claim growth and claims incurred but not yet reported. The recorded liabilities for self-insured risks were approximately $34 million and $35 million as of December 29, 2019 and December 30, 2018 , respectively. Pension and Other Postretirement Benefits Our single-employer pension and other postretirement benefit costs are accounted for using actuarial valuations. We recognize the funded status of these plans – measured as the difference between plan assets, if funded, and the benefit obligation – on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), net of income taxes. The service cost component of net periodic pension cost is recognized in Total operating costs while the other components are recognized within Other components of net periodic benefit costs in our Consolidated Statements of Operations below Operating profit . The assets related to our funded pension plans are measured at fair value. We make significant subjective judgments about a number of actuarial assumptions, which include discount rates, health-care cost trend rates, long-term return on plan assets and mortality rates. Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements. We have elected the practical expedient to use the month-end that is closest to our fiscal year-end for measuring the single-employer pension plan assets and obligations as well as other postretirement benefit plan assets and obligations. We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We record liabilities for obligations related to complete, partial and estimated withdrawals from multiemployer pension plans. The actual liability for estimated withdrawals is not known until each plan completes a final assessment of the withdrawal liability and issues a demand to us. Therefore, we adjust the estimate of our multiemployer pension plan liability as more information becomes available that allows us to refine our estimates. See Notes 10 and 11 for additional information regarding pension and other postretirement benefits. Revenue Recognition 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 primarily derived from offerings sold directly to marketers by our advertising sales teams. A significantly smaller and diminishing proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising revenues are primarily determined by the volume, rate and mix of advertisements. 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 upon completion of a transaction), television and film (primarily from our television series, “The Weekly”), NYT Live (our live events business) and retail commerce. Revenue is recognized when a performance obligation is satisfied by transferring a promised good or service to a customer. A good or service is considered transferred when the customer obtains control, which is when the customer has the ability to direct the use of and/or obtain substantially all of the benefits of an asset. Proceeds from subscription revenues are deferred at the time of sale and are recognized on a pro rata basis over the terms of the subscriptions. Payment is typically due upfront and the revenue is recognized ratably over the subscription period. The deferred proceeds are recorded within Unexpired subscriptions revenue in the Consolidated Balance Sheet. Single-copy revenue is recognized based on date of publication, net of provisions for related returns. Payment for single-copy sales is typically due upon complete satisfaction of our performance obligations. The Company does not have significant financing components or significant payment terms as we only offer industry standard payment terms to our customers. When our subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. We are considered a principal if we control a promised good or service before transferring that good or service to the customer. The Company considers several factors to determine if it controls the good and therefore is the principal. These factors include: (1) if we have primary responsibility for fulfilling the promise; (2) if we have inventory risk before the goods or services are transferred to the customer or after the transfer of control to the customer; and (3) if we have discretion in establishing price for the specified good or service. Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user clicks on certain advertisements, net of provisions for estimated rebates and rate adjustments. Creative services fees, including those associated with our branded content studio, are recognized as revenue based on the nature of the services provided. We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will be earned, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. We recognize an obligation for rate adjustments as a reduction of revenues, based on the amount of estimated post-billing adjustments that will be claimed. Measurement of the rate adjustment reserve is estimated based on historical experience of credits actually issued. Payment for advertising is due upon complete satisfaction of our performance obligations. The Company has a formal credit checking policy, procedures and controls in place that evaluate collectability prior to ad publication. Our advertising contracts do not include a significant financing component. Other revenues are recognized when the delivery occurs, services are rendered or purchases are made. Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. In the case of our digital archive licensing contracts, the transaction price was allocated among the performance obligations, which consist of (i) the archival content and (ii) the updated content, based on the Company’s estimate of the standalone selling price of each of the performance obligations, as they are currently not sold separately. In the case of our advertising contracts we may have performance obligations for future services that have not been recognized in our financial statements. The performance obligations are satisfied over time with revenue recognized ratably over the contract term as the advertising services are provided to the customer. Contract Assets We record revenue from performance obligations when performance obligations are satisfied. For our digital archiving licensing revenue, we record revenue related to the portion of performance obligation (i) satisfied at the commencement of the contract when the customer obtains control of the archival content or (ii) when the updated content is transferred. We receive payments from customers based upon contractual billing schedules. As the transfer of control represents a right to the contract consideration, we record a contract asset in Other current assets for short-term contract assets and Miscellaneous assets for long-term contract assets on the Consolidated Balance Sheet for any amounts not yet invoiced to the customer. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule. Significant Judgments Our contracts with customers sometimes include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. We use an observable price to determine the standalone selling price for separate performance obligations if available or, when not available, an estimate that maximizes the use of observable inputs and faithfully depicts the selling price of the promised goods or services if we sold those goods or services separately to a similar customer in similar circumstances. Practical Expedients and Exemptions We expense the cost to obtain or fulfill a contract as incurred because the amortization period of the asset that the entity otherwise would have recognized is one year or less. We also apply the practical expedient for the significant financing component when the difference between the payment and the transfer of the products and services is a year or less. Income Taxes Income taxes are recognized for the following: (1) the amount of taxes payable for the current year; and (2) deferred tax assets and liabilities for the future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes in the period of enactment. We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (i.e., sources of taxable income) and negative (i.e., recent historical losses) evidence and assessing, based on the evidence, whether it is more likely than not that the deferred tax assets will not be realized. As a result of the Tax Cuts and Jobs Act (the “Tax Act”), we reclassified stranded tax effects from accumulated other comprehensive income/(loss) to retained earnings in the first quarter of 2018. We release tax effects from accumulated other comprehensive income/(loss) for pension and other postretirement benefits on a plan by plan approach. We recognize in our financial statements the impact of a tax position if that tax position is more likely than not of being sustained on audit, based on the technical merits of the tax position. This involves the identification of potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax positions is necessary. Different conclusions reached in this assessment can have a material impact on our Consolidated Financial Statements. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues, which could require an extended period of time to resolve. Until formal resolutions are reached between us and the tax authorities, the timing and amount of a possible audit settlement for uncertain tax positions is difficult to predict. Stock-Based Compensation We establish fair value based on market data for our stock-based awards to determine our cost and recognize the related expense over the appropriate vesting period. We recognize stock-based compensation expense for outstanding stock-settled long-term performance awards, restricted stock units and stock appreciation rights, net of estimated forfeitures. See Note 16 for additional information related to stock-based compensation expense. Earnings/(Loss) Per Shar e As the Company has participating securities, GAAP requires to use the two-class method of computing earnings per share. The two-class method is an earnings allocation method for computing earnings/(loss) per share 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/(loss) 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. Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders by the weighted-average common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive. Foreign Currency Translation The assets and liabilities of foreign companies are translated at period-end exchange rates. Results of operations are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption Accumulated other comprehensive loss, net of income taxes . Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2016-02 2018-10 2018-11 2018-20 2019-01 Leases Fiscal years beginning after December 30, 2018. Early adoption is permitted. Accounting for leases and disclosure of key information about leasing arrangements, 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 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 Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) issued authoritative guidance on the following topics: Accounting Standard Update(s) Topic Effective Period Summary 2019-12 Simplifying the Accounting for Income Taxes (Topic 740) Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted. Simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. We are currently in the process of evaluating the impact of this guidance on our consolidated financial statements. 2018-15 Intangibles—Goodwill and Other—Internal-Use Software Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Clarifies the accounting for implementation costs in cloud computing arrangements. The standard provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. The Company will adopt this ASU on December 30, 2019. The adoption will not have a material impact on the Company’s consolidated financial statements. 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General Fiscal years ending after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. Modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. We are currently in the process of evaluating the impact on our consolidated financial statements. 2018-13 Fair Value Measurement (Topic 820) Disclosure Framework Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Modifies the disclosure requirements on fair value measurements. The amendments of disclosures related to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company will adopt this ASU on December 30, 2019. The adoption will not have a material impact on the Company’s disclosures. 2016-13 2018-19 2019-04 Financial Instruments—Credit Losses Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Amends |
Revenue Revenue
Revenue Revenue | 12 Months Ended |
Dec. 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 primarily derived from offerings sold directly to marketers by our advertising sales team. A significantly smaller and diminishing proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising 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 advertisements that direct viewers to 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, including those associated with our branded content studio; 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, television and film (primarily from our television series, “The Weekly”), NYT Live (our live events business) and retail commerce. Subscription, advertising and other revenues were as follows: Years Ended (In thousands) December 29, 2019 December 30, 2018 December 31, 2017 (52 weeks) (52 weeks) (53 weeks) Subscription $ 1,083,851 $ 1,042,571 $ 1,008,431 Advertising 530,678 558,253 558,513 Other (1) 197,655 147,774 108,695 Total (2) $ 1,812,184 $ 1,748,598 $ 1,675,639 (1) Other revenue includes building rental revenue , which is not under the scope of Topic 606. Building rental revenue was approximately $31 million , $23 million and $17 million for the years ended December 29, 2019 , December 30, 2018 and December 31, 2017 , respectively. (2) Total revenue includes digital revenue of approximately $801 million , $709 million and $620 million for the years ended December 29, 2019 , December 30, 2018 and December 31, 2017 , respectively. The following table summarizes print and digital subscription revenues, which are components of subscription revenues above, for the years ended December 29, 2019 , December 30, 2018 and December 31, 2017 : Years Ended (In thousands) December 29, 2019 December 30, 2018 December 31, 2017 (52 weeks) (52 weeks) (53 weeks) Print subscription revenues $ 623,399 $ 641,951 $ 668,088 Digital-only subscription revenues: News product subscription revenues (1) 426,125 378,484 325,956 Other product subscription revenues (2) 34,327 22,136 14,387 Total subscription revenues $ 1,083,851 $ 1,042,571 $ 1,008,431 (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: Years Ended December 29, 2019 December 30, 2018 December 31, 2017 (In thousands) (52 weeks) (52 weeks) (53 weeks) Print Digital Total Print Digital Total Print Digital Total Display $ 240,723 $ 189,102 $ 429,825 $ 269,160 $ 202,038 $ 471,198 $ 285,679 $ 198,658 $ 484,337 Other 29,501 71,352 100,853 30,220 56,835 87,055 34,543 39,633 74,176 Total advertising $ 270,224 $ 260,454 $ 530,678 $ 299,380 $ 258,873 $ 558,253 $ 320,222 $ 238,291 $ 558,513 Performance Obligations We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of December 29, 2019 , the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $144 million . The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $46 million , $32 million , and $66 million will be recognized in 2020, 2021 and thereafter, respectively. Contract Assets As of December 29, 2019 and December 30, 2018 , the Company had $3.4 million and $2.5 million , respectively, in contract assets recorded in the Consolidated Balance Sheet related to digital archiving licensing revenue. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule. The increase in the contract assets balance of $0.9 million for the year ended December 29, 2019 , is primarily driven by new contract assets of $1.9 million offset by $1.0 million of consideration that was reclassified to Accounts receivable when invoiced based on the contractual billing schedules for the period ended December 29, 2019 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 29, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The Company accounts for its marketable securities as AFS. The Company recorded $0.8 million and $2.8 million of net unrealized gains and net unrealized losses, respectively, in Accumulated Other Comprehensive Income (“AOCI”) as of December 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 securities as of December 29, 2019 , and December 30, 2018 : December 29, 2019 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 98,864 $ 271 $ (9 ) $ 99,126 U.S. Treasury securities 43,098 8 (11 ) 43,095 U.S. governmental agency securities 37,471 35 (4 ) 37,502 Commercial paper 12,561 — — 12,561 Certificates of deposit 9,501 — — 9,501 Total short-term AFS securities $ 201,495 $ 314 $ (24 ) $ 201,785 Long-term AFS securities Corporate debt securities $ 103,149 $ 617 $ (29 ) $ 103,737 U.S. Treasury securities 101,457 84 (103 ) 101,438 U.S. governmental agency securities 46,600 5 (84 ) 46,521 Total long-term AFS securities $ 251,206 $ 706 $ (216 ) $ 251,696 December 30, 2018 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 140,631 $ 1 $ (464 ) $ 140,168 U.S. Treasury securities 107,717 — (232 ) 107,485 U.S. governmental agency securities 92,628 — (654 ) 91,974 Commercial paper 8,177 — — 8,177 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 present the AFS securities as of December 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: December 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 Corporate debt securities $ 20,975 $ (6 ) $ 8,251 $ (3 ) $ 29,226 $ (9 ) U.S. Treasury securities 13,296 (3 ) 11,147 (8 ) 24,443 (11 ) U.S. governmental agency securities — — 15,000 (4 ) 15,000 (4 ) Total short-term AFS securities $ 34,271 $ (9 ) $ 34,398 $ (15 ) $ 68,669 $ (24 ) Long-term AFS securities Corporate debt securities $ 35,891 $ (25 ) $ 4,502 $ (4 ) $ 40,393 $ (29 ) U.S. Treasury securities 60,935 (103 ) — — 60,935 (103 ) U.S. governmental agency securities 34,167 (84 ) — — 34,167 (84 ) Total long-term AFS securities $ 130,993 $ (212 ) $ 4,502 $ (4 ) $ 135,495 $ (216 ) December 30, 2018 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Short-term AFS securities Corporate debt securities $ 76,886 $ (115 ) $ 61,459 $ (349 ) $ 138,345 $ (464 ) U.S. Treasury securities 70,830 (31 ) 28,207 (201 ) 99,037 (232 ) U.S. governmental agency securities 11,664 (4 ) 80,311 (650 ) 91,975 (654 ) 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. Treasury securities 20,479 (29 ) 23,762 (318 ) 44,241 (347 ) U.S. governmental agency securities 21,579 (36 ) 11,868 (132 ) 33,447 (168 ) Total long-term AFS securities $ 123,713 $ (635 ) $ 62,895 $ (912 ) $ 186,608 $ (1,547 ) We periodically review our AFS securities for OTTI. See Note 2 for factors we consider when assessing AFS securities for OTTI. As of December 29, 2019 , and December 30, 2018 , 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 December 29, 2019 and December 30, 2018 , we have recognized no OTTI loss. As of December 29, 2019 , and December 30, 2018 , our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 35 months , respectively. See Note 9 for additional information regarding the fair value hierarchy of our marketable securities. |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 29, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Goodwill and Intangibles The changes in the carrying amount of goodwill as of December 29, 2019 , and since December 31, 2017 , were as follows: (In thousands) Total Company Balance as of December 31, 2017 $ 143,549 Foreign currency translation (3,267 ) Balance as of December 30, 2018 140,282 Foreign currency translation (1,608 ) Balance as of December 29, 2019 $ 138,674 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 $3.0 million as of December 29, 2019 , is included in Miscellaneous assets in our Consolidated Balance Sheets. The estimated useful lives for these assets range from 5 to 7 years and are amortized on a straight-line basis. |
Investments
Investments | 12 Months Ended |
Dec. 29, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments in Joint Ventures As of December 29, 2019 and December 30, 2018 , the value of our investments in joint ventures was zero . As of December 31, 2017 , our investment in joint ventures totaled $1.7 million and consisted of a 40% equity ownership interest in Madison Paper Industries (“Madison”), a partnership that previously operated a supercalendered paper mill in Maine. In the fourth quarter of 2017 , we sold our 49% equity interest in Donohue Malbaie Inc. (“Malbaie”), a Canadian newsprint company, for $20 million Canadian dollars ( $15.6 million USD). These investments are accounted for under the equity method, and are recorded in Miscellaneous assets in our Consolidated Balance Sheets. Our proportionate shares of the operating results of our investments are recorded in Gain from joint ventures in our Consolidated Statements of Operations. In 2019 , we had no gain/(loss) from joint ventures. In 2018 , we had a gain from joint ventures of $10.8 million . The gain was primarily due to a distribution received from the pending liquidation of Madison, offset, in part, by our share of operating expenses of the partnership. In 2017 , we had a gain from joint ventures of $18.6 million . The gain was primarily due to the sale of assets of the paper mill previously operated by Madison, partially offset by our proportionate share of the loss recognized by Madison resulting from Madison’s settlement of pension obligations, as well as the sale of our investment in Malbaie. Madison 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 and the Company’s joint venture in Madison is currently being liquidated. In 2017, we recognized a gain of $20.8 million , primarily related to the sale of the remaining assets (which consisted of primarily hydro power assets), partially offset by the loss related to our proportionate share of Madison’s settlement of certain pension obligations. In 2018, we recorded a gain of $11.3 million due to a distribution received from the pending liquidation of Madison. The following table presents summarized unaudited balance sheet information for Madison, which follows a calendar year: (In thousands) December 31, 2019 December 31, 2018 Current assets $ 15,337 $ 18,374 Total assets 15,337 18,374 Current liabilities 570 3,336 Total liabilities 570 3,336 Total equity $ 14,767 $ 15,038 The following table presents summarized unaudited income statement information for Madison, which follows a calendar year: For the Twelve Months Ended (In thousands) December 31, 2019 December 31, 2018 December 31, 2017 Income/(Expenses): Cost of sales (1) $ — $ — $ (13,396 ) General and administrative (expense)/income and other (2) (318 ) (1,280 ) 55,058 Total operating (expense)/income (318 ) (1,280 ) 41,662 Other income 46 122 18 Net (loss)/income $ (272 ) $ (1,158 ) $ 41,680 (1) Primarily represents Madison’s settlement of its pension obligations in 2017. (2) Primarily represents gains/(losses) from the sale of assets and closure of Madison in 2017. During 2018, we received a $12.5 million cash distribution in connection with the pending liquidation of Madison. We received no distributions from Madison in 2019 or 2017 . Malbaie We had a 49% equity interest in Malbaie, which we sold during the fourth quarter of 2017 for $20 million Canadian dollars ( $15.6 million USD). We recognized a loss of $6.4 million before tax as a result of the sale. The other 51% equity interest was owned by Resolute FP Canada Inc., a subsidiary of Resolute Forest Products Inc. (“Resolute”), a Delaware corporation. Resolute is a large global manufacturer of paper, market pulp and wood products. Other than from the sale of our equity interest in 2017, we received no distributions from Malbaie in 2019, 2018 or 2017. Other We purchased newsprint from Malbaie, and previously purchased supercalendered paper from Madison, at competitive prices. These purchases totaled approximately $11 million in 2017 . 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 December 29, 2019 , and December 30, 2018 , non-marketable equity securities included in Miscellaneous assets in our Consolidated Balance Sheets had a carrying value of $13.4 million and $13.7 million , respectively. We did not have any material fair value adjustments in 2019 , 2018 and 2017 . |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 29, 2019 | |
Debt Disclosure [Abstract] | |
Debt Obligations | Debt Obligations Our indebtedness primarily consisted of the repurchase option related to a sale-leaseback of a portion of our New York headquarters. We did not have outstanding debt or capital lease obligations as of December 29, 2019 . As of December 30, 2018 , our total debt and capital lease obligations consisted of the following: (In thousands) December 30, 2018 Option to repurchase ownership interest in Company Headquarters in 2019: Principal amount $ 250,000 Less unamortized discount based on imputed interest rate of 13.0% 3,202 Net option to repurchase ownership interest in Company Headquarters in 2019 246,798 Capital lease obligations (1) 6,832 Total short-term debt and capital lease obligations $ 253,630 (1) 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. Interest expense and other, net , as shown in the accompanying Consolidated Statements of Operations was as follows: (In thousands) December 29, December 30, December 31, Interest expense $ 26,928 $ 28,134 $ 27,732 Amortization of debt costs and discount on debt (1,459 ) 3,394 3,205 Capitalized interest (69 ) (452 ) (1,257 ) Interest income and other expense, net (21,580 ) (14,510 ) (9,897 ) Total interest expense and other, net $ 3,820 $ 16,566 $ 19,783 Exercise of Repurchase Option Under Lease Agreement In December 2019, the Company exercised its option under the Lease Agreement, dated March 6, 2009, with an affiliate of W.P. Carey & Co. LLC (the “Lease”) to repurchase for $245.3 million a portion of the Company’s leasehold condominium interest consisting of approximately 750,000 rentable square feet in the Company Headquarters (the “Condo Interest”). The Lease was part of a transaction in 2009 under which the Company sold (for approximately $225 million ) and simultaneously leased back the Condo Interest. The Company accounted for the 2009 transaction as a financing transaction and accounted for the 2009-2019 rental payments as interest expense. The difference between the purchase option price and the net sale proceeds from the transaction has been amortized over the 10 -year period of 2009-2019 through interest expense. 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 December 29, 2019 , there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the Credit Facility. |
Other
Other | 12 Months Ended |
Dec. 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 Consolidated Statements of Operations was $17.0 million , $15.7 million and $12.8 million for the fiscal years ended December 29, 2019 , December 30, 2018 and December 31, 2017 , respectively. The unamortized computer software costs were $26.4 million and $29.5 million as of December 29, 2019 , and December 30, 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 for the fiscal year ended December 29, 2019 . We incurred $4.5 million and $10.1 million of total costs related to these measures for the fiscal years ended December 30, 2018 , and December 31, 2017 , respectively. We capitalized less than $1 million and $15 million for the fiscal years ended December 29, 2019 , and December 30, 2018 , respectively. Marketing Expenses Marketing expense to promote our brand and products and grow our subscriber base (which we formerly referred to as advertising expense) was $167.9 million , $156.3 million and $118.6 million for the fiscal years ended December 29, 2019 , December 30, 2018 and December 31, 2017 , respectively. We expense our marketing costs as incurred. Restructuring Charge We recognized a restructuring charge of $4.0 million for the fiscal year ended December 29, 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 Consolidated Statements of Operations. Statement of Cash Flows Restricted Cash A reconciliation of cash, cash equivalents and restricted cash as of December 29, 2019 and December 30, 2018 from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is as follows: (In thousands) December 29, 2019 December 30, 2018 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 230,431 $ 241,504 Restricted cash included within other current assets 528 642 Restricted cash included within miscellaneous assets 16,559 17,653 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 247,518 $ 259,799 Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations. Tax Shortfall and/or Windfall for Stock-based Payments In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation-Stock Compensation,” which provides guidance on accounting for stock-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance became effective for the Company for fiscal years beginning after December 25, 2016. As a result of the adoption of ASU 2016-09 in the first quarter of 2017, we recognized excess tax windfalls in income tax expense rather than additional paid-in capital. Excess tax shortfalls and/or windfalls for stock-based payments are now included in net cash from operating activities rather than net cash from financing activities. The changes have been applied prospectively in accordance with the ASU and prior periods have not been adjusted. Severance Costs We recognized severance costs of $4.0 million and $6.7 million for the fiscal years ended December 29, 2019 and December 30, 2018 , respectively. On May 31, 2017, we announced certain measures designed to streamline our editing process and allow us to make further investments in the newsroom. These measures resulted in a workforce reduction primarily affecting our newsroom. W e recognized severance costs of $23.9 million in 2017 , substantially all of which were related to this workforce reduction. These costs are recorded in Selling, general and administrative costs in our Consolidated Statements of Operations. We had a severance liability of $8.4 million included in Accrued expenses and other in our Consolidated Balance Sheets as of December 29, 2019 and December 30, 2018 , respectively. The December 29, 2019 , balance includes severance liabilities related to the restructuring charge recorded in our Consolidated Statements of Operations. We anticipate most of the payments will be made within the next twelve months. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 As of December 29, 2019 and December 30, 2018 , we had assets related to our qualified pension plans measured at fair value. The required disclosures regarding such assets are presented in Note 10. The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 29, 2019 and December 30, 2018 : (In thousands) December 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) Corporate debt securities $ 99,126 $ — $ 99,126 $ — $ 140,168 $ — $ 140,168 $ — U.S Treasury securities 43,095 — 43,095 — 107,485 — 107,485 — U.S. governmental agency securities 37,502 — 37,502 — 91,974 — 91,974 — Commercial paper 12,561 — 12,561 — 8,177 — 8,177 — Certificates of deposit 9,501 — 9,501 — 23,497 — 23,497 — Total short-term AFS securities $ 201,785 $ — $ 201,785 $ — $ 371,301 $ — $ 371,301 $ — Long-term AFS securities (1) Corporate debt securities $ 103,737 $ — $ 103,737 $ — $ 129,624 $ — $ 129,624 $ — U.S Treasury securities 101,438 — 101,438 — 46,737 — 46,737 — U.S. governmental agency securities 46,521 — 46,521 — 37,197 — 37,197 — Total long-term AFS securities $ 251,696 $ — $ 251,696 $ — $ 213,558 $ — $ 213,558 $ — Liabilities: Deferred compensation (2)(3) $ 23,702 $ 23,702 $ — $ — $ 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 Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), a frozen plan which 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 balance in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Consolidated Balance Sheets, and were $46.0 million as of December 29, 2019 , and $38.1 million as of December 30, 2018 . The fair value of these assets is measured using the net asset value (“NAV”) per share (or its equivalent) and has not been classified in the fair value hierarchy. Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Certain non-financial assets, such as goodwill, intangible assets, property, plant and equipment and certain investments are recognized at fair value on a non-recurring basis. These assets are measured at fair value if an impairment charge is recognized. Goodwill and intangible assets are initially recorded at fair value in purchase accounting. We classified all of these measurements as Level 3, as we used unobservable inputs within the valuation methodologies that were significant to the fair value measurements, and the valuations required management‘s judgment due to the absence of quoted market prices. We recognized a de minimis impairment in 2019 related to the closure of our digital marketing agency, HelloSociety, LLC. There was no impairment recognized in 2018 and 2017 . |
Pension Benefits
Pension Benefits | 12 Months Ended |
Dec. 29, 2019 | |
Retirement Benefits [Abstract] | |
Pension Benefits | Pension Benefits Single-Employer Plans We maintain The New York Times Companies Pension Plan (the”Pension Plan”), a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits. Effective January 1, 2018, the Company became the sole sponsor of the frozen Newspaper Guild of New York - The New York Times Pension Plan (the “Guild-Times Plan”). The Guild-Times Plan was previously joint trusteed between The NewsGuild of New York and the Company. Effective December 31, 2018, the Guild-Times Plan and the Retirement Annuity Plan For Craft Employees of The New York Times Companies (the “RAP”) were merged into the Pension Plan. We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. Net Periodic Pension (Income)/Cost The components of net periodic pension (income)/cost were as follows: December 29, 2019 December 30, 2018 December 31, 2017 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 5,113 $ 118 $ 5,231 $ 9,986 $ 79 $ 10,065 $ 9,720 $ 79 $ 9,799 Interest cost 58,835 8,420 67,255 52,770 7,383 60,153 60,742 7,840 68,582 Expected return on plan assets (80,877 ) — (80,877 ) (82,327 ) — (82,327 ) (102,900 ) — (102,900 ) Amortization and other costs 18,639 4,381 23,020 26,802 5,114 31,916 29,051 4,318 33,369 Amortization of prior service (credit)/cost (1,945 ) 13 (1,932 ) (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) Effect of settlement/curtailment — (373 ) (373 ) — 221 221 102,109 — 102,109 Net periodic pension (income)/cost $ (235 ) $ 12,559 $ 12,324 $ 5,286 $ 12,797 $ 18,083 $ 96,777 $ 12,237 $ 109,014 Over the past several years the Company has taken steps to reduce the size and volatility of our pension obligations. In the first quarter of 2018, the Company signed an agreement that froze the accrual of benefits under the RAP with respect to all participants covered by a collective bargaining agreement between the Company and The Newspaper and Mail Deliverers’ Union of New York and Vicinity. This group of participants was the last group under the RAP to have their benefit accruals frozen. In the fourth quarter of 2017, the Company entered into agreements with two insurance companies to transfer future benefit obligations and annuity administration for certain retirees (or their beneficiaries) in two of the Company’s qualified pension plans. This transfer of plan assets and obligations reduced the Company’s qualified pension plan obligations by $263.3 million . As a result of these agreements, the Company recorded pension settlement charges of $102.1 million . Additionally, during the fourth quarter of 2017, the Company made discretionary contributions totaling $120 million to certain qualified pension plans. Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows: (In thousands) December 29, December 30, December 31, Net actuarial (gain)/loss $ (10,292 ) $ 29,965 $ 22,600 Prior service cost 706 — — Amortization of loss (23,020 ) (31,916 ) (33,369 ) Amortization of prior service credit 1,932 1,945 1,945 Effect of settlement — (421 ) (102,109 ) Total recognized in other comprehensive income (30,674 ) (427 ) (110,933 ) Net periodic pension cost 12,324 18,083 109,014 Total recognized in net periodic benefit (income)/cost and other comprehensive (income)/loss $ (18,350 ) $ 17,656 $ (1,919 ) Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the future working lifetime for the ongoing plans and average life expectancy for the frozen plans. The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year is approximately $29 million and $2 million , respectively. We also contribute to defined contribution benefit plans. The amount of cost recognized for defined contribution benefit plans was approximately $27 million , $22 million and $23 million for 2019 , 2018 and 2017 , respectively. Benefit Obligation and Plan Assets The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: December 29, 2019 December 30, 2018 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Change in benefit obligation Benefit obligation at beginning of year $ 1,491,398 $ 223,066 $ 1,714,464 $ 1,636,488 $ 245,302 $ 1,881,790 Service cost 5,113 118 5,231 9,986 79 10,065 Interest cost 58,835 8,420 67,255 52,770 7,383 60,153 Plan participants’ contributions — — — 3 — 3 Amendments — 706 706 — — — Actuarial loss/(gain) 191,104 32,874 223,978 (123,670 ) (10,221 ) (133,891 ) Curtailments — (373 ) (373 ) — (200 ) (200 ) Benefits paid (86,163 ) (17,046 ) (103,209 ) (84,179 ) (19,219 ) (103,398 ) Effects of change in currency conversion — (17 ) (17 ) — (58 ) (58 ) Benefit obligation at end of year 1,660,287 247,748 1,908,035 1,491,398 223,066 1,714,464 Change in plan assets Fair value of plan assets at beginning of year 1,410,151 — 1,410,151 1,567,411 — 1,567,411 Actual return on plan assets 315,148 — 315,148 (81,529 ) — (81,529 ) Employer contributions 9,531 17,046 26,577 8,445 19,219 27,664 Plan participants’ contributions — — — 3 — 3 Benefits paid (86,163 ) (17,046 ) (103,209 ) (84,179 ) (19,219 ) (103,398 ) Fair value of plan assets at end of year 1,648,667 — 1,648,667 1,410,151 — 1,410,151 Net amount recognized $ (11,620 ) $ (247,748 ) $ (259,368 ) $ (81,247 ) $ (223,066 ) $ (304,313 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ — $ (17,147 ) $ (17,147 ) $ — $ (17,034 ) $ (17,034 ) Noncurrent liabilities (11,620 ) (230,601 ) (242,221 ) (81,247 ) (206,032 ) (287,279 ) Net amount recognized $ (11,620 ) $ (247,748 ) $ (259,368 ) $ (81,247 ) $ (223,066 ) $ (304,313 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 592,774 $ 122,617 $ 715,391 $ 654,579 $ 94,123 $ 748,702 Prior service credit (16,842 ) 693 (16,149 ) (18,786 ) — (18,786 ) Total $ 575,932 $ 123,310 $ 699,242 $ 635,793 $ 94,123 $ 729,916 Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: (In thousands) December 29, December 30, Projected benefit obligation $ 1,908,035 $ 1,714,464 Accumulated benefit obligation $ 1,904,979 $ 1,712,619 Fair value of plan assets $ 1,648,667 $ 1,410,151 Assumptions Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 29, December 30, Discount rate 3.30 % 4.43 % Rate of increase in compensation levels 3.00 % 3.00 % The rate of increase in compensation levels is applicable only for the APP that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows: December 29, December 30, December 31, Discount rate for determining projected benefit obligation 4.43 % 3.75 % 4.31 % Discount rate in effect for determining service cost 3.87 % 3.88 % 4.74 % Discount rate in effect for determining interest cost 4.06 % 3.31 % 3.54 % Rate of increase in compensation levels 3.00 % 2.95 % 2.95 % Expected long-term rate of return on assets 5.68 % 5.69 % 6.73 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 29, December 30, Discount rate 3.17 % 4.35 % Rate of increase in compensation levels 2.50 % 2.50 % The rate of increase in compensation levels is applicable only for the foreign plan that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows: December 29, December 30, December 31, Discount rate for determining projected benefit obligation 4.35 % 3.67 % 4.17 % Discount rate in effect for determining interest cost 3.94 % 3.14 % 3.39 % Rate of increase in compensation levels 2.50 % 2.50 % 2.50 % We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (i.e., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate. To determine our discount rate, we project a cash flow based on annual accrued benefits. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve. In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year, less expense expected to be incurred by the plan during the year. The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years . Plan Assets The Pension Plan The assets underlying the Pension Plan are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers. Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. Investment Policy and Strategy The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. An additional investment objective is to transition the asset mix to hedge liabilities and minimize volatility in the funded status of the Pension Plan. Asset Allocation Guidelines In accordance with our asset allocation strategy, investments are categorized into long duration fixed income investments whose value is highly correlated to that of the Pension Plan’s obligations (“Long Duration Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the Pension Plan’s obligations (“Return-Seeking Assets”). The proportional allocation of assets between Long Duration Assets and Return-Seeking Assets is dependent on the funded status of the Pension Plan. Under our policy, for example, a funded status at 100% requires an allocation of total assets of 71.5% to 76.5% to Long Duration Assets and 23.5% to 28.5% to Return-Seeking Assets. As the Pension Plan’s funded status increases, the allocation to Long Duration Assets will increase and the allocation to Return-Seeking Assets will decrease. The following asset allocation guidelines apply to the Return-Seeking Assets: Asset Category Percentage Range Actual Public Equity 70% - 100% 94 % High-Yield Fixed Income 0% - 15% 0 % Alternatives 0% - 15% 6 % Cash 0% - 10% 0 % The asset allocations by asset category for both Long Duration and Return-Seeking Assets, as of December 29, 2019 , were as follows: Asset Category Percentage Range Actual Long Duration Fixed Income 61.6% - 71% 63 % Public Equity 20.3% - 39% 34 % High-Yield Fixed Income 0% - 6% 0 % Alternatives 0% - 6% 2 % Cash 0% - 4% 1 % The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the Pension Plan’s assets. The APP The assets underlying the joint Company and The NewsGuild of New York sponsored plan are managed by professional investment managers. These investment managers are selected and monitored by the APP’s Board of Trustees (the “APP Trustees”). The APP Trustees are responsible for adopting an investment policy, implementing and monitoring compliance with that policy, selecting and monitoring investment managers, and communicating the investment guidelines and performance objectives to the investment managers. Investment Policy and Strategy The investment objective is to allocate investment assets in a manner that satisfies the funding objectives of the APP and to maximize the probability of maintaining a 100% funded status. Asset Allocation Guidelines In accordance with the asset allocation guidelines, investments are segmented into hedging assets whose value is highly correlated to that of the APP’s obligations (“Hedging Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the APP’s obligations (“Return-Seeking Assets”). The asset allocations by asset category as of December 29, 2019 , were as follows Asset Category Percentage Range Actual Hedging Assets 75% - 90% 79 % Return-Seeking Assets 10% - 25% 21 % Cash and Equivalents 0% - 5% 0 % The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the APP Trustees. The APP Trustees may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the APP’s assets. Fair Value of Plan Assets The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as follows: December 31, 2019 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investment Measured at Net Asset Value (3) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 55,011 $ — $ — $ — $ 55,011 International Equities 38,231 — — — 38,231 Mutual Funds 46,276 — — — 46,276 Registered Investment Companies 52,582 — — — 52,582 Common/Collective Funds (1) — — — 575,738 575,738 Fixed Income Securities: Corporate Bonds — 574,756 — — 574,756 U.S. Treasury and Other Government Securities — 182,878 — — 182,878 Municipal and Provincial Bonds — 42,812 — — 42,812 Government Sponsored Enterprises (2) — 13,131 — — 13,131 Other — 11,745 — — 11,745 Cash and Cash Equivalents — — — 19,097 19,097 Private Equity — — — 11,345 11,345 Hedge Fund — — — 25,065 25,065 Assets at Fair Value $ 192,100 $ 825,322 $ — $ 631,245 $ 1,648,667 (1) The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Represents investments that are not backed by the full faith and credit of the U.S. government. (3) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Fair Value Measurement at December 31, 2018 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investment Measured at Net Asset Value (3) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 25,459 $ — $ — $ — $ 25,459 International Equities 27,805 — — — 27,805 Mutual Funds 18,891 — — — 18,891 Registered Investment Companies 36,908 — — — 36,908 Common/Collective Funds (1) — — — 412,815 412,815 Fixed Income Securities: Corporate Bonds — 532,466 — — 532,466 U.S. Treasury and Other Government Securities — 155,229 — — 155,229 Group Annuity Contract — — — 64,559 64,559 Municipal and Provincial Bonds — 42,170 — — 42,170 Government Sponsored Enterprises (2) — 14,278 — — 14,278 Other — 13,754 — — 13,754 Cash and Cash Equivalents — — — 19,667 19,667 Private Equity — — — 12,752 12,752 Hedge Fund — — — 33,398 33,398 Assets at Fair Value $ 109,063 $ 757,897 $ — $ 543,191 $ 1,410,151 (1) The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Represents investments that are not backed by the full faith and credit of the U.S. government. (3) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Level 1 and Level 2 Investments Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities. For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments. Cash Flows In 2019 , we made contributions to the APP of $9.5 million . We expect contributions made to satisfy minimum funding requirements to total approximately $9 million in 2020. The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid: Plans (In thousands) Qualified Non- Qualified Total 2020 $ 88,092 $ 17,391 $ 105,483 2021 89,431 17,105 106,536 2022 91,324 17,005 108,329 2023 92,832 16,700 109,532 2024 94,098 16,411 110,509 2025-2029 (1) 482,654 79,054 561,708 (1) While benefit payments under these plans are expected to continue beyond 2029 we have presented in this table only those benefit payments estimated over the next 10 years. Multiemployer Plans We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. In recent years, certain events, such as amendments to various collective bargaining agreements and the sale of the New England Media Group, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. During the third quarters of 2019 and 2018, we recorded a gain of $2.0 million and $4.9 million , respectively, from multiemployer pension liability adjustment which were recorded in Gain from pension liability adjustment in our Consolidated Statements of Operations. Our multiemployer pension plan withdrawal liability was approximately $82 million as of December 29, 2019 and approximately $97 million as of December 30, 2018 . This liability represents the present value of the obligations related to complete and partial withdrawals that have already occurred as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For those plans that have yet to provide us with a demand letter, the actual liability will not be fully known until they complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates. The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution base units or a partial cessation of our obligation to contribute, we may be assessed a withdrawal liability based on a calculated share of the underfunded status of the plan. • If a multiemployer plan from which we have withdrawn subsequently experiences a mass withdrawal, we may be required to make additional contributions under applicable law. Our participation in significant plans for the fiscal period ended December 29, 2019 , is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject. EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (In thousands) Contributions of the Company Surcharge Imposed Collective Bargaining Agreement Expiration Date Pension Fund 2019 2018 2019 2018 2017 CWA/ITU Negotiated Pension Plan 13-6212879-001 Critical and Declining as of 1/01/19 Critical and Declining as of 1/01/18 Implemented $ 415 $ 408 $ 425 No (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund (2) 13-6122251-001 Green as of 6/01/19 Green as of 6/01/18 N/A 1,014 992 995 No 3/30/2020 GCIU-Employer Retirement Benefit Plan 91-6024903-001 Critical and Declining as of 1/01/19 Critical and Declining as of 1/01/18 Implemented 58 42 39 Yes 3/30/2021 (3) Pressmen’s Publishers’ Pension Fund (4) 13-6121627-001 Green as of 4/01/19 Green as of 4/01/18 N/A 1,213 1,129 963 No 3/30/2021 Paper Handlers’-Publishers’ Pension Fund (5) 13-6104795-001 Critical and Declining as of 4/01/19 Critical and Declining as of 4/01/18 Implemented 100 99 88 Yes 3/30/2021 Contributions for individually significant plans $ 2,800 $ 2,670 $ 2,510 Total Contributions $ 2,800 $ 2,670 $ 2,510 (1) There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expires March 30, 2023, and Typographers, which expires March 30, 2020. (2) Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)). (3) We previously had two collective bargaining agreements requiring contributions to this plan. As of December 30, 2018, only one collective bargaining agreement remained for the Stereotypers. The method for calculating actuarial value of assets was changed retroactive to January 1, 2009, as elected by the Board of Trustees and as permitted by IRS Notice 2010-83. This election includes smoothing 2008 investment losses over ten years . (4) The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10 -year smoothing of the asset loss for the plan year beginning April 1, 2008. (5) Board of Trustees elected funding relief. This election includes smoothing the March 31, 2009 investment losses over 10 years. The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009. The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years: Pension Fund Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of Plan’s Year-End) CWA/ITU Negotiated Pension Plan 12/31/2017 Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2018 & 5/31/2017 (1) Pressmen’s Publisher’s Pension Fund 3/31/2019 & 3/31/2018 Paper Handlers’-Publishers’ Pension Fund 3/31/2019 & 3/31/2018 (1) Form 5500 for the plan year ended 5/31/19 was not available as of the date we filed our financial statements. We provide health benefits to retired employees (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we do not provide post-age 65 retiree medical benefits for employees who retired on or after March 1, 2009. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from general corporate assets. Net Periodic Other Postretirement Benefit Cost/(Income) The components of net periodic postretirement benefit cost/(income) were as follows: (In thousands) December 29, December 30, December 31, Service cost $ 27 $ 21 $ 367 Interest cost 1,602 1,476 1,881 Amortization and other costs 3,375 4,735 3,621 Amortization of prior service credit (4,766 ) (6,157 ) (7,755 ) Effect of settlement/curtailment (1) — — (32,737 ) Net periodic postretirement benefit cost/(income) $ 238 $ 75 $ (34,623 ) (1) In the fourth quarter of 2017, the Company recorded a gain in connection with the settlement of a funding obligation related to a postretirement plan. As a result of the adoption of ASU 2017-07 during the first quarter of 2018, the service cost component of net periodic postretirement benefit cost/(income) continues to be recognized in Total operating costs while the other components have been reclassified to Other components of net periodic benefit costs in our Consolidated Statements of Operations below Operating profit on a retrospective basis. The changes in the benefit obligations recognized in other comprehensive loss/(income) were as follows: (In thousands) December 29, December 30, December 31, Net actuarial loss/(gain) $ 296 $ (4,905 ) $ (6,625 ) Amortization of loss (3,375 ) (4,735 ) (3,621 ) Amortization of prior service credit 4,766 6,157 7,755 Effect of curtailment — — 6,502 Effect of settlement — — 26,235 Total recognized in other comprehensive loss/(income) 1,687 (3,483 ) 30,246 Net periodic postretirement benefit cost/(income) 238 75 (34,623 ) Total recognized in net periodic postretirement benefit cost/(income) and other comprehensive loss/(income) $ 1,925 $ (3,408 ) $ (4,377 ) Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the accumulated postretirement benefit obligation. Gains and losses in excess of the corridor are generally amortized over the average remaining service period to expected retirement of active participants. The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is approximately $3 million and $4 million , respectively. In connection with collective bargaining agreements, we contribute to several multiemployer welfare plans. These plans provide medical benefits to active and retired employees covered under the respective collective bargaining agreement. Contributions are made in accordance with the formula in the relevant agreement. Postretirement costs related to these plans are not reflected above and were approximately $15 million in 2019 , $16 million in 2018 and $15 million in 2017 . The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: (In thousands) December 29, December 30, Change in benefit obligation Benefit obligation at beginning of year $ 46,037 $ 54,642 Service cost 27 21 Interest cost 1,602 1,476 Plan participants’ contributions 3,835 3,974 Actuarial loss/(gain) 296 (4,905 ) Benefits paid (8,994 ) (9,171 ) Benefit obligation at the end of year 42,803 46,037 Change in plan assets Employer contributions 5,159 5,197 Plan participants’ contributions 3,835 3,974 Benefits paid (8,994 ) (9,171 ) Fair value of plan assets at end of year — — Net amount recognized $ (42,803 ) $ (46,037 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (5,115 ) $ (5,645 ) Noncurrent liabilities (37,688 ) (40,392 ) Net amount recognized $ (42,803 ) $ (46,037 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 25,793 $ 28,871 Prior service credit (7,691 ) (12,456 ) Total $ 18,102 $ 16,415 Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 29, December 30, Discount rate 2.94 % 4.18 % Estimated increase in compensation level 3.50 % 3.50 % Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: December 29, December 30, December 31, Discount rate for determining projected benefit obligation 4.18 % 3.46 % 3.93 % Discount rate in effect for determining service cost 4.19 % 3.56 % 4.08 % Discount rate in effect for determining interest cost 3.71 % 3.01 % 3.21 % Estimated increase in compensation level 3.50 % 3.50 % 3.50 % The assumed health-care cost trend rates were as follows: December 29, December 30, Health-care cost trend rate 6.57 % 6.90 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2025 2025 Because our health-care plans are capped for most participants, the assumed health-care cost trend rates do not have a significant effect on the amounts reported for the health-care plans. A one-percentage point change in assumed health-care cost trend rates would hav |
Other Postretirement Benefits
Other Postretirement Benefits | 12 Months Ended |
Dec. 29, 2019 | |
Other Postretirement Benefits [Abstract] | |
Other Postretirement Benefits | Pension Benefits Single-Employer Plans We maintain The New York Times Companies Pension Plan (the”Pension Plan”), a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits. Effective January 1, 2018, the Company became the sole sponsor of the frozen Newspaper Guild of New York - The New York Times Pension Plan (the “Guild-Times Plan”). The Guild-Times Plan was previously joint trusteed between The NewsGuild of New York and the Company. Effective December 31, 2018, the Guild-Times Plan and the Retirement Annuity Plan For Craft Employees of The New York Times Companies (the “RAP”) were merged into the Pension Plan. We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. Net Periodic Pension (Income)/Cost The components of net periodic pension (income)/cost were as follows: December 29, 2019 December 30, 2018 December 31, 2017 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 5,113 $ 118 $ 5,231 $ 9,986 $ 79 $ 10,065 $ 9,720 $ 79 $ 9,799 Interest cost 58,835 8,420 67,255 52,770 7,383 60,153 60,742 7,840 68,582 Expected return on plan assets (80,877 ) — (80,877 ) (82,327 ) — (82,327 ) (102,900 ) — (102,900 ) Amortization and other costs 18,639 4,381 23,020 26,802 5,114 31,916 29,051 4,318 33,369 Amortization of prior service (credit)/cost (1,945 ) 13 (1,932 ) (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) Effect of settlement/curtailment — (373 ) (373 ) — 221 221 102,109 — 102,109 Net periodic pension (income)/cost $ (235 ) $ 12,559 $ 12,324 $ 5,286 $ 12,797 $ 18,083 $ 96,777 $ 12,237 $ 109,014 Over the past several years the Company has taken steps to reduce the size and volatility of our pension obligations. In the first quarter of 2018, the Company signed an agreement that froze the accrual of benefits under the RAP with respect to all participants covered by a collective bargaining agreement between the Company and The Newspaper and Mail Deliverers’ Union of New York and Vicinity. This group of participants was the last group under the RAP to have their benefit accruals frozen. In the fourth quarter of 2017, the Company entered into agreements with two insurance companies to transfer future benefit obligations and annuity administration for certain retirees (or their beneficiaries) in two of the Company’s qualified pension plans. This transfer of plan assets and obligations reduced the Company’s qualified pension plan obligations by $263.3 million . As a result of these agreements, the Company recorded pension settlement charges of $102.1 million . Additionally, during the fourth quarter of 2017, the Company made discretionary contributions totaling $120 million to certain qualified pension plans. Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows: (In thousands) December 29, December 30, December 31, Net actuarial (gain)/loss $ (10,292 ) $ 29,965 $ 22,600 Prior service cost 706 — — Amortization of loss (23,020 ) (31,916 ) (33,369 ) Amortization of prior service credit 1,932 1,945 1,945 Effect of settlement — (421 ) (102,109 ) Total recognized in other comprehensive income (30,674 ) (427 ) (110,933 ) Net periodic pension cost 12,324 18,083 109,014 Total recognized in net periodic benefit (income)/cost and other comprehensive (income)/loss $ (18,350 ) $ 17,656 $ (1,919 ) Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the future working lifetime for the ongoing plans and average life expectancy for the frozen plans. The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year is approximately $29 million and $2 million , respectively. We also contribute to defined contribution benefit plans. The amount of cost recognized for defined contribution benefit plans was approximately $27 million , $22 million and $23 million for 2019 , 2018 and 2017 , respectively. Benefit Obligation and Plan Assets The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: December 29, 2019 December 30, 2018 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Change in benefit obligation Benefit obligation at beginning of year $ 1,491,398 $ 223,066 $ 1,714,464 $ 1,636,488 $ 245,302 $ 1,881,790 Service cost 5,113 118 5,231 9,986 79 10,065 Interest cost 58,835 8,420 67,255 52,770 7,383 60,153 Plan participants’ contributions — — — 3 — 3 Amendments — 706 706 — — — Actuarial loss/(gain) 191,104 32,874 223,978 (123,670 ) (10,221 ) (133,891 ) Curtailments — (373 ) (373 ) — (200 ) (200 ) Benefits paid (86,163 ) (17,046 ) (103,209 ) (84,179 ) (19,219 ) (103,398 ) Effects of change in currency conversion — (17 ) (17 ) — (58 ) (58 ) Benefit obligation at end of year 1,660,287 247,748 1,908,035 1,491,398 223,066 1,714,464 Change in plan assets Fair value of plan assets at beginning of year 1,410,151 — 1,410,151 1,567,411 — 1,567,411 Actual return on plan assets 315,148 — 315,148 (81,529 ) — (81,529 ) Employer contributions 9,531 17,046 26,577 8,445 19,219 27,664 Plan participants’ contributions — — — 3 — 3 Benefits paid (86,163 ) (17,046 ) (103,209 ) (84,179 ) (19,219 ) (103,398 ) Fair value of plan assets at end of year 1,648,667 — 1,648,667 1,410,151 — 1,410,151 Net amount recognized $ (11,620 ) $ (247,748 ) $ (259,368 ) $ (81,247 ) $ (223,066 ) $ (304,313 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ — $ (17,147 ) $ (17,147 ) $ — $ (17,034 ) $ (17,034 ) Noncurrent liabilities (11,620 ) (230,601 ) (242,221 ) (81,247 ) (206,032 ) (287,279 ) Net amount recognized $ (11,620 ) $ (247,748 ) $ (259,368 ) $ (81,247 ) $ (223,066 ) $ (304,313 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 592,774 $ 122,617 $ 715,391 $ 654,579 $ 94,123 $ 748,702 Prior service credit (16,842 ) 693 (16,149 ) (18,786 ) — (18,786 ) Total $ 575,932 $ 123,310 $ 699,242 $ 635,793 $ 94,123 $ 729,916 Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: (In thousands) December 29, December 30, Projected benefit obligation $ 1,908,035 $ 1,714,464 Accumulated benefit obligation $ 1,904,979 $ 1,712,619 Fair value of plan assets $ 1,648,667 $ 1,410,151 Assumptions Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 29, December 30, Discount rate 3.30 % 4.43 % Rate of increase in compensation levels 3.00 % 3.00 % The rate of increase in compensation levels is applicable only for the APP that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows: December 29, December 30, December 31, Discount rate for determining projected benefit obligation 4.43 % 3.75 % 4.31 % Discount rate in effect for determining service cost 3.87 % 3.88 % 4.74 % Discount rate in effect for determining interest cost 4.06 % 3.31 % 3.54 % Rate of increase in compensation levels 3.00 % 2.95 % 2.95 % Expected long-term rate of return on assets 5.68 % 5.69 % 6.73 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 29, December 30, Discount rate 3.17 % 4.35 % Rate of increase in compensation levels 2.50 % 2.50 % The rate of increase in compensation levels is applicable only for the foreign plan that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows: December 29, December 30, December 31, Discount rate for determining projected benefit obligation 4.35 % 3.67 % 4.17 % Discount rate in effect for determining interest cost 3.94 % 3.14 % 3.39 % Rate of increase in compensation levels 2.50 % 2.50 % 2.50 % We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (i.e., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate. To determine our discount rate, we project a cash flow based on annual accrued benefits. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve. In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year, less expense expected to be incurred by the plan during the year. The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years . Plan Assets The Pension Plan The assets underlying the Pension Plan are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers. Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. Investment Policy and Strategy The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. An additional investment objective is to transition the asset mix to hedge liabilities and minimize volatility in the funded status of the Pension Plan. Asset Allocation Guidelines In accordance with our asset allocation strategy, investments are categorized into long duration fixed income investments whose value is highly correlated to that of the Pension Plan’s obligations (“Long Duration Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the Pension Plan’s obligations (“Return-Seeking Assets”). The proportional allocation of assets between Long Duration Assets and Return-Seeking Assets is dependent on the funded status of the Pension Plan. Under our policy, for example, a funded status at 100% requires an allocation of total assets of 71.5% to 76.5% to Long Duration Assets and 23.5% to 28.5% to Return-Seeking Assets. As the Pension Plan’s funded status increases, the allocation to Long Duration Assets will increase and the allocation to Return-Seeking Assets will decrease. The following asset allocation guidelines apply to the Return-Seeking Assets: Asset Category Percentage Range Actual Public Equity 70% - 100% 94 % High-Yield Fixed Income 0% - 15% 0 % Alternatives 0% - 15% 6 % Cash 0% - 10% 0 % The asset allocations by asset category for both Long Duration and Return-Seeking Assets, as of December 29, 2019 , were as follows: Asset Category Percentage Range Actual Long Duration Fixed Income 61.6% - 71% 63 % Public Equity 20.3% - 39% 34 % High-Yield Fixed Income 0% - 6% 0 % Alternatives 0% - 6% 2 % Cash 0% - 4% 1 % The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the Pension Plan’s assets. The APP The assets underlying the joint Company and The NewsGuild of New York sponsored plan are managed by professional investment managers. These investment managers are selected and monitored by the APP’s Board of Trustees (the “APP Trustees”). The APP Trustees are responsible for adopting an investment policy, implementing and monitoring compliance with that policy, selecting and monitoring investment managers, and communicating the investment guidelines and performance objectives to the investment managers. Investment Policy and Strategy The investment objective is to allocate investment assets in a manner that satisfies the funding objectives of the APP and to maximize the probability of maintaining a 100% funded status. Asset Allocation Guidelines In accordance with the asset allocation guidelines, investments are segmented into hedging assets whose value is highly correlated to that of the APP’s obligations (“Hedging Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the APP’s obligations (“Return-Seeking Assets”). The asset allocations by asset category as of December 29, 2019 , were as follows Asset Category Percentage Range Actual Hedging Assets 75% - 90% 79 % Return-Seeking Assets 10% - 25% 21 % Cash and Equivalents 0% - 5% 0 % The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the APP Trustees. The APP Trustees may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the APP’s assets. Fair Value of Plan Assets The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as follows: December 31, 2019 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investment Measured at Net Asset Value (3) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 55,011 $ — $ — $ — $ 55,011 International Equities 38,231 — — — 38,231 Mutual Funds 46,276 — — — 46,276 Registered Investment Companies 52,582 — — — 52,582 Common/Collective Funds (1) — — — 575,738 575,738 Fixed Income Securities: Corporate Bonds — 574,756 — — 574,756 U.S. Treasury and Other Government Securities — 182,878 — — 182,878 Municipal and Provincial Bonds — 42,812 — — 42,812 Government Sponsored Enterprises (2) — 13,131 — — 13,131 Other — 11,745 — — 11,745 Cash and Cash Equivalents — — — 19,097 19,097 Private Equity — — — 11,345 11,345 Hedge Fund — — — 25,065 25,065 Assets at Fair Value $ 192,100 $ 825,322 $ — $ 631,245 $ 1,648,667 (1) The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Represents investments that are not backed by the full faith and credit of the U.S. government. (3) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Fair Value Measurement at December 31, 2018 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investment Measured at Net Asset Value (3) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 25,459 $ — $ — $ — $ 25,459 International Equities 27,805 — — — 27,805 Mutual Funds 18,891 — — — 18,891 Registered Investment Companies 36,908 — — — 36,908 Common/Collective Funds (1) — — — 412,815 412,815 Fixed Income Securities: Corporate Bonds — 532,466 — — 532,466 U.S. Treasury and Other Government Securities — 155,229 — — 155,229 Group Annuity Contract — — — 64,559 64,559 Municipal and Provincial Bonds — 42,170 — — 42,170 Government Sponsored Enterprises (2) — 14,278 — — 14,278 Other — 13,754 — — 13,754 Cash and Cash Equivalents — — — 19,667 19,667 Private Equity — — — 12,752 12,752 Hedge Fund — — — 33,398 33,398 Assets at Fair Value $ 109,063 $ 757,897 $ — $ 543,191 $ 1,410,151 (1) The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Represents investments that are not backed by the full faith and credit of the U.S. government. (3) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Level 1 and Level 2 Investments Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities. For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments. Cash Flows In 2019 , we made contributions to the APP of $9.5 million . We expect contributions made to satisfy minimum funding requirements to total approximately $9 million in 2020. The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid: Plans (In thousands) Qualified Non- Qualified Total 2020 $ 88,092 $ 17,391 $ 105,483 2021 89,431 17,105 106,536 2022 91,324 17,005 108,329 2023 92,832 16,700 109,532 2024 94,098 16,411 110,509 2025-2029 (1) 482,654 79,054 561,708 (1) While benefit payments under these plans are expected to continue beyond 2029 we have presented in this table only those benefit payments estimated over the next 10 years. Multiemployer Plans We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. In recent years, certain events, such as amendments to various collective bargaining agreements and the sale of the New England Media Group, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. During the third quarters of 2019 and 2018, we recorded a gain of $2.0 million and $4.9 million , respectively, from multiemployer pension liability adjustment which were recorded in Gain from pension liability adjustment in our Consolidated Statements of Operations. Our multiemployer pension plan withdrawal liability was approximately $82 million as of December 29, 2019 and approximately $97 million as of December 30, 2018 . This liability represents the present value of the obligations related to complete and partial withdrawals that have already occurred as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For those plans that have yet to provide us with a demand letter, the actual liability will not be fully known until they complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates. The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution base units or a partial cessation of our obligation to contribute, we may be assessed a withdrawal liability based on a calculated share of the underfunded status of the plan. • If a multiemployer plan from which we have withdrawn subsequently experiences a mass withdrawal, we may be required to make additional contributions under applicable law. Our participation in significant plans for the fiscal period ended December 29, 2019 , is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject. EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (In thousands) Contributions of the Company Surcharge Imposed Collective Bargaining Agreement Expiration Date Pension Fund 2019 2018 2019 2018 2017 CWA/ITU Negotiated Pension Plan 13-6212879-001 Critical and Declining as of 1/01/19 Critical and Declining as of 1/01/18 Implemented $ 415 $ 408 $ 425 No (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund (2) 13-6122251-001 Green as of 6/01/19 Green as of 6/01/18 N/A 1,014 992 995 No 3/30/2020 GCIU-Employer Retirement Benefit Plan 91-6024903-001 Critical and Declining as of 1/01/19 Critical and Declining as of 1/01/18 Implemented 58 42 39 Yes 3/30/2021 (3) Pressmen’s Publishers’ Pension Fund (4) 13-6121627-001 Green as of 4/01/19 Green as of 4/01/18 N/A 1,213 1,129 963 No 3/30/2021 Paper Handlers’-Publishers’ Pension Fund (5) 13-6104795-001 Critical and Declining as of 4/01/19 Critical and Declining as of 4/01/18 Implemented 100 99 88 Yes 3/30/2021 Contributions for individually significant plans $ 2,800 $ 2,670 $ 2,510 Total Contributions $ 2,800 $ 2,670 $ 2,510 (1) There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expires March 30, 2023, and Typographers, which expires March 30, 2020. (2) Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)). (3) We previously had two collective bargaining agreements requiring contributions to this plan. As of December 30, 2018, only one collective bargaining agreement remained for the Stereotypers. The method for calculating actuarial value of assets was changed retroactive to January 1, 2009, as elected by the Board of Trustees and as permitted by IRS Notice 2010-83. This election includes smoothing 2008 investment losses over ten years . (4) The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10 -year smoothing of the asset loss for the plan year beginning April 1, 2008. (5) Board of Trustees elected funding relief. This election includes smoothing the March 31, 2009 investment losses over 10 years. The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009. The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years: Pension Fund Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of Plan’s Year-End) CWA/ITU Negotiated Pension Plan 12/31/2017 Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2018 & 5/31/2017 (1) Pressmen’s Publisher’s Pension Fund 3/31/2019 & 3/31/2018 Paper Handlers’-Publishers’ Pension Fund 3/31/2019 & 3/31/2018 (1) Form 5500 for the plan year ended 5/31/19 was not available as of the date we filed our financial statements. We provide health benefits to retired employees (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we do not provide post-age 65 retiree medical benefits for employees who retired on or after March 1, 2009. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from general corporate assets. Net Periodic Other Postretirement Benefit Cost/(Income) The components of net periodic postretirement benefit cost/(income) were as follows: (In thousands) December 29, December 30, December 31, Service cost $ 27 $ 21 $ 367 Interest cost 1,602 1,476 1,881 Amortization and other costs 3,375 4,735 3,621 Amortization of prior service credit (4,766 ) (6,157 ) (7,755 ) Effect of settlement/curtailment (1) — — (32,737 ) Net periodic postretirement benefit cost/(income) $ 238 $ 75 $ (34,623 ) (1) In the fourth quarter of 2017, the Company recorded a gain in connection with the settlement of a funding obligation related to a postretirement plan. As a result of the adoption of ASU 2017-07 during the first quarter of 2018, the service cost component of net periodic postretirement benefit cost/(income) continues to be recognized in Total operating costs while the other components have been reclassified to Other components of net periodic benefit costs in our Consolidated Statements of Operations below Operating profit on a retrospective basis. The changes in the benefit obligations recognized in other comprehensive loss/(income) were as follows: (In thousands) December 29, December 30, December 31, Net actuarial loss/(gain) $ 296 $ (4,905 ) $ (6,625 ) Amortization of loss (3,375 ) (4,735 ) (3,621 ) Amortization of prior service credit 4,766 6,157 7,755 Effect of curtailment — — 6,502 Effect of settlement — — 26,235 Total recognized in other comprehensive loss/(income) 1,687 (3,483 ) 30,246 Net periodic postretirement benefit cost/(income) 238 75 (34,623 ) Total recognized in net periodic postretirement benefit cost/(income) and other comprehensive loss/(income) $ 1,925 $ (3,408 ) $ (4,377 ) Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the accumulated postretirement benefit obligation. Gains and losses in excess of the corridor are generally amortized over the average remaining service period to expected retirement of active participants. The estimated actuarial loss and prior service credit that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is approximately $3 million and $4 million , respectively. In connection with collective bargaining agreements, we contribute to several multiemployer welfare plans. These plans provide medical benefits to active and retired employees covered under the respective collective bargaining agreement. Contributions are made in accordance with the formula in the relevant agreement. Postretirement costs related to these plans are not reflected above and were approximately $15 million in 2019 , $16 million in 2018 and $15 million in 2017 . The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: (In thousands) December 29, December 30, Change in benefit obligation Benefit obligation at beginning of year $ 46,037 $ 54,642 Service cost 27 21 Interest cost 1,602 1,476 Plan participants’ contributions 3,835 3,974 Actuarial loss/(gain) 296 (4,905 ) Benefits paid (8,994 ) (9,171 ) Benefit obligation at the end of year 42,803 46,037 Change in plan assets Employer contributions 5,159 5,197 Plan participants’ contributions 3,835 3,974 Benefits paid (8,994 ) (9,171 ) Fair value of plan assets at end of year — — Net amount recognized $ (42,803 ) $ (46,037 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (5,115 ) $ (5,645 ) Noncurrent liabilities (37,688 ) (40,392 ) Net amount recognized $ (42,803 ) $ (46,037 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 25,793 $ 28,871 Prior service credit (7,691 ) (12,456 ) Total $ 18,102 $ 16,415 Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 29, December 30, Discount rate 2.94 % 4.18 % Estimated increase in compensation level 3.50 % 3.50 % Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: December 29, December 30, December 31, Discount rate for determining projected benefit obligation 4.18 % 3.46 % 3.93 % Discount rate in effect for determining service cost 4.19 % 3.56 % 4.08 % Discount rate in effect for determining interest cost 3.71 % 3.01 % 3.21 % Estimated increase in compensation level 3.50 % 3.50 % 3.50 % The assumed health-care cost trend rates were as follows: December 29, December 30, Health-care cost trend rate 6.57 % 6.90 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2025 2025 Because our health-care plans are capped for most participants, the assumed health-care cost trend rates do not have a significant effect on the amounts reported for the health-care plans. A one-percentage point change in assumed health-care cost trend rates would hav |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 29, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities The components of the Other Liabilities — Other balance in our Consolidated Balance Sheets were as follows: (In thousands) December 29, December 30, Deferred compensation $ 23,702 $ 23,211 Noncurrent operating lease liabilities 55,136 — Other liabilities 47,399 54,636 Total $ 126,237 $ 77,847 Deferred compensation consists primarily of deferrals under our DEC. Refer to Note 9 for detail. We invest deferred compensation in life insurance products designed to closely mirror the performance of the investment funds that the participants select. Our investments in life insurance products are included in Miscellaneous assets in our Consolidated Balance Sheets, and were $46.0 million as of December 29, 2019 , and $38.1 million as of December 30, 2018 . Refer to Note 19 for detail related to noncurrent operating lease liabilities. Other liabilities in the preceding table primarily included our post employment liabilities, our contingent tax liability for uncertain tax positions and self-insurance liabilities as of December 29, 2019 , and December 30, 2018 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Reconciliations between the effective tax rate on income from continuing operations before income taxes and the federal statutory rate are presented below. December 29, 2019 December 30, 2018 December 31, 2017 (In thousands) Amount % of Pre-tax Amount % of Pre-tax Amount % of Pre-tax Tax at federal statutory rate $ 34,537 21.0 $ 36,979 21.0 $ 38,928 35.0 State and local taxes, net 5,303 3.2 12,335 7.0 4,800 4.3 Effect of enacted changes in tax laws — — (1,872 ) (1.0 ) 68,747 61.8 (Decrease)/increase in uncertain tax positions (2,427 ) (1.5 ) 2,288 1.3 (2,277 ) (2.0 ) (Gain)/loss on company-owned life insurance (1,662 ) (1.0 ) 449 0.2 (1,916 ) (1.7 ) Nondeductible expense 1,938 1.2 1,808 1.0 912 0.8 Nondeductible executive compensation (355 ) (0.2 ) 2,135 1.2 1,360 1.2 Stock-based awards benefit (6,184 ) (3.8 ) (1,795 ) (1.0 ) (517 ) (0.4 ) Deduction for foreign-derived intangible income (2,625 ) (1.6 ) — — — — Research and experimentation credit (5,672 ) (3.4 ) — — — — Other, net 1,641 1.0 (3,696 ) (2.1 ) (6,081 ) (5.5 ) Income tax expense $ 24,494 14.9 $ 48,631 27.6 $ 103,956 93.5 The components of income tax expense as shown in our Consolidated Statements of Operations were as follows: (In thousands) December 29, December 30, December 31, Current tax expense/(benefit) Federal $ 16,283 $ 31,719 $ (252 ) Foreign 823 705 458 State and local 3,146 10,172 350 Total current tax expense 20,252 42,596 556 Deferred tax expense/(benefit) Federal 5,588 913 105,905 State and local (1,346 ) 5,122 (2,505 ) Total deferred tax expense 4,242 6,035 103,400 Income tax expense $ 24,494 $ 48,631 $ 103,956 State tax operating loss carryforwards totaled $1.6 million as of December 29, 2019 and $2 million as of December 30, 2018 . Such loss carryforwards expire in accordance with provisions of applicable tax laws and have remaining lives up to 18 years. On December 22, 2017, the Tax Act was signed into law making significant changes to the Internal Revenue Code. Changes included, but were not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after December 31, 2017, a one-time transition tax on the mandatory deemed repatriation of foreign earnings and numerous domestic and international-related provisions effective in 2018. On December 22, 2017, SAB 118 was issued to address the application of GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. In accordance with SAB 118, we determined that the $68.7 million of additional income tax expense recorded in the fourth quarter of 2017 in connection with the remeasurement of certain deferred tax assets and liabilities, the one-time transition tax on the mandatory deemed repatriation of foreign earnings, and deferred tax assets related to executive compensation deductions was a provisional amount and a reasonable estimate at December 31, 2017. Provisional estimates were also made with regard to the Company’s deductions under the Tax Act’s new expensing provisions and state and local income taxes related to foreign earnings subject to the one-time transition tax. The ultimate impact of the Tax Act was expected to differ from the provisional amount recognized due to, among other things, changes in estimates resulting from the receipt or calculation of final data, changes in interpretations of the Tax Act, and additional regulatory guidance that would be issued. In the fourth quarter of 2018, in accordance with SAB 118, we completed the accounting for the impact of the Tax Act and recognized a $1.9 million tax benefit related to 2017, primarily attributable to the remeasurement of certain deferred tax assets and liabilities and the repatriation of foreign earnings. The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows: (In thousands) December 29, December 30, Deferred tax assets Retirement, postemployment and deferred compensation plans $ 113,306 $ 128,926 Accruals for other employee benefits, compensation, insurance and other 25,543 22,722 Net operating losses 1,289 1,598 Operating lease liabilities 16,746 — Other 27,042 23,400 Gross deferred tax assets $ 183,926 $ 176,646 Deferred tax liabilities Property, plant and equipment $ 39,494 $ 38,268 Intangible assets 7,596 7,225 Operating lease right-of-use assets 14,309 — Other 7,298 2,722 Gross deferred tax liabilities $ 68,697 $ 48,215 Net deferred tax asset $ 115,229 $ 128,431 We assess whether a valuation allowance should be established against deferred tax assets based on the consideration of both positive and negative evidence using a “more likely than not” standard. In making such judgments, significant weight is given to evidence that can be objectively verified. We evaluated our deferred tax assets for recoverability using a consistent approach that considers our three years historical cumulative income/(loss), including an assessment of the degree to which any such losses were due to items that are unusual in nature (i.e., impairments of nondeductible goodwill and intangible assets). We had an income tax receivable of $12.6 million as of December 29, 2019 , compared with an income tax receivable of $3.7 million as of December 30, 2018 . Income tax benefits related to the exercise or vesting of equity awards reduced current taxes payable by $11.9 million , $4.8 million and $13.7 million in 2019 , 2018 and 2017 , respectively. As of December 29, 2019 and December 30, 2018 , Accumulated other comprehensive loss, net of income taxes in our Consolidated Balance Sheets and for the years then ended in our Consolidated Statements of Changes in Stockholders’ Equity was net of deferred tax assets of approximately $188 million and $194 million , respectively. A reconciliation of unrecognized tax benefits is as follows: (In thousands) December 29, December 30, December 31, Balance at beginning of year $ 11,629 $ 17,086 $ 10,028 Gross additions to tax positions taken during the current year 1,184 680 9,009 Gross additions to tax positions taken during the prior year 711 3,019 103 Gross reductions to tax positions taken during the prior year (76 ) (8,607 ) (372 ) Reductions from settlements with taxing authorities (2,637 ) — — Reductions from lapse of applicable statutes of limitations (502 ) (549 ) (1,682 ) Balance at end of year $ 10,309 $ 11,629 $ 17,086 The total amount of unrecognized tax benefits that would, if recognized, affect the effective income tax rate was approximately $9 million and $10 million as of December 29, 2019 , and December 30, 2018 , respectively. In 2019 and 2018 , we recorded $3.8 million and $0.5 million income tax benefit, respectively, due to a reduction in the Company’s reserve for uncertain tax positions. We also recognize accrued interest expense and penalties related to the unrecognized tax benefits within income tax expense or benefit. The total amount of accrued interest and penalties was approximately $2 million and $3 million as of December 29, 2019 , and December 30, 2018 , respectively. The total amount of accrued interest and penalties was a net charge of $0.6 million in 2019 , a net benefit of $0.7 million in 2018 and a net benefit of $0.1 million in 2017 . With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years prior to 2012. Management believes that our accrual for tax liabilities is adequate for all open audit years. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is reasonably possible that certain income tax examinations may be concluded, or statutes of limitation may lapse, during the next 12 months, which could result in a decrease in unrecognized tax benefits of $3.6 million that would, if recognized, impact the effective tax rate. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 29, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations New England Media Group In the fourth quarter of 2013, we completed the sale of substantially all of the assets and operating liabilities of the New England Media Group — consisting of The Boston Globe, BostonGlobe.com, Boston.com, the Worcester Telegram & Gazette (the “T&G”), Telegram.com and related properties — and our 49% equity interest in Metro Boston LLC, for approximately $70.0 million in cash, subject to customary adjustments. The net after-tax proceeds from the sale, including a tax benefit, were approximately $74.0 million . In the fourth quarter of 2016, the Company reached a settlement with respect to litigation involving NEMG T&G, Inc., a subsidiary of the Company that was a part of New England Media Group. As a result of the settlement, the Company recorded charges of $0.7 million ( $0.4 million after tax) for the fiscal year ended December 31, 2017. The results of operations of the New England Media Group have been classified as discontinued operations for all periods presented. |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 12 Months Ended |
Dec. 29, 2019 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Share | Earnings/(Loss) Per Share We compute earnings/(loss) per share using a two-class method, 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/(loss) 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/(loss) 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 the most significant impact on diluted shares. The difference between basic and diluted shares of approximately 1.5 million , 2.1 million and 2.3 million as of December 29, 2019 , December 30, 2018 and December 31, 2017 , respectively, resulted primarily from the dilutive effect of certain stock options 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 excluded from the computation of diluted earnings per share in 2019 and 2018 . The number of stock options excluded from the computation of diluted earnings per share because they were anti-dilutive was approximately 2 million in 2017 . There were no anti-dilutive stock-settled long-term performance awards and restricted stock units excluded from the computation of diluted earnings per share for the year ended 2019 , 2018 and 2017 |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Dec. 29, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Awards | Stock-Based Awards As of December 29, 2019 , the Company was authorized to grant stock-based compensation under its 2010 Incentive Compensation Plan (the “2010 Incentive Plan”), which became effective April 27, 2010, and was amended and restated effective April 30, 2014. The 2010 Incentive Plan replaced the 1991 Executive Stock Incentive Plan (the “1991 Incentive Plan”). In addition, through April 30, 2014, the Company maintained its 2004 Non-Employee Directors’ Stock Incentive Plan (the “2004 Directors’ Plan”). The Company’s long-term incentive compensation program provides executives the opportunity to earn cash and shares of Class A Common Stock at the end of three-year performance cycles based in part on the achievement of financial goals tied to a financial metric and in part on stock price performance relative to companies in the Standard & Poor’s 500 Stock Index, with the majority of the target award to be settled in the Company’s Class A Common Stock. In addition, the Company grants time-vested restricted stock units annually to a number of employees. These are settled in shares of Class A Common Stock. We have outstanding stock-settled long-term performance awards, restricted stock units and stock options (together, “Stock-Based Awards”). We recognize stock-based compensation expense for outstanding stock-settled long-term performance awards, restricted stock units and stock appreciation rights. Stock-based compensation expense was $12.9 million in 2019 , $13.0 million in 2018 and $14.8 million in 2017 . Stock-based compensation expense is recognized over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service. Awards under the 1991 Incentive Plan and 2010 Incentive Plan generally vest over a stated vesting period or, with respect to awards granted prior to December 28, 2014, upon the retirement of an employee or director, as the case may be. Each non-employee director of the Company receives an annual grant of restricted stock units under the 2010 Incentive Plan. Restricted stock units are awarded on the date of the annual meeting of stockholders and vest on the date of the subsequent year’s annual meeting, with the shares to be delivered upon a director’s cessation of membership on the Board of Directors. Each non-employee director is credited with additional restricted stock units with a value equal to the amount of all dividends paid on the Company’s Class A Common Stock. The Company’s directors are considered employees for purposes of stock-based compensation. Stock Options The 1991 Incentive Plan provided, and the 2010 Incentive Plan provides, for grants of both incentive and non-qualified stock options at an exercise price equal to the fair market value (as defined in each plan, respectively) of our Class A Common Stock on the date of grant. Stock options were generally granted with a 3 -year vesting period and a 10 -year term and vest in equal annual installments. Due to a change in the Company’s long-term incentive compensation, no grants of stock options have been made since 2012. The 2004 Directors’ Plan provided for grants of stock options to non-employee directors at an exercise price equal to the fair market value (as defined in the 2004 Directors’ Plan) of our Class A Common Stock on the date of grant. Prior to 2012, stock options were granted with a 1 -year vesting period and a 10 -year term. No grants of stock options have been made since 2012. The Company’s directors are considered employees for purposes of stock-based compensation. Changes in our Company’s stock options in 2019 were as follows: December 29, 2019 (Shares in thousands) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value $(000s) Options outstanding at beginning of year 1,388 $ 9 2 $ 18,052 Exercised (419 ) 11 Forfeited/Expired — — Options outstanding at end of period (1) 969 $ 9 2 $ 22,534 Options exercisable at end of period 969 $ 9 2 $ 22,534 (1) All outstanding options are vested as of December 29, 2019. The total intrinsic value for stock options exercised was $8.6 million in 2019 , $12.3 million in 2018 and $7.0 million in 2017 . Restricted Stock Units The 2010 Incentive Plan provides for grants of other stock-based awards, including restricted stock units. Outstanding stock-settled restricted stock units have been granted with a stated vesting period up to 5 years. Each restricted stock unit represents our obligation to deliver to the holder one share of Class A Common Stock upon vesting. The fair value of stock-settled restricted stock units is the average market price on the grant date. Changes in our Company’s stock-settled restricted stock units in 2019 were as follows: December 29, 2019 (Shares in thousands) Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested stock-settled restricted stock units at beginning of period 623 $ 20 Granted 298 32 Vested (341 ) 18 Forfeited (33 ) 26 Unvested stock-settled restricted stock units at end of period 547 $ 27 Unvested stock-settled restricted stock units expected to vest at end of period 514 $ 27 The intrinsic value of stock-settled restricted stock units vested was $11.0 million in 2019 , $12.4 million in 2018 and $7.9 million in 2017 . Long-Term Incentive Compensation The 2010 Incentive Plan provides for grants of cash and stock-settled awards to key executives payable at the end of a multi-year performance period. Cash-settled awards have been granted with three-year performance periods and are based on the achievement of specified financial performance measures. Cash-settled awards have been classified as a liability in our Consolidated Balance Sheets. There were payments of approximately $2 million in 2019 , $3 million in 2018 and $3 million in 2017 . Stock-settled awards have been granted with three-year performance periods and are based on relative Total Shareholder Return (“TSR”), which is calculated at stock appreciation plus deemed reinvested dividends, and another performance measure. Stock-settled awards are payable in Class A Common Stock and are classified within equity. The fair value of TSR awards is determined at the date of grant using a Monte Carlo simulation model. The fair value of awards under the other performance measure is determined by the average market price on the grant date. Unrecognized Compensation Expense As of December 29, 2019 , unrecognized compensation expense related to the unvested portion of our Stock-Based Awards was approximately $16 million and is expected to be recognized over a weighted-average period of 1.40 years. Reserved Shares We generally issue shares for the exercise of stock options and vesting of stock-settled restricted stock units from unissued reserved shares. Shares of Class A Common Stock reserved for issuance were as follows: (Shares in thousands) December 29, December 30, Stock options, stock–settled restricted stock units and stock-settled performance awards Stock options and stock-settled restricted stock units 1,648 2,165 Stock-settled performance awards (1) 1,371 2,009 Outstanding 3,019 4,174 Available 7,475 7,404 Employee Stock Purchase Plan (2)(4) Available — 6,410 401(k) Company stock match (3)(4) Available — 3,045 Total Outstanding 3,019 4,174 Total Available 7,475 16,859 (1) The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that could be issued is included in the table above. (2) We have not had an offering under the Employee Stock Purchase Plan since 2010. (3) Effective 2014, we no longer offer a Company stock match under the Company’s 401(k) plan. (4) As of December 29, 2019 , these shares were no longer reserved. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 29, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Shares of our Company’s Class A and Class B Common Stock are entitled to equal participation in the event of liquidation and in dividend declarations. The Class B Common Stock is convertible at the holders’ option on a share-for-share basis into Class A Common Stock. Upon conversion, the previously outstanding shares of Class B Common Stock that were converted are automatically and immediately retired, resulting in a reduction of authorized Class B Common Stock. As provided for in our Company’s Certificate of Incorporation, the Class A Common Stock has limited voting rights, including the right to elect 30% of the Board of Directors, and the Class A and Class B Common Stock have the right to vote together on the reservation of our Company shares for stock options and other stock-based plans, on the ratification of the selection of a registered public accounting firm and, in certain circumstances, on acquisitions of the stock or assets of other companies. Otherwise, except as provided by the laws of the State of New York, all voting power is vested solely and exclusively in the holders of the Class B Common Stock. There were 803,404 shares as of December 29, 2019 , and 803,408 as of December 30, 2018 , of Class B Common Stock issued and outstanding that may be converted into shares of Class A Common Stock. The Adolph Ochs family trust holds approximately 90% of the Class B Common Stock and, as a result, has the ability to elect 70% of the Board of Directors and to direct the outcome of any matter that does not require a vote of the Class A Common Stock. In early 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 December 29, 2019 , repurchases under this authorization totaled $84.9 million (excluding commissions) and $16.2 million remained. Our Board of Directors has authorized us to purchase shares from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization. We may issue preferred stock in one or more series. The Board of Directors is authorized to set the distinguishing characteristics of each series of preferred stock prior to issuance, including the granting of limited or full voting rights; however, the consideration received must be at least $ 100 per share. No shares of preferred stock were issued or outstanding as of December 29, 2019 . The following table summarizes the changes in AOCI by component as of December 29, 2019 : (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net unrealized gain on Available-for-sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 30, 2018 $ 4,677 $ (520,308 ) $ (2,093 ) $ (517,724 ) Other comprehensive (loss)/income before reclassifications, before tax (1,684 ) 9,290 3,624 11,230 Amounts reclassified from accumulated other comprehensive loss, before tax — 19,697 — 19,697 Income tax (benefit)/expense (445 ) 7,665 959 8,179 Net current-period other comprehensive (loss)/income, net of tax (1,239 ) 21,322 2,665 22,748 Balance as of December 29, 2019 $ 3,438 $ (498,986 ) $ 572 $ (494,976 ) The following table summarizes the reclassifications from AOCI for the period ended December 29, 2019 : (In thousands) Detail about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in the statement where net income is presented Funded status of benefit plans: Amortization of prior service credit (1) $ (6,698 ) Other components of net periodic benefit costs Amortization of actuarial loss (1) 26,395 Other components of net periodic benefit costs Total reclassification, before tax 19,697 Income tax expense 5,208 Income tax expense Total reclassification, net of tax $ 14,489 (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Notes 10 and 11 for additional information. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 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 Consolidated Financial Statements. |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 29, 2019 | |
Leases [Abstract] | |
Leases | Leases Lessee activities Operating leases We have operating leases for office space and equipment. 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 Consolidated Balance Sheet as of December 29, 2019 , as described below. The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Consolidated Balance Sheet December 29, 2019 Operating lease right-of-use assets Miscellaneous assets $ 53,549 Current operating lease liabilities Accrued expenses and other $ 7,853 Noncurrent operating lease liabilities Other 55,136 Total operating lease liabilities $ 62,989 The total lease cost for operating leases included in Selling, general and administrative costs in our Consolidated Statement of Operations was as follows: For the Twelve Months Ended (In thousands) December 29, 2019 Operating lease cost $ 9,980 Short term and variable lease cost 1,814 Total lease cost $ 11,794 Prior to the adoption of ASU 2016-02, rental expense was approximately $14 million in 2018 and $19 million in 2017. The table below presents additional information regarding operating leases: (In thousands, except lease term and discount rate) December 29, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 9,101 Right-of-use assets obtained in exchange for operating lease liabilities $ 61,270 Weighted-average remaining lease term 9.7 years Weighted-average discount rate 4.64 % Maturities of lease liabilities on an annual basis for the Company's operating leases as of December 29, 2019 , were as follows: (In thousands) Amount 2020 $ 10,092 2021 9,146 2022 8,689 2023 8,079 2024 7,042 Later Years 35,113 Total lease payments $ 78,161 Less: Interest (15,172 ) Present value of lease liabilities $ 62,989 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 Consolidated Statement of Operations. Repayments of the principal portion of our lease liability are recorded within financing activities section and payments of interest on our lease liability are recorded within operating activities section in the Consolidated 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. As of December 29, 2019 , the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment in our Consolidated Balance Sheet was approximately $510 million and $204 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 Twelve Months Ended (In thousands) December 29, 2019 Building rental revenue (1) $ 30,595 (1) Building rental revenue includes approximately $10.8 million related to subleases for the fiscal year ended December 29, 2019 . Maturities of lease payments to be received on an annual basis for the Company's office space operating leases as of December 29, 2019 , were as follows: (In thousands) Amount 2020 $ 32,242 2021 32,259 2022 32,254 2023 19,329 2024 15,529 Later Years 126,633 Total building rental revenue from operating leases $ 258,246 |
Leases | Leases Lessee activities Operating leases We have operating leases for office space and equipment. 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 Consolidated Balance Sheet as of December 29, 2019 , as described below. The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Consolidated Balance Sheet December 29, 2019 Operating lease right-of-use assets Miscellaneous assets $ 53,549 Current operating lease liabilities Accrued expenses and other $ 7,853 Noncurrent operating lease liabilities Other 55,136 Total operating lease liabilities $ 62,989 The total lease cost for operating leases included in Selling, general and administrative costs in our Consolidated Statement of Operations was as follows: For the Twelve Months Ended (In thousands) December 29, 2019 Operating lease cost $ 9,980 Short term and variable lease cost 1,814 Total lease cost $ 11,794 Prior to the adoption of ASU 2016-02, rental expense was approximately $14 million in 2018 and $19 million in 2017. The table below presents additional information regarding operating leases: (In thousands, except lease term and discount rate) December 29, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 9,101 Right-of-use assets obtained in exchange for operating lease liabilities $ 61,270 Weighted-average remaining lease term 9.7 years Weighted-average discount rate 4.64 % Maturities of lease liabilities on an annual basis for the Company's operating leases as of December 29, 2019 , were as follows: (In thousands) Amount 2020 $ 10,092 2021 9,146 2022 8,689 2023 8,079 2024 7,042 Later Years 35,113 Total lease payments $ 78,161 Less: Interest (15,172 ) Present value of lease liabilities $ 62,989 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 Consolidated Statement of Operations. Repayments of the principal portion of our lease liability are recorded within financing activities section and payments of interest on our lease liability are recorded within operating activities section in the Consolidated 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. As of December 29, 2019 , the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment in our Consolidated Balance Sheet was approximately $510 million and $204 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 Twelve Months Ended (In thousands) December 29, 2019 Building rental revenue (1) $ 30,595 (1) Building rental revenue includes approximately $10.8 million related to subleases for the fiscal year ended December 29, 2019 . Maturities of lease payments to be received on an annual basis for the Company's office space operating leases as of December 29, 2019 , were as follows: (In thousands) Amount 2020 $ 32,242 2021 32,259 2022 32,254 2023 19,329 2024 15,529 Later Years 126,633 Total building rental revenue from operating leases $ 258,246 |
Leases | Leases Lessee activities Operating leases We have operating leases for office space and equipment. 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 Consolidated Balance Sheet as of December 29, 2019 , as described below. The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Consolidated Balance Sheet December 29, 2019 Operating lease right-of-use assets Miscellaneous assets $ 53,549 Current operating lease liabilities Accrued expenses and other $ 7,853 Noncurrent operating lease liabilities Other 55,136 Total operating lease liabilities $ 62,989 The total lease cost for operating leases included in Selling, general and administrative costs in our Consolidated Statement of Operations was as follows: For the Twelve Months Ended (In thousands) December 29, 2019 Operating lease cost $ 9,980 Short term and variable lease cost 1,814 Total lease cost $ 11,794 Prior to the adoption of ASU 2016-02, rental expense was approximately $14 million in 2018 and $19 million in 2017. The table below presents additional information regarding operating leases: (In thousands, except lease term and discount rate) December 29, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 9,101 Right-of-use assets obtained in exchange for operating lease liabilities $ 61,270 Weighted-average remaining lease term 9.7 years Weighted-average discount rate 4.64 % Maturities of lease liabilities on an annual basis for the Company's operating leases as of December 29, 2019 , were as follows: (In thousands) Amount 2020 $ 10,092 2021 9,146 2022 8,689 2023 8,079 2024 7,042 Later Years 35,113 Total lease payments $ 78,161 Less: Interest (15,172 ) Present value of lease liabilities $ 62,989 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 Consolidated Statement of Operations. Repayments of the principal portion of our lease liability are recorded within financing activities section and payments of interest on our lease liability are recorded within operating activities section in the Consolidated 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. As of December 29, 2019 , the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment in our Consolidated Balance Sheet was approximately $510 million and $204 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 Twelve Months Ended (In thousands) December 29, 2019 Building rental revenue (1) $ 30,595 (1) Building rental revenue includes approximately $10.8 million related to subleases for the fiscal year ended December 29, 2019 . Maturities of lease payments to be received on an annual basis for the Company's office space operating leases as of December 29, 2019 , were as follows: (In thousands) Amount 2020 $ 32,242 2021 32,259 2022 32,254 2023 19,329 2024 15,529 Later Years 126,633 Total building rental revenue from operating leases $ 258,246 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 29, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Restricted Cash We were required to maintain $17.1 million of restricted cash as of December 29, 2019 , and $18.3 million as of December 30, 2018 , the majority of which is set aside to collateralize workers’ compensation obligations. Legal Proceedings 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. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 29, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Quarterly Dividend In February 2020, our Board of Directors approved a quarterly dividend of $0.06 per share on our Class A and Class B common stock, an increase of $0.01 per share from the previous quarter. The dividend is payable on April 23, 2020, to all stockholders of record as of the close of business on April 8, 2020. |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 29, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | QUARTERLY INFORMATION (UNAUDITED) Quarterly financial information for each quarter in the years ended December 29, 2019 , and December 30, 2018 is included in the following tables. Earnings/(loss) per share amounts for the quarters do not necessarily equal the respective year-end amounts for earnings or loss per share due to the weighted-average number of shares outstanding used in the computations for the respective periods. Earnings/(loss) per share amounts for the respective quarters and years have been computed using the average number of common shares outstanding. One of our largest sources of revenue is advertising. Our business has historically experienced higher advertising volume in the fourth quarter than the remaining quarters because of holiday advertising. 2019 Quarters (In thousands, except per share data) March 31, June 30, September 29, December 29, Full Year (13 weeks) (13 weeks) (13 weeks) (13 weeks) (52 weeks) Revenues $ 439,062 $ 436,258 $ 428,501 $ 508,363 $ 1,812,184 Operating costs 404,464 398,325 401,452 430,398 1,634,639 Restructuring charge (1) — — 4,008 — 4,008 Gain from pension liability adjustment (2) — — (2,045 ) — (2,045 ) Operating profit 34,598 37,933 25,086 77,965 175,582 Other components of net periodic benefit costs 1,835 1,833 1,834 1,800 7,302 Interest expense and other, net 1,303 1,514 755 248 3,820 Income from continuing operations before income taxes 31,460 34,586 22,497 75,917 164,460 Income tax expense 1,304 9,415 6,070 7,705 24,494 Net income attributable to The New York Times Company common stockholders $ 30,156 $ 25,171 $ 16,427 $ 68,212 $ 139,966 Average number of common shares outstanding: Basic 165,674 166,152 166,148 166,239 166,042 Diluted 167,129 167,549 167,555 167,728 167,545 Basic earnings per share attributable to The New York Times Company common stockholders: Net income $ 0.18 $ 0.15 $ 0.10 $ 0.41 $ 0.84 Diluted earnings per share attributable to The New York Times Company common stockholders: Net income $ 0.18 $ 0.15 $ 0.10 $ 0.41 $ 0.83 Dividends declared per share $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.20 (1) In the third quarter of 2019, the Company recognized a $4.0 million of pre-tax expense related to restructuring charges, including impairment and severance charges related to the closure of our digital marketing agency, HelloSociety, LLC. (2) In the third quarter of 2019, the Company recorded a $2.0 million gain from a multiemployer pension plan liability adjustment. 2018 Quarters (In thousands, except per share data) April 1, July 1, September 30, December 30, Full Year (13 weeks) (13 weeks) (13 weeks) (13 weeks) (52 weeks) Revenues $ 413,948 $ 414,560 $ 417,346 $ 502,744 $ 1,748,598 Operating costs 378,005 373,306 380,754 426,713 1,558,778 Headquarters redesign and consolidation (1) 1,888 1,252 — 1,364 4,504 Gain from pension liability adjustment (2) — — (4,851 ) — (4,851 ) Operating profit 34,055 40,002 41,443 74,667 190,167 Other components of net periodic benefit costs 2,028 1,863 2,335 2,048 8,274 Gain/(loss) from joint ventures 15 (8 ) (16 ) 10,773 10,764 Interest expense and other, net 4,877 4,536 4,026 3,127 16,566 Income from continuing operations before income taxes 27,165 33,595 35,066 80,265 176,091 Income tax expense 5,251 9,999 10,092 23,289 48,631 Net income 21,914 23,596 24,974 56,976 127,460 Net (income)/loss attributable to the noncontrolling interest (2 ) 1 2 (1,777 ) (1,776 ) Net income attributable to The New York Times Company common stockholders $ 21,912 $ 23,597 $ 24,976 $ 55,199 $ 125,684 Average number of common shares outstanding: Basic 164,094 165,027 165,064 165,154 164,845 Diluted 166,237 166,899 166,966 167,249 166,939 Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: Net income/(loss) $ 0.13 $ 0.14 $ 0.15 $ 0.33 $ 0.76 Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: Net income/(loss) $ 0.13 $ 0.14 $ 0.15 $ 0.33 $ 0.75 Dividends declared per share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.16 (1) We recognized expenses related to the redesign and consolidation of space in our Company Headquarters. (2) In the third quarter of 2018, the Company recorded a $4.9 million gain from a multiemployer pension plan liability adjustment. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 29, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 29, 2019 , December 30, 2018 , and December 31, 2017 : (In thousands) Balance at beginning of period Additions charged to operating costs and other Deductions (1) Balance at end of period Accounts receivable allowances: Year ended December 29, 2019 $ 13,249 $ 14,807 $ 13,698 $ 14,358 Year ended December 30, 2018 $ 14,542 $ 11,830 $ 13,123 $ 13,249 Year ended December 31, 2017 $ 16,815 $ 11,747 $ 14,020 $ 14,542 (1) Includes write-offs, net of recoveries. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of our Company and our wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions. The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity. |
Reclassification | Reclassification Certain prior period amounts have been reclassified to conform with the current period presentation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ from these estimates. |
Fiscal Year | Fiscal Year Our fiscal year end is the last Sunday in December. Fiscal years 2019 and 2018 each comprised 52 weeks and fiscal year 2017 comprised 53 weeks. Our fiscal years ended as of December 29, 2019 , December 30, 2018 , and December 31, 2017 , respectively. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. |
Marketable Securities | Marketable Securities We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term. The Company’s marketable securities are accounted for as available for sale (“AFS”). AFS securities are reported at fair value. Unrealized gains and losses, after applicable income taxes, are reported in accumulated other comprehensive income/(loss). 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. For AFS securities, 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. |
Concentration of Risk | Concentration of Risk Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and marketable securities. Cash is placed with major financial institutions. As of December 29, 2019 , we had cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these financial institutions as part of our ongoing investment strategy. Our marketable securities portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash equivalents and marketable securities are primarily managed by third-party investment managers who are required to adhere to investment policies approved by our Board of Directors designed to mitigate risk. |
Accounts Receivable | Accounts Receivable Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, rate adjustments and discounts are generally established based on historical experience. |
Inventories | Inventories Inventories are included within Other current assets of the Consolidated Balance Sheets. Inventories are stated at the lower of cost or net realizable value. Inventory cost is generally based on the last-in, first-out (“LIFO”) method for newsprint and other paper grades and the first-in, first-out (“FIFO”) method for other inventories. |
Investments | Investments Investments in which we have at least a 20% , but not more than a 50% , interest are generally accounted for under the equity method. We elected the fair value measurement alternative for our investment interests below 20% and account for these investments at cost l ess impairments, adjusted by observable price changes in orderly transactions for the identical or similar investments of the same issuer given our equity instruments are without readily determinable fair values. We evaluate whether there has been an impairment of our investments annually or in an interim period if circumstances indicate that a possible impairment may exist. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements – 10 to 40 years; equipment – 3 to 30 years; and software – 3 to 5 years. We capitalize interest costs and certain staffing costs as part of the cost of major projects. |
Lessee, Leases | Lessee activities We enter into 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. 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. |
Lessor, Leases | Lessor activities Our leases to third parties predominantly relate to office space in our New York headquarters building located at 620 Eighth Avenue, New York, New York (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. |
Goodwill and Intangibles | Goodwill and Intangibles Goodwill is the excess of cost over the fair value of tangible and intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter. We test goodwill for impairment at a reporting unit level. During the fourth quarter of 2018, we adopted accounting guidance that simplifies our goodwill impairment testing by eliminating the requirement to calculate the implied fair value of goodwill (formerly “Step 2”) in the event that an impairment is identified. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key management personnel and our share price. The result of this assessment determines whether it is necessary to perform the goodwill impairment test (formerly “Step 1”). For the 2019 annual impairment testing, based on our qualitative assessment, we concluded that goodwill is not impaired. If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we compare the fair value of a reporting unit with its carrying amount, including goodwill. Fair value is calculated by a combination of a discounted cash flow model and a market approach model. In calculating fair value for a reporting unit, we generally weigh the results of the discounted cash flow model more heavily than the market approach because the discounted cash flow model is specific to our business and long-term projections. If the fair value of a reporting unit exceeds its carrying amount, goodwill of that reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Intangible assets that are not amortized (i.e., trade names) are tested for impairment at the asset level by comparing the fair value of the asset with its carrying amount. If the fair value, which is based on future cash flows, exceeds the carrying value, the asset is not considered impaired. If the carrying amount exceeds the fair value, an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the asset over the fair value of the asset. We recognized a de minimis impairment in 2019 related to to the closure of our digital marketing agency, HelloSociety, LLC. Intangible assets that are amortized (i.e., customer lists, non-competes, etc.) are tested for impairment at the asset level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (1) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater than its fair value. The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working capital, discount rates and royalty rates. The starting point for the assumptions used in our discounted cash flow analysis is the annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and operating performance, related industry trends, macroeconomic conditions, and marketplace data, among others. Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic conditions outside our control. The market approach analysis includes applying a multiple, based on comparable market transactions, to certain operating metrics of a reporting unit. The significant estimates and assumptions used by management in assessing the recoverability of goodwill acquired and intangibles are estimated future cash flows, discount rates, growth rates, as well as other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes. In addition to annual testing, management uses certain indicators to evaluate whether the carrying value of a reporting unit or intangibles may not be recoverable and an interim impairment test may be required. These indicators include: (1) current-period operating results or cash flow declines combined with a history of operating results or cash flow declines or a projection/forecast that demonstrates continuing declines in the cash flow or the inability to improve our operations to forecasted levels; (2) a significant adverse change in the business climate, whether structural or technological; (3) significant impairments; and (4) a decline in our stock price and market capitalization. |
Self-Insurance | Self-Insurance |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Our single-employer pension and other postretirement benefit costs are accounted for using actuarial valuations. We recognize the funded status of these plans – measured as the difference between plan assets, if funded, and the benefit obligation – on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), net of income taxes. The service cost component of net periodic pension cost is recognized in Total operating costs while the other components are recognized within Other components of net periodic benefit costs in our Consolidated Statements of Operations below Operating profit . The assets related to our funded pension plans are measured at fair value. We make significant subjective judgments about a number of actuarial assumptions, which include discount rates, health-care cost trend rates, long-term return on plan assets and mortality rates. Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements. We have elected the practical expedient to use the month-end that is closest to our fiscal year-end for measuring the single-employer pension plan assets and obligations as well as other postretirement benefit plan assets and obligations. We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We record liabilities for obligations related to complete, partial and estimated withdrawals from multiemployer pension plans. The actual liability for estimated withdrawals is not known until each plan completes a final assessment of the withdrawal liability and issues a demand to us. Therefore, we adjust the estimate of our multiemployer pension plan liability as more information becomes available that allows us to refine our estimates. See Notes 10 and 11 for additional information regarding pension and other postretirement benefits. |
Revenue Recognition | Revenue Recognition 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 primarily derived from offerings sold directly to marketers by our advertising sales teams. A significantly smaller and diminishing proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising revenues are primarily determined by the volume, rate and mix of advertisements. 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 upon completion of a transaction), television and film (primarily from our television series, “The Weekly”), NYT Live (our live events business) and retail commerce. Revenue is recognized when a performance obligation is satisfied by transferring a promised good or service to a customer. A good or service is considered transferred when the customer obtains control, which is when the customer has the ability to direct the use of and/or obtain substantially all of the benefits of an asset. Proceeds from subscription revenues are deferred at the time of sale and are recognized on a pro rata basis over the terms of the subscriptions. Payment is typically due upfront and the revenue is recognized ratably over the subscription period. The deferred proceeds are recorded within Unexpired subscriptions revenue in the Consolidated Balance Sheet. Single-copy revenue is recognized based on date of publication, net of provisions for related returns. Payment for single-copy sales is typically due upon complete satisfaction of our performance obligations. The Company does not have significant financing components or significant payment terms as we only offer industry standard payment terms to our customers. When our subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. We are considered a principal if we control a promised good or service before transferring that good or service to the customer. The Company considers several factors to determine if it controls the good and therefore is the principal. These factors include: (1) if we have primary responsibility for fulfilling the promise; (2) if we have inventory risk before the goods or services are transferred to the customer or after the transfer of control to the customer; and (3) if we have discretion in establishing price for the specified good or service. Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user clicks on certain advertisements, net of provisions for estimated rebates and rate adjustments. Creative services fees, including those associated with our branded content studio, are recognized as revenue based on the nature of the services provided. We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will be earned, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. We recognize an obligation for rate adjustments as a reduction of revenues, based on the amount of estimated post-billing adjustments that will be claimed. Measurement of the rate adjustment reserve is estimated based on historical experience of credits actually issued. Payment for advertising is due upon complete satisfaction of our performance obligations. The Company has a formal credit checking policy, procedures and controls in place that evaluate collectability prior to ad publication. Our advertising contracts do not include a significant financing component. Other revenues are recognized when the delivery occurs, services are rendered or purchases are made. Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. In the case of our digital archive licensing contracts, the transaction price was allocated among the performance obligations, which consist of (i) the archival content and (ii) the updated content, based on the Company’s estimate of the standalone selling price of each of the performance obligations, as they are currently not sold separately. In the case of our advertising contracts we may have performance obligations for future services that have not been recognized in our financial statements. The performance obligations are satisfied over time with revenue recognized ratably over the contract term as the advertising services are provided to the customer. Contract Assets We record revenue from performance obligations when performance obligations are satisfied. For our digital archiving licensing revenue, we record revenue related to the portion of performance obligation (i) satisfied at the commencement of the contract when the customer obtains control of the archival content or (ii) when the updated content is transferred. We receive payments from customers based upon contractual billing schedules. As the transfer of control represents a right to the contract consideration, we record a contract asset in Other current assets for short-term contract assets and Miscellaneous assets for long-term contract assets on the Consolidated Balance Sheet for any amounts not yet invoiced to the customer. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule. Significant Judgments Our contracts with customers sometimes include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. We use an observable price to determine the standalone selling price for separate performance obligations if available or, when not available, an estimate that maximizes the use of observable inputs and faithfully depicts the selling price of the promised goods or services if we sold those goods or services separately to a similar customer in similar circumstances. Practical Expedients and Exemptions We expense the cost to obtain or fulfill a contract as incurred because the amortization period of the asset that the entity otherwise would have recognized is one year or less. We also apply the practical expedient for the significant financing component when the difference between the payment and the transfer of the products and services is a year or less. |
Income Taxes | Income Taxes Income taxes are recognized for the following: (1) the amount of taxes payable for the current year; and (2) deferred tax assets and liabilities for the future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes in the period of enactment. We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (i.e., sources of taxable income) and negative (i.e., recent historical losses) evidence and assessing, based on the evidence, whether it is more likely than not that the deferred tax assets will not be realized. As a result of the Tax Cuts and Jobs Act (the “Tax Act”), we reclassified stranded tax effects from accumulated other comprehensive income/(loss) to retained earnings in the first quarter of 2018. We release tax effects from accumulated other comprehensive income/(loss) for pension and other postretirement benefits on a plan by plan approach. We recognize in our financial statements the impact of a tax position if that tax position is more likely than not of being sustained on audit, based on the technical merits of the tax position. This involves the identification of potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax positions is necessary. Different conclusions reached in this assessment can have a material impact on our Consolidated Financial Statements. |
Stock-Based Compensation | Stock-Based Compensation We establish fair value based on market data for our stock-based awards to determine our cost and recognize the related expense over the appropriate vesting period. We recognize stock-based compensation expense for outstanding stock-settled long-term performance awards, restricted stock units and stock appreciation rights, net of estimated forfeitures. See Note 16 for additional information related to stock-based compensation expense. |
Earnings/(Loss) Per Share | Earnings/(Loss) Per Shar e As the Company has participating securities, GAAP requires to use the two-class method of computing earnings per share. The two-class method is an earnings allocation method for computing earnings/(loss) per share 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/(loss) 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. Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders by the weighted-average common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive. |
Foreign Currency Translation | Foreign Currency Translation The assets and liabilities of foreign companies are translated at period-end exchange rates. Results of operations are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption Accumulated other comprehensive loss, net of income taxes . |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2016-02 2018-10 2018-11 2018-20 2019-01 Leases Fiscal years beginning after December 30, 2018. Early adoption is permitted. Accounting for leases and disclosure of key information about leasing arrangements, 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 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 Accounting Pronouncements The Financial Accounting Standards Board (the “FASB”) issued authoritative guidance on the following topics: Accounting Standard Update(s) Topic Effective Period Summary 2019-12 Simplifying the Accounting for Income Taxes (Topic 740) Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption is permitted. Simplifies the accounting for income taxes by eliminating certain exceptions to the guidance in Accounting Standards Codification (“ASC”) 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The standard also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. We are currently in the process of evaluating the impact of this guidance on our consolidated financial statements. 2018-15 Intangibles—Goodwill and Other—Internal-Use Software Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Clarifies the accounting for implementation costs in cloud computing arrangements. The standard provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. The Company will adopt this ASU on December 30, 2019. The adoption will not have a material impact on the Company’s consolidated financial statements. 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General Fiscal years ending after December 15, 2020, and interim periods within those fiscal years. Early adoption is permitted. Modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. We are currently in the process of evaluating the impact on our consolidated financial statements. 2018-13 Fair Value Measurement (Topic 820) Disclosure Framework Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Modifies the disclosure requirements on fair value measurements. The amendments of disclosures related to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company will adopt this ASU on December 30, 2019. The adoption will not have a material impact on the Company’s disclosures. 2016-13 2018-19 2019-04 Financial Instruments—Credit Losses Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Amends guidance on reporting credit losses for assets, including trade receivables, available-for-sale marketable securities and any other financial assets not excluded from the scope that have the contractual right to receive cash. For trade receivables, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. For available-for-sale marketable securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The Company will adopt this ASU on December 30, 2019. The adoption will not have a material impact on the Company’s consolidated financial statements. The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Subscription, advertising and other revenues were as follows: Years Ended (In thousands) December 29, 2019 December 30, 2018 December 31, 2017 (52 weeks) (52 weeks) (53 weeks) Subscription $ 1,083,851 $ 1,042,571 $ 1,008,431 Advertising 530,678 558,253 558,513 Other (1) 197,655 147,774 108,695 Total (2) $ 1,812,184 $ 1,748,598 $ 1,675,639 (1) Other revenue includes building rental revenue , which is not under the scope of Topic 606. Building rental revenue was approximately $31 million , $23 million and $17 million for the years ended December 29, 2019 , December 30, 2018 and December 31, 2017 , respectively. (2) Total revenue includes digital revenue of approximately $801 million , $709 million and $620 million for the years ended December 29, 2019 , December 30, 2018 and December 31, 2017 , respectively. The following table summarizes print and digital subscription revenues, which are components of subscription revenues above, for the years ended December 29, 2019 , December 30, 2018 and December 31, 2017 : Years Ended (In thousands) December 29, 2019 December 30, 2018 December 31, 2017 (52 weeks) (52 weeks) (53 weeks) Print subscription revenues $ 623,399 $ 641,951 $ 668,088 Digital-only subscription revenues: News product subscription revenues (1) 426,125 378,484 325,956 Other product subscription revenues (2) 34,327 22,136 14,387 Total subscription revenues $ 1,083,851 $ 1,042,571 $ 1,008,431 (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: Years Ended December 29, 2019 December 30, 2018 December 31, 2017 (In thousands) (52 weeks) (52 weeks) (53 weeks) Print Digital Total Print Digital Total Print Digital Total Display $ 240,723 $ 189,102 $ 429,825 $ 269,160 $ 202,038 $ 471,198 $ 285,679 $ 198,658 $ 484,337 Other 29,501 71,352 100,853 30,220 56,835 87,055 34,543 39,633 74,176 Total advertising $ 270,224 $ 260,454 $ 530,678 $ 299,380 $ 258,873 $ 558,253 $ 320,222 $ 238,291 $ 558,513 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 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 securities as of December 29, 2019 , and December 30, 2018 : December 29, 2019 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 98,864 $ 271 $ (9 ) $ 99,126 U.S. Treasury securities 43,098 8 (11 ) 43,095 U.S. governmental agency securities 37,471 35 (4 ) 37,502 Commercial paper 12,561 — — 12,561 Certificates of deposit 9,501 — — 9,501 Total short-term AFS securities $ 201,495 $ 314 $ (24 ) $ 201,785 Long-term AFS securities Corporate debt securities $ 103,149 $ 617 $ (29 ) $ 103,737 U.S. Treasury securities 101,457 84 (103 ) 101,438 U.S. governmental agency securities 46,600 5 (84 ) 46,521 Total long-term AFS securities $ 251,206 $ 706 $ (216 ) $ 251,696 December 30, 2018 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 140,631 $ 1 $ (464 ) $ 140,168 U.S. Treasury securities 107,717 — (232 ) 107,485 U.S. governmental agency securities 92,628 — (654 ) 91,974 Commercial paper 8,177 — — 8,177 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 present the AFS securities as of December 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: December 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 Corporate debt securities $ 20,975 $ (6 ) $ 8,251 $ (3 ) $ 29,226 $ (9 ) U.S. Treasury securities 13,296 (3 ) 11,147 (8 ) 24,443 (11 ) U.S. governmental agency securities — — 15,000 (4 ) 15,000 (4 ) Total short-term AFS securities $ 34,271 $ (9 ) $ 34,398 $ (15 ) $ 68,669 $ (24 ) Long-term AFS securities Corporate debt securities $ 35,891 $ (25 ) $ 4,502 $ (4 ) $ 40,393 $ (29 ) U.S. Treasury securities 60,935 (103 ) — — 60,935 (103 ) U.S. governmental agency securities 34,167 (84 ) — — 34,167 (84 ) Total long-term AFS securities $ 130,993 $ (212 ) $ 4,502 $ (4 ) $ 135,495 $ (216 ) December 30, 2018 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Short-term AFS securities Corporate debt securities $ 76,886 $ (115 ) $ 61,459 $ (349 ) $ 138,345 $ (464 ) U.S. Treasury securities 70,830 (31 ) 28,207 (201 ) 99,037 (232 ) U.S. governmental agency securities 11,664 (4 ) 80,311 (650 ) 91,975 (654 ) 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. Treasury securities 20,479 (29 ) 23,762 (318 ) 44,241 (347 ) U.S. governmental agency securities 21,579 (36 ) 11,868 (132 ) 33,447 (168 ) Total long-term AFS securities $ 123,713 $ (635 ) $ 62,895 $ (912 ) $ 186,608 $ (1,547 ) |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Balances | The changes in the carrying amount of goodwill as of December 29, 2019 , and since December 31, 2017 , were as follows: (In thousands) Total Company Balance as of December 31, 2017 $ 143,549 Foreign currency translation (3,267 ) Balance as of December 30, 2018 140,282 Foreign currency translation (1,608 ) Balance as of December 29, 2019 $ 138,674 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Madison Paper Industries | |
Schedule of Equity Method Investments [Line Items] | |
Schedule and summarized unaudited condensed combined income statements of equity method investments | The following table presents summarized unaudited balance sheet information for Madison, which follows a calendar year: (In thousands) December 31, 2019 December 31, 2018 Current assets $ 15,337 $ 18,374 Total assets 15,337 18,374 Current liabilities 570 3,336 Total liabilities 570 3,336 Total equity $ 14,767 $ 15,038 The following table presents summarized unaudited income statement information for Madison, which follows a calendar year: For the Twelve Months Ended (In thousands) December 31, 2019 December 31, 2018 December 31, 2017 Income/(Expenses): Cost of sales (1) $ — $ — $ (13,396 ) General and administrative (expense)/income and other (2) (318 ) (1,280 ) 55,058 Total operating (expense)/income (318 ) (1,280 ) 41,662 Other income 46 122 18 Net (loss)/income $ (272 ) $ (1,158 ) $ 41,680 (1) Primarily represents Madison’s settlement of its pension obligations in 2017. (2) Primarily represents gains/(losses) from the sale of assets and closure of Madison in 2017. |
Debt Obligations - (Tables)
Debt Obligations - (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of carrying value of outstanding debt | Our indebtedness primarily consisted of the repurchase option related to a sale-leaseback of a portion of our New York headquarters. We did not have outstanding debt or capital lease obligations as of December 29, 2019 . As of December 30, 2018 , our total debt and capital lease obligations consisted of the following: (In thousands) December 30, 2018 Option to repurchase ownership interest in Company Headquarters in 2019: Principal amount $ 250,000 Less unamortized discount based on imputed interest rate of 13.0% 3,202 Net option to repurchase ownership interest in Company Headquarters in 2019 246,798 Capital lease obligations (1) 6,832 Total short-term debt and capital lease obligations $ 253,630 (1) 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. |
Schedule of components of interest expense, net | Interest expense and other, net , as shown in the accompanying Consolidated Statements of Operations was as follows: (In thousands) December 29, December 30, December 31, Interest expense $ 26,928 $ 28,134 $ 27,732 Amortization of debt costs and discount on debt (1,459 ) 3,394 3,205 Capitalized interest (69 ) (452 ) (1,257 ) Interest income and other expense, net (21,580 ) (14,510 ) (9,897 ) Total interest expense and other, net $ 3,820 $ 16,566 $ 19,783 |
Other Other (Tables)
Other Other (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Other Income and Expenses [Abstract] | |
Schedule of Cash and Cash Equivalents | A reconciliation of cash, cash equivalents and restricted cash as of December 29, 2019 and December 30, 2018 from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is as follows: (In thousands) December 29, 2019 December 30, 2018 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 230,431 $ 241,504 Restricted cash included within other current assets 528 642 Restricted cash included within miscellaneous assets 16,559 17,653 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 247,518 $ 259,799 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 29, 2019 and December 30, 2018 : (In thousands) December 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) Corporate debt securities $ 99,126 $ — $ 99,126 $ — $ 140,168 $ — $ 140,168 $ — U.S Treasury securities 43,095 — 43,095 — 107,485 — 107,485 — U.S. governmental agency securities 37,502 — 37,502 — 91,974 — 91,974 — Commercial paper 12,561 — 12,561 — 8,177 — 8,177 — Certificates of deposit 9,501 — 9,501 — 23,497 — 23,497 — Total short-term AFS securities $ 201,785 $ — $ 201,785 $ — $ 371,301 $ — $ 371,301 $ — Long-term AFS securities (1) Corporate debt securities $ 103,737 $ — $ 103,737 $ — $ 129,624 $ — $ 129,624 $ — U.S Treasury securities 101,438 — 101,438 — 46,737 — 46,737 — U.S. governmental agency securities 46,521 — 46,521 — 37,197 — 37,197 — Total long-term AFS securities $ 251,696 $ — $ 251,696 $ — $ 213,558 $ — $ 213,558 $ — Liabilities: Deferred compensation (2)(3) $ 23,702 $ 23,702 $ — $ — $ 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 Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), a frozen plan which 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 balance in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Consolidated Balance Sheets, and were $46.0 million as of December 29, 2019 , and $38.1 million as of December 30, 2018 . The fair value of these assets is measured using the net asset value (“NAV”) per share (or its equivalent) and has not been classified in the fair value hierarchy. |
Pension Benefits (Tables)
Pension Benefits (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Pension Benefits | |
Schedule of Allocation of Plan Assets | The asset allocations by asset category as of December 29, 2019 , were as follows Asset Category Percentage Range Actual Hedging Assets 75% - 90% 79 % Return-Seeking Assets 10% - 25% 21 % Cash and Equivalents 0% - 5% 0 % |
Pension Plan | |
Pension Benefits | |
Schedule of Components of Net Periodic Pension Benefit Cost | The components of net periodic pension (income)/cost were as follows: December 29, 2019 December 30, 2018 December 31, 2017 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 5,113 $ 118 $ 5,231 $ 9,986 $ 79 $ 10,065 $ 9,720 $ 79 $ 9,799 Interest cost 58,835 8,420 67,255 52,770 7,383 60,153 60,742 7,840 68,582 Expected return on plan assets (80,877 ) — (80,877 ) (82,327 ) — (82,327 ) (102,900 ) — (102,900 ) Amortization and other costs 18,639 4,381 23,020 26,802 5,114 31,916 29,051 4,318 33,369 Amortization of prior service (credit)/cost (1,945 ) 13 (1,932 ) (1,945 ) — (1,945 ) (1,945 ) — (1,945 ) Effect of settlement/curtailment — (373 ) (373 ) — 221 221 102,109 — 102,109 Net periodic pension (income)/cost $ (235 ) $ 12,559 $ 12,324 $ 5,286 $ 12,797 $ 18,083 $ 96,777 $ 12,237 $ 109,014 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income/loss were as follows: (In thousands) December 29, December 30, December 31, Net actuarial (gain)/loss $ (10,292 ) $ 29,965 $ 22,600 Prior service cost 706 — — Amortization of loss (23,020 ) (31,916 ) (33,369 ) Amortization of prior service credit 1,932 1,945 1,945 Effect of settlement — (421 ) (102,109 ) Total recognized in other comprehensive income (30,674 ) (427 ) (110,933 ) Net periodic pension cost 12,324 18,083 109,014 Total recognized in net periodic benefit (income)/cost and other comprehensive (income)/loss $ (18,350 ) $ 17,656 $ (1,919 ) |
Schedule of Changes in Projected Benefit Obligations and Plan Assets | The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: December 29, 2019 December 30, 2018 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Change in benefit obligation Benefit obligation at beginning of year $ 1,491,398 $ 223,066 $ 1,714,464 $ 1,636,488 $ 245,302 $ 1,881,790 Service cost 5,113 118 5,231 9,986 79 10,065 Interest cost 58,835 8,420 67,255 52,770 7,383 60,153 Plan participants’ contributions — — — 3 — 3 Amendments — 706 706 — — — Actuarial loss/(gain) 191,104 32,874 223,978 (123,670 ) (10,221 ) (133,891 ) Curtailments — (373 ) (373 ) — (200 ) (200 ) Benefits paid (86,163 ) (17,046 ) (103,209 ) (84,179 ) (19,219 ) (103,398 ) Effects of change in currency conversion — (17 ) (17 ) — (58 ) (58 ) Benefit obligation at end of year 1,660,287 247,748 1,908,035 1,491,398 223,066 1,714,464 Change in plan assets Fair value of plan assets at beginning of year 1,410,151 — 1,410,151 1,567,411 — 1,567,411 Actual return on plan assets 315,148 — 315,148 (81,529 ) — (81,529 ) Employer contributions 9,531 17,046 26,577 8,445 19,219 27,664 Plan participants’ contributions — — — 3 — 3 Benefits paid (86,163 ) (17,046 ) (103,209 ) (84,179 ) (19,219 ) (103,398 ) Fair value of plan assets at end of year 1,648,667 — 1,648,667 1,410,151 — 1,410,151 Net amount recognized $ (11,620 ) $ (247,748 ) $ (259,368 ) $ (81,247 ) $ (223,066 ) $ (304,313 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ — $ (17,147 ) $ (17,147 ) $ — $ (17,034 ) $ (17,034 ) Noncurrent liabilities (11,620 ) (230,601 ) (242,221 ) (81,247 ) (206,032 ) (287,279 ) Net amount recognized $ (11,620 ) $ (247,748 ) $ (259,368 ) $ (81,247 ) $ (223,066 ) $ (304,313 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 592,774 $ 122,617 $ 715,391 $ 654,579 $ 94,123 $ 748,702 Prior service credit (16,842 ) 693 (16,149 ) (18,786 ) — (18,786 ) Total $ 575,932 $ 123,310 $ 699,242 $ 635,793 $ 94,123 $ 729,916 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows: (In thousands) December 29, December 30, Projected benefit obligation $ 1,908,035 $ 1,714,464 Accumulated benefit obligation $ 1,904,979 $ 1,712,619 Fair value of plan assets $ 1,648,667 $ 1,410,151 |
Schedule of Assumptions Used | Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 29, December 30, Discount rate 3.30 % 4.43 % Rate of increase in compensation levels 3.00 % 3.00 % The rate of increase in compensation levels is applicable only for the APP that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows: December 29, December 30, December 31, Discount rate for determining projected benefit obligation 4.43 % 3.75 % 4.31 % Discount rate in effect for determining service cost 3.87 % 3.88 % 4.74 % Discount rate in effect for determining interest cost 4.06 % 3.31 % 3.54 % Rate of increase in compensation levels 3.00 % 2.95 % 2.95 % Expected long-term rate of return on assets 5.68 % 5.69 % 6.73 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 29, December 30, Discount rate 3.17 % 4.35 % Rate of increase in compensation levels 2.50 % 2.50 % The rate of increase in compensation levels is applicable only for the foreign plan that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows: December 29, December 30, December 31, Discount rate for determining projected benefit obligation 4.35 % 3.67 % 4.17 % Discount rate in effect for determining interest cost 3.94 % 3.14 % 3.39 % Rate of increase in compensation levels 2.50 % 2.50 % 2.50 % |
Schedule of Allocation of Plan Assets | The following asset allocation guidelines apply to the Return-Seeking Assets: Asset Category Percentage Range Actual Public Equity 70% - 100% 94 % High-Yield Fixed Income 0% - 15% 0 % Alternatives 0% - 15% 6 % Cash 0% - 10% 0 % The asset allocations by asset category for both Long Duration and Return-Seeking Assets, as of December 29, 2019 , were as follows: Asset Category Percentage Range Actual Long Duration Fixed Income 61.6% - 71% 63 % Public Equity 20.3% - 39% 34 % High-Yield Fixed Income 0% - 6% 0 % Alternatives 0% - 6% 2 % Cash 0% - 4% 1 % The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as follows: December 31, 2019 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investment Measured at Net Asset Value (3) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 55,011 $ — $ — $ — $ 55,011 International Equities 38,231 — — — 38,231 Mutual Funds 46,276 — — — 46,276 Registered Investment Companies 52,582 — — — 52,582 Common/Collective Funds (1) — — — 575,738 575,738 Fixed Income Securities: Corporate Bonds — 574,756 — — 574,756 U.S. Treasury and Other Government Securities — 182,878 — — 182,878 Municipal and Provincial Bonds — 42,812 — — 42,812 Government Sponsored Enterprises (2) — 13,131 — — 13,131 Other — 11,745 — — 11,745 Cash and Cash Equivalents — — — 19,097 19,097 Private Equity — — — 11,345 11,345 Hedge Fund — — — 25,065 25,065 Assets at Fair Value $ 192,100 $ 825,322 $ — $ 631,245 $ 1,648,667 (1) The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Represents investments that are not backed by the full faith and credit of the U.S. government. (3) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Fair Value Measurement at December 31, 2018 (In thousands) Quoted Prices Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Investment Measured at Net Asset Value (3) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 25,459 $ — $ — $ — $ 25,459 International Equities 27,805 — — — 27,805 Mutual Funds 18,891 — — — 18,891 Registered Investment Companies 36,908 — — — 36,908 Common/Collective Funds (1) — — — 412,815 412,815 Fixed Income Securities: Corporate Bonds — 532,466 — — 532,466 U.S. Treasury and Other Government Securities — 155,229 — — 155,229 Group Annuity Contract — — — 64,559 64,559 Municipal and Provincial Bonds — 42,170 — — 42,170 Government Sponsored Enterprises (2) — 14,278 — — 14,278 Other — 13,754 — — 13,754 Cash and Cash Equivalents — — — 19,667 19,667 Private Equity — — — 12,752 12,752 Hedge Fund — — — 33,398 33,398 Assets at Fair Value $ 109,063 $ 757,897 $ — $ 543,191 $ 1,410,151 (1) The underlying assets of the common/collective funds are primarily comprised of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Represents investments that are not backed by the full faith and credit of the U.S. government. (3) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid: Plans (In thousands) Qualified Non- Qualified Total 2020 $ 88,092 $ 17,391 $ 105,483 2021 89,431 17,105 106,536 2022 91,324 17,005 108,329 2023 92,832 16,700 109,532 2024 94,098 16,411 110,509 2025-2029 (1) 482,654 79,054 561,708 (1) While benefit payments under these plans are expected to continue beyond 2029 we have presented in this table only those benefit payments estimated over the next 10 years. |
Schedule of Multi Employer Plans | Our participation in significant plans for the fiscal period ended December 29, 2019 , is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject. EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (In thousands) Contributions of the Company Surcharge Imposed Collective Bargaining Agreement Expiration Date Pension Fund 2019 2018 2019 2018 2017 CWA/ITU Negotiated Pension Plan 13-6212879-001 Critical and Declining as of 1/01/19 Critical and Declining as of 1/01/18 Implemented $ 415 $ 408 $ 425 No (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund (2) 13-6122251-001 Green as of 6/01/19 Green as of 6/01/18 N/A 1,014 992 995 No 3/30/2020 GCIU-Employer Retirement Benefit Plan 91-6024903-001 Critical and Declining as of 1/01/19 Critical and Declining as of 1/01/18 Implemented 58 42 39 Yes 3/30/2021 (3) Pressmen’s Publishers’ Pension Fund (4) 13-6121627-001 Green as of 4/01/19 Green as of 4/01/18 N/A 1,213 1,129 963 No 3/30/2021 Paper Handlers’-Publishers’ Pension Fund (5) 13-6104795-001 Critical and Declining as of 4/01/19 Critical and Declining as of 4/01/18 Implemented 100 99 88 Yes 3/30/2021 Contributions for individually significant plans $ 2,800 $ 2,670 $ 2,510 Total Contributions $ 2,800 $ 2,670 $ 2,510 (1) There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expires March 30, 2023, and Typographers, which expires March 30, 2020. (2) Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)). (3) We previously had two collective bargaining agreements requiring contributions to this plan. As of December 30, 2018, only one collective bargaining agreement remained for the Stereotypers. The method for calculating actuarial value of assets was changed retroactive to January 1, 2009, as elected by the Board of Trustees and as permitted by IRS Notice 2010-83. This election includes smoothing 2008 investment losses over ten years . (4) The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10 -year smoothing of the asset loss for the plan year beginning April 1, 2008. (5) Board of Trustees elected funding relief. This election includes smoothing the March 31, 2009 investment losses over 10 years. The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009. The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years: Pension Fund Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of Plan’s Year-End) CWA/ITU Negotiated Pension Plan 12/31/2017 Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2018 & 5/31/2017 (1) Pressmen’s Publisher’s Pension Fund 3/31/2019 & 3/31/2018 Paper Handlers’-Publishers’ Pension Fund 3/31/2019 & 3/31/2018 (1) Form 5500 for the plan year ended 5/31/19 was not available as of the date we filed our financial statements. |
Other Postretirement Benefits (
Other Postretirement Benefits (Tables) - Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 29, 2019 | |
Other Postretirement Benefits | |
Schedule of Components of Net Periodic Postretirement Benefit Cost | The components of net periodic postretirement benefit cost/(income) were as follows: (In thousands) December 29, December 30, December 31, Service cost $ 27 $ 21 $ 367 Interest cost 1,602 1,476 1,881 Amortization and other costs 3,375 4,735 3,621 Amortization of prior service credit (4,766 ) (6,157 ) (7,755 ) Effect of settlement/curtailment (1) — — (32,737 ) Net periodic postretirement benefit cost/(income) $ 238 $ 75 $ (34,623 ) (1) In the fourth quarter of 2017, the Company recorded a gain in connection with the settlement of a funding obligation related to a postretirement plan. |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The changes in the benefit obligations recognized in other comprehensive loss/(income) were as follows: (In thousands) December 29, December 30, December 31, Net actuarial loss/(gain) $ 296 $ (4,905 ) $ (6,625 ) Amortization of loss (3,375 ) (4,735 ) (3,621 ) Amortization of prior service credit 4,766 6,157 7,755 Effect of curtailment — — 6,502 Effect of settlement — — 26,235 Total recognized in other comprehensive loss/(income) 1,687 (3,483 ) 30,246 Net periodic postretirement benefit cost/(income) 238 75 (34,623 ) Total recognized in net periodic postretirement benefit cost/(income) and other comprehensive loss/(income) $ 1,925 $ (3,408 ) $ (4,377 ) |
Schedule of Changes in Projected Benefit Obligations and Plan Assets | The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: (In thousands) December 29, December 30, Change in benefit obligation Benefit obligation at beginning of year $ 46,037 $ 54,642 Service cost 27 21 Interest cost 1,602 1,476 Plan participants’ contributions 3,835 3,974 Actuarial loss/(gain) 296 (4,905 ) Benefits paid (8,994 ) (9,171 ) Benefit obligation at the end of year 42,803 46,037 Change in plan assets Employer contributions 5,159 5,197 Plan participants’ contributions 3,835 3,974 Benefits paid (8,994 ) (9,171 ) Fair value of plan assets at end of year — — Net amount recognized $ (42,803 ) $ (46,037 ) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (5,115 ) $ (5,645 ) Noncurrent liabilities (37,688 ) (40,392 ) Net amount recognized $ (42,803 ) $ (46,037 ) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 25,793 $ 28,871 Prior service credit (7,691 ) (12,456 ) Total $ 18,102 $ 16,415 |
Schedule of Assumptions Used | Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 29, December 30, Discount rate 2.94 % 4.18 % Estimated increase in compensation level 3.50 % 3.50 % Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: December 29, December 30, December 31, Discount rate for determining projected benefit obligation 4.18 % 3.46 % 3.93 % Discount rate in effect for determining service cost 4.19 % 3.56 % 4.08 % Discount rate in effect for determining interest cost 3.71 % 3.01 % 3.21 % Estimated increase in compensation level 3.50 % 3.50 % 3.50 % |
Schedule of Health Care Cost Trend Rates | The assumed health-care cost trend rates were as follows: December 29, December 30, Health-care cost trend rate 6.57 % 6.90 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 5.00 % 5.00 % Year that the rate reaches the ultimate trend rate 2025 2025 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates | A one-percentage point change in assumed health-care cost trend rates would have the following effects: One-Percentage Point (In thousands) Increase Decrease Effect on total service and interest cost for 2019 $ 23 $ (21 ) Effect on accumulated postretirement benefit obligation as of December 29, 2019 $ 968 $ (861 ) |
Schedule of Expected Benefit Payments | The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid: (In thousands) Amount 2020 $ 5,226 2021 4,784 2022 4,359 2023 4,001 2024 3,678 2025-2029 (1) 14,342 (1) While benefit payments under these plans are expected to continue beyond 2029, we have presented in this table only those benefit payments estimated over the next 10 years. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities | The components of the Other Liabilities — Other balance in our Consolidated Balance Sheets were as follows: (In thousands) December 29, December 30, Deferred compensation $ 23,702 $ 23,211 Noncurrent operating lease liabilities 55,136 — Other liabilities 47,399 54,636 Total $ 126,237 $ 77,847 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations between the effective tax rate on income from continuing operations before income taxes and the federal statutory rate are presented below. December 29, 2019 December 30, 2018 December 31, 2017 (In thousands) Amount % of Pre-tax Amount % of Pre-tax Amount % of Pre-tax Tax at federal statutory rate $ 34,537 21.0 $ 36,979 21.0 $ 38,928 35.0 State and local taxes, net 5,303 3.2 12,335 7.0 4,800 4.3 Effect of enacted changes in tax laws — — (1,872 ) (1.0 ) 68,747 61.8 (Decrease)/increase in uncertain tax positions (2,427 ) (1.5 ) 2,288 1.3 (2,277 ) (2.0 ) (Gain)/loss on company-owned life insurance (1,662 ) (1.0 ) 449 0.2 (1,916 ) (1.7 ) Nondeductible expense 1,938 1.2 1,808 1.0 912 0.8 Nondeductible executive compensation (355 ) (0.2 ) 2,135 1.2 1,360 1.2 Stock-based awards benefit (6,184 ) (3.8 ) (1,795 ) (1.0 ) (517 ) (0.4 ) Deduction for foreign-derived intangible income (2,625 ) (1.6 ) — — — — Research and experimentation credit (5,672 ) (3.4 ) — — — — Other, net 1,641 1.0 (3,696 ) (2.1 ) (6,081 ) (5.5 ) Income tax expense $ 24,494 14.9 $ 48,631 27.6 $ 103,956 93.5 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense as shown in our Consolidated Statements of Operations were as follows: (In thousands) December 29, December 30, December 31, Current tax expense/(benefit) Federal $ 16,283 $ 31,719 $ (252 ) Foreign 823 705 458 State and local 3,146 10,172 350 Total current tax expense 20,252 42,596 556 Deferred tax expense/(benefit) Federal 5,588 913 105,905 State and local (1,346 ) 5,122 (2,505 ) Total deferred tax expense 4,242 6,035 103,400 Income tax expense $ 24,494 $ 48,631 $ 103,956 |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows: (In thousands) December 29, December 30, Deferred tax assets Retirement, postemployment and deferred compensation plans $ 113,306 $ 128,926 Accruals for other employee benefits, compensation, insurance and other 25,543 22,722 Net operating losses 1,289 1,598 Operating lease liabilities 16,746 — Other 27,042 23,400 Gross deferred tax assets $ 183,926 $ 176,646 Deferred tax liabilities Property, plant and equipment $ 39,494 $ 38,268 Intangible assets 7,596 7,225 Operating lease right-of-use assets 14,309 — Other 7,298 2,722 Gross deferred tax liabilities $ 68,697 $ 48,215 Net deferred tax asset $ 115,229 $ 128,431 |
Summary of Income Tax Contingencies | A reconciliation of unrecognized tax benefits is as follows: (In thousands) December 29, December 30, December 31, Balance at beginning of year $ 11,629 $ 17,086 $ 10,028 Gross additions to tax positions taken during the current year 1,184 680 9,009 Gross additions to tax positions taken during the prior year 711 3,019 103 Gross reductions to tax positions taken during the prior year (76 ) (8,607 ) (372 ) Reductions from settlements with taxing authorities (2,637 ) — — Reductions from lapse of applicable statutes of limitations (502 ) (549 ) (1,682 ) Balance at end of year $ 10,309 $ 11,629 $ 17,086 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | Changes in our Company’s stock options in 2019 were as follows: December 29, 2019 (Shares in thousands) Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value $(000s) Options outstanding at beginning of year 1,388 $ 9 2 $ 18,052 Exercised (419 ) 11 Forfeited/Expired — — Options outstanding at end of period (1) 969 $ 9 2 $ 22,534 Options exercisable at end of period 969 $ 9 2 $ 22,534 (1) All outstanding options are vested as of December 29, 2019. |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Changes in our Company’s stock-settled restricted stock units in 2019 were as follows: December 29, 2019 (Shares in thousands) Restricted Stock Units Weighted Average Grant-Date Fair Value Unvested stock-settled restricted stock units at beginning of period 623 $ 20 Granted 298 32 Vested (341 ) 18 Forfeited (33 ) 26 Unvested stock-settled restricted stock units at end of period 547 $ 27 Unvested stock-settled restricted stock units expected to vest at end of period 514 $ 27 |
Schedule of Common Stock Reserved For Issuance | Shares of Class A Common Stock reserved for issuance were as follows: (Shares in thousands) December 29, December 30, Stock options, stock–settled restricted stock units and stock-settled performance awards Stock options and stock-settled restricted stock units 1,648 2,165 Stock-settled performance awards (1) 1,371 2,009 Outstanding 3,019 4,174 Available 7,475 7,404 Employee Stock Purchase Plan (2)(4) Available — 6,410 401(k) Company stock match (3)(4) Available — 3,045 Total Outstanding 3,019 4,174 Total Available 7,475 16,859 (1) The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that could be issued is included in the table above. (2) We have not had an offering under the Employee Stock Purchase Plan since 2010. (3) Effective 2014, we no longer offer a Company stock match under the Company’s 401(k) plan. (4) As of December 29, 2019 , these shares were no longer reserved. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component as of December 29, 2019 : (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net unrealized gain on Available-for-sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 30, 2018 $ 4,677 $ (520,308 ) $ (2,093 ) $ (517,724 ) Other comprehensive (loss)/income before reclassifications, before tax (1,684 ) 9,290 3,624 11,230 Amounts reclassified from accumulated other comprehensive loss, before tax — 19,697 — 19,697 Income tax (benefit)/expense (445 ) 7,665 959 8,179 Net current-period other comprehensive (loss)/income, net of tax (1,239 ) 21,322 2,665 22,748 Balance as of December 29, 2019 $ 3,438 $ (498,986 ) $ 572 $ (494,976 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications from AOCI for the period ended December 29, 2019 : (In thousands) Detail about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in the statement where net income is presented Funded status of benefit plans: Amortization of prior service credit (1) $ (6,698 ) Other components of net periodic benefit costs Amortization of actuarial loss (1) 26,395 Other components of net periodic benefit costs Total reclassification, before tax 19,697 Income tax expense 5,208 Income tax expense Total reclassification, net of tax $ 14,489 (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Notes 10 and 11 for additional information. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 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 Consolidated Balance Sheet December 29, 2019 Operating lease right-of-use assets Miscellaneous assets $ 53,549 Current operating lease liabilities Accrued expenses and other $ 7,853 Noncurrent operating lease liabilities Other 55,136 Total operating lease liabilities $ 62,989 |
Operating Lease Costs | The total lease cost for operating leases included in Selling, general and administrative costs in our Consolidated Statement of Operations was as follows: For the Twelve Months Ended (In thousands) December 29, 2019 Operating lease cost $ 9,980 Short term and variable lease cost 1,814 Total lease cost $ 11,794 Prior to the adoption of ASU 2016-02, rental expense was approximately $14 million in 2018 and $19 million in 2017. The table below presents additional information regarding operating leases: (In thousands, except lease term and discount rate) December 29, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 9,101 Right-of-use assets obtained in exchange for operating lease liabilities $ 61,270 Weighted-average remaining lease term 9.7 years Weighted-average discount rate 4.64 % |
Operating Lease Liability Maturity | Maturities of lease liabilities on an annual basis for the Company's operating leases as of December 29, 2019 , were as follows: (In thousands) Amount 2020 $ 10,092 2021 9,146 2022 8,689 2023 8,079 2024 7,042 Later Years 35,113 Total lease payments $ 78,161 Less: Interest (15,172 ) Present value of lease liabilities $ 62,989 |
Cash Flows To Be Received | Maturities of lease payments to be received on an annual basis for the Company's office space operating leases as of December 29, 2019 , were as follows: (In thousands) Amount 2020 $ 32,242 2021 32,259 2022 32,254 2023 19,329 2024 15,529 Later Years 126,633 Total building rental revenue from operating leases $ 258,246 |
Quarterly Information (Unaudi_2
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Quarterly financial information for each quarter in the years ended December 29, 2019 , and December 30, 2018 is included in the following tables. Earnings/(loss) per share amounts for the quarters do not necessarily equal the respective year-end amounts for earnings or loss per share due to the weighted-average number of shares outstanding used in the computations for the respective periods. Earnings/(loss) per share amounts for the respective quarters and years have been computed using the average number of common shares outstanding. One of our largest sources of revenue is advertising. Our business has historically experienced higher advertising volume in the fourth quarter than the remaining quarters because of holiday advertising. 2019 Quarters (In thousands, except per share data) March 31, June 30, September 29, December 29, Full Year (13 weeks) (13 weeks) (13 weeks) (13 weeks) (52 weeks) Revenues $ 439,062 $ 436,258 $ 428,501 $ 508,363 $ 1,812,184 Operating costs 404,464 398,325 401,452 430,398 1,634,639 Restructuring charge (1) — — 4,008 — 4,008 Gain from pension liability adjustment (2) — — (2,045 ) — (2,045 ) Operating profit 34,598 37,933 25,086 77,965 175,582 Other components of net periodic benefit costs 1,835 1,833 1,834 1,800 7,302 Interest expense and other, net 1,303 1,514 755 248 3,820 Income from continuing operations before income taxes 31,460 34,586 22,497 75,917 164,460 Income tax expense 1,304 9,415 6,070 7,705 24,494 Net income attributable to The New York Times Company common stockholders $ 30,156 $ 25,171 $ 16,427 $ 68,212 $ 139,966 Average number of common shares outstanding: Basic 165,674 166,152 166,148 166,239 166,042 Diluted 167,129 167,549 167,555 167,728 167,545 Basic earnings per share attributable to The New York Times Company common stockholders: Net income $ 0.18 $ 0.15 $ 0.10 $ 0.41 $ 0.84 Diluted earnings per share attributable to The New York Times Company common stockholders: Net income $ 0.18 $ 0.15 $ 0.10 $ 0.41 $ 0.83 Dividends declared per share $ 0.05 $ 0.05 $ 0.05 $ 0.05 $ 0.20 (1) In the third quarter of 2019, the Company recognized a $4.0 million of pre-tax expense related to restructuring charges, including impairment and severance charges related to the closure of our digital marketing agency, HelloSociety, LLC. (2) In the third quarter of 2019, the Company recorded a $2.0 million gain from a multiemployer pension plan liability adjustment. 2018 Quarters (In thousands, except per share data) April 1, July 1, September 30, December 30, Full Year (13 weeks) (13 weeks) (13 weeks) (13 weeks) (52 weeks) Revenues $ 413,948 $ 414,560 $ 417,346 $ 502,744 $ 1,748,598 Operating costs 378,005 373,306 380,754 426,713 1,558,778 Headquarters redesign and consolidation (1) 1,888 1,252 — 1,364 4,504 Gain from pension liability adjustment (2) — — (4,851 ) — (4,851 ) Operating profit 34,055 40,002 41,443 74,667 190,167 Other components of net periodic benefit costs 2,028 1,863 2,335 2,048 8,274 Gain/(loss) from joint ventures 15 (8 ) (16 ) 10,773 10,764 Interest expense and other, net 4,877 4,536 4,026 3,127 16,566 Income from continuing operations before income taxes 27,165 33,595 35,066 80,265 176,091 Income tax expense 5,251 9,999 10,092 23,289 48,631 Net income 21,914 23,596 24,974 56,976 127,460 Net (income)/loss attributable to the noncontrolling interest (2 ) 1 2 (1,777 ) (1,776 ) Net income attributable to The New York Times Company common stockholders $ 21,912 $ 23,597 $ 24,976 $ 55,199 $ 125,684 Average number of common shares outstanding: Basic 164,094 165,027 165,064 165,154 164,845 Diluted 166,237 166,899 166,966 167,249 166,939 Basic earnings/(loss) per share attributable to The New York Times Company common stockholders: Net income/(loss) $ 0.13 $ 0.14 $ 0.15 $ 0.33 $ 0.76 Diluted earnings/(loss) per share attributable to The New York Times Company common stockholders: Net income/(loss) $ 0.13 $ 0.14 $ 0.15 $ 0.33 $ 0.75 Dividends declared per share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.16 (1) We recognized expenses related to the redesign and consolidation of space in our Company Headquarters. (2) In the third quarter of 2018, the Company recorded a $4.9 million gain from a multiemployer pension plan liability adjustment. |
Basis of Presentation (Details)
Basis of Presentation (Details) | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Fiscal year term | 365 days | 365 days | 371 days |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Impairment Loss | $ 0 | |
Self insurance reserve | 34,000,000 | $ 35,000,000 |
Tax Act, additional income tax expense | 68,700,000 | |
Tax cuts and jobs act, incomplete accounting, provisional income tax expense | 1,900,000 | |
Operating lease, right-of-use asset | $ 53,549,000 | 36,000,000 |
Lease liability | $ 42,000,000 | |
Maximum | Building and Building Improvements | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life | 40 years | |
Maximum | Equipment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life | 30 years | |
Maximum | Computer Software, Intangible Asset | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life | 5 years | |
Minimum | Building and Building Improvements | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life | 10 years | |
Minimum | Equipment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life | 3 years | |
Minimum | Computer Software, Intangible Asset | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life | 3 years |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 508,363 | $ 428,501 | $ 436,258 | $ 439,062 | $ 502,744 | $ 417,346 | $ 414,560 | $ 413,948 | $ 1,812,184 | $ 1,748,598 | $ 1,675,639 |
Subscription | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,083,851 | 1,042,571 | 1,008,431 | ||||||||
Advertising | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 530,678 | 558,253 | 558,513 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 197,655 | 147,774 | 108,695 | ||||||||
Print subscription | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 623,399 | 641,951 | 668,088 | ||||||||
News Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 426,125 | 378,484 | 325,956 | ||||||||
Other product subscription revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 34,327 | 22,136 | 14,387 | ||||||||
Digital-Only Subscription Revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,083,851 | 1,042,571 | 1,008,431 | ||||||||
Display | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 429,825 | 471,198 | 484,337 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 100,853 | 87,055 | 74,176 | ||||||||
Print | Advertising | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 270,224 | 299,380 | 320,222 | ||||||||
Print | Display | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 240,723 | 269,160 | 285,679 | ||||||||
Print | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 29,501 | 30,220 | 34,543 | ||||||||
Digital | Advertising | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 260,454 | 258,873 | 238,291 | ||||||||
Digital | Display | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 189,102 | 202,038 | 198,658 | ||||||||
Digital | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 71,352 | 56,835 | 39,633 | ||||||||
Digital | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 801,000 | 709,000 | 620,000 | ||||||||
Building Real Estate | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 31,000 | $ 23,000 | $ 17,000 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 3.4 | $ 2.5 |
Increase in contract assets balance | 0.9 | |
Contract with customer asset, current | 1.9 | |
Reclassified to receivable | $ 1 |
Marketable Securities - Availab
Marketable Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Net unrealized gains and losses AOCI | $ 494,976 | $ 517,724 |
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 201,495 | 372,650 |
Gross unrealized gains, short-term AFS securities | 314 | 1 |
Gross unrealized losses, short-term AFS securities | (24) | (1,350) |
Fair value, short-term AFS securities | 201,785 | 371,301 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 251,206 | 215,053 |
Gross unrealized gains, long-term AFS securities | 706 | 52 |
Gross unrealized losses, long-term AFS securities | (216) | (1,547) |
Fair value, long-term AFS securities | 251,696 | 213,558 |
Corporate debt securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 98,864 | 140,631 |
Gross unrealized gains, short-term AFS securities | 271 | 1 |
Gross unrealized losses, short-term AFS securities | (9) | (464) |
Fair value, short-term AFS securities | 99,126 | 140,168 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 103,149 | 130,612 |
Gross unrealized gains, long-term AFS securities | 617 | 44 |
Gross unrealized losses, long-term AFS securities | (29) | (1,032) |
Fair value, long-term AFS securities | 103,737 | 129,624 |
U.S. Treasury securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 43,098 | 107,717 |
Gross unrealized gains, short-term AFS securities | 8 | 0 |
Gross unrealized losses, short-term AFS securities | (11) | (232) |
Fair value, short-term AFS securities | 43,095 | 107,485 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 101,457 | 47,079 |
Gross unrealized gains, long-term AFS securities | 84 | 5 |
Gross unrealized losses, long-term AFS securities | (103) | (347) |
Fair value, long-term AFS securities | 101,438 | 46,737 |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 37,471 | 92,628 |
Gross unrealized gains, short-term AFS securities | 35 | 0 |
Gross unrealized losses, short-term AFS securities | (4) | (654) |
Fair value, short-term AFS securities | 37,502 | 91,974 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 46,600 | 37,362 |
Gross unrealized gains, long-term AFS securities | 5 | 3 |
Gross unrealized losses, long-term AFS securities | (84) | (168) |
Fair value, long-term AFS securities | 46,521 | 37,197 |
Commercial paper | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 12,561 | 8,177 |
Gross unrealized gains, short-term AFS securities | 0 | 0 |
Gross unrealized losses, short-term AFS securities | 0 | 0 |
Fair value, short-term AFS securities | 12,561 | 8,177 |
Certificates of deposit | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 9,501 | 23,497 |
Gross unrealized gains, short-term AFS securities | 0 | 0 |
Gross unrealized losses, short-term AFS securities | 0 | 0 |
Fair value, short-term AFS securities | 9,501 | 23,497 |
Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Net unrealized gains and losses AOCI | $ (800) | $ 2,800 |
Marketable Securities - Continu
Marketable Securities - Continuous Loss Position (Details) - USD ($) | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Long-term AFS securities | ||
Other than temporary impairment, loss | $ 0 | |
Minimum | Short-term Marketable Securities | ||
Long-term AFS securities | ||
Remaining maturities on short-term and long-term marketable securities | 1 month | |
Minimum | Long-term Marketable Securities | ||
Long-term AFS securities | ||
Remaining maturities on short-term and long-term marketable securities | 13 months | |
Maximum | Short-term Marketable Securities | ||
Long-term AFS securities | ||
Remaining maturities on short-term and long-term marketable securities | 12 months | |
Maximum | Long-term Marketable Securities | ||
Long-term AFS securities | ||
Remaining maturities on short-term and long-term marketable securities | 35 months | |
Corporate debt securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | $ 20,975,000 | $ 76,886,000 |
Gross unrealized losses, less than 12 months, short-term AFS securities | (6,000) | (115,000) |
Fair value, 12 months or greater, short-term AFS securities | 8,251,000 | 61,459,000 |
Gross unrealized losses, 12 months or greater, short-term AFS securities | (3,000) | (349,000) |
Fair value, short-term AFS securities | 29,226,000 | 138,345,000 |
Gross unrealized losses, short-term AFS securities | (9,000) | (464,000) |
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 35,891,000 | 81,655,000 |
Gross unrealized losses, less than 12 months, long-term AFS securities | (25,000) | (570,000) |
Fair value, 12 months or greater, long-term AFS securities | 4,502,000 | 27,265,000 |
Gross unrealized losses, 12 months or greater, long-term AFS securities | (4,000) | (462,000) |
Fair value, long-term AFS securities | 40,393,000 | 108,920,000 |
Gross unrealized losses, long-term AFS securities | (29,000) | (1,032,000) |
U.S. Treasury securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | 13,296,000 | 70,830,000 |
Gross unrealized losses, less than 12 months, short-term AFS securities | (3,000) | (31,000) |
Fair value, 12 months or greater, short-term AFS securities | 11,147,000 | 28,207,000 |
Gross unrealized losses, 12 months or greater, short-term AFS securities | (8,000) | (201,000) |
Fair value, short-term AFS securities | 24,443,000 | 99,037,000 |
Gross unrealized losses, short-term AFS securities | (11,000) | (232,000) |
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 60,935,000 | 21,579,000 |
Gross unrealized losses, less than 12 months, long-term AFS securities | (103,000) | (36,000) |
Fair value, 12 months or greater, long-term AFS securities | 0 | 11,868,000 |
Gross unrealized losses, 12 months or greater, long-term AFS securities | 0 | (132,000) |
Fair value, long-term AFS securities | 60,935,000 | 33,447,000 |
Gross unrealized losses, long-term AFS securities | (103,000) | (168,000) |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | 0 | 11,664,000 |
Gross unrealized losses, less than 12 months, short-term AFS securities | 0 | (4,000) |
Fair value, 12 months or greater, short-term AFS securities | 15,000,000 | 80,311,000 |
Gross unrealized losses, 12 months or greater, short-term AFS securities | (4,000) | (650,000) |
Fair value, short-term AFS securities | 15,000,000 | 91,975,000 |
Gross unrealized losses, short-term AFS securities | (4,000) | (654,000) |
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 34,167,000 | 20,479,000 |
Gross unrealized losses, less than 12 months, long-term AFS securities | (84,000) | (29,000) |
Fair value, 12 months or greater, long-term AFS securities | 0 | 23,762,000 |
Gross unrealized losses, 12 months or greater, long-term AFS securities | 0 | (318,000) |
Fair value, long-term AFS securities | 34,167,000 | 44,241,000 |
Gross unrealized losses, long-term AFS securities | (84,000) | (347,000) |
Short-term Available-for Sale Securities [Member] | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | 34,271,000 | 159,380,000 |
Gross unrealized losses, less than 12 months, short-term AFS securities | (9,000) | (150,000) |
Fair value, 12 months or greater, short-term AFS securities | 34,398,000 | 169,977,000 |
Gross unrealized losses, 12 months or greater, short-term AFS securities | (15,000) | (1,200,000) |
Fair value, short-term AFS securities | 68,669,000 | 329,357,000 |
Gross unrealized losses, short-term AFS securities | (24,000) | (1,350,000) |
Long-term AFS securities [Member] | ||
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 130,993,000 | 123,713,000 |
Gross unrealized losses, less than 12 months, long-term AFS securities | (212,000) | (635,000) |
Fair value, 12 months or greater, long-term AFS securities | 4,502,000 | 62,895,000 |
Gross unrealized losses, 12 months or greater, long-term AFS securities | (4,000) | (912,000) |
Fair value, long-term AFS securities | 135,495,000 | 186,608,000 |
Gross unrealized losses, long-term AFS securities | $ (216,000) | $ (1,547,000) |
Goodwill and Intangibles (Detai
Goodwill and Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 140,282 | $ 143,549 |
Foreign currency translation | (1,608) | (3,267) |
Goodwill, ending balance | 138,674 | $ 140,282 |
Miscellaneous Assets | ||
Business Acquisition [Line Items] | ||
Intangible assets, carrying value | $ 3,000 | |
Minimum | ||
Business Acquisition [Line Items] | ||
Estimated useful life of intangible assets acquired | 5 years | |
Maximum | ||
Business Acquisition [Line Items] | ||
Estimated useful life of intangible assets acquired | 7 years |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Apr. 01, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) | Dec. 29, 2019USD ($) | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Investments in joint ventures | $ 1,700,000 | $ 0 | $ 1,700,000 | ||||||
Gain/(loss) from joint ventures | $ 10,773,000 | $ (16,000) | $ (8,000) | $ 15,000 | 0 | $ 10,764,000 | 18,641,000 | ||
Newsprint and supercalendered paper purchased from the Paper Mills | 11,000,000 | ||||||||
Non-marketable equity securities | $ 13,700,000 | 13,400,000 | 13,700,000 | ||||||
Investment income in interest expense | 21,580,000 | 14,510,000 | $ 9,897,000 | ||||||
Donohue Malbaie Inc. | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | |||||||
Gain/(loss) from joint ventures | $ (6,400,000) | ||||||||
Distributions received | $ 15,600,000 | $ 20 | 0 | 0 | $ 0 | ||||
Madison Paper Industries | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 40.00% | 40.00% | |||||||
Gain/(loss) from joint ventures | $ 0 | 10,800,000 | $ 18,600,000 | ||||||
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 [Member] | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||
Resolute FP Canada, Inc. | Donohue Malbaie Inc. | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 51.00% | ||||||||
UPM-Kymmene | Madison Paper Industries | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 60.00% | ||||||||
Madison Paper Industries | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Gain on sale of assets | 11,300,000 | 20,800,000 | |||||||
Distributions received | $ 0 | $ 12,500,000 | $ 0 | ||||||
Madison Paper Industries | Madison Paper Industries | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, noncontrolling interest, ownership percentage | 10.00% | ||||||||
Madison Paper Industries | Madison Paper Industries Owned Consolidated Subsidiary | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, noncontrolling interest, ownership percentage | 20.00% |
Investments - Madison Financial
Investments - Madison Financial Statements (Details) - Madison Paper Industries - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Balance Sheet Information [Abstract] | |||
Current assets | $ 15,337 | $ 18,374 | |
Total assets | 15,337 | 18,374 | |
Current liabilities | 570 | 3,336 | |
Total liabilities | 570 | 3,336 | |
Total equity | 14,767 | 15,038 | |
Income Statement Information [Abstract] | |||
Cost of sales | 0 | 0 | $ (13,396) |
General and administrative income/(expense) and other | (318) | (1,280) | 55,058 |
Total operating (expense)/income | (318) | (1,280) | 41,662 |
Other income | 46 | 122 | 18 |
Net (loss)/income | $ (272) | $ (1,158) | $ 41,680 |
Debt Obligations - Debt & Capit
Debt Obligations - Debt & Capital Leases (Details) - USD ($) | Dec. 29, 2019 | Dec. 30, 2018 |
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 6,832,000 | |
Total short-term debt and capital lease obligations | 253,630,000 | |
Option To Repurchase Headquarters Building 2019 | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 245,300,000 | 250,000,000 |
Less unamortized discount based on imputed interest rate of 13.0% | 3,202,000 | |
Net option to repurchase ownership interest in Company Headquarters in 2019 | $ 246,798,000 | |
Imputed interest rate | 13.00% | |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Net option to repurchase ownership interest in Company Headquarters in 2019 | $ 0 |
Debt Obligations - Interest Exp
Debt Obligations - Interest Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||||||||||
Interest expense | $ 26,928 | $ 28,134 | $ 27,732 | ||||||||
Amortization of debt costs and discount on debt | (1,459) | 3,394 | 3,205 | ||||||||
Capitalized interest | (69) | (452) | (1,257) | ||||||||
Interest income and other expense, net | (21,580) | (14,510) | (9,897) | ||||||||
Total interest expense and other, net | $ 248 | $ 755 | $ 1,514 | $ 1,303 | $ 3,127 | $ 4,026 | $ 4,536 | $ 4,877 | $ 3,820 | $ 16,566 | $ 19,783 |
Debt Obligations - Debt Informa
Debt Obligations - Debt Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2009USD ($) | Sep. 29, 2019USD ($) | Dec. 29, 2019USD ($) | Dec. 30, 2018USD ($) | Mar. 06, 2009ft² | |
Debt Instrument [Line Items] | |||||
Net Rentable Area | ft² | 750,000 | ||||
Sale Leaseback Financing, Amortization Period | 10 years | ||||
Option To Repurchase Headquarters Building 2019 | |||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 245,300,000 | $ 250,000,000 | |||
Sale leaseback transaction, sale price for the Condo Interest | $ 225,000,000 | ||||
Net option to repurchase ownership interest in Company Headquarters in 2019 | $ 246,798,000 | ||||
Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Unsecured revolving credit facility, maximum borrowing capacity | $ 250,000,000 | ||||
Unsecured revolving credit facility, term | 5 years | ||||
Unsecured revolving credit facility, unused commitment fee | 0.20% | ||||
Net option to repurchase ownership interest in Company Headquarters in 2019 | $ 0 |
Other (Details)
Other (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Other Expense [Line Items] | |||||||
Depreciation expense | $ 60,661 | $ 59,011 | $ 61,871 | ||||
Advertising expense | 167,900 | 156,300 | 118,600 | ||||
Restructuring charge | $ 0 | $ 4,008 | $ 0 | $ 0 | 4,008 | 0 | 0 |
Severance liability | 8,400 | 8,400 | 8,400 | ||||
Capitalized Computer Software Costs | |||||||
Other Expense [Line Items] | |||||||
Depreciation expense | 17,000 | 15,700 | 12,800 | ||||
Unamortized intangible assets | $ 26,400 | 26,400 | 29,500 | ||||
Selling, General and Administrative Expenses | |||||||
Other Expense [Line Items] | |||||||
Severance costs | $ 23,900 | ||||||
Headquarters Redesign and Consolidation | |||||||
Other Expense [Line Items] | |||||||
Total restructuring costs incurred | 4,500 | 10,100 | |||||
Capital expenditures related to restructuring costs (less than) | 1,000 | 15,000 | |||||
Employee Severance | Selling, General and Administrative Expenses | |||||||
Other Expense [Line Items] | |||||||
Severance costs | $ 4,000 | $ 6,700 |
Other - Cash Reconciliations (D
Other - Cash Reconciliations (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 |
Other Income and Expenses [Abstract] | ||||
Cash and cash equivalents | $ 230,431 | $ 241,504 | ||
Restricted cash included within other current assets | 528 | 642 | ||
Restricted cash included within miscellaneous assets | 16,559 | 17,653 | ||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $ 247,518 | $ 259,799 | $ 200,936 | $ 125,550 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | $ 201,785,000 | $ 371,301,000 | |
Fair value, long-term AFS securities | 251,696,000 | 213,558,000 | |
Deferred compensation plan assets | 46,000,000 | 38,100,000 | |
Gross additions to tax positions taken during the prior year | 711,000 | 3,019,000 | $ 103,000 |
Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment charge | 0 | $ 0 | |
Level 1 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation | 23,702,000 | 23,211,000 | |
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 | |
Estimate of Fair Value Measurement | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Deferred compensation | 23,702,000 | 23,211,000 | |
Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 99,126,000 | 140,168,000 | |
Fair value, long-term AFS securities | 103,737,000 | 129,624,000 | |
Corporate debt securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 99,126,000 | 140,168,000 | |
Fair value, long-term AFS securities | 103,737,000 | 129,624,000 | |
Corporate debt securities | Level 1 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 0 | 0 | |
Fair value, 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] | |||
Fair value, short-term AFS securities | 99,126,000 | 140,168,000 | |
Fair value, long-term AFS securities | 103,737,000 | 129,624,000 | |
Corporate debt securities | Level 3 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 0 | 0 | |
Fair value, long-term AFS securities | 0 | 0 | |
U.S. Treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 43,095,000 | 107,485,000 | |
Fair value, long-term AFS securities | 101,438,000 | 46,737,000 | |
U.S. Treasury securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 43,095,000 | 107,485,000 | |
Fair value, long-term AFS securities | 101,438,000 | 46,737,000 | |
U.S. Treasury securities | Level 1 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 0 | 0 | |
Fair value, 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] | |||
Fair value, short-term AFS securities | 43,095,000 | 107,485,000 | |
Fair value, long-term AFS securities | 101,438,000 | 46,737,000 | |
U.S. Treasury securities | Level 3 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 0 | 0 | |
Fair value, long-term AFS securities | 0 | 0 | |
US Government Agencies Debt Securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 37,502,000 | 91,974,000 | |
Fair value, long-term AFS securities | 46,521,000 | 37,197,000 | |
US Government Agencies Debt Securities | Level 1 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 0 | 0 | |
Fair value, long-term AFS securities | 0 | 0 | |
US Government Agencies Debt Securities | Level 2 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 37,502,000 | 91,974,000 | |
Fair value, long-term AFS securities | 46,521,000 | 37,197,000 | |
US Government Agencies Debt Securities | Level 3 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 0 | 0 | |
Fair value, long-term AFS securities | 0 | 0 | |
Commercial paper | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 12,561,000 | 8,177,000 | |
Commercial paper | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 12,561,000 | 8,177,000 | |
Commercial paper | Level 1 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 0 | 0 | |
Commercial paper | Level 2 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 12,561,000 | 8,177,000 | |
Commercial paper | Level 3 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 0 | 0 | |
Certificates of deposit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 9,501,000 | 23,497,000 | |
Certificates of deposit | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 9,501,000 | 23,497,000 | |
Certificates of deposit | Level 1 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, 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] | |||
Fair value, short-term AFS securities | 9,501,000 | 23,497,000 | |
Certificates of deposit | Level 3 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 0 | 0 | |
Debt Securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 201,785,000 | 371,301,000 | |
Fair value, long-term AFS securities | 251,696,000 | 213,558,000 | |
Debt Securities | Level 1 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 0 | 0 | |
Fair value, long-term AFS securities | 0 | 0 | |
Debt Securities | Level 2 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 201,785,000 | 371,301,000 | |
Fair value, long-term AFS securities | 251,696,000 | 213,558,000 | |
Debt Securities | Level 3 | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value, short-term AFS securities | 0 | 0 | |
Fair value, long-term AFS securities | $ 0 | $ 0 |
Pension Benefits - Net Periodic
Pension Benefits - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Pension Benefits | ||||
Pension settlement expense | $ 0 | $ 0 | $ 102,109 | |
Pension Plan | ||||
Pension Benefits | ||||
Service cost | 5,231 | 10,065 | 9,799 | |
Interest cost | 67,255 | 60,153 | 68,582 | |
Expected return on plan assets | (80,877) | (82,327) | (102,900) | |
Amortization and other costs | 23,020 | 31,916 | 33,369 | |
Amortization of prior service (credit)/cost | (1,932) | (1,945) | (1,945) | |
Effect of settlement/curtailment | (373) | 221 | 102,109 | |
Net periodic pension (income)/cost | 12,324 | 18,083 | 109,014 | |
Reduction in pension benefit obligation | $ 263,300 | |||
Pension settlement expense | 102,100 | |||
Discretionary contributions to pension plans | $ 120,000 | |||
Qualified Plan | Pension Plan | ||||
Pension Benefits | ||||
Service cost | 5,113 | 9,986 | 9,720 | |
Interest cost | 58,835 | 52,770 | 60,742 | |
Expected return on plan assets | (80,877) | (82,327) | (102,900) | |
Amortization and other costs | 18,639 | 26,802 | 29,051 | |
Amortization of prior service (credit)/cost | (1,945) | (1,945) | (1,945) | |
Effect of settlement/curtailment | 0 | 0 | 102,109 | |
Net periodic pension (income)/cost | (235) | 5,286 | 96,777 | |
Pension contributions | 9,500 | |||
Nonqualified Plan | Pension Plan | ||||
Pension Benefits | ||||
Service cost | 118 | 79 | 79 | |
Interest cost | 8,420 | 7,383 | 7,840 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization and other costs | 4,381 | 5,114 | 4,318 | |
Amortization of prior service (credit)/cost | 13 | 0 | 0 | |
Effect of settlement/curtailment | (373) | 221 | 0 | |
Net periodic pension (income)/cost | $ 12,559 | $ 12,797 | $ 12,237 |
Pension Benefits - Changes in P
Pension Benefits - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Pension Benefits | |||
Net actuarial (gain)/loss | $ (10,292) | $ 29,965 | $ 22,600 |
Prior service cost | 706 | 0 | 0 |
Amortization of loss | (23,020) | (31,916) | (33,369) |
Amortization of prior service credit | 1,932 | 1,945 | 1,945 |
Effect of settlement | 0 | (421) | (102,109) |
Total recognized in other comprehensive income | (30,674) | (427) | (110,933) |
Net periodic pension cost | 12,324 | 18,083 | 109,014 |
Total recognized in net periodic benefit (income)/cost and other comprehensive (income)/loss | (18,350) | 17,656 | (1,919) |
Estimated actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | 29,000 | ||
Estimated prior service credit that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | 2,000 | ||
Defined contribution plan, cost recognized | $ 27,000 | $ 22,000 | $ 23,000 |
Pension Benefits - Changes in B
Pension Benefits - Changes in Benefit Obligation and Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 1,714,464 | $ 1,881,790 | |
Service cost | 5,231 | 10,065 | $ 9,799 |
Interest cost | 67,255 | 60,153 | 68,582 |
Plan participants’ contributions | 0 | 3 | |
Amendments | 706 | 0 | |
Actuarial loss/(gain) | 223,978 | (133,891) | |
Curtailments | (373) | (200) | |
Benefits paid | (103,209) | (103,398) | |
Effects of change in currency conversion | (17) | (58) | |
Benefit obligation at end of year | 1,908,035 | 1,714,464 | 1,881,790 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 1,410,151 | 1,567,411 | |
Actual return on plan assets | 315,148 | (81,529) | |
Employer contributions | 26,577 | 27,664 | |
Plan participants’ contributions | 0 | 3 | |
Benefits paid | (103,209) | (103,398) | |
Fair value of plan assets at end of year | 1,648,667 | 1,410,151 | 1,567,411 |
Amount recognized in the Consolidated Balance Sheets | |||
Current liabilities | (17,147) | (17,034) | |
Noncurrent liabilities | (242,221) | (287,279) | |
Net amount recognized | (259,368) | (304,313) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 715,391 | 748,702 | |
Prior service credit | (16,149) | (18,786) | |
Total | 699,242 | 729,916 | |
Qualified Plan | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 1,491,398 | 1,636,488 | |
Service cost | 5,113 | 9,986 | 9,720 |
Interest cost | 58,835 | 52,770 | 60,742 |
Plan participants’ contributions | 0 | 3 | |
Amendments | 0 | 0 | |
Actuarial loss/(gain) | 191,104 | (123,670) | |
Curtailments | 0 | 0 | |
Benefits paid | (86,163) | (84,179) | |
Effects of change in currency conversion | 0 | 0 | |
Benefit obligation at end of year | 1,660,287 | 1,491,398 | 1,636,488 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 1,410,151 | 1,567,411 | |
Actual return on plan assets | 315,148 | (81,529) | |
Employer contributions | 9,531 | 8,445 | |
Plan participants’ contributions | 0 | 3 | |
Benefits paid | (86,163) | (84,179) | |
Fair value of plan assets at end of year | 1,648,667 | 1,410,151 | 1,567,411 |
Amount recognized in the Consolidated Balance Sheets | |||
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (11,620) | (81,247) | |
Net amount recognized | (11,620) | (81,247) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 592,774 | 654,579 | |
Prior service credit | (16,842) | (18,786) | |
Total | 575,932 | 635,793 | |
Nonqualified Plan | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 223,066 | 245,302 | |
Service cost | 118 | 79 | 79 |
Interest cost | 8,420 | 7,383 | 7,840 |
Plan participants’ contributions | 0 | 0 | |
Amendments | 706 | 0 | |
Actuarial loss/(gain) | 32,874 | (10,221) | |
Curtailments | (373) | (200) | |
Benefits paid | (17,046) | (19,219) | |
Effects of change in currency conversion | (17) | (58) | |
Benefit obligation at end of year | 247,748 | 223,066 | 245,302 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 17,046 | 19,219 | |
Plan participants’ contributions | 0 | 0 | |
Benefits paid | (17,046) | (19,219) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Amount recognized in the Consolidated Balance Sheets | |||
Current liabilities | (17,147) | (17,034) | |
Noncurrent liabilities | (230,601) | (206,032) | |
Net amount recognized | (247,748) | (223,066) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 122,617 | 94,123 | |
Prior service credit | 693 | 0 | |
Total | $ 123,310 | $ 94,123 |
Pension Benefits - Schedule of
Pension Benefits - Schedule of Accumulated Benefit Obligations In Excess of Fair Value (Details) - Pension Plan - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Pension Benefits | ||
Projected benefit obligation | $ 1,908,035 | $ 1,714,464 |
Accumulated benefit obligation | 1,904,979 | 1,712,619 |
Fair value of plan assets | $ 1,648,667 | $ 1,410,151 |
Pension Benefits - Schedule o_2
Pension Benefits - Schedule of Assumptions Used (Details) - Pension Plan | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Calculation term, market-related value | 3 years | ||
Nonqualified Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.17% | 4.35% | |
Rate of increase in compensation levels | 2.50% | 2.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate for determining projected benefit obligation | 4.35% | 3.67% | 4.17% |
Discount rate in effect for determining interest cost | 3.94% | 3.14% | 3.39% |
Rate of increase in compensation levels | 2.50% | 2.50% | 2.50% |
Qualified Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 3.30% | 4.43% | |
Rate of increase in compensation levels | 3.00% | 3.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate for determining projected benefit obligation | 4.43% | 3.75% | 4.31% |
Discount rate in effect for determining service cost | 3.87% | 3.88% | 4.74% |
Discount rate in effect for determining interest cost | 4.06% | 3.31% | 3.54% |
Rate of increase in compensation levels | 3.00% | 2.95% | 2.95% |
Expected long-term rate of return on assets | 5.68% | 5.69% | 6.73% |
Pension Benefits - Schedule o_3
Pension Benefits - Schedule of Allocation of Plan Assets (Details) - Pension Plan | 12 Months Ended |
Dec. 29, 2019 | |
Pension Benefits | |
Percent of funded status policy maximum range | 100.00% |
Hedging Assets | |
Pension Benefits | |
Asset allocation, actual | 79.00% |
Long Duration Assets | |
Pension Benefits | |
Target allocation percentage of assets, range minimum | 71.50% |
Target allocation percentage of assets, range maximum | 76.50% |
Return-Seeking Assets | |
Pension Benefits | |
Target allocation percentage of assets, range minimum | 23.50% |
Target allocation percentage of assets, range maximum | 28.50% |
Asset allocation, actual | 21.00% |
Public Equity | |
Pension Benefits | |
Asset allocation, actual | 94.00% |
High-Yield Fixed Income | |
Pension Benefits | |
Asset allocation, actual | 0.00% |
Alternatives | |
Pension Benefits | |
Asset allocation, actual | 6.00% |
Cash | |
Pension Benefits | |
Asset allocation, actual | 0.00% |
Long Duration Fixed Income | |
Pension Benefits | |
Asset allocation, actual | 63.00% |
Long Duration and Return-Seeking Assets, Public Equity | |
Pension Benefits | |
Asset allocation, actual | 34.00% |
Long Duration and Return-Seeking Assets, Growth Fixed Income | |
Pension Benefits | |
Asset allocation, actual | 0.00% |
Long Duration and Return-Seeking Assets, Alternatives | |
Pension Benefits | |
Asset allocation, actual | 2.00% |
Long Duration and Return-Seeking Assets, Cash | |
Pension Benefits | |
Asset allocation, actual | 1.00% |
Cash and Cash Equivalents | |
Pension Benefits | |
Asset allocation, actual | 0.00% |
Minimum | Hedging Assets | |
Pension Benefits | |
Asset allocation, target percentage range | 75.00% |
Minimum | Return-Seeking Assets | |
Pension Benefits | |
Asset allocation, target percentage range | 10.00% |
Minimum | Public Equity | |
Pension Benefits | |
Asset allocation, target percentage range | 70.00% |
Minimum | High-Yield Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum | Alternatives | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum | Cash | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum | Long Duration Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 61.60% |
Minimum | Long Duration and Return-Seeking Assets, Public Equity | |
Pension Benefits | |
Asset allocation, target percentage range | 20.30% |
Minimum | Long Duration and Return-Seeking Assets, Growth Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum | Long Duration and Return-Seeking Assets, Alternatives | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum | Long Duration and Return-Seeking Assets, Cash | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum | Cash and Cash Equivalents | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Maximum | Hedging Assets | |
Pension Benefits | |
Asset allocation, target percentage range | 90.00% |
Maximum | Return-Seeking Assets | |
Pension Benefits | |
Asset allocation, target percentage range | 25.00% |
Maximum | Public Equity | |
Pension Benefits | |
Asset allocation, target percentage range | 100.00% |
Maximum | High-Yield Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 15.00% |
Maximum | Alternatives | |
Pension Benefits | |
Asset allocation, target percentage range | 15.00% |
Maximum | Cash | |
Pension Benefits | |
Asset allocation, target percentage range | 10.00% |
Maximum | Long Duration Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 71.00% |
Maximum | Long Duration and Return-Seeking Assets, Public Equity | |
Pension Benefits | |
Asset allocation, target percentage range | 39.00% |
Maximum | Long Duration and Return-Seeking Assets, Growth Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 6.00% |
Maximum | Long Duration and Return-Seeking Assets, Alternatives | |
Pension Benefits | |
Asset allocation, target percentage range | 6.00% |
Maximum | Long Duration and Return-Seeking Assets, Cash | |
Pension Benefits | |
Asset allocation, target percentage range | 4.00% |
Maximum | Cash and Cash Equivalents | |
Pension Benefits | |
Asset allocation, target percentage range | 5.00% |
Pension Benefits - Fair Value o
Pension Benefits - Fair Value of Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | $ 631,245 | $ 543,191 |
Total | 1,410,151 | |
U.S. Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
International Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Registered Investment Companies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Common Collective Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 575,738 | 412,815 |
Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
U.S. Treasury and Other Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Group Annuity Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 64,559 | |
Municipal and Provincial Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Government Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 0 | 0 |
Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 19,097 | 19,667 |
Private Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 11,345 | 12,752 |
Hedge Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment measured at net asset value | 25,065 | 33,398 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 192,100 | 109,063 |
Recurring | Level 1 | U.S. Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 55,011 | 25,459 |
Recurring | Level 1 | International Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 38,231 | 27,805 |
Recurring | Level 1 | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 46,276 | 18,891 |
Recurring | Level 1 | Registered Investment Companies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 52,582 | 36,908 |
Recurring | Level 1 | Common Collective Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 1 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 1 | U.S. Treasury and Other Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 1 | Group Annuity Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
Recurring | Level 1 | Municipal and Provincial Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 1 | Government Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 1 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 1 | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 1 | Private Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 1 | Hedge Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 825,322 | 757,897 |
Recurring | Level 2 | U.S. Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 2 | International Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 2 | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 2 | Registered Investment Companies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 2 | Common Collective Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 2 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 574,756 | 532,466 |
Recurring | Level 2 | U.S. Treasury and Other Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 182,878 | 155,229 |
Recurring | Level 2 | Group Annuity Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
Recurring | Level 2 | Municipal and Provincial Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 42,812 | 42,170 |
Recurring | Level 2 | Government Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 13,131 | 14,278 |
Recurring | Level 2 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 11,745 | 13,754 |
Recurring | Level 2 | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 2 | Private Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 2 | Hedge Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | U.S. Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | International Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | Registered Investment Companies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | Common Collective Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | U.S. Treasury and Other Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | Group Annuity Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | |
Recurring | Level 3 | Municipal and Provincial Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | Government Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | Private Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Level 3 | Hedge Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 1,648,667 | |
Recurring | Estimate of Fair Value Measurement | U.S. Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 55,011 | 25,459 |
Recurring | Estimate of Fair Value Measurement | International Equities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 38,231 | 27,805 |
Recurring | Estimate of Fair Value Measurement | Mutual Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 46,276 | 18,891 |
Recurring | Estimate of Fair Value Measurement | Registered Investment Companies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 52,582 | 36,908 |
Recurring | Estimate of Fair Value Measurement | Common Collective Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 575,738 | 412,815 |
Recurring | Estimate of Fair Value Measurement | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 574,756 | 532,466 |
Recurring | Estimate of Fair Value Measurement | U.S. Treasury and Other Government Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 182,878 | 155,229 |
Recurring | Estimate of Fair Value Measurement | Group Annuity Contract | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 64,559 | |
Recurring | Estimate of Fair Value Measurement | Municipal and Provincial Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 42,812 | 42,170 |
Recurring | Estimate of Fair Value Measurement | Government Sponsored Enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 13,131 | 14,278 |
Recurring | Estimate of Fair Value Measurement | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 11,745 | 13,754 |
Recurring | Estimate of Fair Value Measurement | Cash and Cash Equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 19,097 | 19,667 |
Recurring | Estimate of Fair Value Measurement | Private Equity | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 11,345 | 12,752 |
Recurring | Estimate of Fair Value Measurement | Hedge Fund | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 25,065 | $ 33,398 |
Pension Benefits - Contribution
Pension Benefits - Contributions and Expected Benefit Payments (Details) - Pension Plan $ in Thousands | 12 Months Ended |
Dec. 29, 2019USD ($) | |
Pension Benefits | |
Future employer contributions in next fiscal year | $ 9,000 |
2020 | 105,483 |
2021 | 106,536 |
2022 | 108,329 |
2023 | 109,532 |
2024 | 110,509 |
2025-2029 | 561,708 |
Qualified Plan | |
Pension Benefits | |
Pension contributions | 9,500 |
2020 | 88,092 |
2021 | 89,431 |
2022 | 91,324 |
2023 | 92,832 |
2024 | 94,098 |
2025-2029 | 482,654 |
Nonqualified Plan | |
Pension Benefits | |
2020 | 17,391 |
2021 | 17,105 |
2022 | 17,005 |
2023 | 16,700 |
2024 | 16,411 |
2025-2029 | $ 79,054 |
Pension Benefits - Schedule o_4
Pension Benefits - Schedule of Multiemployer Plans (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019USD ($) | Sep. 29, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($)Collective_Bargaining_Agreement | Dec. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Jul. 01, 2018USD ($) | Apr. 01, 2018USD ($) | Dec. 29, 2019USD ($) | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Pension Benefits | |||||||||||
Multiemployer Plans, Gain (Loss) On Withdrawal Obligation | $ 0 | $ 2,045 | $ 0 | $ 0 | $ 0 | $ 4,851 | $ 0 | $ 0 | $ 2,045 | $ 4,851 | $ 4,320 |
Pension Plan | |||||||||||
Pension Benefits | |||||||||||
Multiemployer plan, withdrawal obligation | $ 82,000 | $ 97,000 | 82,000 | 97,000 | |||||||
Multiemployer plan, period contributions | 2,800 | 2,670 | 2,510 | ||||||||
Pension Plan | CWAITU Negotiated Pension Plan | |||||||||||
Pension Benefits | |||||||||||
Multiemployer plan, period contributions | 415 | 408 | 425 | ||||||||
Pension Plan | Newspaper and Mail Deliverers'-Publishers' Pension Fund | |||||||||||
Pension Benefits | |||||||||||
Multiemployer plan, period contributions | 1,014 | 992 | 995 | ||||||||
Number of collective bargaining arrangements | Collective_Bargaining_Agreement | 2 | ||||||||||
Pension Plan | GCIU-Employer Retirement Benefit Plan | |||||||||||
Pension Benefits | |||||||||||
Multiemployer plan, period contributions | $ 58 | 42 | 39 | ||||||||
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | 10 years | ||||||||||
Pension Plan | Pressmen's Publishers' Pension Fund | |||||||||||
Pension Benefits | |||||||||||
Multiemployer plan, period contributions | $ 1,213 | 1,129 | 963 | ||||||||
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | 10 years | ||||||||||
Pension Plan | Paper-Handlers' - Publishers' Pension Fund | |||||||||||
Pension Benefits | |||||||||||
Multiemployer plan, period contributions | $ 100 | 99 | 88 | ||||||||
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | 10 years | ||||||||||
Pension Plan | Total of Individually Significant Multiemployer Plans | |||||||||||
Pension Benefits | |||||||||||
Multiemployer plan, period contributions | $ 2,800 | $ 2,670 | $ 2,510 |
Other Postretirement Benefits -
Other Postretirement Benefits - Schedule of Components of Net Periodic Postretirement Benefit Income (Details) - Other Postretirement Benefit Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 27 | $ 21 | $ 367 |
Interest cost | 1,602 | 1,476 | 1,881 |
Amortization and other costs | 3,375 | 4,735 | 3,621 |
Amortization of prior service credit | (4,766) | (6,157) | (7,755) |
Effect of settlement/curtailment | 0 | 0 | (32,737) |
Net periodic pension (income)/cost | $ 238 | $ 75 | $ (34,623) |
Other Postretirement Benefits_2
Other Postretirement Benefits - Changes in the Benefit Obligations Recognized in Other Comprehensive Income (Details) - Other Postretirement Benefit Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Other Postretirement Benefits | |||
Net actuarial loss/(gain) | $ 296 | $ (4,905) | $ (6,625) |
Amortization of loss | (3,375) | (4,735) | (3,621) |
Amortization of prior service credit | 4,766 | 6,157 | 7,755 |
Effect of curtailment | 0 | 0 | 6,502 |
Effect of settlement | 0 | 0 | 26,235 |
Total recognized in other comprehensive income | 1,687 | (3,483) | 30,246 |
Net periodic postretirement benefit cost/(income) | 238 | 75 | (34,623) |
Total recognized in net periodic postretirement benefit cost/(income) and other comprehensive loss/(income) | 1,925 | (3,408) | (4,377) |
Estimated actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | 3,000 | ||
Estimated prior service cost that will be amortized from accumulated other comprehensive loss into net periodic pension cost over the next fiscal year | 4,000 | ||
Additional postretirement costs | $ 15,000 | $ 16,000 | $ 15,000 |
Other Postretirement Benefits_3
Other Postretirement Benefits - Changes in the Benefit Obligation and Plan Assets and Other Amounts (Details) - Other Postretirement Benefit Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 46,037 | $ 54,642 | |
Service cost | 27 | 21 | $ 367 |
Interest cost | 1,602 | 1,476 | 1,881 |
Plan participants’ contributions | 3,835 | 3,974 | |
Actuarial loss/(gain) | 296 | (4,905) | |
Benefits paid | (8,994) | (9,171) | |
Benefit obligation at end of year | 42,803 | 46,037 | $ 54,642 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 0 | ||
Employer contributions | 5,159 | 5,197 | |
Plan participants’ contributions | 3,835 | 3,974 | |
Benefits paid | (8,994) | (9,171) | |
Fair value of plan assets at end of year | 0 | 0 | |
Amount recognized in the Consolidated Balance Sheets | |||
Current liabilities | (5,115) | (5,645) | |
Noncurrent liabilities | (37,688) | (40,392) | |
Net amount recognized | (42,803) | (46,037) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 25,793 | 28,871 | |
Prior service credit | (7,691) | (12,456) | |
Total | $ 18,102 | $ 16,415 |
Other Postretirement Benefits_4
Other Postretirement Benefits - Schedule of Assumptions Used (Details) - Other Postretirement Benefit Plans | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.94% | 4.18% | |
Rate of increase in compensation levels | 3.50% | 3.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate for determining projected benefit obligation | 4.18% | 3.46% | 3.93% |
Discount rate in effect for determining service cost | 4.19% | 3.56% | 4.08% |
Discount rate in effect for determining interest cost | 3.71% | 3.01% | 3.21% |
Estimated increase in compensation level | 3.50% | 3.50% | 3.50% |
Other Postretirement Benefits_5
Other Postretirement Benefits - Schedule of Health Care Cost Trend Rates (Details) - Other Postretirement Benefit Plans | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Other Postretirement Benefits | ||
Health-care cost trend rate | 6.57% | 6.90% |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2025 | 2025 |
Other Postretirement Benefits_6
Other Postretirement Benefits - Schedule of Effect of One Percentage-Point Change in Assumed Health Care Cost Trend Rates (Details) - Other Postretirement Benefit Plans $ in Thousands | 12 Months Ended |
Dec. 30, 2018USD ($) | |
Defined Benefit Plan, Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rate [Abstract] | |
Effect on total service and interest cost (increase) | $ 23 |
Effect on accumulated postretirement benefit obligation ( increase) | 968 |
Effect on total service and interest cost (decrease) | (21) |
Effect on accumulated postretirement benefit obligation (decrease) | $ (861) |
Other Postretirement Benefits_7
Other Postretirement Benefits - Schedule of Expected Benefit Payments (Details) - Other Postretirement Benefit Plans $ in Thousands | Dec. 29, 2019USD ($) |
Other Postretirement Benefits | |
2020 | $ 5,226 |
2021 | 4,784 |
2022 | 4,359 |
2023 | 4,001 |
2024 | 3,678 |
2025-2029 | $ 14,342 |
Other Postretirement Benefits_8
Other Postretirement Benefits - Other Information (Details) - USD ($) $ in Millions | Dec. 29, 2019 | Dec. 30, 2018 |
Other Postretirement Benefit Plans | ||
Other Postretirement Benefits | ||
Postemployment benefits liability | $ 9.5 | $ 9.7 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Deferred compensation | $ 23,702 | $ 23,211 |
Noncurrent operating lease liabilities | 55,136 | 0 |
Other liabilities | 47,399 | 54,636 |
Total | 126,237 | 77,847 |
Deferred compensation plan assets | $ 46,000 | $ 38,100 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount: | |||||||||||
Tax at federal statutory rate | $ 34,537 | $ 36,979 | $ 38,928 | ||||||||
State and local taxes, net | 5,303 | 12,335 | 4,800 | ||||||||
Effect of enacted changes in tax laws | 0 | (1,872) | 68,747 | ||||||||
(Decrease)/increase in uncertain tax positions | (2,427) | 2,288 | (2,277) | ||||||||
(Gain)/loss on company-owned life insurance | (1,662) | 449 | (1,916) | ||||||||
Nondeductible expense | 1,938 | 1,808 | 912 | ||||||||
Nondeductible executive compensation | (355) | 2,135 | 1,360 | ||||||||
Stock-based awards benefit | (6,184) | (1,795) | (517) | ||||||||
Deduction for foreign-derived intangible income | (2,625) | 0 | 0 | ||||||||
Research and experimentation credit | (5,672) | 0 | 0 | ||||||||
Other, net | 1,641 | (3,696) | (6,081) | ||||||||
Income tax expense | $ 7,705 | $ 6,070 | $ 9,415 | $ 1,304 | $ 23,289 | $ 10,092 | $ 9,999 | $ 5,251 | $ 24,494 | $ 48,631 | $ 103,956 |
Effective Income Tax Rate Reconciliation, Percent: | |||||||||||
Tax at federal statutory rate (% of pre-tax) | 21.00% | 21.00% | 35.00% | ||||||||
State and local taxes, net (% of pre-tax) | 3.20% | 7.00% | 4.30% | ||||||||
Effect of enacted changes in tax laws (% of pre-tax) | 0.00% | (1.00%) | 61.80% | ||||||||
Reduction in uncertain tax positions (% of pre-tax) | (1.50%) | 1.30% | (2.00%) | ||||||||
Loss/(gain) on Company-owned life insurance (% of pre-tax) | (1.00%) | 0.20% | (1.70%) | ||||||||
Non deductible expense (% of pre-tax) | 1.20% | 1.00% | 0.80% | ||||||||
Nondeductible executive compensation (% of pre-tax) | (0.20%) | 1.20% | 1.20% | ||||||||
Stock-based awards benefit (% of pre-tax) | (3.80%) | (1.00%) | (0.40%) | ||||||||
Deduction for foreign-derived intangible income (% of pre-tax) | (1.60%) | 0.00% | 0.00% | ||||||||
Research and experimentation credit (% of pre-tax) | (3.40%) | 0.00% | 0.00% | ||||||||
Other, net (% of pre-tax) | 1.00% | (2.10%) | (5.50%) | ||||||||
Effective income tax rate | 14.90% | 27.60% | 93.50% |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Current tax expense/(benefit) | |||||||||||
Federal | $ 16,283 | $ 31,719 | $ (252) | ||||||||
Foreign | 823 | 705 | 458 | ||||||||
State and local | 3,146 | 10,172 | 350 | ||||||||
Total current tax expense | 20,252 | 42,596 | 556 | ||||||||
Deferred tax expense/(benefit) | |||||||||||
Federal | 5,588 | 913 | 105,905 | ||||||||
State and local | (1,346) | 5,122 | (2,505) | ||||||||
Total deferred tax expense | 4,242 | 6,035 | 103,400 | ||||||||
Income tax expense | $ 7,705 | $ 6,070 | $ 9,415 | $ 1,304 | $ 23,289 | $ 10,092 | $ 9,999 | $ 5,251 | 24,494 | 48,631 | $ 103,956 |
Operating loss carryforward, state and local | $ 1,600 | $ 2,000 | $ 1,600 | $ 2,000 | |||||||
Maximum | |||||||||||
Deferred tax expense/(benefit) | |||||||||||
Operating loss carryforwards, remaining life | 18 years |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Deferred tax assets | ||
Retirement, postemployment and deferred compensation plans | $ 113,306 | $ 128,926 |
Accruals for other employee benefits, compensation, insurance and other | 25,543 | 22,722 |
Net operating losses | 1,289 | 1,598 |
Operating lease liabilities | 16,746 | |
Other | 27,042 | 23,400 |
Gross deferred tax assets | 183,926 | 176,646 |
Deferred tax liabilities | ||
Property, plant and equipment | 39,494 | 38,268 |
Intangible assets | 7,596 | 7,225 |
Operating lease right-of-use assets | 14,309 | |
Other | 7,298 | 2,722 |
Gross deferred tax liabilities | 68,697 | 48,215 |
Net deferred tax asset | $ 115,229 | $ 128,431 |
Valuation allowance, period for recoverability measurement | 3 years |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 11,629 | $ 17,086 | $ 10,028 |
Gross additions to tax positions taken during the current year | 1,184 | 680 | 9,009 |
Gross additions to tax positions taken during the prior year | 711 | 3,019 | 103 |
Gross reductions to tax positions taken during the prior year | (76) | (8,607) | (372) |
Reductions from settlements with taxing authorities | (2,637) | 0 | 0 |
Reductions from lapse of applicable statutes of limitations | (502) | (549) | (1,682) |
Balance at end of year | $ 10,309 | $ 11,629 | $ 17,086 |
Income Taxes - Other Informatio
Income Taxes - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax Act, additional income tax expense | $ 68.7 | ||
Tax cuts and jobs act, incomplete accounting, provisional income tax expense | 1.9 | ||
Accrued income taxes | 12.6 | $ 3.7 | |
Income tax benefits related to exercise or vesting of equity awards | 11.9 | 4.8 | $ 13.7 |
AOCI deferred tax assets | 188 | 194 | |
Total amount of unrecognized tax benefit | 9 | 10 | |
Income tax benefit due to reduction in reserve for uncertain tax positions | 3.8 | 0.5 | |
Total amount of accrued interest and penalties | 2 | 3 | |
Net benefit of accrued interest and penalties | 0.6 | $ 0.7 | $ 0.1 |
Total amount of unrecognized tax benefit which may be recognized in the next twelve months that would impact the effective tax rate | $ 3.6 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Dec. 29, 2013 | Dec. 31, 2017 | |
New England Media Group | ||
Discontinued operations | ||
Proceeds from the sale of discontinued operations | $ 70 | |
Net after-tax proceeds from sale, including tax benefit | $ 74 | |
Loss on sales of disposal group | $ 0.7 | |
Loss on sale, net of income taxes | $ 0.4 | |
Metro Boston LLC | ||
Discontinued operations | ||
Equity method investment, ownership percentage | 49.00% |
Earnings_(Loss) Per Share (Deta
Earnings/(Loss) Per Share (Details) - shares | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,500,000 | 2,100,000 | 2,300,000 |
Share-based Payment Arrangement, Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 2,000,000 | ||
Restricted Stock Units and Long-term Incentive Compensation Stock-settled Awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 0 | 0 |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Options (number of shares): | |||
Exercised (shares) | (419,160) | (2,327,046) | (657,704) |
Weighted Average Exercise Price (in dollars per share): | |||
Total intrinsic value | $ 8,600 | $ 12,300 | $ 7,000 |
Share-based Payment Arrangement, Option | |||
Options (number of shares): | |||
Options outstanding at beginning of year (shares) | 1,388,000 | ||
Exercised (shares) | (419,000) | ||
Forfeited/Expired (shares) | 0 | ||
Options outstanding at end of period (shares) | 969,000 | 1,388,000 | |
Options exercisable at end of period (shares) | 969,000 | ||
Weighted Average Exercise Price (in dollars per share): | |||
Options outstanding at beginning of year (in dollars per share) | $ 9 | ||
Exercised (in dollars per share) | 11 | ||
Forfeited/Expired (in dollars per share) | 0 | ||
Options outstanding at end of period (in dollars per share) | 9 | $ 9 | |
Options exercisable at end of period (in dollars per share) | $ 9 | ||
Outstanding weighted average remaining contractual term, beginning of period | 2 years | 2 years | |
Outstanding weighted average remaining contractual term, end of period | 2 years | 2 years | |
Options exercisable weighted average remaining contractual term | 2 years | ||
Outstanding aggregate intrinsic value, beginning of period | $ 18,052 | ||
Outstanding aggregate intrinsic value, end of period | 22,534 | $ 18,052 | |
Options exercisable aggregate intrinsic value | $ 22,534 |
Stock-Based Awards - Stock-Sett
Stock-Based Awards - Stock-Settled Restricted Stock Units (Details) - Stock-settled Restricted Stock Units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Restricted Stock Units (in shares): | |||
Unvested stock-settled restricted stock units at beginning of period | 623 | ||
Granted | 298 | ||
Vested | (341) | ||
Forfeited | (33) | ||
Unvested stock-settled restricted stock units at end of period | 547 | 623 | |
Unvested stock-settled restricted stock units expected to vest at end of period | 514 | ||
Weighted Average Grant-Date Fair Value (in dollars per share): | |||
Unvested stock-settled restricted stock units at beginning of period | $ 20 | ||
Granted | 32 | ||
Vested | 18 | ||
Forfeited | 26 | ||
Unvested stock-settled restricted stock units at end of period | 27 | $ 20 | |
Unvested stock-settled restricted stock units expected to vest at end of period | $ 27 | ||
Restricted stock units vested, intrinsic value | $ 11 | $ 12.4 | $ 7.9 |
Five-year vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years |
Stock-Based Awards - Class A Co
Stock-Based Awards - Class A Common Stock Reserved for Issuance (Details) - shares shares in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, outstanding | 3,019 | 4,174 |
Shares, available for issuance | 7,475 | 16,859 |
Class A Common Stock | Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, available for issuance | 0 | 6,410 |
Class A Common Stock | Incentive Plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, available for issuance | 7,475 | 7,404 |
Stock Options and Stock-Settled Restricted Stock Units | Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, outstanding | 1,648 | 2,165 |
Stock-Settled Performance Awards | Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, outstanding | 1,371 | 2,009 |
Pension Plan | Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, available for issuance | 0 | 3,045 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target number of performance awards granted | 0.00% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target number of performance awards granted | 200.00% |
Stock-Based Awards - Other Info
Stock-Based Awards - Other Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 12.9 | $ 13 | $ 14.8 | |
Length of performance measurement period for long-term incentive compensation (in years) | 3 years | |||
Payments under long term incentive plan based on total shareholder return during year | $ 2 | $ 3 | $ 3 | |
Unrecognized compensation expense related to the unvested portion of our stock-based awards | $ 16 | |||
Weighted average years to be recognized over | 1 year 4 months 24 days | |||
Share-based Payment Arrangement, Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 0 | 0 | 0 | |
2010 Incentive Plan | Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Award term | 10 years | |||
2004 Directors' Plan | Non-Employee Director Stock Options | Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Award term | 10 years | |||
Granted (shares) | 0 | 0 | 0 | |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target number of performance awards granted | 0.00% | |||
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of target number of performance awards granted | 200.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 27, 2015 | Dec. 30, 2018 | |
Class of Stock [Line Items] | |||
Class A common stock, right to elect percentage of the board of directors | 30.00% | ||
Class B Common Stock available for conversion into Class A Common Stock (in shares) | 803,404 | 803,408 | |
Class B common stock, right to elect percentage of the board of directors | 70.00% | ||
Proceeds from Warrant Exercises | $ 101.1 | ||
Stock repurchased during the period | $ 84.9 | ||
Amount remaining under share repurchase authorization | $ 16.2 | ||
Minimum consideration for each share of preferred stock (in usd per share) | $ 100 | ||
Preferred stock issued (in shares) | 0 | ||
Adolph Ochs Family Trust | |||
Class of Stock [Line Items] | |||
Class B common stock ownership percentage | 90.00% |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of Goods and Services Sold | $ 706,355 | $ 654,176 | $ 616,342 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 1,042,641 | 897,363 | 844,244 |
Income tax (benefit)/expense | 8,179 | (198) | 41,545 |
Other comprehensive income/(loss), net of tax | 22,748 | (560) | 57,901 |
Ending balance | 1,173,863 | 1,042,641 | 897,363 |
Total New York Times Company Stockholders' Equity | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 1,040,781 | 897,279 | 847,815 |
Other comprehensive income before reclassifications, before tax | 11,230 | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 19,697 | ||
Income tax (benefit)/expense | 8,179 | ||
Other comprehensive income/(loss), net of tax | 22,748 | (560) | 56,787 |
Ending balance | 1,172,003 | 1,040,781 | 897,279 |
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 4,677 | ||
Other comprehensive income before reclassifications, before tax | (1,684) | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | ||
Income tax (benefit)/expense | (445) | ||
Other comprehensive income/(loss), net of tax | (1,239) | ||
Ending balance | 3,438 | 4,677 | |
AOCI Attributable to Parent | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (517,724) | (423,029) | (479,816) |
Other comprehensive income/(loss), net of tax | 22,748 | (560) | 56,787 |
Ending balance | (494,976) | (517,724) | $ (423,029) |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (520,308) | ||
Other comprehensive income before reclassifications, before tax | 9,290 | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 19,697 | ||
Income tax (benefit)/expense | 7,665 | ||
Other comprehensive income/(loss), net of tax | 21,322 | ||
Ending balance | (498,986) | (520,308) | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Including Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (2,093) | ||
Other comprehensive income before reclassifications, before tax | 3,624 | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | ||
Income tax (benefit)/expense | 959 | ||
Other comprehensive income/(loss), net of tax | 2,665 | ||
Ending balance | 572 | $ (2,093) | |
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of Goods and Services Sold | 6,698 | ||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Cost of Goods and Services Sold | $ (26,395) |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of Goods and Services Sold | $ (706,355) | $ (654,176) | $ (616,342) | ||||||||
Total reclassification, before tax | $ 75,917 | $ 22,497 | $ 34,586 | $ 31,460 | $ 80,265 | $ 35,066 | $ 33,595 | $ 27,165 | 164,460 | 176,091 | 111,224 |
Income tax expense | $ 7,705 | $ 6,070 | $ 9,415 | $ 1,304 | 23,289 | 10,092 | 9,999 | 5,251 | 24,494 | 48,631 | 103,956 |
Total reclassification, net of tax | $ 56,976 | $ 24,974 | $ 23,596 | $ 21,914 | 139,966 | $ 127,460 | $ 6,837 | ||||
Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total reclassification, before tax | 19,697 | ||||||||||
Income tax expense | 5,208 | ||||||||||
Total reclassification, net of tax | 14,489 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of Goods and Services Sold | (6,698) | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Including Portion Attributable to Noncontrolling Interest | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of Goods and Services Sold | $ 26,395 |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended |
Dec. 29, 2019Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | Aug. 01, 2019 | Dec. 29, 2019 | Dec. 30, 2018 |
Real Estate [Line Items] | |||
Present value of lease liabilities | $ 62,989 | ||
Right-of-Use Asset | $ 6,900 | ||
Accumulated depreciation and amortization | $ 950,881 | $ 911,845 | |
Office Space Leased To Third Parties ( as a percent ) | 39.00% | ||
Headquarters Redesign and Consolidation | |||
Real Estate [Line Items] | |||
Accumulated depreciation | $ 510,000 | ||
Accumulated depreciation and amortization | $ 204,000 |
Leases - Assets And Liabilities
Leases - Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 53,549 | $ 36,000 |
Current operating lease liabilities | 7,853 | |
Noncurrent operating lease liabilities | 55,136 | $ 0 |
Present value of lease liabilities | $ 62,989 |
Leases - Operating Lease Costs
Leases - Operating Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Rent expense | $ 14,000 | $ 19,000 | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 9,101 | ||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 61,270 | ||
Weighted-average remaining lease term-operating leases ( in years ) | 9 years 8 months 12 days | ||
Weighted-average discount rate-operating leases ( as a percent ) | 4.64% | ||
Selling, General and Administrative Expenses | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Operating lease cost | $ 9,980 | ||
Short term and variable lease cost | 1,814 | ||
Total lease cost | $ 11,794 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturity (Details) $ in Thousands | Dec. 29, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 10,092 |
2021 | 9,146 |
2022 | 8,689 |
2023 | 8,079 |
2024 | 7,042 |
Later Years | 35,113 |
Total lease payments | 78,161 |
Less: Interest | (15,172) |
Present value of lease liabilities | $ 62,989 |
Leases - Cash Flows To Be Recei
Leases - Cash Flows To Be Received (Details) $ in Thousands | 12 Months Ended |
Dec. 29, 2019USD ($) | |
Leases [Abstract] | |
Building rental revenue | $ 30,595 |
Sublease Income | 10,800 |
2020 | 32,242 |
2021 | 32,259 |
2022 | 32,254 |
2023 | 19,329 |
2024 | 15,529 |
Later Years | 126,633 |
Total building rental revenue from operating leases | $ 258,246 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Narrative (Details) - USD ($) $ in Millions | Dec. 29, 2019 | Dec. 30, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Restricted cash | $ 17.1 | $ 18.3 |
Subsequent Event (Details)
Subsequent Event (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 29, 2020 | Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Subsequent Event [Line Items] | ||||||||||||
Dividends approved (in USD per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.20 | $ 0.16 | $ 0.16 | |
Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Increase in dividend per share of common stock (in USD per share) | $ 0.01 | |||||||||||
Class A Common Stock | Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Dividends approved (in USD per share) | 0.06 | |||||||||||
Class B Common Stock | Subsequent Event | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Dividends approved (in USD per share) | $ 0.06 |
Quarterly Information (Unaudi_3
Quarterly Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 508,363 | $ 428,501 | $ 436,258 | $ 439,062 | $ 502,744 | $ 417,346 | $ 414,560 | $ 413,948 | $ 1,812,184 | $ 1,748,598 | $ 1,675,639 |
Operating costs | 430,398 | 401,452 | 398,325 | 404,464 | 426,713 | 380,754 | 373,306 | 378,005 | 1,634,639 | 1,558,778 | 1,493,278 |
Headquarters Redesign and Consolidation | 1,364 | 0 | 1,252 | 1,888 | 0 | 4,504 | 10,090 | ||||
Restructuring charge | 0 | 4,008 | 0 | 0 | 4,008 | 0 | 0 | ||||
Gain from pension liability adjustment | 0 | (2,045) | 0 | 0 | 0 | (4,851) | 0 | 0 | (2,045) | (4,851) | (4,320) |
Operating profit | 77,965 | 25,086 | 37,933 | 34,598 | 74,667 | 41,443 | 40,002 | 34,055 | 175,582 | 190,167 | 176,591 |
Other components of net periodic benefit costs | 1,800 | 1,834 | 1,833 | 1,835 | 2,048 | 2,335 | 1,863 | 2,028 | 7,302 | 8,274 | 64,225 |
Gain/(loss) from joint ventures | 10,773 | (16) | (8) | 15 | 0 | 10,764 | 18,641 | ||||
Interest expense and other, net | 248 | 755 | 1,514 | 1,303 | 3,127 | 4,026 | 4,536 | 4,877 | 3,820 | 16,566 | 19,783 |
Income from continuing operations before income taxes | 75,917 | 22,497 | 34,586 | 31,460 | 80,265 | 35,066 | 33,595 | 27,165 | 164,460 | 176,091 | 111,224 |
Income tax expense | 7,705 | 6,070 | 9,415 | 1,304 | 23,289 | 10,092 | 9,999 | 5,251 | 24,494 | 48,631 | 103,956 |
Net income | 56,976 | 24,974 | 23,596 | 21,914 | 139,966 | 127,460 | 6,837 | ||||
Net income attributable to the noncontrolling interest | (1,777) | 2 | 1 | (2) | 0 | (1,776) | (2,541) | ||||
Net income attributable to The New York Times Company common stockholders | $ 68,212 | $ 16,427 | $ 25,171 | $ 30,156 | $ 55,199 | $ 24,976 | $ 23,597 | $ 21,912 | $ 139,966 | $ 125,684 | $ 4,296 |
Average number of common shares outstanding: | |||||||||||
Basic (in shares) | 166,239 | 166,148 | 166,152 | 165,674 | 165,154 | 165,064 | 165,027 | 164,094 | 166,042 | 164,845 | 161,926 |
Diluted (in shares) | 167,728 | 167,555 | 167,549 | 167,129 | 167,249 | 166,966 | 166,899 | 166,237 | 167,545 | 166,939 | 164,263 |
Basic earnings per share attributable to The New York Times Company common stockholders: | |||||||||||
Net income (USD per share) | $ 0.41 | $ 0.10 | $ 0.15 | $ 0.18 | $ 0.33 | $ 0.15 | $ 0.14 | $ 0.13 | $ 0.84 | $ 0.76 | $ 0.03 |
Diluted earnings per share attributable to The New York Times Company common stockholders: | |||||||||||
Net income (USD per share) | 0.41 | 0.10 | 0.15 | 0.18 | 0.33 | 0.15 | 0.14 | 0.13 | 0.83 | 0.75 | 0.03 |
Dividends declared per share (USD per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.04 | $ 0.20 | $ 0.16 | $ 0.16 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Accounts Receivable Allowances - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 13,249 | $ 14,542 | $ 16,815 |
Additions charged to operating costs and other | 14,807 | 11,830 | 11,747 |
Deductions | 13,698 | 13,123 | 14,020 |
Balance at end of period | $ 14,358 | $ 13,249 | $ 14,542 |
Uncategorized Items - a201910-k
Label | Element | Value |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Start Date Axis: 2021-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | us-gaap_RevenueRemainingPerformanceObligation | $ 66,000,000 |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Start Date Axis: (nil) | ||
Revenue, Remaining Performance Obligation, Amount | us-gaap_RevenueRemainingPerformanceObligation | 144,000,000 |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 2,572,000 |
Revenue, Remaining Performance Obligation, Amount | us-gaap_RevenueRemainingPerformanceObligation | 32,000,000 |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Start Date Axis: 2019-01-01 | ||
Revenue, Remaining Performance Obligation, Amount | us-gaap_RevenueRemainingPerformanceObligation | 46,000,000 |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (94,135,000) |
Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 2,572,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 96,707,000 |