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NYT New York Times

Cover Page

Cover Page - shares6 Months Ended
Jun. 28, 2020Jul. 31, 2020
Entity Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateJun. 28,
2020
Document Transition Reportfalse
Entity File Number1-5837
Entity Registrant NameTHE NEW YORK TIMES COMPANY
Entity Incorporation, State or Country CodeNY
Entity Tax Identification Number13-1102020
Entity Address, Address Line One620 Eighth Avenue
Entity Address, City or TownNew York
Entity Address, State or ProvinceNY
Entity Address, Postal Zip Code10018
City Area Code212
Local Phone Number556-1234
Title of 12(b) SecurityClass A Common Stock
Trading SymbolNYT
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Central Index Key0000071691
Current Fiscal Year End Date--12-27
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ2
Amendment Flagfalse
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding165,953,189
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding801,884

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsJun. 28, 2020Dec. 29, 2019
Current assets
Cash and cash equivalents $ 249,312 $ 230,431
Short-term marketable securities240,400 201,785
Accounts receivable (net of allowances of $13,646 in 2020 and $14,358 in 2019)122,092 213,402
Prepaid expenses28,382 29,089
Other current assets42,331 42,124
Total current assets682,517 716,831
Other assets
Long-term marketable securities266,946 251,696
Property, plant and equipment (less accumulated depreciation and amortization of $978,828 in 2020 and $950,881 in 2019)611,998 627,121
Goodwill144,767 138,674
Deferred income taxes111,355 115,229
Miscellaneous assets240,774 239,587
Total assets2,058,357 2,089,138
Current liabilities
Accounts payable70,692 116,571
Accrued payroll and other related liabilities66,004 108,865
Unexpired subscriptions revenue99,674 88,419
Accrued expenses and other134,742 123,840
Total current liabilities371,112 437,695
Other liabilities
Pension benefits obligation294,470 313,655
Postretirement benefits obligation35,935 37,688
Other125,809 126,237
Total other liabilities456,214 477,580
Common stock of $.10 par value:
Additional paid-in capital205,618 208,028
Retained earnings1,659,158 1,612,658
Common stock held in treasury, at cost(171,211)(171,211)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments3,706 3,438
Funded status of benefit plans(489,748)(498,986)
Net unrealized gain on available-for-sale securities4,086 572
Total accumulated other comprehensive loss, net of income taxes(481,956)(494,976)
Total New York Times Company stockholders’ equity1,229,171 1,172,003
Noncontrolling interest1,860 1,860
Total stockholders’ equity1,231,031 1,173,863
Total liabilities and stockholders’ equity2,058,357 2,089,138
Class A Common Stock
Common stock of $.10 par value:
Common stock value17,482 17,424
Class B Common Stock
Common stock of $.10 par value:
Common stock value $ 80 $ 80

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in ThousandsJun. 28, 2020Dec. 29, 2019
Accounts receivable, allowances $ 13,646 $ 14,358
Accumulated depreciation and amortization $ 978,828 $ 950,881
Common stock, par value (in USD per share) $ 0.1 $ 0.1
Class A Common Stock
Common stock, shares authorized (in shares)300,000,000 300,000,000
Common stock, shares issued (in shares)174,820,777 174,242,668
Treasury stock shares (in shares)8,870,801 8,870,801
Class B Common Stock
Common stock, shares authorized (in shares)803,404 803,404
Common stock, shares issued (in shares)803,404 803,404

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Revenues
Total revenues $ 403,750 $ 436,258 $ 847,386 $ 875,320
Operating costs
Cost of revenue (excluding depreciation and amortization)230,147 245,195 473,819 484,554
Sales and marketing39,617 62,289 113,413 137,109
Product development30,737 25,261 61,539 48,989
General and administrative58,812 50,400 111,673 102,039
Depreciation and amortization15,631 15,180 30,816 30,098
Total operating costs374,944 398,325 791,260 802,789
Operating profit28,806 37,933 56,126 72,531
Other components of net periodic benefit costs2,149 1,833 4,463 3,668
Interest income/(expense) and other, net2,786 (1,514)16,640 (2,817)
Income from continuing operations before income taxes29,443 34,586 68,303 66,046
Income tax expense5,781 9,415 11,787 10,719
Net income23,662 25,171 56,516 55,327
Net income attributable to The New York Times Company common stockholders $ 23,662 $ 25,171 $ 56,516 $ 55,327
Average number of common shares outstanding:
Basic (in shares)166,869 166,152 166,725 165,915
Diluted (in shares)168,083 167,549 167,968 167,322
Basic earnings per share attributable to The New York Times Company common stockholders
Basic earnings per share attributable to The New York Times Company common stockholders (in usd per share) $ 0.14 $ 0.15 $ 0.34 $ 0.33
Diluted earnings per share attributable to The New York Times Company common stockholders
Diluted earnings per share attributable to The New York Times Company common stockholders (in usd per share)0.140.150.340.33
Dividends declared per share (in usd per share) $ 0 $ 0.05 $ 0.06 $ 0.10
Subscription
Revenues
Total revenues $ 293,189 $ 270,456 $ 578,623 $ 541,266
Advertising
Revenues
Total revenues67,760 120,761 173,897 245,849
Other
Revenues
Total revenues $ 42,801 $ 45,041 $ 94,866 $ 88,205

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income $ 23,662 $ 25,171 $ 56,516 $ 55,327
Other comprehensive income, before tax:
Income/(loss) on foreign currency translation adjustments619 1,522 365 (127)
Pension and postretirement benefits obligation6,231 4,896 12,628 9,792
Net unrealized gain on available-for-sale securities4,075 1,415 4,790 3,489
Other comprehensive income, before tax10,925 7,833 17,783 13,154
Income tax expense2,848 2,015 4,763 3,414
Other comprehensive income, net of tax8,077 5,818 13,020 9,740
Comprehensive income attributable to The New York Times Company common stockholders $ 31,739 $ 30,989 $ 69,536 $ 65,067

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in ThousandsTotalTotal New York Times Company Stockholders’ EquityCapital Stock - Class A and Class B CommonAdditional Paid-in CapitalRetained EarningsCommon Stock Held in Treasury, at CostAccumulated Other Comprehensive Loss, Net of Income TaxesNon- controlling Interest
Balance, beginning of period at Dec. 30, 2018 $ 1,042,641 $ 1,040,781 $ 17,396 $ 206,316 $ 1,506,004 $ (171,211) $ (517,724) $ 1,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income55,327 55,327 55,327
Dividends(16,637)(16,637)(16,637)
Other comprehensive income9,740 9,740 9,740
Issuance of shares:
Stock options - Class A shares2,965 2,965 28 2,937
Restricted stock units vested - Class A shares(3,725)(3,725)22 (3,747)
Performance-based awards - Class A shares(11,924)(11,924)42 (11,966)
Stock-based compensation6,816 6,816 6,816
Balance, end of period at Jun. 30, 20191,085,203 1,083,343 17,488 200,356 1,544,694 (171,211)(507,984)1,860
Balance, beginning of period at Mar. 31, 20191,059,814 1,057,954 17,482 197,626 1,527,859 (171,211)(513,802)1,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income25,171 25,171 25,171
Dividends(8,336)(8,336)(8,336)
Other comprehensive income5,818 5,818 5,818
Issuance of shares:
Restricted stock units vested - Class A shares(273)(273)6 (279)
Stock-based compensation3,009 3,009 3,009
Balance, end of period at Jun. 30, 20191,085,203 1,083,343 17,488 200,356 1,544,694 (171,211)(507,984)1,860
Balance, beginning of period at Dec. 29, 20191,173,863 1,172,003 17,504 208,028 1,612,658 (171,211)(494,976)1,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income56,516 56,516 56,516
Dividends(10,016)(10,016)(10,016)
Other comprehensive income13,020 13,020 13,020
Issuance of shares:
Stock options - Class A shares1,873 1,873 18 1,855
Restricted stock units vested - Class A shares(3,883)(3,883)14 (3,897)
Performance-based awards - Class A shares(7,824)(7,824)26 (7,850)
Stock-based compensation7,482 7,482 7,482
Balance, end of period at Jun. 28, 20201,231,031 1,229,171 17,562 205,618 1,659,158 (171,211)(481,956)1,860
Balance, beginning of period at Mar. 29, 20201,193,574 1,191,714 17,552 199,933 1,635,473 (171,211)(490,033)1,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income23,662 23,662 23,662
Dividends23 23 23
Other comprehensive income8,077 8,077 8,077
Issuance of shares:
Stock options - Class A shares942 942 9 933
Restricted stock units vested - Class A shares(274)(274)1 (275)
Stock-based compensation5,027 5,027 5,027
Balance, end of period at Jun. 28, 2020 $ 1,231,031 $ 1,229,171 $ 17,562 $ 205,618 $ 1,659,158 $ (171,211) $ (481,956) $ 1,860

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - (Parenthetical) - shares3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Statement of Stockholders' Equity [Abstract]
Stock options (in shares)90,735 179,510 279,510
Restricted stock unit vested (in shares)6,516 59,967 141,501 221,087
Performance-based awards (in shares)257,098 418,491

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands6 Months Ended
Jun. 28, 2020Jun. 30, 2019
Cash flows from operating activities
Net income $ 56,516 $ 55,327
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization30,816 30,098
Amortization of right of use asset4,645 3,520
Stock-based compensation expense7,482 6,826
Deferred income taxes1,209 0
Gain on non-marketable equity investment(10,074)(1,886)
Long-term retirement benefit obligations(8,524)(11,574)
Fair market value adjustment on life insurance products170 (2,048)
Other-net1,514 (7,801)
Changes in operating assets and liabilities:
Accounts receivable-net91,310 59,673
Other assets(1,292)(14,555)
Accounts payable, accrued payroll and other liabilities(64,019)(57,217)
Unexpired subscriptions11,255 3,637
Net cash provided by operating activities118,590 64,000
Cash flows from investing activities
Purchases of marketable securities(278,773)(225,765)
Maturities of marketable securities228,938 223,327
Business acquisitions(8,055)0
Proceeds from sale of investments – net4,074 110
Capital expenditures(21,510)(23,065)
Other-net2,388 1,872
Net cash used in investing activities(72,938)(23,521)
Long-term obligations:
Repayment of debt and finance lease obligations0 (230)
Dividends paid(18,359)(14,936)
Capital shares:
Proceeds from stock option exercises1,873 2,965
Share-based compensation tax withholding(11,706)(15,649)
Net cash used in financing activities(28,192)(27,850)
Net increase in cash, cash equivalents and restricted cash17,460 12,629
Effect of exchange rate changes on cash162 305
Cash, cash equivalents and restricted cash at the beginning of the period247,518 259,799
Cash, cash equivalents and restricted cash at the end of the period $ 265,140 $ 272,733

Basis of Presentation

Basis of Presentation6 Months Ended
Jun. 28, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationBASIS OF PRESENTATION In the opinion of management of The New York Times Company (the “Company”), the Condensed Consolidated Financial Statements present fairly the financial position of the Company as of June 28, 2020 and December 29, 2019 , and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended June 28, 2020 , and June 30, 2019 . The Company and its consolidated subsidiaries are referred to collectively as “we,” “us” or “our.” All adjustments necessary for a fair presentation have been included and are of a normal and recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The financial statements were prepared in accordance with the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain notes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted from these interim financial statements. These financial statements, therefore, should be read in conjunction with the Consolidated Financial Statements and related Notes included in our Annual Report on Form 10-K for the year ended December 29, 2019 . Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks and 26 weeks for the second quarter and six months, respectively. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates. Reclassification The Company has changed the expense captions on its Condensed Consolidated Statement of Operations effective for the quarter ended March 29, 2020 . These changes were made in order to reflect how the Company manages its business and to communicate where the Company is investing resources and how this aligns with the Company’s strategy. The Company has reclassified expenses for the prior period in order to present comparable financial results. There is no change to consolidated operating income, operating expense, net income or cash flows as a result of this change in classification. See Note 15 for more detail.

Summary of Significant Accounti

Summary of Significant Accounting Policies6 Months Ended
Jun. 28, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting PoliciesSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as described herein, as of June 28, 2020 , our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 29, 2019 , have not changed materially. Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2018-15 Intangibles—Goodwill and Other—Internal-Use Software Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Clarifies the accounting for implementation costs in cloud computing arrangements. The standard provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. The Company adopted this ASU prospectively on December 30, 2019 and will include capitalized implementation costs in Miscellaneous assets in the Company’s Condensed Consolidated Balance Sheet and within Total operating costs in the Condensed Consolidated Statement of Operations. The adoption did not have a material impact on the Company’s consolidated financial statements. 2018-13 Fair Value Measurement (Topic 820) Disclosure Framework Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Modifies the disclosure requirements on fair value measurements. The amendments of disclosures related to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted this ASU on December 30, 2019. The adoption did not have a material impact on the Company’s disclosures. 2016-13 Financial Instruments—Credit Losses Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Amends guidance on reporting credit losses for assets, including trade receivables, available-for-sale marketable securities and any other financial assets not excluded from the scope that have the contractual right to receive cash. For trade receivables, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. For available-for-sale marketable securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The Company adopted this ASU on December 30, 2019 using a modified retrospective approach. The adoption did not have a material impact on the Company’s consolidated financial statements. 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 do not expect this guidance to have a material impact on our consolidated financial statements. 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General Fiscal years ending after December 15, 2020. Early adoption is permitted. Modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. We are currently in the process of evaluating the impact on our consolidated financial statements.

Revenue

Revenue6 Months Ended
Jun. 28, 2020
Revenue from Contract with Customer [Abstract]
RevenueREVENUE 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, Cooking and audio 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 our platforms. Other print advertising revenue primarily includes classified advertising revenue. Other digital 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, affiliate referrals from Wirecutter, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), commercial printing, television and film, retail commerce and NYT Live (our live events business). Subscription, advertising and other revenues were as follows: For the Quarters Ended For the Six Months Ended (In thousands) June 28, 2020 As % of total June 30, 2019 As % of total June 28, 2020 As % of total June 30, 2019 As % of total Subscription $ 293,189 72.6 % $ 270,456 62.0 % $ 578,623 68.3 % $ 541,266 61.8 % Advertising 67,760 16.8 % 120,761 27.7 % 173,897 20.5 % 245,849 28.1 % Other (1) 42,801 10.6 % 45,041 10.3 % 94,866 11.2 % 88,205 10.1 % Total $ 403,750 100.0 % $ 436,258 100.0 % $ 847,386 100.0 % $ 875,320 100.0 % (1) Other revenue includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $7 million for the second quarters of 2020 and 2019, respectively, and approximately $15 million for the first six months of 2020 and 2019, respectively. The following table summarizes print and digital subscription revenues, which are components of subscription revenues above, for the second quarters and first six months ended June 28, 2020 , and June 30, 2019 : For the Quarters Ended For the Six Months Ended (In thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Print subscription revenues: Domestic home delivery subscription revenues (1) $ 132,971 $ 133,038 $ 266,708 $ 268,241 Single copy, NYT International and other subscription revenues (2) 14,234 24,783 35,921 50,531 Subtotal print subscription revenues 147,205 157,821 302,629 318,772 Digital-only subscription revenues: News product subscription revenues (3) 132,922 104,430 251,880 206,776 Other product subscription revenues (4) 13,062 8,205 24,114 15,718 Subtotal digital-only subscriptions 145,984 112,635 275,994 222,494 Total subscription revenues $ 293,189 $ 270,456 $ 578,623 $ 541,266 (1) Includes free access to some or all of the Company’s digital products. (2) NYT International is the international edition of our print newspaper. (3) 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. (4) Includes revenues from standalone subscriptions to the Company’s Crossword, Cooking and audio products. Advertising revenues (print and digital) by category were as follows: For the Quarters Ended June 28, 2020 June 30, 2019 (In thousands) Print Digital Total Print Digital Total Advertising revenues: Display $ 21,460 $ 30,466 $ 51,926 $ 55,859 $ 42,833 $ 98,692 Other 6,769 9,065 15,834 6,876 15,193 22,069 Total advertising $ 28,229 $ 39,531 $ 67,760 $ 62,735 $ 58,026 $ 120,761 For the Six Months Ended June 28, 2020 June 30, 2019 (In thousands) Print Digital Total Print Digital Total Advertising revenues: Display $ 69,619 $ 70,360 $ 139,979 $ 118,201 $ 84,945 $ 203,146 Other 13,589 20,329 33,918 14,079 28,624 42,703 Total advertising $ 83,208 $ 90,689 $ 173,897 $ 132,280 $ 113,569 $ 245,849 Performance Obligations We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of June 28, 2020 , the aggregate amount of transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $138 million . The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $26 million , $45 million and $67 million will be recognized in the remainder of 2020, 2021 and thereafter, respectively. Contract Assets As of June 28, 2020 , and December 29, 2019 , the Company had $2.6 million and $3.4 million , respectively, in contract assets recorded in the Condensed Consolidated Balance Sheets related to digital archiving licensing revenue. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule. The decrease in the contract assets balance of $0.8 million for the six months ended June 28, 2020 , is due to consideration that was reclassified to Accounts receivable when invoiced based on the contractual billing schedules for the period ended June 28, 2020 .

Marketable Securities

Marketable Securities6 Months Ended
Jun. 28, 2020
Investments, Debt and Equity Securities [Abstract]
Marketable SecuritiesMARKETABLE SECURITIES The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $5.6 million and $0.8 million of net unrealized gains in Accumulated other comprehensive income (“AOCI”) as of June 28, 2020 , and December 29, 2019 , respectively. The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS debt securities as of June 28, 2020 , and December 29, 2019 : June 28, 2020 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 105,615 $ 669 $ (13 ) $ 106,271 U.S. Treasury securities 78,826 179 (1 ) 79,004 U.S. governmental agency securities 35,965 180 (1 ) 36,144 Commercial paper 15,981 — — 15,981 Certificates of deposit 3,000 — — 3,000 Total short-term AFS securities $ 239,387 $ 1,028 $ (15 ) $ 240,400 Long-term AFS securities Corporate debt securities $ 114,618 $ 1,751 $ (28 ) $ 116,341 U.S. Treasury securities 92,680 2,714 — 95,394 U.S. governmental agency securities 55,089 125 (3 ) 55,211 Total long-term AFS securities $ 262,387 $ 4,590 $ (31 ) $ 266,946 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 The following tables represent the AFS securities as of June 28, 2020 , and December 29, 2019 , that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: June 28, 2020 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Short-term AFS securities Corporate debt securities $ 22,721 $ (13 ) $ — $ — $ 22,721 $ (13 ) U.S. Treasury securities 14,496 (1 ) — — 14,496 (1 ) U.S. governmental agency securities 9,999 (1 ) — — 9,999 (1 ) Total short-term AFS securities $ 47,216 $ (15 ) $ — $ — $ 47,216 $ (15 ) Long-term AFS securities Corporate debt securities $ 17,542 $ (28 ) $ — $ — $ 17,542 $ (28 ) U.S. governmental agency securities 8,747 (3 ) — — 8,747 (3 ) Total long-term AFS securities $ 26,289 $ (31 ) $ — $ — $ 26,289 $ (31 ) 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 ) We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs. For AFS securities in an unrealized loss position, we first assess whether we intend to sell, or if it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For AFS securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, we consider the extent to which fair value is less than amortized cost, creditworthiness of the security, and adverse conditions specifically related to the security. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. As of June 28, 2020 , 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. As of June 28, 2020 , we have recognized no losses or allowance for credit losses related to AFS securities. As of June 28, 2020 , our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 36 months , respectively. See Note 8 for more information regarding the fair value of our marketable securities.

Goodwill and Intangibles

Goodwill and Intangibles6 Months Ended
Jun. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and IntangiblesGOODWILL AND INTANGIBLES During the first quarter of 2020, the Company acquired Listen In Audio, Inc., a company that transforms journalism articles into audio that is made available in a subscription-based product named “Audm,” in an all-cash transaction. We paid $8.6 million (comprised of $8.0 million cash payment and $0.6 million note receivable previously issued by the Company, which was canceled at the close of the transaction) and entered into agreements that will likely require retention payments over the three years following the acquisition. The Company allocated the purchase price for this acquisition based on the final valuation of assets acquired and liabilities assumed, resulting in allocations primarily to goodwill and intangibles as of June 28, 2020 . The carrying amount of the intangible asset of $2.7 million related to this acquisition has been included in Miscellaneous Assets in our Condensed Consolidated Balance Sheets. The estimated useful life for this asset is 8 years and it is amortized on a straight-line basis. The changes in the carrying amount of goodwill as of June 28, 2020 , and since December 29, 2019 , were as follows: (In thousands) Total Company Balance as of December 29, 2019 $ 138,674 Business acquisition 5,818 Foreign currency translation 275 Balance as of June 28, 2020 $ 144,767 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 $4.5 million is included in Miscellaneous assets in our Condensed Consolidated Balance Sheets as of June 28, 2020

Investments

Investments6 Months Ended
Jun. 28, 2020
Investments, Debt and Equity Securities [Abstract]
InvestmentsINVESTMENTS Non-Marketable Equity Securities Our non-marketable equity securities are investments in privately held companies/funds without readily determinable market values. Gains and losses on non-marketable securities sold or impaired are recognized in Interest income/(expense) and other, net . As of June 28, 2020 , and December 29, 2019 , non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $19.3 million and $13.4 million , respectively. During the first six months of 2020 , we recorded a $10.1 million gain related to a non-marketable equity investment transaction. The gain is comprised of $2.5 million realized gain due to the partial sale of the investment and a $7.6 million unrealized gain due to the mark to market of the remaining investment, and is included in Interest income/(expense) and other, net in our Condensed Consolidated Statements of Operations.

Other

Other6 Months Ended
Jun. 28, 2020
Other Income and Expenses [Abstract]
OtherOTHER Capitalized Computer Software Costs Amortization of capitalized computer software costs included in Depreciation and amortization in our Condensed Consolidated Statements of Operations were $3.9 million and $4.4 million in the second quarters of 2020 and 2019 , respectively, and $7.7 million and $8.7 million in the first six months of 2020 and 2019 , respectively, Interest income/(expense) and other, net Interest income/(expense) and other, net , as shown in the accompanying Condensed Consolidated Statements of Operations was as follows: For the Quarters Ended For the Six Months Ended (In thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Interest expense $ (189 ) $ (7,137 ) $ (381 ) $ (14,196 ) Amortization of debt costs and discount on debt — 205 — (688 ) Capitalized interest 10 8 17 52 Interest income and other expense, net (1) 2,965 5,410 17,004 12,015 Total interest income/(expense) and other, net $ 2,786 $ (1,514 ) $ 16,640 $ (2,817 ) (1) The six months ended June 28, 2020 , include a $10.1 million gain related to a non-marketable equity investment transaction. The six months ended June 30, 2019 , include a fair value adjustment of $1.9 million related to the sale of a non-marketable equity security. Restricted Cash A reconciliation of cash, cash equivalents and restricted cash as of June 28, 2020 , and December 29, 2019 , from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) June 28, 2020 December 29, 2019 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 249,312 $ 230,431 Restricted cash included within other current assets 531 528 Restricted cash included within miscellaneous assets 15,297 16,559 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 265,140 $ 247,518 Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations. Revolving Credit Facility In September 2019, the Company entered into a $250.0 million five-year unsecured revolving credit facility (the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee of 0.20% . As of June 28, 2020 , there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the documents governing the Credit Facility. Severance Costs We recognized severance costs of $6.3 million and $0.7 million in the second quarters of 2020 and 2019 , respectively, and $6.7 million and $2.1 million in the first six months of 2020 and 2019, respectively. Severance costs recognized in 2020 were largely related to workforce reductions primarily affecting our advertising department. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations. We had a severance liability of $12.0 million and $8.4 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of June 28, 2020 , and December 29, 2019 , respectively. We anticipate most of the payments will be made within the next twelve months.

Fair Value Measurements

Fair Value Measurements6 Months Ended
Jun. 28, 2020
Fair Value Disclosures [Abstract]
Fair Value MeasurementsFAIR VALUE MEASUREMENTS Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels: Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3–unobservable inputs for the asset or liability. Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of June 28, 2020 , and December 29, 2019 : (In thousands) June 28, 2020 December 29, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) Corporate debt securities $ 106,271 $ — $ 106,271 $ — $ 99,126 $ — $ 99,126 $ — U.S. Treasury securities 79,004 — 79,004 — 43,095 — 43,095 — U.S. governmental agency securities 36,144 — 36,144 — 37,502 — 37,502 — Commercial paper 15,981 — 15,981 — 12,561 — 12,561 — Certificates of deposit 3,000 — 3,000 — 9,501 — 9,501 — Total short-term AFS securities $ 240,400 $ — $ 240,400 $ — $ 201,785 $ — $ 201,785 $ — Long-term AFS securities (1) Corporate debt securities $ 116,341 $ — $ 116,341 $ — $ 103,737 $ — $ 103,737 $ — U.S. Treasury securities 95,394 — 95,394 — 101,438 — 101,438 — U.S. governmental agency securities 55,211 — 55,211 — 46,521 — 46,521 — Total long-term AFS securities $ 266,946 $ — $ 266,946 $ — $ 251,696 $ — $ 251,696 $ — Liabilities: Deferred compensation (2)(3) $ 18,871 $ 18,871 $ — $ — $ 23,702 $ 23,702 $ — $ — (1) We classified these investments as Level 2 since the fair value is based on market observable inputs for investments with similar terms and maturities. (2) The deferred compensation liability, included in Other liabilities—other in our Condensed Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), which previously enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015. (3) The Company invests the assets associated with the deferred compensation liability in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $45.1 million as of June 28, 2020 , and $46.0 million as of December 29, 2019 . The fair value of these assets is measured using the net asset value per share (or its equivalent) and has not been classified in the fair value hierarchy.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits6 Months Ended
Jun. 28, 2020
Retirement Benefits [Abstract]
Pension and Other Postretirement BenefitsPENSION AND OTHER POSTRETIREMENT BENEFITS Pension 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. We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. The components of net periodic pension cost/(income) were as follows: For the Quarters Ended June 28, 2020 June 30, 2019 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 2,607 $ — $ 2,607 $ 1,279 $ — $ 1,279 Interest cost 11,742 1,649 13,391 14,708 2,088 16,796 Expected return on plan assets (17,745 ) — (17,745 ) (20,259 ) — (20,259 ) Amortization of actuarial loss 5,655 1,522 7,177 4,635 1,094 5,729 Amortization of prior service credit (486 ) — (486 ) (486 ) — (486 ) Net periodic pension cost/(income) (1) $ 1,773 $ 3,171 $ 4,944 $ (123 ) $ 3,182 $ 3,059 For the Six Months Ended June 28, 2020 June 30, 2019 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 5,214 $ — $ 5,214 $ 2,557 $ — $ 2,557 Interest cost 23,484 3,297 26,781 29,417 4,176 33,593 Expected return on plan assets (35,481 ) — (35,481 ) (40,517 ) — (40,517 ) Amortization of actuarial loss 11,310 3,043 14,353 9,270 2,188 11,458 Amortization of prior service credit (972 ) — (972 ) (972 ) — (972 ) Net periodic pension cost/(income) (1) $ 3,555 $ 6,340 $ 9,895 $ (245 ) $ 6,364 $ 6,119 (1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit. During the first six months of 2020 and 2019 , we made pension contributions of $4.6 million and $4.3 million , respectively, to the APP. We expect contributions in 2020 to total approximately $9 million to satisfy funding requirements. Other Postretirement Benefits The components of net periodic postretirement benefit (income)/cost were as follows: For the Quarters Ended For the Six Months Ended (In thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Service cost $ 7 $ 7 $ 14 $ 14 Interest cost 257 400 513 800 Amortization of actuarial loss 763 844 1,526 1,688 Amortization of prior service credit (1,223 ) (1,191 ) (2,279 ) (2,382 ) Net periodic postretirement benefit (income)/cost (1) $ (196 ) $ 60 $ (226 ) $ 120 (1) The service cost component of net periodic postretirement benefit cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit.

Income Taxes

Income Taxes6 Months Ended
Jun. 28, 2020
Income Tax Disclosure [Abstract]
Income TaxesINCOME TAXES The Company had income tax expense of $5.8 million and $11.8 million in the second quarter and first six months of 2020 , respectively. The Company had income tax expense of $9.4 million and $10.7 million in the second quarter and first six months of 2019 , respectively. The Company’s effective tax rates from continuing operations were 19.6% and 17.3% for the second quarter and first six months of 2020 , respectively. The Company’s effective tax rates from continuing operations were 27.2% and 16.2% for the second quarter and first six months of 2019, respectively. The Company received a tax benefit in the second quarter of 2020 from a reduction in the Company’s reserve for uncertain tax positions, and in the first quarters of both 2020 and 2019 from stock price appreciation on stock-based awards that settled in the quarter, resulting in lower than statutory tax rates in the second quarter of 2020 and in the first six months of 2020 and 2019. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed into law. We do not expect the tax provisions in the CARES Act to have a material impact on the Company’s consolidated financial statements.

Earnings Per Share

Earnings Per Share6 Months Ended
Jun. 28, 2020
Earnings Per Share [Abstract]
Earnings Per ShareEARNINGS PER SHARE We compute earnings per share using a two-class method, which is an earnings allocation method used when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. Earnings per share is computed using both basic shares and diluted shares. The difference between basic and diluted shares is that diluted shares include the dilutive effect of the assumed exercise of outstanding securities. Our stock options, stock-settled long-term performance awards and restricted stock units could have a significant impact on diluted shares. The difference between basic and diluted shares of approximately 1.2 million in the second quarter and first six months of 2020 and 1.4 million in the second quarter and first six months of 2019 , resulted primarily from the dilutive effect of certain stock options, performance awards and restricted stock units. Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the market value of our Class A Common Stock, because their inclusion would result in an anti-dilutive effect on per share amounts. There were approximately 0.2 million restricted stock units excluded from the computation of diluted earnings per share because they were anti-dilutive in the first six months of 2020 , and no anti-dilutive stock options or stock-settled long-term performance awards excluded in the same period. There were no anti-dilutive stock options, stock-settled long-term performance awards or restricted stock units excluded from the computation of diluted earnings per share in the first six months of 2019 or in the second quarters of 2020 and 2019 , respectively.

Supplemental Stockholders' Equi

Supplemental Stockholders' Equity Information6 Months Ended
Jun. 28, 2020
Equity [Abstract]
Supplemental Stockholders' Equity InformationSUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATION In 2015, the Board of Directors authorized up to $101.1 million of repurchases of shares of the Company’s Class A Common Stock. As of June 28, 2020 , repurchases under this authorization totaled $84.9 million (excluding commissions) and $16.2 million remained under this authorization. The Company did not repurchase any shares during the first six months of 2020. All purchases were made pursuant to our publicly announced share repurchase program. Our Board of Directors has authorized us to purchase shares under this authorization from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization. The following table summarizes the changes in AOCI by component as of June 28, 2020 : (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net Unrealized Gain on Available-For-Sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 29, 2019 $ 3,438 $ (498,986 ) $ 572 $ (494,976 ) Other comprehensive income before reclassifications, before tax 365 — 4,790 5,155 Amounts reclassified from accumulated other comprehensive loss, before tax — 12,628 — 12,628 Income tax expense 97 3,390 1,276 4,763 Net current-period other comprehensive income, net of tax 268 9,238 3,514 13,020 Balance as of June 28, 2020 $ 3,706 $ (489,748 ) $ 4,086 $ (481,956 ) The following table summarizes the reclassifications from AOCI for the six months ended June 28, 2020 : (In thousands) Detail about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affects line item in the statement where net income is presented Funded status of benefit plans: Amortization of prior service credit (1) $ (3,251 ) Other components of net periodic benefit costs Amortization of actuarial loss (1) 15,879 Other components of net periodic benefit costs Total reclassification, before tax (2) 12,628 Income tax expense 3,390 Income tax expense Total reclassification, net of tax $ 9,238 (1) These AOCI components are included in the computation of net periodic benefit cost for pension and other postretirement benefits. See Note 9 for more information. (2) There were no reclassifications relating to noncontrolling interest for the six months ended June 28, 2020 .

Segment Information

Segment Information6 Months Ended
Jun. 28, 2020
Segment Reporting [Abstract]
Segment InformationSEGMENT INFORMATION The Company identifies a business as an operating segment if: (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (who is the Company’s President and Chief Executive Officer) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information. The Company has determined that it has one reportable segment. Therefore, all required segment information can be found in the Condensed Consolidated Financial Statements.

Contingent Liabilities

Contingent Liabilities6 Months Ended
Jun. 28, 2020
Commitments and Contingencies Disclosure [Abstract]
Contingent LiabilitiesCONTINGENT LIABILITIES 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.

Reclassification

Reclassification6 Months Ended
Jun. 28, 2020
Accounting Changes and Error Corrections [Abstract]
ReclassificationRECLASSIFICATION The Company has changed the expense captions on its Condensed Consolidated Statement of Operations effective for the quarter ended March 29, 2020. These changes were made in order to reflect how the Company manages its business and to communicate where the Company is investing resources and how this aligns with the Company’s strategy. The Company has reclassified expenses for the prior period in order to present comparable financial results. There is no change to consolidated operating income, operating expense, net income or cash flows as a result of this change in classification. A summary of changes is as follows: “Production costs” has become “Cost of revenue”: ◦ Cost of revenue contains all costs related to content creation, subscriber and advertiser servicing, and print production and distribution costs as well as infrastructure costs related to delivering digital content, which include all cloud and cloud related costs as well as compensation for employees that enhance and maintain our platforms. This represents a change from previously disclosed production costs, which did not include distribution or subscriber servicing costs. In addition, certain product development costs previously included in production costs have been reclassified to product development. “Selling, general and administrative” has been split into three lines: ◦ Sales and marketing represents all costs related to the Company’s marketing efforts as well as advertising sales costs. ◦ Product development represents the Company’s investment into developing and enhancing new and existing product technology including engineering, product development, and data insights. ◦ General and administrative includes general management, corporate enterprise technology, building operations and unallocated overhead costs. In addition, incentive compensation, which was previously wholly included in selling, general and administrative, was reclassified to align with the classification of the related wages across each of the expense captions. A reconciliation of the expenses as previously disclosed to the recast presentation for the quarter and six months ended June 30, 2019 , is as follows: As Reported for the Quarter Ended June 30, 2019 Reclassification Recast for the Quarter Ended June 30, 2019 Operating costs Production costs: Wages and benefits $ 103,959 $ (103,959 ) (1)(2) $ — Raw materials 19,158 (19,158 ) (1) — Other production costs 49,897 (49,897 ) (1)(2) — Total production costs 173,014 (173,014 ) (1)(2) — Cost of revenue (excluding depreciation and amortization) — 245,195 (1)(3)(4) 245,195 Selling, general and administrative costs 210,131 (210,131 ) (3)(4)(5) — Sales and marketing — 62,289 (4)(5) 62,289 Product development — 25,261 (2)(4)(5) 25,261 General and administrative — 50,400 (4)(5) 50,400 Depreciation and amortization 15,180 — 15,180 Total operating costs $ 398,325 $ — $ 398,325 As Reported for the Six Months Ended June 30, 2019 Reclassification Recast for the Six Months Ended June 30, 2019 Operating costs Production costs: Wages and benefits $ 206,867 $ (206,867 ) (1)(2) $ — Raw materials 38,996 (38,996 ) (1) — Other production costs 95,234 (95,234 ) (1)(2) — Total production costs 341,097 (341,097 ) (1)(2) — Cost of revenue (excluding depreciation and amortization) — 484,554 (1)(3)(4) 484,554 Selling, general and administrative costs 431,594 (431,594 ) (3)(4)(5) — Sales and marketing — 137,109 (4)(5) 137,109 Product development — 48,989 (2)(4)(5) 48,989 General and administrative — 102,039 (4)(5) 102,039 Depreciation and amortization 30,098 — 30,098 Total operating costs $ 802,789 $ — $ 802,789 ( 1) In the first quarter of 2020, the Company discontinued the use of the production cost caption. These costs, with the exception of product engineering and product design costs, which were reclassified to product development, were reclassified to cost of revenue. (2) Costs related to developing and enhancing new and existing product technology previously included in production costs were reclassified to product development. (3) Distribution and fulfillment costs and subscriber and advertising servicing related costs previously included in selling, general and administrative were reclassified to cost of revenue. (4) Incentive Compensation previously included in selling, general and administrative was reclassified to align with the related salaries in each caption . (5) In the first quarter of 2020, the Company discontinued the use of the selling, general and administrative cost caption. These costs, with the exception of those related to distribution and fulfillment, subscriber and advertising servicing and incentive compensation related to cost of revenue, were reclassified to the new captions: sales and marketing, product development and general and administrative.

Subsequent Events

Subsequent Events6 Months Ended
Jun. 28, 2020
Subsequent Events [Abstract]
Subsequent EventsSUBSEQUENT EVENTS On July 22, 2020, the Company entered into an agreement to acquire substantially all of the assets, and certain of the liabilities, of Serial Productions, LLC. The consideration includes approximately $25 million in cash that was paid at closing on July 29, 2020. On June 30, 2020, our Board of Directors approved a quarterly dividend of $0.06 per share on our Class A and Class B common stock that was paid on July 23, 2020, to all stockholders of record as of the close of business on July 10, 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - (Policies)6 Months Ended
Jun. 28, 2020
Accounting Policies [Abstract]
Recent Accounting PronouncementsRecently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2018-15 Intangibles—Goodwill and Other—Internal-Use Software Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Clarifies the accounting for implementation costs in cloud computing arrangements. The standard provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. The Company adopted this ASU prospectively on December 30, 2019 and will include capitalized implementation costs in Miscellaneous assets in the Company’s Condensed Consolidated Balance Sheet and within Total operating costs in the Condensed Consolidated Statement of Operations. The adoption did not have a material impact on the Company’s consolidated financial statements. 2018-13 Fair Value Measurement (Topic 820) Disclosure Framework Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Modifies the disclosure requirements on fair value measurements. The amendments of disclosures related to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted this ASU on December 30, 2019. The adoption did not have a material impact on the Company’s disclosures. 2016-13 Financial Instruments—Credit Losses Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Amends guidance on reporting credit losses for assets, including trade receivables, available-for-sale marketable securities and any other financial assets not excluded from the scope that have the contractual right to receive cash. For trade receivables, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. For available-for-sale marketable securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The Company adopted this ASU on December 30, 2019 using a modified retrospective approach. The adoption did not have a material impact on the Company’s consolidated financial statements. 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 do not expect this guidance to have a material impact on our consolidated financial statements. 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General Fiscal years ending after December 15, 2020. Early adoption is permitted. Modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. We are currently in the process of evaluating the impact on our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - (Tables)6 Months Ended
Jun. 28, 2020
Accounting Policies [Abstract]
Schedule of Recently Adopted Accounting PronouncementsRecently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 2018-15 Intangibles—Goodwill and Other—Internal-Use Software Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Clarifies the accounting for implementation costs in cloud computing arrangements. The standard provides that implementation costs be evaluated for capitalization using the same criteria as that used for internal-use software development costs, with amortization expense being recorded in the same income statement expense line as the hosted service costs and over the expected term of the hosting arrangement. The Company adopted this ASU prospectively on December 30, 2019 and will include capitalized implementation costs in Miscellaneous assets in the Company’s Condensed Consolidated Balance Sheet and within Total operating costs in the Condensed Consolidated Statement of Operations. The adoption did not have a material impact on the Company’s consolidated financial statements. 2018-13 Fair Value Measurement (Topic 820) Disclosure Framework Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. Modifies the disclosure requirements on fair value measurements. The amendments of disclosures related to changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. The Company adopted this ASU on December 30, 2019. The adoption did not have a material impact on the Company’s disclosures. 2016-13 Financial Instruments—Credit Losses Fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Amends guidance on reporting credit losses for assets, including trade receivables, available-for-sale marketable securities and any other financial assets not excluded from the scope that have the contractual right to receive cash. For trade receivables, ASU 2016-13 eliminates the probable initial recognition threshold in current generally accepted accounting standards, and, instead, requires an entity to reflect its current estimate of all expected credit losses. For available-for-sale marketable securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13 will require that credit losses be presented as an allowance rather than as a write-down. The Company adopted this ASU on December 30, 2019 using a modified retrospective approach. The adoption did not have a material impact on the Company’s consolidated financial statements. 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 do not expect this guidance to have a material impact on our consolidated financial statements. 2018-14 Compensation—Retirement Benefits—Defined Benefit Plans—General Fiscal years ending after December 15, 2020. Early adoption is permitted. Modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement benefit plans. The guidance removes disclosures, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant. We are currently in the process of evaluating the impact on our consolidated financial statements.

Revenue - (Tables)

Revenue - (Tables)6 Months Ended
Jun. 28, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of revenuesSubscription, advertising and other revenues were as follows: For the Quarters Ended For the Six Months Ended (In thousands) June 28, 2020 As % of total June 30, 2019 As % of total June 28, 2020 As % of total June 30, 2019 As % of total Subscription $ 293,189 72.6 % $ 270,456 62.0 % $ 578,623 68.3 % $ 541,266 61.8 % Advertising 67,760 16.8 % 120,761 27.7 % 173,897 20.5 % 245,849 28.1 % Other (1) 42,801 10.6 % 45,041 10.3 % 94,866 11.2 % 88,205 10.1 % Total $ 403,750 100.0 % $ 436,258 100.0 % $ 847,386 100.0 % $ 875,320 100.0 % (1) Other revenue includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $7 million for the second quarters of 2020 and 2019, respectively, and approximately $15 million for the first six months of 2020 and 2019, respectively. The following table summarizes print and digital subscription revenues, which are components of subscription revenues above, for the second quarters and first six months ended June 28, 2020 , and June 30, 2019 : For the Quarters Ended For the Six Months Ended (In thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Print subscription revenues: Domestic home delivery subscription revenues (1) $ 132,971 $ 133,038 $ 266,708 $ 268,241 Single copy, NYT International and other subscription revenues (2) 14,234 24,783 35,921 50,531 Subtotal print subscription revenues 147,205 157,821 302,629 318,772 Digital-only subscription revenues: News product subscription revenues (3) 132,922 104,430 251,880 206,776 Other product subscription revenues (4) 13,062 8,205 24,114 15,718 Subtotal digital-only subscriptions 145,984 112,635 275,994 222,494 Total subscription revenues $ 293,189 $ 270,456 $ 578,623 $ 541,266 (1) Includes free access to some or all of the Company’s digital products. (2) NYT International is the international edition of our print newspaper. (3) 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. (4) Includes revenues from standalone subscriptions to the Company’s Crossword, Cooking and audio products. Advertising revenues (print and digital) by category were as follows: For the Quarters Ended June 28, 2020 June 30, 2019 (In thousands) Print Digital Total Print Digital Total Advertising revenues: Display $ 21,460 $ 30,466 $ 51,926 $ 55,859 $ 42,833 $ 98,692 Other 6,769 9,065 15,834 6,876 15,193 22,069 Total advertising $ 28,229 $ 39,531 $ 67,760 $ 62,735 $ 58,026 $ 120,761 For the Six Months Ended June 28, 2020 June 30, 2019 (In thousands) Print Digital Total Print Digital Total Advertising revenues: Display $ 69,619 $ 70,360 $ 139,979 $ 118,201 $ 84,945 $ 203,146 Other 13,589 20,329 33,918 14,079 28,624 42,703 Total advertising $ 83,208 $ 90,689 $ 173,897 $ 132,280 $ 113,569 $ 245,849

Marketable Securities - (Tables

Marketable Securities - (Tables)6 Months Ended
Jun. 28, 2020
Investments, Debt and Equity Securities [Abstract]
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Market Value of AFS SecuritiesThe following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS debt securities as of June 28, 2020 , and December 29, 2019 : June 28, 2020 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 105,615 $ 669 $ (13 ) $ 106,271 U.S. Treasury securities 78,826 179 (1 ) 79,004 U.S. governmental agency securities 35,965 180 (1 ) 36,144 Commercial paper 15,981 — — 15,981 Certificates of deposit 3,000 — — 3,000 Total short-term AFS securities $ 239,387 $ 1,028 $ (15 ) $ 240,400 Long-term AFS securities Corporate debt securities $ 114,618 $ 1,751 $ (28 ) $ 116,341 U.S. Treasury securities 92,680 2,714 — 95,394 U.S. governmental agency securities 55,089 125 (3 ) 55,211 Total long-term AFS securities $ 262,387 $ 4,590 $ (31 ) $ 266,946 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
Schedule of AFS Securities in Unrealized Loss PositionThe following tables represent the AFS securities as of June 28, 2020 , and December 29, 2019 , that were in an unrealized loss position for which an allowance for credit losses has not been recorded, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position: June 28, 2020 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Short-term AFS securities Corporate debt securities $ 22,721 $ (13 ) $ — $ — $ 22,721 $ (13 ) U.S. Treasury securities 14,496 (1 ) — — 14,496 (1 ) U.S. governmental agency securities 9,999 (1 ) — — 9,999 (1 ) Total short-term AFS securities $ 47,216 $ (15 ) $ — $ — $ 47,216 $ (15 ) Long-term AFS securities Corporate debt securities $ 17,542 $ (28 ) $ — $ — $ 17,542 $ (28 ) U.S. governmental agency securities 8,747 (3 ) — — 8,747 (3 ) Total long-term AFS securities $ 26,289 $ (31 ) $ — $ — $ 26,289 $ (31 ) 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 )

Goodwill and Intangibles - (Tab

Goodwill and Intangibles - (Tables)6 Months Ended
Jun. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill BalancesThe changes in the carrying amount of goodwill as of June 28, 2020 , and since December 29, 2019 , were as follows: (In thousands) Total Company Balance as of December 29, 2019 $ 138,674 Business acquisition 5,818 Foreign currency translation 275 Balance as of June 28, 2020 $ 144,767

Other - (Tables)

Other - (Tables)6 Months Ended
Jun. 28, 2020
Other Income and Expenses [Abstract]
Interest Expense and Other, NetInterest income/(expense) and other, net , as shown in the accompanying Condensed Consolidated Statements of Operations was as follows: For the Quarters Ended For the Six Months Ended (In thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Interest expense $ (189 ) $ (7,137 ) $ (381 ) $ (14,196 ) Amortization of debt costs and discount on debt — 205 — (688 ) Capitalized interest 10 8 17 52 Interest income and other expense, net (1) 2,965 5,410 17,004 12,015 Total interest income/(expense) and other, net $ 2,786 $ (1,514 ) $ 16,640 $ (2,817 ) (1) The six months ended June 28, 2020 , include a $10.1 million gain related to a non-marketable equity investment transaction. The six months ended June 30, 2019 , include a fair value adjustment of $1.9 million related to the sale of a non-marketable equity security.
Reconciliation of Cash, Cash Equivalents, and Restricted CashA reconciliation of cash, cash equivalents and restricted cash as of June 28, 2020 , and December 29, 2019 , from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) June 28, 2020 December 29, 2019 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 249,312 $ 230,431 Restricted cash included within other current assets 531 528 Restricted cash included within miscellaneous assets 15,297 16,559 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 265,140 $ 247,518
Restrictions on Cash and Cash EquivalentsA reconciliation of cash, cash equivalents and restricted cash as of June 28, 2020 , and December 29, 2019 , from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) June 28, 2020 December 29, 2019 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 249,312 $ 230,431 Restricted cash included within other current assets 531 528 Restricted cash included within miscellaneous assets 15,297 16,559 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 265,140 $ 247,518

Fair Value Measurements - (Tabl

Fair Value Measurements - (Tables)6 Months Ended
Jun. 28, 2020
Fair Value Disclosures [Abstract]
Schedule of Financial Liabilities Measured at Fair Value on a Recurring BasisThe following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of June 28, 2020 , and December 29, 2019 : (In thousands) June 28, 2020 December 29, 2019 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) Corporate debt securities $ 106,271 $ — $ 106,271 $ — $ 99,126 $ — $ 99,126 $ — U.S. Treasury securities 79,004 — 79,004 — 43,095 — 43,095 — U.S. governmental agency securities 36,144 — 36,144 — 37,502 — 37,502 — Commercial paper 15,981 — 15,981 — 12,561 — 12,561 — Certificates of deposit 3,000 — 3,000 — 9,501 — 9,501 — Total short-term AFS securities $ 240,400 $ — $ 240,400 $ — $ 201,785 $ — $ 201,785 $ — Long-term AFS securities (1) Corporate debt securities $ 116,341 $ — $ 116,341 $ — $ 103,737 $ — $ 103,737 $ — U.S. Treasury securities 95,394 — 95,394 — 101,438 — 101,438 — U.S. governmental agency securities 55,211 — 55,211 — 46,521 — 46,521 — Total long-term AFS securities $ 266,946 $ — $ 266,946 $ — $ 251,696 $ — $ 251,696 $ — Liabilities: Deferred compensation (2)(3) $ 18,871 $ 18,871 $ — $ — $ 23,702 $ 23,702 $ — $ — (1) We classified these investments as Level 2 since the fair value is based on market observable inputs for investments with similar terms and maturities. (2) The deferred compensation liability, included in Other liabilities—other in our Condensed Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), which previously enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015. (3) The Company invests the assets associated with the deferred compensation liability in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Condensed Consolidated Balance Sheets, and were $45.1 million as of June 28, 2020 , and $46.0 million as of December 29, 2019 . The fair value of these assets is measured using the net asset value per share (or its equivalent) and has not been classified in the fair value hierarchy.

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits - (Tables)6 Months Ended
Jun. 28, 2020
Pension Plan
Pension Benefits
Schedule of Components of Net Periodic Pension Cost and Postretirement Benefit IncomeThe components of net periodic pension cost/(income) were as follows: For the Quarters Ended June 28, 2020 June 30, 2019 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 2,607 $ — $ 2,607 $ 1,279 $ — $ 1,279 Interest cost 11,742 1,649 13,391 14,708 2,088 16,796 Expected return on plan assets (17,745 ) — (17,745 ) (20,259 ) — (20,259 ) Amortization of actuarial loss 5,655 1,522 7,177 4,635 1,094 5,729 Amortization of prior service credit (486 ) — (486 ) (486 ) — (486 ) Net periodic pension cost/(income) (1) $ 1,773 $ 3,171 $ 4,944 $ (123 ) $ 3,182 $ 3,059 For the Six Months Ended June 28, 2020 June 30, 2019 (In thousands) Qualified Plans Non- Qualified Plans All Plans Qualified Plans Non- Qualified Plans All Plans Service cost $ 5,214 $ — $ 5,214 $ 2,557 $ — $ 2,557 Interest cost 23,484 3,297 26,781 29,417 4,176 33,593 Expected return on plan assets (35,481 ) — (35,481 ) (40,517 ) — (40,517 ) Amortization of actuarial loss 11,310 3,043 14,353 9,270 2,188 11,458 Amortization of prior service credit (972 ) — (972 ) (972 ) — (972 ) Net periodic pension cost/(income) (1) $ 3,555 $ 6,340 $ 9,895 $ (245 ) $ 6,364 $ 6,119 (1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit.
Other Postretirement Benefit Plan
Pension Benefits
Schedule of Components of Net Periodic Pension Cost and Postretirement Benefit IncomeThe components of net periodic postretirement benefit (income)/cost were as follows: For the Quarters Ended For the Six Months Ended (In thousands) June 28, 2020 June 30, 2019 June 28, 2020 June 30, 2019 Service cost $ 7 $ 7 $ 14 $ 14 Interest cost 257 400 513 800 Amortization of actuarial loss 763 844 1,526 1,688 Amortization of prior service credit (1,223 ) (1,191 ) (2,279 ) (2,382 ) Net periodic postretirement benefit (income)/cost (1) $ (196 ) $ 60 $ (226 ) $ 120 (1) The service cost component of net periodic postretirement benefit cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit.

Supplemental Stockholders' Eq_2

Supplemental Stockholders' Equity Information - (Tables)6 Months Ended
Jun. 28, 2020
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive LossThe following table summarizes the changes in AOCI by component as of June 28, 2020 : (In thousands) Foreign Currency Translation Adjustments Funded Status of Benefit Plans Net Unrealized Gain on Available-For-Sale Securities Total Accumulated Other Comprehensive Loss Balance as of December 29, 2019 $ 3,438 $ (498,986 ) $ 572 $ (494,976 ) Other comprehensive income before reclassifications, before tax 365 — 4,790 5,155 Amounts reclassified from accumulated other comprehensive loss, before tax — 12,628 — 12,628 Income tax expense 97 3,390 1,276 4,763 Net current-period other comprehensive income, net of tax 268 9,238 3,514 13,020 Balance as of June 28, 2020 $ 3,706 $ (489,748 ) $ 4,086 $ (481,956 )
Reclassification out of Accumulated Other Comprehensive IncomeThe following table summarizes the reclassifications from AOCI for the six months ended June 28, 2020 : (In thousands) Detail about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affects line item in the statement where net income is presented Funded status of benefit plans: Amortization of prior service credit (1) $ (3,251 ) Other components of net periodic benefit costs Amortization of actuarial loss (1) 15,879 Other components of net periodic benefit costs Total reclassification, before tax (2) 12,628 Income tax expense 3,390 Income tax expense Total reclassification, net of tax $ 9,238 (1) These AOCI components are included in the computation of net periodic benefit cost for pension and other postretirement benefits. See Note 9 for more information. (2) There were no reclassifications relating to noncontrolling interest for the six months ended June 28, 2020 .

Reclassification - (Tables)

Reclassification - (Tables)6 Months Ended
Jun. 28, 2020
Accounting Changes and Error Corrections [Abstract]
Reconciliation of Expenses Previously DisclosedA reconciliation of the expenses as previously disclosed to the recast presentation for the quarter and six months ended June 30, 2019 , is as follows: As Reported for the Quarter Ended June 30, 2019 Reclassification Recast for the Quarter Ended June 30, 2019 Operating costs Production costs: Wages and benefits $ 103,959 $ (103,959 ) (1)(2) $ — Raw materials 19,158 (19,158 ) (1) — Other production costs 49,897 (49,897 ) (1)(2) — Total production costs 173,014 (173,014 ) (1)(2) — Cost of revenue (excluding depreciation and amortization) — 245,195 (1)(3)(4) 245,195 Selling, general and administrative costs 210,131 (210,131 ) (3)(4)(5) — Sales and marketing — 62,289 (4)(5) 62,289 Product development — 25,261 (2)(4)(5) 25,261 General and administrative — 50,400 (4)(5) 50,400 Depreciation and amortization 15,180 — 15,180 Total operating costs $ 398,325 $ — $ 398,325 As Reported for the Six Months Ended June 30, 2019 Reclassification Recast for the Six Months Ended June 30, 2019 Operating costs Production costs: Wages and benefits $ 206,867 $ (206,867 ) (1)(2) $ — Raw materials 38,996 (38,996 ) (1) — Other production costs 95,234 (95,234 ) (1)(2) — Total production costs 341,097 (341,097 ) (1)(2) — Cost of revenue (excluding depreciation and amortization) — 484,554 (1)(3)(4) 484,554 Selling, general and administrative costs 431,594 (431,594 ) (3)(4)(5) — Sales and marketing — 137,109 (4)(5) 137,109 Product development — 48,989 (2)(4)(5) 48,989 General and administrative — 102,039 (4)(5) 102,039 Depreciation and amortization 30,098 — 30,098 Total operating costs $ 802,789 $ — $ 802,789 ( 1) In the first quarter of 2020, the Company discontinued the use of the production cost caption. These costs, with the exception of product engineering and product design costs, which were reclassified to product development, were reclassified to cost of revenue. (2) Costs related to developing and enhancing new and existing product technology previously included in production costs were reclassified to product development. (3) Distribution and fulfillment costs and subscriber and advertising servicing related costs previously included in selling, general and administrative were reclassified to cost of revenue. (4) Incentive Compensation previously included in selling, general and administrative was reclassified to align with the related salaries in each caption . (5) In the first quarter of 2020, the Company discontinued the use of the selling, general and administrative cost caption. These costs, with the exception of those related to distribution and fulfillment, subscriber and advertising servicing and incentive compensation related to cost of revenue, were reclassified to the new captions: sales and marketing, product development and general and administrative.

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions6 Months Ended
Jun. 28, 2020Dec. 29, 2019
Revenue from Contract with Customer [Abstract]
Contract asset, current $ 2.6 $ 3.4
Commutative catch up adjustment $ 0.8

Revenue - Subscription, Adverti

Revenue - Subscription, Advertising, and Other Revenues (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenues $ 403,750 $ 436,258 $ 847,386 $ 875,320
Subscription
Disaggregation of Revenue [Line Items]
Total revenues293,189 270,456 578,623 541,266
Advertising
Disaggregation of Revenue [Line Items]
Total revenues67,760 120,761 173,897 245,849
Other
Disaggregation of Revenue [Line Items]
Total revenues42,801 45,041 94,866 88,205
Real Estate
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer $ 7,000 $ 7,000 $ 15,000 $ 15,000
Product concentration risk | Product and service benchmark
Disaggregation of Revenue [Line Items]
As % of total100.00%100.00%100.00%100.00%
Product concentration risk | Product and service benchmark | Subscription
Disaggregation of Revenue [Line Items]
As % of total72.60%62.00%68.30%61.80%
Product concentration risk | Product and service benchmark | Advertising
Disaggregation of Revenue [Line Items]
As % of total16.80%27.70%20.50%28.10%
Product concentration risk | Product and service benchmark | Other
Disaggregation of Revenue [Line Items]
As % of total10.60%10.30%11.20%10.10%

Revenue - Digital-only Subscrip

Revenue - Digital-only Subscription Revenue (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenues $ 403,750 $ 436,258 $ 847,386 $ 875,320
Domestic home delivery subscription
Disaggregation of Revenue [Line Items]
Total revenues132,971 133,038 266,708 268,241
Single copy, NYT International and other
Disaggregation of Revenue [Line Items]
Total revenues14,234 24,783 35,921 50,531
Print Subscription
Disaggregation of Revenue [Line Items]
Total revenues147,205 157,821 302,629 318,772
News Products
Disaggregation of Revenue [Line Items]
Total revenues132,922 104,430 251,880 206,776
Other Products
Disaggregation of Revenue [Line Items]
Total revenues13,062 8,205 24,114 15,718
Total subscription revenues
Disaggregation of Revenue [Line Items]
Total revenues293,189 270,456 578,623 541,266
Digital
Disaggregation of Revenue [Line Items]
Total revenues $ 145,984 $ 112,635 $ 275,994 $ 222,494

Revenue - Advertising Revenues

Revenue - Advertising Revenues (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Advertising revenue $ 403,750 $ 436,258 $ 847,386 $ 875,320
Display
Disaggregation of Revenue [Line Items]
Advertising revenue51,926 98,692 139,979 203,146
Other
Disaggregation of Revenue [Line Items]
Advertising revenue15,834 22,069 33,918 42,703
Total advertising
Disaggregation of Revenue [Line Items]
Advertising revenue67,760 120,761 173,897 245,849
Print | Display
Disaggregation of Revenue [Line Items]
Advertising revenue21,460 55,859 69,619 118,201
Print | Other
Disaggregation of Revenue [Line Items]
Advertising revenue6,769 6,876 13,589 14,079
Print | Total advertising
Disaggregation of Revenue [Line Items]
Advertising revenue28,229 62,735 83,208 132,280
Digital
Disaggregation of Revenue [Line Items]
Advertising revenue145,984 112,635 275,994 222,494
Digital | Display
Disaggregation of Revenue [Line Items]
Advertising revenue30,466 42,833 70,360 84,945
Digital | Other
Disaggregation of Revenue [Line Items]
Advertising revenue9,065 15,193 20,329 28,624
Digital | Total advertising
Disaggregation of Revenue [Line Items]
Advertising revenue $ 39,531 $ 58,026 $ 90,689 $ 113,569

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details) $ in MillionsJun. 28, 2020USD ($)
Revenue from Contract with Customer [Abstract]
Remaining performance obligation $ 138
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-06-29
Revenue from Contract with Customer [Abstract]
Remaining performance obligation $ 26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation $ 45
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue from Contract with Customer [Abstract]
Remaining performance obligation $ 67
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of satisfaction1 year

Marketable Securities - Availab

Marketable Securities - Available for Sale (Details) - USD ($) $ in Thousands6 Months Ended12 Months Ended
Jun. 28, 2020Dec. 29, 2019
Debt Securities, Available-for-sale [Line Items]
Net unrealized gains (loss) in other comprehensive income $ 5,600 $ 800
Short-term AFS securities
Amortized cost, short-term AFS securities239,387 201,495
Gross unrealized gains, short-term AFS1,028 314
Gross unrealized losses, short-term AFS(15)(24)
Fair value, short-term AFS securities240,400 201,785
Long-term AFS securities
Amortized cost, long-term AFS securities262,387 251,206
Gross unrealized gains, long-term AFS4,590 706
Gross unrealized losses, long-term AFS(31)(216)
Fair value, long-term AFS securities266,946 251,696
Corporate debt securities
Short-term AFS securities
Amortized cost, short-term AFS securities105,615 98,864
Gross unrealized gains, short-term AFS669 271
Gross unrealized losses, short-term AFS(13)(9)
Fair value, short-term AFS securities106,271 99,126
Long-term AFS securities
Amortized cost, long-term AFS securities114,618 103,149
Gross unrealized gains, long-term AFS1,751 617
Gross unrealized losses, long-term AFS(28)(29)
Fair value, long-term AFS securities116,341 103,737
U.S. Treasury securities
Short-term AFS securities
Amortized cost, short-term AFS securities78,826 43,098
Gross unrealized gains, short-term AFS179 8
Gross unrealized losses, short-term AFS(1)(11)
Fair value, short-term AFS securities79,004 43,095
Long-term AFS securities
Amortized cost, long-term AFS securities92,680 101,457
Gross unrealized gains, long-term AFS2,714 84
Gross unrealized losses, long-term AFS0 (103)
Fair value, long-term AFS securities95,394 101,438
U.S. governmental agency securities
Short-term AFS securities
Amortized cost, short-term AFS securities35,965 37,471
Gross unrealized gains, short-term AFS180 35
Gross unrealized losses, short-term AFS(1)(4)
Fair value, short-term AFS securities36,144 37,502
Long-term AFS securities
Amortized cost, long-term AFS securities55,089 46,600
Gross unrealized gains, long-term AFS125 5
Gross unrealized losses, long-term AFS(3)(84)
Fair value, long-term AFS securities55,211 46,521
Commercial paper
Short-term AFS securities
Amortized cost, short-term AFS securities15,981 12,561
Gross unrealized gains, short-term AFS0 0
Gross unrealized losses, short-term AFS0 0
Fair value, short-term AFS securities15,981 12,561
Certificates of deposit
Short-term AFS securities
Amortized cost, short-term AFS securities3,000 9,501
Gross unrealized gains, short-term AFS0 0
Gross unrealized losses, short-term AFS0 0
Fair value, short-term AFS securities $ 3,000 $ 9,501

Marketable Securities - Avail_2

Marketable Securities - Available-for-sale Securities - Continuous Loss Position (Details) - USD ($) $ in ThousandsJun. 28, 2020Dec. 29, 2019
Total short-term AFS securities
Short-term AFS securities
Fair value, less than 12 months $ 47,216 $ 34,271
Gross unrealized losses, less than 12 months(15)(9)
Fair value, greater than 12 months0 34,398
Gross unrealized losses, greater than 12 months0 (15)
Fair value, total47,216 68,669
Gross unrealized losses, total(15)(24)
Total long-term AFS securities
Long-term AFS securities
Fair value, less than 12 months26,289 130,993
Gross unrealized losses, less than 12 months(31)(212)
Fair value, greater than 12 months0 4,502
Gross unrealized losses, greater than 12 months0 (4)
Fair value, total26,289 135,495
Gross unrealized losses, total(31)(216)
Corporate debt securities
Short-term AFS securities
Fair value, less than 12 months22,721 20,975
Gross unrealized losses, less than 12 months(13)(6)
Fair value, greater than 12 months0 8,251
Gross unrealized losses, greater than 12 months0 (3)
Fair value, total22,721 29,226
Gross unrealized losses, total(13)(9)
Long-term AFS securities
Fair value, less than 12 months17,542 35,891
Gross unrealized losses, less than 12 months(28)(25)
Fair value, greater than 12 months0 4,502
Gross unrealized losses, greater than 12 months0 (4)
Fair value, total17,542 40,393
Gross unrealized losses, total(28)(29)
US Treasury Securities
Short-term AFS securities
Fair value, less than 12 months14,496 13,296
Gross unrealized losses, less than 12 months(1)(3)
Fair value, greater than 12 months0 11,147
Gross unrealized losses, greater than 12 months0 (8)
Fair value, total14,496 24,443
Gross unrealized losses, total(1)(11)
Long-term AFS securities
Fair value, less than 12 months60,935
Gross unrealized losses, less than 12 months(103)
Fair value, greater than 12 months0
Gross unrealized losses, greater than 12 months0
Fair value, total60,935
Gross unrealized losses, total(103)
U.S. governmental agency securities
Short-term AFS securities
Fair value, less than 12 months9,999 0
Gross unrealized losses, less than 12 months(1)0
Fair value, greater than 12 months0 15,000
Gross unrealized losses, greater than 12 months0 (4)
Fair value, total9,999 15,000
Gross unrealized losses, total(1)(4)
Long-term AFS securities
Fair value, less than 12 months8,747 34,167
Gross unrealized losses, less than 12 months(3)(84)
Fair value, greater than 12 months0 0
Gross unrealized losses, greater than 12 months0 0
Fair value, total8,747 34,167
Gross unrealized losses, total $ (3) $ (84)

Marketable Securities - Narrati

Marketable Securities - Narrative (Details)6 Months Ended
Jun. 28, 2020USD ($)
Investments, Debt and Equity Securities [Abstract]
OTTI loss recognized $ 0
Short-term Marketable Securities | Minimum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)1 month
Short-term Marketable Securities | Maximum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)12 months
Long-term Marketable Securities | Minimum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)13 months
Long-term Marketable Securities | Maximum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)36 months

Goodwill and Intangibles - Narr

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Mar. 29, 2020Jun. 28, 2020Jun. 30, 2019
Business Acquisition [Line Items]
Payments for business acquisitions $ 8,055 $ 0
Intangible assets $ 4,500 4,500
Listen In Audio, Inc.
Business Acquisition [Line Items]
Consideration transferred $ 8,600
Payments for business acquisitions8,000
Acquisition of business, note receivable $ 600
Retention payment term3 years
Intangible assets $ 2,700 $ 2,700
Useful life8 years

- Schedule of Goodwill Balances

- Schedule of Goodwill Balances (Details) $ in Thousands6 Months Ended
Jun. 28, 2020USD ($)
Goodwill [Roll Forward]
Balance as of December 29, 2019 $ 138,674
Business acquisition5,818
Foreign currency translation275
Balance as of June 28, 2020 $ 144,767

Investments - Non-Marketable Eq

Investments - Non-Marketable Equity Securities (Details) - USD ($) $ in Millions6 Months Ended
Jun. 28, 2020Dec. 29, 2019
Net Investment Income [Line Items]
Equity securities $ 19.3 $ 13.4
Realized gain on partial sale of investment2.5
Unrealized gain due to mar to market of remaining investment7.6
Non-marketable equity securities
Net Investment Income [Line Items]
Interest income and other expense, net $ 10.1

Other - Narrative (Details)

Other - Narrative (Details) - USD ($)1 Months Ended3 Months Ended6 Months Ended
Sep. 30, 2019Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019Dec. 29, 2019Sep. 29, 2019
Other Expense [Line Items]
Severance liability $ 12,000,000 $ 12,000,000 $ 8,400,000
Capitalized Computer Software Costs
Other Expense [Line Items]
Capitalized computer software amortization3,900,000 $ 4,400,000 7,700,000 $ 8,700,000
Severance | Selling, General and Administrative Expenses
Other Expense [Line Items]
Severance costs6,300,000 $ 700,000 6,700,000 $ 2,100,000
Credit Facility
Other Expense [Line Items]
Unsecured revolving credit facility, maximum borrowing capacity $ 250,000,000
Unsecured revolving credit facility, term5 years
Unsecured revolving credit facility, unused commitment fee (quarterly)0.20%
Line of credit facility, outstanding borrowings $ 0 $ 0

Other - Interest Expense and Ot

Other - Interest Expense and Other, Net (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Other Income and Expenses [Abstract]
Interest expense $ (189) $ (7,137) $ (381) $ (14,196)
Amortization of debt costs and (premium)/discount on debt0 205 0 (688)
Capitalized interest10 8 17 52
Interest income and other expense, net2,965 5,410 17,004 12,015
Total interest expense and other, net2,786 (1,514)16,640 (2,817)
Interest income and other expense, net $ 10,100 $ 10,100
Fair value adjustment $ 1,900 $ 1,900

Other - Reconciliation of Cash,

Other - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in ThousandsJun. 28, 2020Dec. 29, 2019Jun. 30, 2019Dec. 30, 2018
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents $ 249,312 $ 230,431
Restricted cash included within other current assets531 528
Restricted cash included within miscellaneous assets15,297 16,559
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 265,140 $ 247,518 $ 272,733 $ 259,799

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in ThousandsJun. 28, 2020Dec. 29, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities $ 240,400 $ 201,785
Long-term AFS securities266,946 251,696
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation18,871 23,702
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation0 0
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation0 0
Fair Value | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation18,871 23,702
Debt Securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities240,400 201,785
Long-term AFS securities266,946 251,696
Debt Securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Long-term AFS securities0 0
Debt Securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities240,400 201,785
Long-term AFS securities266,946 251,696
Debt Securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Long-term AFS securities0 0
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities106,271 99,126
Long-term AFS securities116,341 103,737
Corporate debt securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities106,271 99,126
Long-term AFS securities116,341 103,737
Corporate debt securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Long-term AFS securities0 0
Corporate debt securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities106,271 99,126
Long-term AFS securities116,341 103,737
Corporate debt securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Long-term AFS securities0 0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities79,004 43,095
Long-term AFS securities95,394 101,438
U.S. Treasury securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities79,004 43,095
Long-term AFS securities95,394 101,438
U.S. Treasury securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Long-term AFS securities0 0
U.S. Treasury securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities79,004 43,095
Long-term AFS securities95,394 101,438
U.S. Treasury securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Long-term AFS securities0 0
U.S. governmental agency securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities36,144 37,502
Long-term AFS securities55,211 46,521
U.S. governmental agency securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Long-term AFS securities0 0
U.S. governmental agency securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities36,144 37,502
Long-term AFS securities55,211 46,521
U.S. governmental agency securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Long-term AFS securities0 0
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities15,981 12,561
Commercial paper | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities15,981 12,561
Commercial paper | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Commercial paper | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities15,981 12,561
Commercial paper | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities3,000 9,501
Certificates of deposit | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities3,000 9,501
Certificates of deposit | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Certificates of deposit | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities3,000 9,501
Certificates of deposit | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Life Insurance Product Line
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life Insurance Investments $ 45,100 $ 46,000

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Net Periodic Pension Cost (Details) - Pension Plan - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Pension Benefits
Service cost $ 2,607 $ 1,279 $ 5,214 $ 2,557
Interest cost13,391 16,796 26,781 33,593
Expected return on plan assets(17,745)(20,259)(35,481)(40,517)
Amortization of actuarial loss7,177 5,729 14,353 11,458
Amortization of prior service credit(486)(486)(972)(972)
Net periodic postretirement benefit (income)/cost4,944 3,059 9,895 6,119
Qualified Plans
Pension Benefits
Service cost2,607 1,279 5,214 2,557
Interest cost11,742 14,708 23,484 29,417
Expected return on plan assets(17,745)(20,259)(35,481)(40,517)
Amortization of actuarial loss5,655 4,635 11,310 9,270
Amortization of prior service credit(486)(486)(972)(972)
Net periodic postretirement benefit (income)/cost1,773 (123)3,555 (245)
Pension contributions4,600 4,300
Expected contributions in 20209,000 9,000
Non- Qualified Plans
Pension Benefits
Service cost0 0 0 0
Interest cost1,649 2,088 3,297 4,176
Expected return on plan assets0 0 0 0
Amortization of actuarial loss1,522 1,094 3,043 2,188
Amortization of prior service credit0 0 0 0
Net periodic postretirement benefit (income)/cost $ 3,171 $ 3,182 $ 6,340 $ 6,364

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Other Postretirement Benefits (Details) - Other Postretirement Benefit Plan - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Pension Benefits
Service cost $ 7 $ 7 $ 14 $ 14
Interest cost257 400 513 800
Amortization of actuarial loss763 844 1,526 1,688
Amortization of prior service credit(1,223)(1,191)(2,279)(2,382)
Net periodic postretirement benefit (income)/cost $ (196) $ 60 $ (226) $ 120

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense $ 5,781 $ 9,415 $ 11,787 $ 10,719
Effective income tax rate from continuing operations19.60%27.20%17.30%16.20%

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)1,200,000 1,400,000 1,200,000 1,400,000
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
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)200,000
Long-term Incentive Compensation Stock-settled Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)0

Supplemental Stockholders' Eq_3

Supplemental Stockholders' Equity Information - Narrative (Details) - USD ($)6 Months Ended
Jun. 28, 2020Dec. 31, 2015
Class of Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount $ 16,200,000
Class A Common Stock
Class of Stock [Line Items]
Stock repurchase program, authorized amount $ 101,100,000
Share repurchases $ 84,900,000

Supplemental Stockholders' Eq_4

Supplemental Stockholders' Equity Information - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period $ 1,193,574 $ 1,059,814 $ 1,173,863 $ 1,042,641
Other comprehensive income before reclassifications, before tax5,155
Amounts reclassified from accumulated other comprehensive loss, before tax12,628
Income tax expense2,848 2,015 4,763 3,414
Other comprehensive income, net of tax8,077 5,818 13,020 9,740
Balance, end of period1,231,031 1,085,203 1,231,031 1,085,203
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period3,438
Other comprehensive income before reclassifications, before tax365
Amounts reclassified from accumulated other comprehensive loss, before tax0
Income tax expense97
Other comprehensive income, net of tax268
Balance, end of period3,706 3,706
Funded Status of Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period(498,986)
Other comprehensive income before reclassifications, before tax0
Amounts reclassified from accumulated other comprehensive loss, before tax12,628
Income tax expense3,390
Other comprehensive income, net of tax9,238
Balance, end of period(489,748)(489,748)
Net Unrealized Gain on Available-For-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period572
Other comprehensive income before reclassifications, before tax4,790
Amounts reclassified from accumulated other comprehensive loss, before tax0
Income tax expense1,276
Other comprehensive income, net of tax3,514
Balance, end of period4,086 4,086
Accumulated Other Comprehensive Loss, Net of Income Taxes
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period(490,033)(513,802)(494,976)(517,724)
Other comprehensive income, net of tax8,077 5,818 13,020 9,740
Balance, end of period $ (481,956) $ (507,984) $ (481,956) $ (507,984)

Supplemental Stockholders' Eq_5

Supplemental Stockholders' Equity Information - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortizations $ (230,147) $ (245,195) $ (473,819) $ (484,554)
Total reclassification, before tax29,443 34,586 68,303 66,046
Income tax expense5,781 9,415 11,787 10,719
Total reclassification, net of tax $ 23,662 $ 25,171 56,516 $ 55,327
Amounts reclassified from accumulated other comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassification, before tax12,628
Income tax expense3,390
Total reclassification, net of tax9,238
Amounts reclassified from accumulated other comprehensive loss | Amortization of prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortizations(3,251)
Amounts reclassified from accumulated other comprehensive loss | Amortization of actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortizations $ 15,879

Segment Information - Narrative

Segment Information - Narrative (Details)6 Months Ended
Jun. 28, 2020Segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)1

Reclassification (Details)

Reclassification (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Wages and benefits $ 0 $ 0
Raw materials0 0
Other production costs0 0
Cost of Revenue0 0
Cost of Goods and Services Sold $ 230,147 245,195 $ 473,819 484,554
Selling, general and administrative costs0 0
Sales and marketing39,617 62,289 113,413 137,109
Product development30,737 25,261 61,539 48,989
General and administrative58,812 50,400 111,673 102,039
Depreciation and amortization $ 15,631 15,180 $ 30,816 30,098
Total operating costs398,325 802,789
As Reported for the Quarter Ended June 30, 2019
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Wages and benefits103,959 206,867
Raw materials19,158 38,996
Other production costs49,897 95,234
Cost of Revenue173,014 341,097
Cost of Goods and Services Sold0 0
Selling, general and administrative costs210,131 431,594
Sales and marketing0 0
Product development0 0
General and administrative0 0
Depreciation and amortization15,180 30,098
Total operating costs398,325 802,789
Reclassification
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Wages and benefits(103,959)(206,867)
Raw materials(19,158)(38,996)
Other production costs(49,897)(95,234)
Cost of Revenue(173,014)(341,097)
Cost of Goods and Services Sold245,195 484,554
Selling, general and administrative costs(210,131)(431,594)
Sales and marketing62,289 137,109
Product development25,261 48,989
General and administrative50,400 102,039
Depreciation and amortization0 0
Total operating costs $ 0 $ 0

Subsequent Events - Narrative (

Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in ThousandsJul. 29, 2020Jun. 30, 2020Jun. 28, 2020Jun. 30, 2019Jun. 28, 2020Jun. 30, 2019
Subsequent Event [Line Items]
Consideration transferred $ 8,055 $ 0
Dividends declared per share (in usd per share) $ 0 $ 0.05 $ 0.06 $ 0.10
Serial Productions, LLC | Subsequent Event
Subsequent Event [Line Items]
Consideration transferred $ 25,000
Class A Common Stock | Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in usd per share) $ 0.06
Class B Common Stock | Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in usd per share) $ 0.06