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NYT New York Times

Cover Page

Cover Page - shares3 Months Ended
Mar. 28, 2021Apr. 30, 2021
Entity Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 28,
2021
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--12-26
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding167,079,231
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding781,724

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsMar. 28, 2021Dec. 27, 2020
Current assets
Cash and cash equivalents $ 275,242 $ 286,079
Short-term marketable securities297,454 309,080
Accounts receivable (net of allowances of $12,498 in 2021 and $13,797 in 2020)145,170 183,692
Prepaid expenses33,459 29,487
Other current assets35,327 27,497
Total current assets786,652 835,835
Other assets
Long-term marketable securities317,988 286,831
Property, plant and equipment (less accumulated depreciation and amortization of $900,278 in 2021 and $886,149 in 2020)587,452 594,516
Goodwill169,295 171,657
Deferred income taxes98,884 99,518
Miscellaneous assets322,491 319,332
Total assets2,282,762 2,307,689
Current liabilities
Accounts payable102,699 123,157
Accrued payroll and other related liabilities86,844 121,159
Unexpired subscriptions revenue114,845 105,346
Accrued expenses and other136,318 137,086
Total current liabilities440,706 486,748
Other liabilities
Pension benefits obligation322,543 326,555
Postretirement benefits obligation37,136 38,690
Other126,915 127,585
Total other liabilities486,594 492,830
Common stock of $.10 par value:
Additional paid-in capital212,802 216,714
Retained earnings1,701,860 1,672,586
Common stock held in treasury, at cost(171,211)(171,211)
Accumulated other comprehensive loss, net of income taxes:
Foreign currency translation adjustments6,407 8,386
Funded status of benefit plans(417,010)(421,698)
Net unrealized gain on available-for-sale securities2,350 3,131
Total accumulated other comprehensive loss, net of income taxes(408,253)(410,181)
Total New York Times Company stockholders’ equity1,352,868 1,325,517
Noncontrolling interest2,594 2,594
Total stockholders’ equity1,355,462 1,328,111
Total liabilities and stockholders’ equity2,282,762 2,307,689
Class A Common Stock
Common stock of $.10 par value:
Common stock value17,592 17,531
Class B Common Stock
Common stock of $.10 par value:
Common stock value $ 78 $ 78

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in ThousandsMar. 28, 2021Dec. 27, 2020
Accounts receivable, allowance for credit loss $ 12,498 $ 13,797
Accumulated depreciation and amortization $ 900,278 $ 886,149
Common stock, par value (in usd per share) $ 0.10 $ 0.10
Class A Common Stock
Authorized shares (in shares)300,000,000 300,000,000
Issued shares (in shares)175,916,992 175,308,672
Treasury shares (in shares)8,870,801 8,870,801
Class B Common Stock
Authorized shares (in shares)781,724 781,724
Issued shares (in shares)781,724 781,724

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Revenues
Total revenues $ 473,045 $ 443,636
Operating costs
Cost of revenue (excluding depreciation and amortization)250,997 243,484
Sales and marketing60,153 73,784
Product development38,943 31,002
General and administrative56,577 52,861
Depreciation and amortization14,717 15,185
Total operating costs421,387 416,316
Operating profit51,658 27,320
Other components of net periodic benefit costs2,599 2,314
Interest income and other, net1,511 13,854
Income from continuing operations before income taxes50,570 38,860
Income tax expense9,461 6,006
Net income41,109 32,854
Net income attributable to The New York Times Company common stockholders $ 41,109 $ 32,854
Average number of common shares outstanding:
Basic (in shares)167,647 166,549
Diluted (in shares)168,165 167,845
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) $ 0.25 $ 0.20
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)0.240.20
Dividends declared per share (in usd per share) $ 0.07 $ 0.06
Subscription
Revenues
Total revenues $ 329,084 $ 285,434
Advertising
Revenues
Total revenues97,116 106,137
Other
Revenues
Total revenues $ 46,845 $ 52,065

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Statement of Comprehensive Income [Abstract]
Net income $ 41,109 $ 32,854
Other comprehensive income, before tax:
Loss on foreign currency translation adjustments(2,702)(254)
Pension and postretirement benefits obligation6,406 6,397
Net unrealized (loss)/gain on available-for-sale securities(1,067)715
Other comprehensive income, before tax2,637 6,858
Income tax expense709 1,915
Other comprehensive income, net of tax1,928 4,943
Comprehensive income attributable to The New York Times Company common stockholders $ 43,037 $ 37,797

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in ThousandsTotalCapital Stock - Class A and Class B CommonAdditional Paid-in CapitalRetained EarningsCommon Stock Held in Treasury, at CostAccumulated Other Comprehensive Loss, Net of Income TaxesTotal New York Times Company Stockholders’ EquityNon- controlling Interest
Balance, beginning of period at Dec. 29, 2019 $ 1,173,863 $ 17,504 $ 208,028 $ 1,612,658 $ (171,211) $ (494,976) $ 1,172,003 $ 1,860
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income32,854 32,854 32,854
Dividends(10,039)(10,039)(10,039)
Other comprehensive income4,943 4,943 4,943
Issuance of shares:
Stock options - Class A shares931 9 922 931
Restricted stock units vested - Class A shares(3,609)13 (3,622)(3,609)
Performance-based awards - Class A shares(7,824)26 (7,850)(7,824)
Stock-based compensation2,455 2,455 2,455
Balance, end of period at Mar. 29, 20201,193,574 17,552 199,933 1,635,473 (171,211)(490,033)1,191,714 1,860
Balance, beginning of period at Dec. 27, 20201,328,111 17,609 216,714 1,672,586 (171,211)(410,181)1,325,517 2,594
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income41,109 41,109 41,109
Dividends(11,835)(11,835)(11,835)
Other comprehensive income1,928 1,928 1,928
Issuance of shares:
Stock options - Class A shares2,447 33 2,414 2,447
Restricted stock units vested - Class A shares(4,550)14 (4,564)(4,550)
Performance-based awards - Class A shares(5,933)14 (5,947)(5,933)
Stock-based compensation4,185 4,185 4,185
Balance, end of period at Mar. 28, 2021 $ 1,355,462 $ 17,670 $ 212,802 $ 1,701,860 $ (171,211) $ (408,253) $ 1,352,868 $ 2,594

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Statement of Stockholders' Equity [Abstract]
Stock options (in shares)323,360 88,775
Restricted stock unit vested (in shares)142,707 134,985
Performance-based awards (in shares)142,253 257,098

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Cash flows from operating activities
Net income $ 41,109 $ 32,854
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization14,717 15,185
Amortization of right of use asset2,166 2,347
Stock-based compensation expense4,185 2,455
Gain on non-marketable equity investment0 (10,074)
Long-term retirement benefit obligations(4,004)(4,469)
Fair market value adjustment on life insurance products208 3,469
Other – net(1,277)3,064
Changes in operating assets and liabilities:
Accounts receivable – net38,522 55,722
Other assets(3,768)6,826
Accounts payable, accrued payroll and other liabilities(68,428)(79,225)
Unexpired subscriptions9,499 10,697
Net cash provided by operating activities32,929 38,851
Cash flows from investing activities
Purchases of marketable securities(177,543)(142,024)
Maturities of marketable securities155,782 127,291
Business acquisitions0 (8,055)
(Purchases)/sales of investments – net(70)2,965
Capital expenditures(6,394)(15,217)
Other-net2,017 1,617
Net cash used in investing activities(26,208)(33,423)
Long-term obligations:
Dividends paid(10,072)(8,344)
Capital shares:
Proceeds from stock option exercises2,447 931
Share-based compensation tax withholding(10,483)(11,432)
Net cash used in financing activities(18,108)(18,845)
Net decrease in cash, cash equivalents and restricted cash(11,387)(13,417)
Effect of exchange rate changes on cash(341)32
Cash, cash equivalents and restricted cash at the beginning of the period301,964 247,518
Cash, cash equivalents and restricted cash at the end of the period $ 290,236 $ 234,133

Basis of Presentation

Basis of Presentation3 Months Ended
Mar. 28, 2021
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 March 28, 2021, and December 27, 2020, and the results of operations, changes in stockholders’ equity and cash flows of the Company for the periods ended March 28, 2021, and March 29, 2020. 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 27, 2020. Due to the seasonal nature of our business, operating results for the interim periods are not necessarily indicative of a full year’s operations. The fiscal periods included herein comprise 13 weeks for the first quarter. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Condensed Consolidated Financial Statements. Actual results could differ from these estimates. Certain prior period amounts have been reclassified to conform with the current period presentation.

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 28, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting PoliciesSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as described herein, as of March 28, 2021, our significant accounting policies, which are detailed in our Annual Report on Form 10-K for the year ended December 27, 2020, have not changed materially. Recently Adopted Accounting Pronouncements 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, 2020. 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. The Company adopted this guidance on December 28, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements

Revenue

Revenue3 Months Ended
Mar. 28, 2021
Revenue from Contract with Customer [Abstract]
RevenueREVENUE We generate revenues principally from subscriptions and advertising. Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as our Games, Cooking and Audm 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 revenue is principally from advertisers (such as technology, financial and luxury goods companies) promoting products, services or brands on digital platforms in the form of display ads, audio and video, and in print, in the form of column-inch ads. Advertising revenue is primarily derived from offerings sold directly to marketers by our advertising sales teams. A smaller proportion of our total advertising revenues is generated through programmatic auctions run by third-party ad exchanges. Advertising revenue is primarily determined by the volume (e.g., impressions), rate and mix of advertisements. Digital advertising includes our core digital advertising business and other digital advertising. Our core digital advertising business includes direct-sold website, mobile application, podcast, email and video advertisements. Direct-sold display advertising, a component of core digital advertising, includes offerings on websites and mobile applications sold directly to marketers by our advertising sales teams. Other digital advertising includes open-market programmatic advertising and creative services fees. Print advertising includes revenue from column-inch ads and classified advertising, including line-ads as well as preprinted advertising, also known as freestanding inserts. Other revenues primarily consist of revenues from licensing, Wirecutter affiliate referrals, the leasing of floors in the New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”), commercial printing, retail commerce, television and film and our live events business. Subscription, advertising and other revenues were as follows: For the Quarters Ended (In thousands) March 28, 2021 As % of total March 29, 2020 As % of total Subscription $ 329,084 69.6 % $ 285,434 64.4 % Advertising 97,116 20.5 % 106,137 23.9 % Other (1) 46,845 9.9 % 52,065 11.7 % Total $ 473,045 100.0 % $ 443,636 100.0 % (1) Other revenues includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $6 million and $8 million for the quarters ended March 28, 2021, and March 29, 2020, respectively. The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the quarters ended March 28, 2021, and March 29, 2020: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Digital-only subscription revenues: News product subscription revenues (1) $ 161,287 $ 118,958 Other product subscription revenues (2) 18,312 11,052 Subtotal digital-only subscriptions 179,599 130,010 Print subscription revenues: Domestic home delivery subscription revenues (3) 134,395 133,736 Single-copy, NYT International and other subscription revenues (4) 15,090 21,688 Subtotal print subscription revenues 149,485 155,424 Total subscription revenues $ 329,084 $ 285,434 (1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category. (2) Includes revenues from standalone subscriptions to the Company’s Games, Cooking and Audm products. (3) Includes free access to some of the Company’s digital products. (4) NYT International is the international edition of our print newspaper. The following table summarizes digital and print advertising revenues for the quarters ended March 28, 2021, and March 29, 2020: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Advertising revenues: Digital $ 59,496 $ 51,158 Print 37,620 54,979 Total advertising $ 97,116 $ 106,137 Performance Obligations We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of March 28, 2021, the aggregate amount of the transaction price allocated to the remaining performance obligations for contracts with a duration greater than one year was approximately $112 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $37 million, $34 million and $41 million will be recognized in the remainder of 2021, 2022 and thereafter, respectively. Contract Assets As of March 28, 2021, and December 27, 2020, the Company had $1.7 million and $1.8 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.

Marketable Securities

Marketable Securities3 Months Ended
Mar. 28, 2021
Investments, Debt and Equity Securities [Abstract]
Marketable SecuritiesMARKETABLE SECURITIES The Company accounts for its marketable securities as available for sale (“AFS”). The Company recorded $3.2 million and $4.3 million of net unrealized gains in Accumulated other comprehensive income (“AOCI”) as of March 28, 2021, and December 27, 2020, respectively. The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of March 28, 2021, and December 27, 2020: March 28, 2021 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 125,933 $ 417 $ (19) $ 126,331 Certificates of deposit 59,083 — — 59,083 U.S. Treasury securities 51,225 27 (1) 51,251 U.S. governmental agency securities 39,362 42 — 39,404 Commercial paper 21,385 — — 21,385 Total short-term AFS securities $ 296,988 $ 486 $ (20) $ 297,454 Long-term AFS securities Corporate debt securities $ 150,272 $ 1,125 $ (119) $ 151,278 U.S. Treasury securities 101,222 1,751 (8) 102,965 U.S. governmental agency securities 51,588 15 (13) 51,590 Municipal securities 12,161 1 (7) 12,155 Total long-term AFS securities $ 315,243 $ 2,892 $ (147) $ 317,988 December 27, 2020 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 129,805 $ 504 $ (8) $ 130,301 Certificates of deposit 36,525 — — 36,525 U.S. Treasury securities 79,467 39 (3) 79,503 U.S. governmental agency securities 25,113 61 (3) 25,171 Commercial paper 37,580 — — 37,580 Total short-term AFS securities $ 308,490 $ 604 $ (14) $ 309,080 Long-term AFS securities Corporate debt securities $ 134,296 $ 1,643 $ (5) $ 135,934 U.S. Treasury securities 95,511 2,054 — 97,565 U.S. governmental agency securities 48,342 19 (13) 48,348 Municipal securities 4,994 — (10) 4,984 Total long-term AFS securities $ 283,143 $ 3,716 $ (28) $ 286,831 The following tables represent the AFS securities as of March 28, 2021, and December 27, 2020, 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: March 28, 2021 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 $ 50,264 $ (19) $ — $ — $ 50,264 $ (19) U.S. Treasury securities 10,563 (1) — — 10,563 (1) Total short-term AFS securities $ 60,827 $ (20) $ — $ — $ 60,827 $ (20) Long-term AFS securities Corporate debt securities $ 42,532 $ (119) $ — $ — $ 42,532 $ (119) U.S. Treasury securities 9,493 (8) — — 9,493 (8) U.S. governmental agency securities 21,235 (13) — — 21,235 (13) Municipal securities 7,161 (7) — — 7,161 (7) Total long-term AFS securities $ 80,421 $ (147) $ — $ — $ 80,421 $ (147) December 27, 2020 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Short-term AFS securities Corporate debt securities $ 33,735 $ (8) $ — $ — $ 33,735 $ (8) U.S. Treasury securities 20,133 (3) — — 20,133 (3) U.S. governmental agency securities 4,999 (2) 8,749 (1) 13,748 (3) Total short-term AFS securities $ 58,867 $ (13) $ 8,749 $ (1) $ 67,616 $ (14) Long-term AFS securities Corporate debt securities $ 6,717 $ (5) $ — $ — $ 6,717 $ (5) U.S. governmental agency securities 26,236 (13) — — 26,236 (13) Municipal securities 4,984 (10) — — 4,984 (10) Total long-term AFS securities $ 37,937 $ (28) $ — $ — $ 37,937 $ (28) We assess AFS securities on a quarterly basis or more often if a potential loss-triggering event occurs. As of March 28, 2021 , and December 27, 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. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of March 28, 2021 , and December 27, 2020, we have recognized no losses or allowance for credit losses related to AFS securities. As of March 28, 2021, and December 27, 2020, our short-term and long-term marketable securities had remaining maturities of less than one 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 Intangibles3 Months Ended
Mar. 28, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and IntangiblesGOODWILL AND INTANGIBLES The changes in the carrying amount of goodwill as of March 28, 2021, and since December 27, 2020, were as follows: (In thousands) Total Company Balance as of December 27, 2020 $ 171,657 Foreign currency translation (2,362) Balance as of March 28, 2021 $ 169,295 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 $15.8 million is included in Miscellaneous assets

Investments

Investments3 Months Ended
Mar. 28, 2021
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 and other, net . As of March 28, 2021, and December 27, 2020, non-marketable equity securities included in Miscellaneous assets in our Condensed Consolidated Balance Sheets had a carrying value of $21.0 million and $20.9 million, respectively. During the first quarter 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 and other, net in our Condensed Consolidated Statements of Operations.

Other

Other3 Months Ended
Mar. 28, 2021
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 $2.6 million and $3.8 million in the first quarters of 2021 and 2020, respectively. Interest income and other, net Interest income and other, net , as shown in the accompanying Condensed Consolidated Statements of Operations was as follows: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Interest income and other expense, net (1) $ 1,689 $ 14,039 Interest expense (178) (185) Total interest income and other, net $ 1,511 $ 13,854 (1) The quarter ended March 29, 2020 includes a $10.1 million gain related to a non-marketable equity investment transaction. Restricted Cash A reconciliation of cash, cash equivalents and restricted cash as of March 28, 2021, and December 27, 2020, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) March 28, 2021 December 27, 2020 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 275,242 $ 286,079 Restricted cash included within other current assets 664 686 Restricted cash included within miscellaneous assets 14,330 15,199 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 290,236 $ 301,964 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 March 28, 2021, 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 $0.4 million in severance costs in each of the first quarters of 2021 and 2020, respectively. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations. We had a severance liability of $3.3 million and $5.0 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of March 28, 2021, and December 27, 2020, respectively.

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 28, 2021
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 March 28, 2021, and December 27, 2020: (In thousands) March 28, 2021 December 27, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) Corporate debt securities $ 126,331 $ — $ 126,331 $ — $ 130,301 $ — $ 130,301 $ — Certificates of deposit 59,083 — 59,083 — 36,525 — 36,525 — U.S. Treasury securities 51,251 — 51,251 — 79,503 — 79,503 — U.S. governmental agency securities 39,404 — 39,404 — 25,171 — 25,171 — Commercial paper 21,385 — 21,385 — 37,580 — 37,580 — Total short-term AFS securities $ 297,454 $ — $ 297,454 $ — $ 309,080 $ — $ 309,080 $ — Long-term AFS securities (1) Corporate debt securities $ 151,278 $ — $ 151,278 $ — $ 135,934 $ — $ 135,934 $ — U.S. Treasury securities 102,965 — 102,965 — 97,565 — 97,565 — U.S. governmental agency securities 51,590 — 51,590 — 48,348 — 48,348 — Municipal securities 12,155 — 12,155 — 4,984 — 4,984 — Total long-term AFS securities $ 317,988 $ — $ 317,988 $ — $ 286,831 $ — $ 286,831 $ — Liabilities: Deferred compensation (2)(3) $ 18,857 $ 18,857 $ — $ — $ 22,245 $ 22,245 $ — $ — Contingent consideration $ 7,728 $ — $ — $ 7,728 $ 8,431 $ — $ — $ 8,431 (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 $50.2 million as of March 28, 2021, and $49.2 million as of December 27, 2020. 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. Level 3 Liabilities The contingent consideration liability is related to the 2020 acquisition of substantially all the assets and certain liabilities of Serial Productions, LLC (the “Serial acquisition”) and represents contingent payments based on the achievement of certain operational targets, as defined in the acquisition agreement, over the 5 years following the acquisition. The Company estimated the fair value using a probability-weighted discounted cash flow model. The estimate of the fair value of contingent consideration requires subjective assumptions to be made regarding probabilities assigned to operational targets and the discount rate. As the fair value is based on significant unobservable inputs, this is a Level 3 liability. The following table presents the contingent consideration balances as of March 28, 2021, and December 27, 2020: (In thousands) March 28, 2021 December 27, 2020 Balance at the beginning of the period (1) $ 8,431 $ — Serial acquisition — 9,293 Payments — (862) Fair value adjustments (2) (703) — Contingent consideration at the end of the period $ 7,728 $ 8,431 (1) There were no transactions involving contingent consideration during the quarter ended March 29, 2020. The contingent consideration reflected above relates to the Serial acquisition, which was completed during the third quarter of 2020. (2) Fair value adjustments are included in General and administrative expenses in our Condensed Consolidated Statements of Operations. The remaining contingent consideration balances as of March 28, 2021, and December 27, 2020, of $7.7 million and $8.4 million, respectively, are included in Accrued expenses and other , for the current portion of the liability, and Other non-current liabilities , for the long-term portion of the liability, in our Condensed Consolidated Balance Sheets.

Pension and Other Postretiremen

Pension and Other Postretirement Benefits3 Months Ended
Mar. 28, 2021
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 were as follows: For the Quarters Ended March 28, 2021 March 29, 2020 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 2,276 $ — $ 2,276 $ 2,607 $ — $ 2,607 Interest cost 7,629 1,088 8,717 11,742 1,648 13,390 Expected return on plan assets (12,677) — (12,677) (17,736) — (17,736) Amortization of actuarial loss 5,055 1,821 6,876 5,655 1,521 7,176 Amortization of prior service credit (486) — (486) (486) — (486) Net periodic pension cost (1) $ 1,797 $ 2,909 $ 4,706 $ 1,782 $ 3,169 $ 4,951 (1) The service cost component of net periodic pension cost is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit. During the first quarters of 2021 and 2020, we made pension contributions of $1.5 million and $2.1 million, respectively, to the APP. We expect contributions in 2021 to total approximately $10 million to satisfy funding requirements. Other Postretirement Benefits The components of net periodic postretirement benefit cost/(income) were as follows: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Service cost $ 13 $ 7 Interest cost 141 256 Amortization of actuarial loss 852 763 Amortization of prior service credit (836) (1,056) Net periodic postretirement benefit cost/(income) (1) $ 170 $ (30) (1) The service cost component of net periodic postretirement benefit cost/(income) 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 Taxes3 Months Ended
Mar. 28, 2021
Income Tax Disclosure [Abstract]
Income TaxesINCOME TAXESThe Company had income tax expense of $9.5 million and $6.0 million in the first quarters of 2021 and 2020, respectively. The Company’s effective tax rates from continuing operations were 18.7% and 15.5% for the first quarters of 2021 and 2020, respectively. The Company received a tax benefit in both periods from stock price appreciation on stock-based awards that settled in the quarters, resulting in a lower than statutory tax rate.

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 28, 2021
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 0.5 million and 1.3 million as of March 28, 2021, and March 29, 2020, 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 0.1 million and 0.2 million restricted stock units excluded from the computation of diluted earnings per share in the first quarters of 2021 and 2020, respectively, because they were anti-dilutive. There were no anti-dilutive stock options or stock-settled long-term performance awards excluded from the computation of diluted earnings per share in the first quarters of 2021 and 2020, respectively.

Supplemental Stockholders' Equi

Supplemental Stockholders' Equity Information3 Months Ended
Mar. 28, 2021
Equity [Abstract]
Supplemental Stockholders' Equity InformationSUPPLEMENTAL STOCKHOLDERS’ EQUITY INFORMATIONIn 2015, the Board of Directors authorized up to $101.1 million of repurchases of shares of the Company’s Class A Common Stock. As of March 28, 2021, repurchases under this authorization totaled $84.9 million (excluding commissions) and $16.2 million remained. Our Board of Directors has authorized us to purchase shares from time to time, subject to market conditions and other factors. There is no expiration date with respect to this authorization. There have been no purchases under this authorization since 2016. The following table summarizes the changes in AOCI by component as of March 28, 2021: (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 27, 2020 $ 8,386 $ (421,698) $ 3,131 $ (410,181) Other comprehensive income before reclassifications, before tax (2,702) — (1,067) (3,769) Amounts reclassified from accumulated other comprehensive loss, before tax — 6,406 — 6,406 Income tax (benefit)/expense (723) 1,718 (286) 709 Net current-period other comprehensive (loss)/ income, net of tax (1,979) 4,688 (781) 1,928 Balance as of March 28, 2021 $ 6,407 $ (417,010) $ 2,350 $ (408,253) The following table summarizes the reclassifications from AOCI for the first quarter ended March 28, 2021: (In thousands) Detail about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affects line item in the statement where net income is presented Funded status of benefit plans: Amortization of prior service credit (1) $ (1,322) Other components of net periodic benefit costs Amortization of actuarial loss (1) 7,728 Other components of net periodic benefit costs Total reclassification, before tax (2) 6,406 Income tax expense 1,718 Income tax expense Total reclassification, net of tax $ 4,688 (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 first quarter ended March 28, 2021.

Segment Information

Segment Information3 Months Ended
Mar. 28, 2021
Segment Reporting [Abstract]
Segment InformationSEGMENT INFORMATIONThe 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 Liabilities3 Months Ended
Mar. 28, 2021
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 generally have damage claims that are greatly in excess of the payments, if any, that we would be required to pay if we lost or settled the cases. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 28, 2021
Accounting Policies [Abstract]
Recent Accounting PronouncementsRecently Adopted Accounting Pronouncements 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, 2020. 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. The Company adopted this guidance on December 28, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)3 Months Ended
Mar. 28, 2021
Accounting Policies [Abstract]
Schedule of Recently Adopted Accounting PronouncementsRecently Adopted Accounting Pronouncements 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, 2020. 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. The Company adopted this guidance on December 28, 2020. The adoption did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements

Revenue (Tables)

Revenue (Tables)3 Months Ended
Mar. 28, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of RevenueSubscription, advertising and other revenues were as follows: For the Quarters Ended (In thousands) March 28, 2021 As % of total March 29, 2020 As % of total Subscription $ 329,084 69.6 % $ 285,434 64.4 % Advertising 97,116 20.5 % 106,137 23.9 % Other (1) 46,845 9.9 % 52,065 11.7 % Total $ 473,045 100.0 % $ 443,636 100.0 % (1) Other revenues includes building rental revenue, which is not under the scope of Revenue from Contracts with Customers (Topic 606). Building rental revenue was approximately $6 million and $8 million for the quarters ended March 28, 2021, and March 29, 2020, respectively. The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the quarters ended March 28, 2021, and March 29, 2020: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Digital-only subscription revenues: News product subscription revenues (1) $ 161,287 $ 118,958 Other product subscription revenues (2) 18,312 11,052 Subtotal digital-only subscriptions 179,599 130,010 Print subscription revenues: Domestic home delivery subscription revenues (3) 134,395 133,736 Single-copy, NYT International and other subscription revenues (4) 15,090 21,688 Subtotal print subscription revenues 149,485 155,424 Total subscription revenues $ 329,084 $ 285,434 (1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games and Cooking products are also included in this category. (2) Includes revenues from standalone subscriptions to the Company’s Games, Cooking and Audm products. (3) Includes free access to some of the Company’s digital products. (4) NYT International is the international edition of our print newspaper. The following table summarizes digital and print advertising revenues for the quarters ended March 28, 2021, and March 29, 2020: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Advertising revenues: Digital $ 59,496 $ 51,158 Print 37,620 54,979 Total advertising $ 97,116 $ 106,137

Marketable Securities (Tables)

Marketable Securities (Tables)3 Months Ended
Mar. 28, 2021
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 securities as of March 28, 2021, and December 27, 2020: March 28, 2021 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 125,933 $ 417 $ (19) $ 126,331 Certificates of deposit 59,083 — — 59,083 U.S. Treasury securities 51,225 27 (1) 51,251 U.S. governmental agency securities 39,362 42 — 39,404 Commercial paper 21,385 — — 21,385 Total short-term AFS securities $ 296,988 $ 486 $ (20) $ 297,454 Long-term AFS securities Corporate debt securities $ 150,272 $ 1,125 $ (119) $ 151,278 U.S. Treasury securities 101,222 1,751 (8) 102,965 U.S. governmental agency securities 51,588 15 (13) 51,590 Municipal securities 12,161 1 (7) 12,155 Total long-term AFS securities $ 315,243 $ 2,892 $ (147) $ 317,988 December 27, 2020 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities Corporate debt securities $ 129,805 $ 504 $ (8) $ 130,301 Certificates of deposit 36,525 — — 36,525 U.S. Treasury securities 79,467 39 (3) 79,503 U.S. governmental agency securities 25,113 61 (3) 25,171 Commercial paper 37,580 — — 37,580 Total short-term AFS securities $ 308,490 $ 604 $ (14) $ 309,080 Long-term AFS securities Corporate debt securities $ 134,296 $ 1,643 $ (5) $ 135,934 U.S. Treasury securities 95,511 2,054 — 97,565 U.S. governmental agency securities 48,342 19 (13) 48,348 Municipal securities 4,994 — (10) 4,984 Total long-term AFS securities $ 283,143 $ 3,716 $ (28) $ 286,831
Schedule of AFS Securities in Unrealized Loss PositionThe following tables represent the AFS securities as of March 28, 2021, and December 27, 2020, 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: March 28, 2021 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 $ 50,264 $ (19) $ — $ — $ 50,264 $ (19) U.S. Treasury securities 10,563 (1) — — 10,563 (1) Total short-term AFS securities $ 60,827 $ (20) $ — $ — $ 60,827 $ (20) Long-term AFS securities Corporate debt securities $ 42,532 $ (119) $ — $ — $ 42,532 $ (119) U.S. Treasury securities 9,493 (8) — — 9,493 (8) U.S. governmental agency securities 21,235 (13) — — 21,235 (13) Municipal securities 7,161 (7) — — 7,161 (7) Total long-term AFS securities $ 80,421 $ (147) $ — $ — $ 80,421 $ (147) December 27, 2020 Less than 12 Months 12 Months or Greater Total (In thousands) Fair Value Gross unrealized losses Fair Value Gross unrealized losses Fair Value Gross unrealized losses Short-term AFS securities Corporate debt securities $ 33,735 $ (8) $ — $ — $ 33,735 $ (8) U.S. Treasury securities 20,133 (3) — — 20,133 (3) U.S. governmental agency securities 4,999 (2) 8,749 (1) 13,748 (3) Total short-term AFS securities $ 58,867 $ (13) $ 8,749 $ (1) $ 67,616 $ (14) Long-term AFS securities Corporate debt securities $ 6,717 $ (5) $ — $ — $ 6,717 $ (5) U.S. governmental agency securities 26,236 (13) — — 26,236 (13) Municipal securities 4,984 (10) — — 4,984 (10) Total long-term AFS securities $ 37,937 $ (28) $ — $ — $ 37,937 $ (28)

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)3 Months Ended
Mar. 28, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill BalancesThe changes in the carrying amount of goodwill as of March 28, 2021, and since December 27, 2020, were as follows: (In thousands) Total Company Balance as of December 27, 2020 $ 171,657 Foreign currency translation (2,362) Balance as of March 28, 2021 $ 169,295

Other (Tables)

Other (Tables)3 Months Ended
Mar. 28, 2021
Other Income and Expenses [Abstract]
Interest Income and Other, NetInterest income and other, net , as shown in the accompanying Condensed Consolidated Statements of Operations was as follows: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Interest income and other expense, net (1) $ 1,689 $ 14,039 Interest expense (178) (185) Total interest income and other, net $ 1,511 $ 13,854
Reconciliation of Cash, Cash Equivalents, and Restricted CashA reconciliation of cash, cash equivalents and restricted cash as of March 28, 2021, and December 27, 2020, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) March 28, 2021 December 27, 2020 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 275,242 $ 286,079 Restricted cash included within other current assets 664 686 Restricted cash included within miscellaneous assets 14,330 15,199 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 290,236 $ 301,964
Restrictions on Cash and Cash EquivalentsA reconciliation of cash, cash equivalents and restricted cash as of March 28, 2021, and December 27, 2020, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows: (In thousands) March 28, 2021 December 27, 2020 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 275,242 $ 286,079 Restricted cash included within other current assets 664 686 Restricted cash included within miscellaneous assets 14,330 15,199 Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 290,236 $ 301,964

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 28, 2021
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 March 28, 2021, and December 27, 2020: (In thousands) March 28, 2021 December 27, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) Corporate debt securities $ 126,331 $ — $ 126,331 $ — $ 130,301 $ — $ 130,301 $ — Certificates of deposit 59,083 — 59,083 — 36,525 — 36,525 — U.S. Treasury securities 51,251 — 51,251 — 79,503 — 79,503 — U.S. governmental agency securities 39,404 — 39,404 — 25,171 — 25,171 — Commercial paper 21,385 — 21,385 — 37,580 — 37,580 — Total short-term AFS securities $ 297,454 $ — $ 297,454 $ — $ 309,080 $ — $ 309,080 $ — Long-term AFS securities (1) Corporate debt securities $ 151,278 $ — $ 151,278 $ — $ 135,934 $ — $ 135,934 $ — U.S. Treasury securities 102,965 — 102,965 — 97,565 — 97,565 — U.S. governmental agency securities 51,590 — 51,590 — 48,348 — 48,348 — Municipal securities 12,155 — 12,155 — 4,984 — 4,984 — Total long-term AFS securities $ 317,988 $ — $ 317,988 $ — $ 286,831 $ — $ 286,831 $ — Liabilities: Deferred compensation (2)(3) $ 18,857 $ 18,857 $ — $ — $ 22,245 $ 22,245 $ — $ — Contingent consideration $ 7,728 $ — $ — $ 7,728 $ 8,431 $ — $ — $ 8,431 (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 $50.2 million as of March 28, 2021, and $49.2 million as of December 27, 2020. 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.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input ReconciliationThe following table presents the contingent consideration balances as of March 28, 2021, and December 27, 2020: (In thousands) March 28, 2021 December 27, 2020 Balance at the beginning of the period (1) $ 8,431 $ — Serial acquisition — 9,293 Payments — (862) Fair value adjustments (2) (703) — Contingent consideration at the end of the period $ 7,728 $ 8,431 (1) There were no transactions involving contingent consideration during the quarter ended March 29, 2020. The contingent consideration reflected above relates to the Serial acquisition, which was completed during the third quarter of 2020. (2) Fair value adjustments are included in General and administrative expenses in our Condensed Consolidated Statements of Operations.

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)3 Months Ended
Mar. 28, 2021
Pension Plan
Pension Benefits
Schedule of Components of Net Periodic Pension Cost and Postretirement Benefit IncomeThe components of net periodic pension cost were as follows: For the Quarters Ended March 28, 2021 March 29, 2020 (In thousands) Qualified Non- All Qualified Non- All Service cost $ 2,276 $ — $ 2,276 $ 2,607 $ — $ 2,607 Interest cost 7,629 1,088 8,717 11,742 1,648 13,390 Expected return on plan assets (12,677) — (12,677) (17,736) — (17,736) Amortization of actuarial loss 5,055 1,821 6,876 5,655 1,521 7,176 Amortization of prior service credit (486) — (486) (486) — (486) Net periodic pension cost (1) $ 1,797 $ 2,909 $ 4,706 $ 1,782 $ 3,169 $ 4,951 (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 cost/(income) were as follows: For the Quarters Ended (In thousands) March 28, 2021 March 29, 2020 Service cost $ 13 $ 7 Interest cost 141 256 Amortization of actuarial loss 852 763 Amortization of prior service credit (836) (1,056) Net periodic postretirement benefit cost/(income) (1) $ 170 $ (30) (1) The service cost component of net periodic postretirement benefit cost/(income) is recognized in Total operating costs, while the other components are included in Other components of net periodic benefit costs in our Condensed Consolidated Statements of Operations, below Operating profit.

Supplemental Stockholders' Eq_2

Supplemental Stockholders' Equity Information (Tables)3 Months Ended
Mar. 28, 2021
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive LossThe following table summarizes the changes in AOCI by component as of March 28, 2021: (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 27, 2020 $ 8,386 $ (421,698) $ 3,131 $ (410,181) Other comprehensive income before reclassifications, before tax (2,702) — (1,067) (3,769) Amounts reclassified from accumulated other comprehensive loss, before tax — 6,406 — 6,406 Income tax (benefit)/expense (723) 1,718 (286) 709 Net current-period other comprehensive (loss)/ income, net of tax (1,979) 4,688 (781) 1,928 Balance as of March 28, 2021 $ 6,407 $ (417,010) $ 2,350 $ (408,253)
Reclassification out of Accumulated Other Comprehensive IncomeThe following table summarizes the reclassifications from AOCI for the first quarter ended March 28, 2021: (In thousands) Detail about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affects line item in the statement where net income is presented Funded status of benefit plans: Amortization of prior service credit (1) $ (1,322) Other components of net periodic benefit costs Amortization of actuarial loss (1) 7,728 Other components of net periodic benefit costs Total reclassification, before tax (2) 6,406 Income tax expense 1,718 Income tax expense Total reclassification, net of tax $ 4,688 (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 first quarter ended March 28, 2021.

Revenue - Subscription, Adverti

Revenue - Subscription, Advertising, and Other Revenues (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Disaggregation of Revenue [Line Items]
Total revenues $ 473,045 $ 443,636
Product and service benchmark | Product concentration risk
Disaggregation of Revenue [Line Items]
As % of total100.00%100.00%
Subscription
Disaggregation of Revenue [Line Items]
Total revenues $ 329,084 $ 285,434
Subscription | Product and service benchmark | Product concentration risk
Disaggregation of Revenue [Line Items]
As % of total69.60%64.40%
Advertising
Disaggregation of Revenue [Line Items]
Total revenues $ 97,116 $ 106,137
Advertising | Product and service benchmark | Product concentration risk
Disaggregation of Revenue [Line Items]
As % of total20.50%23.90%
Other
Disaggregation of Revenue [Line Items]
Total revenues $ 46,845 $ 52,065
Other | Product and service benchmark | Product concentration risk
Disaggregation of Revenue [Line Items]
As % of total9.90%11.70%
Real Estate
Disaggregation of Revenue [Line Items]
Revenue not from contract with customer $ 6,000 $ 8,000

Revenue - Digital-only Subscrip

Revenue - Digital-only Subscription Revenue (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Disaggregation of Revenue [Line Items]
Total revenues $ 473,045 $ 443,636
Subscription
Disaggregation of Revenue [Line Items]
Total revenues329,084 285,434
Subscription | Digital
Disaggregation of Revenue [Line Items]
Total revenues179,599 130,010
Subscription | Print
Disaggregation of Revenue [Line Items]
Total revenues149,485 155,424
News products | Digital
Disaggregation of Revenue [Line Items]
Total revenues161,287 118,958
Other products | Digital
Disaggregation of Revenue [Line Items]
Total revenues18,312 11,052
Domestic home delivery subscription | Print
Disaggregation of Revenue [Line Items]
Total revenues134,395 133,736
Single copy, NYT International and other | Print
Disaggregation of Revenue [Line Items]
Total revenues $ 15,090 $ 21,688

Revenue - Advertising Revenues

Revenue - Advertising Revenues (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Disaggregation of Revenue [Line Items]
Advertising revenue $ 473,045 $ 443,636
Advertising
Disaggregation of Revenue [Line Items]
Advertising revenue97,116 106,137
Digital | Advertising
Disaggregation of Revenue [Line Items]
Advertising revenue59,496 51,158
Print | Advertising
Disaggregation of Revenue [Line Items]
Advertising revenue $ 37,620 $ 54,979

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details) $ in MillionsMar. 28, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation $ 112
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-03-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation $ 37
Remaining performance obligation, period9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-12-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation $ 34
Remaining performance obligation, period1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-12-26
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation $ 41
Remaining performance obligation, period

Revenue - Contract Assets (Deta

Revenue - Contract Assets (Details) - USD ($) $ in MillionsMar. 28, 2021Dec. 27, 2020
Revenue from Contract with Customer [Abstract]
Contract asset, current $ 1.7 $ 1.8

Marketable Securities - Narrati

Marketable Securities - Narrative (Details) - USD ($)3 Months Ended12 Months Ended
Mar. 28, 2021Dec. 27, 2020
Line of Credit Facility [Line Items]
Net unrealized gains in other comprehensive income $ 3,200,000 $ 4,300,000
OTTI loss recognized $ 0 $ 0
Short-term Marketable Securities | Minimum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)1 month1 month
Short-term Marketable Securities | Maximum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)12 months12 months
Long-term Marketable Securities | Minimum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)13 months13 months
Long-term Marketable Securities | Maximum
Line of Credit Facility [Line Items]
Marketable securities, remaining maturities (in months)36 months36 months

Marketable Securities - Availab

Marketable Securities - Available for Sale (Details) - USD ($) $ in ThousandsMar. 28, 2021Dec. 27, 2020
Short-term AFS securities
Amortized cost, short-term AFS securities $ 296,988 $ 308,490
Gross unrealized gains, short-term AFS securities486 604
Gross unrealized losses, short-term AFS securities(20)(14)
Fair value, short-term AFS securities297,454 309,080
Long-term AFS securities
Amortized cost, long-term AFS securities315,243 283,143
Gross unrealized gains, long-term AFS securities2,892 3,716
Gross unrealized losses, long-term AFS securities(147)(28)
Fair value, long-term AFS securities317,988 286,831
Corporate debt securities
Short-term AFS securities
Amortized cost, short-term AFS securities125,933 129,805
Gross unrealized gains, short-term AFS securities417 504
Gross unrealized losses, short-term AFS securities(19)(8)
Fair value, short-term AFS securities126,331 130,301
Long-term AFS securities
Amortized cost, long-term AFS securities150,272 134,296
Gross unrealized gains, long-term AFS securities1,125 1,643
Gross unrealized losses, long-term AFS securities(119)(5)
Fair value, long-term AFS securities151,278 135,934
Certificates of deposit
Short-term AFS securities
Amortized cost, short-term AFS securities59,083 36,525
Gross unrealized gains, short-term AFS securities0 0
Gross unrealized losses, short-term AFS securities0 0
Fair value, short-term AFS securities59,083 36,525
U.S. Treasury securities
Short-term AFS securities
Amortized cost, short-term AFS securities51,225 79,467
Gross unrealized gains, short-term AFS securities27 39
Gross unrealized losses, short-term AFS securities(1)(3)
Fair value, short-term AFS securities51,251 79,503
Long-term AFS securities
Amortized cost, long-term AFS securities101,222 95,511
Gross unrealized gains, long-term AFS securities1,751 2,054
Gross unrealized losses, long-term AFS securities(8)0
Fair value, long-term AFS securities102,965 97,565
U.S. governmental agency securities
Short-term AFS securities
Amortized cost, short-term AFS securities39,362 25,113
Gross unrealized gains, short-term AFS securities42 61
Gross unrealized losses, short-term AFS securities0 (3)
Fair value, short-term AFS securities39,404 25,171
Long-term AFS securities
Amortized cost, long-term AFS securities51,588 48,342
Gross unrealized gains, long-term AFS securities15 19
Gross unrealized losses, long-term AFS securities(13)(13)
Fair value, long-term AFS securities51,590 48,348
Commercial paper
Short-term AFS securities
Amortized cost, short-term AFS securities21,385 37,580
Gross unrealized gains, short-term AFS securities0 0
Gross unrealized losses, short-term AFS securities0 0
Fair value, short-term AFS securities21,385 37,580
Municipal securities
Long-term AFS securities
Amortized cost, long-term AFS securities12,161 4,994
Gross unrealized gains, long-term AFS securities1 0
Gross unrealized losses, long-term AFS securities(7)(10)
Fair value, long-term AFS securities $ 12,155 $ 4,984

Marketable Securities Available

Marketable Securities Available-for-sale Securities - Continuous Loss Position (Details) - USD ($) $ in ThousandsMar. 28, 2021Dec. 27, 2020
Total short-term AFS securities
Short-term AFS securities
Fair value, less than 12 months $ 60,827 $ 58,867
Gross unrealized losses, less than 12 months(20)(13)
Fair value, greater than 12 months0 8,749
Gross unrealized losses, greater than 12 months0 (1)
Fair value, total60,827 67,616
Gross unrealized losses, total(20)(14)
U.S. Treasury securities
Short-term AFS securities
Fair value, less than 12 months10,563 20,133
Gross unrealized losses, less than 12 months(1)(3)
Fair value, greater than 12 months0 0
Gross unrealized losses, greater than 12 months0 0
Fair value, total10,563 20,133
Gross unrealized losses, total(1)(3)
Long-term AFS securities
Fair value, less than 12 months9,493
Gross unrealized losses, less than 12 months(8)
Fair value, greater than 12 months0
Gross unrealized losses, greater than 12 months0
Fair value, total9,493
Gross unrealized losses, total(8)
Total long-term AFS securities
Long-term AFS securities
Fair value, less than 12 months80,421 37,937
Gross unrealized losses, less than 12 months(147)(28)
Fair value, greater than 12 months0 0
Gross unrealized losses, greater than 12 months0 0
Fair value, total80,421 37,937
Gross unrealized losses, total(147)(28)
Corporate debt securities
Short-term AFS securities
Fair value, less than 12 months50,264 33,735
Gross unrealized losses, less than 12 months(19)(8)
Fair value, greater than 12 months0 0
Gross unrealized losses, greater than 12 months0 0
Fair value, total50,264 33,735
Gross unrealized losses, total(19)(8)
Long-term AFS securities
Fair value, less than 12 months42,532 6,717
Gross unrealized losses, less than 12 months(119)(5)
Fair value, greater than 12 months0 0
Gross unrealized losses, greater than 12 months0 0
Fair value, total42,532 6,717
Gross unrealized losses, total(119)(5)
U.S. governmental agency securities
Short-term AFS securities
Fair value, less than 12 months4,999
Gross unrealized losses, less than 12 months(2)
Fair value, greater than 12 months8,749
Gross unrealized losses, greater than 12 months(1)
Fair value, total13,748
Gross unrealized losses, total(3)
Long-term AFS securities
Fair value, less than 12 months21,235 26,236
Gross unrealized losses, less than 12 months(13)(13)
Fair value, greater than 12 months0 0
Gross unrealized losses, greater than 12 months0 0
Fair value, total21,235 26,236
Gross unrealized losses, total(13)(13)
Municipal securities
Long-term AFS securities
Fair value, less than 12 months7,161 4,984
Gross unrealized losses, less than 12 months(7)(10)
Fair value, greater than 12 months0 0
Gross unrealized losses, greater than 12 months0 0
Fair value, total7,161 4,984
Gross unrealized losses, total $ (7) $ (10)

Goodwill and Intangibles - Narr

Goodwill and Intangibles - Narrative (Details) $ in MillionsMar. 28, 2021USD ($)
Miscellaneous Assets
Business Acquisition [Line Items]
Intangible assets $ 15.8

Goodwill and Intangibles - Sche

Goodwill and Intangibles - Schedule of Goodwill Balances (Details) $ in Thousands3 Months Ended
Mar. 28, 2021USD ($)
Goodwill [Roll Forward]
Balance as of December 27, 2020 $ 171,657
Foreign currency translation(2,362)
Balance as of March 28, 2021 $ 169,295

Investments - Non-Marketable Eq

Investments - Non-Marketable Equity Securities (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 28, 2021Mar. 29, 2020Dec. 27, 2020
Net Investment Income [Line Items]
Equity securities $ 21,000 $ 20,900
Interest income and other expense, net $ 1,689 $ 14,039
Realized gain on partial sale of investment2,500
Unrealized gain due to mark to market of remaining investment7,600
Non-marketable equity securities
Net Investment Income [Line Items]
Interest income and other expense, net $ 10,100

Other - Narrative (Details)

Other - Narrative (Details) - USD ($)1 Months Ended3 Months Ended
Sep. 30, 2019Mar. 28, 2021Mar. 29, 2020Dec. 27, 2020
Other Expense [Line Items]
Severance liability $ 3,300,000 $ 5,000,000
Severance | Selling, General and Administrative Expenses
Other Expense [Line Items]
Severance costs400,000 $ 400,000
Credit Facility
Other Expense [Line Items]
Unsecured revolving credit facility, maximum borrowing capacity $ 250,000,000
Unsecured revolving credit facility, term (in years)5 years
Unsecured revolving credit facility, unused commitment fee (quarterly)0.20%
Line of credit facility, outstanding borrowings0
Capitalized Computer Software Costs
Other Expense [Line Items]
Capitalized computer software amortization $ 2,600,000 $ 3,800,000

Other - Interest Expense and Ot

Other - Interest Expense and Other, Net (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Other Income and Expenses [Abstract]
Interest income and other expense, net $ 1,689 $ 14,039
Interest expense(178)(185)
Total interest income and other, net $ 1,511 13,854
Interest income and other expense, net $ 10,100

Other - Reconciliation of Cash,

Other - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in ThousandsMar. 28, 2021Dec. 27, 2020Mar. 29, 2020Dec. 29, 2019
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents $ 275,242 $ 286,079
Restricted cash included within other current assets664 686
Restricted cash included within miscellaneous assets14,330 15,199
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 290,236 $ 301,964 $ 234,133 $ 247,518

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in ThousandsMar. 28, 2021Dec. 27, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities $ 297,454 $ 309,080
Long-term AFS securities317,988 286,831
Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation18,857 22,245
Contingent consideration0 0
Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation0 0
Contingent consideration0 0
Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation0 0
Contingent consideration7,728 8,431
Fair Value | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation18,857 22,245
Contingent consideration7,728 8,431
Debt Securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities297,454 309,080
Long-term AFS securities317,988 286,831
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 securities297,454 309,080
Long-term AFS securities317,988 286,831
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 securities126,331 130,301
Long-term AFS securities151,278 135,934
Corporate debt securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities126,331 130,301
Long-term AFS securities151,278 135,934
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 securities126,331 130,301
Long-term AFS securities151,278 135,934
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
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities59,083 36,525
Certificates of deposit | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities59,083 36,525
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 securities59,083 36,525
Certificates of deposit | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities51,251 79,503
Long-term AFS securities102,965 97,565
U.S. Treasury securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities51,251 79,503
Long-term AFS securities102,965 97,565
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 securities51,251 79,503
Long-term AFS securities102,965 97,565
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 securities39,404 25,171
Long-term AFS securities51,590 48,348
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 securities39,404 25,171
Long-term AFS securities51,590 48,348
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 securities21,385 37,580
Commercial paper | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities21,385 37,580
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 securities21,385 37,580
Commercial paper | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term AFS securities0 0
Municipal securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term AFS securities12,155 4,984
Municipal securities | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term AFS securities12,155 4,984
Municipal securities | Level 1 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term AFS securities0 0
Municipal securities | Level 2 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term AFS securities12,155 4,984
Municipal securities | Level 3 | Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term AFS securities0 0
Life insurance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Miscellaneous assets $ 50,200 $ 49,200

Fair Value Measurements - Chang

Fair Value Measurements - Change in Balance of Contingent Consideration (Details) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 28, 2021Dec. 27, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration redemption period (in years)5 years
Recurring | Fair Value
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Contingent consideration $ 7,728 $ 8,431
Contingent Consideration | Recurring
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of the period8,431 0
Serial acquisition0 9,293
Payments0 (862)
Fair value adjustments(703)0
Contingent consideration at the end of the period $ 7,728 $ 8,431

Pension and Other Postretirem_3

Pension and Other Postretirement Benefits - Pension Benefits - Net Periodic Pension Cost (Details) - Pension Plan - USD ($) $ in Thousands3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Pension Benefits
Service cost $ 2,276 $ 2,607
Interest cost8,717 13,390
Expected return on plan assets(12,677)(17,736)
Amortization of actuarial loss6,876 7,176
Amortization of prior service credit(486)(486)
Net periodic postretirement benefit cost/(income)4,706 4,951
Qualified Plans
Pension Benefits
Service cost2,276 2,607
Interest cost7,629 11,742
Expected return on plan assets(12,677)(17,736)
Amortization of actuarial loss5,055 5,655
Amortization of prior service credit(486)(486)
Net periodic postretirement benefit cost/(income)1,797 1,782
Pension contributions1,500 2,100
Expected future employer contributions10,000
Non- Qualified Plans
Pension Benefits
Service cost0 0
Interest cost1,088 1,648
Expected return on plan assets0 0
Amortization of actuarial loss1,821 1,521
Amortization of prior service credit0 0
Net periodic postretirement benefit cost/(income) $ 2,909 $ 3,169

Pension and Other Postretirem_4

Pension and Other Postretirement Benefits - Other Postretirement Benefits (Details) - Other Postretirement Benefit Plan - USD ($) $ in Thousands3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Pension Benefits
Service cost $ 13 $ 7
Interest cost141 256
Amortization of actuarial loss852 763
Amortization of prior service credit(836)(1,056)
Net periodic postretirement benefit cost/(income) $ 170 $ (30)

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Income Tax Disclosure [Abstract]
Income tax expense $ 9,461 $ 6,006
Effective income tax rate from continuing operations18.70%15.50%

Earnings Per Share (Details)

Earnings Per Share (Details) - shares3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)500,000 1,300,000
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)100,000 200,000
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 0

Supplemental Stockholders' Eq_3

Supplemental Stockholders' Equity Information - Narrative (Details) - USD ($)3 Months Ended
Mar. 28, 2021Dec. 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 Ended
Mar. 28, 2021Mar. 29, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period $ 1,328,111 $ 1,173,863
Income tax (benefit)/expense709 1,915
Other comprehensive income, net of tax1,928 4,943
Balance, end of period1,355,462 1,193,574
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period8,386
Other comprehensive income before reclassifications, before tax(2,702)
Amounts reclassified from accumulated other comprehensive loss, before tax0
Income tax (benefit)/expense(723)
Other comprehensive income, net of tax(1,979)
Balance, end of period6,407
Funded Status of Benefit Plans
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period(421,698)
Other comprehensive income before reclassifications, before tax0
Amounts reclassified from accumulated other comprehensive loss, before tax6,406
Income tax (benefit)/expense1,718
Other comprehensive income, net of tax4,688
Balance, end of period(417,010)
Net Unrealized Gain on Available-For-Sale Securities
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period3,131
Other comprehensive income before reclassifications, before tax(1,067)
Amounts reclassified from accumulated other comprehensive loss, before tax0
Income tax (benefit)/expense(286)
Other comprehensive income, net of tax(781)
Balance, end of period2,350
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance, beginning of period(410,181)(494,976)
Other comprehensive income before reclassifications, before tax(3,769)
Amounts reclassified from accumulated other comprehensive loss, before tax6,406
Income tax (benefit)/expense709
Other comprehensive income, net of tax1,928 4,943
Balance, end of period $ (408,253) $ (490,033)

Supplemental Stockholders' Eq_5

Supplemental Stockholders' Equity Information - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 28, 2021Mar. 29, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of revenue (excluding depreciation and amortization) $ 2,599 $ 2,314
Total reclassification, before tax50,570 38,860
Income tax expense9,461 6,006
Total reclassification, net of tax41,109 $ 32,854
Amounts reclassified from accumulated other comprehensive loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total reclassification, before tax6,406
Income tax expense1,718
Total reclassification, net of tax4,688
Amounts reclassified from accumulated other comprehensive loss | Amortization of prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of revenue (excluding depreciation and amortization)(1,322)
Amounts reclassified from accumulated other comprehensive loss | Amortization of actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of revenue (excluding depreciation and amortization) $ 7,728

Segment Information (Details)

Segment Information (Details)3 Months Ended
Mar. 28, 2021segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)1