Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 26, 2021 | Feb. 17, 2022 | Jun. 25, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 26, 2021 | ||
Current Fiscal Year End Date | --12-26 | ||
Document Transition Report | false | ||
Entity File Number | 1-5837 | ||
Entity Registrant Name | NEW YORK TIMES CO | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 13-1102020 | ||
Entity Address, Address Line One | 620 Eighth Avenue, | ||
Entity Address, City or Town | New York, | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10018 | ||
City Area Code | 212 | ||
Local Phone Number | 556-1234 | ||
Title of 12(b) Security | Class A Common Stock of $.10 par value | ||
Trading Symbol | NYT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 7.3 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement relating to the registrant’s 2022 Annual Meeting of Stockholders, to be held on April 27, 2022, are incorporated by reference into Part III of this report. | ||
Entity Central Index Key | 0000071691 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Class A | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 166,751,793 | ||
Common Class B | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 781,724 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 26, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 42 |
Auditor Name | Ernst & Young LLP |
Auditor Location | New York, New York |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 26, 2021 | Dec. 27, 2020 |
Current assets | ||
Cash and cash equivalents | $ 319,973 | $ 286,079 |
Short-term marketable securities | 341,075 | 309,080 |
Accounts receivable (net of allowances of $12,374 in 2021 and $13,797 in 2020) | 232,908 | 183,692 |
Prepaid expenses | 33,199 | 29,487 |
Other current assets | 25,553 | 27,497 |
Total current assets | 952,708 | 835,835 |
Long-term marketable securities | 413,380 | 286,831 |
Property, plant and equipment: | ||
Equipment | 426,912 | 470,505 |
Buildings, building equipment and improvements | 723,850 | 722,122 |
Software | 72,600 | 173,046 |
Land | 106,128 | 105,710 |
Assets in progress | 23,099 | 9,282 |
Total, at cost | 1,352,589 | 1,480,665 |
Less: accumulated depreciation and amortization | (777,637) | (886,149) |
Property, plant and equipment, net | 574,952 | 594,516 |
Goodwill | 166,360 | 171,657 |
Deferred income taxes | 95,800 | 99,518 |
Miscellaneous assets | 360,908 | 319,332 |
Total assets | 2,564,108 | 2,307,689 |
Current liabilities | ||
Accounts payable | 127,073 | 123,157 |
Accrued payroll and other related liabilities | 166,464 | 121,159 |
Unexpired subscriptions revenue | 119,296 | 105,346 |
Accrued expenses and other | 146,319 | 137,086 |
Total current liabilities | 559,152 | 486,748 |
Other liabilities | ||
Pension benefits obligation | 295,104 | 326,555 |
Postretirement benefits obligation | 36,086 | 38,690 |
Other | 133,041 | 127,585 |
Total other liabilities | 464,231 | 492,830 |
Common stock of $.10 par value: | ||
Additional paid-in capital | 230,115 | 216,714 |
Retained earnings | 1,845,343 | 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 adjustments | 3,754 | 8,386 |
Funded status of benefit plans | (385,680) | (421,698) |
Unrealized (loss)/gain on available-for-sale securities | (1,276) | 3,131 |
Total accumulated other comprehensive loss, net of income taxes | (383,202) | (410,181) |
Total New York Times Company stockholders’ equity | 1,538,720 | 1,325,517 |
Noncontrolling interest | 2,005 | 2,594 |
Total stockholders’ equity | 1,540,725 | 1,328,111 |
Total liabilities and stockholders’ equity | 2,564,108 | 2,307,689 |
Class A Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | 17,597 | 17,531 |
Class B Common Stock | ||
Common stock of $.10 par value: | ||
Common stock value | $ 78 | $ 78 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 26, 2021 | Dec. 27, 2020 |
Accounts receivable, allowances | $ 12,374 | $ 13,797 |
Common stock, par value (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) | 175,971,801 | 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 |
Treasury shares (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Revenues | |||
Total revenues | $ 2,074,877,000 | $ 1,783,639,000 | $ 1,812,184,000 |
Operating costs | |||
Cost of revenue (excluding depreciation and amortization) | 1,039,568,000 | 959,312,000 | 988,159,000 |
Sales and marketing | 294,947,000 | 228,993,000 | 272,626,000 |
Product development | 160,871,000 | 133,384,000 | 106,415,000 |
General and administrative | 250,124,000 | 223,558,000 | 206,778,000 |
Depreciation and amortization | 57,502,000 | 62,136,000 | 60,661,000 |
Total operating costs | 1,803,012,000 | 1,607,383,000 | 1,634,639,000 |
Restructuring charge | 0 | 0 | 4,008,000 |
Gain from pension liability adjustment | 0 | 0 | (2,045,000) |
Lease termination charge | 3,831,000 | 0 | 0 |
Operating profit | 268,034,000 | 176,256,000 | 175,582,000 |
Other components of net periodic benefit costs | 10,478,000 | 89,154,000 | 7,302,000 |
Gain from joint ventures | 0 | 5,000,000 | 0 |
Interest income/(expense) and other, net | 32,945,000 | 23,330,000 | (3,820,000) |
Income from continuing operations before income taxes | 290,501,000 | 115,432,000 | 164,460,000 |
Income tax expense | 70,530,000 | 14,595,000 | 24,494,000 |
Net income | 219,971,000 | 100,837,000 | 139,966,000 |
Net income attributable to the noncontrolling interest | 0 | (734,000) | 0 |
Net income attributable to The New York Times Company common stockholders | 219,971,000 | 100,103,000 | 139,966,000 |
Amounts attributable to The New York Times Company common stockholders: | |||
Income from continuing operations | $ 219,971,000 | $ 100,103,000 | $ 139,966,000 |
Average number of common shares outstanding: | |||
Basic (in shares) | 167,929 | 166,973 | 166,042 |
Diluted (in shares) | 168,533 | 168,038 | 167,545 |
Basic earnings per share attributable to The New York Times Company common stockholders: | |||
Income from continuing operations (USD per share) | $ 1.31 | $ 0.60 | $ 0.84 |
Net income (USD per share) | 1.31 | 0.60 | 0.84 |
Diluted earnings per share attributable to The New York Times Company common stockholders: | |||
Income from continuing operations (USD per share) | 1.31 | 0.60 | 0.83 |
Net income (USD per share) | 1.31 | 0.60 | 0.83 |
Dividends declared per share (USD per share) | $ 0.28 | $ 0.24 | $ 0.20 |
Subscription | |||
Revenues | |||
Total revenues | $ 1,362,115,000 | $ 1,195,368,000 | $ 1,083,851,000 |
Advertising | |||
Revenues | |||
Total revenues | 497,536,000 | 392,420,000 | 530,678,000 |
Other | |||
Revenues | |||
Total revenues | $ 215,226,000 | $ 195,851,000 | $ 197,655,000 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 219,971 | $ 100,837 | $ 139,966 |
Other comprehensive income/(loss), before tax: | |||
Foreign currency translation adjustments-(loss)/income | (6,328) | 6,763 | (1,684) |
Pension and postretirement benefits obligation | 49,250 | 105,660 | 28,987 |
Net unrealized (loss)/gain on available-for-sale securities | (6,025) | 3,497 | 3,624 |
Other comprehensive income, before tax | 36,897 | 115,920 | 30,927 |
Income tax expense | 9,918 | 31,125 | 8,179 |
Net current-period other comprehensive (loss)/income, net of tax | 26,979 | 84,795 | 22,748 |
Comprehensive income | 246,950 | 185,632 | 162,714 |
Comprehensive income attributable to the noncontrolling interest | 0 | (734) | 0 |
Comprehensive income attributable to The New York Times Company common stockholders | $ 246,950 | $ 184,898 | $ 162,714 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Total New York Times Company Stockholders' Equity | Capital Stock Class A and Class B Common | Additional Paid-in Capital | Retained Earnings | Common Stock Held in Treasury, at Cost | Accumulated Other Comprehensive Loss, Net of Income Taxes | Non- controlling Interest |
Beginning balance at Dec. 30, 2018 | $ 1,042,641 | $ 1,040,781 | $ 17,396 | $ 206,316 | $ 1,506,004 | $ (171,211) | $ (517,724) | $ 1,860 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 139,966 | 139,966 | 139,966 | |||||
Dividends | (33,312) | (33,312) | (33,312) | |||||
Other comprehensive income/(loss) | 22,748 | 22,748 | 22,748 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 4,520 | 4,520 | 42 | 4,478 | ||||
Restricted stock units vested - Class A shares | (3,726) | (3,726) | 24 | (3,750) | ||||
Performance-based awards - Class A shares | (11,922) | (11,922) | 42 | (11,964) | ||||
Stock-based compensation | 12,948 | 12,948 | 12,948 | |||||
Ending balance at Dec. 29, 2019 | 1,173,863 | 1,172,003 | 17,504 | 208,028 | 1,612,658 | (171,211) | (494,976) | 1,860 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 100,837 | 100,103 | 100,103 | 734 | ||||
Dividends | (40,175) | (40,175) | (40,175) | |||||
Other comprehensive income/(loss) | 84,795 | 84,795 | 84,795 | 0 | ||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 6,071 | 6,071 | 65 | 6,006 | ||||
Restricted stock units vested - Class A shares | (3,919) | (3,919) | 14 | (3,933) | ||||
Performance-based awards - Class A shares | (7,826) | (7,826) | 26 | (7,852) | ||||
Stock-based compensation | 14,465 | 14,465 | 14,465 | |||||
Ending balance at Dec. 27, 2020 | 1,328,111 | 1,325,517 | 17,609 | 216,714 | 1,672,586 | (171,211) | (410,181) | 2,594 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 219,971 | 219,971 | 219,971 | 0 | ||||
Dividends | (47,214) | (47,214) | (47,214) | |||||
Other comprehensive income/(loss) | 26,979 | 26,979 | 26,979 | |||||
Issuance of shares: | ||||||||
Stock options - Class A shares | 2,454 | 2,454 | 33 | 2,421 | ||||
Restricted stock units vested - Class A shares | (5,269) | (5,269) | 19 | (5,288) | ||||
Performance-based awards - Class A shares | (5,933) | (5,933) | 14 | (5,947) | ||||
Stock-based compensation | 22,215 | 22,215 | 22,215 | |||||
Distributions | (589) | (589) | ||||||
Ending balance at Dec. 26, 2021 | $ 1,540,725 | $ 1,538,720 | $ 17,675 | $ 230,115 | $ 1,845,343 | $ (171,211) | $ (383,202) | $ 2,005 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - shares | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Stock options (in shares) | 324,460 | 644,268 | 419,160 |
Restricted stock unit vested (in shares) | 196,416 | 142,958 | 246,599 |
Performance-based awards (in shares) | 142,253 | 257,098 | 418,491 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Cash flows from operating activities | |||
Net income | $ 219,971 | $ 100,837 | $ 139,966 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Pension settlement expense | 0 | 80,641 | 0 |
Depreciation and amortization | 57,502 | 62,136 | 60,661 |
Lease termination charge | 3,831 | 0 | 0 |
Amortization of right of use asset | 9,488 | 8,568 | 7,384 |
Stock-based compensation expense | 22,215 | 14,437 | 12,948 |
Gain from joint ventures | 0 | (5,000) | 0 |
Deferred income taxes | (6,358) | (16,043) | 4,242 |
Gain on non-marketable equity investment | (27,156) | (10,074) | (1,886) |
Change in long-term retirement benefit obligations | (19,222) | (17,166) | (22,914) |
Fair market value adjustment on life insurance products | 118 | (578) | (3,461) |
Uncertain tax positions | 0 | (644) | (4,627) |
Other – net | 3,210 | 706 | 700 |
Changes in operating assets and liabilities: | |||
Accounts receivable – net | (49,216) | 29,710 | 9,062 |
Other current assets | (5,289) | 8,960 | (3,355) |
Accounts payable, accrued payroll and other liabilities | 46,054 | 24,516 | (13,197) |
Unexpired subscriptions | 13,950 | 16,927 | 4,375 |
Net cash provided by operating activities | 269,098 | 297,933 | 189,898 |
Cash flows from investing activities | |||
Purchases of marketable securities | (763,425) | (632,364) | (572,337) |
Maturities/disposals of marketable securities | 593,465 | 491,128 | 707,632 |
Business acquisitions | 0 | (33,085) | 0 |
Proceeds from investments | 20,074 | 6,841 | 85 |
Capital expenditures | (34,637) | (34,451) | (45,441) |
Other - net | 3,716 | 2,851 | 3,273 |
Net cash (used) in/provided by investing activities | (180,807) | (199,080) | 93,212 |
Cash flows from financing activities | |||
Repayment of debt and capital lease obligations | 0 | 0 | (252,559) |
Dividends paid | (45,337) | (38,437) | (31,604) |
Payments | (862) | (862) | 0 |
Stock issuances | 2,454 | 6,071 | 4,520 |
Share-based compensation tax withholding | (11,202) | (11,745) | (15,648) |
Net cash used in financing activities | (54,947) | (44,973) | (295,291) |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 33,344 | 53,880 | (12,181) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,002) | 566 | (100) |
Cash, cash equivalents and restricted cash at the beginning of the year | 301,964 | 247,518 | 259,799 |
Cash, cash equivalents and restricted cash at the end of the year | 334,306 | 301,964 | 247,518 |
Cash payments | |||
Interest, net of capitalized interest | 546 | 508 | 28,049 |
Income tax payments – net | $ 66,443 | $ 24,382 | $ 30,407 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 26, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Nature of Operations The New York Times Company is a global media organization that includes our newspaper, digital and print products and related businesses. The New York Times Company and its consolidated subsidiaries are referred to collectively as the “Company,” “we,” “our” and “us.” Our major sources of revenue are subscriptions and advertising. Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of our Company and our wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions. The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ from these estimates. Fiscal Year Fiscal years 2021, 2020 and 2019 each comprised 52 weeks, and ended as of December 26, 2021, December 27, 2020, and December 29, 2019, respectively. In December 2021, the Board of Directors approved a resolution to change the Company’s fiscal year from a 52/53 week fiscal year ending the last Sunday of December to a calendar year. Accordingly, the Company’s 2022 fiscal year, which commenced December 27, 2021, will be extended from December 25, 2022, to December 31,2022, and subsequent fiscal years will begin on January 1 and end on December 31 of each year. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 26, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Cash and Cash Equivalents We consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Marketable Securities We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term, unless we identified specific securities we intend to sell within the next 12 months. The Company’s marketable securities are accounted for as available for sale (“AFS”). AFS securities are reported at fair value. 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. Concentration of Risk Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and marketable securities. Cash is placed with major financial institutions. As of December 26, 2021, we had cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these financial institutions as part of our ongoing investment strategy. Our marketable securities portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash equivalents and marketable securities are primarily managed by third-party investment managers who are required to adhere to investment policies approved by our Board of Directors designed to mitigate risk. Accounts Receivable Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, rate adjustments and discounts are generally established based on historical experience and include consideration of relevant significant current events, reasonable and supportable forecasts and their implications for expected credit losses. Investments Investments in which we have at least a 20%, but not more than a 50%, interest are generally accounted for under the equity method. We elected the fair value measurement alternative for our investment interests below 20% and account for these investments at cost l ess impairments, adjusted by observable price changes in orderly transactions for the identical or similar investments of the same issuer given our equity instruments are without readily determinable fair values. We evaluate whether there has been an impairment of our investments annually or in an interim period if circumstances indicate that a possible impairment may exist. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements – 10 to 40 years; equipment – 3 to 30 years; and software – 3 to 5 years. We capitalize interest costs and certain staffing costs as part of the cost of major projects. We evaluate whether there has been an impairment of long-lived assets, primarily property, plant and equipment, if certain circumstances indicate that a possible impairment may exist. These assets are tested for impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (i) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (ii) is greater than its fair value. Leases Lessee activities We enter into operating leases for office space and equipment. We determine if an arrangement is a lease at inception. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. Options to extend the term of operating leases are not recognized as part of the right-of-use asset until we are reasonably certain that the option will be exercised. We may terminate our leases with the notice required under the lease and upon the payment of a termination fee, if required. Our leases do not include substantial variable payments based on index or rate. Our leases do not provide a readily determinable implicit discount rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on the information available at lease commencement. We recognize a single lease cost on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We evaluate right-of-use assets for impairment consistent with our property, plant and equipment policy. There were no impairments of right-of-use assets in 2021. Lessor activities Our leases to third parties predominantly relate to office space in our leasehold condominium interest in our New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”). We determine if an arrangement is a lease at inception. Office space leases are operating leases and generally include options to extend the term of the lease. Our leases do not include variable payments based on index or rate. We do not separate the lease and non-lease components in a contract. The non-lease components predominantly include charges for utilities usage and other operating expenses estimated based on the proportionate share of the rental space of each lease. For our office space operating leases, we recognize rental revenue on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Residual value risk is not a primary risk resulting from our office space operating leases because of the long-lived nature of the underlying real estate assets, which generally hold their value or appreciate in the long term. We evaluate assets leased to third parties for impairment consistent with our property, plant and equipment policy. There were no impairments of assets leased to third parties in 2021. Goodwill and Intangibles Goodwill is the excess of cost over the fair value of tangible and intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter. We test goodwill for impairment at a reporting unit level. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key management personnel and our share price. The result of this assessment determines whether it is necessary to perform the goodwill impairment test (formerly “Step 1”). For the 2021 annual impairment testing, based on our qualitative assessment, we concluded that goodwill is not impaired. If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we compare the fair value of a reporting unit with its carrying amount, including goodwill. Fair value is calculated by a combination of a discounted cash flow model and a market approach model. In calculating fair value for a reporting unit, we generally weigh the results of the discounted cash flow model more heavily than the market approach because the discounted cash flow model is specific to our business and long-term projections. If the fair value of a reporting unit exceeds its carrying amount, goodwill of that reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. We test intangible assets that are not amortized (i.e., trade names) for impairment at the asset level. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the asset is less than its carrying value. If we determine that it is more likely than not that the intangible asset is impaired, we perform a quantitative assessment by comparing the fair value of the asset with its carrying amount. If the fair value, which is based on future cash flows, exceeds the carrying value, the asset is not considered impaired. If the carrying amount exceeds the fair value, an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the asset over the fair value of the asset. We recognized a de minimis impairment in 2020 and 2019 related to the closure of HelloSociety and Fake Love digital marketing agencies. Intangible assets that are amortized (i.e., customer lists, non-competes, etc.) are tested for impairment at the asset level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (1) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater than its fair value. The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working capital, discount rates and royalty rates. The starting point for the assumptions used in our discounted cash flow analysis is the annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and operating performance, related industry trends, macroeconomic conditions, and marketplace data, among others. Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic conditions outside our control. The market approach analysis includes applying a multiple, based on comparable market transactions, to certain operating metrics of a reporting unit. The significant estimates and assumptions used by management in assessing the recoverability of goodwill acquired and intangibles are estimated future cash flows, discount rates, growth rates, as well as other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes. In addition to annual testing, management uses certain indicators to evaluate whether the carrying value of a reporting unit or intangibles may not be recoverable and an interim impairment test may be required. These indicators include: (1) current-period operating results or cash flow declines combined with a history of operating results or cash flow declines or a projection/forecast that demonstrates continuing declines in the cash flow or the inability to improve our operations to forecasted levels; (2) a significant adverse change in the business climate, whether structural or technological; (3) significant impairments; and (4) a decline in our stock price and market capitalization. Self-Insurance We self-insure for workers’ compensation costs, automobile and general liability claims, up to certain deductible limits, as well as for certain employee medical and disability benefits. Employee medical costs above a certain threshold are insured by a third party. The recorded liabilities for self-insured risks are primarily calculated using actuarial methods. The liabilities include amounts for actual claims, claim growth and claims incurred but not yet reported. The recorded liabilities for self-insured risks were approximately $24 million and $23 million as of December 26, 2021, and December 27, 2020, respectively. Pension and Other Postretirement Benefits Our single-employer pension and other postretirement benefit costs are accounted for using actuarial valuations. We recognize the funded status of these plans – measured as the difference between plan assets, if funded, and the benefit obligation – on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), net of income taxes. The service cost component of net periodic pension cost is recognized in Total operating costs while the other components are recognized within Other components of net periodic benefit costs in our Consolidated Statements of Operations below Operating profit . The assets related to our funded pension plans are measured at fair value. We make significant subjective judgments about a number of actuarial assumptions, which include discount rates, health-care cost trend rates, long-term return on plan assets and mortality rates. Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements. We have elected the practical expedient to use the month-end that is closest to our fiscal year-end for measuring the single-employer pension plan assets and obligations, as well as other postretirement benefit plan assets and obligations. We also recognize the present value of pension liabilities associated with the withdrawal from multiemployer pension plans. We record liabilities for obligations related to complete, partial and estimated withdrawals from multiemployer pension plans. The actual liability for estimated withdrawals is not known until each plan completes a final assessment of the withdrawal liability and issues a demand to us. Therefore, we adjust the estimate of our multiemployer pension plan liability as more information becomes available that allows us to refine our estimates. See Notes 9 and 10 for additional information regarding pension and other postretirement benefits. Revenue Recognition Revenue is recognized when a performance obligation is satisfied by transferring a promised good or service to a customer. A good or service is considered transferred when the customer obtains control, which is when the customer has the ability to direct the use of and/or obtain substantially all of the benefits of an asset. Proceeds from subscription revenues are deferred at the time of sale and are recognized on a pro rata basis over the terms of the subscriptions. Payment is typically due upfront and the revenue is recognized ratably over the subscription period. The deferred proceeds are recorded within Unexpired subscriptions revenue in the Consolidated Balance Sheet. Revenue from single-copy sales of our print products is recognized based on date of publication, net of provisions for related returns. Payment for single-copy sales is typically due upon complete satisfaction of our performance obligations. The Company does not have significant financing components or significant payment terms as we only offer industry standard payment terms to our customers. When our subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. We are considered a principal if we control a promised good or service before transferring that good or service to the customer. The Company considers several factors to determine if it controls the good and therefore is the principal. These factors include: (1) if we have primary responsibility for fulfilling the promise; (2) if we have inventory risk before the goods or services are transferred to the customer or after the transfer of control to the customer; and (3) if we have discretion in establishing price for the specified good or service. Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user clicks on certain advertisements, net of provisions for estimated rebates and rate adjustments. Creative services fees, including those associated with our branded content studio, are recognized as revenue based on the nature of the services provided. We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will be earned, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. We recognize an obligation for rate adjustments as a reduction of revenues, based on the amount of estimated post-billing adjustments that will be claimed. Measurement of the rate adjustment reserve is estimated based on historical experience of credits actually issued. Payment for advertising is due upon complete satisfaction of our performance obligations. The Company has a formal credit checking policy, procedures and controls in place that evaluate collectability prior to ad publication. Our advertising contracts do not include a significant financing component. Other revenues are recognized when the delivery occurs, services are rendered or purchases are made. Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. In the case of our digital archive licensing contracts, the transaction price is allocated among the performance obligations, which consist of (i) the archival content and (ii) the updated content, based on the Company’s estimate of the standalone selling price of each of the performance obligations, as they are currently not sold separately. In the case of our advertising contracts, we may have performance obligations for future services that have not been recognized in our financial statements. The performance obligations are satisfied over time with revenue recognized ratably over the contract term as the advertising services are provided to the customer. Contract Assets We record revenue from performance obligations when performance obligations are satisfied. For our digital archiving licensing revenue, we record revenue related to the portion of performance obligation (i) satisfied at the commencement of the contract when the customer obtains control of the archival content or (ii) when the updated content is transferred. We receive payments from customers based upon contractual billing schedules. As the transfer of control represents a right to the contract consideration, we record a contract asset in Other current assets for short-term contract assets and Miscellaneous assets for long-term contract assets on the Consolidated Balance Sheet for any amounts not yet invoiced to the customer. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule. Significant Judgments Our contracts with customers sometimes include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. We use an observable price to determine the standalone selling price for separate performance obligations if available or, when not available, an estimate that maximizes the use of observable inputs and faithfully depicts the selling price of the promised goods or services if we sold those goods or services separately to a similar customer in similar circumstances. Practical Expedients and Exemptions We expense the cost to obtain or fulfill a contract as incurred because the amortization period of the asset that the entity otherwise would have recognized is one year or less. We also apply the practical expedient for the significant financing component when the difference between the payment and the transfer of the products and services is a year or less. Income Taxes Income taxes are recognized for the following: (1) the amount of taxes payable for the current year; and (2) deferred tax assets and liabilities for the future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes in the period of enactment. We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (i.e., sources of taxable income) and negative (i.e., recent historical losses) evidence and assessing, based on the evidence, whether it is more likely than not that the deferred tax assets will not be realized. We release tax effects from accumulated other comprehensive income/(loss) for pension and other postretirement benefits on a plan by plan approach. We recognize in our financial statements the impact of a tax position if that tax position is more likely than not of being sustained on audit, based on the technical merits of the tax position. This involves the identification of potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax positions is necessary. Different conclusions reached in this assessment can have a material impact on our Consolidated Financial Statements. We operate within multiple taxing jurisdictions and are subject to audit in these jurisdictions. These audits can involve complex issues, which could require an extended period of time to resolve. Until formal resolutions are reached between us and the taxing authorities, determining the timing and amount of possible audit settlements relating to uncertain tax positions is not practicable. Stock-Based Compensation We establish fair value based on market data for our stock-based awards to determine our cost and recognize the related expense over the appropriate vesting period. We recognize stock-based compensation expense for outstanding stock-settled long-term performance awards and restricted stock units, net of estimated forfeitures. See Note 14 for additional information related to stock-based compensation expense. Earnings/(Loss) Per Shar e As the Company has participating securities, we compute earnings per share based upon the lower of the two-class method or the treasury stock method. The two-class method is an earnings allocation method for computing earnings/(loss) per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings/(loss) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders by the weighted-average common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive. Foreign Currency Translation The assets and liabilities of foreign companies are translated at period-end exchange rates. Results of operations are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption Accumulated other comprehensive loss, net of income taxes . Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 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 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 The Financial Accounting Standards Board (the “FASB”) issued authoritative guidance on the following topics: Accounting Standard Update(s) Topic Effective Period Summary 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. Requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. We are currently in the process of evaluating the impact of this guidance on the Company’s consolidated financial statements. The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations. |
Revenue
Revenue | 12 Months Ended |
Dec. 26, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue We generate revenues principally from subscriptions and advertising. Subscription revenues consist of revenues from subscriptions to our digital and print products (which include our news product, as well as our Games, Cooking, Audm and Wirecutter (to which a subscription option was launched during the third quarter of 2021) products (“other digital-only 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, and it 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 revenues are 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. Our digital advertising offerings include solutions that use proprietary first-party data — rather than third-party data — to generate predictive insights and help inform our clients’ advertising strategies while leveraging our audiences in privacy-forward ways. Other digital advertising includes advertising revenues generated by open-market programmatic advertising, creative services fees associated with branded content, advertisements appearing on our Wirecutter product and classified advertising. 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, commercial printing, the leasing of floors in the Company Headquarters, retail commerce, television and film, our student subscription sponsorship program and our live events business. Subscription, advertising and other revenues were as follows: Years Ended (In thousands) December 26, 2021 As % December 27, 2020 As % December 29, 2019 As % Subscription $ 1,362,115 65.6 % $ 1,195,368 67.0 % $ 1,083,851 59.8 % Advertising 497,536 24.0 % 392,420 22.0 % 530,678 29.3 % Other (1) 215,226 10.3 % 195,851 11.0 % 197,655 10.9 % Total $ 2,074,877 100.0 % $ 1,783,639 100.0 % $ 1,812,184 100.0 % (1) Other revenue includes building rental revenue , which is not under the scope of Topic 606. Building rental revenue was approximately $27 million, $29 million and $31 million for the years ended December 26, 2021 , December 27, 2020, and December 29, 2019, respectively. The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the years ended December 26, 2021, December 27, 2020, and December 29, 2019: Years Ended (In thousands) December 26, 2021 As % December 27, 2020 As % December 29, 2019 As % Digital-only subscription revenues: News product subscription revenues (1) $ 693,994 50.9 % $ 543,578 45.5 % $ 426,125 39.3 % Other product subscription revenues (2) 79,888 5.9 % 54,702 4.6 % 34,327 3.2 % Subtotal digital-only subscriptions 773,882 56.8 % 598,280 50.0 % 460,452 42.5 % Print subscription revenues Domestic home delivery subscription revenues (3) 529,039 38.8 % 528,970 44.3 % 524,543 48.4 % Single-copy, NYT International and other subscription revenues (4) 59,194 4.4 % 68,118 5.7 % 98,856 9.1 % Subtotal print subscription revenues 588,233 43.2 % 597,088 50.0 % 623,399 57.5 % Total subscription revenues $ 1,362,115 100.0 % 1,195,368 100.0 % $ 1,083,851 100.0 % (1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games, Cooking and Wirecutter products are also included in this category. (2) Includes revenues from standalone subscriptions to the Company’s other digital-only products. During the third quarter of 2021, the Company launched a Wirecutter subscription option. (3) Includes access to the Company’s digital news, Games, Cooking and Wirecutter products. (4) NYT International is the international edition of our print newspaper. The following table summarizes digital and print advertising revenues for the years ended December 26, 2021, December 27, 2020, and December 29, 2019: Years Ended (In thousands) December 26, 2021 As % December 27, 2020 As % December 29, 2019 As % Advertising revenues Digital $ 308,616 62.0 % $ 228,594 58.3 % $ 260,454 49.1 % Print 188,920 38.0 % 163,826 41.7 % 270,224 50.9 % Total advertising $ 497,536 100.0 % $ 392,420 100.0 % $ 530,678 100.0 % Performance Obligations We have remaining performance obligations related to digital archive and other licensing and certain advertising contracts. As of December 26, 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 $123 million. The Company will recognize this revenue as performance obligations are satisfied. We expect that approximately $42 million, $20 million, and $61 million will be recognized in 2022, 2023 and thereafter through 2029, respectively. Contract Assets As of December 26, 2021, and December 27, 2020, the Company had $3.4 million and $1.8 million, respectively, in contract assets recorded in the Consolidated Balance Sheet related to digital archiving licensing revenue. The contract asset is reclassified to Accounts receivable |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 26, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The Company accounts for its marketable securities as AFS. The Company recorded $1.7 million and $4.3 million of net unrealized losses and gains, respectively, in Accumulated Other Comprehensive Income (“AOCI”) as of December 26, 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 December 26, 2021, and December 27, 2020: December 26, 2021 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities U.S. Treasury securities $ 148,899 $ 692 $ (43) $ 149,548 Corporate debt securities 107,158 245 (69) 107,334 Certificates of deposit 55,551 — — 55,551 Commercial paper 21,145 — — 21,145 Municipal securities 3,999 — (2) 3,997 U.S. governmental agency securities 3,500 — — 3,500 Total short-term AFS securities $ 340,252 $ 937 $ (114) $ 341,075 Long-term AFS securities Corporate debt securities $ 242,764 $ 149 $ (1,858) $ 241,055 U.S. Treasury securities 119,695 — (549) 119,146 U.S. governmental agency securities 39,498 — (252) 39,246 Municipal securities 13,994 — (61) 13,933 Total long-term AFS securities $ 415,951 $ 149 $ (2,720) $ 413,380 December 27, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term AFS securities U.S. Treasury securities $ 79,467 $ 39 $ (3) $ 79,503 Corporate debt securities 129,805 504 (8) 130,301 Certificates of deposit 36,525 — — 36,525 Commercial paper 37,580 — — 37,580 U.S. governmental agency securities 25,113 61 (3) 25,171 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 present the AFS securities as of December 26, 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 loss position: December 26, 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 U.S. Treasury securities $ 61,018 $ (43) $ — $ — $ 61,018 $ (43) Corporate debt securities 53,148 (69) — — 53,148 (69) Municipal securities 1,998 (2) — — 1,998 (2) Total short-term AFS securities $ 116,164 $ (114) $ — $ — $ 116,164 $ (114) Long-term AFS securities Corporate debt securities $ 224,022 $ (1,858) $ — $ — $ 224,022 $ (1,858) U.S. Treasury securities 119,146 (549) — — 119,146 (549) U.S. governmental agency securities 39,246 (252) — — 39,246 (252) Municipal securities 13,933 (61) — — 13,933 (61) Total long-term AFS securities $ 396,347 $ (2,720) $ — $ — $ 396,347 $ (2,720) 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 U.S. Treasury securities $ 20,133 $ (3) $ — $ — $ 20,133 $ (3) Corporate debt securities 33,735 (8) — — 33,735 (8) 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. See Note 2 for factors we consider when assessing AFS securities for recognition of losses or allowance for credit losses. As of December 26, 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 December 26, 2021, and December 27, 2020, we have no realized losses or allowance for credit losses related to AFS securities. As of December 26, 2021, our short-term and long-term marketable securities had remaining maturities of less than 1 month to 12 months and 13 months to 35 months, respectively. See Note 8 for additional information regarding the fair value hierarchy of our marketable securities. |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 26, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Goodwill 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 (consisting of an $8.0 million cash payment and a $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 valuation of assets acquired and liabilities assumed, resulting in allocations primarily to goodwill of $5.8 million and intangibles of $2.7 million in the second quarter of 2020. The carrying amount of the intangible asset related to this acquisition has been included in Miscellaneous assets in our Consolidated Balance Sheets. The estimated useful life for this asset is 8 years and it is amortized on a straight-line basis. During the third quarter of 2020, the Company acquired substantially all the assets and certain liabilities of Serial Productions, LLC (“Serial”). The purchase price includes approximately $25.0 million in cash that was paid at closing on July 29, 2020, and $9.3 million of contingent consideration. The contingent consideration is related to contingent payments based on the achievement of certain operational targets, as defined in the acquisition agreement, over the five years following the acquisition. The Company estimated the fair value of the contingent consideration liability using a probability-weighted discounted cash flow model. The fair value is based on significant unobservable inputs and therefore represents a Level 3 measurement as defined in Note 8. The Company allocated the purchase price for this acquisition based on the valuation of assets acquired and liabilities assumed, resulting in allocations primarily to goodwill of $21.5 million and intangibles of $12.9 million as of the date of acquisition. The carrying amount of the intangible assets related to this acquisition has been included in Miscellaneous assets in our Consolidated Balance Sheets and include an indefinite-lived intangible of $9.0 million. The estimated useful life for the finite asset is 6 years and it is amortized on a straight-line basis. The changes in the carrying amount of goodwill as of December 26, 2021, and since December 29, 2019, were as follows: (In thousands) Total Company Balance as of December 29, 2019 $ 138,674 Business acquisitions 27,269 Measurement period adjustment (1) (400) Foreign currency translation 6,114 Balance as of December 27, 2020 171,657 Foreign currency translation (5,297) Balance as of December 26, 2021 $ 166,360 (1) Includes measurement period adjustment related to deferred tax asset in connection with Listen In Audio, Inc. acquisition. The foreign currency translation line item in AOCI reflects changes in goodwill resulting from fluctuating exchange rates related to the consolidation of certain international subsidiaries. As of December 26, 2021, the aggregate carrying amount of intangible assets of $14.2 million, which includes an indefinite-lived intangible of $9.0 million, is recorded in Miscellaneous assets in our Consolidated Balance Sheets. Finite intangible assets have the estimated useful lives from 5 to 8 years and are amortized on a straight-line basis. |
Investments
Investments | 12 Months Ended |
Dec. 26, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments in Joint Ventures As of December 26, 2021, and December 27, 2020, the value of our investments in joint ventures was zero. Our proportionate shares of the operating results of our investments are recorded in Gain from joint ventures in our Consolidated Statements of Operations. Madison The Company and UPM-Kymmene Corporation (“UPM”), a Finnish paper manufacturing company, are partners through subsidiary companies in Madison. The Company’s 40% ownership of Madison is through an 80%-owned consolidated subsidiary that owns 50% of Madison. UPM owns 60% of Madison, including a 10% interest through a 20% noncontrolling interest in the consolidated subsidiary of the Company. In 2016, the paper mill closed and the Company’s joint venture in Madison is currently being liquidated. In 2020, we had a gain from joint ventures of $5.0 million, which was primarily due to our proportionate share of a distribution received from the pending liquidation of Madison. In 2021 and 2019, we had no gain/(loss) or distributions from joint ventures. 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 December 26, 2021, and December 27, 2020, non-marketable equity securities included in Miscellaneous assets in our Consolidated Balance Sheets had a carrying value of $27.9 million and $20.9 million, respectively. The carrying value includes $15.3 million of unrealized gains as of December 26, 2021. In 2021 and 2020, we recorded gains of $27.2 million and $10.1 million, respectively, related to non-marketable equity investment transactions. These gains consist of (i) $15.2 million and $2.5 million realized gains in 2021 and 2020, respectively, due to the partial sale of the investment and (ii) $12.0 million and $7.6 million unrealized gains in 2021 and 2020, respectively, due to the mark to market of the remaining investment. These realized and unrealized gains are included in Interest income/(expense) and other, net in our Consolidated Statements of Operations. We did not have any material fair value adjustments in 2019. |
Other
Other | 12 Months Ended |
Dec. 26, 2021 | |
Other Income and Expenses [Abstract] | |
Other | Other Capitalized Computer Software Costs Amortization of capitalized computer software costs included in Depreciation and amortization in our Consolidated Statements of Operations was $9.1 million, $14.7 million and $17.0 million for the fiscal years ended December 26, 2021, December 27, 2020, and December 29, 2019, respectively. The unamortized computer software costs were $13.6 million and $18.9 million as of December 26, 2021, and December 27, 2020, respectively. Marketing Expenses Marketing expense, the cost to promote our brand and our products, was $199.7 million, $135.9 million and $167.9 million for the fiscal years ended December 26, 2021, December 27, 2020, and December 29, 2019, respectively. Media expense, the primary component of marketing expense, which represents the cost to promote our subscription business was $187.3 million, $129.6 million and $156.9 million for the fiscal years ended December 26, 2021, December 27, 2020, and December 29, 2019, respectively. We expense these costs as incurred. Interest income/(expense) and other, net Interest income/(expense) and other, net , as shown in the accompanying Consolidated Statements of Operations was as follows: (In thousands) December 26, December 27, December 29, Interest income and other expense, net $ 6,558 $ 13,983 $ 19,694 Gain on non-marketable equity investment (1) 27,156 10,074 1,886 Interest expense (780) (757) (26,928) Amortization of debt costs and discount on debt — — 1,459 Capitalized interest 11 30 69 Total interest income/(expense) and other, net (2) $ 32,945 $ 23,330 $ (3,820) (1) Represents gains related to a non-marketable equity investment transactions. (2) The twelve months ended December 29, 2019, includes the amortization of debt costs and discount on debt relating to the Company’s leasehold condominium interest in the Company’s headquarters building, which was repurchased as of December 29, 2019. Restricted Cash A reconciliation of cash, cash equivalents and restricted cash as of December 26, 2021, and December 27, 2020, from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is as follows: (In thousands) December 26, 2021 December 27, 2020 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 319,973 $ 286,079 Restricted cash included within other current assets — 686 Restricted cash included within miscellaneous assets 14,333 15,199 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 334,306 $ 301,964 Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations. Restructuring Charge We recognized a restructuring charge of $4.0 million for the fiscal year ended December 29, 2019, which included impairment and severance charges related to the closure of our digital marketing agency, HelloSociety, LLC. These costs are recorded in Restructuring charge in our Consolidated Statements of Operations. Revolving Credit Facility In September 2019, the Company entered into a $250.0 million five-year unsecured revolving credit facility (the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee of 0.20%. As of December 26, 2021, there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the Credit Facility. Severance Costs We recognized severance costs of $0.9 million, $6.6 million and $4.0 million for the fiscal years ended December 26, 2021, December 27, 2020, and December 29, 2019, respectively. Severance costs recognized were largely related to workforce reductions primarily affecting our advertising department. These costs are recorded in G eneral and administrative costs in our Consolidated Statements of Operations. We had a severance liability of $2.1 million and $5.0 million included in Accrued expenses and other in our Consolidated Balance Sheets as of December 26, 2021, and December 27, 2020, respectively. We anticipate the 2021 payments will be made within the next twelve months. Property, Plant and Equipment Retirement During the years ended December 26, 2021, and December 27, 2020, as part of its annual assets review, the Company retired assets that were no longer in use with a cost of approximately $161.0 million and $123.0 million, respectively. The retirements in 2021 were comprised mostly of software of $103.9 million and equipment of $45.4 million. The retirements in 2020 were comprised mostly of software of $69.5 million and equipment of $49.9 million. As a result of the retirements, the Company recorded de minimis write-offs, which are reflected in General and administrative costs in our Consolidated Statements of Operations. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 26, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels: Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3–unobservable inputs for the asset or liability. Assets/Liabilities Measured and Recorded at Fair Value on a Recurring Basis As of December 26, 2021, and December 27, 2020, we had assets related to our qualified pension plans measured at fair value. The required disclosures regarding such assets are presented in Note 9. The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 26, 2021, and December 27, 2020: (In thousands) December 26, 2021 December 27, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) U.S Treasury securities $ 149,548 $ — $ 149,548 $ — $ 79,503 $ — $ 79,503 $ — Corporate debt securities 107,334 — 107,334 — 130,301 — 130,301 — Certificates of deposit 55,551 — 55,551 — 36,525 — 36,525 — Commercial paper 21,145 — 21,145 — 37,580 — 37,580 — Municipal securities 3,997 — 3,997 — — — — — U.S. governmental agency securities 3,500 — 3,500 — 25,171 — 25,171 — Total short-term AFS securities $ 341,075 $ — $ 341,075 $ — $ 309,080 $ — $ 309,080 $ — Long-term AFS securities (1) Corporate debt securities $ 241,055 $ — $ 241,055 $ — $ 135,934 $ — $ 135,934 $ — U.S Treasury securities 119,146 — 119,146 — 97,565 — 97,565 — U.S. governmental agency securities 39,246 — 39,246 — 48,348 — 48,348 — Municipal securities 13,933 — 13,933 — 4,984 — 4,984 — Total long-term AFS securities $ 413,380 $ — $ 413,380 $ — $ 286,831 $ — $ 286,831 $ — Liabilities: Deferred compensation (2)(3) $ 21,101 $ 21,101 $ — $ — $ 22,245 $ 22,245 $ — $ — Contingent consideration $ 7,450 $ — $ — $ 7,450 $ 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 Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), a frozen plan which enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015. (3) The Company invests the deferred compensation balance in life insurance products. Our investments in life insurance products are included in Miscellaneous assets in our Consolidated Balance Sheets, and were $52.5 million as of December 26, 2021, and $49.2 million as of December 27, 2020. The fair value of these assets is measured using the net asset value (“NAV”) per share (or its equivalent) and has not been classified in the fair value hierarchy. Level 3 Liabilities The contingent consideration liability is related to the 2020 acquisition of substantially all the assets and certain liabilities of Serial and represents contingent payments based on the achievement of certain operational targets, as defined in the acquisition agreement, over the five 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 changes in the balance of the contingent consideration during the year ended December 26, 2021, and December 27, 2020: (In thousands) December 26, 2021 December 27, 2020 Balance at the beginning of the period $ 8,431 $ 9,293 Payments (862) (862) Fair value adjustments (1) (119) — Contingent consideration at the end of the period $ 7,450 $ 8,431 (1) Fair value adjustments are included in General and administrative expenses in our Condensed Consolidated Statements of Operations. The remaining contingent consideration balances as of December 26, 2021, and December 27, 2020, of $7.5 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 Consolidated Balance Sheets. Assets Measured and Recorded at Fair Value on a Non-Recurring Basis Certain non-financial assets, such as goodwill, intangible assets, property, plant and equipment and certain investments are recognized at fair value on a non-recurring basis. These assets are measured at fair value if an impairment charge is recognized. Goodwill and intangible assets are initially recorded at fair value in purchase accounting. We classified all of these measurements as Level 3, as we used unobservable inputs within the valuation methodologies that were significant to the fair value measurements, and the valuations required management‘s judgment due to the absence of quoted market prices. We recognized a de minimis impairment of intangibles assets in 2020 and 2019 related to the closure of our digital marketing agencies. There was no impairment recognized in 2021. |
Pension Benefits
Pension Benefits | 12 Months Ended |
Dec. 26, 2021 | |
Retirement Benefits [Abstract] | |
Pension Benefits | Pension Benefits Single-Employer Plans We maintain The New York Times Companies Pension Plan (the ”Pension Plan”), a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits. We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. Net Periodic Pension Cost/(Income) The components of net periodic pension cost/(income) were as follows: December 26, 2021 December 27, 2020 December 29, 2019 (In thousands) Qualified Non- All Qualified Non- All Qualified Non- All Service cost $ 9,105 $ 95 $ 9,200 $ 10,429 $ 119 $ 10,548 $ 5,113 $ 118 $ 5,231 Interest cost 30,517 4,352 34,869 43,710 6,601 50,311 58,835 8,420 67,255 Expected return on plan assets (50,711) — (50,711) (67,146) — (67,146) (80,877) — (80,877) Amortization and other costs 20,225 7,275 27,500 21,887 6,072 27,959 18,639 4,381 23,020 Amortization of prior service (credit)/cost (1,945) 55 (1,890) (1,945) 51 (1,894) (1,945) 13 (1,932) Effect of settlement/curtailment — (163) (163) 80,641 (562) 80,079 — (373) (373) Net periodic pension cost/(income) $ 7,191 $ 11,614 $ 18,805 $ 87,576 $ 12,281 $ 99,857 $ (235) $ 12,559 $ 12,324 The Company has taken steps to reduce the size and volatility of our pension obligations. In October 2020, the Company entered into an agreement with an insurance company to transfer the future benefit obligations and annuity administration for certain retirees (or their beneficiaries) in the Pension Plan. This transfer of plan assets and obligations reduced the Company’s qualified pension plan obligations by $236.3 million. As a result of this agreement, the Company recorded a pension settlement charge of $80.6 million. Other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows: (In thousands) December 26, December 27, December 29, Net actuarial gain $ (25,585) $ (4,172) $ (10,292) Prior service cost — — 706 Amortization of loss (27,500) (27,959) (23,020) Amortization of prior service credit 1,890 1,894 1,932 Effect of settlement — (80,641) — Total recognized in other comprehensive income (51,195) (110,878) (30,674) Net periodic pension cost 18,805 99,857 12,324 Total recognized in net periodic pension benefit cost and other comprehensive income $ (32,390) $ (11,021) $ (18,350) Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the future working lifetime for the ongoing plans and average life expectancy for the frozen plans. We also contribute to defined contribution benefit plans. The amount of cost recognized for defined contribution benefit plans was approximately $33 million for 2021 and $27 million for 2020 and 2019, respectively. Benefit Obligation and Plan Assets The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: December 26, 2021 December 27, 2020 (In thousands) Qualified Non- All Plans Qualified Non- All Plans Change in benefit obligation Benefit obligation at beginning of year $ 1,549,012 $ 259,593 $ 1,808,605 $ 1,660,287 $ 247,748 $ 1,908,035 Service cost 9,105 95 9,200 10,429 119 10,548 Interest cost 30,517 4,352 34,869 43,710 6,601 50,311 Actuarial (gain)/loss (42,883) (7,762) (50,645) 153,136 21,152 174,288 Curtailments — (163) (163) — (562) (562) Settlements — — — (236,282) — (236,282) Benefits paid (69,987) (16,818) (86,805) (82,268) (15,609) (97,877) Effects of change in currency conversion — (107) (107) — 144 144 Benefit obligation at end of year 1,475,764 239,190 1,714,954 1,549,012 259,593 1,808,605 Change in plan assets Fair value of plan assets at beginning of year 1,585,221 — 1,585,221 1,648,667 — 1,648,667 Actual return on plan assets 25,651 — 25,651 245,606 — 245,606 Employer contributions 9,193 16,818 26,011 9,498 15,609 25,107 Settlements — — — (236,282) — (236,282) Benefits paid (69,987) (16,818) (86,805) (82,268) (15,609) (97,877) Fair value of plan assets at end of year 1,550,078 — 1,550,078 1,585,221 — 1,585,221 Net amount recognized $ 74,314 $ (239,190) $ (164,876) $ 36,209 $ (259,593) $ (223,384) Amount recognized in the Consolidated Balance Sheets Noncurrent Assets $ 87,601 $ — $ 87,601 $ 54,950 $ — $ 54,950 Current liabilities — (16,669) (16,669) — (16,990) (16,990) Noncurrent liabilities (13,287) (222,521) (235,808) (18,741) (242,603) (261,344) Net amount recognized $ 74,314 $ (239,190) $ (164,876) $ 36,209 $ (259,593) $ (223,384) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 426,874 $ 122,660 $ 549,534 $ 464,922 $ 137,697 $ 602,619 Prior service credit (12,952) 587 (12,365) (14,897) 642 (14,255) Total $ 413,922 $ 123,247 $ 537,169 $ 450,025 $ 138,339 $ 588,364 Benefit obligations decreased from $1.8 billion at December 27, 2020, to $1.7 billion at December 26, 2021, primarily due to benefit payments of $86.8 million and actuarial gains of $50.6 million. The actuarial gains were primarily driven by an increase in the discount rate. Benefit obligations decreased from $1.9 billion at December 29, 2019, to $1.8 billion at December 27, 2020, primarily due to the previously discussed settlement transaction of $236.3 million, partially offset by actuarial losses of $174.3 million. The actuarial losses were primarily driven by a decrease in the discount rate, partially offset by updating the latest mortality improvement scale. The accumulated benefit obligation for all pension plans was $1.7 billion and $1.8 billion as of December 26, 2021, and December 27, 2020, respectively. Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows: (In thousands) December 26, December 27, Projected benefit obligation $ 348,831 $ 364,272 Accumulated benefit obligation $ 338,346 $ 349,429 Fair value of plan assets $ 96,354 $ 85,938 Assumptions Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 26, December 27, Discount rate 2.94 % 2.64 % Rate of increase in compensation levels 3.00 % 3.00 % The rate of increase in compensation levels is applicable only for the APP that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows: December 26, December 27, December 29, Discount rate for determining projected benefit obligation 2.64 % 3.30 % 4.43 % Discount rate in effect for determining service cost 3.87 % 3.67 % 3.87 % Discount rate in effect for determining interest cost 2.02 % 2.70 % 4.06 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % Expected long-term rate of return on assets 3.74 % 4.59 % 5.68 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 26, December 27, Discount rate 2.81 % 2.39 % Rate of increase in compensation levels 2.50 % 2.50 % The rate of increase in compensation levels is applicable only for the foreign plan that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows: December 26, December 27, December 29, Discount rate for determining projected benefit obligation 2.39 % 3.17 % 4.35 % Discount rate in effect for determining interest cost 1.74 % 2.78 % 3.94 % Rate of increase in compensation levels 2.50 % 2.50 % 2.50 % We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (i.e., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate. To determine our discount rate, we project a cash flow based on annual accrued benefits. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve. In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year, less expense expected to be incurred by the plan during the year. The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years. Plan Assets The Pension Plan The assets underlying the Pension Plan are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers. Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. Investment Policy and Strategy The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. An additional investment objective is to transition the asset mix to hedge liabilities and minimize volatility in the funded status of the Pension Plan. Asset Allocation Guidelines In accordance with our asset allocation strategy, investments are categorized into liability-hedging assets whose value is highly correlated to that of the Pension Plan’s obligations (“Liability-Hedging Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the Pension Plan’s obligations (“Return-Seeking Assets”). The proportional allocation of assets between Liability-Hedging Assets and Return-Seeking Assets is dependent on the funded status of the Pension Plan. Under our policy, for example, a funded status at 102.5% requires an allocation of total assets of 85.5% to 90.5% to Liability-Hedging Assets and 9.5% to 14.5% to Return-Seeking Assets. As the Pension Plan’s funded status increases, the allocation to Liability-Hedging Assets will increase and the allocation to Return-Seeking Assets will decrease. The following asset allocation guidelines apply to the Return-Seeking Assets as of December 26, 2021: Asset Category Percentage Range Actual Public Equity 70% - 90% 84 % Growth Fixed Income 0% - 15% 0 % Alternatives 0% - 15% 12 % Cash 0% - 10% 4 % The asset allocations by asset category for both Liability-Hedging and Return-Seeking Assets, as of December 26, 2021, were as follows: Asset Category Percentage Range Actual Liability-Hedging 85.5% - 90.5% 87 % Public Equity 6.7% - 13.1% 11 % Growth Fixed Income 0% - 2% 0 % Alternatives 0% - 2% 2 % Cash 0% - 1% 0 % The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the Pension Plan’s assets. The APP The assets underlying the joint Company and The NewsGuild of New York sponsored plan are managed by professional investment managers. These investment managers are selected and monitored by the APP’s Board of Trustees (the “APP Trustees”). The APP Trustees are responsible for adopting an investment policy, implementing and monitoring compliance with that policy, selecting and monitoring investment managers, and communicating the investment guidelines and performance objectives to the investment managers. Investment Policy and Strategy The investment objective is to allocate investment assets in a manner that satisfies the funding objectives of the APP and to maximize the probability of maintaining a 100% funded status. Asset Allocation Guidelines In accordance with the asset allocation guidelines, investments are segmented into hedging assets whose value is highly correlated to that of the APP’s obligations (“Hedging Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the APP’s obligations (“Return-Seeking Assets”). The asset allocations by asset category as of December 26, 2021, were as follows: Asset Category Percentage Range Actual Hedging Assets 75% - 90% 80 % Return-Seeking Assets 10% - 25% 20 % Cash and Equivalents 0% - 5% 0 % The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the APP Trustees. The APP Trustees may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the APP’s assets. Fair Value of Plan Assets The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as follows: December 31, 2021 (In thousands) Quoted Prices Significant Significant Investment Measured at Net Asset Value (2) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 12,739 $ — $ — $ — $ 12,739 International Equities 29,453 — — — 29,453 Registered Investment Companies 270,662 — — — 270,662 Common/Collective Funds (1) — — — 370,042 370,042 Fixed Income Securities: Corporate Bonds — 710,413 — — 710,413 U.S. Treasury and Other Government Securities — 52,520 — — 52,520 Municipal and Provincial Bonds — 37,922 — — 37,922 Other — 36,630 — — 36,630 Cash and Cash Equivalents — — — 7,229 7,229 Private Equity — — — 7,014 7,014 Hedge Fund — — — 15,454 15,454 Assets at Fair Value $ 312,854 $ 837,485 $ — $ 399,739 $ 1,550,078 (1) The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Fair Value Measurement at December 31, 2020 (In thousands) Quoted Prices Significant Significant Investment Measured at Net Asset Value (2) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 28,002 $ — $ — $ — $ 28,002 International Equities 34,025 — — — 34,025 Mutual Funds 29,011 — — — 29,011 Registered Investment Companies (3) 238,737 — — — 238,737 Common/Collective Funds (1) (3) — — — 471,629 471,629 Fixed Income Securities: Corporate Bonds — 646,330 — — 646,330 U.S. Treasury and Other Government Securities — 42,111 — — 42,111 Municipal and Provincial Bonds — 40,150 — — 40,150 Other — 10,693 — — 10,693 Cash and Cash Equivalents — — — 5,481 5,481 Private Equity — — — 9,770 9,770 Hedge Fund — — — 29,282 29,282 Assets at Fair Value $ 329,775 $ 739,284 $ — $ 516,162 $ 1,585,221 (1) The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. (3) Certain prior year amounts have been reclassified to conform with current period presentation. Level 1 and Level 2 Investments Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities. For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments. Cash Flows In 2021, we made contributions to the APP of $9.2 million. We expect contributions made to satisfy minimum funding requirements to total approximately $10 million in 2022. The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid: Plans (In thousands) Qualified Non- Total 2022 $ 71,255 $ 16,881 $ 88,136 2023 73,585 16,686 90,271 2024 75,700 16,445 92,145 2025 77,792 16,178 93,970 2026 79,218 15,992 95,210 2027-2031 (1) 412,095 75,816 487,911 (1) While benefit payments under these plans are expected to continue beyond 2031, we have presented in this table only those benefit payments estimated over the next 10 years. Multiemployer Plans We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. In recent years, certain events, such as amendments to various collective bargaining agreements and the sale of the New England Media Group, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. Our multiemployer pension plan withdrawal liability was approximately $70 million as of December 26, 2021, and approximately $76 million as of December 27, 2020. This liability represents the present value of the obligations related to complete and partial withdrawals that have already occurred as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For those plans that have yet to provide us with a demand letter, the actual liability will not be fully known until they complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates. The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution base units or a partial cessation of our obligation to contribute, we may be assessed a withdrawal liability based on a calculated share of the underfunded status of the plan. • If a multiemployer plan from which we have withdrawn subsequently experiences a mass withdrawal, we may be required to make additional contributions under applicable law. Our participation in significant plans for the fiscal period ended December 26, 2021, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject. EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (In thousands) Contributions of the Company Surcharge Imposed Collective Bargaining Agreement Expiration Date Pension Fund 2021 2020 2021 2020 2019 CWA/ITU Negotiated Pension Plan 13-6212879-001 Critical and Declining as of 1/01/21 Critical and Declining as of 1/01/20 Implemented $ 364 $ 384 $ 415 No (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund (2) 13-6122251-001 Green as of 6/01/21 Green as of 6/01/20 N/A 912 1,010 1,014 No 3/30/2025 GCIU-Employer Retirement Benefit Plan 91-6024903-001 Critical and Declining as of 1/01/21 Critical and Declining as of 1/01/20 Implemented 48 65 58 No 3/30/2026 Pressmen’s Publishers’ Pension Fund (3) 13-6121627-001 Green as of 4/01/21 Endangered as of 4/01/20 Pending 1,337 1,328 1,213 No 3/30/2026 Paper Handlers’-Publishers’ Pension Fund 13-6104795-001 Critical and Declining as of 4/01/21 Critical and Declining as of 4/01/20 Implemented 103 101 100 Yes 3/30/2026 Contributions for individually significant plans $ 2,764 $ 2,888 $ 2,800 Contributions for a plan not individually significant $ 33 $ 24 $ — Total Contributions $ 2,797 $ 2,912 $ 2,800 (1) There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expires March 30, 2023, and Typographers, which expires March 30, 2025. (2) Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)). (3) The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10-year smoothing of the asset loss for the plan year beginning April 1, 2008. The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009. The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years: Pension Fund Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of Plan’s Year-End) CWA/ITU Negotiated Pension Plan 12/31/2020 & 12/31/2019 Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2020 & 5/31/2019 (1) Pressmen’s Publisher’s Pension Fund 3/31/2021 & 3/31/2020 Paper Handlers’-Publishers’ Pension Fund 3/31/2021 & 3/31/2020 (1) Form 5500 for the plan year ended 5/31/21 was not available as of the date we filed our financial statements. We provide health benefits to certain primarily grandfathered retired employee groups (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. There is a de minimis liability for retiree health benefits for active employees. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we do not provide post-age 65 retiree medical benefits for employees who retired on or after March 1, 2009. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from general corporate assets. Net Periodic Other Postretirement Benefit Cost/(Income) The components of net periodic postretirement benefit cost/(income) were as follows: (In thousands) December 26, December 27, December 29, Service cost $ 53 $ 29 $ 27 Interest cost 565 1,026 1,602 Amortization and other costs 3,407 3,051 3,375 Amortization of prior service credit (3,098) (4,225) (4,766) Net periodic postretirement benefit cost/(income) $ 927 $ (119) $ 238 The changes in the benefit obligations recognized in other comprehensive loss were as follows: (In thousands) December 26, December 27, December 29, Net actuarial loss $ 2,254 $ 4,044 $ 296 Amortization of loss (3,407) (3,051) (3,375) Amortization of prior service credit 3,098 4,225 4,766 Total recognized in other comprehensive loss 1,945 5,218 1,687 Net periodic postretirement benefit cost/(income) 927 (119) 238 Total recognized in net periodic postretirement benefit cost/(income) and other comprehensive loss $ 2,872 $ 5,099 $ 1,925 Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the accumulated postretirement benefit obligation. Gains and losses in excess of the corridor are generally amortized over the average remaining service period to expected retirement of active participants. In connection with collective bargaining agreements, we contribute to several multiemployer welfare plans. These plans provide medical benefits to active and retired employees covered under the respective collective bargaining agreement. Contributions are made in accordance with the formula in the relevant agreement. Postretirement costs related to these plans are not reflected above and were approximately $17 million in 2021 , $16 million in 2020, and $15 million in 2019. The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: (In thousands) December 26, December 27, Change in benefit obligation Benefit obligation at beginning of year $ 43,308 $ 42,803 Service cost 53 29 Interest cost 565 1,026 Plan participants’ contributions 2,319 2,820 Actuarial loss 2,254 4,044 Benefits paid (7,892) (7,414) Benefit obligation at the end of year 40,607 43,308 Change in plan assets Employer contributions 5,573 4,594 Plan participants’ contributions 2,319 2,820 Benefits paid (7,892) (7,414) Fair value of plan assets at end of year — — Net amount recognized $ (40,607) $ (43,308) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (4,521) $ (4,618) Noncurrent liabilities (36,086) (38,690) Net amount recognized $ (40,607) $ (43,308) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 25,632 $ 26,785 Prior service credit (368) (3,466) Total $ 25,264 $ 23,319 Benefit obligations decreased from $43.3 million at December 27, 2020, to $40.6 million at December 26, 2021, primarily due to benefit payments net of participation contributions of $5.6 million partially offset by the actuarial loss of $2.3 million, driven by an increase in assumed costs to reflect updated claims experience . Benefit obligations increased from $42.8 million at December 29, 2019, to $43.3 million at December 27, 2020, primarily due to the actuarial loss of $4.0 million, driven by a decrease in the discount rate . Information for postretirement plans with accumulated benefit obligations in excess of plan assets was as follows: (In thousands) December 26, December 27, Accumulated benefit obligation $ 40,607 $ 43,308 Fair value of plan assets $ — $ — Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 26, December 27, Discount rate 2.55 % 2.01 % Estimated increase in compensation level 3.50 % 3.50 % Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: December 26, December 27, December 29, Discount rate for determining projected benefit obligation 2.01 % 2.94 % 4.18 % Discount rate in effect for determining service cost 2.09 % 3.04 % 4.19 % Discount rate in effect for determining interest cost 1.38 % 2.55 % 3.71 % Estimated increase in compensation level 3.50 % 3.50 % 3.50 % The assumed health-care cost trend rates were as follows: December 26, December 27, Health-care cost trend rate 5.99 % 5.95 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.92 % 4.92 % Year that the rate reaches the ultimate trend rate 2030 2027 Because our health-care plans are capped for most participants, the assumed health-care cost trend rates do not have a significant effect on the amounts reported for the health-care plans. The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid: (In thousands) Amount 2022 $ 4,620 2023 4,328 2024 4,032 2025 3,778 2026 3,514 2027-2031 (1) 13,781 (1) While benefit payments under these plans are expected to continue beyond 2031, we have presented in this table only those benefit payments estimated over the next 10 years. We accrue the cost of certain benefits provided to former or inactive employees after employment, but before retirement. The cost is recognized only when it is probable and can be estimated. Benefits include life insurance, disability benefits and health-care continuation coverage. The accrued obligation for these benefits was $8.5 million as of December 26, 2021, and $8.6 million as of December 27, 2020. |
Other Postretirement Benefits
Other Postretirement Benefits | 12 Months Ended |
Dec. 26, 2021 | |
Other Postretirement Benefits [Abstract] | |
Other Postretirement Benefits | Pension Benefits Single-Employer Plans We maintain The New York Times Companies Pension Plan (the ”Pension Plan”), a frozen single-employer defined benefit pension plan. The Company also jointly sponsors a defined benefit plan with The NewsGuild of New York known as the Guild-Times Adjustable Pension Plan (the “APP”) that continues to accrue active benefits. We also have a foreign-based pension plan for certain employees (the “foreign plan”). The information for the foreign plan is combined with the information for U.S. non-qualified plans. The benefit obligation of the foreign plan is immaterial to our total benefit obligation. Net Periodic Pension Cost/(Income) The components of net periodic pension cost/(income) were as follows: December 26, 2021 December 27, 2020 December 29, 2019 (In thousands) Qualified Non- All Qualified Non- All Qualified Non- All Service cost $ 9,105 $ 95 $ 9,200 $ 10,429 $ 119 $ 10,548 $ 5,113 $ 118 $ 5,231 Interest cost 30,517 4,352 34,869 43,710 6,601 50,311 58,835 8,420 67,255 Expected return on plan assets (50,711) — (50,711) (67,146) — (67,146) (80,877) — (80,877) Amortization and other costs 20,225 7,275 27,500 21,887 6,072 27,959 18,639 4,381 23,020 Amortization of prior service (credit)/cost (1,945) 55 (1,890) (1,945) 51 (1,894) (1,945) 13 (1,932) Effect of settlement/curtailment — (163) (163) 80,641 (562) 80,079 — (373) (373) Net periodic pension cost/(income) $ 7,191 $ 11,614 $ 18,805 $ 87,576 $ 12,281 $ 99,857 $ (235) $ 12,559 $ 12,324 The Company has taken steps to reduce the size and volatility of our pension obligations. In October 2020, the Company entered into an agreement with an insurance company to transfer the future benefit obligations and annuity administration for certain retirees (or their beneficiaries) in the Pension Plan. This transfer of plan assets and obligations reduced the Company’s qualified pension plan obligations by $236.3 million. As a result of this agreement, the Company recorded a pension settlement charge of $80.6 million. Other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows: (In thousands) December 26, December 27, December 29, Net actuarial gain $ (25,585) $ (4,172) $ (10,292) Prior service cost — — 706 Amortization of loss (27,500) (27,959) (23,020) Amortization of prior service credit 1,890 1,894 1,932 Effect of settlement — (80,641) — Total recognized in other comprehensive income (51,195) (110,878) (30,674) Net periodic pension cost 18,805 99,857 12,324 Total recognized in net periodic pension benefit cost and other comprehensive income $ (32,390) $ (11,021) $ (18,350) Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the greater of the projected benefit obligation and the market-related value of assets. Gains and losses in excess of the corridor are generally amortized over the future working lifetime for the ongoing plans and average life expectancy for the frozen plans. We also contribute to defined contribution benefit plans. The amount of cost recognized for defined contribution benefit plans was approximately $33 million for 2021 and $27 million for 2020 and 2019, respectively. Benefit Obligation and Plan Assets The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: December 26, 2021 December 27, 2020 (In thousands) Qualified Non- All Plans Qualified Non- All Plans Change in benefit obligation Benefit obligation at beginning of year $ 1,549,012 $ 259,593 $ 1,808,605 $ 1,660,287 $ 247,748 $ 1,908,035 Service cost 9,105 95 9,200 10,429 119 10,548 Interest cost 30,517 4,352 34,869 43,710 6,601 50,311 Actuarial (gain)/loss (42,883) (7,762) (50,645) 153,136 21,152 174,288 Curtailments — (163) (163) — (562) (562) Settlements — — — (236,282) — (236,282) Benefits paid (69,987) (16,818) (86,805) (82,268) (15,609) (97,877) Effects of change in currency conversion — (107) (107) — 144 144 Benefit obligation at end of year 1,475,764 239,190 1,714,954 1,549,012 259,593 1,808,605 Change in plan assets Fair value of plan assets at beginning of year 1,585,221 — 1,585,221 1,648,667 — 1,648,667 Actual return on plan assets 25,651 — 25,651 245,606 — 245,606 Employer contributions 9,193 16,818 26,011 9,498 15,609 25,107 Settlements — — — (236,282) — (236,282) Benefits paid (69,987) (16,818) (86,805) (82,268) (15,609) (97,877) Fair value of plan assets at end of year 1,550,078 — 1,550,078 1,585,221 — 1,585,221 Net amount recognized $ 74,314 $ (239,190) $ (164,876) $ 36,209 $ (259,593) $ (223,384) Amount recognized in the Consolidated Balance Sheets Noncurrent Assets $ 87,601 $ — $ 87,601 $ 54,950 $ — $ 54,950 Current liabilities — (16,669) (16,669) — (16,990) (16,990) Noncurrent liabilities (13,287) (222,521) (235,808) (18,741) (242,603) (261,344) Net amount recognized $ 74,314 $ (239,190) $ (164,876) $ 36,209 $ (259,593) $ (223,384) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 426,874 $ 122,660 $ 549,534 $ 464,922 $ 137,697 $ 602,619 Prior service credit (12,952) 587 (12,365) (14,897) 642 (14,255) Total $ 413,922 $ 123,247 $ 537,169 $ 450,025 $ 138,339 $ 588,364 Benefit obligations decreased from $1.8 billion at December 27, 2020, to $1.7 billion at December 26, 2021, primarily due to benefit payments of $86.8 million and actuarial gains of $50.6 million. The actuarial gains were primarily driven by an increase in the discount rate. Benefit obligations decreased from $1.9 billion at December 29, 2019, to $1.8 billion at December 27, 2020, primarily due to the previously discussed settlement transaction of $236.3 million, partially offset by actuarial losses of $174.3 million. The actuarial losses were primarily driven by a decrease in the discount rate, partially offset by updating the latest mortality improvement scale. The accumulated benefit obligation for all pension plans was $1.7 billion and $1.8 billion as of December 26, 2021, and December 27, 2020, respectively. Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows: (In thousands) December 26, December 27, Projected benefit obligation $ 348,831 $ 364,272 Accumulated benefit obligation $ 338,346 $ 349,429 Fair value of plan assets $ 96,354 $ 85,938 Assumptions Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 26, December 27, Discount rate 2.94 % 2.64 % Rate of increase in compensation levels 3.00 % 3.00 % The rate of increase in compensation levels is applicable only for the APP that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows: December 26, December 27, December 29, Discount rate for determining projected benefit obligation 2.64 % 3.30 % 4.43 % Discount rate in effect for determining service cost 3.87 % 3.67 % 3.87 % Discount rate in effect for determining interest cost 2.02 % 2.70 % 4.06 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % Expected long-term rate of return on assets 3.74 % 4.59 % 5.68 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 26, December 27, Discount rate 2.81 % 2.39 % Rate of increase in compensation levels 2.50 % 2.50 % The rate of increase in compensation levels is applicable only for the foreign plan that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows: December 26, December 27, December 29, Discount rate for determining projected benefit obligation 2.39 % 3.17 % 4.35 % Discount rate in effect for determining interest cost 1.74 % 2.78 % 3.94 % Rate of increase in compensation levels 2.50 % 2.50 % 2.50 % We determined our discount rate using a Ryan ALM, Inc. Curve (the “Ryan Curve”). The Ryan Curve provides the bonds included in the curve and allows adjustments for certain outliers (i.e., bonds on “watch”). We believe the Ryan Curve allows us to calculate an appropriate discount rate. To determine our discount rate, we project a cash flow based on annual accrued benefits. The projected plan cash flow is discounted to the measurement date, which is the last day of our fiscal year, using the annual spot rates provided in the Ryan Curve. In determining the expected long-term rate of return on assets, we evaluated input from our investment consultants, actuaries and investment management firms, including our review of asset class return expectations, as well as long-term historical asset class returns. Projected returns by such consultants and economists are based on broad equity and bond indices. Our objective is to select an average rate of earnings expected on existing plan assets and expected contributions to the plan during the year, less expense expected to be incurred by the plan during the year. The market-related value of plan assets is multiplied by the expected long-term rate of return on assets to compute the expected return on plan assets, a component of net periodic pension cost. The market-related value of plan assets is a calculated value that recognizes changes in fair value over three years. Plan Assets The Pension Plan The assets underlying the Pension Plan are managed by professional investment managers. These investment managers are selected and monitored by the pension investment committee, composed of certain senior executives, who are appointed by the Finance Committee of the Board of Directors of the Company. The Finance Committee is responsible for adopting our investment policy, which includes rules regarding the selection and retention of qualified advisors and investment managers. The pension investment committee is responsible for implementing and monitoring compliance with our investment policy, selecting and monitoring investment managers and communicating the investment guidelines and performance objectives to the investment managers. Our contributions are made on a basis determined by the actuaries in accordance with the funding requirements and limitations of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. Investment Policy and Strategy The primary long-term investment objective is to allocate assets in a manner that produces a total rate of return that meets or exceeds the growth of our pension liabilities. An additional investment objective is to transition the asset mix to hedge liabilities and minimize volatility in the funded status of the Pension Plan. Asset Allocation Guidelines In accordance with our asset allocation strategy, investments are categorized into liability-hedging assets whose value is highly correlated to that of the Pension Plan’s obligations (“Liability-Hedging Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the Pension Plan’s obligations (“Return-Seeking Assets”). The proportional allocation of assets between Liability-Hedging Assets and Return-Seeking Assets is dependent on the funded status of the Pension Plan. Under our policy, for example, a funded status at 102.5% requires an allocation of total assets of 85.5% to 90.5% to Liability-Hedging Assets and 9.5% to 14.5% to Return-Seeking Assets. As the Pension Plan’s funded status increases, the allocation to Liability-Hedging Assets will increase and the allocation to Return-Seeking Assets will decrease. The following asset allocation guidelines apply to the Return-Seeking Assets as of December 26, 2021: Asset Category Percentage Range Actual Public Equity 70% - 90% 84 % Growth Fixed Income 0% - 15% 0 % Alternatives 0% - 15% 12 % Cash 0% - 10% 4 % The asset allocations by asset category for both Liability-Hedging and Return-Seeking Assets, as of December 26, 2021, were as follows: Asset Category Percentage Range Actual Liability-Hedging 85.5% - 90.5% 87 % Public Equity 6.7% - 13.1% 11 % Growth Fixed Income 0% - 2% 0 % Alternatives 0% - 2% 2 % Cash 0% - 1% 0 % The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the pension investment committee. The pension investment committee may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the Pension Plan’s assets. The APP The assets underlying the joint Company and The NewsGuild of New York sponsored plan are managed by professional investment managers. These investment managers are selected and monitored by the APP’s Board of Trustees (the “APP Trustees”). The APP Trustees are responsible for adopting an investment policy, implementing and monitoring compliance with that policy, selecting and monitoring investment managers, and communicating the investment guidelines and performance objectives to the investment managers. Investment Policy and Strategy The investment objective is to allocate investment assets in a manner that satisfies the funding objectives of the APP and to maximize the probability of maintaining a 100% funded status. Asset Allocation Guidelines In accordance with the asset allocation guidelines, investments are segmented into hedging assets whose value is highly correlated to that of the APP’s obligations (“Hedging Assets”) or other investments, such as equities and high-yield fixed income securities, whose return over time is expected to exceed the rate of growth in the APP’s obligations (“Return-Seeking Assets”). The asset allocations by asset category as of December 26, 2021, were as follows: Asset Category Percentage Range Actual Hedging Assets 75% - 90% 80 % Return-Seeking Assets 10% - 25% 20 % Cash and Equivalents 0% - 5% 0 % The specified target allocation of assets and ranges set forth above are maintained and reviewed on a periodic basis by the APP Trustees. The APP Trustees may direct the transfer of assets between investment managers in order to rebalance the portfolio in accordance with approved asset allocation ranges to accomplish the investment objectives for the APP’s assets. Fair Value of Plan Assets The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as follows: December 31, 2021 (In thousands) Quoted Prices Significant Significant Investment Measured at Net Asset Value (2) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 12,739 $ — $ — $ — $ 12,739 International Equities 29,453 — — — 29,453 Registered Investment Companies 270,662 — — — 270,662 Common/Collective Funds (1) — — — 370,042 370,042 Fixed Income Securities: Corporate Bonds — 710,413 — — 710,413 U.S. Treasury and Other Government Securities — 52,520 — — 52,520 Municipal and Provincial Bonds — 37,922 — — 37,922 Other — 36,630 — — 36,630 Cash and Cash Equivalents — — — 7,229 7,229 Private Equity — — — 7,014 7,014 Hedge Fund — — — 15,454 15,454 Assets at Fair Value $ 312,854 $ 837,485 $ — $ 399,739 $ 1,550,078 (1) The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Fair Value Measurement at December 31, 2020 (In thousands) Quoted Prices Significant Significant Investment Measured at Net Asset Value (2) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 28,002 $ — $ — $ — $ 28,002 International Equities 34,025 — — — 34,025 Mutual Funds 29,011 — — — 29,011 Registered Investment Companies (3) 238,737 — — — 238,737 Common/Collective Funds (1) (3) — — — 471,629 471,629 Fixed Income Securities: Corporate Bonds — 646,330 — — 646,330 U.S. Treasury and Other Government Securities — 42,111 — — 42,111 Municipal and Provincial Bonds — 40,150 — — 40,150 Other — 10,693 — — 10,693 Cash and Cash Equivalents — — — 5,481 5,481 Private Equity — — — 9,770 9,770 Hedge Fund — — — 29,282 29,282 Assets at Fair Value $ 329,775 $ 739,284 $ — $ 516,162 $ 1,585,221 (1) The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. (3) Certain prior year amounts have been reclassified to conform with current period presentation. Level 1 and Level 2 Investments Where quoted prices are available in an active market for identical assets, such as equity securities traded on an exchange, transactions for the asset occur with such frequency that the pricing information is available on an ongoing/daily basis. We classify these types of investments as Level 1 where the fair value represents the closing/last trade price for these particular securities. For our investments where pricing data may not be readily available, fair values are estimated by using quoted prices for similar assets, in both active and not active markets, and observable inputs, other than quoted prices, such as interest rates and credit risk. We classify these types of investments as Level 2 because we are able to reasonably estimate the fair value through inputs that are observable, either directly or indirectly. There are no restrictions on our ability to sell any of our Level 1 and Level 2 investments. Cash Flows In 2021, we made contributions to the APP of $9.2 million. We expect contributions made to satisfy minimum funding requirements to total approximately $10 million in 2022. The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid: Plans (In thousands) Qualified Non- Total 2022 $ 71,255 $ 16,881 $ 88,136 2023 73,585 16,686 90,271 2024 75,700 16,445 92,145 2025 77,792 16,178 93,970 2026 79,218 15,992 95,210 2027-2031 (1) 412,095 75,816 487,911 (1) While benefit payments under these plans are expected to continue beyond 2031, we have presented in this table only those benefit payments estimated over the next 10 years. Multiemployer Plans We contribute to a number of multiemployer defined benefit pension plans under the terms of various collective bargaining agreements that cover our union-represented employees. In recent years, certain events, such as amendments to various collective bargaining agreements and the sale of the New England Media Group, resulted in withdrawals from multiemployer pension plans. These actions, along with a reduction in covered employees, have resulted in us estimating withdrawal liabilities to the respective plans for our proportionate share of any unfunded vested benefits. Our multiemployer pension plan withdrawal liability was approximately $70 million as of December 26, 2021, and approximately $76 million as of December 27, 2020. This liability represents the present value of the obligations related to complete and partial withdrawals that have already occurred as well as an estimate of future partial withdrawals that we considered probable and reasonably estimable. For those plans that have yet to provide us with a demand letter, the actual liability will not be fully known until they complete a final assessment of the withdrawal liability and issue a demand to us. Therefore, the estimate of our multiemployer pension plan liability will be adjusted as more information becomes available that allows us to refine our estimates. The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: • Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. • If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If we elect to withdraw from these plans or if we trigger a partial withdrawal due to declines in contribution base units or a partial cessation of our obligation to contribute, we may be assessed a withdrawal liability based on a calculated share of the underfunded status of the plan. • If a multiemployer plan from which we have withdrawn subsequently experiences a mass withdrawal, we may be required to make additional contributions under applicable law. Our participation in significant plans for the fiscal period ended December 26, 2021, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject. EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (In thousands) Contributions of the Company Surcharge Imposed Collective Bargaining Agreement Expiration Date Pension Fund 2021 2020 2021 2020 2019 CWA/ITU Negotiated Pension Plan 13-6212879-001 Critical and Declining as of 1/01/21 Critical and Declining as of 1/01/20 Implemented $ 364 $ 384 $ 415 No (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund (2) 13-6122251-001 Green as of 6/01/21 Green as of 6/01/20 N/A 912 1,010 1,014 No 3/30/2025 GCIU-Employer Retirement Benefit Plan 91-6024903-001 Critical and Declining as of 1/01/21 Critical and Declining as of 1/01/20 Implemented 48 65 58 No 3/30/2026 Pressmen’s Publishers’ Pension Fund (3) 13-6121627-001 Green as of 4/01/21 Endangered as of 4/01/20 Pending 1,337 1,328 1,213 No 3/30/2026 Paper Handlers’-Publishers’ Pension Fund 13-6104795-001 Critical and Declining as of 4/01/21 Critical and Declining as of 4/01/20 Implemented 103 101 100 Yes 3/30/2026 Contributions for individually significant plans $ 2,764 $ 2,888 $ 2,800 Contributions for a plan not individually significant $ 33 $ 24 $ — Total Contributions $ 2,797 $ 2,912 $ 2,800 (1) There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expires March 30, 2023, and Typographers, which expires March 30, 2025. (2) Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)). (3) The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10-year smoothing of the asset loss for the plan year beginning April 1, 2008. The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009. The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years: Pension Fund Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of Plan’s Year-End) CWA/ITU Negotiated Pension Plan 12/31/2020 & 12/31/2019 Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2020 & 5/31/2019 (1) Pressmen’s Publisher’s Pension Fund 3/31/2021 & 3/31/2020 Paper Handlers’-Publishers’ Pension Fund 3/31/2021 & 3/31/2020 (1) Form 5500 for the plan year ended 5/31/21 was not available as of the date we filed our financial statements. We provide health benefits to certain primarily grandfathered retired employee groups (and their eligible dependents) who meet the definition of an eligible participant and certain age and service requirements, as outlined in the plan document. There is a de minimis liability for retiree health benefits for active employees. While we offer pre-age 65 retiree medical coverage to employees who meet certain retiree medical eligibility requirements, we do not provide post-age 65 retiree medical benefits for employees who retired on or after March 1, 2009. We accrue the costs of postretirement benefits during the employees’ active years of service and our policy is to pay our portion of insurance premiums and claims from general corporate assets. Net Periodic Other Postretirement Benefit Cost/(Income) The components of net periodic postretirement benefit cost/(income) were as follows: (In thousands) December 26, December 27, December 29, Service cost $ 53 $ 29 $ 27 Interest cost 565 1,026 1,602 Amortization and other costs 3,407 3,051 3,375 Amortization of prior service credit (3,098) (4,225) (4,766) Net periodic postretirement benefit cost/(income) $ 927 $ (119) $ 238 The changes in the benefit obligations recognized in other comprehensive loss were as follows: (In thousands) December 26, December 27, December 29, Net actuarial loss $ 2,254 $ 4,044 $ 296 Amortization of loss (3,407) (3,051) (3,375) Amortization of prior service credit 3,098 4,225 4,766 Total recognized in other comprehensive loss 1,945 5,218 1,687 Net periodic postretirement benefit cost/(income) 927 (119) 238 Total recognized in net periodic postretirement benefit cost/(income) and other comprehensive loss $ 2,872 $ 5,099 $ 1,925 Actuarial gains and losses are amortized using a corridor approach. The gain or loss corridor is equal to 10% of the accumulated postretirement benefit obligation. Gains and losses in excess of the corridor are generally amortized over the average remaining service period to expected retirement of active participants. In connection with collective bargaining agreements, we contribute to several multiemployer welfare plans. These plans provide medical benefits to active and retired employees covered under the respective collective bargaining agreement. Contributions are made in accordance with the formula in the relevant agreement. Postretirement costs related to these plans are not reflected above and were approximately $17 million in 2021 , $16 million in 2020, and $15 million in 2019. The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: (In thousands) December 26, December 27, Change in benefit obligation Benefit obligation at beginning of year $ 43,308 $ 42,803 Service cost 53 29 Interest cost 565 1,026 Plan participants’ contributions 2,319 2,820 Actuarial loss 2,254 4,044 Benefits paid (7,892) (7,414) Benefit obligation at the end of year 40,607 43,308 Change in plan assets Employer contributions 5,573 4,594 Plan participants’ contributions 2,319 2,820 Benefits paid (7,892) (7,414) Fair value of plan assets at end of year — — Net amount recognized $ (40,607) $ (43,308) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (4,521) $ (4,618) Noncurrent liabilities (36,086) (38,690) Net amount recognized $ (40,607) $ (43,308) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 25,632 $ 26,785 Prior service credit (368) (3,466) Total $ 25,264 $ 23,319 Benefit obligations decreased from $43.3 million at December 27, 2020, to $40.6 million at December 26, 2021, primarily due to benefit payments net of participation contributions of $5.6 million partially offset by the actuarial loss of $2.3 million, driven by an increase in assumed costs to reflect updated claims experience . Benefit obligations increased from $42.8 million at December 29, 2019, to $43.3 million at December 27, 2020, primarily due to the actuarial loss of $4.0 million, driven by a decrease in the discount rate . Information for postretirement plans with accumulated benefit obligations in excess of plan assets was as follows: (In thousands) December 26, December 27, Accumulated benefit obligation $ 40,607 $ 43,308 Fair value of plan assets $ — $ — Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 26, December 27, Discount rate 2.55 % 2.01 % Estimated increase in compensation level 3.50 % 3.50 % Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: December 26, December 27, December 29, Discount rate for determining projected benefit obligation 2.01 % 2.94 % 4.18 % Discount rate in effect for determining service cost 2.09 % 3.04 % 4.19 % Discount rate in effect for determining interest cost 1.38 % 2.55 % 3.71 % Estimated increase in compensation level 3.50 % 3.50 % 3.50 % The assumed health-care cost trend rates were as follows: December 26, December 27, Health-care cost trend rate 5.99 % 5.95 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.92 % 4.92 % Year that the rate reaches the ultimate trend rate 2030 2027 Because our health-care plans are capped for most participants, the assumed health-care cost trend rates do not have a significant effect on the amounts reported for the health-care plans. The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid: (In thousands) Amount 2022 $ 4,620 2023 4,328 2024 4,032 2025 3,778 2026 3,514 2027-2031 (1) 13,781 (1) While benefit payments under these plans are expected to continue beyond 2031, we have presented in this table only those benefit payments estimated over the next 10 years. We accrue the cost of certain benefits provided to former or inactive employees after employment, but before retirement. The cost is recognized only when it is probable and can be estimated. Benefits include life insurance, disability benefits and health-care continuation coverage. The accrued obligation for these benefits was $8.5 million as of December 26, 2021, and $8.6 million as of December 27, 2020. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 26, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Other Liabilities The components of the Other Liabilities — Other balance in our Consolidated Balance Sheets were as follows: (In thousands) December 26, December 27, Deferred compensation $ 21,101 $ 22,245 Noncurrent operating lease liabilities 63,614 52,695 Contingent consideration 5,360 4,279 Other liabilities 42,966 48,366 Total $ 133,041 $ 127,585 Refer to Note 8 for detail related to deferred compensation. Refer to Note 17 for detail related to noncurrent operating lease liabilities. Refer to Note 8 for detail related to contingent consideration. Other liabilities in the preceding table primarily included our post-employment liabilities, our contingent tax liability for uncertain tax positions, and self-insurance liabilities as of December 26, 2021, and December 27, 2020. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 26, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Reconciliations between the effective tax rate on income from continuing operations before income taxes and the federal statutory rate are presented below. December 26, 2021 December 27, 2020 December 29, 2019 (In thousands) Amount % of Amount % of Amount % of Tax at federal statutory rate $ 61,005 21.0 $ 24,241 21.0 $ 34,537 21.0 State and local taxes, net 16,378 5.6 3,873 3.4 5,303 3.2 Increase/(decrease) in uncertain tax positions 2,782 1.0 (2,509) (2.2) (2,427) (1.5) (Gain) on company-owned life insurance (712) (0.2) (635) (0.6) (1,662) (1.0) Nondeductible expense 593 0.2 800 0.7 1,938 1.2 Nondeductible executive compensation 4,140 1.4 1,271 1.1 (355) (0.2) Stock-based awards benefit (5,461) (1.9) (7,251) (6.3) (6,184) (3.8) Deduction for foreign-derived intangible income (2,972) (1.0) (686) (0.6) (2,625) (1.6) Research and experimentation credit (5,571) (1.9) (3,892) (3.4) (5,672) (3.4) Other, net 348 0.1 (617) (0.5) 1,641 1.0 Income tax expense $ 70,530 24.3 $ 14,595 12.6 $ 24,494 14.9 The increase in the Company's effective tax rate in 2021 compared with 2020 is primarily due to the rate impact of higher earnings in 2021 and lower benefits from stock-based compensation in 2021. The components of income tax expense as shown in our Consolidated Statements of Operations were as follows: (In thousands) December 26, December 27, December 29, Current tax expense/(benefit) Federal $ 55,110 $ 21,414 $ 16,283 Foreign 1,042 905 823 State and local 20,736 7,453 3,146 Total current tax expense 76,888 29,772 20,252 Deferred tax expense/(benefit) Federal (5,651) (9,249) 5,588 State and local (707) (5,928) (1,346) Total deferred tax expense (6,358) (15,177) 4,242 Income tax expense $ 70,530 $ 14,595 $ 24,494 State tax operating loss carryforwards totaled $0.8 million as of December 26, 2021, and $1.3 million as of December 27, 2020. Such loss carryforwards expire in accordance with provisions of applicable tax laws and have remaining lives up to 16 years. The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows: (In thousands) December 26, December 27, Deferred tax assets Retirement, postemployment and deferred compensation plans $ 86,886 $ 103,433 Accruals for other employee benefits, compensation, insurance and other 34,999 25,899 Net operating losses 1,018 1,510 Operating lease liabilities 19,663 16,648 Other 31,379 32,664 Gross deferred tax assets $ 173,945 $ 180,154 Valuation allowance (261) (293) Net deferred tax assets $ 173,684 $ 179,861 Deferred tax liabilities Property, plant and equipment $ 38,855 $ 41,832 Intangible assets 7,738 7,652 Operating lease right-of-use assets 16,960 14,196 Other 14,331 16,663 Gross deferred tax liabilities $ 77,884 $ 80,343 Net deferred tax asset $ 95,800 $ 99,518 We assess whether a valuation allowance should be established against deferred tax assets based on the consideration of both positive and negative evidence using a “more likely than not” standard. In making such judgments, significant weight is given to evidence that can be objectively verified. We evaluated our deferred tax assets for recoverability using a consistent approach that considers our three-year historical cumulative income/(loss), including an assessment of the degree to which any such losses were due to items that are unusual in nature (i.e., impairments of nondeductible goodwill and intangible assets). We had a valuation allowance totaling $0.3 million as of December 26, 2021, and December 27, 2020, for deferred tax assets primarily associated with net operating losses of a U.S. subsidiary, as we determined these assets were not realizable on a more-likely-than-not basis. We had an income tax payable of $8.2 million as of December 26, 2021, compared with an income tax receivable of $3.3 million as of December 27, 2020. Income tax benefits related to the exercise or vesting of equity awards reduced current taxes payable by $11.5 million, $13.1 million and $11.9 million in 2021, 2020 and 2019, respectively. As of December 26, 2021, and December 27, 2020, Accumulated other comprehensive loss, net of income taxes in our Consolidated Balance Sheets and for the years then ended in our Consolidated Statements of Changes in Stockholders’ Equity was net of deferred tax assets of approximately $150 million and $160 million, respectively. A reconciliation of unrecognized tax benefits is as follows: (In thousands) December 26, December 27, December 29, Balance at beginning of year $ 6,737 $ 10,309 $ 11,629 Gross additions to tax positions taken during the current year 1,389 1,130 1,184 Gross additions to tax positions taken during the prior year 2,458 133 711 Gross reductions to tax positions taken during the prior year (150) (93) (76) Reductions from settlements with taxing authorities (3,534) (3,814) (2,637) Reductions from lapse of applicable statutes of limitations (1,009) (928) (502) Balance at end of year $ 5,891 $ 6,737 $ 10,309 The total amount of unrecognized tax benefits that would, if recognized, affect the effective income tax rate was approximately $5 million and $6 million as of December 26, 2021, and December 27, 2020, respectively. In 2021 and 2020, we recorded a $4.8 million and a $5.4 million income tax benefit, respectively, due to a reduction in the Company’s reserve for uncertain tax positions. We also recognize accrued interest expense and penalties related to the unrecognized tax benefits within income tax expense or benefit. The total amount of accrued interest and penalties was approximately $1 million as of both December 26, 2021, and December 27, 2020. The total amount of accrued interest and penalties was a net benefit of less than $0.1 million in 2021, a net benefit of $0.7 million in 2020 and a net benefit of $0.6 million in 2019. With few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years prior to 2013. Management believes that our accrual for tax liabilities is adequate for all open audit years. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is reasonably possible that certain income tax examinations may be concluded, or statutes of limitation may lapse, during the next 12 months, which could result in a decrease in unrecognized tax benefits of $3.2 million that would, if recognized, impact the effective tax rate. |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 12 Months Ended |
Dec. 26, 2021 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Share | Earnings Per Share We compute earnings per share based upon the lower of the two-class method or the treasury stock method. The two-class method 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/(loss) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. Earnings 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 impact the diluted shares. The difference between basic and diluted shares was approximately 0.6 million, 1.1 million and 1.5 million as of December 26, 2021, December 27, 2020, and December 29, 2019, respectively. In 2021, dilution resulted primarily from the dilutive effect of certain performance awards, restricted stock units and stock options. In 2020 and 2019, dilution resulted primarily from the dilutive effect of certain performance awards, stock options 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. |
Stock-Based Awards
Stock-Based Awards | 12 Months Ended |
Dec. 26, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Awards | Stock-Based Awards As of December 26, 2021, the Company was authorized to grant stock-based compensation under its 2020 Incentive Compensation Plan (the “2020 Incentive Plan”), which became effective April 22, 2020. The 2020 Incentive Plan replaced the 2010 Incentive Compensation Plan (the “2010 Incentive Plan”). In addition, through April 30, 2014, the Company maintained its 2004 Non-Employee Directors’ Stock Incentive Plan (the “2004 Directors’ Plan”). The Company’s long-term incentive compensation program provides executives the opportunity to earn cash and shares of Class A Common Stock at the end of three-year performance cycles based in part on the achievement of financial goals tied to a financial metric and in part on stock price performance relative to companies in the Standard & Poor’s 500 Stock Index, with the majority of the target award to be settled in the Company’s Class A Common Stock. In addition, the Company grants time-vested restricted stock units annually to a number of employees. These are settled in shares of Class A Common Stock. Each non-employee director of the Company receives an annual grant of restricted stock units under the 2020 Incentive Plan. Restricted stock units are awarded on the date of the annual meeting of stockholders and vest on the date of the subsequent year’s annual meeting, with the shares to be delivered upon a director’s cessation of membership on the Board of Directors. Each non-employee director is credited with additional restricted stock units with a value equal to the amount of all dividends paid on the Company’s Class A Common Stock. The Company’s directors are considered employees for purposes of stock-based compensation. We refer to our outstanding stock-settled long-term performance awards, restricted stock units and stock options as “Stock-Based Awards.” We recognize stock-based compensation expense for outstanding stock-settled long-term performance awards and restricted stock units. Stock-based compensation expense is recognized over the period from the date of grant to the date when the award is no longer contingent on the employee providing additional service. Awards under the 2010 Incentive Plan and 2020 Incentive Plan vest over a stated vesting period. Total stock-based compensation expense included in the Consolidated Statement of Operations is as follows: (In thousands) December 26, December 27, December 29, Cost of revenue $ 5,218 $ 4,117 $ 3,621 Marketing 1,283 1,520 683 Product development 3,655 1,765 763 General and administrative 12,059 7,063 7,881 Total stock-based compensation expense $ 22,215 $ 14,465 $ 12,948 Stock Options The 2010 Incentive Plan provided, and the 2020 Incentive Plan provides, for grants of both incentive and non-qualified stock options at an exercise price equal to the fair market value (as defined in each plan, respectively) of our Class A Common Stock on the date of grant. No grants of stock options have been made since 2012. Stock options were generally granted with a 3-year vesting period and a 10-year term and vest in equal annual installments. The 2004 Directors’ Plan provided for grants of stock options to non-employee directors at an exercise price equal to the fair market value (as defined in the 2004 Directors’ Plan) of our Class A Common Stock on the date of grant. Prior to 2012, stock options were granted with a 1-year vesting period and a 10-year term. No grants of stock options have been made since 2012. The Company’s directors are considered employees for purposes of stock-based compensation. Changes in our Company’s stock options in 2021 were as follows: December 26, 2021 (Shares in thousands) Options Weighted Weighted Aggregate Options outstanding at beginning of year 325 $ 8 1 $ 14,225 Exercised (324) 8 Options outstanding at end of period (1) 1 $ 7 0 $ 16 Options exercisable at end of period 1 $ 7 0 $ 16 (1) All outstanding options are vested as of December 26, 2021. The total intrinsic value for stock options exercised was $13.6 million in 2021, $21.2 million in 2020 and $8.6 million in 2019. Restricted Stock Units The 2010 Incentive Plan provided, and 2020 Incentive Plan provides, for grants of other stock-based awards, including restricted stock units. Outstanding stock-settled restricted stock units have been granted with a stated vesting period up to 5 years. Each restricted stock unit represents our obligation to deliver to the holder one share of Class A Common Stock upon vesting. The fair value of stock-settled restricted stock units is the average market price on the grant date. Changes in our Company’s stock-settled restricted stock units in 2021 were as follows: December 26, 2021 (Shares in thousands) Restricted Weighted Unvested stock-settled restricted stock units at beginning of period 513 $ 33 Granted 583 50 Vested (290) 31 Forfeited (69) 46 Unvested stock-settled restricted stock units at end of period 737 $ 46 Unvested stock-settled restricted stock units expected to vest at end of period 679 $ 46 The intrinsic value of stock-settled restricted stock units vested was $15.1 million in 2021, $9.6 million in 2020 and $11.0 million in 2019. Long-Term Incentive Compensation The 2010 Incentive Plan provided, and 2020 Incentive Plan provides, for grants of cash and stock-settled awards to key executives payable at the end of a multi-year performance period. Cash-settled awards have been granted with three-year performance periods and are based on the achievement of a specified financial performance measure. Cash-settled awards have been classified as a liability in our Consolidated Balance Sheets. There were payments of approximately $1 million in 2021, $4 million in 2020 and $2 million in 2019. Stock-settled awards have been granted with three-year performance periods and are based on relative Total Shareholder Return (“TSR”), which is calculated at stock appreciation plus deemed reinvested dividends, and another performance measure. Stock-settled awards are payable in Class A Common Stock and are classified within equity. The fair value of TSR awards is determined at the date of grant using a Monte Carlo simulation model. The fair value of awards under the other performance measure is determined by the average market price on the grant date. Unrecognized Compensation Expense As of December 26, 2021, unrecognized compensation expense related to the unvested portion of our Stock-Based Awards was approximately $34 million and is expected to be recognized over a weighted-average period of 1.53 years. Reserved Shares We generally issue shares for the exercise of stock options, vesting of stock-settled restricted stock units and stock-settled performance awards from unissued reserved shares. Shares of Class A Common Stock reserved for issuance were as follows: (Shares in thousands) December 26, December 27, Stock options, stock–settled restricted stock units and stock-settled performance awards Stock options and stock-settled restricted stock units 891 1,001 Stock-settled performance awards (1) 944 1,026 Outstanding 1,835 2,027 Available 14,720 15,190 Total Outstanding 1,835 2,027 Total Available (2) 14,720 15,190 (1) The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that could be issued is included in the table above. (2) As of December 26, 2021, the 2020 Incentive Plan had approximately 15 million shares of Class A stock available for issuance upon the grant, exercise or other settlement of stock-based awards. This amount includes shares subject to awards under the 2010 Incentive Plan that were cancelled, forfeited or otherwise terminated, or withheld to satisfy the tax withholding requirements, in accordance with the terms of the 2020 Incentive Plan. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 26, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Shares of our Company’s Class A and Class B Common Stock are entitled to equal participation in the event of liquidation and in dividend declarations. The Class B Common Stock is convertible at the holders’ option on a share-for-share basis into Class A Common Stock. Upon conversion, the previously outstanding shares of Class B Common Stock that were converted are automatically and immediately retired, resulting in a reduction of authorized Class B Common Stock. As provided for in our Company’s Certificate of Incorporation, the Class A Common Stock has limited voting rights, including the right to elect 30% of the Board of Directors, and the Class A and Class B Common Stock have the right to vote together on the reservation of our Company shares for stock options and other stock-based plans, on the ratification of the selection of a registered public accounting firm and, in certain circumstances, on acquisitions of the stock or assets of other companies. Otherwise, except as provided by the laws of the State of New York, all voting power is vested solely and exclusively in the holders of the Class B Common Stock. As of December 26, 2021, and December 27, 2020, there were 781,724 shares of Class B Common Stock issued and outstanding that may be converted into shares of Class A Common Stock. The Adolph Ochs family trust holds approximately 95% of the Class B Common Stock and, as a result, has the ability to elect 70% of the Board of Directors and to direct the outcome of any matter that does not require a vote of the Class A Common Stock. In February 2022, the Board of Directors approved a $150 million Class A stock repurchase program that replaced the previous program, which was approved in 2015. The new authorization provides that Class A shares may be purchased from time to time as market conditions warrant, through open market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares primarily to offset the impact of dilution from our equity compensation program, but subject to market conditions and other factors, we may also make opportunistic repurchases to reduce share count. There is no expiration date with respect to this authorization. As of December 26, 2021, repurchases under the previous program totaled $84.9 million (excluding commissions) and $16.2 million remained. There were no repurchases under that program between February 2016 and February 2022, when the program was replaced. We may issue preferred stock in one or more series. The Board of Directors is authorized to set the distinguishing characteristics of each series of preferred stock prior to issuance, including the granting of limited or full voting rights; however, the consideration received must be at least $ 100 per share. No shares of preferred stock were issued or outstanding as of December 26, 2021. The following table summarizes the changes in AOCI by component as of December 26, 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 (loss)/income before reclassifications, before tax (6,328) 23,331 (6,025) 10,978 Amounts reclassified from accumulated other comprehensive loss, before tax — 25,919 — 25,919 Income tax (benefit)/expense (1,696) 13,232 (1,618) 9,918 Net current-period other comprehensive (loss)/income, net of tax (4,632) 36,018 (4,407) 26,979 Balance as of December 26, 2021 $ 3,754 $ (385,680) $ (1,276) $ (383,202) The following table summarizes the reclassifications from AOCI for the period ended December 26, 2021: (In thousands) Detail about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in the statement where net income is presented Funded status of benefit plans: Amortization of prior service credit (1) $ (4,988) Other components of net periodic benefit costs Amortization of actuarial loss (1) 30,907 Other components of net periodic benefit costs Pension settlement charge — Other components of net periodic benefit costs Total reclassification, before tax 25,919 Income tax expense 6,964 Income tax expense Total reclassification, net of tax $ 18,955 (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Notes 9 and 10 for additional information. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 26, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment 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 Consolidated Financial Statements. |
Leases
Leases | 12 Months Ended |
Dec. 26, 2021 | |
Leases [Abstract] | |
Leases | Leases Lessee activities Operating leases We have operating leases for office space and equipment. For all leases, a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, are recognized in the Consolidated Balance Sheet as of December 26, 2021, as described below. The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Consolidated Balance Sheet December 26, 2021 December 27, 2020 Operating lease right-of-use assets Miscellaneous assets $ 62,567 $ 52,304 Current operating lease liabilities Accrued expenses and other $ 9,078 $ 9,056 Noncurrent operating lease liabilities Other 63,614 52,695 Total operating lease liabilities $ 72,692 $ 61,751 The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows: For the Twelve Months Ended (In thousands) December 26, 2021 December 27, 2020 December 29, 2019 Operating lease cost $ 11,926 $ 11,467 $ 9,980 Short term and variable lease cost 1,575 1,776 1,814 Total lease cost $ 13,501 $ 13,243 $ 11,794 The table below presents additional information regarding operating leases: (In thousands, except lease term and discount rate) December 26, 2021 December 27, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 12,254 $ 11,533 Right-of-use assets obtained in exchange for operating lease liabilities $ 19,457 $ 9,004 Weighted-average remaining lease term 9.4 years 8.7 years Weighted-average discount rate 3.63 % 4.41 % Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 26, 2021, were as follows: (In thousands) Amount 2022 $ 11,170 2023 10,157 2024 9,548 2025 8,372 2026 8,023 Later Years 38,673 Total lease payments $ 85,943 Less: Interest (13,251) Present value of lease liabilities $ 72,692 Finance lease We had a finance lease in connection with the land at our College Point, N.Y., printing and distribution facility. Interest on the lease liability was recorded in Interest income/(expense) and other, net in our Consolidated Statement of Operations. Repayments of the principal portion of our lease liability are recorded within financing activities section and payments of interest on our lease liability are recorded within operating activities section in the Consolidated Statement of Cash Flows for our finance lease. On August 1, 2019, using existing cash, we purchased the assets under the finance lease for $6.9 million , which resulted in the settlement of our finance lease obligation. Lessor activities Our leases to third parties predominantly relate to office space in the Company Headquarters. As of December 26, 2021, and December 27, 2020, the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment in our Consolidated Balance Sheet was approximately $516 million and $240 million and $516 million and $222 million, respectively. Office space leased to third parties represents approximately 36% of gross square feet of the Company Headquarters. We generate building rental revenue from the floors in the Company Headquarters that we lease to third parties. The building rental revenue was as follows: For the Twelve Months Ended (In thousands) December 26, 2021 December 27, 2020 December 29, 2019 Building rental revenue (1) $ 22,851 $ 28,516 $ 30,595 (1) Building rental revenue includes approximately $10.8 million related to subleases for the fiscal year ended December 29, 2019. . Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 26, 2021, were as follows: (In thousands) Amount 2022 $ 30,564 2023 29,010 2024 29,053 2025 29,344 2026 29,344 Later Years 101,781 Total building rental revenue from operating leases $ 249,096 |
Leases | Leases Lessee activities Operating leases We have operating leases for office space and equipment. For all leases, a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, are recognized in the Consolidated Balance Sheet as of December 26, 2021, as described below. The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Consolidated Balance Sheet December 26, 2021 December 27, 2020 Operating lease right-of-use assets Miscellaneous assets $ 62,567 $ 52,304 Current operating lease liabilities Accrued expenses and other $ 9,078 $ 9,056 Noncurrent operating lease liabilities Other 63,614 52,695 Total operating lease liabilities $ 72,692 $ 61,751 The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows: For the Twelve Months Ended (In thousands) December 26, 2021 December 27, 2020 December 29, 2019 Operating lease cost $ 11,926 $ 11,467 $ 9,980 Short term and variable lease cost 1,575 1,776 1,814 Total lease cost $ 13,501 $ 13,243 $ 11,794 The table below presents additional information regarding operating leases: (In thousands, except lease term and discount rate) December 26, 2021 December 27, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 12,254 $ 11,533 Right-of-use assets obtained in exchange for operating lease liabilities $ 19,457 $ 9,004 Weighted-average remaining lease term 9.4 years 8.7 years Weighted-average discount rate 3.63 % 4.41 % Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 26, 2021, were as follows: (In thousands) Amount 2022 $ 11,170 2023 10,157 2024 9,548 2025 8,372 2026 8,023 Later Years 38,673 Total lease payments $ 85,943 Less: Interest (13,251) Present value of lease liabilities $ 72,692 Finance lease We had a finance lease in connection with the land at our College Point, N.Y., printing and distribution facility. Interest on the lease liability was recorded in Interest income/(expense) and other, net in our Consolidated Statement of Operations. Repayments of the principal portion of our lease liability are recorded within financing activities section and payments of interest on our lease liability are recorded within operating activities section in the Consolidated Statement of Cash Flows for our finance lease. On August 1, 2019, using existing cash, we purchased the assets under the finance lease for $6.9 million , which resulted in the settlement of our finance lease obligation. Lessor activities Our leases to third parties predominantly relate to office space in the Company Headquarters. As of December 26, 2021, and December 27, 2020, the cost and accumulated depreciation related to the Company Headquarters included in Property, plant and equipment in our Consolidated Balance Sheet was approximately $516 million and $240 million and $516 million and $222 million, respectively. Office space leased to third parties represents approximately 36% of gross square feet of the Company Headquarters. We generate building rental revenue from the floors in the Company Headquarters that we lease to third parties. The building rental revenue was as follows: For the Twelve Months Ended (In thousands) December 26, 2021 December 27, 2020 December 29, 2019 Building rental revenue (1) $ 22,851 $ 28,516 $ 30,595 (1) Building rental revenue includes approximately $10.8 million related to subleases for the fiscal year ended December 29, 2019. . Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 26, 2021, were as follows: (In thousands) Amount 2022 $ 30,564 2023 29,010 2024 29,053 2025 29,344 2026 29,344 Later Years 101,781 Total building rental revenue from operating leases $ 249,096 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 26, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Restricted Cash We were required to maintain $14.3 million of restricted cash as of December 26, 2021, and $15.9 million as of December 27, 2020, the majority of which is set aside to collateralize workers’ compensation obligations. Legal Proceedings We are involved in various legal actions incidental to our business that are now pending against us. These actions 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. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 26, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Quarterly Dividend and New Share Repurchase Program In February 2022, our Board of Directors approved a quarterly dividend of $0.09 per share on our Class A and Class B common stock, an increase of $0.02 per share from the previous quarter. The dividend is payable on April 21, 2022, to all stockholders of record as of the close of business on April 6, 2022. The Board of Directors also approved a $150 million Class A stock repurchase program in February 2022. Class A shares may be purchased from time to time as market conditions warrant, through open market purchases, privately negotiated transactions or other means, including Rule 10b5-1 trading plans. We expect to repurchase shares primarily to offset the impact of dilution from our equity compensation program, but subject to market conditions and other factors, we may also make opportunistic repurchases to reduce share count. There is no expiration date with respect to this authorization. The new authorization replaces the previous authorization under which approximately $16.2 million remained at the time it was replaced. Acquisition of The Athletic Media Company On February 1, 2022, we completed the acquisition of The Athletic Media Company, a global digital subscription-based sports media business that provides national and local coverage of more than 200 clubs and teams in the U.S. and around the world, for an all-cash purchase price of $550 million, subject to customary closing adjustments. The purchase price was funded from cash on hand. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 26, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS For the Years Ended December 26, 2021, December 27, 2020, and December 29, 2019: (In thousands) Balance at Additions Deductions (1) Balance at Accounts receivable allowances: Year ended December 26, 2021 $ 13,797 $ 13,930 $ 15,353 $ 12,374 Year ended December 27, 2020 $ 14,358 $ 14,783 $ 15,344 $ 13,797 Year ended December 29, 2019 $ 13,249 $ 14,807 $ 13,698 $ 14,358 (1) Includes write-offs, net of recoveries. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 26, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of our Company and our wholly and majority-owned subsidiaries after elimination of all significant intercompany transactions. The portion of the net income or loss and equity of a subsidiary attributable to the owners of a subsidiary other than the Company (a noncontrolling interest) is included as a component of consolidated stockholders‘ equity in our Consolidated Balance Sheets, within net income or loss in our Consolidated Statements of Operations, within comprehensive income or loss in our Consolidated Statements of Comprehensive Income/(Loss) and as a component of consolidated stockholders’ equity in our Consolidated Statements of Changes in Stockholders’ Equity. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our Consolidated Financial Statements. Actual results could differ from these estimates. |
Fiscal Year | Fiscal Year Fiscal years 2021, 2020 and 2019 each comprised 52 weeks, and ended as of December 26, 2021, December 27, 2020, and December 29, 2019, respectively. In December 2021, the Board of Directors approved a resolution to change the Company’s fiscal year from a 52/53 week fiscal year ending the last Sunday of December to a calendar year. Accordingly, the Company’s 2022 fiscal year, which commenced December 27, 2021, will be extended from December 25, 2022, to December 31,2022, and subsequent fiscal years will begin on January 1 and end on December 31 of each year. |
Cash and Cash Equivalents | Cash and Cash EquivalentsWe consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. |
Marketable Securities | Marketable Securities We have investments in marketable debt securities. We determine the appropriate classification of our investments at the date of purchase and reevaluate the classifications at the balance sheet date. Marketable debt securities with maturities of 12 months or less are classified as short-term. Marketable debt securities with maturities greater than 12 months are classified as long-term, unless we identified specific securities we intend to sell within the next 12 months. The Company’s marketable securities are accounted for as available for sale (“AFS”). AFS securities are reported at fair value. 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 |
Concentration of Risk | Concentration of Risk Financial instruments, which potentially subject us to concentration of risk, are cash and cash equivalents and marketable securities. Cash is placed with major financial institutions. As of December 26, 2021, we had cash balances at financial institutions in excess of federal insurance limits. We periodically evaluate the credit standing of these financial institutions as part of our ongoing investment strategy. Our marketable securities portfolio consists of investment-grade securities diversified among security types, issuers and industries. Our cash equivalents and marketable securities are primarily managed by third-party investment managers who are required to adhere to investment policies approved by our Board of Directors designed to mitigate risk. |
Accounts Receivable | Accounts Receivable Credit is extended to our advertisers and our subscribers based upon an evaluation of the customer’s financial condition, and collateral is not required from such customers. Allowances for estimated credit losses, rebates, returns, rate adjustments and discounts are generally established based on historical experience and include consideration of relevant significant current events, reasonable and supportable forecasts and their implications for expected credit losses. |
Investments | Investments Investments in which we have at least a 20%, but not more than a 50%, interest are generally accounted for under the equity method. We elected the fair value measurement alternative for our investment interests below 20% and account for these investments at cost l ess impairments, adjusted by observable price changes in orderly transactions for the identical or similar investments of the same issuer given our equity instruments are without readily determinable fair values. We evaluate whether there has been an impairment of our investments annually or in an interim period if circumstances indicate that a possible impairment may exist. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements – 10 to 40 years; equipment – 3 to 30 years; and software – 3 to 5 years. We capitalize interest costs and certain staffing costs as part of the cost of major projects. |
Lessee, Leases | Lessee activities We enter into operating leases for office space and equipment. We determine if an arrangement is a lease at inception. Certain office space leases provide for rent adjustments relating to changes in real estate taxes and other operating costs. Options to extend the term of operating leases are not recognized as part of the right-of-use asset until we are reasonably certain that the option will be exercised. We may terminate our leases with the notice required under the lease and upon the payment of a termination fee, if required. Our leases do not include substantial variable payments based on index or rate. Our leases do not provide a readily determinable implicit discount rate. Therefore, we estimate our incremental borrowing rate to discount the lease payments based on the information available at lease commencement. We recognize a single lease cost on a straight-line basis over the term of the lease and we classify all cash |
Lessor, Leases | Lessor activities Our leases to third parties predominantly relate to office space in our leasehold condominium interest in our New York headquarters building located at 620 Eighth Avenue, New York, New York (the “Company Headquarters”). We determine if an arrangement is a lease at inception. Office space leases are operating leases and generally include options to extend the term of the lease. Our leases do not include variable payments based on index or rate. We do not separate the lease and non-lease components in a contract. The non-lease components predominantly include charges for utilities usage and other operating expenses estimated based on the proportionate share of the rental space of each lease. For our office space operating leases, we recognize rental revenue on a straight-line basis over the term of the lease and we classify all cash payments within operating activities in the statement of cash flows. Residual value risk is not a primary risk resulting from our office space operating leases because of the long-lived nature of the underlying real estate assets, which generally hold their value or appreciate in the long term. |
Goodwill and Intangibles | Goodwill and Intangibles Goodwill is the excess of cost over the fair value of tangible and intangible net assets acquired. Goodwill is not amortized but tested for impairment annually or in an interim period if certain circumstances indicate a possible impairment may exist. Our annual impairment testing date is the first day of our fiscal fourth quarter. We test goodwill for impairment at a reporting unit level. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. The qualitative assessment includes, but is not limited to, the results of our most recent quantitative impairment test, consideration of industry, market and macroeconomic conditions, cost factors, cash flows, changes in key management personnel and our share price. The result of this assessment determines whether it is necessary to perform the goodwill impairment test (formerly “Step 1”). For the 2021 annual impairment testing, based on our qualitative assessment, we concluded that goodwill is not impaired. If we determine that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we compare the fair value of a reporting unit with its carrying amount, including goodwill. Fair value is calculated by a combination of a discounted cash flow model and a market approach model. In calculating fair value for a reporting unit, we generally weigh the results of the discounted cash flow model more heavily than the market approach because the discounted cash flow model is specific to our business and long-term projections. If the fair value of a reporting unit exceeds its carrying amount, goodwill of that reporting unit is not considered impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss would be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. We test intangible assets that are not amortized (i.e., trade names) for impairment at the asset level. We first perform a qualitative assessment to determine whether it is more likely than not that the fair value of the asset is less than its carrying value. If we determine that it is more likely than not that the intangible asset is impaired, we perform a quantitative assessment by comparing the fair value of the asset with its carrying amount. If the fair value, which is based on future cash flows, exceeds the carrying value, the asset is not considered impaired. If the carrying amount exceeds the fair value, an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the asset over the fair value of the asset. We recognized a de minimis impairment in 2020 and 2019 related to the closure of HelloSociety and Fake Love digital marketing agencies. Intangible assets that are amortized (i.e., customer lists, non-competes, etc.) are tested for impairment at the asset level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (1) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (2) is greater than its fair value. The discounted cash flow analysis requires us to make various judgments, estimates and assumptions, many of which are interdependent, about future revenues, operating margins, growth rates, capital expenditures, working capital, discount rates and royalty rates. The starting point for the assumptions used in our discounted cash flow analysis is the annual long-range financial forecast. The annual planning process that we undertake to prepare the long-range financial forecast takes into consideration a multitude of factors, including historical growth rates and operating performance, related industry trends, macroeconomic conditions, and marketplace data, among others. Assumptions are also made for perpetual growth rates for periods beyond the long-range financial forecast period. Our estimates of fair value are sensitive to changes in all of these variables, certain of which relate to broader macroeconomic conditions outside our control. The market approach analysis includes applying a multiple, based on comparable market transactions, to certain operating metrics of a reporting unit. The significant estimates and assumptions used by management in assessing the recoverability of goodwill acquired and intangibles are estimated future cash flows, discount rates, growth rates, as well as other factors. Any changes in these estimates or assumptions could result in an impairment charge. The estimates, based on reasonable and supportable assumptions and projections, require management’s subjective judgment. Depending on the assumptions and estimates used, the estimated results of the impairment tests can vary within a range of outcomes. |
Self-Insurance | Self-InsuranceWe self-insure for workers’ compensation costs, automobile and general liability claims, up to certain deductible limits, as well as for certain employee medical and disability benefits. Employee medical costs above a certain threshold are insured by a third party. The recorded liabilities for self-insured risks are primarily calculated using actuarial methods. The liabilities include amounts for actual claims, claim growth and claims incurred but not yet reported. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits Our single-employer pension and other postretirement benefit costs are accounted for using actuarial valuations. We recognize the funded status of these plans – measured as the difference between plan assets, if funded, and the benefit obligation – on the balance sheet and recognize changes in the funded status that arise during the period but are not recognized as components of net periodic pension cost, within other comprehensive income/(loss), net of income taxes. The service cost component of net periodic pension cost is recognized in Total operating costs while the other components are recognized within Other components of net periodic benefit costs in our Consolidated Statements of Operations below Operating profit . The assets related to our funded pension plans are measured at fair value. We make significant subjective judgments about a number of actuarial assumptions, which include discount rates, health-care cost trend rates, long-term return on plan assets and mortality rates. Depending on the assumptions and estimates used, the impact from our pension and other postretirement benefits could vary within a range of outcomes and could have a material effect on our Consolidated Financial Statements. We have elected the practical expedient to use the month-end that is closest to our fiscal year-end for measuring the single-employer pension plan assets and obligations, as well as other postretirement benefit plan assets and obligations. |
Revenue Recognition | Revenue Recognition Revenue is recognized when a performance obligation is satisfied by transferring a promised good or service to a customer. A good or service is considered transferred when the customer obtains control, which is when the customer has the ability to direct the use of and/or obtain substantially all of the benefits of an asset. Proceeds from subscription revenues are deferred at the time of sale and are recognized on a pro rata basis over the terms of the subscriptions. Payment is typically due upfront and the revenue is recognized ratably over the subscription period. The deferred proceeds are recorded within Unexpired subscriptions revenue in the Consolidated Balance Sheet. Revenue from single-copy sales of our print products is recognized based on date of publication, net of provisions for related returns. Payment for single-copy sales is typically due upon complete satisfaction of our performance obligations. The Company does not have significant financing components or significant payment terms as we only offer industry standard payment terms to our customers. When our subscriptions are sold through third parties, we are a principal in the transaction and, therefore, revenues and related costs to third parties for these sales are reported on a gross basis. We are considered a principal if we control a promised good or service before transferring that good or service to the customer. The Company considers several factors to determine if it controls the good and therefore is the principal. These factors include: (1) if we have primary responsibility for fulfilling the promise; (2) if we have inventory risk before the goods or services are transferred to the customer or after the transfer of control to the customer; and (3) if we have discretion in establishing price for the specified good or service. Advertising revenues are recognized when advertisements are published in newspapers or placed on digital platforms or, with respect to certain digital advertising, each time a user clicks on certain advertisements, net of provisions for estimated rebates and rate adjustments. Creative services fees, including those associated with our branded content studio, are recognized as revenue based on the nature of the services provided. We recognize a rebate obligation as a reduction of revenues, based on the amount of estimated rebates that will be earned, related to the underlying revenue transactions during the period. Measurement of the rebate obligation is estimated based on the historical experience of the number of customers that ultimately earn and use the rebate. We recognize an obligation for rate adjustments as a reduction of revenues, based on the amount of estimated post-billing adjustments that will be claimed. Measurement of the rate adjustment reserve is estimated based on historical experience of credits actually issued. Payment for advertising is due upon complete satisfaction of our performance obligations. The Company has a formal credit checking policy, procedures and controls in place that evaluate collectability prior to ad publication. Our advertising contracts do not include a significant financing component. Other revenues are recognized when the delivery occurs, services are rendered or purchases are made. Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. In the case of our digital archive licensing contracts, the transaction price is allocated among the performance obligations, which consist of (i) the archival content and (ii) the updated content, based on the Company’s estimate of the standalone selling price of each of the performance obligations, as they are currently not sold separately. In the case of our advertising contracts, we may have performance obligations for future services that have not been recognized in our financial statements. The performance obligations are satisfied over time with revenue recognized ratably over the contract term as the advertising services are provided to the customer. Contract Assets We record revenue from performance obligations when performance obligations are satisfied. For our digital archiving licensing revenue, we record revenue related to the portion of performance obligation (i) satisfied at the commencement of the contract when the customer obtains control of the archival content or (ii) when the updated content is transferred. We receive payments from customers based upon contractual billing schedules. As the transfer of control represents a right to the contract consideration, we record a contract asset in Other current assets for short-term contract assets and Miscellaneous assets for long-term contract assets on the Consolidated Balance Sheet for any amounts not yet invoiced to the customer. The contract asset is reclassified to Accounts receivable when the customer is invoiced based on the contractual billing schedule. Significant Judgments Our contracts with customers sometimes include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. We use an observable price to determine the standalone selling price for separate performance obligations if available or, when not available, an estimate that maximizes the use of observable inputs and faithfully depicts the selling price of the promised goods or services if we sold those goods or services separately to a similar customer in similar circumstances. Practical Expedients and Exemptions We expense the cost to obtain or fulfill a contract as incurred because the amortization period of the asset that the entity otherwise would have recognized is one year or less. We also apply the practical expedient for the significant financing component when the difference between the payment and the transfer of the products and services is a year or less. |
Income Taxes | Income Taxes Income taxes are recognized for the following: (1) the amount of taxes payable for the current year; and (2) deferred tax assets and liabilities for the future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes in the period of enactment. We assess whether our deferred tax assets should be reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Our process includes collecting positive (i.e., sources of taxable income) and negative (i.e., recent historical losses) evidence and assessing, based on the evidence, whether it is more likely than not that the deferred tax assets will not be realized. We release tax effects from accumulated other comprehensive income/(loss) for pension and other postretirement benefits on a plan by plan approach. We recognize in our financial statements the impact of a tax position if that tax position is more likely than not of being sustained on audit, based on the technical merits of the tax position. This involves the identification of potential uncertain tax positions, the evaluation of tax law and an assessment of whether a liability for uncertain tax positions is necessary. Different conclusions reached in this assessment can have a material impact on our Consolidated Financial Statements. |
Stock-Based Compensation | Stock-Based CompensationWe establish fair value based on market data for our stock-based awards to determine our cost and recognize the related expense over the appropriate vesting period. We recognize stock-based compensation expense for outstanding stock-settled long-term performance awards and restricted stock units, net of estimated forfeitures. |
Earnings/(Loss) Per Share | Earnings/(Loss) Per Shar e As the Company has participating securities, we compute earnings per share based upon the lower of the two-class method or the treasury stock method. The two-class method is an earnings allocation method for computing earnings/(loss) per share when a company’s capital structure includes either two or more classes of common stock or common stock and participating securities. This method determines earnings/(loss) per share based on dividends declared on common stock and participating securities (i.e., distributed earnings), as well as participation rights of participating securities in any undistributed earnings. Basic earnings/(loss) per share is calculated by dividing net earnings/(loss) available to common stockholders by the weighted-average common stock outstanding. Diluted earnings/(loss) per share is calculated similarly, except that it includes the dilutive effect of the assumed exercise of securities and the effect of shares issuable under our Company’s stock-based incentive plans if such effect is dilutive. |
Foreign Currency Translation | Foreign Currency Translation The assets and liabilities of foreign companies are translated at period-end exchange rates. Results of operations are translated at average rates of exchange in effect during the year. The resulting translation adjustment is included as a separate component in the Stockholders’ Equity section of our Consolidated Balance Sheets, in the caption Accumulated other comprehensive loss, net of income taxes . |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements Accounting Standard Update(s) Topic Effective Period Summary 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 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 The Financial Accounting Standards Board (the “FASB”) issued authoritative guidance on the following topics: Accounting Standard Update(s) Topic Effective Period Summary 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. Requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. We are currently in the process of evaluating the impact of this guidance on the Company’s consolidated financial statements. The Company considers the applicability and impact of all recently issued accounting pronouncements. Recent accounting pronouncements not specifically identified in our disclosures are either not applicable to the Company or are not expected to have a material effect on our financial condition or results of operations. |
Fair Value Measurement | Fair Value Measurements Fair value is the price that would be received upon the sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. The transaction would be in the principal or most advantageous market for the asset or liability, based on assumptions that a market participant would use in pricing the asset or liability. The fair value hierarchy consists of three levels: Level 1–quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2–inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3–unobservable inputs for the asset or liability. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 26, 2021 | |
Accounting Policies [Abstract] | |
Recently Adopted and Issued Accounting Pronouncements | 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 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 The Financial Accounting Standards Board (the “FASB”) issued authoritative guidance on the following topics: Accounting Standard Update(s) Topic Effective Period Summary 2021-08 Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. Early adoption is permitted. Requires entities to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 2014-09, Revenue from Contracts with Customers (Topic 606). The update will generally result in an entity recognizing contract assets and contract liabilities at amounts consistent with those recorded by the acquiree immediately before the acquisition date rather than at fair value. We are currently in the process of evaluating the impact of this guidance on the Company’s consolidated financial statements. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 26, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Subscription, advertising and other revenues were as follows: Years Ended (In thousands) December 26, 2021 As % December 27, 2020 As % December 29, 2019 As % Subscription $ 1,362,115 65.6 % $ 1,195,368 67.0 % $ 1,083,851 59.8 % Advertising 497,536 24.0 % 392,420 22.0 % 530,678 29.3 % Other (1) 215,226 10.3 % 195,851 11.0 % 197,655 10.9 % Total $ 2,074,877 100.0 % $ 1,783,639 100.0 % $ 1,812,184 100.0 % (1) Other revenue includes building rental revenue , which is not under the scope of Topic 606. Building rental revenue was approximately $27 million, $29 million and $31 million for the years ended December 26, 2021 , December 27, 2020, and December 29, 2019, respectively. The following table summarizes digital and print subscription revenues, which are components of subscription revenues above, for the years ended December 26, 2021, December 27, 2020, and December 29, 2019: Years Ended (In thousands) December 26, 2021 As % December 27, 2020 As % December 29, 2019 As % Digital-only subscription revenues: News product subscription revenues (1) $ 693,994 50.9 % $ 543,578 45.5 % $ 426,125 39.3 % Other product subscription revenues (2) 79,888 5.9 % 54,702 4.6 % 34,327 3.2 % Subtotal digital-only subscriptions 773,882 56.8 % 598,280 50.0 % 460,452 42.5 % Print subscription revenues Domestic home delivery subscription revenues (3) 529,039 38.8 % 528,970 44.3 % 524,543 48.4 % Single-copy, NYT International and other subscription revenues (4) 59,194 4.4 % 68,118 5.7 % 98,856 9.1 % Subtotal print subscription revenues 588,233 43.2 % 597,088 50.0 % 623,399 57.5 % Total subscription revenues $ 1,362,115 100.0 % 1,195,368 100.0 % $ 1,083,851 100.0 % (1) Includes revenues from subscriptions to the Company’s news product. News product subscription packages that include access to the Company’s Games, Cooking and Wirecutter products are also included in this category. (2) Includes revenues from standalone subscriptions to the Company’s other digital-only products. During the third quarter of 2021, the Company launched a Wirecutter subscription option. (3) Includes access to the Company’s digital news, Games, Cooking and Wirecutter products. (4) NYT International is the international edition of our print newspaper. The following table summarizes digital and print advertising revenues for the years ended December 26, 2021, December 27, 2020, and December 29, 2019: Years Ended (In thousands) December 26, 2021 As % December 27, 2020 As % December 29, 2019 As % Advertising revenues Digital $ 308,616 62.0 % $ 228,594 58.3 % $ 260,454 49.1 % Print 188,920 38.0 % 163,826 41.7 % 270,224 50.9 % Total advertising $ 497,536 100.0 % $ 392,420 100.0 % $ 530,678 100.0 % |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 26, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Market Value of AFS Securities | The following tables present the amortized cost, gross unrealized gains and losses, and fair market value of our AFS securities as of December 26, 2021, and December 27, 2020: December 26, 2021 (In thousands) Amortized Cost Gross unrealized gains Gross unrealized losses Fair Value Short-term AFS securities U.S. Treasury securities $ 148,899 $ 692 $ (43) $ 149,548 Corporate debt securities 107,158 245 (69) 107,334 Certificates of deposit 55,551 — — 55,551 Commercial paper 21,145 — — 21,145 Municipal securities 3,999 — (2) 3,997 U.S. governmental agency securities 3,500 — — 3,500 Total short-term AFS securities $ 340,252 $ 937 $ (114) $ 341,075 Long-term AFS securities Corporate debt securities $ 242,764 $ 149 $ (1,858) $ 241,055 U.S. Treasury securities 119,695 — (549) 119,146 U.S. governmental agency securities 39,498 — (252) 39,246 Municipal securities 13,994 — (61) 13,933 Total long-term AFS securities $ 415,951 $ 149 $ (2,720) $ 413,380 December 27, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Short-term AFS securities U.S. Treasury securities $ 79,467 $ 39 $ (3) $ 79,503 Corporate debt securities 129,805 504 (8) 130,301 Certificates of deposit 36,525 — — 36,525 Commercial paper 37,580 — — 37,580 U.S. governmental agency securities 25,113 61 (3) 25,171 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 Position | The following tables present the AFS securities as of December 26, 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 loss position: December 26, 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 U.S. Treasury securities $ 61,018 $ (43) $ — $ — $ 61,018 $ (43) Corporate debt securities 53,148 (69) — — 53,148 (69) Municipal securities 1,998 (2) — — 1,998 (2) Total short-term AFS securities $ 116,164 $ (114) $ — $ — $ 116,164 $ (114) Long-term AFS securities Corporate debt securities $ 224,022 $ (1,858) $ — $ — $ 224,022 $ (1,858) U.S. Treasury securities 119,146 (549) — — 119,146 (549) U.S. governmental agency securities 39,246 (252) — — 39,246 (252) Municipal securities 13,933 (61) — — 13,933 (61) Total long-term AFS securities $ 396,347 $ (2,720) $ — $ — $ 396,347 $ (2,720) 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 U.S. Treasury securities $ 20,133 $ (3) $ — $ — $ 20,133 $ (3) Corporate debt securities 33,735 (8) — — 33,735 (8) 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) | 12 Months Ended |
Dec. 26, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill Balances | The changes in the carrying amount of goodwill as of December 26, 2021, and since December 29, 2019, were as follows: (In thousands) Total Company Balance as of December 29, 2019 $ 138,674 Business acquisitions 27,269 Measurement period adjustment (1) (400) Foreign currency translation 6,114 Balance as of December 27, 2020 171,657 Foreign currency translation (5,297) Balance as of December 26, 2021 $ 166,360 (1) Includes measurement period adjustment related to deferred tax asset in connection with Listen In Audio, Inc. acquisition. |
Other (Tables)
Other (Tables) | 12 Months Ended |
Dec. 26, 2021 | |
Other Income and Expenses [Abstract] | |
Interest Income and Interest Expense Disclosure | Interest income/(expense) and other, net , as shown in the accompanying Consolidated Statements of Operations was as follows: (In thousands) December 26, December 27, December 29, Interest income and other expense, net $ 6,558 $ 13,983 $ 19,694 Gain on non-marketable equity investment (1) 27,156 10,074 1,886 Interest expense (780) (757) (26,928) Amortization of debt costs and discount on debt — — 1,459 Capitalized interest 11 30 69 Total interest income/(expense) and other, net (2) $ 32,945 $ 23,330 $ (3,820) (1) Represents gains related to a non-marketable equity investment transactions. (2) The twelve months ended December 29, 2019, includes the amortization of debt costs and discount on debt relating to the Company’s leasehold condominium interest in the Company’s headquarters building, which was repurchased as of December 29, 2019. |
Schedule of Cash and Cash Equivalents | A reconciliation of cash, cash equivalents and restricted cash as of December 26, 2021, and December 27, 2020, from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows is as follows: (In thousands) December 26, 2021 December 27, 2020 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents $ 319,973 $ 286,079 Restricted cash included within other current assets — 686 Restricted cash included within miscellaneous assets 14,333 15,199 Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows $ 334,306 $ 301,964 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 26, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis as of December 26, 2021, and December 27, 2020: (In thousands) December 26, 2021 December 27, 2020 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Assets: Short-term AFS securities (1) U.S Treasury securities $ 149,548 $ — $ 149,548 $ — $ 79,503 $ — $ 79,503 $ — Corporate debt securities 107,334 — 107,334 — 130,301 — 130,301 — Certificates of deposit 55,551 — 55,551 — 36,525 — 36,525 — Commercial paper 21,145 — 21,145 — 37,580 — 37,580 — Municipal securities 3,997 — 3,997 — — — — — U.S. governmental agency securities 3,500 — 3,500 — 25,171 — 25,171 — Total short-term AFS securities $ 341,075 $ — $ 341,075 $ — $ 309,080 $ — $ 309,080 $ — Long-term AFS securities (1) Corporate debt securities $ 241,055 $ — $ 241,055 $ — $ 135,934 $ — $ 135,934 $ — U.S Treasury securities 119,146 — 119,146 — 97,565 — 97,565 — U.S. governmental agency securities 39,246 — 39,246 — 48,348 — 48,348 — Municipal securities 13,933 — 13,933 — 4,984 — 4,984 — Total long-term AFS securities $ 413,380 $ — $ 413,380 $ — $ 286,831 $ — $ 286,831 $ — Liabilities: Deferred compensation (2)(3) $ 21,101 $ 21,101 $ — $ — $ 22,245 $ 22,245 $ — $ — Contingent consideration $ 7,450 $ — $ — $ 7,450 $ 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 Consolidated Balance Sheets, consists of deferrals under The New York Times Company Deferred Executive Compensation Plan (the “DEC”), a frozen plan which enabled certain eligible executives to elect to defer a portion of their compensation on a pre-tax basis. The deferred amounts are invested at the executives’ option in various mutual funds. The fair value of deferred compensation is based on the mutual fund investments elected by the executives and on quoted prices in active markets for identical assets. Participation in the DEC was frozen effective December 31, 2015. (3) The Company invests the deferred compensation balance in life insurance products. Our investments in life insurance products are included in Miscellaneous assets |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table presents the changes in the balance of the contingent consideration during the year ended December 26, 2021, and December 27, 2020: (In thousands) December 26, 2021 December 27, 2020 Balance at the beginning of the period $ 8,431 $ 9,293 Payments (862) (862) Fair value adjustments (1) (119) — Contingent consideration at the end of the period $ 7,450 $ 8,431 (1) Fair value adjustments are included in General and administrative expenses in our Condensed Consolidated Statements of Operations. |
Pension Benefits (Tables)
Pension Benefits (Tables) | 12 Months Ended |
Dec. 26, 2021 | |
Pension Benefits | |
Schedule of Allocation of Plan Assets | The asset allocations by asset category as of December 26, 2021, were as follows: Asset Category Percentage Range Actual Hedging Assets 75% - 90% 80 % Return-Seeking Assets 10% - 25% 20 % Cash and Equivalents 0% - 5% 0 % |
Pension Plan | |
Pension Benefits | |
Schedule of Components of Net Periodic Pension Benefit Cost | The components of net periodic pension cost/(income) were as follows: December 26, 2021 December 27, 2020 December 29, 2019 (In thousands) Qualified Non- All Qualified Non- All Qualified Non- All Service cost $ 9,105 $ 95 $ 9,200 $ 10,429 $ 119 $ 10,548 $ 5,113 $ 118 $ 5,231 Interest cost 30,517 4,352 34,869 43,710 6,601 50,311 58,835 8,420 67,255 Expected return on plan assets (50,711) — (50,711) (67,146) — (67,146) (80,877) — (80,877) Amortization and other costs 20,225 7,275 27,500 21,887 6,072 27,959 18,639 4,381 23,020 Amortization of prior service (credit)/cost (1,945) 55 (1,890) (1,945) 51 (1,894) (1,945) 13 (1,932) Effect of settlement/curtailment — (163) (163) 80,641 (562) 80,079 — (373) (373) Net periodic pension cost/(income) $ 7,191 $ 11,614 $ 18,805 $ 87,576 $ 12,281 $ 99,857 $ (235) $ 12,559 $ 12,324 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income were as follows: (In thousands) December 26, December 27, December 29, Net actuarial gain $ (25,585) $ (4,172) $ (10,292) Prior service cost — — 706 Amortization of loss (27,500) (27,959) (23,020) Amortization of prior service credit 1,890 1,894 1,932 Effect of settlement — (80,641) — Total recognized in other comprehensive income (51,195) (110,878) (30,674) Net periodic pension cost 18,805 99,857 12,324 Total recognized in net periodic pension benefit cost and other comprehensive income $ (32,390) $ (11,021) $ (18,350) |
Schedule of Changes in Projected Benefit Obligations and Plan Assets | The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: December 26, 2021 December 27, 2020 (In thousands) Qualified Non- All Plans Qualified Non- All Plans Change in benefit obligation Benefit obligation at beginning of year $ 1,549,012 $ 259,593 $ 1,808,605 $ 1,660,287 $ 247,748 $ 1,908,035 Service cost 9,105 95 9,200 10,429 119 10,548 Interest cost 30,517 4,352 34,869 43,710 6,601 50,311 Actuarial (gain)/loss (42,883) (7,762) (50,645) 153,136 21,152 174,288 Curtailments — (163) (163) — (562) (562) Settlements — — — (236,282) — (236,282) Benefits paid (69,987) (16,818) (86,805) (82,268) (15,609) (97,877) Effects of change in currency conversion — (107) (107) — 144 144 Benefit obligation at end of year 1,475,764 239,190 1,714,954 1,549,012 259,593 1,808,605 Change in plan assets Fair value of plan assets at beginning of year 1,585,221 — 1,585,221 1,648,667 — 1,648,667 Actual return on plan assets 25,651 — 25,651 245,606 — 245,606 Employer contributions 9,193 16,818 26,011 9,498 15,609 25,107 Settlements — — — (236,282) — (236,282) Benefits paid (69,987) (16,818) (86,805) (82,268) (15,609) (97,877) Fair value of plan assets at end of year 1,550,078 — 1,550,078 1,585,221 — 1,585,221 Net amount recognized $ 74,314 $ (239,190) $ (164,876) $ 36,209 $ (259,593) $ (223,384) Amount recognized in the Consolidated Balance Sheets Noncurrent Assets $ 87,601 $ — $ 87,601 $ 54,950 $ — $ 54,950 Current liabilities — (16,669) (16,669) — (16,990) (16,990) Noncurrent liabilities (13,287) (222,521) (235,808) (18,741) (242,603) (261,344) Net amount recognized $ 74,314 $ (239,190) $ (164,876) $ 36,209 $ (259,593) $ (223,384) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 426,874 $ 122,660 $ 549,534 $ 464,922 $ 137,697 $ 602,619 Prior service credit (12,952) 587 (12,365) (14,897) 642 (14,255) Total $ 413,922 $ 123,247 $ 537,169 $ 450,025 $ 138,339 $ 588,364 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Information for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets was as follows: (In thousands) December 26, December 27, Projected benefit obligation $ 348,831 $ 364,272 Accumulated benefit obligation $ 338,346 $ 349,429 Fair value of plan assets $ 96,354 $ 85,938 |
Schedule of Assumptions Used | Weighted-average assumptions used in the actuarial computations to determine benefit obligations for qualified pension plans were as follows: December 26, December 27, Discount rate 2.94 % 2.64 % Rate of increase in compensation levels 3.00 % 3.00 % The rate of increase in compensation levels is applicable only for the APP that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for qualified plans were as follows: December 26, December 27, December 29, Discount rate for determining projected benefit obligation 2.64 % 3.30 % 4.43 % Discount rate in effect for determining service cost 3.87 % 3.67 % 3.87 % Discount rate in effect for determining interest cost 2.02 % 2.70 % 4.06 % Rate of increase in compensation levels 3.00 % 3.00 % 3.00 % Expected long-term rate of return on assets 3.74 % 4.59 % 5.68 % Weighted-average assumptions used in the actuarial computations to determine benefit obligations for non-qualified plans were as follows: December 26, December 27, Discount rate 2.81 % 2.39 % Rate of increase in compensation levels 2.50 % 2.50 % The rate of increase in compensation levels is applicable only for the foreign plan that has not been frozen. Weighted-average assumptions used in the actuarial computations to determine net periodic pension cost for non-qualified plans were as follows: December 26, December 27, December 29, Discount rate for determining projected benefit obligation 2.39 % 3.17 % 4.35 % Discount rate in effect for determining interest cost 1.74 % 2.78 % 3.94 % Rate of increase in compensation levels 2.50 % 2.50 % 2.50 % |
Schedule of Allocation of Plan Assets | The following asset allocation guidelines apply to the Return-Seeking Assets as of December 26, 2021: Asset Category Percentage Range Actual Public Equity 70% - 90% 84 % Growth Fixed Income 0% - 15% 0 % Alternatives 0% - 15% 12 % Cash 0% - 10% 4 % The asset allocations by asset category for both Liability-Hedging and Return-Seeking Assets, as of December 26, 2021, were as follows: Asset Category Percentage Range Actual Liability-Hedging 85.5% - 90.5% 87 % Public Equity 6.7% - 13.1% 11 % Growth Fixed Income 0% - 2% 0 % Alternatives 0% - 2% 2 % Cash 0% - 1% 0 % The fair value of the assets underlying the Pension Plan and the joint-sponsored APP by asset category are as follows: December 31, 2021 (In thousands) Quoted Prices Significant Significant Investment Measured at Net Asset Value (2) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 12,739 $ — $ — $ — $ 12,739 International Equities 29,453 — — — 29,453 Registered Investment Companies 270,662 — — — 270,662 Common/Collective Funds (1) — — — 370,042 370,042 Fixed Income Securities: Corporate Bonds — 710,413 — — 710,413 U.S. Treasury and Other Government Securities — 52,520 — — 52,520 Municipal and Provincial Bonds — 37,922 — — 37,922 Other — 36,630 — — 36,630 Cash and Cash Equivalents — — — 7,229 7,229 Private Equity — — — 7,014 7,014 Hedge Fund — — — 15,454 15,454 Assets at Fair Value $ 312,854 $ 837,485 $ — $ 399,739 $ 1,550,078 (1) The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. Fair Value Measurement at December 31, 2020 (In thousands) Quoted Prices Significant Significant Investment Measured at Net Asset Value (2) Asset Category (Level 1) (Level 2) (Level 3) Total Equity Securities: U.S. Equities $ 28,002 $ — $ — $ — $ 28,002 International Equities 34,025 — — — 34,025 Mutual Funds 29,011 — — — 29,011 Registered Investment Companies (3) 238,737 — — — 238,737 Common/Collective Funds (1) (3) — — — 471,629 471,629 Fixed Income Securities: Corporate Bonds — 646,330 — — 646,330 U.S. Treasury and Other Government Securities — 42,111 — — 42,111 Municipal and Provincial Bonds — 40,150 — — 40,150 Other — 10,693 — — 10,693 Cash and Cash Equivalents — — — 5,481 5,481 Private Equity — — — 9,770 9,770 Hedge Fund — — — 29,282 29,282 Assets at Fair Value $ 329,775 $ 739,284 $ — $ 516,162 $ 1,585,221 (1) The underlying assets of the common/collective funds primarily consist of equity and fixed income securities. The fair value in the above table represents our ownership share of the NAV of the underlying funds. (2) Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. (3) Certain prior year amounts have been reclassified to conform with current period presentation. |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect future service for plans that have not been frozen, are expected to be paid: Plans (In thousands) Qualified Non- Total 2022 $ 71,255 $ 16,881 $ 88,136 2023 73,585 16,686 90,271 2024 75,700 16,445 92,145 2025 77,792 16,178 93,970 2026 79,218 15,992 95,210 2027-2031 (1) 412,095 75,816 487,911 |
Schedule of Multi Employer Plans | Our participation in significant plans for the fiscal period ended December 26, 2021, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The zone status is based on the latest information that we received from the plan and is certified by the plan’s actuary. A plan is generally classified in critical status if a funding deficiency is projected within four years or five years, depending on other criteria. A plan in critical status is classified in critical and declining status if it is projected to become insolvent in the next 15 or 20 years, depending on other criteria. A plan is classified in endangered status if its funded percentage is less than 80% or a funding deficiency is projected within seven years. If the plan satisfies both of these triggers, it is classified in seriously endangered status. A plan not classified in any other status is classified in the green zone. The “FIP/RP Status Pending/Implemented” column indicates plans for which a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The “Surcharge Imposed” column includes plans in a red zone status that are required to pay a surcharge in excess of regular contributions. The last column lists the expiration date(s) of the collective bargaining agreement(s) to which the plans are subject. EIN/Pension Plan Number Pension Protection Act Zone Status FIP/RP Status Pending/Implemented (In thousands) Contributions of the Company Surcharge Imposed Collective Bargaining Agreement Expiration Date Pension Fund 2021 2020 2021 2020 2019 CWA/ITU Negotiated Pension Plan 13-6212879-001 Critical and Declining as of 1/01/21 Critical and Declining as of 1/01/20 Implemented $ 364 $ 384 $ 415 No (1) Newspaper and Mail Deliverers’-Publishers’ Pension Fund (2) 13-6122251-001 Green as of 6/01/21 Green as of 6/01/20 N/A 912 1,010 1,014 No 3/30/2025 GCIU-Employer Retirement Benefit Plan 91-6024903-001 Critical and Declining as of 1/01/21 Critical and Declining as of 1/01/20 Implemented 48 65 58 No 3/30/2026 Pressmen’s Publishers’ Pension Fund (3) 13-6121627-001 Green as of 4/01/21 Endangered as of 4/01/20 Pending 1,337 1,328 1,213 No 3/30/2026 Paper Handlers’-Publishers’ Pension Fund 13-6104795-001 Critical and Declining as of 4/01/21 Critical and Declining as of 4/01/20 Implemented 103 101 100 Yes 3/30/2026 Contributions for individually significant plans $ 2,764 $ 2,888 $ 2,800 Contributions for a plan not individually significant $ 33 $ 24 $ — Total Contributions $ 2,797 $ 2,912 $ 2,800 (1) There are two collective bargaining agreements requiring contributions to this plan: Mailers, which expires March 30, 2023, and Typographers, which expires March 30, 2025. (2) Elections under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010: Extended Amortization of Net Investment Losses (IRS Section 431(b)(8)(A)) and the Expanded Smoothing Period (IRS Section 431(b)(8)(B)). (3) The Plan sponsor elected two provisions of funding relief under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PRA 2010) to more slowly absorb the 2008 plan year investment loss, retroactively effective as of April 1, 2009. These included extended amortization under the prospective method and 10-year smoothing of the asset loss for the plan year beginning April 1, 2008. The rehabilitation plan for the GCIU-Employer Retirement Benefit Plan includes minimum annual contributions no less than the total annual contribution made by us from September 1, 2008 through August 31, 2009. The Company was listed in the plans’ respective Forms 5500 as providing more than 5% of the total contributions for the following plans and plan years: Pension Fund Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of Plan’s Year-End) CWA/ITU Negotiated Pension Plan 12/31/2020 & 12/31/2019 Newspaper and Mail Deliverers’-Publishers’ Pension Fund 5/31/2020 & 5/31/2019 (1) Pressmen’s Publisher’s Pension Fund 3/31/2021 & 3/31/2020 Paper Handlers’-Publishers’ Pension Fund 3/31/2021 & 3/31/2020 (1) Form 5500 for the plan year ended 5/31/21 was not available as of the date we filed our financial statements. |
Other Postretirement Benefits (
Other Postretirement Benefits (Tables) - Other Postretirement Benefit Plans | 12 Months Ended |
Dec. 26, 2021 | |
Other Postretirement Benefits | |
Schedule of Components of Net Periodic Postretirement Benefit Cost | The components of net periodic postretirement benefit cost/(income) were as follows: (In thousands) December 26, December 27, December 29, Service cost $ 53 $ 29 $ 27 Interest cost 565 1,026 1,602 Amortization and other costs 3,407 3,051 3,375 Amortization of prior service credit (3,098) (4,225) (4,766) Net periodic postretirement benefit cost/(income) $ 927 $ (119) $ 238 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) | The changes in the benefit obligations recognized in other comprehensive loss were as follows: (In thousands) December 26, December 27, December 29, Net actuarial loss $ 2,254 $ 4,044 $ 296 Amortization of loss (3,407) (3,051) (3,375) Amortization of prior service credit 3,098 4,225 4,766 Total recognized in other comprehensive loss 1,945 5,218 1,687 Net periodic postretirement benefit cost/(income) 927 (119) 238 Total recognized in net periodic postretirement benefit cost/(income) and other comprehensive loss $ 2,872 $ 5,099 $ 1,925 |
Schedule of Changes in Projected Benefit Obligations and Plan Assets | The changes in the benefit obligation and plan assets and other amounts recognized in other comprehensive loss were as follows: (In thousands) December 26, December 27, Change in benefit obligation Benefit obligation at beginning of year $ 43,308 $ 42,803 Service cost 53 29 Interest cost 565 1,026 Plan participants’ contributions 2,319 2,820 Actuarial loss 2,254 4,044 Benefits paid (7,892) (7,414) Benefit obligation at the end of year 40,607 43,308 Change in plan assets Employer contributions 5,573 4,594 Plan participants’ contributions 2,319 2,820 Benefits paid (7,892) (7,414) Fair value of plan assets at end of year — — Net amount recognized $ (40,607) $ (43,308) Amount recognized in the Consolidated Balance Sheets Current liabilities $ (4,521) $ (4,618) Noncurrent liabilities (36,086) (38,690) Net amount recognized $ (40,607) $ (43,308) Amount recognized in accumulated other comprehensive loss Actuarial loss $ 25,632 $ 26,785 Prior service credit (368) (3,466) Total $ 25,264 $ 23,319 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | Information for postretirement plans with accumulated benefit obligations in excess of plan assets was as follows: (In thousands) December 26, December 27, Accumulated benefit obligation $ 40,607 $ 43,308 Fair value of plan assets $ — $ — |
Schedule of Assumptions Used | Weighted-average assumptions used in the actuarial computations to determine the postretirement benefit obligations were as follows: December 26, December 27, Discount rate 2.55 % 2.01 % Estimated increase in compensation level 3.50 % 3.50 % Weighted-average assumptions used in the actuarial computations to determine net periodic postretirement cost were as follows: December 26, December 27, December 29, Discount rate for determining projected benefit obligation 2.01 % 2.94 % 4.18 % Discount rate in effect for determining service cost 2.09 % 3.04 % 4.19 % Discount rate in effect for determining interest cost 1.38 % 2.55 % 3.71 % Estimated increase in compensation level 3.50 % 3.50 % 3.50 % |
Schedule of Health Care Cost Trend Rates | The assumed health-care cost trend rates were as follows: December 26, December 27, Health-care cost trend rate 5.99 % 5.95 % Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 4.92 % 4.92 % Year that the rate reaches the ultimate trend rate 2030 2027 |
Schedule of Expected Benefit Payments | The following benefit payments (net of plan participant contributions) under our Company’s postretirement plans, which reflect expected future services, are expected to be paid: (In thousands) Amount 2022 $ 4,620 2023 4,328 2024 4,032 2025 3,778 2026 3,514 2027-2031 (1) 13,781 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 26, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Accrued Liabilities | The components of the Other Liabilities — Other balance in our Consolidated Balance Sheets were as follows: (In thousands) December 26, December 27, Deferred compensation $ 21,101 $ 22,245 Noncurrent operating lease liabilities 63,614 52,695 Contingent consideration 5,360 4,279 Other liabilities 42,966 48,366 Total $ 133,041 $ 127,585 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 26, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliations between the effective tax rate on income from continuing operations before income taxes and the federal statutory rate are presented below. December 26, 2021 December 27, 2020 December 29, 2019 (In thousands) Amount % of Amount % of Amount % of Tax at federal statutory rate $ 61,005 21.0 $ 24,241 21.0 $ 34,537 21.0 State and local taxes, net 16,378 5.6 3,873 3.4 5,303 3.2 Increase/(decrease) in uncertain tax positions 2,782 1.0 (2,509) (2.2) (2,427) (1.5) (Gain) on company-owned life insurance (712) (0.2) (635) (0.6) (1,662) (1.0) Nondeductible expense 593 0.2 800 0.7 1,938 1.2 Nondeductible executive compensation 4,140 1.4 1,271 1.1 (355) (0.2) Stock-based awards benefit (5,461) (1.9) (7,251) (6.3) (6,184) (3.8) Deduction for foreign-derived intangible income (2,972) (1.0) (686) (0.6) (2,625) (1.6) Research and experimentation credit (5,571) (1.9) (3,892) (3.4) (5,672) (3.4) Other, net 348 0.1 (617) (0.5) 1,641 1.0 Income tax expense $ 70,530 24.3 $ 14,595 12.6 $ 24,494 14.9 |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense as shown in our Consolidated Statements of Operations were as follows: (In thousands) December 26, December 27, December 29, Current tax expense/(benefit) Federal $ 55,110 $ 21,414 $ 16,283 Foreign 1,042 905 823 State and local 20,736 7,453 3,146 Total current tax expense 76,888 29,772 20,252 Deferred tax expense/(benefit) Federal (5,651) (9,249) 5,588 State and local (707) (5,928) (1,346) Total deferred tax expense (6,358) (15,177) 4,242 Income tax expense $ 70,530 $ 14,595 $ 24,494 |
Schedule of Deferred Tax Assets and Liabilities | The components of the net deferred tax assets and liabilities recognized in our Consolidated Balance Sheets were as follows: (In thousands) December 26, December 27, Deferred tax assets Retirement, postemployment and deferred compensation plans $ 86,886 $ 103,433 Accruals for other employee benefits, compensation, insurance and other 34,999 25,899 Net operating losses 1,018 1,510 Operating lease liabilities 19,663 16,648 Other 31,379 32,664 Gross deferred tax assets $ 173,945 $ 180,154 Valuation allowance (261) (293) Net deferred tax assets $ 173,684 $ 179,861 Deferred tax liabilities Property, plant and equipment $ 38,855 $ 41,832 Intangible assets 7,738 7,652 Operating lease right-of-use assets 16,960 14,196 Other 14,331 16,663 Gross deferred tax liabilities $ 77,884 $ 80,343 Net deferred tax asset $ 95,800 $ 99,518 |
Summary of Income Tax Contingencies | A reconciliation of unrecognized tax benefits is as follows: (In thousands) December 26, December 27, December 29, Balance at beginning of year $ 6,737 $ 10,309 $ 11,629 Gross additions to tax positions taken during the current year 1,389 1,130 1,184 Gross additions to tax positions taken during the prior year 2,458 133 711 Gross reductions to tax positions taken during the prior year (150) (93) (76) Reductions from settlements with taxing authorities (3,534) (3,814) (2,637) Reductions from lapse of applicable statutes of limitations (1,009) (928) (502) Balance at end of year $ 5,891 $ 6,737 $ 10,309 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 12 Months Ended |
Dec. 26, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation Expense | Total stock-based compensation expense included in the Consolidated Statement of Operations is as follows: (In thousands) December 26, December 27, December 29, Cost of revenue $ 5,218 $ 4,117 $ 3,621 Marketing 1,283 1,520 683 Product development 3,655 1,765 763 General and administrative 12,059 7,063 7,881 Total stock-based compensation expense $ 22,215 $ 14,465 $ 12,948 |
Schedule of Share-based Compensation, Stock Options, Activity | Changes in our Company’s stock options in 2021 were as follows: December 26, 2021 (Shares in thousands) Options Weighted Weighted Aggregate Options outstanding at beginning of year 325 $ 8 1 $ 14,225 Exercised (324) 8 Options outstanding at end of period (1) 1 $ 7 0 $ 16 Options exercisable at end of period 1 $ 7 0 $ 16 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | Changes in our Company’s stock-settled restricted stock units in 2021 were as follows: December 26, 2021 (Shares in thousands) Restricted Weighted Unvested stock-settled restricted stock units at beginning of period 513 $ 33 Granted 583 50 Vested (290) 31 Forfeited (69) 46 Unvested stock-settled restricted stock units at end of period 737 $ 46 Unvested stock-settled restricted stock units expected to vest at end of period 679 $ 46 |
Schedule of Common Stock Reserved For Issuance | Shares of Class A Common Stock reserved for issuance were as follows: (Shares in thousands) December 26, December 27, Stock options, stock–settled restricted stock units and stock-settled performance awards Stock options and stock-settled restricted stock units 891 1,001 Stock-settled performance awards (1) 944 1,026 Outstanding 1,835 2,027 Available 14,720 15,190 Total Outstanding 1,835 2,027 Total Available (2) 14,720 15,190 (1) The number of shares actually earned at the end of the multi-year performance period will vary, based on actual performance, from 0% to 200% of the target number of performance awards granted. The maximum number of shares that could be issued is included in the table above. (2) As of December 26, 2021, the 2020 Incentive Plan had approximately 15 million shares of Class A stock available for issuance upon the grant, exercise or other settlement of stock-based awards. This amount includes shares subject to awards under the 2010 Incentive Plan that were cancelled, forfeited or otherwise terminated, or withheld to satisfy the tax withholding requirements, in accordance with the terms of the 2020 Incentive Plan. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 26, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in AOCI by component as of December 26, 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 (loss)/income before reclassifications, before tax (6,328) 23,331 (6,025) 10,978 Amounts reclassified from accumulated other comprehensive loss, before tax — 25,919 — 25,919 Income tax (benefit)/expense (1,696) 13,232 (1,618) 9,918 Net current-period other comprehensive (loss)/income, net of tax (4,632) 36,018 (4,407) 26,979 Balance as of December 26, 2021 $ 3,754 $ (385,680) $ (1,276) $ (383,202) |
Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the reclassifications from AOCI for the period ended December 26, 2021: (In thousands) Detail about accumulated other comprehensive loss components Amounts reclassified from accumulated other comprehensive loss Affected line item in the statement where net income is presented Funded status of benefit plans: Amortization of prior service credit (1) $ (4,988) Other components of net periodic benefit costs Amortization of actuarial loss (1) 30,907 Other components of net periodic benefit costs Pension settlement charge — Other components of net periodic benefit costs Total reclassification, before tax 25,919 Income tax expense 6,964 Income tax expense Total reclassification, net of tax $ 18,955 (1) These accumulated other comprehensive income components are included in the computation of net periodic benefit cost for pension and other retirement benefits. See Notes 9 and 10 for additional information. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 26, 2021 | |
Leases [Abstract] | |
Assets And Liabilities | The table below presents the lease-related assets and liabilities recorded on the balance sheet: (In thousands) Classification in the Consolidated Balance Sheet December 26, 2021 December 27, 2020 Operating lease right-of-use assets Miscellaneous assets $ 62,567 $ 52,304 Current operating lease liabilities Accrued expenses and other $ 9,078 $ 9,056 Noncurrent operating lease liabilities Other 63,614 52,695 Total operating lease liabilities $ 72,692 $ 61,751 |
Operating Lease Costs | The total lease cost for operating leases included in operating costs in our Consolidated Statement of Operations was as follows: For the Twelve Months Ended (In thousands) December 26, 2021 December 27, 2020 December 29, 2019 Operating lease cost $ 11,926 $ 11,467 $ 9,980 Short term and variable lease cost 1,575 1,776 1,814 Total lease cost $ 13,501 $ 13,243 $ 11,794 The table below presents additional information regarding operating leases: (In thousands, except lease term and discount rate) December 26, 2021 December 27, 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 12,254 $ 11,533 Right-of-use assets obtained in exchange for operating lease liabilities $ 19,457 $ 9,004 Weighted-average remaining lease term 9.4 years 8.7 years Weighted-average discount rate 3.63 % 4.41 % |
Operating Lease Liability Maturity | Maturities of lease liabilities on an annual basis for the Company’s operating leases as of December 26, 2021, were as follows: (In thousands) Amount 2022 $ 11,170 2023 10,157 2024 9,548 2025 8,372 2026 8,023 Later Years 38,673 Total lease payments $ 85,943 Less: Interest (13,251) Present value of lease liabilities $ 72,692 |
Operating Lease, Lease Income | We generate building rental revenue from the floors in the Company Headquarters that we lease to third parties. The building rental revenue was as follows: For the Twelve Months Ended (In thousands) December 26, 2021 December 27, 2020 December 29, 2019 Building rental revenue (1) $ 22,851 $ 28,516 $ 30,595 (1) Building rental revenue includes approximately $10.8 million related to subleases for the fiscal year ended December 29, 2019. . |
Cash Flows To Be Received | Maturities of lease payments to be received on an annual basis for the Company’s office space operating leases as of December 26, 2021, were as follows: (In thousands) Amount 2022 $ 30,564 2023 29,010 2024 29,053 2025 29,344 2026 29,344 Later Years 101,781 Total building rental revenue from operating leases $ 249,096 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 26, 2021 | Dec. 27, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating lease, impairment loss | $ 0 | |
Impairment of leased assets | 0 | |
Self insurance reserve | $ 24,000,000 | $ 23,000,000 |
Minimum | Building and Building Improvements | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life (in years) | 10 years | |
Minimum | Equipment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life (in years) | 3 years | |
Minimum | Computer Software, Intangible Asset | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life (in years) | 3 years | |
Maximum | Building and Building Improvements | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life (in years) | 40 years | |
Maximum | Equipment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life (in years) | 30 years | |
Maximum | Computer Software, Intangible Asset | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Property, plant and equipment, useful life (in years) | 5 years |
Revenue - Subscription, Adverti
Revenue - Subscription, Advertising, and Other Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 2,074,877 | $ 1,783,639 | $ 1,812,184 |
Product and service benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 100.00% | 100.00% | 100.00% |
Subscription | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,362,115 | $ 1,195,368 | $ 1,083,851 |
Subscription | Product and service benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 65.60% | 67.00% | 59.80% |
Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 497,536 | $ 392,420 | $ 530,678 |
Advertising | Product and service benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 24.00% | 22.00% | 29.30% |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 215,226 | $ 195,851 | $ 197,655 |
Other | Product and service benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 10.30% | 11.00% | 10.90% |
Real Estate | |||
Disaggregation of Revenue [Line Items] | |||
Revenue not from contract with customer | $ 27,000 | $ 29,000 | $ 31,000 |
Revenue - Digital-only Subscrip
Revenue - Digital-only Subscription Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 2,074,877 | $ 1,783,639 | $ 1,812,184 |
Revenue from Contract with Customer, Subscription Revenue Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 100.00% | 100.00% | 100.00% |
Digital | Revenue from Contract with Customer, Subscription Revenue Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 56.80% | 50.00% | 42.50% |
Print | Revenue from Contract with Customer, Subscription Revenue Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 43.20% | 50.00% | 57.50% |
Subscription | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,362,115 | $ 1,195,368 | $ 1,083,851 |
Subscription | Digital | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 773,882 | 598,280 | 460,452 |
Subscription | Print | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 588,233 | 597,088 | 623,399 |
News products | Digital | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 693,994 | $ 543,578 | $ 426,125 |
News products | Digital | Revenue from Contract with Customer, Subscription Revenue Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 50.90% | 45.50% | 39.30% |
Other products | Digital | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 79,888 | $ 54,702 | $ 34,327 |
Other products | Digital | Revenue from Contract with Customer, Subscription Revenue Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 5.90% | 4.60% | 3.20% |
Domestic home delivery subscription | Print | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 529,039 | $ 528,970 | $ 524,543 |
Domestic home delivery subscription | Print | Revenue from Contract with Customer, Subscription Revenue Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 38.80% | 44.30% | 48.40% |
Single copy, NYT International and other | Print | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 59,194 | $ 68,118 | $ 98,856 |
Single copy, NYT International and other | Print | Revenue from Contract with Customer, Subscription Revenue Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 4.40% | 5.70% | 9.10% |
Revenue - Advertising Revenues
Revenue - Advertising Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 2,074,877 | $ 1,783,639 | $ 1,812,184 |
Revenue from Contract with Customer, Advertising Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 100.00% | 100.00% | 100.00% |
Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 497,536 | $ 392,420 | $ 530,678 |
Digital | Revenue from Contract with Customer, Advertising Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 62.00% | 58.30% | 49.10% |
Digital | Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 308,616 | $ 228,594 | $ 260,454 |
Print | Revenue from Contract with Customer, Advertising Benchmark | Product concentration risk | |||
Disaggregation of Revenue [Line Items] | |||
As % of total | 38.00% | 41.70% | 50.90% |
Print | Advertising | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 188,920 | $ 163,826 | $ 270,224 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Millions | Dec. 26, 2021 | Dec. 27, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation | $ 123 | |
Contract assets | 3.4 | $ 1.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation | $ 42 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation | $ 20 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation | $ 61 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, remaining performance obligation, expected timing of satisfaction, period (in years) | 6 years |
Marketable Securities - Availab
Marketable Securities - Available for Sale Securities (Details) - USD ($) $ in Thousands | Dec. 26, 2021 | Dec. 27, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Net unrealized gain (loss) in AOCI | $ (383,202) | $ (410,181) |
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 340,252 | 308,490 |
Gross unrealized gains, short-term AFS securities | 937 | 604 |
Gross unrealized losses, short-term AFS securities | (114) | (14) |
Fair value, short-term AFS securities | 341,075 | 309,080 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 415,951 | 283,143 |
Gross unrealized gains, long-term AFS securities | 149 | 3,716 |
Gross unrealized losses, long-term AFS securities | (2,720) | (28) |
Fair value, long-term AFS securities | 413,380 | 286,831 |
U.S. Treasury securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 148,899 | 79,467 |
Gross unrealized gains, short-term AFS securities | 692 | 39 |
Gross unrealized losses, short-term AFS securities | (43) | (3) |
Fair value, short-term AFS securities | 149,548 | 79,503 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 119,695 | 95,511 |
Gross unrealized gains, long-term AFS securities | 0 | 2,054 |
Gross unrealized losses, long-term AFS securities | (549) | 0 |
Fair value, long-term AFS securities | 119,146 | 97,565 |
Corporate debt securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 107,158 | 129,805 |
Gross unrealized gains, short-term AFS securities | 245 | 504 |
Gross unrealized losses, short-term AFS securities | (69) | (8) |
Fair value, short-term AFS securities | 107,334 | 130,301 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 242,764 | 134,296 |
Gross unrealized gains, long-term AFS securities | 149 | 1,643 |
Gross unrealized losses, long-term AFS securities | (1,858) | (5) |
Fair value, long-term AFS securities | 241,055 | 135,934 |
Certificates of deposit | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 55,551 | 36,525 |
Gross unrealized gains, short-term AFS securities | 0 | 0 |
Gross unrealized losses, short-term AFS securities | 0 | 0 |
Fair value, short-term AFS securities | 55,551 | 36,525 |
Commercial paper | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 21,145 | 37,580 |
Gross unrealized gains, short-term AFS securities | 0 | 0 |
Gross unrealized losses, short-term AFS securities | 0 | 0 |
Fair value, short-term AFS securities | 21,145 | 37,580 |
Municipal securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 3,999 | |
Gross unrealized gains, short-term AFS securities | 0 | |
Gross unrealized losses, short-term AFS securities | (2) | |
Fair value, short-term AFS securities | 3,997 | |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 13,994 | 4,994 |
Gross unrealized gains, long-term AFS securities | 0 | 0 |
Gross unrealized losses, long-term AFS securities | (61) | (10) |
Fair value, long-term AFS securities | 13,933 | 4,984 |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Amortized cost, short-term AFS securities | 3,500 | 25,113 |
Gross unrealized gains, short-term AFS securities | 0 | 61 |
Gross unrealized losses, short-term AFS securities | (3) | |
Fair value, short-term AFS securities | 3,500 | 25,171 |
Long-term AFS securities | ||
Amortized cost, long-term AFS securities | 39,498 | 48,342 |
Gross unrealized gains, long-term AFS securities | 0 | 19 |
Gross unrealized losses, long-term AFS securities | (252) | (13) |
Fair value, long-term AFS securities | 39,246 | 48,348 |
Debt Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Net unrealized gain (loss) in AOCI | $ 1,700 | $ 4,300 |
Marketable Securities - Continu
Marketable Securities - Continuous Loss Position (Details) - USD ($) | 12 Months Ended | |
Dec. 26, 2021 | Dec. 27, 2020 | |
Long-term AFS securities | ||
Other than temporary impairment, loss | $ 0 | $ 0 |
Minimum | Short-term Marketable Securities | ||
Long-term AFS securities | ||
Remaining maturities on short-term and long-term marketable securities | 1 month | |
Minimum | Long-term Marketable Securities | ||
Long-term AFS securities | ||
Remaining maturities on short-term and long-term marketable securities | 13 months | |
Maximum | Short-term Marketable Securities | ||
Long-term AFS securities | ||
Remaining maturities on short-term and long-term marketable securities | 12 months | |
Maximum | Long-term Marketable Securities | ||
Long-term AFS securities | ||
Remaining maturities on short-term and long-term marketable securities | 35 months | |
U.S. Treasury securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | $ 61,018,000 | 20,133,000 |
Gross unrealized losses, less than 12 months, short-term AFS securities | (43,000) | (3,000) |
Fair value, 12 months or greater, short-term AFS securities | 0 | 0 |
Gross unrealized losses, 12 months or greater, short-term AFS securities | 0 | 0 |
Fair value, short-term AFS securities | 61,018,000 | 20,133,000 |
Gross unrealized losses, short-term AFS securities | (43,000) | (3,000) |
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 119,146,000 | |
Gross unrealized losses, less than 12 months, long-term AFS securities | (549,000) | |
Fair value, 12 months or greater, long-term AFS securities | 0 | |
Gross unrealized losses, 12 months or greater, long-term AFS securities | 0 | |
Fair value, long-term AFS securities | 119,146,000 | |
Gross unrealized losses, long-term AFS securities | (549,000) | |
Corporate debt securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | 53,148,000 | 33,735,000 |
Gross unrealized losses, less than 12 months, short-term AFS securities | (69,000) | (8,000) |
Fair value, 12 months or greater, short-term AFS securities | 0 | 0 |
Gross unrealized losses, 12 months or greater, short-term AFS securities | 0 | 0 |
Fair value, short-term AFS securities | 53,148,000 | 33,735,000 |
Gross unrealized losses, short-term AFS securities | (69,000) | (8,000) |
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 224,022,000 | 6,717,000 |
Gross unrealized losses, less than 12 months, long-term AFS securities | (1,858,000) | (5,000) |
Fair value, 12 months or greater, long-term AFS securities | 0 | 0 |
Gross unrealized losses, 12 months or greater, long-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 224,022,000 | 6,717,000 |
Gross unrealized losses, long-term AFS securities | (1,858,000) | (5,000) |
Municipal securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | 1,998,000 | |
Gross unrealized losses, less than 12 months, short-term AFS securities | (2,000) | |
Fair value, 12 months or greater, short-term AFS securities | 0 | |
Gross unrealized losses, 12 months or greater, short-term AFS securities | 0 | |
Fair value, short-term AFS securities | 1,998,000 | |
Gross unrealized losses, short-term AFS securities | (2,000) | |
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 13,933,000 | 4,984,000 |
Gross unrealized losses, less than 12 months, long-term AFS securities | (61,000) | (10,000) |
Fair value, 12 months or greater, long-term AFS securities | 0 | 0 |
Gross unrealized losses, 12 months or greater, long-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 13,933,000 | 4,984,000 |
Gross unrealized losses, long-term AFS securities | (61,000) | (10,000) |
U.S. governmental agency securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | 4,999,000 | |
Gross unrealized losses, less than 12 months, short-term AFS securities | (2,000) | |
Fair value, 12 months or greater, short-term AFS securities | 8,749,000 | |
Gross unrealized losses, 12 months or greater, short-term AFS securities | (1,000) | |
Fair value, short-term AFS securities | 13,748,000 | |
Gross unrealized losses, short-term AFS securities | (3,000) | |
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 39,246,000 | 26,236,000 |
Gross unrealized losses, less than 12 months, long-term AFS securities | (252,000) | (13,000) |
Fair value, 12 months or greater, long-term AFS securities | 0 | 0 |
Gross unrealized losses, 12 months or greater, long-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 39,246,000 | 26,236,000 |
Gross unrealized losses, long-term AFS securities | (252,000) | (13,000) |
Total short-term AFS securities | ||
Short-term AFS securities | ||
Fair value, less than 12 months, short-term AFS securities | 116,164,000 | 58,867,000 |
Gross unrealized losses, less than 12 months, short-term AFS securities | (114,000) | (13,000) |
Fair value, 12 months or greater, short-term AFS securities | 0 | 8,749,000 |
Gross unrealized losses, 12 months or greater, short-term AFS securities | 0 | (1,000) |
Fair value, short-term AFS securities | 116,164,000 | 67,616,000 |
Gross unrealized losses, short-term AFS securities | (114,000) | (14,000) |
Total long-term AFS securities | ||
Long-term AFS securities | ||
Fair value, less than 12 months, long-term AFS securities | 396,347,000 | 37,937,000 |
Gross unrealized losses, less than 12 months, long-term AFS securities | (2,720,000) | (28,000) |
Fair value, 12 months or greater, long-term AFS securities | 0 | 0 |
Gross unrealized losses, 12 months or greater, long-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 396,347,000 | 37,937,000 |
Gross unrealized losses, long-term AFS securities | $ (2,720,000) | $ (28,000) |
Goodwill and Intangibles - Narr
Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Sep. 26, 2021 | Sep. 27, 2020 | Jun. 28, 2020 | Mar. 29, 2020 | Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, gross | $ 0 | $ 33,085 | $ 0 | ||||
Goodwill | 166,360 | $ 171,657 | $ 138,674 | ||||
Listen In Audio, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, consideration transferred | $ 8,600 | ||||||
Payments to acquire businesses, gross | 8,000 | ||||||
Payments to acquire business, note receivable | $ 600 | ||||||
Business acquisition, retention payment term (in years) | 3 years | ||||||
Goodwill | $ 5,800 | ||||||
Intangible assets, carrying value | $ 2,700 | ||||||
Estimated useful life of intangible assets acquired (in years) | 8 years | ||||||
Serial Productions, LLC | |||||||
Business Acquisition [Line Items] | |||||||
Payments to acquire businesses, gross | $ 25,000 | ||||||
Goodwill | 21,500 | ||||||
Intangible assets, carrying value | 12,900 | ||||||
Estimated useful life of intangible assets acquired (in years) | 6 years | ||||||
Earn-out payments | $ 9,300 | ||||||
Earn-out payment term (in years) | 5 years | ||||||
Intangible assets (excluding goodwill) | 9,000 | ||||||
Miscellaneous Assets | |||||||
Business Acquisition [Line Items] | |||||||
Intangible assets, carrying value | $ 14,200 | ||||||
Minimum | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful life of intangible assets acquired (in years) | 5 years | ||||||
Maximum | |||||||
Business Acquisition [Line Items] | |||||||
Estimated useful life of intangible assets acquired (in years) | 8 years |
Goodwill and Intangibles - Sche
Goodwill and Intangibles - Schedule of Goodwill at Carrying Amount (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2021 | Dec. 27, 2020 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 171,657 | $ 138,674 |
Business acquisitions | 27,269 | |
Measurement period adjustment | (400) | |
Foreign currency translation | (5,297) | 6,114 |
Goodwill, ending balance | $ 166,360 | $ 171,657 |
Investments - Equity Method Inv
Investments - Equity Method Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Investments in joint ventures | $ 0 | $ 0 | |
Gain from joint ventures | 0 | 5,000,000 | $ 0 |
Non-marketable equity securities | 27,900,000 | 20,900,000 | |
Non-marketable equity securities, unrealized gains | 15,300,000 | ||
Interest income and other expense, net | 6,558,000 | 13,983,000 | 19,694,000 |
Realized gain on partial sale of investments | 15,200,000 | 2,500,000 | |
Unrealized gain due to mark to market of remaining investment | 12,000,000 | 7,600,000 | $ 0 |
Non-marketable Equity Securities | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest income and other expense, net | $ 27,200,000 | $ 10,100,000 | |
Madison Paper Industries | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 40.00% | ||
Madison Paper Industries Owned Consolidated Subsidiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 80.00% | ||
Ownership of Madison Paper Industries by Consolidated Subsidiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
UPM-Kymmene | Madison Paper Industries | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 60.00% | ||
Madison Paper Industries | Madison Paper Industries | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, noncontrolling interest, ownership percentage | 10.00% | ||
Madison Paper Industries | Madison Paper Industries Owned Consolidated Subsidiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, noncontrolling interest, ownership percentage | 20.00% |
Other - Narrative (Details)
Other - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 29, 2019 | Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | Sep. 30, 2019 | |
Other Expense [Line Items] | |||||
Marketing expense | $ 199,700 | $ 135,900 | $ 167,900 | ||
Media expense | 187,300 | 129,600 | 156,900 | ||
Restructuring charge | 0 | 0 | 4,008 | ||
Severance liability | 2,100 | 5,000 | |||
Retired assets | 161,000 | 123,000 | |||
Software | |||||
Other Expense [Line Items] | |||||
Retired assets | 103,900 | 69,500 | |||
Equipment | |||||
Other Expense [Line Items] | |||||
Retired assets | 45,400 | 49,900 | |||
Revolving Credit Facility | |||||
Other Expense [Line Items] | |||||
Unsecured revolving credit facility, maximum borrowing capacity | $ 250,000 | ||||
Line of credit facility, expiration period (in years) | 5 years | ||||
Unsecured revolving credit facility, unused commitment fee (percent) | 0.20% | ||||
Long-term line of credit | 0 | ||||
Capitalized Computer Software Costs | |||||
Other Expense [Line Items] | |||||
Amortization of capitalized computer software | 9,100 | 14,700 | 17,000 | ||
Unamortized intangible assets | 13,600 | 18,900 | |||
Employee Severance | Selling, General and Administrative Expenses | |||||
Other Expense [Line Items] | |||||
Severance costs | $ 900 | $ 6,600 | $ 4,000 |
Other - Interest Expense and Ot
Other - Interest Expense and Other, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Other Income and Expenses [Abstract] | |||
Interest income and other expense, net | $ 6,558 | $ 13,983 | $ 19,694 |
Gain on non-marketable equity investment | 27,156 | 10,074 | 1,886 |
Interest expense | (780) | (757) | (26,928) |
Amortization of debt costs and discount on debt | 0 | 0 | 1,459 |
Capitalized interest | 11 | 30 | 69 |
Total interest income/(expense) and other, net | $ 32,945 | $ 23,330 | $ (3,820) |
Other - Cash Reconciliations (D
Other - Cash Reconciliations (Details) - USD ($) $ in Thousands | Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | Dec. 30, 2018 |
Other Income and Expenses [Abstract] | ||||
Cash and cash equivalents | $ 319,973 | $ 286,079 | ||
Restricted cash included within other current assets | 0 | 686 | ||
Restricted cash included within miscellaneous assets | 14,333 | 15,199 | ||
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $ 334,306 | $ 301,964 | $ 247,518 | $ 259,799 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 26, 2021 | Dec. 27, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | $ 341,075 | $ 309,080 |
Fair value, long-term AFS securities | 413,380 | 286,831 |
Deferred compensation plan assets | 52,500 | 49,200 |
Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 21,101 | 22,245 |
Contingent consideration | 7,450 | 8,431 |
Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 21,101 | 22,245 |
Contingent consideration | 0 | 0 |
Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 0 | 0 |
Contingent consideration | 0 | 0 |
Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation | 0 | 0 |
Contingent consideration | 7,450 | 8,431 |
Debt Securities | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 341,075 | 309,080 |
Fair value, long-term AFS securities | 413,380 | 286,831 |
Debt Securities | Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
Debt Securities | Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 341,075 | 309,080 |
Fair value, long-term AFS securities | 413,380 | 286,831 |
Debt Securities | Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 149,548 | 79,503 |
Fair value, long-term AFS securities | 119,146 | 97,565 |
U.S. Treasury securities | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 149,548 | 79,503 |
Fair value, long-term AFS securities | 119,146 | 97,565 |
U.S. Treasury securities | Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
U.S. Treasury securities | Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 149,548 | 79,503 |
Fair value, long-term AFS securities | 119,146 | 97,565 |
U.S. Treasury securities | Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 107,334 | 130,301 |
Fair value, long-term AFS securities | 241,055 | 135,934 |
Corporate debt securities | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 107,334 | 130,301 |
Fair value, long-term AFS securities | 241,055 | 135,934 |
Corporate debt securities | Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
Corporate debt securities | Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 107,334 | 130,301 |
Fair value, long-term AFS securities | 241,055 | 135,934 |
Corporate debt securities | Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
Certificates of deposit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 55,551 | 36,525 |
Certificates of deposit | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 55,551 | 36,525 |
Certificates of deposit | Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Certificates of deposit | Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 55,551 | 36,525 |
Certificates of deposit | Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 21,145 | 37,580 |
Commercial paper | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 21,145 | 37,580 |
Commercial paper | Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Commercial paper | Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 21,145 | 37,580 |
Commercial paper | Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 3,997 | |
Fair value, long-term AFS securities | 13,933 | 4,984 |
Municipal securities | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 3,997 | 0 |
Fair value, long-term AFS securities | 13,933 | 4,984 |
Municipal securities | Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
Municipal securities | Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 3,997 | 0 |
Fair value, long-term AFS securities | 13,933 | 4,984 |
Municipal securities | Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
US Government Agencies Debt Securities | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 3,500 | 25,171 |
Fair value, long-term AFS securities | 39,246 | 48,348 |
US Government Agencies Debt Securities | Level 1 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | 0 | 0 |
US Government Agencies Debt Securities | Level 2 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 3,500 | 25,171 |
Fair value, long-term AFS securities | 39,246 | 48,348 |
US Government Agencies Debt Securities | Level 3 | Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value, short-term AFS securities | 0 | 0 |
Fair value, long-term AFS securities | $ 0 | $ 0 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Balance of Contingent Consideration (Details) - Recurring - Contingent Consideration - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2021 | Dec. 27, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance at the beginning of the period | $ 8,431 | $ 9,293 |
Payments | (862) | (862) |
Fair value adjustments | (119) | 0 |
Contingent consideration at the end of the period | $ 7,450 | $ 8,431 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 26, 2021 | Dec. 27, 2020 | |
Recurring | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent consideration | $ 7,450,000 | $ 8,431,000 |
Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impairment charge | $ 0 |
Pension Benefits - Net Periodic
Pension Benefits - Net Periodic Pension Cost (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2020 | Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Pension Benefits | ||||
Benefit obligation | $ 236,300 | |||
Pension settlement expense | $ 80,600 | |||
Pension Plan | ||||
Pension Benefits | ||||
Service cost | $ 9,200 | $ 10,548 | $ 5,231 | |
Interest cost | 34,869 | 50,311 | 67,255 | |
Expected return on plan assets | (50,711) | (67,146) | (80,877) | |
Amortization and other costs | 27,500 | 27,959 | 23,020 | |
Amortization of prior service (credit)/cost | (1,890) | (1,894) | (1,932) | |
Effect of settlement/curtailment | (163) | 80,079 | (373) | |
Net periodic pension cost/(income) | 18,805 | 99,857 | 12,324 | |
Benefit obligation | 1,714,954 | 1,808,605 | 1,908,035 | |
Qualified Plan | Pension Plan | ||||
Pension Benefits | ||||
Service cost | 9,105 | 10,429 | 5,113 | |
Interest cost | 30,517 | 43,710 | 58,835 | |
Expected return on plan assets | (50,711) | (67,146) | (80,877) | |
Amortization and other costs | 20,225 | 21,887 | 18,639 | |
Amortization of prior service (credit)/cost | (1,945) | (1,945) | (1,945) | |
Effect of settlement/curtailment | 0 | 80,641 | 0 | |
Net periodic pension cost/(income) | 7,191 | 87,576 | (235) | |
Benefit obligation | 1,475,764 | 1,549,012 | 1,660,287 | |
Nonqualified Plan | Pension Plan | ||||
Pension Benefits | ||||
Service cost | 95 | 119 | 118 | |
Interest cost | 4,352 | 6,601 | 8,420 | |
Expected return on plan assets | 0 | 0 | 0 | |
Amortization and other costs | 7,275 | 6,072 | 4,381 | |
Amortization of prior service (credit)/cost | 55 | 51 | 13 | |
Effect of settlement/curtailment | (163) | (562) | (373) | |
Net periodic pension cost/(income) | 11,614 | 12,281 | 12,559 | |
Benefit obligation | $ 239,190 | $ 259,593 | $ 247,748 |
Pension Benefits - Changes in P
Pension Benefits - Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Pension Benefits | |||
Net actuarial gain | $ (25,585) | $ (4,172) | $ (10,292) |
Prior service cost | 0 | 0 | 706 |
Amortization of loss | (27,500) | (27,959) | (23,020) |
Amortization of prior service credit | 1,890 | 1,894 | 1,932 |
Effect of settlement | 0 | (80,641) | 0 |
Total recognized in other comprehensive income | (51,195) | (110,878) | (30,674) |
Net periodic pension cost | 18,805 | 99,857 | 12,324 |
Total recognized in net periodic pension benefit cost and other comprehensive income | (32,390) | (11,021) | (18,350) |
Defined contribution plan, cost recognized | $ 33,000 | $ 27,000 | $ 27,000 |
Pension Benefits - Changes in B
Pension Benefits - Changes in Benefit Obligation and Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 1,808,605 | $ 1,908,035 | |
Service cost | 9,200 | 10,548 | $ 5,231 |
Interest cost | 34,869 | 50,311 | 67,255 |
Actuarial (gain)/loss | (50,645) | 174,288 | |
Curtailments | (163) | (562) | |
Settlements | 0 | (236,282) | |
Benefits paid | (86,805) | (97,877) | |
Effects of change in currency conversion | (107) | 144 | |
Benefit obligation at end of year | 1,714,954 | 1,808,605 | 1,908,035 |
Defined contribution plan, cost recognized | 33,000 | 27,000 | 27,000 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 1,585,221 | 1,648,667 | |
Actual return on plan assets | 25,651 | 245,606 | |
Employer contributions | 26,011 | 25,107 | |
Settlements | 0 | (236,282) | |
Benefits paid | (86,805) | (97,877) | |
Fair value of plan assets at end of year | 1,550,078 | 1,585,221 | 1,648,667 |
Amount recognized in the Consolidated Balance Sheets | |||
Noncurrent Assets | 87,601 | 54,950 | |
Current liabilities | (16,669) | (16,990) | |
Noncurrent liabilities | (235,808) | (261,344) | |
Net amount recognized | (164,876) | (223,384) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 549,534 | 602,619 | |
Prior service credit | (12,365) | (14,255) | |
Total | 537,169 | 588,364 | |
Qualified Plan | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 1,549,012 | 1,660,287 | |
Service cost | 9,105 | 10,429 | 5,113 |
Interest cost | 30,517 | 43,710 | 58,835 |
Actuarial (gain)/loss | (42,883) | 153,136 | |
Curtailments | 0 | 0 | |
Settlements | 0 | (236,282) | |
Benefits paid | (69,987) | (82,268) | |
Effects of change in currency conversion | 0 | 0 | |
Benefit obligation at end of year | 1,475,764 | 1,549,012 | 1,660,287 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 1,585,221 | 1,648,667 | |
Actual return on plan assets | 25,651 | 245,606 | |
Employer contributions | 9,193 | 9,498 | |
Settlements | 0 | (236,282) | |
Benefits paid | (69,987) | (82,268) | |
Fair value of plan assets at end of year | 1,550,078 | 1,585,221 | 1,648,667 |
Amount recognized in the Consolidated Balance Sheets | |||
Noncurrent Assets | 87,601 | 54,950 | |
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (13,287) | (18,741) | |
Net amount recognized | 74,314 | 36,209 | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 426,874 | 464,922 | |
Prior service credit | (12,952) | (14,897) | |
Total | 413,922 | 450,025 | |
Nonqualified Plan | |||
Change in benefit obligation | |||
Benefit obligation at beginning of year | 259,593 | 247,748 | |
Service cost | 95 | 119 | 118 |
Interest cost | 4,352 | 6,601 | 8,420 |
Actuarial (gain)/loss | (7,762) | 21,152 | |
Curtailments | (163) | (562) | |
Settlements | 0 | 0 | |
Benefits paid | (16,818) | (15,609) | |
Effects of change in currency conversion | (107) | 144 | |
Benefit obligation at end of year | 239,190 | 259,593 | 247,748 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 16,818 | 15,609 | |
Settlements | 0 | 0 | |
Benefits paid | (16,818) | (15,609) | |
Fair value of plan assets at end of year | 0 | 0 | $ 0 |
Amount recognized in the Consolidated Balance Sheets | |||
Noncurrent Assets | 0 | 0 | |
Current liabilities | (16,669) | (16,990) | |
Noncurrent liabilities | (222,521) | (242,603) | |
Net amount recognized | (239,190) | (259,593) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 122,660 | 137,697 | |
Prior service credit | 587 | 642 | |
Total | $ 123,247 | $ 138,339 |
Pension Benefits - Change in Be
Pension Benefits - Change in Benefit Obligation and Plan Assets Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 26, 2021 | Dec. 27, 2020 | Oct. 31, 2020 | Dec. 29, 2019 | |
Pension Benefits | ||||
Benefit obligation | $ 236,300 | |||
Pension Plan | ||||
Pension Benefits | ||||
Benefit obligation | $ 1,714,954 | $ 1,808,605 | $ 1,908,035 | |
Benefits paid | 86,805 | 97,877 | ||
Actuarial gain (loss) | 50,645 | (174,288) | ||
Settlements | 0 | 236,282 | ||
Accumulated benefit obligation | $ 1,700,000 | $ 1,800,000 |
Pension Benefits - Schedule of
Pension Benefits - Schedule of Accumulated Benefit Obligations In Excess of Fair Value (Details) - Pension Plan - USD ($) $ in Thousands | Dec. 26, 2021 | Dec. 27, 2020 |
Pension Benefits | ||
Projected benefit obligation | $ 348,831 | $ 364,272 |
Accumulated benefit obligation | 338,346 | 349,429 |
Fair value of plan assets | $ 96,354 | $ 85,938 |
Pension Benefits - Schedule o_2
Pension Benefits - Schedule of Assumptions Used (Details) - Pension Plan | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Calculation term, market-related value (in years) | 3 years | ||
Qualified Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.94% | 2.64% | |
Rate of increase in compensation levels | 3.00% | 3.00% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate for determining projected benefit obligation | 2.64% | 3.30% | 4.43% |
Discount rate in effect for determining service cost | 3.87% | 3.67% | 3.87% |
Discount rate in effect for determining interest cost | 2.02% | 2.70% | 4.06% |
Rate of increase in compensation levels | 3.00% | 3.00% | 3.00% |
Expected long-term rate of return on assets | 3.74% | 4.59% | 5.68% |
Nonqualified Plan | |||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.81% | 2.39% | |
Rate of increase in compensation levels | 2.50% | 2.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate for determining projected benefit obligation | 2.39% | 3.17% | 4.35% |
Discount rate in effect for determining interest cost | 1.74% | 2.78% | 3.94% |
Rate of increase in compensation levels | 2.50% | 2.50% | 2.50% |
Pension Benefits - Schedule o_3
Pension Benefits - Schedule of Allocation of Plan Assets (Details) - Pension Plan | 12 Months Ended |
Dec. 26, 2021 | |
Pension Benefits | |
Percent of funded status policy maximum range | 102.50% |
Long Duration Assets | |
Pension Benefits | |
Target allocation percentage of assets, range minimum | 85.50% |
Target allocation percentage of assets, range maximum | 90.50% |
Public Equity | |
Pension Benefits | |
Asset allocation, actual percentage | 84.00% |
Growth Fixed Income | |
Pension Benefits | |
Asset allocation, actual percentage | 0.00% |
Alternatives | |
Pension Benefits | |
Asset allocation, actual percentage | 12.00% |
Cash | |
Pension Benefits | |
Asset allocation, actual percentage | 4.00% |
Long Duration Fixed Income | |
Pension Benefits | |
Asset allocation, actual percentage | 87.00% |
Long Duration and Return-Seeking Assets, Public Equity | |
Pension Benefits | |
Asset allocation, actual percentage | 11.00% |
Long Duration and Return-Seeking Assets, Growth Fixed Income | |
Pension Benefits | |
Asset allocation, actual percentage | 0.00% |
Long Duration and Return-Seeking Assets, Alternatives | |
Pension Benefits | |
Asset allocation, actual percentage | 2.00% |
Long Duration and Return-Seeking Assets, Cash | |
Pension Benefits | |
Asset allocation, actual percentage | 0.00% |
Hedging Assets | |
Pension Benefits | |
Asset allocation, actual percentage | 80.00% |
Return-Seeking Assets | |
Pension Benefits | |
Target allocation percentage of assets, range minimum | 9.50% |
Target allocation percentage of assets, range maximum | 14.50% |
Asset allocation, actual percentage | 20.00% |
Cash and Cash Equivalents | |
Pension Benefits | |
Asset allocation, actual percentage | 0.00% |
Minimum | Public Equity | |
Pension Benefits | |
Asset allocation, target percentage range | 70.00% |
Minimum | Growth Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum | Alternatives | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum | Cash | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum | Long Duration Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 85.50% |
Minimum | Long Duration and Return-Seeking Assets, Public Equity | |
Pension Benefits | |
Asset allocation, target percentage range | 6.70% |
Minimum | Long Duration and Return-Seeking Assets, Growth Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum | Long Duration and Return-Seeking Assets, Alternatives | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum | Long Duration and Return-Seeking Assets, Cash | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Minimum | Hedging Assets | |
Pension Benefits | |
Asset allocation, target percentage range | 75.00% |
Minimum | Return-Seeking Assets | |
Pension Benefits | |
Asset allocation, target percentage range | 10.00% |
Minimum | Cash and Cash Equivalents | |
Pension Benefits | |
Asset allocation, target percentage range | 0.00% |
Maximum | Public Equity | |
Pension Benefits | |
Asset allocation, target percentage range | 90.00% |
Maximum | Growth Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 15.00% |
Maximum | Alternatives | |
Pension Benefits | |
Asset allocation, target percentage range | 15.00% |
Maximum | Cash | |
Pension Benefits | |
Asset allocation, target percentage range | 10.00% |
Maximum | Long Duration Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 90.50% |
Maximum | Long Duration and Return-Seeking Assets, Public Equity | |
Pension Benefits | |
Asset allocation, target percentage range | 13.10% |
Maximum | Long Duration and Return-Seeking Assets, Growth Fixed Income | |
Pension Benefits | |
Asset allocation, target percentage range | 2.00% |
Maximum | Long Duration and Return-Seeking Assets, Alternatives | |
Pension Benefits | |
Asset allocation, target percentage range | 2.00% |
Maximum | Long Duration and Return-Seeking Assets, Cash | |
Pension Benefits | |
Asset allocation, target percentage range | 1.00% |
Maximum | Hedging Assets | |
Pension Benefits | |
Asset allocation, target percentage range | 90.00% |
Maximum | Return-Seeking Assets | |
Pension Benefits | |
Asset allocation, target percentage range | 25.00% |
Maximum | Cash and Cash Equivalents | |
Pension Benefits | |
Asset allocation, target percentage range | 5.00% |
Pension Benefits - Fair Value o
Pension Benefits - Fair Value of Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands | Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | $ 1,550,078 | $ 1,585,221 | $ 1,648,667 |
Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 1,550,078 | ||
Recurring | U.S. Equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 12,739 | 28,002 | |
Recurring | International Equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 29,453 | 34,025 | |
Recurring | Mutual Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 29,011 | ||
Recurring | Registered Investment Companies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 270,662 | 238,737 | |
Recurring | Common Collective Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 370,042 | 471,629 | |
Recurring | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 710,413 | 646,330 | |
Recurring | U.S. Treasury and Other Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 52,520 | 42,111 | |
Recurring | Municipal securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 37,922 | 40,150 | |
Recurring | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 36,630 | 10,693 | |
Recurring | Cash and Cash Equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 7,229 | 5,481 | |
Recurring | Private Equity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 7,014 | 9,770 | |
Recurring | Hedge Fund | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 15,454 | 29,282 | |
Recurring | Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 312,854 | 329,775 | |
Recurring | Level 1 | U.S. Equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 12,739 | 28,002 | |
Recurring | Level 1 | International Equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 29,453 | 34,025 | |
Recurring | Level 1 | Mutual Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 29,011 | ||
Recurring | Level 1 | Registered Investment Companies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 270,662 | 238,737 | |
Recurring | Level 1 | Common Collective Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 1 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 1 | U.S. Treasury and Other Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 1 | Municipal securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 1 | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 1 | Cash and Cash Equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 1 | Private Equity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 1 | Hedge Fund | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 837,485 | 739,284 | |
Recurring | Level 2 | U.S. Equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 2 | International Equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 2 | Mutual Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | ||
Recurring | Level 2 | Registered Investment Companies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 2 | Common Collective Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 2 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 710,413 | 646,330 | |
Recurring | Level 2 | U.S. Treasury and Other Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 52,520 | 42,111 | |
Recurring | Level 2 | Municipal securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 37,922 | 40,150 | |
Recurring | Level 2 | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 36,630 | 10,693 | |
Recurring | Level 2 | Cash and Cash Equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 2 | Private Equity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 2 | Hedge Fund | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 3 | U.S. Equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 3 | International Equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 3 | Mutual Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | ||
Recurring | Level 3 | Registered Investment Companies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 3 | Common Collective Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 3 | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 3 | U.S. Treasury and Other Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 3 | Municipal securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 3 | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 3 | Cash and Cash Equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 3 | Private Equity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Level 3 | Hedge Fund | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Investment Measured at Net Asset Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 399,739 | 516,162 | |
Recurring | Investment Measured at Net Asset Value | U.S. Equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Investment Measured at Net Asset Value | International Equities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Investment Measured at Net Asset Value | Mutual Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | ||
Recurring | Investment Measured at Net Asset Value | Registered Investment Companies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Investment Measured at Net Asset Value | Common Collective Funds | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 370,042 | 471,629 | |
Recurring | Investment Measured at Net Asset Value | Corporate debt securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Investment Measured at Net Asset Value | U.S. Treasury and Other Government Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Investment Measured at Net Asset Value | Municipal securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Investment Measured at Net Asset Value | Other | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 0 | 0 | |
Recurring | Investment Measured at Net Asset Value | Cash and Cash Equivalents | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 7,229 | 5,481 | |
Recurring | Investment Measured at Net Asset Value | Private Equity | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | 7,014 | 9,770 | |
Recurring | Investment Measured at Net Asset Value | Hedge Fund | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Defined benefits plan, plan assets | $ 15,454 | $ 29,282 |
Pension Benefits - Contribution
Pension Benefits - Contributions and Expected Benefit Payments (Details) - Pension Plan $ in Thousands | 12 Months Ended |
Dec. 26, 2021USD ($) | |
Pension Benefits | |
Future employer contributions in next fiscal year | $ 10,000 |
2022 | 88,136 |
2023 | 90,271 |
2024 | 92,145 |
2025 | 93,970 |
2026 | 95,210 |
2027-2031 | 487,911 |
Qualified Plan | |
Pension Benefits | |
Pension contributions | 9,200 |
2022 | 71,255 |
2023 | 73,585 |
2024 | 75,700 |
2025 | 77,792 |
2026 | 79,218 |
2027-2031 | 412,095 |
Nonqualified Plan | |
Pension Benefits | |
2022 | 16,881 |
2023 | 16,686 |
2024 | 16,445 |
2025 | 16,178 |
2026 | 15,992 |
2027-2031 | $ 75,816 |
Pension Benefits - Schedule o_4
Pension Benefits - Schedule of Multiemployer Plans (Details) - Pension Plan $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021USD ($)collectiveBargainingAgreement | Dec. 27, 2020USD ($) | Dec. 29, 2019USD ($) | |
Pension Benefits | |||
Multiemployer plan, withdrawal obligation | $ 70,000 | $ 76,000 | |
Contributions for individually significant plans | 2,764 | 2,888 | $ 2,800 |
Contributions for a plan not individually significant | 33 | 24 | 0 |
Total Contributions | 2,797 | 2,912 | 2,800 |
CWA/ITU Negotiated Pension Plan | |||
Pension Benefits | |||
Contributions for individually significant plans | 364 | 384 | 415 |
Newspaper and Mail Deliverers'-Publishers' Pension Fund | |||
Pension Benefits | |||
Contributions for individually significant plans | $ 912 | 1,010 | 1,014 |
Number of collective bargaining arrangements | collectiveBargainingAgreement | 2 | ||
GCIU-Employer Retirement Benefit Plan | |||
Pension Benefits | |||
Contributions for individually significant plans | $ 48 | 65 | 58 |
Pressmen's Publishers' Pension Fund | |||
Pension Benefits | |||
Contributions for individually significant plans | $ 1,337 | 1,328 | 1,213 |
Collective bargaining agreement, actuarial calculation, period for smoothing investment losses (in years) | 10 years | ||
Paper-Handlers' - Publishers' Pension Fund | |||
Pension Benefits | |||
Contributions for individually significant plans | $ 103 | $ 101 | $ 100 |
Other Postretirement Benefits -
Other Postretirement Benefits - Schedule of Components of Net Periodic Postretirement Benefit Income (Details) - Other Postretirement Benefit Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 53 | $ 29 | $ 27 |
Interest cost | 565 | 1,026 | 1,602 |
Amortization and other costs | 3,407 | 3,051 | 3,375 |
Amortization of prior service credit | (3,098) | (4,225) | (4,766) |
Net periodic postretirement benefit cost/(income) | $ 927 | $ (119) | $ 238 |
Other Postretirement Benefits_2
Other Postretirement Benefits - Changes in the Benefit Obligations Recognized in Other Comprehensive Income (Details) - Other Postretirement Benefit Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Other Postretirement Benefits | |||
Net actuarial loss | $ 2,254 | $ 4,044 | $ 296 |
Amortization of loss | (3,407) | (3,051) | (3,375) |
Amortization of prior service credit | 3,098 | 4,225 | 4,766 |
Total recognized in other comprehensive income | 1,945 | 5,218 | 1,687 |
Net periodic postretirement benefit cost/(income) | 927 | (119) | 238 |
Total recognized in net periodic postretirement benefit cost/(income) and other comprehensive loss | $ 2,872 | $ 5,099 | $ 1,925 |
Other Postretirement Benefits_3
Other Postretirement Benefits - Changes in the Benefit Obligation and Plan Assets and Other Amounts (Details) - Other Postretirement Benefit Plans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Change in benefit obligation | |||
Benefit obligation at beginning of year | $ 43,308 | $ 42,803 | |
Service cost | 53 | 29 | $ 27 |
Interest cost | 565 | 1,026 | 1,602 |
Plan participants’ contributions | 2,319 | 2,820 | |
Actuarial (gain)/loss | 2,254 | 4,044 | |
Benefits paid | (7,892) | (7,414) | |
Benefit obligation at end of year | 40,607 | 43,308 | $ 42,803 |
Change in plan assets | |||
Fair value of plan assets at beginning of year | 0 | ||
Employer contributions | 5,573 | 4,594 | |
Plan participants’ contributions | 2,319 | 2,820 | |
Benefits paid | (7,892) | (7,414) | |
Fair value of plan assets at end of year | 0 | 0 | |
Amount recognized in the Consolidated Balance Sheets | |||
Current liabilities | (4,521) | (4,618) | |
Noncurrent liabilities | (36,086) | (38,690) | |
Net amount recognized | (40,607) | (43,308) | |
Amount recognized in accumulated other comprehensive loss | |||
Actuarial loss | 25,632 | 26,785 | |
Prior service credit | (368) | (3,466) | |
Total | $ 25,264 | $ 23,319 |
Other Postretirement Benefits_4
Other Postretirement Benefits - Benefit Obligations in Excess of Plan Assets (Details) - Other Postretirement Benefit Plans - USD ($) $ in Thousands | Dec. 26, 2021 | Dec. 27, 2020 |
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | ||
Accumulated benefit obligation | $ 40,607 | $ 43,308 |
Fair value of plan assets | $ 0 | $ 0 |
Other Postretirement Benefits_5
Other Postretirement Benefits - Schedule of Assumptions Used (Details) - Other Postretirement Benefit Plans | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | |||
Discount rate | 2.55% | 2.01% | |
Rate of increase in compensation levels | 3.50% | 3.50% | |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | |||
Discount rate for determining projected benefit obligation | 2.01% | 2.94% | 4.18% |
Discount rate in effect for determining service cost | 2.09% | 3.04% | 4.19% |
Discount rate in effect for determining interest cost | 1.38% | 2.55% | 3.71% |
Estimated increase in compensation level | 3.50% | 3.50% | 3.50% |
Other Postretirement Benefits_6
Other Postretirement Benefits - Schedule of Health Care Cost Trend Rates (Details) - Other Postretirement Benefit Plans | 12 Months Ended | |
Dec. 26, 2021 | Dec. 27, 2020 | |
Other Postretirement Benefits | ||
Health-care cost trend rate | 5.99% | 5.95% |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 4.92% | 4.92% |
Year that the rate reaches the ultimate trend rate | 2030 | 2027 |
Other Postretirement Benefits_7
Other Postretirement Benefits - Schedule of Expected Benefit Payments (Details) - Other Postretirement Benefit Plans $ in Thousands | Dec. 26, 2021USD ($) |
Other Postretirement Benefits | |
2022 | $ 4,620 |
2023 | 4,328 |
2024 | 4,032 |
2025 | 3,778 |
2026 | 3,514 |
2027-2031 | $ 13,781 |
Other Postretirement Benefits_8
Other Postretirement Benefits - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | Oct. 31, 2020 | |
Other Postretirement Benefits | ||||
Benefit obligation | $ 236,300 | |||
Other Postretirement Benefit Plans | ||||
Other Postretirement Benefits | ||||
Additional postretirement costs | $ 17,000 | $ 16,000 | $ 15,000 | |
Benefit obligation | 40,607 | 43,308 | $ 42,803 | |
Actuarial (gain)/loss | 2,254 | 4,044 | ||
Postemployment benefits liability | $ 8,500 | $ 8,600 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 26, 2021 | Dec. 27, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Deferred compensation | $ 21,101 | $ 22,245 |
Noncurrent operating lease liabilities | 63,614 | 52,695 |
Contingent consideration | 5,360 | 4,279 |
Other liabilities | 42,966 | 48,366 |
Total | $ 133,041 | $ 127,585 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Effective Income Tax Rate Reconciliation, Amount: | |||
Tax at federal statutory rate | $ 61,005 | $ 24,241 | $ 34,537 |
State and local taxes, net | 16,378 | 3,873 | 5,303 |
Increase/(decrease) in uncertain tax positions | 2,782 | (2,509) | (2,427) |
(Gain) on company-owned life insurance | (712) | (635) | (1,662) |
Nondeductible expense | 593 | 800 | 1,938 |
Nondeductible executive compensation | 4,140 | 1,271 | (355) |
Stock-based awards benefit | (5,461) | (7,251) | (6,184) |
Deduction for foreign-derived intangible income | (2,972) | (686) | (2,625) |
Research and experimentation credit | (5,571) | (3,892) | (5,672) |
Other, net | 348 | (617) | 1,641 |
Income tax expense | $ 70,530 | $ 14,595 | $ 24,494 |
Effective Income Tax Rate Reconciliation, Percent: | |||
Tax at federal statutory rate (% of pre-tax) | 21.00% | 21.00% | 21.00% |
State and local taxes, net (% of pre-tax) | 5.60% | 3.40% | 3.20% |
(Decrease)/Increase in uncertain tax positions (% of pre-tax) | 1.00% | (2.20%) | (1.50%) |
(Gain)/ Loss on Company-owned life insurance (% of pre-tax) | (0.20%) | (0.60%) | (1.00%) |
Non deductible expense (% of pre-tax) | 0.20% | 0.70% | 1.20% |
Nondeductible executive compensation (% of pre-tax) | 1.40% | 1.10% | (0.20%) |
Stock-based awards benefit (% of pre-tax) | (1.90%) | (6.30%) | (3.80%) |
Deduction for foreign-derived intangible income (% of pre-tax) | (1.00%) | (0.60%) | (1.60%) |
Research and experimentation credit (% of pre-tax) | (1.90%) | (3.40%) | (3.40%) |
Other, net (% of pre-tax) | 0.10% | (0.50%) | 1.00% |
Effective income tax rate | 24.30% | 12.60% | 14.90% |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Current tax expense/(benefit) | |||
Federal | $ 55,110 | $ 21,414 | $ 16,283 |
Foreign | 1,042 | 905 | 823 |
State and local | 20,736 | 7,453 | 3,146 |
Total current tax expense | 76,888 | 29,772 | 20,252 |
Deferred tax expense/(benefit) | |||
Federal | (5,651) | (9,249) | 5,588 |
State and local | (707) | (5,928) | (1,346) |
Total deferred tax expense | (6,358) | (15,177) | 4,242 |
Income tax expense | 70,530 | 14,595 | $ 24,494 |
Operating loss carryforward, state and local | $ 800 | $ 1,300 | |
Maximum | |||
Deferred tax expense/(benefit) | |||
Operating loss carryforwards, remaining life (in years) | 16 years |
Income Taxes - Other Informatio
Income Taxes - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Income Tax Disclosure [Abstract] | |||
Valuation allowance, period for recoverability measurement (in years) | 3 years | ||
Valuation allowance | $ 261 | $ 293 | |
Accrued income taxes | 8,200 | 3,300 | |
Income tax benefits related to exercise or vesting of equity awards | 11,500 | 13,100 | $ 11,900 |
AOCI deferred tax assets | 150,000 | 160,000 | |
Total amount of unrecognized tax benefit | 5,000 | 6,000 | |
Income tax benefit due to reduction in reserve for uncertain tax positions | 4,800 | 5,400 | |
Total amount of accrued interest and penalties | 1,000 | 1,000 | |
Net benefit of accrued interest and penalties | 100 | $ 700 | $ 600 |
Total amount of unrecognized tax benefit which may be recognized in the next twelve months that would impact the effective tax rate | $ 3,200 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 26, 2021 | Dec. 27, 2020 | |
Deferred tax assets | ||
Retirement, postemployment and deferred compensation plans | $ 86,886 | $ 103,433 |
Accruals for other employee benefits, compensation, insurance and other | 34,999 | 25,899 |
Net operating losses | 1,018 | 1,510 |
Operating lease liabilities | 19,663 | 16,648 |
Other | 31,379 | 32,664 |
Gross deferred tax assets | 173,945 | 180,154 |
Valuation allowance | (261) | (293) |
Net deferred tax assets | 173,684 | 179,861 |
Deferred tax liabilities | ||
Property, plant and equipment | 38,855 | 41,832 |
Intangible assets | 7,738 | 7,652 |
Operating lease right-of-use assets | 16,960 | 14,196 |
Other | 14,331 | 16,663 |
Gross deferred tax liabilities | 77,884 | 80,343 |
Net deferred tax asset | $ 95,800 | $ 99,518 |
Valuation allowance, period for recoverability measurement (in years) | 3 years |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance at beginning of year | $ 6,737 | $ 10,309 | $ 11,629 |
Gross additions to tax positions taken during the current year | 1,389 | 1,130 | 1,184 |
Gross additions to tax positions taken during the prior year | 2,458 | 133 | 711 |
Gross reductions to tax positions taken during the prior year | (150) | (93) | (76) |
Reductions from settlements with taxing authorities | (3,534) | (3,814) | (2,637) |
Reductions from lapse of applicable statutes of limitations | (1,009) | (928) | (502) |
Balance at end of year | $ 5,891 | $ 6,737 | $ 10,309 |
Earnings_(Loss) Per Share (Deta
Earnings/(Loss) Per Share (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0.6 | 1.1 | 1.5 |
Long-term incentive performance awards and 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) | 0 | 0 | 0 |
Stock-Based Awards - Stock-base
Stock-Based Awards - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 22,215 | $ 14,465 | $ 12,948 |
Cost of Sales | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 5,218 | 4,117 | 3,621 |
Selling and Marketing Expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 1,283 | 1,520 | 683 |
Research and Development Expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | 3,655 | 1,765 | 763 |
General and Administrative Expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Stock-based compensation expense | $ 12,059 | $ 7,063 | $ 7,881 |
Stock-Based Awards - Other Info
Stock-Based Awards - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Length of performance measurement period for long-term incentive compensation (in years) | 3 years | ||
Stock-based compensation expense | $ 22,215 | $ 14,465 | $ 12,948 |
Payments under long term incentive plan based on total shareholder return during year | 1,000 | $ 4,000 | $ 2,000 |
Unrecognized compensation expense related to the unvested portion of our stock-based awards | $ 34,000 | ||
Weighted average years to be recognized over | 1 year 6 months 10 days |
Stock-Based Awards - Stock Opti
Stock-Based Awards - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | Dec. 25, 2011 | |
Options (number of shares): | ||||
Exercised (shares) | (324,460) | (644,268) | (419,160) | |
Weighted Average Exercise Price (in dollars per share): | ||||
Total intrinsic value | $ 13,600 | $ 21,200 | $ 8,600 | |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 0 | 0 | 0 | |
Options (number of shares): | ||||
Options outstanding at beginning of year (shares) | 325,000 | |||
Exercised (shares) | (324,000) | |||
Options outstanding at end of period (shares) | 1,000 | 325,000 | ||
Options exercisable at end of period (shares) | 1,000 | |||
Weighted Average Exercise Price (in dollars per share): | ||||
Options outstanding at beginning of year (in dollars per share) | $ 8 | |||
Exercised (in dollars per share) | 8 | |||
Options outstanding at end of period (in dollars per share) | 7 | $ 8 | ||
Options exercisable at end of period (in dollars per share) | $ 7 | |||
Outstanding weighted average remaining contractual term (in years), beginning of period | 0 years | 1 year | ||
Outstanding weighted average remaining contractual term (in years), end of period | 0 years | 1 year | ||
Options exercisable weighted average remaining contractual term (in years) | 0 years | |||
Outstanding aggregate intrinsic value, beginning of period | $ 14,225 | |||
Outstanding aggregate intrinsic value, end of period | 16 | $ 14,225 | ||
Options exercisable aggregate intrinsic value | $ 16 | |||
2020 Incentive Plan | Equity Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 3 years | |||
Term (in years) | 10 years | |||
Director | 2004 Director's Plan | Equity Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (shares) | 0 | |||
Vesting period (in years) | 1 year | |||
Term (in years) | 10 years |
Stock-Based Awards - Stock-Sett
Stock-Based Awards - Stock-Settled Restricted Stock Units (Details) - Stock-settled Restricted Stock Units - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Restricted Stock Units (in shares): | |||
Unvested stock-settled restricted stock units at beginning of period (in shares) | 513 | ||
Granted (in shares) | 583 | ||
Vested (in shares) | (290) | ||
Forfeited (in shares) | (69) | ||
Unvested stock-settled restricted stock units at end of period (in shares) | 737 | 513 | |
Unvested stock settled restricted stock units expected to vest at end of period (in shares) | 679 | ||
Weighted Average Grant-Date Fair Value (in dollars per share): | |||
Unvested stock-settled restricted stock units at beginning of period (in USD per share) | $ 33 | ||
Granted (in USD per share) | 50 | ||
Vested (in USD per share) | 31 | ||
Forfeited (in USD per share) | 46 | ||
Unvested stock-settled restricted stock units at end of period (in USD per share) | 46 | $ 33 | |
Unvested stock-settled restricted stock units expected to vest at end of period (in USD per share) | $ 46 | ||
Restricted stock units vested, intrinsic value | $ 15.1 | $ 9.6 | $ 11 |
Five-year vesting | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period (in years) | 5 years |
Stock-Based Awards - Class A Co
Stock-Based Awards - Class A Common Stock Reserved for Issuance (Details) - shares shares in Thousands | Dec. 26, 2021 | Dec. 27, 2020 |
Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, outstanding | 1,835 | 2,027 |
Shares, available for issuance | 14,720 | 15,190 |
Class A Common Stock | Incentive Plans | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, available for issuance | 14,720 | 15,190 |
Class A Common Stock | 2020 Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, available for issuance | 15,000 | |
Stock Options and Stock-Settled Restricted Stock Units | Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, outstanding | 891 | 1,001 |
Stock-Settled Performance Awards | Class A Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, outstanding | 944 | 1,026 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target number of performance awards granted | 0.00% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of target number of performance awards granted | 200.00% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 26, 2021 | Feb. 23, 2022 | Dec. 27, 2020 | |
Class of Stock [Line Items] | |||
Class A common stock, right to elect percentage of the board of directors | 30.00% | ||
Class B Common Stock available for conversion into Class A Common Stock (in shares) | 781,724 | 781,724 | |
Class B common stock, right to elect percentage of the board of directors | 70.00% | ||
Stock repurchased during the period | $ 84.9 | ||
Amount remaining under share repurchase authorization | $ 16.2 | ||
Minimum consideration for each share of preferred stock (in usd per share) | $ 100 | ||
Preferred stock issued (in shares) | 0 | ||
Preferred stock outstanding (in shares) | 0 | ||
Subsequent Event | |||
Class of Stock [Line Items] | |||
Authorized under repurchase program | $ 150 | ||
Amount remaining under share repurchase authorization | $ 16.2 | ||
Adolph Ochs Family Trust | |||
Class of Stock [Line Items] | |||
Class B common stock ownership percentage | 95.00% |
Stockholders' Equity - Changes
Stockholders' Equity - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | $ 1,328,111 | $ 1,173,863 | $ 1,042,641 |
Income tax (benefit)/expense | 9,918 | 31,125 | 8,179 |
Net current-period other comprehensive (loss)/income, net of tax | 26,979 | 84,795 | 22,748 |
Ending balance | 1,540,725 | 1,328,111 | 1,173,863 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 8,386 | ||
Other comprehensive (loss)/income before reclassifications, before tax | (6,328) | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | ||
Income tax (benefit)/expense | (1,696) | ||
Net current-period other comprehensive (loss)/income, net of tax | (4,632) | ||
Ending balance | 3,754 | 8,386 | |
Funded Status of Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (421,698) | ||
Other comprehensive (loss)/income before reclassifications, before tax | 23,331 | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 25,919 | ||
Income tax (benefit)/expense | 13,232 | ||
Net current-period other comprehensive (loss)/income, net of tax | 36,018 | ||
Ending balance | (385,680) | (421,698) | |
Net unrealized gain on Available-for-sale Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | 3,131 | ||
Other comprehensive (loss)/income before reclassifications, before tax | (6,025) | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 0 | ||
Income tax (benefit)/expense | (1,618) | ||
Net current-period other comprehensive (loss)/income, net of tax | (4,407) | ||
Ending balance | (1,276) | 3,131 | |
AOCI Attributable to Parent | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning balance | (410,181) | (494,976) | (517,724) |
Other comprehensive (loss)/income before reclassifications, before tax | 10,978 | ||
Amounts reclassified from accumulated other comprehensive loss, before tax | 25,919 | ||
Income tax (benefit)/expense | 9,918 | ||
Net current-period other comprehensive (loss)/income, net of tax | 26,979 | 84,795 | 22,748 |
Ending balance | $ (383,202) | $ (410,181) | $ (494,976) |
Stockholders' Equity - Reclassi
Stockholders' Equity - Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other components of net periodic benefit costs | $ (10,478) | $ (89,154) | $ (7,302) |
Total reclassification, before tax | 290,501 | 115,432 | 164,460 |
Income tax expense | 70,530 | 14,595 | 24,494 |
Total reclassification, net of tax | 219,971 | $ 100,837 | $ 139,966 |
Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassification, before tax | 25,919 | ||
Income tax expense | 6,964 | ||
Total reclassification, net of tax | 18,955 | ||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other components of net periodic benefit costs | (4,988) | ||
Reclassification out of Accumulated Other Comprehensive Income | Amortization of actuarial loss | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other components of net periodic benefit costs | 30,907 | ||
Reclassification out of Accumulated Other Comprehensive Income | Pension settlement charge | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other components of net periodic benefit costs | $ 0 |
Segment Information (Details)
Segment Information (Details) | 12 Months Ended |
Dec. 26, 2021reportableBusinessSegment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Leases - Assets And Liabilities
Leases - Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 26, 2021 | Dec. 27, 2020 |
Leases [Abstract] | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Miscellaneous assets | Miscellaneous assets |
Operating lease right-of-use assets | $ 62,567 | $ 52,304 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other | Accrued expenses and other |
Current operating lease liabilities | $ 9,078 | $ 9,056 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other | Other |
Noncurrent operating lease liabilities | $ 63,614 | $ 52,695 |
Total operating lease liabilities | $ 72,692 | $ 61,751 |
Leases - Operating Lease Costs
Leases - Operating Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Operating Lease, Additional Information [Abstract] | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 12,254 | $ 11,533 | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 19,457 | $ 9,004 | |
Weighted-average remaining lease term-operating leases (in years) | 9 years 4 months 24 days | 8 years 8 months 12 days | |
Weighted-average discount rate-operating leases (as a percent) | 3.63% | 4.41% | |
Selling, General and Administrative Expenses | |||
Obligation with Joint and Several Liability Arrangement [Line Items] | |||
Operating lease cost | $ 11,926 | $ 11,467 | $ 9,980 |
Short term and variable lease cost | 1,575 | 1,776 | 1,814 |
Total lease cost | $ 13,501 | $ 13,243 | $ 11,794 |
Leases - Operating Lease Liabil
Leases - Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands | Dec. 26, 2021 | Dec. 27, 2020 |
Leases [Abstract] | ||
2022 | $ 11,170 | |
2023 | 10,157 | |
2024 | 9,548 | |
2025 | 8,372 | |
2026 | 8,023 | |
Later Years | 38,673 | |
Total lease payments | 85,943 | |
Less: Interest | (13,251) | |
Present value of lease liabilities | $ 72,692 | $ 61,751 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | Aug. 01, 2019 | Dec. 26, 2021 | Dec. 27, 2020 |
Real Estate [Line Items] | |||
Purchase of assets under lease | $ 6.9 | ||
Office space leased to third parties (as a percent) | 36.00% | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization | |
Headquarters Redesign and Consolidation | |||
Real Estate [Line Items] | |||
Cost | $ 516 | $ 516 | |
Accumulated depreciation and amortization | $ 240 | $ 222 |
Leases - Building Rental Revenu
Leases - Building Rental Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
Leases [Abstract] | |||
Building rental revenue | $ 22,851 | $ 28,516 | $ 30,595 |
Sublease income | $ 10,800 |
Leases - Maturities of Lease Pa
Leases - Maturities of Lease Payments (Details) $ in Thousands | Dec. 26, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 30,564 |
2023 | 29,010 |
2024 | 29,053 |
2025 | 29,344 |
2026 | 29,344 |
Later Years | 101,781 |
Total building rental revenue from operating leases | $ 249,096 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Narrative (Details) - USD ($) $ in Millions | Dec. 26, 2021 | Dec. 27, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Restricted cash | $ 14.3 | $ 15.9 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 01, 2022 | Feb. 23, 2022 | Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 |
Subsequent Event [Line Items] | |||||
Dividends approved (in USD per share) | $ 0.28 | $ 0.24 | $ 0.20 | ||
Amount remaining under share repurchase authorization | $ 16,200 | ||||
Payments to acquire businesses, gross | $ 0 | $ 33,085 | $ 0 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Increase in dividend per share of common stock (in USD per share) | $ 0.02 | ||||
Authorized under repurchase program | $ 150,000 | ||||
Amount remaining under share repurchase authorization | $ 16,200 | ||||
Subsequent Event | The Athletic Media Company | |||||
Subsequent Event [Line Items] | |||||
Payments to acquire businesses, gross | $ 550,000 | ||||
Class A Common Stock | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends approved (in USD per share) | $ 0.09 | ||||
Class B Common Stock | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends approved (in USD per share) | $ 0.09 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - Accounts Receivable Allowances - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 26, 2021 | Dec. 27, 2020 | Dec. 29, 2019 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 13,797 | $ 14,358 | $ 13,249 |
Additions charged to operating costs and other | 13,930 | 14,783 | 14,807 |
Deductions | 15,353 | 15,344 | 13,698 |
Balance at end of period | $ 12,374 | $ 13,797 | $ 14,358 |